tata steel and germany's thussen group moved closer toa germany's thussen group moved closer to a merger that could create the second—biggest steel group. good morning, asia. hello, world. welcome to asia business report. i'm rico hizon. us president donald trump does not mince his words. in his first ever speech to the un general assembly, he threatened to "totally destroy north korea if need be. " he also called iran and authoritarian regime and said the 2015 nuclear disarmament deal was one of the worst and one—sided transaction is the us has ever entered into. earlier we werejoined by the us has ever entered into. earlier we were joined by a member from the militant institute has said the ramifications from the speech are likely to be negative. it was interesting when i watched the speech, that wasn't my takeaway. what came across was a pragmatic american president. clearly he wants to do what is right for the american people, just like every country's leaders. what it means in terms of existing trade deals is clearly this administration is going to look at it and see if he shoul

of tata chandrasekaran has called this merger just a few moments ago a momentous occasion tata steel is of course a major rival also of to some corp what exactly are those synergies that you're looking for. yeah we're looking to four hundred to six hundred million of synergies and you lead to achieve in the merger and the phase one we definitely see synergies in general administration but in the production side as we do it as well we definitely think on r. and d. on procurement but on bad a capacity utilization as well across our assets that we will then commonly share we can have a better position and realize synergies we couldn't realize each of us stand alone and therefore we think with that this will have less impact on the employment than we would have if we were to can continue both standalone dear you just built the perfect bridge there for me because we do hear that some four thousand jobs will be lost how do you want to handle this transitional period to work well for us well i think again four thousand in that period of time to come given the base of forty eight thousand is

but first, the bbc understands that tata steel's european operations and german steel manufacturer thyssenkrupp have agreed the first stage of a deal to merge. the two companies have been in negotiations since last year when tata halted the sale of its uk business. talks had stalled over tata's huge pension liabilities. but now they're set to create the second biggest steelmaker in europe. sameer hashmi is in mumbai. tata's headquarters are there, what do you know about this? an announcement is expected any time whether companies will confirm they are merging operations in europe. they have been in talks for over a yearin they have been in talks for over a year in regards to merging the operations. the question was over the pension liabilities of tata, and tata arrived at a deal with the pension regulator which separates the liabilities from their business. that has paved the way for this merger. we understand it will be a 50-50 merger. we understand it will be a 50—50 merger, each site holding an equal stake —— side. the company will be operating from amsterdam. there is still opposition

the business headlines this afternoon: india's tata steel and german rival, thyssenkrupp are to merge their european steel operations creating the world's second largest steel maker. the tie—up though will lead to around 4000 job losses. the two companies have been in negotiations since last year, when tata abandoned plans to sell off its uk operations, including its site at port talbot in south wales. retail sales jumped last month as shoppers continued to spend despite strong price rises. sales were up 2.4% on this time last year, the 52nd consecutive month of year—on—year increases and much higher than forecasts. and young people in britain are spending three times more on housing than their grandparents dead, according to the resolution foundation. those now in their 70s and 80s spent 7% of their annual income on housing in their 30s, were the baby boom generation in their 50s and 60s spent 17%. the think tank claims millenials are on the sharp end of britain's housing catastrophe. welcome to the business news this afternoon. big movements in the steel industry. tata steel a

tata steel and thyssenkrupp have agreed to merge operations. it is a move that would create the second biggest steel—maker in europe. the two companies have been in negotiations since last year when tata halted the sale of its uk business. talks had stalled over tata's huge pension liabilities. so what do we expect? the news business will employ a8,000 people and the combined group, it will operate across 31 different countries gci’oss will operate across 31 different countries across europe. just before we came on air i spoke to thyssenkrupp‘s chief financial 0fficer guido kerkhoff and asked him why they were doing this deal? the european steel industry has quite a number of challenges. the pricing situation overall, it's the wea ker pricing situation overall, it's the weaker demand and the over capacity. with thisjoint weaker demand and the over capacity. with this joint venture with tata and thyssenkrupp steel, we want to create here, we will create a very clear number two in this sector and we will be leader in innovation and technolo

company to cope announce a merger of its european operations with its indian competitor tata steel the move could cost thousands of jobs in germany's area which is known as the heart of the german industry. they're striking the bell and alarm they are steel workers in boom as they took to the streets on friday their plant is threatened once to some cope and tata steel works their european business four thousand jobs are about to be cut according to management workers fear this might only be the beginning with deeper cuts to come industry experts agree that for the two steel companies a joint venture makes sense they have to compete against cheap chinese imports and not desperate to cut cost but for people in the region companies shedding jobs has become far too normal they worry about their life the hood. and we are upset we are afraid to lose our jobs obviously they're closing one plant after another apparently all is good until twenty twenty but after that they might kick us to the curb that's. when the jobs go away the whole city dies we already have huge youth unemployment we can't

their plant is threatened once to sink open tata steel works the european business four thousand jobs are about to be cut according to management workers fear this might only be the beginning with deeper cuts to come industry experts agree that for the two steel companies a joint venture makes sense they have to compete against cheap chinese imports and not desperate to cut costs but for people in the region companies shedding jobs has become far too normal they worry about their livelihood. we are upset we are afraid to lose our jobs obviously they're closing one plant after another apparently all is good until twenty twenty but after that they might kick us to the curb cuts on. the job school away the whole city dies we already have huge youth unemployment we can't go on like this. indeed unemployment in the area of germany's industrial heartland is way over ten percent more than double the german average four years everything from technological advances to the current energy transition has led to a far reaching structural change in the area and with no other industry settling here

company to cope announce a merger of its european operations with its indian competitor tata steel the move could cost thousands of jobs in germany's area which is known as the heart of the german industry. they're striking the bell and alarm they are steelworkers in both home as they took to the streets on friday their plant is threatened once to some cope and tata steel works their european business four thousand jobs are about to be cut according to management workers fear this might only be the beginning with deeper cuts to come industry experts agree that for the two steel companies a joint venture makes sense they have to compete against cheap chinese imports and not desperate to cut cost but for people in the region companies shedding jobs has become far too normal they worry about their livelihood. we are upset we are afraid to lose our jobs obviously they're closing one plant after another apparently all is good until twenty twenty but after that they might kick us to the curb cuts on. the market of. the always when the jobs go away the whole city dies we already have huge you

german steel giant to assen cope and india's tata steel have struck a preliminary deal to merge their european operations creating a fifty fifty joint venture if the merger goes ahead up to four thousand jobs could be lost as of a combined workforce of forty eight thousand to a single plant in germany on friday thousands of steel workers took to the streets in protest some fear these cuts are only the beginning. we're all very upset and worried about our jobs as you'd expect one plant after another is closing down they say our jobs are secure until twenty twenty but after that we'll be out on the streets. to find young people need a future that's what's important without jobs the city will die. the problem is that the workers have to shoulder the burden of the merger we're definitely opposed to us and if we can't stop the merger at least we'll try to get as many concessions to workers as possible. just unclip c.e.o. is defending the move in your line of might if you can manage it if we continue on our own the risk to jobs would have been far greater and the restructuring would be even

company announced it will join forces with india's tata steel that may put thousands of people out of work in an industrial heartland that's been in decline for decades glowing hot smelters smoking furness is not that is germany's who area the industrial heartland for more than two centuries people have mined here for black coal for brown coal and for iron ore this is the home of the steel industry when ames' like two thousand and became synonymous with germany's industrialization in the nineteenth century the companies have long merged and formed doesn't cope as we know it today and now another merger has been announced the steel giant will join india's tata group to better position itself against growing competition from china the downside as with every merger jobs at stake and that has workers worried at least four thousand jobs will be shed two thousand in management and two thousand in production to cope workers are worried about their livelihood and yet another chapter of a far reaching structural change that has even seen some of the once mighty mines like say here so if i be t

the bbc understands that tata steel's european operations and german steel manufacturer thyssenkrupp have agreed the first stage of a deal to merge. the two companies have been in negotiations since last year when tata halted the sale of its uk operations. talks stalled over tata's huge pension liabilities. but it's since been given permission from regulators to downgrade those liabilities. a tie—up of the two companies would create the second—largest steelmaker in europe. we'll get the details from cardiff and mumbai. focus on wednesday will be on the world's most important central bank — the us federal reserve. later today we're going to find out just how it intends to keep the world's biggest economy ticking. the main us interest rate is currently set at a range of 1—1.25% and has already been raised twice this year as the economy continues to pick—up. the other thing investors are watching is the $4.5trn of government bonds and other assets the fed bought after the 2008 crash. they had the effect of pumping money into the economy but will be gradually sold off amid conc

plus the march of two steel giants germany's tristen cook and its indian competitor tata steel have agreed to merge their european steel operations they say it will offer both companies a sustainable future thousands of job losses are expected. and in bonus leo soccer high flying shaka face their start is test yet the season when they took on by the wire. hello i'm terry martin good to have you with us. we begin in mexico where a powerful seven point one magnitude earthquake has killed at least two hundred forty eight people in mexico city's mayor says dozens of buildings have collapsed in the capital including a primary school where more than twenty children are confirmed dead the epicenter was one hundred twenty kilometers from the mexican capital the quake sent thousands of people running into the streets and fires broke out across the city emergency crews and civilians are now searching for survivors trapped under the rubble it follows another major quake earlier this month which killed almost one hundred people. mexico city immediately after the quake first responders and volunteers s

of tata chandrasekaran has called this merger just a few moments ago a momentous occasion tata steel is of course a major rival also of to some corp what exactly are those synergies that you're looking for you know we're looking to four hundred to six hundred million of synergies and you lead to achieve in the merger and the phase one we definitely see synergies in general administration but in the production side as we do it as well we definitely think on r. and d. on procurement but on bad a capacity utilization as well across our assets that we will then commonly share we can have a better position and realize synergies we couldn't realize each of us standalone and therefore we think with that this will have less impact on the employment than we would have if we were to can continue both standalone get a cash chief financial officer to some cope thank you so much for joining us here in the. now the manager is also a major talking point in germany's financial hub frankfurt our markets correspondent daniel cope tells us about some reactions from the trading floor that when investors

been waiting for the news we had earlier this month of tata steel being able to dispose of 15 billion pounds worth of pension liability, which means this was able go ahead. still a few hurdles. still need both boards to approve it still need the european commission to approve it need support from the unions support has been tepid from the unions, but more promising than earlier this month that's one reason why we've seen a sharp rise higher and it's come back. it was up around 5% an hour ago. now looking at 2%, 3% higher with regards to the overall companies themselves, let's look, what we're talking about here is a company dealing with an industry in a decline we've seen a tough time from the steel industry since it peaked in 2008. a bit of a rebound in recent moves, but a move that's seen a reaction positive on the part of shareholders on both sides we news of this deal becoming more and more likely in recent weeks that tata share holders drove the price to a six-year high >> gemma, you can find out more about the deal on our website, that's cnbc.com. we also have a comment from thy

giant will join india's tata group to better position itself against growing competition from china now the downside as with every murcia shops are at stake and that has workers worried at least four thousand jobs will be shed we're talking two thousand in management and two thousand in production to include workers of worried about their livelihoods and yet another chapter of a far reaching structural change that has even seen some of the once mighty mines like. turned into industrial museums. they're striking the bell and alarm they are steelworkers in both home as they took to the streets on friday their plant is threatened once to some cope and tata steel works their european business four thousand jobs are about to be cut according to management workers fear this might only be the beginning with deeper cuts to come industry experts agree that for the two steel companies a joint venture makes sense they have to compete against cheap chinese imports and not desperate to cut cost but for people in the region companies shedding jobs has become far too normal they worry about their

we got more detail from tata steel. these two companies share a stronger value system. there is a stronger value system. there is a strong cultural fit and therefore operating in the same geography, some arejust 50 operating in the same geography, some are just 50 miles apart, it is more about the strategic logic than the industrial russia now which is very strong because in europe, they are not growing in terms of steel consumption the way we see in developing economies like india and china. therefore, we have to look at value —based product profile and look at investing significantly in technology and in innovation. 4000 jobs may be cut. what areas are you talking about? the cuts of jobs that can be defected is on the overlaps and those overlaps have to be handled and if they write any downstrea m handled and if they write any downstream is that are not sustainable structurally, not profitable, etc, we will have to see as to how they can be restructured. unions have been much more vocal and speaking out against the deal. they have given a conditional not now, they w

steel to how many jobs will have cost. that's revenge as it was just a myth.

competitor tata steel this week the move might cost thousands of jobs in a region that is considered the core of german industry as germany's who're area was known for its glowing hot smelters and smoking furnaces for more than two centuries people have mined here for black holes or brown coal and for iron ore there's also the home of the country's steel industry as a whole in the nineteenth century companies like and cope became symbols of germany's industrialization the companies have long merged and now formed to cope and now the steel giant will join india's tata group to better position itself against growing competition from china but as always there's a downside just like in every other merger many jobs are at risk and workers are where it up to four thousand jobs will be cut two thousand and management and two thousand and production now they see the fusion as a further step in a far reaching structural change that has even seen some of once mighty mines like it's turned into industrial museums. they're striking the bell and alarm they are steel workers in book home as they t

there's been big movements in the steel industry — tata steel and germany's thyssenkrupp have agreed to merge their european businesses creating the second biggest the two companies have been in negotiations since last year when tata halted the sale of its uk business. talks had stalled over tata's huge pension liabilities... the new business is expected to employee a8,000 people. and the combined group will operate across 31 different sites throughout europe. but — it will involve the loss of a,000 jobs across the continent. well, earlier, we asked thyssenkrupp's chief financial officer, whether the number of redundancies could be even higher. what we clearly wanted to outline here is we see a maximum and we have seen that a lot of beers and some of the involved countries that it would be by far bigger. i think this number, given that more than a5,000 employees that we have in these assets currently and that we want to realise it over a time frame of the first year is clearly indicates that there will be redundancies but the volume of the redundancies is a lot less tha n volume of

then this announcement secures the future of port talbot and the other tata steel—making sites right across the uk. it is a good step forward. this is bbc news at five — the headlines: a huge earthquake hits mexico and brings dozens buildings to rubble. school has collapsed and more than 20 of its pupils are feared dead. hurricane maria has battered porto rico with winds of up to 150 miles an hour. the latest market numbers, this is how london and frankfurt ended the day. in the united states, the dow and the nasdaq. they are of said its bombing strikes have been launched... this report from jonathan beale contains pictures you may find disturbing. this is where they have been running the bombing campaign against a group known as islamic state for the last three years. the sprawling us military base in the qatari desert. hidden away in a reinforced concrete bunker is the nerve centre. from here, they watch live feeds from dozens here, they watch live feeds from d oze ns of here, they watch live feeds from dozens of coalition warplanes flying over iraq and syria round—the—clock.

tata steel and germany's thyssenkrupp have agreed to merge their european operations to create what will be the continent's second biggest steel—maker. it would employ about 48,000 people in 34 locations across europe. but there will also be around 4,000 job losses. thysenkrup‘s chief financial officer guido kerkhoff has been telling us why his company struck the deal. the european steel industry has quite a number of challenges, the processing situation, the weaker demand and the overcapacity is. with thisjoint venture demand and the overcapacity is. with this joint venture with justice4g re nfell this joint venture with justice4grenfell and thysenkrup, we will create a clear number two and will create a clear number two and will be a leader in technology in our sector. steel in europe, there are overcapacity is, they do not go away from the market, and that is one of the key reasons why we recently acquired another company, and in the consolidation it is much easier to address the issues of ogre tonne overcapacity. —— address the issues of overcapacity. kenya's supreme court ha

tata steel and its german rival, thyssenkrupp, have agreed to merge their european operations, in a move that threatens thousands of jobs. the two companies have been in negotiations since last year, when tata abandoned plans to sell its uk operations. the deal includes britain's biggest steel works at port talbot in south wales. our correspondent brian neetham is in port talbot. it has been a turbulent few years for the workers here in port talbot. there was an abandoned sales process and they had to take a reduction in pension benefits. this merger shows some certainty for them. however, pension benefits. this merger shows some certainty forthem. however, it does mean they will have to look to the long—term as well. that is why the long—term as well. that is why the unions are calling for investment here including the refurbishment of one of the blast furnaces, to show a long—term commitment from this new merger. they want to see that workers will have jobs they want to see that workers will havejobs here, they want to see that workers will have jobs here, not just they want to s

tata steel has ditched its £15 billion uk pension fund after receiving the green light from regulators, boosting the prospects of the port talbot steelworks. the company said it had received approvalfrom the pensions regulator and that it had separated the british steel pension scheme from its uk business. the government is scrapping its 1% pay cap for the first time — for both police and prison officers. the bbc understands it will accept pay increases of above 1% for those key workers. pay review bodies say the move is needed to help recruit and retain staff. insurance companies are trying to work out the cost of the damage being caused by hurricane irma as it storms through florida. it‘s early days — but some firms think the bill could be between 125 and $250 billion. it‘s also likely to dent economic growth for america — the world‘s largest economy. the government says it wants britain to be a "truly global seafaring " nation when it comes to trade after brexit. not surprising really, when you consider that most of the goods coming into and out of the country travel by

and india's tata steel but unions are warning that thousands of jobs could be on the line to take a closer look at the business logic. but first some business is javier the us dollar set to rise again that's right after we heard the latest statement by the us federal reserve as usual highly expected the us federal reserve has left interest rates unchanged but signaled a hike could be on the cards before the end of the year fed chief janet yellen now also announced a reduction in the central bank's bond buying program analysts say she's facing a tough balancing act between embracing an ongoing economic recovery and worrying over a recent drop in inflation. and when yellen speaks the business world is listening and so is our financial correspondent at the new york stock exchange was there is that ohio's degrees good to see you all right so based on what you've heard and what we've heard will we see a further rate hike this year. it seems so javier over the last couple of days and futures were already discounted maganda possibility of up their interest rate a high does year probably in

the new joint venture called these include tata steel is expected to be in full swing by the end of twenty eighteen and will be based in amsterdam while the companies say the operation will employ nearly forty eight thousand people the deal will also lead to at least four thousand job cuts and with just four days until the german federal election that news could hurt certain parties the most recent poll shows chancellor angela merkel in a comfortable lead with her party at thirty six percent but her party's main competition the social democratic party is more at risk these include plants in six of the twenty two districts where the s.p.d. performed well in two thousand and thirteen so for voters deciding now it was a potential job cuts could make them change their minds and on monday sake mark gabriel who serves as vice chancellor of the social democrats met with employee representatives however support for the s.p.d. has declined since the beginning of the year. so even if it doesn't win the most seats it wouldn't only be because of that the syncrude. well let's talk more about the deal w

tata steel has agreed the first stage of a merger between its european business and a german rival, thyssen krupp. tata employs more than 8,000 people in the uk, and any deal will include britain's biggest steelworks at port talbot in south wales. unions and politicians are calling for both companies to safeguard those jobs when they go ahead with their planned merger. last night mark sampson led the england women's team to a 6—0 victory over russia. tonight he's been fired as manager by the football association. in a statement the fa said his departure is connected to inappropriate behaviour during a previousjob in bristol. more recentl, as we have reported, he's been the subject of allegations of racism and bullying. mr sampson has denied those allegations. here's our sports correspondent katie gornall, who broke today's story. 0n the pitch it all seemed to be going well for mark sampson. last night his england team won their world cup qualifier 6—0 and made a very public show of support. commentator: it is the togetherness ofa group, commentator: it is the togetherness of a group, an

tata steel and german steel manufacturer thyssenkrupp have agreed the first stage of a merger deal. almost 7,000 people are employed by tata steel across wales, including more than 4,000 in port talbot — the largest steel works in the uk. the deal will lead tojob losses, to be shared between the two companies. we were singing the song to toys—r—us. and we were saying there we re toys—r—us. and we were saying there were thousands of jefferies. toys—r—us. and we were saying there were thousands ofjefferies. and i was on holiday and we were singing the shack ca khan song, i'm every woman and she thought it was climb every woman. people have been sending in their misheard lyrics. we have talked about football's steps to improve equality. in the amateur leagues charlton athletic have become the first professional game to set up a team for gay, and transgender players. to set up a team for gay, and tra nsgender players. charlton to set up a team for gay, and transgender players. charlton has forged a reputation for what they tackle off the pitch as much as who they tackle on

india's tata steel and german rival thyssenkrupp are to merge their european steel operations creating the world's second largest steel maker. the tie—up though will lead to around 4,000 job losses. the two companies have been in negotiations since last year, when tata abandoned plans to sell off its uk operations, including its site at port talbot in south wales. entrepreneurs are looking to downsize, sell or close their firms at a rate not seen in years, according to a downbeat study from the federation of small business. it says 13% of respondents were looking for ways out of their business, the highest rate since 2012. the fsb says the fall in optimism is based on rising costs and a weaker uk economy. retail sales jumped last month as shoppers continued to spend despite strong price rises. sales were up 2.4% on this time last year, the 52nd consecutive month of year—on—year increases and much higher than forecasts. tata steel and germany's thyssenkrupp have agreed to merge their european operations in a move that would create the second biggest steelmaker in europe. the two c

india's tata steel and german rival, thyssenkrupp are to merge their european steel operations. it'll create the world's second largest steel maker. the tie—up will lead to around 4,000 job losses. the two companies have been in negotiations since last year, when tata abandoned plans to sell off its uk operations — including its site at port talbot in south wales. let's remind ourselves of what we've been hearing today. it is more about the strategic logic, which is very strong because we are putting in europe which is not growing in terms of steel consumption in the way we see it in the developing economies like india or china and therefore we have to look at value based product profile. we need to look at investing significantly in technology. we need to look at investing significantly in innovation. there will be redundancies but the volume of the redundancies but the volume of the redundancies is a lot less than many people expected and on top of that, one clearly has to say, if both parties continue to stand alone, i think the redundancies to cope with the challenges of

tata won't break the top ten of global steel producers they'll be better positioned in europe with a clear shot at second place bested only by luxembourg's arcelor mittal. markets responded well to the merger news with shares for both companies rising on the prospect of six hundred million euros in cost savings down the two companies compliment each other well tata is strong in industrial steel just unclip in steel for auto manufacturing. ryan air europe's largest airline by passenger numbers has announced it will cancel thousands of flights. at the end of october that's around forty to fifty flights a day with no guarantee that there won't be more cancellations the airline c.e.o. said this was due to errors made in the scheduling of pilot holidays hundreds of thousands of travelers are already affected the budget airline is preparing for up to twenty million euros in compensation claims at the annual meeting and dublin some shareholders gave vent to their criticisms. relationship with him and pilots in general and after the pilots are coming back to him and not meeting him halfway c

year of five-year restructuring plan germany's thyssenkrupp and tata steel. separately finnish utility says it's in advanced talk to by 47% stake in fossil fuel business uniper an unsolicited takeover offer is not in line with uniper's strategy a lot of big movers in today's trade. carl, back to you. >> thank you, seema mody. >>> recalling a time in the early 2000s a company that exited for $200 million was considered a success maya is a partner and joins us this morning at one market good to have you, good morning. >> hi there. >> your quote here stands out. what has been sent out into the market, ugg. i've read s1s and cringing at the lack of profitability and lack of convergence to profitability. why is this happening? >> there's been a rush towards alpha in the market. institution a little investors have had a really hard time getting high returns in the last several years off s&p which is at an all time high and looking for companies that will break o out. profitability, the spate of ipos that have gone to market over the last year. >> so do you have a c

is strong in industrial steel to some clip in steel for auto manufacturing. ryan air europe's largest airline by passenger numbers has announced it will cancel thousands of flights through the end of october that's around forty to fifty flights a day with no guarantee that there won't be more cancellations the airline c.e.o. said this was due to errors made in the scheduling of pilot holidays hundreds of thousands of travelers are already affected the budget airline is preparing for up to twenty million euros in compensation claims at the annual meeting and dublin some shareholders gave vent to their criticisms of the bad relationship in him and pilots in general and that's where the pilots are coming back to him and not meeting him halfway cancellations are very unfortunate disappointing i have flights booked with minor i now know that they're going. to perform on monday the c.e.o. denied that ryan air had an overall shortage of pilots. that doesn't mean the from the time we don't make missiles and we do we'll this is clearly a mess up i take responsibility

strong and industrial steel and to some close in steel for auto manufacturing. and now global financial markets turned their focus to the u.s. investors awaiting the conclusion of the federal reserve's meeting for clues as to whether a third interest rate hike is on the cards this year. economists say the federal reserve is unlikely to announce a rate hike today it could instead begin to unwind its massive four point five trillion dollars bond portfolio those assets were purchased by the fed during the financial crisis as a stimulus solid job growth and a stronger economy have recently pushed the board in the opposite direction it has already raised interest rates twice this year we conflation remains a concern the fed is expected to raise rates again in december global investors are also awaiting the news out of washington the booming u.s. market in a weaker yen are positive signs for japanese exporters in particular japan's nikkei exchange finished tuesday on a two year high the nikkei was quieter wednesday as were markets across asia traders are acting with c

steel crisis. we are the stewards of this community. our children, our grandchildren, only get what we leave them. the script has been crafted through the testimony given by those living in this community, and most importantly, from the employees of britain's only steel—making plant. forget me, first, last and always. go for your pension pot if you want, but the steel industry will die. what do you want your legacy to be? for lead actor sam coombes, it is personal. he has grown up a stone's throw from these works, worked at the plant for a decade, and he has been given a sabbatical to re—enact two of the most challenging years of his life. it is a real privilege to be able to tell the story of the boys, and myself. the last two years we've been sort of told what our story is, basically, and this is what's happening to you. i feel now it's my chance to say, no, this is what's happening to us. all the time i was working there, i was afraid of losing myjob. sure enough, i lost myjob. the story is

tata steel's european arm and the german steel maker thyssen—krupp have agreed the first stage of a deal. a tie—up would create the second—largest steel maker in europe. it's also expected to lead to about four thousand job losses, to be shared between the two companies. jake lamotta, the american boxer, played by robert de niro in the martin scorsese film "raging bull", has died at 95. according to his wife, the former world middleweight champion died in a nursing home, due to complications from pneumonia. 'raging bull‘ was based on lamotta's memoir and showed a fighter struggling with life outside the ring. robert de niro won an oscar for his portrayal. so, lots going on, from mexico, to maria, to prime minister may — the un, north korea, iran. but what seems to be on president trump's mind are tv ratings — the ratings for sunday's night's emmy awards in particular. mr trump was roundly lampooned at the ceremony. here's what he tweeted this morning. hold on. can you explain that week for me? i don't know what that means. laughter smartest of them all. does he mean is not as o

steel crisis. we are the stewards of this community. our children, our grandchildren, only get what we leave them. script has been crafted through the testimony given by those living in this community, and most importantly, from the employees of britain's only steelmaking plant. forget me first, last and always. go for your pension pot if you want, but the steel industry will die. what do you want your legacy to be? for lead actor sam coombs, it is personal. he has grown up a stone's throw from these works, worked at the plant for a decade, and he has been given a sabbatical to re—enact two of the most challenging years of his life. it is a severe privilege to be able to tell the story of the boys and myself. the last two years we have been sort of told what our story is, basically. and this is what is happening to you. i feel now it is my chance to say no, this is what is happening to us. all the timei what is happening to us. all the time i was working there, i was afraid of losing myjob. sure

in the business news: india's tata steel and german the gap between what the government and spencer fell last month. economists had expected to be much wider but the numbers were boosted by record vat receipt which then upset —— offset a follow on how much it made from corporation tax. consumers are being advised to stop buying fridges and freezers which could create a fire risk. the consumer group which says there are 230 models on sale represented nearly half the market. and the co—op bank is any new homes after the co—op group sold its final 1% sta ke the co—op group sold its final 1% stake —— in new hands. it retains the supermarket and funeral business but sold its remaining stake in the bank for £5 million as part of a broader refinancing deal. consumers are being advised to stop buying fridges and freezers, above or change to server stretch with flammable plastic backs, which could create a fire risk. according to research by the consumer group which? there are at least 236 such models on sale, representing nearly half the market. it is also asking manufacturers to

tata steel uk has finally managed to get rid of its 15 billion pound pension fund — after getting the green light from regulators. the move clears the way for the company to merge its european operations — including port talbot steelworks — with those of germany's thyssenkrupp. the pensions fund had been a major stumbling block to the deal. insurance companies are trying to work out the cost caused from hurricane irma. it is likely to dent economic growth for america. last month saw a decline in the number of us going shopping on the high street. it's the worst performance of the year. joining me now is diane wehrle insights director from retail experts springboard — which compiled these figures what is going on with the high street? in may we we had people going out post 5pm, enjoying early evening activities but that has slowed down now. people are more cautious about visiting high street soap people are really railing back their spending. but surely online is playing a part as well? it is, in the search to be economic and the best bargain, growth in online activity has increa

the new joint venture called these include tata steel is expected to be in full swing by the end of twenty eighteen and will be based in amsterdam while the companies say the operation will employ nearly forty eight thousand people the deal will also lead to at least four thousand job cuts and with just four days until the german federal election that news could hurt certain parties the most recent poll shows chancellor angela merkel in a comfortable lead with her party at thirty six percent but her party's main competition the social democratic party is more at risk these include plants in six of the twenty two districts where the s.p.d. performed well in two thousand and thirteen so for voters deciding now it was a potential job cuts could make them change their minds and on monday cigar gabriel who serves as vice chancellor of the social democrats met with employee representatives however support for the s.p.d. has declined since the beginning of the year so even if it doesn't win the most seats it wouldn't only be because of that the syncrude. well let's talk more about the deal what e

well it could be one of the biggest mergers in the steel industry the german steel company and its indian rival tata have announced plans to consolidate their european production if the deal wins regulatory approval each company will own pippi percent of the new company the headquarters will be located in the netherlands just in cook and tata both project that four thousand of the total forty eight thousand jobs in administration and production will be lost the new synergies should save the company's six hundred million euros a year the steelworkers union called for a protest demonstration european steel makers have been under pressure for years from china and the cheap steel it produces for the world market. earlier we spoke to just include chief financial officer guido kirchhoff and asked him about the close about the close to four thousand job cuts that this merger would bring i think this number giving more than forty five thousand employees that we have in these assets current b. and that we want to realize it over a timeframe of the first year is clearly indicates that there will be

and -- : tyson group aresenkrupp and tata agreeing on a steel venture. atwill have 48,000 employees 34 sides and be headquartered in the netherlands. toshiba's board has agreed to sell its flash memory chip unit. the consortium includes backing from apple and dell. the iphone maker played a crucial role in bringing momentum to the offer and plans to contribute capital. the deal would and a contentious bidding process that stretched over eight months. the billionaire owner of soft the -- softbank said [inaudible] group have been in group -- in talks since month. >> we have another company in a possibility that we may consider to do. we have not decided one of the other. we're looking at [inaudible] that was the chairman and ceo and founder of softbank. the conversation airs on bloomberg television. that is your bloomberg business flash. manus: the report suggested the uk's foreign secretary force johnson could quit the government over its brexit strategy. as a it could be taken positive for sterling if he were to step aside and allow theresa may to step t