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tv   Business  Deutsche Welle  July 17, 2019 3:02am-3:16am CEST

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u.s. lawmakers grill a top facebook executive over the company's planned libra cryptocurrency. if the tech giant can't convince washington to trust it what are the odds it can sway regulators around the world. also on the show the good times continue for 2 top u.s. investment banks reported solid earnings but it's not all positive news on wall street . and a new space race is preparing for liftoff and a german firm stand to profit from nations and companies lofty ambitions. this is your deed of your business report i'm stephen beard's in berlin thanks for joining us facebook executive david marcus told the new york times last month that the company's new cryptocurrency libra could be quote a profound change for the entire world and quote on tuesday markets delivered a much more subdued message to u.s. lawmakers libra wouldn't threaten the current monetary system and it wouldn't seek
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to replace sovereign currencies senators were skeptical to say the least take a look consume david marcus head of facebook's lever a subsidiary for a face to panel of senators who weren't prepared to pull their punches or facebook is dangerous. after all the times facebook is abuse the public's trust and you know that you really think people should trust facebook with their hard earned money trust this primordial and we've made mistakes in the past and we have been working in our continuing to work really hard to get better and central banks worldwide have raised concerns that libor could become a rival to sovereign currencies david marcus out and out tonight that was facebook saying and promised the senate banking committee that the crypto currency would not be in anyone's digital wallet until global regulators were satisfied. we will take the time to get this right we expect the review of libra to be among the most
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extensive ever we are fully committed to working with regulators here and around the world and let me be clear and unambiguous facebook will not offer the leader a digital currency until we have fully addressed regulators concerned and received for approvals. marcus's appearance before the committee came a day after the us treasury secretary steven nugent said his department had very serious concerns libra could be used by criminals it's clear u.s. authorities are giving their homegrown web giants plans a closer look. let's go to our financial correspondent new york yes korda there yes there was some pointed remarks in this hearing what does it really mean for facebook's plans i mean could they just go ahead with libra if they wanted to do they need this approval of facebook and the partnering companies some facebook is not doing this project alone might not need the blessing
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from senate but they're clearly would need the green light to from regulators and it's not just the congress that is so concerned we also got some criticism from u.s. president don and from from the head of the treasury also from the fed chairman and they're worth clearly some heated remarks and there's some hearing one senator actually compared to facebook was told was there was a small child to place was met just and eventually burns down the house so obviously there was quite some skepticism towards the libra and of course it's always a show by a lot of this congressional testimony but this does seem like an odd time to be pushing a crypto currency for facebook when skepticism over big tech firms and especially facebook seems to be really growing in the u.s. . yeah the timing is not picture perfect but on the other side
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all the. debates on big tech names and their market power won't go away anytime soon so i guess the environment doesn't really get better from this point and david marcus he made an interesting point he said that it might be better for the u.s. and should be trying to get a video ship when it comes to a digital currency and payments so that not some other country jumps in ny guess that was a hint that china could be one of those players so we will see if facebook can convince them regulators and put it to sions was this argument but the whole controversy actually brought also some easiness to other crypto currencies bitcoins for example just within 2 trading days lost about 20 percent in value and because going through another rough ride we've seen this week quarter joining us from new york thinking and. wall street's biggest banks reported solid results for the 1st quarter of the year both j.p.
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morgan chase and goldman sachs but profits in the 1st 3 months but some of the results disappointed investors and they underline the uncertainties there looming over wall street. the growth of the u.s. economy continues to confound expectations on tuesday some of the country's biggest banks reported mostly strong 2nd quarter results covering the period from april to june j.p. morgan chase by total assets the biggest bank in the u.s. unveiled better than expected quarterly earnings although other indicators on central investors its rival goldman sachs saw a dip in its profits but they still exceeded analysts expectations. goldman sachs results were boosted by strong growth and its equities and lending divisions of the revenue slipped by 2 percent year on year. net income also declined even though the bank still posted solid profits of $2200000000.00 for the 3 month period
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j.p. morgan chase said revenue in its retail bank division surged by 11 percent but investors were concerned about slower loan growth tighter lending margins and soft capital market results net income still exceeded 9200000000 well ahead of expectations. the bank's c.e.o. jamie dimon said positive momentum in the u.s. economy was helping the banking sector but he pointed to geo political uncertainties as a reason for the dips and the banks market driven business. the results are broadly in line with the robust growth the us economy continues to enjoy at the end of july it would have grown from 121 consecutive months the longest hot streak since records began in 854. and over to europe the nominee to head the european central
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bank christine lagarde as n l shows stepped down as managing director of the international monetary fund in september the guard has already given up her day to day duties with the eye about which coordinates global monetary policy u.s. economist david lipton is serving as acting director the guard will join the e.c.b. in november if confirmed identifying her successor at the i.m.f. is likely to be a focus at a meeting of g 7 finance ministers and friends this week. and let's look at some of the other business stories that are making news. low cost carrier ryan air has cut its passenger growth forecast for next summer on expectations of a delay in deliveries of boeing $737.00 max airplanes the model which was involved in 2 deadly crashes within a matter of months is grounded while boeing works on a software fix. us judges reduced to jury award against pharmaceutical giant buyer in the case of a man who blamed the weed killer round up for his cancer the decision which slashes
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damages from $80.00 to $25000000.00 does not change the jury's finding that buyer is liable for the plaintiffs lipoma. there's a new space race and this time it's not just nations reaching for the stars but also private companies investors are throwing around cash and a german for of that made its name during the original space race is once again raking in the profits. this is a retro reflector especially ground. glass. is so pure that you could see through 100 meter thick book as if it were a window. prisms like this are found in an instrument that the apollo astronauts took to the moon 50 years ago. even today it allows us to measure the precise distance between the earth and the moon. and.
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with so much media coverage the moon landing was a pristine project for anyone who had anything to do with it with our company became known for its involvement we received requests especially on the follow up missions because we've been there and provided material that really lasts that long . no mistakes can be allowed to happen during production and processing the light must be able to spread equally well throughout the glass this is checked here with a microscope millimeter by millimeter in space the court's glass is exposed to extreme radiation as well as temperature fluctuations of several 100 degrees it has to work reliably repairs are not possible. that's why so many performed in the space program they give us manufacturers as much information about the material. situations that were previously impossible to
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test at our factory. the 1st robot to land on a comet had quartz class from the german company. so too does the european space observatory that's mapping the milky way. but there's not that much money to be made from space travel instead the knowledge gained here opens up new uses for courts glass on the earth such as in particle accelerators this block is soon headed for the us there it will be cut up and ground into reflectors for the next generation of g.p.s. satellites. it was meant to spark a global shopping spree not transatlantic protest amazon's annual prime day events that's 2 days of online discounts staff have taken to the streets in germany demanding higher wages and warehouse workers have also walked out of the u.s. they want better working conditions and more job security amazon says it is
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improving additions point to a recent pay hike but also says its fair union said retail giants discounts to customers come at the expense of its own employees salaries. thanks for joining us .
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home to news of species a home worth saving. those are big changes and most start with small steps global ideas tell stories of creative people and innovative projects around the world like to use them to convert jews to green energy solutions and reforestation. community interactive content teaching the next generation about environmental protection and we're determined to build something here for the next generation the one to use. the multimedia environment series on t.w. . never has been the star. is facing mass extinction. you could say that hope itself is in danger. there is
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a glimpse of. the biggest companies are uniting to create a global. possibility. not only animals will be safe. to. the lions share of the conservation of hope. has guided not only germany but europe through the headlines across france of unchanging world. we welcome and we honor the foreign term chancellor of germany next wednesday on the lives.


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