tv Business - News Deutsche Welle November 27, 2018 6:15pm-6:30pm CET
well hopefully it will have that for you in the business update which is up on the way more world news for you at the top of the hour and don't wait for either of those and there's always the web site the w dot com had a good day. and . raring to read. not everyone who loves books has to go insane. with d.w. literature list one hundred you must treat. russia is becoming a hotbed of any is accompanied by a lack of information and stigmatize nation in some cities h i believe is spreading
rapidly. here in the several roles of russia's age i think it did to me has been moving to a new phase of making a definitive transition from the so-called fall into both groups to the bane population. and each i.v. in russia today on t.w. news. i think. general motors is breaking the hamas despite being on solid financial ground g.m. announces it's set to cut fifteen percent of its global workforce and close up to five factories workers are outraged and so was president donald trump also coming up a year off to big oil was promising the sky's the limit the cryptocurrency has led all the sector to plumb new depths of. face is your business update on how the home for him by led. glad you could join me. general motors plans
to layoff over fourteen and a half thousand factory and white collar workers in north america and possibly close five plants now fifteen percent of gems entire workforce is affected by the plants they call make a owns iconic brands like chevrolet and cadillac but says it now wants to focus more on autonomous electric vehicles and the move has sparked anger from washington . g.m. said waning demand for traditional sedans and rising costs prompted the massive cuts and the steel tariffs introduced by the u.s. this year haven't helped either president donald trump was quick to slam g.m.'s decision to cut its american workforce well we don't like it i believe they'll be opening up something else and where i was very job i spoke with her when i heard there were closing that i said you know this country's done a lot for general motors you better get back in there soon but the audio a rare echo of trump's sentiments from canadian prime minister just in today this
is going to bite you on the decision regarding your client to the ocean work as part of the global restructuring our thoughts are with those those whose jobs will be affected and their families. but unhappiest of all are affected general motors stuff i've been here twenty years i've been through closure in scarborough i've been through a closure in london i moved my family choice for this company and they do this to me stir. the five g.m. plants will halt production next year laying off three thousand three hundred production workers in the u.s. and about three thousand in canada the company also plans to trim its white collar stuff by eight thousand. and with me in the studio now is stephen bates business good to see stephen explain to us a little bit more about what is behind this station wrightsville and i think it's important to say here is that these plants are going to be idled they're not going to be shut down completely that they're going to be further union talks that could actually see some these production lines continue that's not uncommon to see that
happen i think there are really three factors one to look at behind this one is customer demands they're changing people want fewer passenger cars that's just weight is in the u.s. they want trucks they want to see these gas prices are low they're not interested in passenger cars second is the car companies are preparing for the future they're looking at autonomy as they're looking at electric mobility electric mobility actually requires fewer workers on these ground floors and so they know they're going to need less in the future and then thirty do have the challenge of the special challenges that the trade war writes we know that these tariffs on steel are cutting into g.m. imports most of their steel is from the u.s. but it is hitting their bottom line as well right that say it didn't benefit from trump's much touted the big fanfare about tax cuts. one point five trillion dollars right there was last year they did benefit like most major companies did and i think the figures i've seen were that they've saved something like one hundred fifty million dollars in federal taxes this year but there's also reports that they've actually lost out on the tax cut because it allows them to write off less
of their previous years losses so they're actually at a net loss the point is the tax cuts don't translate perfectly to more jobs more cars more savings all of these things and that's a frustration to trump of course he want to be able to demand things demand jobs man things of companies at the same time he wants to operate this free trade economy or free market economy and that's the tension that you see with him i mean as you mentioned had a blow to blow to all of that rhetoric of america first however is this unique american problem or are we seeing this in other parts of the while this is certainly is not unique to america i mean you see across europe for example that there is the popularity of crossovers an s.u.v. zach. actually rising here too in other countries and then you also see that carmakers are preparing for the future autonomous electric there reports out volkswagen is actually planning on cutting thirty thousand jobs over a number of years it won't be quite as dramatic as this but you see it in other countries you see it everywhere it's about preparing for the future and they just
handle in different ways all right stephen beardsley from the business thanks for putting that all into perspective for us. a year ago because ries was the talk of the town that is soft it's a plunge plunge in last december one bitcoin cost nine hundred thousand dollars now they're trading at below four thousand digital currencies a facing an existential crisis than any the most hardened of risk trade as daring to touch them. this is how some on twitter have depicted what's happening behind the scenes during the ongoing bitcoin crash although these images are not actually connected to bitcoin they nonetheless serve to illustrate how dramatic the mood is for some right now. across the board digital currencies are flailing big coin has lost seventy eight percent since the beginning of the year ripple has lost even more and terry almond bitcoin cost have dropped more than ninety percent each
a year ago because one was the talk of the town people watched excitedly as the value skyrocketed to twenty thousand dollars banks started working feverishly to build a digital currency infrastructure. but the plunge in value seems to have dutch topes is it not game over for crypto currencies will they not be an accepted asset class off through old some die hard crypto analysts remain confident they believe digital currencies will rise like phoenix from the ashes as they've done many times before others say their value has always been zero making them still overpriced. so let's get the expert take out with our financial correspondent we bought a front stock exchange i mean. queen's demaio should not really come as a surprise that plenty of warnings no. yes i can still hear them they're ringing in my ears even as bitcoin was rising and rising i can remember december
two thousand and seventeen being a member of a group that was talking with this bank president john spied on central bank head here in germany and he said it's not a currency it's risky you have to know that you can lose and he wasn't the only financial supervisor who warned and there's a famous diatribe by jamie diamond the c.e.o. of j.p. morgan against bitcoin who chided his daughter for experimenting with it and you know there are plenty of warnings because people said it's not a currency there's no intrinsic value it is no financial supervision one shouldn't have been surprised with all these experts weighing so plenty all food is know about though. it's not all bad i think it's good that there's been a debate on an anonymous fast independent of central bank's currency but especially the technology behind it the block chain that's here to stay that's something that
was i think promoted by all the publicity on bitcoin itself and it has to be separated from the bitcoin itself and that's going to be a basis for the financial business in the future it will revolutionize trading and payment. systems i'm pretty sure of that. for us in frankfurt thanks only. now the german government says it plans to roll out the latest generation of mobile phone tech across large parts of the country are at its plans leave ten percent of germany uncovered by the new ultra fast five g. critics say that's unacceptable demanding providers should be forced to do better with high penalties. five g. wireless testing is even taking place on the harbor master's boat every day his launch sails back and forth through the port of hamburg a perfect opportunity to test how well the five g. data transfer works in motion three senses of providing initial test data on air
pollution that's just the beginning. of the indian ocean birds and want to be view of the insurance alongside the environmental senses that we're installing on the ship we can imagine putting vibration monitoring senses in bridges cameras sensors on the port railway and senses in the movable docks to improve maintenance and make the whole operation more failsafe and more efficient but also that your god if you end up from. the port of hamburg office special challenges like the container ships made of steel that partially blocked the signals that's why the port authority and i.t. company nokia a constantly checking jaring the test phase how fast the five g. signals are and how reliable and the experts also have to keep an eye on how secure the network is a little from this is gone missing to us from biofuels as that starts with physical security devices have to be integrated in such a way that no one can say go up to
a traffic light with a flash drive and hack it that can't be allowed to happen and five g. has solutions for that and then says i.t. security for passwords to fire walls all of that's critical in five. for now this is just a large scale field test that many here hope that five g. intelligent traffic lights will make the next congestion in the port and depart from such a night house projects experts are calling for a well functioning nationwide wireless network if you want to she doesn't come view there is serious differences in some areas we can apply very sophisticated solutions in other areas we can't even say the network is slow everett's hardly available so basically there's no access to wireless networks guarded so beautiful it's not the port of hamburg is determined not to fall behind in the digital race there's stiff competition with the courts of rotterdam and down to up and digital
solutions a case. they often get off alive what that means for the colts is a way to further increase competitiveness we have more technologies that will be implemented to make the poll more efficient this network will enable companies at the ports to further optimize their processes in the future that's what you're buying them because a lot of the openness of combat has already gathered a wealth of experience with five g. before it comes on the market in twenty twenty. that's it more news at the top of the hour just after this look out the world markets face now.
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