tv Business Deutsche Welle July 19, 2019 1:30am-1:46am CEST
nico he's in germany. why not with him. it's simple line on your mobile and free. double using learning course. german made easy. 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 the need to lift workers out of poverty. also on the show b.m.w. names its new c.e.o. can he bring the german automaker up to speed with its competition especially in the area of electrical duty. and oberlin based online bank becomes germany's highest valued start up but not without a few stumbles along the way. this is your deed of your 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. overdue re parity 3. congressional analysis suggests boosting the minimum wage to 15 tell us a now up 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. will come this is a promise made and today a promise will be kept. keeping that promise when d.z. 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 us 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 overly 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 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 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 saw a 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 the quarter 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 in 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 by b.m.v. . he m.w. is behind di miller v.w.
and others when it comes to electric cars. 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 di miller 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 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 most of the funding will come from the bill and melinda gates foundation. finance ministers 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 to 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 startup in 26 has made big inroads that 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 it 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. n 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 fall used 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 china and transfer why it's a 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 euros and 26 is headquartered in berlin and recently launched in the u.s. with plans to expand further in the coming years. so in terms of expansion we are
very much focused on the one that is deep enough to present you know 24 european markets that were active in the what we have launched in the u.s. last week so the. big investment into making it 26 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 end 26 plenty of challenges remain. and over to the sports business world german investor laws vin horse wants to list buddhist leaders soccer club has a bilin that's according to germany's manager magazine. neither has a norvin horse affiliated company tener 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 guide me. and that's it for me and the business team as always you can find out more about these ans our other stories on line a dot com slash business or on social media facebook and twitter i'm stephen beard as always let's watch.
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their way toward transmitting the trolls. man in the midwest mom much and i want. to. welcome to news from the world of arts and culture and we'll be talking about kevin spacey sexual assault charges against the us acts have been dropped also coming up . an exhibition here in berlin looks at comic photos from black american magazines 7010 jet. now you might think this doctoring is speeded up but it's actually a modern twist on galleon folk dance. actor
kevin spacey was one of the most high profile people to be accused of sexual assault as the made to scandal erupted in hollywood a couple of years ago the allegations against him cost him his lead role in house of cards and then he saw his scenes edited out of the movie all the money in the world and he was replaced by veteran actor christopher plummer now in a dramatic turn the only criminal case so far brought against casey has collapsed after his accuser refused to testify. or you know it is one of the few criminal cases to be brought after allegations came to light during hollywood's me too sexual assault scandal but now u.s. prosecutors have dropped the case against actor kevin spacey he had been accused of groping an 18 year old man in a bar in 2016 spacy denied the allegations the charges them.