tv Business Deutsche Welle July 2, 2019 6:45pm-7:01pm CEST
as iran's currency exports are being hit the stock market in tehran is thriving. this is the business out of as well come but 1st will christine legarde become the next chief of the european central bank e.u. leaders in brussels are still tousling over who will get the top jobs in the union today's already marks the 3rd day of deliberations with so far little results and little unity over who should head the european commission or become its top diplomat but is there no a breakthrough over who could become the new president of the european central bank with the leg up the current head of the international monetary fund is being floated for the position now let's get the latest on this from our correspondent in frankfurt where the e.c.b. is based contribution what are you hearing there in frankfurt would she be a good choice. she would definitely had to have the right credentials gary hart with her background as a french finance minister who never gated her country through the financial crisis
and of course with her background of being v i m f managing director and chairwoman in terms of her monetary policy positions her likely positions i have to say there is a bit of a negative bias here in germany's financial world at least in parts of it and also in other hard currency euro countries you know countries that stand for a tradition of a not so generous accommodative creative monetary policy why that negative bias well simply because madame lagarde is from france and as i am f. chief she often had to stand for compromises that hardliners found really difficult to accept for example in the greek debt crisis so monetary policy hawks friends of a more conservative hardline approach to monetary policy many of them here in
germany would have a preferred to see the chief of our national reserve bank the bundesbank here in germany in the top position of the european central bank or more booze there in frankfurt thank you. and of course we'll have an update on the proceedings in brussels in the news at the top of the hour. united states has threatened to impose tariffs on a further full $1000000000.00 worth of european union goods in a dispute over subsidies the u. and the u.s. accusing each other of using state handouts to give their respective companies a competitive edge promise and cheese all lives pasta and scotch whisky face high import taxes taking the total value of e.u. goods hit with their u.s. tariffs to $25000000000.00 u.s. dollars the u.s. will impose putus tariffs on its own worth 12000000000 of the.
us education giant boeing reportedly hired developers at an indian subsidiary to create the software that's thought to have led to 2 deadly crashes of its 737 max jets according to bloomberg some of the programmers were paid as little as $9.00 an hour the plane software was being developed at a time when the company was laying off experienced engineers and putting pressure on supplies to cut costs boeing says have dropped 20 percent since the crash. businesses are too naive when it comes to china that's the key message from a new study by economic think tank macarthur institute for china studies here in germany the institute has looked at beijing's made in china 25 strategy and says many countries and companies are all too willing partners and helping beijing become a world leader in the tech industry europe fails to protect its core interests we want to talk to one of the authors of that report in
a moment but 1st here's more of that story if you want to journey deep into beijing's economic ambitions wild ways european style campus is a good place to start the telecommunications giant is emblematic of the country's plan to become a global leader in a number of key industries. government's made in china 2025 strategy reflects a desire to move away from low cost money factoring towards high tech as well as communications the chinese government is also investing heavily in transport energy and digitize ation traditionally it's gained a lot of its knowhow from abroad over the years the huge chinese market has attracted many foreign firms to the country including german car makers keen to carve out a nice. but in recent times china has been producing more homegrown firms in the area of electric mobility it's a ready proven itself with
a trailblazer suggesting that western firms will have to buckle up to stay competitive. now a report by german think tank mavericks has cautioned against what it calls naive or see any dealings with china it says western firms could lose their competitive edge. electric batteries bring the point home 7 out of 10 of the world's biggest makers come from china leaving european firms scrambling to catch up. with you know the studio is on the whole conducted this study at the macarthur institute and i welcome to the studio. this study is pretty grim reading for people here in europe what is be doing so ultimately go world domination or should be we worried about this well as the ultimate goal clear is technological leadership on a global scale however we're not talking about technological leadership in every single aspect of technology and so you really see
a difference in china's approach where the got to let's say more traditional high tech areas for instance and the ation in these areas china's content with chests developing the mastic of abilities that are sufficiently good so to say say the products the components that acknowledge she does not need to be you know state of the art but sufficient to get a different story it's been told in the in the realm of future technologies emerging technologies here china really sees its chance to forge a hat from the start just set the pace and see what an industrial nations you know try to catch up or same pace for the for the rest of us though for here in europe and the rest of the world a quote from your study of germany's one developed nation whose a good comic base could be directly threatened by china's ambitions and if you close with close friends for germany as a willing partner are we selling out to china. here this is
a really critical point of our study we identified germany as a core part now as part of made in china trying to under 5 especially to smart my factoring. there for the long standing long lasting corporations and the attitude of a lot of actors involved does not really match the changing realities in china. so what does that mean and clear terms it means that china has already developed considerable strength in certain areas especially in these fields and yes germany german actors in the government but also in companies also in academic realm are all too willing and often too naive in their engagement which time. one of your recommendations and i quote from your study again is initiated steps to limit dependence on critical components from china that of course rings of whoa way it's trump right on what way what role does that company play in this good. qualities a prime example of one of china's national champions champions who've gone global
and not really trying to. dominate or shape the global market in their respective frail. i don't i do not think that trumps approach of decoupling steese aleutian very specially not for europe's they really need to find their own solution we should be aware of our own strengths and we should also note chua is not the only company out there so it really is far it while it is a matter of trust and yes and trust when it comes to business trust is a very special problem that you never figure that comes from from your study that in 2018 china it's been 2 or $300000000000.00 u.s. dollars on. research and development that's nearly 2.2 percent of g.d.p. that's more than the e.u. does this she was to combat being matched by anyone. well i would not recommend to try and match or you know take up china matters of scale so really
it's to find its own unser and i suppose is part of it it's in the lesion to say it in and germany also europe there's no industrial policy the question is what is the right measure where do we position ourselves on this spectrum of different measures of industrial policy and support for research also basic research is certainly a critical component and there certainly is still a lot of work to be done in europe. thank you very much thank you. the economy in iran is suffering from the sanctions from the u.s. imports and exports have come crashing down and so is the value of the ryal but both of those things have contributed to a surprising side effect iranian stock markets on friday. inside the terror on stock exchange there's rest bite to be found from the nail biting economic situation facing iranians traders here have been enjoying a 12 month bull market with the main index the tactics hitting record highs again
this week jan you only a war breaking out could stop the market and political tensions out enough. for the past year the value of the iranian currency the reality is thought to a full and by around 60 percent the root causes of that likely predate the u.s. withdrawal from the iran nuclear deal in may 28th but the subsequent reimposition of trade sanctions has driven its value down further. the result into rocketing costs of imports have forced firms to seek local supplies benefiting companies who sell their goods within iran and benefiting stocks in tehran whether the doomsday scenario of a war ever plays out is up to the country's leaders but for all the traders bullish talk the current gains constantini forever. now here are how a story that is about blue sky thinking that's google sister company is luna
sending a lot of balloons in to kenya to supply 40 internet to remote mountain villages the companies partnering with telecom kenya for trial of technology we're clearly seeing the wrong what pictures here i apologize for that. and that's it from me on the business team here and the informal business news of course always head to our website a final sort of soft analysis on background stories that all stay tuned for. news that comes up right up to this quick look at flow belmokhtar. the from.
past the hour in a beauty. pageant. the face in the pantheon of the great tennis circuit he's one for the ages. of. 10 or for the. stars july 10th on g.w. . never has it been the stock. is facing a mass extinction. you could say the top at something some banks are. but there is a glimmer. because companies are uniting to create global. possibility . not only animals will be sent. to. the lions share. of the conservation of.
this is g.w. news like for lent after days of disagreements e.u. leaders say they are getting closer to a decision on who will get the e.u.'s top job was a fundie line germany's current defense minister is now the official favorite to become the e.u. snoo chief leaders have been tackling for days over who should fill the box most important protests also coming up police in hong kong restore order after pro-democracy protesters stormed and ransacked the parliament building china condemns the violence and.