tv Business Deutsche Welle July 17, 2019 5:02am-5:16am CEST
only in what has been a warm summer in the arctic. u.s. lawmakers grill a top facebook executive over the company's plan to leave for a crypto currency. 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 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 to replace sovereign currencies senators were skeptical to say the least take a look. ahead to facebook's leave or a subsidiary for a face to panel of senators who weren't prepared to pull their punches. facebook is dangerous. after all the times facebook has abused the public's trust and you know that you really think people should trust facebook with their hard earned money trust us primordial and we've made mistakes in the past and we have been working and are continuing to work really hard to get better and central banks worldwide have raised concerns that lever could become a rival to sovereign currencies david marcus out and out tonight that was facebook's aim and promised the senate banking committee that the cryptocurrency
would not be in anyone's digital wallet until global regulators was satisfied we will take the time to get this right we expect the review of libra to be among the most 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 libor a digital currency until we have fully addressed regulators concerned and received for preity approvals. marcus's appearance before the committee came a day after u.s. 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 giant's plans a closer look. let's go to our financial correspondent new york yankees korda now 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 they
need this approval. facebook and the partnering companies facebook is not doing this project alone might not need the blessing from senate but there clearly would need the green light from regulators and it's not just the congress that is concerned we also got some criticism from u.s. president donna from from the head of the treasury also from the fed chairman and their words clearly some heated remarks and this hearing one senator actually called pair to facebook told us it was a small child to a place with and eventually burned down the house so obviously there is quite some skepticism towards the libor 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. . you know the timing is not picture perfect but on the other side all the. debate 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. actually trying to get the leadership when it comes to a digital currency and payment so that not some other country jumps in i guess that was a hint that china could be one of those players so we will see if facebook can convince regulators and politicians was this argument but the whole controversy actually brought also some easiness to other crypto currencies for example just within 2 trading days lost about 20 percent in value and going through another rough ride
we've seen this week quarter joining us from new york thank you. wall street's biggest banks reported solid results for the 1st quarter of the year both j.p. morgan chase and goldman sachs book profits in the 1st 3 months but some of their results disappoint investors and they underline the uncertainties that are looming over wall street. the growth of the u.s. economy continues to confound expectations and choose to 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 unsettled 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
although revenues slipped by 2 percent year on year net income also declined even though the bank still posted solid profits of 2200000000 dollars for the 3 month period 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 u.s. economy continues to enjoy at the end of july it would have grown for 121 consecutive months the longest hot streak since records began in 854.
and over to europe the nominee to head the european central 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 i.m.f. which coordinates global monetary policy u.s. economist david lipton is serving as acting director for god would 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 in france 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 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 is not just nations reaching for the stars but also private companies investors are throwing around cash and a german firm that made its name during the original space race is once again raking in the profits. this is a retro reflector especially ground made of course 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. 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. by millimeter in space the courts class 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 tests are performed in the space program they give us manufacturers as much information about the material. situations that were previously impossible to test at our factory. the 1st robot to land on a comet had quartz glass 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 quartz glass on the earth such as in particle accelerators this block is soon headed for the u.s. there it will be cut up and grounded to 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 event 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 improving conditions pointing to a recent pay hike but also says it's fair unions said the retail giant discounts to customers come at the expense of its own employees salaries. thanks for joining us .
from the book you don't know when i'm. going to know can we flew the coop exposing injustice global news that matters. to me from times. nothing to the gym well i guess sometimes i am but most of the things which i. think sneak into the german culture looking at the stereotype that you think the future of the country that i'm. prepared for this drama. there you go it's all them there are no i'm rachel joins me from the germans on the w. post. the quiet middle of reasons why the
white of the. xoom. risen and women it's. the mind and the music. from 1st bombed 2019 from september 6th to september 29th. zoom's. this is d.-day in years africa coming up in the next 15 minutes the fight against hiv aids a u.n. report say is africa is when it was tell you about the efforts that have led to a reduction in the number of people dying from aids and the decline of 8 heavy infections on the continent. and getting help from about how drugs are saving lives in remote parts of the wonder.