To find out whether those that it owes money to will throw them a lifeline or claw the money back at any cost. Steinhoff may not be a household name to you. Let me give you a bit of background. Its origins are in the furniture business in germany in the 60s. But its now a global giant, with brands across europe and the us. Alarm bells were ringing last week when it failed to publish its financial results. What we did learn is that its grappling with a seven billion dollar hole in its finances. Little wonder that the regulators are now taking a look. The value of shares is down 80 since the news broke, as investors stampeded for the exit. The scandal has claimed the scalps of both the chairman and the chief executive. Those that gave the Company Money to help it expand are now exposed lerato mbele has been following the story from johannesburg. Lerato, this is a huge corporate scandal, lots of people are saying this is perhaps the biggest thing we have seen on thejohannesburg stock exch
We are looking at industrial metals, the first down day in nine sessions. The emerging markets index climbed for the highest and about three weeks. Euro strengthening against the u. S. Dollar despite the likely passage of the tax reform plan. Gold gaining. 1 . David lets find out whats going on outside the Business World and for that we turn to emma chandra. Emma today, Congress Begins the final step toward the biggest inrite of u. S. Tax laws three decades. House republicans are expected to easily pass the tax bill and the senate is likely to follow later today or tomorrow. The measure permanently slashes the top rate of tax for business to 20 1 . O 31 35 in washington state, federal investigators say an amtrak train was speeding before a fatal the realm and. According to the data, it was going 80 Miles Per Hour in a 30 mile per hour zone. At least 30 people three people were killed and several others treated at the hospital. The train was making its first run along a new route. A tou
A surprise trip to saudi arabia for talks with the newly powerful crown prince this is the kingdoms tensions with iran fueled a crisis in lebanon. Grants a special status to a prominent neo nazi will tell you why that time flew checkbox on this account could spell trouble for the social media. Im phil gay a welcome to the program u. S. President donald trump is in vietnam where hes been stressing his America First message when it comes to trade at the apec summit of asia pacific beat us he said that hes open to bilateral free trade talks with all of them but he said the United States would not tolerate what he called chronic trade abuses with the region pushing ahead with a free trade deal with that the u. S. Mr trumps policy could make him the odd man out. During the apec forum and. U. S. President donald trump stressed americas economic success and his leadership. A new optimism has swept all across our country. Economic growth has reached three point two per cent and going higher un
Hours. Haidi tencent buys a 5 stake. Rishaad coming clean, President Trump rolls back Climate Change, saying he is ending the war on coal. Looking forward to 1 30 p. M. Brussels time when the clock will start taking on britain leaving the European Union when the British Ambassador to the European Union hands that letter signed by theresa may to donald tusk. That is the start of a twoyear period of negotiation later today. Haidi thats right. Two years of no doubt contentious negotiations. What will it mean for sterling . 1. 36 for theey see pound, but a very big if counting down to that brexit trigger day. We are 30 minutes away from the open in china and hong kong. We have had this risk on rally on the table with a blowout Consumer Confidence number out of the u. S. Will that trickled through when it comes to the asian session. Lets get it over to sophie to see how we are faring. Sophie we do have stocks outside japan advancing, building on gains for a second day, stocks in sydney lead
There was more reason to potentially raise rates a little bit more quickly. My own forecasts with four increases still has us at a 2 inflation rate and a full employment at the end of the year. Actually a little bit below. My forecast of the 4. 5 for on employment. Sep,is consistent with the below my estimate in the long run which is 4. 7 . Kathleen commercial real estate, is that one of the reasons you are pushing for the rate hike . Eric its one of the reasons i consider it. Kathleen is their support . Dots, and thene four with eric rosengren. You think there is a tilt . S a semester. Asymmetrical. Eric i can only speak for myself. My own view is that the economy is at the point where four can easily be justified. If it were to weaken, i would know what to do four. If the economy were to grow much more quickly and cause the Unemployment Rate to go down much more than on that im expecting, i want to do more than four. It is data dependent. If we had a Strong Enough economy, im not exp