tv Business Deutsche Welle June 18, 2019 8:30am-8:46am CEST
those are big changes and most start with small steps globally 2 years told stories of creative people looking to innovative projects around the world like to use time to climate green energy solutions reforestation. they create interactive content teaching the next generation about environmental protection and we're determined to build something here for the next generation cleveland to use the multimedia environment series d.w. . to facebook and crypto finance go together the social media company is expected to present its new crypto currency today giving traditional payment systems a run for their money. also on the show american firms object over the latest round of import tariffs threatened on chinese goods tell you what they say. and
a look at china's talent for finding and by europe's hidden champion. this is the only business imes an album by law and in berlin welcome can facebook take cryptocurrency mainstream the world's largest social network is reportedly unveiling the digital coin appliance rollout next year proponent save it could revolutionize digital payments under a single streamlined currency the project is called libra according to media reports over a dozen global firms will invest in and govern the currency like master card bought a phone and hoover the group will supposedly wall off control of the currency from facebook itself the coin will be pegged to a basket of global currencies like the dollar and the euro to shed it shield it story from the fluctuation that has hit big quite well a couch on facebook bets the scale of the social network and its services with.
2.4000000000 monthly users will forge a new marketplace for streamline purchases and exchanges now that's a lot of big claims there but is it a good idea to trust facebook with their finances so let's go over to the big table now to talk to tom michelle and the head of marketing at lisk good to have you with us thomas so let's get right into it why is facebook doing this i think we're seeing a huge shift from big tech firms moving into the tech space we all know now with apple pay google pay some soon pay and now facebook is also moving into that space and i think that they're shaking up traditional finances and the reason why i think facebook is doing this is to find better users further into the ecosystem potentially adds new revenue streams and i think also most important in mind more user data on the our behavior is what drives us in our purchases online and old this gives them even more power. well because that's what they really did write more power but you know for our viewers how will it work what does it actually
means have an embedded on your instagram yeah thing to undergo the technicalities still need to be communicating deep still but i think what 40 average user of all those years of facebook what it will mean is that one day you open up replication it says they update it both on desktop and mobile and there will be a small i can you present it in the in the menu bar which says like crypto wallet or facebook or and while there he brought wallets and that i think it will be very easy for people to well purchase things for instagram for example or say each other money payback for coffee over what's up etc now we touched briefly on the issue of trust because you know facebook of course is in and doing the best reputation these days those partners that we mentioned they've also seen some criticism as well and i would like to read out this tweet from a few days ago just because it was widely read tweeted now sarah jane lewis the executive director of open privacy says can't wait for a crypto currency with the ethics of the censorship resistance of pay pal the
centralisation of these are all tied together under the proven privacy of facebook now of course this is a bit of sarcasm it's a comment on the power that platforms how it over their lives and the potential to abuse it especially when banking details are in the mix so what is your take yeah i can't help to kind of agree with this tweet. to a certain extent i think those companies have proven not to puts privacy and individual on their top of their list of priorities it's somewhat concerning thing that money's one of the most sensitive and private topics having such a company getting more financial data. is concerning just like a regular bank you have to trust facebook to a certain extent just like network operators were mentioned before and i think that in the past we separated church from states i think we are i would be going separating states from money and i think in the future we'll. should keep big tech companies separated from money as well so with this new initiative does that
actually mean facebook is going to act like its own central bank in a way for its users i think in fact facebook is competing with commercial banks way more damaged goods going yes would you use libero. if there's a very specific use case for libro to really improve my user experience for example to purchase things online i might buy some liberal coins in the future but i will never go buy celery or my bitcoins inside the neighbor going oh well what do you think it would mean you know for a bit coin or the cryptocurrency landscape in general briefly if you can yeah i think. i think it's only is is better for picture and in general a thing we will it's a stepping stone towards the real did the centralised year and see what the future likeliest and like bitcoin i think what is most important is that the creation of those wallets inside an application of people are familiar with we make people comfortable with digital cure and sees that go beyond the normal curan spirit we're used to like the euro and the dollar fascinating thank you so much thomas shelton
head of marketing at lisk good to have you with us. now business. exhibit might be the american firms bracing for yet another round of import tariffs on chinese goods should they really engineer long established supply chains or wait for a resolution to the trade dispute either way they're losing money and many are now asking the trump administration for an end to tariffs. for many american companies this is one step too far the prospect of a 25 percent levy on $300000000000.00 worth of chinese consumer goods has prompted the u.s. chamber of commerce to call for him to taunt what words mean is rather than more tariffs than an escalation both sides need to come back to the table they need to get back to the point where we were you know roughly 2 months ago they need to finish this deal if they finish this deal that will be good for both near term and long term economic growth particularly here in the united states the proposed additional tire of could make
a huge range of products including toys more expensive. last week hundreds of companies including retail giant wal-mart's wrote to u.s. president donald trump warning that a fresh levy would put jobs on the line and harm the u.s. economic growth and it's not only importers that are worried agricultural exports have already been hit by china as retire the tree tara. is certainly causing businesses to relook at their supply chain and their structure but that's obviously easier said than done right in many cases you're talking about long standing complicated supply chains relationships based on quality assurances and things they've been worked out over a significant period of time you can't simply just pick that up and move it to somewhere else many are now hoping that the g 20 summit in japan later this month will offer a platform for a deescalation in tensions between the world's top 2 economies. now those trade tensions are just adding to uncertainty as the federal reserve plans to meet today
the u.s. central bank has been facing new demands from president trump to cut interest rates expected to leave borrowing costs unchanged this time but investors will be watching to see a fed chief jerome powell signals that a rate cut will be likely later this year. and inflation appears to be done joins us now from the frankfurt stock exchange daniel do investors anticipate that growing pressure on the fed will mean a rate hike eventually. well hi there jim when you talk about the unemployment numbers in the u.s. and also how the u.s. economy is growing investors do believe that in the near future interest rate hikes are possible for the moment they do believe that the fed will leave them as you mentioned on change but this is certainly a big topic here among investors because of the uncertainty we do believe that investors will be a little bit more reluctant until we know the final answer the blue chip index that is expected to open in the rath this morning let's talk quickly about the growing
pressure of the u.s. president is that trump has been a very direct even though he was the one who appointed a drone powell the head of the federal reserve who believes that higher interest rates are wrong and comments made by a u.s. president that direct about a certain issue like that are very unusual. there in frankfurt for us thank you very much germany's economics minister peter altmire heads to china today to conduct high level talks with key officials ahead of his trip he reiterated calls for china to open its markets and create a level playing field for foreign companies china for its part has long pursued acquisitions in europe it's found a particular taste for so-called hidden champion small and relatively unknown companies that are very successful. rayyan is a material commonly found in high performance tire is one of its key properties is that it's highly resistant to heat and stress. danka based in southern germany has
been producing gray on for decades works cancel member of peta men take classes the firm as a so-called hidden champion of german industry the company has a global market share of over 50 percent. but i've never heard nearly all major tire makers use our product it's used especially in high speed tires where there's a big emphasis on safety. last year core denko was acquired by chinese private equity firm beautiful mind capital or b m c we reached out to both b m c and core dankers german management board for an interview both turned us down the m t's europe fund has its headquarters in shanghai and london the jewel location was billed as a reflection of close sino u.k. cooperation in the financial sector came as british prime minister to resign may was seeking a new partnerships in preparation for a future outside the e.u.
. germany's battles month foundation has been studying chinese acquisitions of german companies the purchase of course appears to be a textbook case. of china is pursuing a political strategy called china 2025 which has the aim of turning the country into a leading industrial nation purchasing high tech companies from abroad is a clearly stated part of that strategy b m c is backed by shanghai international group multi 1000000000 euro chinese state owned sovereign wealth fund. germany's p.d.i. business lobby group is sending the alarm has come by persuasive chinese companies should not be able to use state subsidies and government loans to acquire companies here as above market value thus meaning european competitors lose out. before the
mc purchase core danka for 240000000 euros in return employee representatives are counting on battery market access in china and the guarantee that jobs will stay in germany though. we haven't yet had any contact with them which is what i can say though is that we continue to have contact where old management the same people are still there there be no present all changes. but the sheer speed of chinese buy ups has left many on edge late last year the e.u. proposed a new law to scrutinize foreign investments more closely china wasn't named but analysts say the focus was firmly on beijing. that's it for me and the business theme here in berlin for more you can check out the flash business or follow us on social media thanks for watching.
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