Of this comes straight from the heart to its former c. E. O. Even when theres no money dilution the march will in trucks how much. From the 1st of the last to their final resting place the russians d. W. Documentary. Argentina says its reached an initial agreement with its jilted creditors couldnt deal helped pull the country out of a crippling 2 year recession. Investors are going to goggle for gold precious metal hits an all time high look at whats behind the surge. Also on the show child labor has risen among Cocoa Farmers in west africa and recent years can chocolate producers do more to stop the practice. Hello and welcome im Stephen Beardsley in berlin its good to have you with us its been a difficult 2 years for argentina which has endured a crippling recession worsened through the ongoing pandemic in may the government was unable to make a loan payment putting it in default for the night time in its history now whereas arias says it has reached an agreement with creditors which could help avert a more serious crisis in the months ahead. The coronavirus pandemic has pushed argentinas already struggling economy to the brink the country is in recession over a 3rd of the population lives in poverty since the outbreak the queues outside soup kitchens have become longer. We were using what little we had to buy food sometimes my son who worked as a painter brought us some money but now he doesnt have a job either we have no income so we are using his and my savings to eat. Argentinas economy is contracting while its National Debt burden has been growing according to the government in point of cyrus the interest alone drains 20 percent of state revenue its simply calm pay such sums especially now during the pandemic but the cash strapped nation could soon be afforded some breathing room to deal with creditors would amount to significant debt relief the Economy Ministry says under the deal investors would swap bonds that argentina defaulted on for new securities the new bonds reportedly could be worth around 0. 55 on the dollar meaning big losses for many investors. In exchange anjan teen agree to move up some payments and strengthen rights for bond holders in case it has to restructure the debt again in the future the settlement is still pending a vote by creditors but theres already optimism the countrys president tweeted we resolved an impossible debt in the worst economic crisis that can be remembered found in the middle of the pandemic we have now cleared the horizon the stakes are high if a deal fails to secure approval creditors could leave empty handed anjan teena might be cut off from the interNational Debt markets for years and that could make every day life even more difficult for anjan tines. All right joining me now is lisa chanel or an economists and analysts for the latin America Region for standard and poors lisa thank you for joining us 0. 55 on the dollar that doesnt sound like a whole lot why have creditors accepted this deal well its really sort of want to think of the need for a you had a series of negotiations in the fischel offer in april. And while it may seem low for creditors it seems high for the government theres been disagreement on if there is a debt solvency issue with the burden too high versus just a liquidity issue its the payment flow. But bottom line is also the case that creditors have not been paid since april 22nd we have downgraded bonds to 12 in total since that time. What does this deal mean for normal argentines who may not understand the intricacies of these payments missed payments etc. Yeah and your piece highlighted the poverty issue the fact that the countrys been in recession actually but this will be the 3rd year of a significant contraction of almost 10 percent 9 percent here it lets the country move forward to kind of stabilize relationship with creditors tackle a program with the i. M. F. Or reprofiling their focus on the next is that growth. Bring in prior rates of growth from a structural point of view bringing down inflation trying to entice more private investment investment is extremely low in argentina 15 percent of g. D. P. For example that growth low inflation will improve the lives of arjun times at least i know that argentina was already facing many problems before the pandemic but will should we expect to see more governments facing similar issues sovereign default issues because of the pandemic yeah i mean the pen demick exacerbated the growth hit in argentina but argentina was already in a path abhi getting with defaults last year the pandemic actually has pushed ecuador to a restructuring which actually advanced also this week the whole oil price hit in the coal that hit to ecuador and so i think its certainly we take a number of rating actions it certainly put it in norfolk in stress and other sovereigns downgrade and some defaults are right Lisa Schneller with standard imports thank you very much thank you. And now to some of the other business stories making headlines around the world. Jim farley will be the new c. E. O. Of Ford Motor Company effective october 1st jim packet is set to retire after 3 years at the will of the American Auto maker the change up at ford comes as the companys looking to update its aging model line with a new line of the heckles including electric and autonomous vehicles. The e. U. Is launching an investigation into googles proposed takeover of u. S. Firm fitbit and thats due to the amount of personal data the wearable devices can collect about the use or the European Commission worries data could be used to entrench googles position and personalized advertising. Well gold continued its surge in value briefly touching an all time record of more than 2000. 00 an ounce before retreating slightly. In prices rising more than 30 percent this year driven in part by lower bond yields and a rush by investors into socalled safe haven investments in time of in times rather of economic uncertainty. And lets get some more insight on this from our financial correspondent in new york yes quarter yen what really is behind golds rise here. Its an in credible run and when it one of the main factors are Interest Rates globally youre basically on historic lows so it doesnt really matter that much in this environment that gold doesnt pay any dividend but also has the lower Interest Rates was all the money that the Central Banks world went up pumping into the market there was this fear of inflation and then on top of it we have some dismal Economic Growth specially now in times of pandemic and then also the dollar is dropping for the past couple of weeks and thats also what we see quite often in the lower dollar meaning higher prices for gold and also some commodities. Briefly should we expect this to continue. Well at least its not impossible bank of america for example saying we might even touch 2500. 00 amounts for sure nobody really knows a lot depends on whats going to happen with Interest Rates and also a Global Economic recovery all right with the latest from new york thank you very much. And switching gears the United Nations announcing tuesday that all 187. 00 Member States have now signed a global treaty against child labor however the practice is still rampant in parts of the world including among Cocoa Farmers in west africa a chocolate producers have vowed to curb child labor in recent years but they failed seeing an increase instead as youll see in our next report cracking down is complicated. A village in southern i free cased a special division of the Police Forces out looking for children working in the kickout plantations instead of going to school. Child labor is commonplace here and it doesnt take the police known to find someone. To love them. Enough to live with that they were taking the girl with us. And were taking her mother too she can prove that her child should be in 2nd grade and that she went to school last year at least. And i. Embarrassed the mother tries to explain. I was we simply havent been able to afford the school feast this year and we wouldnt. Count farming is no easy 96 hours north we encounter a similar situation. Rafael was able to sell one ton of cash cow for just over 1200 euros and thats all he and his wife and their 6 children have to live on for 12 months. I dont want my children to follow in my footsteps we farmers barely earn anything ive told them they have to do better so that they can look after us one day. And indeed these farmers would have to earn twice what they do to cover their basic living costs one reason why their children have to help out on the plantations even though the cocoa sector agreed to cut child labor by 70 percent to ensure local kids get an education. Or. Children cant go to school because there isnt one however the children of the managers can the profits from cocoa allow them to attend school in the u. S. Or canada. The big winners in the cocoa business of the Chocolate Companies meanwhile the farmers city resounds are the biggest losers of the children themselves in ghana and im free coast alone says one u. S. Study 2000000 children are involved in dangerous plantation work far more than a decade ago but escaping that also means an uncertain future these kids are off to a Childrens Home into a life which may well be no better than the one theyre leaving behind. Or a from a grim harvest there to a very traditional harvest here croatias traditional salt harvest is taking place this is europes oldest salt works in a small village of dawn on the adriatic coast and the wind and sun evaporate pools of seawater and that leaves piles of salt behind it shoveled while it piles it shoveled into piles and small wagons to be set off to dry and has been a key industry in the region since at least the 13th century. Some things never change and thats it for us thats watching as always. From 3 countries with one. Theyre fighting for their rights and their children. In brazil against violence and. In india for the rights of. Sudan with visible success means showing new freedoms. To 16. To do didnt beethoven the indigenous. It isnt just the 16. Year old without beethoven i cant even begin to. Say to. The september 16th. W. Are we alone its a fundamental question of humanity trying to figure out whether or not. Life existed on mars pretty clear water was there by. Abundance well that would be interesting so on mars the atmosphere is 100th of what we have here on earth its very very cold and at the past its like we have started you could imagine bringing some supplies and you know if you do and build a little selfcontained pressured vehicle or vessel which would be on the surface there are things like talks and you can harvest from the atmosphere to help make a living possible. If you want to think of humanity if we really want to survive forever were going to have to move off the earth eventual i know that seems a little crazy but youve got to start somewhere. And this is state of the news africa on the program today the fight for faith claim ugandas opposition seems the building posse is using the coronavirus pandemic to steal the upcoming election with political rallies that they say their message isnt reaching voters because the president is blocking dave grohl well hear from the young hopefuls who wants to pollute a new way to lose 70 from office. I present myself i think people to give up all these resources what we need