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tv   Business - News  Deutsche Welle  December 14, 2018 2:15pm-2:31pm CET

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future. and congratulations to her you know what you did on your news bend for them has your business news coming up for you shortly so do say with us if you can. frank food. international gateway to the best connection self and road and rail. located in the heart of europe you are connected to the whole world. experience outstanding shopping and dining offers and try our services. biala gassed at frankfurt airport city managed by from.
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take football personally i already with all the wonderful people in stories that make the game so special. for all true fans my. cough more than football online. the final fronts here and another successful test flight of a virgin galactic how billionaire richard branson wants to make billions of all with space tourism. no budgets and finance minister not quite what the reform is wanted for the euro zone. and another dodge about investigation talk u.s. lawmakers think they have a dirty money case against the government that. i mean physical.
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and let's do business there is money to be made everywhere even in space and that's where virgin galactic is looking for business richard branson spaceflight company has carried out another test flight this time reaching an altitude of eighty two point seven kilometers that's above the height of which space is considered to begin the company's aim making such flights routine and economically viable for tourism. to space and back for upwards of two hundred fifty thousand dollars that ticks latest test right from the mojave desert marks another step forward in opening up space travel to the paying public i think back to the early years of commercial aviation and you know a flight across the atlantic actually cost in adjusted dollars around one hundred thousand dollars at one point and now you can buy a ticket across the atlantic for about five hundred dollars so you know often these products will start off at a somewhat higher price point but those higher price points are really helped drive the market forward so that we can eventually reduce the cost over time and enable more and more people to experience the wonder of space. the fourth test flight of
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the space ship two passenger ship follows years of setbacks for the project including a fatal crash in twenty fourteen despite the accident british billionaire richard branson remained confident of being the first to send tourists into space we now have a space that is capable of going to space we'll do more test flights and we'll learn something from each of those test flights then the whole program moves to new mexico to a beautiful spaceport we have. i will go up and then after i've been up. paying passengers who want to become astronauts will will follow. soon says he's aiming to achieve his dream of being on both the first commercial spaceflight as soon as next march. e.u. leaders decide to approve a slate of fiscal reforms for the one thousand nations that share the euro it's a watered down reforms will give the eurozone some much needed. expanded role with
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the european stability mechanism bailout fund created during the euro crisis in two thousand and twelve years and will now be able to conduct its own review of meditation's financial health and intervene earlier but critics say the reforms merely sidestep issues like a common budget and finance minister as motored by a french president in the flush of his twenty seven election approach your. in campaign. season basically joins us now to talk more about these reforms all the lack of folders and the idea of this whole reform drive was something that we learned about about a year ago what's happened now that's right well i mean let's go back to what was planned before about more than a year ago the idea was to really claw to really plug a critical gap in the euro zone that was exposed frankly during the two thousand and nine recession and the following debt crisis and that is you have again as the
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piece said you have a common currency but you lack a common fiscal policy so how do you get everyone on the same page what mccrone had proposed was a common budget a common a common finance minister and a common deposit insurance for banks so that when a bank run occurs basically everyone would know that their assets were safe and i guess actually a bank run would not occur in that case so by doing this the idea is you strengthen the euro and that you also prepare the euro zone for future crises so that it can respond in sort of nip them in the bud before they can begin now it's important to remember the moment in which this was proposed there were a bunch of contentious elections going on in which populace were feared to when europe was not looking so good as a bloc instead mccraw won on a message of pro europe more europe in fact you have medical and office the franco german relationship which normally drives a lot of e.u. policy looked like it was going to come together and could really make waves and so
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you had this window it was seen and this effort to do something big it sounds like what you're trying to tell me is that we've missed the boat right and that's what a lot of people are saying they're really looking at this as you said this is these are watered down reforms and frankly you know the budget here is one of the most contentious issues it's not really going to be the driver of the euro zone that was in vision it's going to be something that's small and inserted into looked. into the larger even budgets and really what the focus became was these crisis prevention measures so expanding the european stability mechanism that is a good thing in itself but it's nothing like what was proposed in this flush of optimism that occurs so what's going wrong behind the scenes. a number of things i mean you could say that reality struck basically what this debate exposed was the fundamental divide between northern and southern eurozone countries southern euro zone countries their banks have a lot of bad debt that's still on their rolls and northern countries were afraid to
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basically guarantee that they didn't want this deposit insurance because they were afraid that was going to bite them and the taxpayers southern countries the bank said that we can't just suddenly start unwinding a lot of these debts because that's going to cost us and so that's what it came down to you also had brags that getting big on top of this you had migration was still the number one issue that most people were concerned about instead of finances and it really showed up as well and then really at the core of this you had the franco german relationship was not working and merkel came into power but she was weakened severely and we've seen what's happening across but i mean a lot of europeans would see that as a good thing that the french or the germans aren't leading the pact that other european countries are having to say right i mean you could say that but at the end of the day i mean what this is about is stabilizing the euro zone and so. yes i mean obviously countries are only looking out for their taxpayers the day these politicians are i mean that's their job as well and so when they come to this and they say you know we can't offer just in this pool of money to bail out the
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mistakes that your countries have made i think they're going to see positive results in their own electorate because of that and so yes in that sense you know the sort of decentralization of power is maybe seen as a good thing but for others who are looking towards the next potential crisis it's not a good thing if i'm busy thank you very much for coming in. two u.s. senators a calling for a bipartisan congressional investigation into georgia bank follows recent money laundering allegations against the lender democratic senators say they want to dig deep into the banks' compliance issues and relationship with foreign lenders which was also one of the because finances of donald trump's business interests the senators made the request in a letter to the banking committee they say recent allegations raise serious questions about national security and criminal risks posed by georgia banks u.s. operations among them are two recent money laundering allegations the first a connection with danish lender done who's
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a sony and branch laundered billions of euros from russia a whistleblower testified that torture handle transactions going to the u.s. and just weeks ago a raid on deutsche bank's frankfurt offices part of a german investigation into money laundering in tax havens. the specter of yet another inquiry up the pressure on deutsche a c.e.o. christian saving investors have applauded his moves to return the bank to profitability but there's a feeling saving is saddled by the mistakes of his predecessors. and there's still other concerns about the u.s. congress the house of representatives could push for torture to disclose details on donald trump's accounts there democrats assume control in january just one more worry for an already beleaguered institution. and if i spot joins us now from frankfurt our financial correspondent there and had a bunk and dirty money sounds like the lenders entered a new round of entanglement. yes it does i mean we have all sorts of
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money laundering issues now popping up surrounding daughter bank it all started with danske a bank but then a slender. dodgy bank had also custody and operations for the. internal affairs and then on top of that again the money laundering issues all those suspicions that their system could not be compliant with the us system now a concern which is traced by the two democratic senators the senators in the us having said that clearly the arch of bank was also called a troubled institution of long ago by the federal reserve so the pressures very much on doj of bank to get their systems right to be compliant with national regulations and the specially to make sure that there's no money laundering potential inside the institution basically it's clearly the senators are saying through daughter banks operation the u.s.
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it's a landing page for all the money from everywhere in the word so they want to know whether dacha bank has a good system in place and then that world is trying to clean up its act also restructure. its also trying to merge with combet spunk that's something that we been talking about for a long time now where when's it going to happen. it's a good question i mean for now their stated naim that this is going to happen very soon i think the pressure as though looking at the share price looking at also a change in thinking and. the finance minister of germany was quoted as saying various times that we need one strong to lend and that they're working on it so i guess there is more momentum out of also to enable a more tax efficient structure here and potentially we could see a merger between those two banks perhaps even in two thousand and nineteen at least
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what i'm hearing from various sources in the financial industry that something it's not only fantasy but there's also a clear need looking at the dismay of states in which both lend us in a way and so there's a lot of cost cutting synergies if you were to combine those two lenders if you will. let's see if we get a leader in. go ga thank you anita for the analysis from frank. i think business.
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are trained all with to understand this new culture. saw you on another visit or another guests you want to become a citizen. in for migrants your platform for a while information. iran welcome to another exciting edition of euro max i'm your host meghan lee here's a look at what we've put together for you today. race against time how to whip up a christmas meal in minutes. norwegian wood to pay a visit to the ancient town of port offs.

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