tv Business Deutsche Welle July 18, 2019 11:15pm-11:31pm CEST
behind of we opened are others poised to overtake the german car maker when it comes to go trick of mobility. even more have the answer and more stay right here. i'm askin that. that's hard and in the end this is a me you're not allowed to stay here we will send you back. are you familiar with this. with the smugglers with lions and. what's your story. ready ready with numbers and women especially in victims of violence.
take part and send us your story train always understand this new culture. nothing nothing yet you want to become a citizen. in so migrants your platform for reliable information. should the u.s. doubled its minimum wage business groups say doing so would lead to massive job losses but democrats in congress believe a wage hike is needed to lift workers out of poverty. also on the show b.m.w. names its new c.e.o. can he bring the german auto maker up to speed with its competition especially in the area of electro mobility. and oberlin based online bank becomes germany's highest valued start up but not without a few stumbles. along the way. this is your d.w.
business report i'm stephen beers in berlin thanks for joining us the u.s. house of representatives has passed legislation that would more than double the country's minimum wage from 7 dollars and 25 cents to $15.00 it's a historic win for a movement that began when fast food restaurant workers went on strike 7 years ago and it's almost certain not to become law the republican controlled senate says it won't vote on the measure claiming it would be disastrous for businesses. these restaurant employees demanding their $15.00 an hour after the democrat controlled house approved the minimum wage increase the raise the wage act gives up to $33000000.00 americans a long overdue rate parity 3. congressional analysis suggests boosting the minimum wage to $15.00 an hour by 2025 would lift $1300000.00
people out of poverty but the same analysis says it would cost around the same number of people that jobs with employers unable to pay them $7.00 states have taken matters into their own hands promising to achieve a $15.00 an hour minimum by the middle of the next decade but democrats insist the federal level change will come this is a promise made and today a promise will be kept. keeping that promise won't be easy with republicans dead set against the idea democrats will need to win a majority in the senate in next year's elections. in skordas our financial correspondent in new york yes the debate over the minimum wage in the u.s. has been going on for a long time since 2012 how did businesses see this issue. well it really depends on the size of the company we already see in a bigger some bigger companies that already have increased wages for workers about
the raid to of the federal minimum wage so it's basically smaller firms that are concerned but then again even if this measure would go through and it doesn't look like it's the those this increase of minimum wage would only count for certain industries or if you work as a waiter for example or in overdrive or you are not. you know you don't get the minimum wage so there is a difference between industries and also the size of companies overall we do see a pretty strange labor market we almost have full employment the lowest unemployment rate in about 50 years and still wages are not really moving that much at this point that is pretty unusual. let's take a look at wall street the world's most valuable publicly traded company reporting its core quarterly earnings today that would be microsoft so what it say. you know who would have guessed i mean microsoft and the stock has been
a bore for years here on wall street but then also was the new c.e.o. . that was really quite a run that microsoft had just of the positive 2 years of the stock price has almost doubled and now the company came was the earnings report after hours and in comparison to last year's quarter they saw a gain of profit by almost 50 per cent they blew away earnings and old soul for profit and also revenue expectations and the stock is up in the after hour trading and microsoft is the only company on wall street at the moment that has a market valuation of more than one trillion dollars in skoda with the latest numbers from new york thank you. central banks in south korea indonesia and south africa lowered benchmark lending rates thursday days before the u.s. federal reserve is expected to do the same central bankers cut interest rates to
spur economic activity lowering the cost to borrow money makes loans more affordable but it also makes investing more difficult worsening global economic indicators as well as persistently low inflation and many countries considering similar cuts. b.m.w. needs to step on the gas that's at least the consensus among auto industry observers who know that a one time leader in car innovation has fallen behind the newest technologies above all electric mobility and autonomous driving a company executives appear to have gotten the message they recently announced the c.e.o. howard krueger would not seek a 2nd term and now they've named his replacement. the new boss is a familiar face all of it sips is already a member of the executive board and was previously the head of production and he's got his work cut out for him he has to move faster especially in the development of electric vehicles. m.w. is behind di miller v.w.
and others when it comes to electric cars by did they really need to get moving in electric and battery powered vehicles. but b.m.w. can hardly shoulder the enormous development costs alone by working together with its rival dimer which makes mercedes-benz it aims to bring semi autonomous vehicles onto the market as quickly as possible then there is the risk of impending punitive tariffs in the u.s. in june b.m.w. opened a new plant in mexico the cars produced there are mostly destined for the u.s. market relation to mit we expect president trump will impose tariffs on the automotive industry in the autumn which will create a big problem for b.m.w. in america. the company hopes shifts in its global production network may allow it to partially compensate for any tariffs. europe's galileo satellite navigation
system is back in service after a 6 day outage the satellite agency said it fixed i'm sorry a malfunction in the ground control sensors that make time and orbit predictions galileo has 22 satellites that help track mobile phone users and cars it's been in a pilot phase since december 26th team and is due to become fully operational next year supposedly offering a european alternative to the u.s. and russian controlled networks. and let's take a look at some the other business stories making news. g 7 ministers and central bankers have met with philanthropist melinda gates near paris to discuss how to reduce inequality they've pledged more than 100000000 euros to help women in africa play a bigger role in the global digital economy and most of the funding will come from the bill and melinda gates foundation. finance ministers of the g. 7 meeting also move towards an agreement on taxing digital giants the u.s.
had opposed the french measure a french measure to tax digital companies like facebook both now agree to focus on a minimum tax for businesses that generate income outside their base country. the european union has fined chip maker qualcomm $242000000.00 euros for what regulators call predatory pricing between 20092011 the charges relate to the sale of chips at the low cost which the e.u. says was intended to drive a rival out of the market. investor appetite for fin tech innovation just keeps growing the german start up in $26.00 has made big inroads in inroads in mobile banking and has now become one of the most valuable fin techs in europe take a look. 4 years ago and 26 was little more than an up without a banking license today the german company is one of the fastest growing banks in
europe with more than 3000000 customers already signed up. and 26 is a so-called direct or mobile bank it has no branches and conducts all its business online on like traditional banks it has just announced a fresh round of funding from a host of existing investors and tooting chinese company 10 cent and german insurance giant allianz this values the fin tech at more than 3000000000 euros making it one of the most valuable companies of its kind in europe it is the most valuable german startup on a par with other european success stories such as swedish online financial services company turner and transfer wise the u.k. based money transfer service all their high flyers include british pair b.g.l. and north which are both valued at around 2 and a half 1000000000 euro's. and 26 is headquartered in berlin and recently launched in the us with plans to expand further in the coming years. so there is expansion
we are very much focused on the one hand to deal with all food present you know 24 european words that were active in further what we have launched in the u.s. last week so the. investment into making it into a 6 a big success in the u.s. these are heady times for the online bank but it hasn't all been good news for the company recently in march it was reported that a customer's account was hacked and emptied of $80000.00 euros while in may the german financial regulator baffin warned then $26.00 it needed to step up security measures to guard against money laundering so while the money is rolling in for n 26 plenty of challenges remain. and over to the sports business world german investor laws vin horse once the list buddhist leaders soccer club hats of bilin that's according to germany's manager magazine neither has a norvin horse affiliated company 10 or would confirm the report last month the
investment firm bought a $37.00 and a half percent stake in the club for $125000000.00 euros 10 are plans to increase investment in players as well as enhanced the and hence the club's digital strategy and improve its global marketing. name thing. being. and that's it for me and a d. business team as always you can find out more about these ants are other stories online at the dot com slash business or on social media at facebook and twitter i'm stephen beardsley and the lead as always that's watching.
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