tv Business - News Deutsche Welle June 29, 2018 7:15pm-7:31pm CEST
into the sky mount a goal that has erupted periodically since last year in one thousand nine hundred sixty three a major eruption killed over one thousand people all right you're watching the news we still have a lot more to tell you about here is what's coming up and you're always top lender in the dog house in the united states will tell you why coming up with band stick around for that nasty at the top of the hour. coming. up today don't miss our highlights. new program on line d.w. dot com highlights. we make up over a week what does a half of the under budget five we on the seventy seven percent of. the want to
shape the continent's future should. be part of enjoying african youngsters as they share their stories of their dreams and their challenges. the seventy seven percent of the platform for the jury. pool. the global trade dispute begins to bite again china's currency and jewels its was clear ever but is it their own fault. but be as chief central banker faces prosecution of bribery corruption plagues the country's financial system. and what about flanks the fed stress test but share price gains so investors aren't crying. i've been fizzling let's do business and used. coming in it's canada's turn to take
a swipe in the world's escalating trade dispute it's that thing sixteen point six billion canadian dollars worth of tariffs on u.s. goods for me as a christian friedman says will come into effect on july the first ever in retaliation to washington's levies on canadian steel in our menu and match them dollar for dollar is prepared to duties on u.s. metals whisky in washing machines maple syrup and other goods. u.s. treasury secretary stephen who should says his country is not going to leave the world trade organization the comment is in response to media reports that donald trump is planning to withdraw from the global trading body lucian's says the united states has concerns about the institution and considers aspects of it unfair but that it would be an exaggeration to say the u.s. intends to pull out trump has described the w t o as a disaster well stocks are enjoying a relief rally this friday the currency markets tell another story as those trade
tensions refused to go away the specter of a full blown trade war has already frightened the chinese who won this month was even scarier a three percent drop against the u.s. dollar investors pulling their money from a market likely to suffer from higher barriers to trade it being speculation china could move to devalue its currency to compensate for terrify kes however analysts today say there are no signs of a concerted effort to do so so legitimate jitters for the yuan and despite the rebound for global equities it got a lot of catching up to do the trade war has wiped out one point seven five trillion dollars in stocks since june twelfth university of some gallons frank pish specializes in how companies defend themselves in a trade dispute i asked about claims the chinese a protectionist and still take. so when we look at the chinese. if the question is whether they're protectionist or not well the answer to that
should still be yes not so much in the realm of international trade where everything is quite liberal in terms of stance but in fact in terms of domestic policies we call that industrial policies and that china still provides a lot of advantages to their own businesses so they are protectionist in your view are they also stealing tech i mean companies tell me the chinese play europeans and americans off each other to get the lowest price the bidders thinking no raise it for the next order but there is no next door to the chinese copy the take and make it themselves does that still hold true so this is the typical strategy is strategy in the last few years has actually been that companies chinese companies buy up corporations in in other countries like in the you in the u.s. they fund startups through venture capital so that they get direct control over technology and this is this is nowadays there their main strategy ok but tell me the tariff
strategy of trumps to stop these sorts of practices the stealing of tech and the protectionism as well is is it going to even make a difference. it is very difficult to say whether it's it makes a difference in the in the short run i think it is the only thing it does really is put pressure on two companies in the u.s. especially the types of manufacturers who produce with steel using steel like harley davidson which is the last prominent case here so i don't think in the even in the short run it has any positive effects on china ok so you reckon it can backfire on the u.s. and to talk about harley davidson what do you think about its reaction to this pushing its production out of the us all rather increasing its production at other
locations around the world it's one of these multinationals that has facilities all over the world and is able to do that is that the way to go. that's correct that is the way to go for most multinationals who like harley davidson as you said already have production facilities in other countries that are not subject to for example the european tariffs other multinationals have a much simpler strategy they already have a production facility for example in the us or in you and can pass just the markets from that so that's the typical thing that multinationals with yes what about capital controls that's how some politicians want to deal with this but i guess that could be hurtful to growth. so capital controls in this case mostly discussed in again the context of technology so that the chinese cannot engage in this practice and and buying up and buy up technological leaders in europe and the u.s. so in europe and in the u.s. people are talking about whether it's possible to review and perhaps block some of
these interactions true currently in the congress we already have this kind of legislation it's going to be possibly soon here in switzerland and in europe people are talking about this a lot so this is going to play a very important role in the future and we do have a lot to talk about his we have to leave it there though from the university of the government thank you. fluffy as public prosecutors charge central bank chief. with accepting the offer of a half a million euro bribe it paves the way for the trial of one of europe's most influential economic policy makers he led the former soviet republic into the europe banking scandals of latvia a makeshift shrine marks the spot in riga where a lawyer working on the winding down of a bank was shot dead he was killed while driving his car. inspecting the crime scene today r younis veda and antonio correcto who work for an
anti corruption agency. the murderess cast an ominous shadow over long fields financial sector the killer and their paymasters have yet to be identified the state these in ohio and interior minister said that there will be an assistant other contrary so to say that murderers and law and order should not be placed again there next stop is the main offices of the bank which manages accounts belonging to citizens of the former soviet union the bank launder dirty money for years illicit funds were transferred to other e.u. banks or to offshore accounts. he flopped and banks did not properly check where does money was coming from other banks in the european union or being the international system would accept those money with all its props laundering them unknowingly in one case in twenty sixteen one point three billion euros disappeared
without a trace from banks in moldova hundreds of thousands of people lost their money triggering massive protests in the capital casino. bank was named as the culprit. they just send it into the bank. for maybe a couple of hours maybe a day and then the sand if there are more of it spreads around the world the one point three billion euros has yet to be tracked down the line government is now amending its legislation in an effort to challenge money laundering among the country's banks and the new generation of bankers also seems eager to end the criminal practice of the banks had. about thirty thousand customers in the span of one and a half year which for a total customer base of their own two million two point two million is a walk. the bank has since been banned from trading in the euro or dollars owns
lotfi as banking regulator recently approved its liquidation. the bank has failed the second round of the u.s. federal reserve's annual stress test and the criticism is harsh just as a new boss takes over at the helm of the lender to steer it into calmer waters. georgia banks u.s. division had passed the first round of the stress test the quantity of section that measures capital levels against a severe recession in the second qualitative round of the test however the fed cited three critical deficiencies for deutscher. weaknesses in its data capabilities revenue and loss forecasts and in its internal control systems. the message from the fed the us armed suffers from poor management. the report comes one month after the us deposit insurance regulator added the lender to a list of problem banks. germany's flagship lender has seen its image plummet in
the wake of the global financial crisis georgia has now posted a loss for three successive years with its share price repeatedly hitting all time lows. the bank stock is down forty percent this year alone. it remains unclear what the future holds for the american division its new c.e.o. recently announced the unit will be scaling down some of its operations in the u.s. . for more of germany's biggest lender his our markets man in frankfurt daniel corp . daughter bank is a bank that has been struggling for a long time they have not been for many years in the winning zone pending lawsuits could cost millions possibly even billions of euros many investors here call it a shame that a bank that would like to play an international role has a share price that dropped this week to a record low one investor even questioned of daughter bank is even still worth to be listed in the blue chip index stocks and now the news that the fed in the united
states is not even sure if door she would be able to handle another big financial crisis it is clear because jens even the c. old daughter westin just for a few months in office has a lot of work to do but some good news before the weekend today dachas share prices did not perform as bad as some feared was even for some part of the day the top performer here at the ducks investors were already prepared that daughter would most likely fail the second stress test off the fed and at the same time the market environment here in frankfurt was more friendly again that much of index tax is back in the winning zone. i start business with it.
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do. it cause it is full of interactive exercise is the public d.w. dot com slash dr land on facebook in the still. free w. . alone a very warm welcome indeed to focus on europe with me peter craven now when people go shopping what they're mainly looking for is cheap whether it's holidays fashions or food and drink the formula is so often the say the cheaper the better but that also means cheap labor people who work long hours and often shocking conditions for poultry wages.