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tv   Business - News  Deutsche Welle  November 1, 2018 6:02am-6:16am CET

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the. ambitious plans by one of germany's legacy and dust trail companies siemens is to build a big start of campus here in berlin the move comes barely a week after google dropped similar plans also on the program as the tenth anniversary for the world's most famous crypto currency where does bitcoin stand a decade after its introduction and panama introduces a tourism card for cuba can it help the caribbean nation gain more investment back home. i'm krista coburn bilin good to have you with us siemens is putting six hundred million euros on the table to finance and innovation center here in the german capital it's meant to be part of what some hope will become a german silicon valley one day the investment would be the biggest of a single company in the city since world war two and then the announcement comes only a week after google withdrew
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a similar proposal due to massive protests the local neighborhood and lack of political support. berlin pulled out all stops to get the signatures that would make this possible and bring siemens back to its birthplace in the german capital's northwest revitalizing a part of town that already bears the seaman's name. around six hundred million euros will be invested in berlin in the coming years that alone is a killer it will lead to a lot of infrastructure and innovation job creation and all that will be an entirely new image for the zener study campus bringing the area into a new age. but. it only took eight weeks to go from the idea to the signing the innovation center will house offices research labs and high tech production facilities for startups. and in a city currently locked in an accommodation crisis there are to be some fifty
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thousand square meters set aside for affordable housing. this has people who believe in the thing that means we're looking at how we can build a campus that isn't elitist but inclusive and that's something we've worked on and considered and we looked at the most varied of locations around the world and say can we really define the future of wood and then we came back to have a place of origin. zeman start in berlin is already home to the industrial giants largest production site with some ten thousand employees the new innovation center is expected to be completed by twenty thirty. u.s. carmakers general motors has reported better than expected third quarter results earnings stood at two point five billion dollars up from a loss of three billion dollars a year ago g.m. sold fewer cars in north america than in the previous year but benefited from sales of higher priced s.u.v.s and trucks in china and north america companies also
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increasing its cost cutting efforts by offering buyouts to eight hundred thousand white collar. let's bring in our wall street correspondent yes quarter here yes g.m. is ramping up its cost cutting efforts it's reporting high profits wall street is very excited i assume. yeah the stock of g.m. popped up by a good nine percent just here in the wednesday's session and the us car industry in general actually did face some major headwinds with tariffs on steel and other minium costs increase for comic or silver all that was also true for general motors and then we are in an environment of rising interest rates meaning if. consumers want to finance their new vehicles that becomes more expensive but still general motors was able to actually achieve the highest selling prices in the
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corporate history for their vehicles and then was one of the main factors and the u.s. market overall that even if g.m. sold fewer cars but for far higher price and that's why they beat estimates and the stock sold this huge increase and the ends wednesday was the last day of trading in october and overall it's been a brutal month for stocks tell us why and give us an outlook you know what a month. so we did see especially high tech stocks under heavy selling pressure and for the month the nest they're called was it was down by a good nine percent and even if we saw a little rally on wednesday and also on tuesday it still was for them as they called was it the worst month since november two thousand and eight sold basically since the financial crisis of two chips also down by a good five percent being the worst months and two and a half years there was
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a lot of talk about rising interest rates some companies could not fully convinced their earnings outlook and those were some factors why we saw overall a pretty turbulent month of october a scary month of october drawing to close yet scored in new york thank you. bitcoin is celebrating its tenth anniversary founded at the onset of the great recession the cryptocurrency was supposed to usher in a digital revolution in payments and just about a year ago its price truly skyrockets and then burned a lot of investor cash today there is as much hope and bitcoin as hype. in the heart of moscow there's a small and conspicuous shop it may look normal but inside it's a different world the world of bitcoin. there are a fake chocolate bitcoins as well as virtual bitcoins on servers for many of the crypto currency remains a great mystery even though russia produces more bitcoins than almost any other
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country. it ways to quit the good it yeah actually customers come to us and say i want. but i don't know what it is and here like in an apple store we explain to them that it's possible to make bitcoins on these machines they're told that they can buy it or equip themselves to make it anywhere. and i feel like. the crypto currency is created in heavily guarded block chain data centers like this one in st petersburg bitcoins are bought and sold and the transactions are recorded here currently there are more than seventeen million bitcoins in circulation each worth more than six thousand dollars at the end of last year the currency was booming its value rocketed to almost twenty thousand dollars before collapsing even after a decade in circulation the big coin is still not a mainstream currency even though many say it's just
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a secure block chain technology allows highly encrypted transactions to be carried out and recorded more than a bit more than you can believe it or not but from an economic point of view you think companies and for individuals will currencies a much more effective any exchange that countries' economies now depend on economic data. but the crypto currency is not one hundred percent secure hackers have stolen large psalms a bit points in several countries authorities often warn consumers about what's called crypto jacking and that has weighed on bitcoins reputation and value. here well not too long ago cries. has written that as well i had plans for its own crypto currency but to this day the petro is nowhere to be found now the international monetary fund estimates that inflation will hit one million three hundred and seventy thousand percent next year as the venezuelan ball of our has become a worthless currency more stores are springing up where products are priced only in
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u.s. dollars. at a luxury hotel in venezuela's capital a small store which accepts u.s. dollars it's amply stocked shelves off of goods ranging from fine wines to imported baby formula in stark contrast to the nation's barren supermarkets in a country where the local currency is practically worthless before it even leaves the bank prices only remain steady in stores which take foreign currency. this is what you call a defacto dollarization process where a society have banned and its own currency and adopts another one as a substitute this could be a defacto dollarization applied to the entire economy which is going to oblige the venezuelan government to adapt to what the society has already decided in a spontaneous manner. the clientele of these dollar stores or
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body gone is primarily well heeled venezuelans like doctors and lawyers who themselves only accept payment in u.s. dollars. but prices are out of reach for those living on base salaries in august nicolas maduro his government lifted a fifteen year prohibition on the free exchange of hard currency but the body gone is operate in a legal gray area and shopkeepers still live in fear of arrest. panama has begun issuing a new tourism card that will allow cubans to travel to the central american country without a visa and buy goods now it is a very tangible symbol of strength and commercial ties between the two countries. panamanian president juan carlos introduced a new measure last week making it easier for cubans to travel to and buy goods in panama provided they can prove that they have ties to
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a private business in cuba currently there are some five hundred ninety two thousand cuban workers in the private sector. we feel that the tourism card will strengthen the economic opening that you're seeing in cuba and permit following the country's rules and respect in the countries regulations and all their systems it will make visits to panama easier because many cubans are traveling they travel to other countries they return to their country and they're setting up their own businesses they're moving forward and this facilitates the process. if i see to it that it is a process of the tourism card comes at a time when cuba is seeking more international investments and credit due to a liquidity crisis and the decrease in aid from venezuela. the direct foreign investment in the country has averaged in the hundreds of millions of dollars over the last few years but the government is seeking an annual two point five billion dollars in investment panama's tourism card is supposed to help
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entrepreneurs in cuba gain more financial freedom. and that wraps up our show wherever you are thanks for watching. the.
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