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tv   Business - News  Deutsche Welle  November 30, 2020 9:30am-9:45am CET

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and weekly radio show is called spectrum. if you would like any information on the coronavirus or any other science topic, you should really check out our podcast. you can get it wherever you can get your podcast. you can also find us at science in the turkish economy. returns to growth, strong 3rd quarter numbers of the country's bigger problems. its currency has weakened. inflation remains high and foreign investors, skeptical. we'll talk to our correspondent also on the show. more entrepreneurs in germany are immigrants look at the opportunities they found and the challenges they face in a pandemic battered economy. welcome to the show. i'm sick of the turkish economy, rebounded from its dramatic rotavirus slump earlier in the year. say,
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figures showing 6.7 percent year on year growth in the 3rd quarter. it's a bright spot in a sea of otherwise bad economic news. the country's currency, the lira has plunged in value, foreign investors continue to abandon the country. inflation remains stubborn. and now corona virus infections are rising fast. streets are empty are than usual. turkey has reported record numbers of new coburg, 19 cases. that's led the government to impose more restrictions. they're pushing many restaurants and small businesses to the brink of ruin. fast food store and used to have 6 employees. now he has only 2 left and he can hardly pay them because you know, that's why we've been struggling for 7 months. but now we are really thinking, what should i do? mock up and go, i might have no other choice. the government of president,
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one has cut interest rates in an attempt to boost the economy, but the country's central bank has no change course. in mid november, its new governor hiked the main lending rate by 4.75 percent to 15 percent. it's an attempt to attract foreign money and stop the slide of the turkish lira. but some analysts say the steps come too late to lift confidence in turkey's political and monetary system. turkey needs bigger structural reforms and we have made it there for some years now. and actually 3 main reforms usually come to the front, one should be an independent judicial system that there sustain the rule of law for turkey to there has to be much more transparency in terms of data sharing. so actors, economic actors to make their decisions based on transparent data and 3 of course
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there should be a bigger participatory democracy in the concrete so that people to trust in the democracy, climate of our country, the president. everyone is often accused of cronyism and the road in turkey's democratic institutions. the country's many problems are being compounded by the coronavirus pandemic, its shattered tourism, a major economic factor. these are hard times for many turks. inflation stands at nearly 12 percent, and many people can't even afford essential goods. and let's bring in your heart and it's simple for more on this. you'll be a good morning. did these new figures mean that the turkish economy is moving in the right direction? well, the turkish economy has bounced back, beating expectations in the quarter. that's what the official figures released today suggest. now this comes after we've seen
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a sharp slump of nearly 10 percent in the 2nd quarter. as a result of the coronavirus pandemic of travel restrictions and weakened lockdowns . now economists say that strong performances, for example, in retail in fine inns and the real estate sector lead to growth in the quarters 6.7 percent. that's the oficial figure here. but if you look at other indicators, the picture looks all but positive. the turkish lira has lost about 30 percent against the u.s. dollar. this year you already mentioned to double digits, inflation, and now we are seeing an alarming surge. in coronavirus cases, the country has reported nearly $30000.00 new infections in the last 24 hours., that's more than any other country in europe. turkey is behind only the u.s., india and brazil worldwide. so that might actually force the government of
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president ed, one to introduce reintroduced tougher measures to curb the spread of the virus. and that might in turn stress in economic recovery. what about turks on the street? they believe that their lives are getting any better or worse. well, many people i talk to here are extremely frustrated turkey's economy has been troubled for quite some years now and what we're seeing now, this is my impression is a new level of desperation. even especially with poor people and the middle class, small business owners, for example, tell me that they have tens of thousands of lira depths and they don't know how to pay it back. and then of course, people painfully feel the high inflation rate because everything is getting more and more expensive, be it, their grocery shopping or their electricity bills. i spoke to people here in istanbul. let's listen to what they had to say. that marshall gave a shit,
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i'd get my pension, but i swear i cannot make a living. it's good. everybody since then, and i have no idea how it will go back to normal. as i see it for the rich are getting richer and the poor are getting poorer. there's no improvement. and when i look around, perhaps 5 out of 10 friends of mine are unemployed. as you in the room with heard recently from president that pledge toward a more market friendly economy, which is certainly a shift in tone. does he mean it is, was a dress to shake up in turkey's economic management prison and one son in law, a bit out of iraq has resigned as finance minister then present and replaced the head of the central bank and the new central bank chief then announced a considerable interest rate rise and that move was welcomed by analysts and
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investors as a sign that the bank might return to a more conventional monetary policy. but others are more cautious and skeptical. and they say the problem is not really who leads turkey central bank. the problem is that president edwin is meddling so much in the banks affairs that he's trying to influence to judicial system here. and that has seriously eroded investors' confidence in the turkish economy. all right. joining us from istanbul, thank you. and over we go to china where new figures show that factory activity expanded in november at the fastest pace in more than 3 years of the service sector also grew to a multi-year high. the data suggest the world's 2nd largest economy is on track to become the 1st to completely shake off the drug from widespread industry shutdowns due to the corona virus. ever more on this, let's bring in conrad who is in frankfurt. conrad good morning. the chinese economy
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is recovering, but how far can it really gets when other economies across the world are still suffering? good morning, stephen. well, while of course, the chinese economy is not totally independent from the rest of the world. in recent years, the economy in china has become more and more self-reliant, you know, more independent from exports and more focused on domestic consumption and projects within china. many german companies have managed to profit from that for them. this has been an important and positive trend because as you know, many german companies have set up shop in china in recent decades. so they are kind of internal chinese companies. this is one reason why the optimism remains intact. here in frankfurt at the german exchange on the stock trading floors, the german share index tax so far in november has gained around about 15 percent and the outlook on the coming weeks remains, i would say has it simply positive. all right,
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contribution in frankfurt. thank you very much. and speaking of german companies, a quarter of new german businesses in 2019 were started by immigrants, and that's according to a report by the country's state owned development bank w. the figure marks a significant rise from the year before, but it comes amid tough times. finance remains tight for all founders, and the pen dimmick is challenging. entrepreneurs like never before. cutting harry's mahmoud. how laughs job and his passion. he fled syria in 2015. in germany . he was given additional training, and this may, he took over the hair fantastic some lawn in central hamburg. he had to put up his own money to buy it. during the pandemic banks have been reluctant to give loans for business startups, websites and the website. the product just got done, doing remodelling, online employment booking. you get all of that costs a lot of money and because the banks were stepping back and i had to cover all the
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running costs myself, but i absolutely didn't want to give up. other immigrants in germany have also taken the step of starting their own businesses in 2020 despite or perhaps because of the coronavirus kind. demick mohe, ramala from afghanistan has lived in germany for nearly 10 years. he had the idea of starting an online platform for middle eastern grocers in hamburg. his business plan is complete, but he needs advice on how to negotiate with the banks. if it does, i have products that are partially ready. and by that i mean the software, all of that has done what i need is a market presence, and it has to be done well. so i'll be needing a few employees to give me support. his advisor says there is one reason why
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more and more immigrants in germany are starting up businesses. many of them are highly motivated because they are trying to get access to the job market. and they see being self employed as a way to improve their professional chances. but some self-employed immigrants have seen the pandemic destroyed their businesses or, and drawer from israel was something of a workaholic when he opened up his pretzel bar in berlin 12 years ago. the cafe and bakery that offered catering and delivery, employed up to 31 people. but these may be the last cafe au lait, he'll be serving here. drawer cannot afford to keep up. all parts of his company does is then it's a fight for survival. and yet, every day is mental stress. you feel this inner turmoil and you're always anxious about what's going to happen without the delivery orders and without the catering.
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the cafe would not be able to survive because it's a problem many businesses face at the moment. in hamburg, fewer customers are coming to mahmud, how long in germany is limited. lockdown, he was forced to reduce the hours of 21 of his employees, but he's still standing. and he says that with the support of his customers, he'll make it through the pandemic. and that's it for me and the business team here in berlin to check us out online at d. w dot com slash business and run facebook and twitter. that's it for me. take care
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to parliament. despite coming from a poor family to become president and challenges or god doesn't cut a little story starts just under 10 on the double 6 to go beyond vs a missile that will live as we take on the world. we're all about the stories that
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matter to your country, but what ever it is running out, cut out the details you made for mines. so say these patients had coronavirus more than 6 months ago to this day. they have not recovered their health. it was like a switch was flipped and my body was replaced with the healthy one was taken away and i was given a sick one officially medical experts say they've recovered. but many continue to suffer from the effects of the disease before the virus they were fit and healthy. the still valuable, so i didn't really think that the virus posed
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a threat to me personally. the stomach, i should have. the highly going down clinic is located in northern germany on the baltic sea 40 patients suffering from long term complications because of kobe 1000 are being treated here. peggy grain is 48 years old and contracted the virus in march. she barely noticed the illness as she had so few symptoms. she's only begun to suffer from the effects of the disease recently. and by only became really ill months later in june. at the time i thought that everything would eventually be fine.

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