tv Business Deutsche Welle October 11, 2019 7:15pm-7:30pm CEST
after the. seminar. jacob zuma is to stand trial on corruption charges south africa's high court has just denied to the country's former president 8 permanent stay off prosecution. running out of oil could explore new rich oil wealth if only it topped the money. come to do business africa. good to have you with us and we're starting with the latest development in a major corruption trial. in south africa former south african president jacob zuma
has been denied a stay of prosecution to prevent him from being charged in a graft case relating to a 2 and a half $1000000000.00 arms deal if faces 16 charges of fraud racketeering and money laundering. zuma held office from 2009 to 2018. he's accused of taking bribes from french arms manufacturer tallis in 1991 to mop life for 16 charges or for old racketeering and money laundering to be struck out but a judge in pietermaritzburg moved against him. up a commission when she called the g.c.c. and the peace number c c d 30 spoke to 2018 is dismissed because such cost improved in the 100. 77 year old politician was ousted last year after almost a decade in power he was removed following
a bitter internal battle within the ruling african national congress party his lawyers had argued that he had been treated unfairly by prosecutors and was a victim of a politically motivated witch hunt the ruling means humans long awaited trial will start on october 15th. zimbabwe's government us turn to cannabis as a new source of income for its ailing economy its approved plans for the country's 1st hemp farm and production plant the 1st organization to be given a cannabis research license is harare zimbabwe industrial hemp trust it celebrated the sowing of its 1st hemp crop on friday industrial hemp has a variety of a cannabis grown specifically for industrial uses of derived products it's 5 it's used in textiles and paper and it seats are edible. to angola now one of africa's major oil producing countries that's run into trouble the state needs money on the 1st of october the government in rwanda introduced
a new value added tax and a few days later for the 1st time since 2011 it put new oil concessions out to international tender the problem the presumed to oil deposits lie a few 1000 metres below the ocean surface which makes the wells very expensive. for many years the oil rigs off the coast of angola were guarantors of growth but the black gold is no longer bubbling out like it was a decade ago. the established wells are running dry oil production has fallen from $2000000.00 barrels per day in 2008 to $1400000.00 barrels per day this year or almost a 3rd less that's a dramatic drop for a country whose tax revenues are largely derived from oil new wells are needed and experts say there's plenty more oil in an goalless coastal waters the government has put 10 separate areas out to tender but exploratory drilling is not without
financial risk and offshore exploration is declining worldwide the current relatively low oil prices make big multinationals sharry away from the high investments the extent to which angola is suffering from a fall in oil prices is reflected in the country's gross domestic product which has been shrinking for the last 3 years. the international monetary fund is forecasting a slight increase of not point 3 percent for this year. the i.m.f. granted angola a loan of $3000000000.00 last december meant as a bridging measure and its oil industry is expected to be back to profit again by 2021. now for more let's bring in executive chairman of the african energy chamber and also the author of several books on the energy industry he joins us now in capetown where the 4th annual africa oil and power conference is coming to a close good to have you with us on the program let me start by picking up on the
last sentence in our piece that the oil industry not going as expected to be profitable again by 2021 faced on what. it's called me based on new economic policies that do fall in place to restructure it i think angola is facing a production decline and that is going to hurt the economy for a little while where water is beautiful is that the government has put into in place some new series of regulations so new series of improved environments for example day are going to besides what you would see would taxes they are providing incentives to our companies to drill margin our worlds and leave margin now feels you're putting your concessions there and it making it easier to do business so if the if these if these new incentives new policies are put in place and
implemented their recent chance indorsed their all and gas investors might find that all angolan love again and go out and vests and put money and drill but it has to be closely monitored we have to quote to push it and drive this and it is industry forward because it has to really benefit people and benefit the economy right and this is also what your latest book billions at play which was released and summer is about it's about focusing on how energy can work better for africans how would that work in the case of a goanna. what how any jew would work better for angolans is going to come of doubts cation you cannot rely only on oil companies paying rents to the government and government using the grain to pay to to pay for everything in the country we have to empower
people we have to drive people up we have to really start believing in free you market capitalism as the best path to prosperity for angolans us how we do it we diversify from the oil and gas from the oil and gas industry you start investing karcher you start investing in gas to power projects you start creating an environment where everybody can do business and also create jobs and create opportunities and that's what billions of plays about is a great book by the way is 2999 on amazon has been doing very well right now big best seller and goal and are going to do so well we when you look at dollars for in the economy going to make so much and they are really going to see a lot more wealth come out of resources well not actually irons as angolans as well we know you're sweet on the government or right now i understand we have any idea that steak you thank you so much for your time and your impersonal i'll definitely
look that book up thank you so much. global oil prices rose slightly after what is believed to have been a missile strike on an iranian tanker in the red sea benchmark brant crude oil rose over 2 percent in trading to reach $60.40 a barrel after the sub bt was hit off the saudi port city of jeddah the ship was headed towards iran's ports in the gulf it was the latest strike by an unknown attacker. next week the u.s. will impose a 25 percent levy on a range of agricultural products from europe it's doing so after the world trade organization ruled that the you had been illegally subsidizing aviation giant airbus to the detriment of its u.s. rabble boeing while this dispute is still going on european food producers sounding the alarm. this is parma the italian province that's been producing hard
cheese for 9 centuries. journey back to nelly's family has been at it since $895.00. much of his product is banned for the united states it's the 2nd most important export market for parmigiano after france but one week from now the cheese will be subject to a 25 percent tariff. for the whole region of parmigiano reggiano for those farmers this was a slap in the face because of course when we no longer have that export market for the cheese will be forced to lower the price here and after that we were make any money everything we earn is from parmigiano reggiano. parmesan cheese is just one of many european agricultural products the united states is targeting up to the world trade organization rules that the e.u. had been illegally subsidizing aviation attorney and air bus other goods affected
include french wine. and spanish all moves. in madrid farmers have been taking to the streets to voice their opposition to the levy. but are not good to be trump wants to impose a 25 percent tariff we can't compete at that price in the traditional olive groves we're going to ruin them. with trade tension between the united states and the european union he sing up many farmers fear and all of france alone won't be enough to end this dispute. and out to some of the other global business stories making news. french carmaker rhino has fire chief executive officer of evil all that comes after reynolds patna new son named a new c.e.o. both carmakers wanted to get past the scandal around former chief carlos goan
jailed in japan for alleged financial misconduct. the c.e.o. of german software manufacturer a s a p bill mcdermott has unexpectedly resigned germany's most valuable listed company has not given a reason for his departure after 9 years in the post he's been replaced by a board members jennifer morgan and custom klein with immediate effect. the u.s. federal aviation administration has been accused of failing to properly review the safety system on the boeing 737 max an anti stall make innocent has been blamed for 2 deadly crashes an international panel of safety regulators says the f.a.a. had an adequate understanding of how it worked for. the head of east go to sharing company lines as germany needs new infrastructure as the vehicles grow in popularity joe hart safia says complaints about them clogging up pathways are justified and more dedicated parking places and. some $2000000.00 people
in california were left without an atrocity on thursday after the state's biggest utility company cut off power to prevent the spread of wildfires that have been ravaging the area explaining its decision p.g. and e. said it wanted to prevent foreign branches from coming into contact contact with life overhead lines the move did prompt some criticism from individuals and businesses though who said they didn't receive adequate warning of the blackouts. that's your business update on t.w. thanks for watching.
blood. it takes one person only. with people in stories that make the game so special. for all true fans all. the because more than football online. community justice and freedom the 1st warns of the german national anthem and the 3 central valley news that form the foundation of this country how have these values
developed in germany come hard is it to live by and defend the principles of justice and freedom knowing everything in my. original. series starts october 21st on d w. this is the africa coming up on the show introducing the man of peace 2019 if you guessed prime minister haas won the nobel peace prize for his the size of an issue to resolve the conflict with neighboring every trio so what does this mean for you on the rest of africa also coming up. you saw the concorde says jacob zuma will have his day in court.