tv Business Deutsche Welle July 18, 2019 10:30am-10:45am CEST
the this works like me to strive to see. if the story. could be very personal to have some very. good. t w. dangers ahead for global trade the latest annual trade report released by the international monetary fund shows that trade wars are not conducive to growth. also coming up as a radiance of feeling the squeeze from u.s. sanctions many turn to digital currency such as bitcoin to make money. and money cajones welcome to do business and we're starting with news from south korea which has just cut its key interest rate for the 1st time in 3 years the governor of the
bank of korea said he lowered to the key interest rate by a quarter percentage point to 1.50 the decision came amid a brewing trade conflict with japan over its colonial past on the korean peninsula tokyo has put curbs on certain materials that south korean high tech companies need to produce smartphones and t.v. sets. and it's also far from plain sailing in japan figures just out show export struck 6.8 percent in june analyst attribute of the poor figures to disrupt disruption caused by global trade conflicts a slowdown in china's growth and low business confidence the latest sluggish export figures have prompted speculation that the bank of japan could be preparing to introduce new stimulus measures at the end of the month. and it's certainly not just japan and south korea that are dealing with economic turbulence the international monetary fund has just released
a report warning that the economic crunch late between the united states and china is curbing trade globally. this year's external sector report shows that the world is doing less business with itself confused with the i.m.f. chief economist explain. we are seeing global growth global trade grew old slow which tells you that this is not just about shifting of trade to different parts of the world but in actual overall reduction in in trade so this is having a fundamental impact on global trade the i.m.f. points to international hostility as a cause global financial leaders have made no secret of the fact the trade war between china and the us is having an impact but i.m.f. economist peter gopinath says the bilateral imposition of tariffs has not had the punitive effect intended instead higher tariffs have been associated with increased prices for consumers and
a weighing on global trade investment and growth. the report urges countries to avoid further conflict and repeats a familiar refrain that along with a disorderly bracket and as collation and trade tensions remains the main short term risk to the global economy. now is in charge when it comes to drilling in the mediterranean ever since trillions off cubic meters of gas or natural gas were found off cyprus a dispute over ownership has been bubbling away between cypress tekkie and greece they all claim drilling rights the spot is worth billions of euros geologists say the deposit could hold as much as 3 and a half trillion cubic meters of fossil fuels a windfall for europe's energy industry for show up the area off the southwest coast is especially contentious the european union says only cypress has the right to drill there but turkey has also staked
a claim sending several ships to hunt for gas and the e.u. has responded with sanctions which ankara calls worthless for more on that issue i'm joined by helen my our investment research analyst at the share center in london good to have you with us so 1st of all fill us in what is at stake here what's the economic potential of that particular gas field. well there are fairly large resources are going discovered in recent years the largest actually discovered across the world although in terms of size it's still fairly small in comparison to what the russians have and what there is in the middle east but you know for for cyprus and for turkey this is going to be fairly significant amounts to the turkish government estimates that the sales of the operation could be in the region of 9000000000 but i think the big strategic issue here is for both for the e.u. cyprus. is you know this is an energy supply that could reduce their dependence on
russia so it's really about security to a certain extent as well as the economics that obviously there is a huge dispute about to the actual drilling rights who is allowed to drill there turkey says we go ahead now they face sanctions is it worth it. well her i think the turkish foreign minister has actually rebuffed a lot of the sanctions that have been not really worth they're not that damaging to them and therefore they will continue to drill in those regions i mean what the turkish is are saying is that they are looking after the interests of the turkish cypriots who feel as if they will get a fair share in any any deal the new funds have been set up they're asking for negotiations with the greek side the greek side or the e.u. side say you know this is their exclusive right so you know the tensions are going to keep brewing but unfortunately turkey if its current environment is you know is picking fights with the west and unfortunately it in the future it could result in
further sanctions so it is it is all clear who owns which drilling rights to this natural gas or is it not clear. well i think that there are competing issues here competing rights the turkey has the extended economic zone which goes off to the west of of the supreme. that is disputed the turkish republic of cyprus the economic zone. in caps it is the north south and east of the island. you have the europeans and cyprus so you know there is no clear definition as to what's. going to be the issue of being able to go forward. it's a troublesome issue i think for now it does require i think some kind of international arbitration as to who owns what. so will be
a difficult one and it will go on for a while you're. there from the center in london thank you so much for your time and for filling us in on this. but when based online bank n $26.00 is now germany's highest valued start up it's raised 240900 1000000 euros in additional funding and that taking its valuation to $3500000000.00 euros the french capital comes right as the company prepares to expand its popular brand of app based banking to the united states and to brazil the company says it will add 2 countries a year to its platform moving forward it's an expensive plan that means its latest investor round is likely not its last. interesting topic let's hear a little bit more about that from our financial market correspondent daniel corp we're standing by for us in frankfurt now danielle i read up a little bit on this and i heard that n 26 co-founder and c.e.o.
called the bank's launch in the united states a major milestone is it fact. well how they want to know what i can tell you that the rise of and 26 is indeed for many here in the financial world are quite fascinating and they're completely digital they don't have a local bank branches and you can control everything with your smartphone i just went to their website little bit earlier they promise that you can open an account within 8 minutes and investors do believe that and 26 has even more potential to grow just in the united states more than 100000 people are on a waiting list and want to join in brazil should be also a very interesting market for them as well but 26 needs to be careful in the past many have complained about their very bad customer support because in many cases you cannot even talk to an agent over the phone everything is done through a messaging app and customers will waiting for days with problems and 26 now has
promised that this is going to change and hire more support staff now is quite interesting daniel that i would discuss this with you right now because you have the frankfurt stock exchange and $26.00 isn't even listed it's one of the so-called unicorns a company that's valued at more than a $1000000000.00 but not listed so who are the investors who is behind it. yeah very interesting they're not publicly listed i've taken a look at currently more than 10 investors are invested in the company and that's quite interesting a list we're talking here for example about x. that's the digital investment unit of the insurance group then members of the london management and different venture capital groups from europe but also from age are also one of the founders is. coming from pay paul as well as the government of single poor investment corporation so a very interesting mix with certainly very different interests all right
reporting for us from the frankfurt stock exchange about an online banking company that is not 0 a listed there or anywhere else very interesting story there thank you so much. there's a lot of talk about a dish of currencies these days and the rise of those currencies is also being experienced in iran right now where people are hoping that bitcoin would be an antidote to some of the pain caused by the reintroduction of u.s. sanctions but a recent crackdown on the machines used to mind the crypto currency has exposed a legal gray area. legal or illegal either way bitcoin mining machines are becoming in ever more familiar sites in iran in some cases like here in the market the province in the northwest entire batches are being seized by the police elsewhere though there's little sign of
a crackdown. as the country grapples with renewed economic turmoil people are turning to mining the digital currency in the hope of generating an income in a currency they consider less volatile than their own but the practice has exposed a legal gray area. the country has clearly turned into a heaven for bit coin miners. business of mining isn't forbidden by the law but the government and the central bank have ordered the customs bureau to ban the import of mining machines until new regulations are introduced. and it's not only the hope of avoiding the worst effects of recency imposed u.s. sanctions that's making bitcoin attractive in iran mining the digital currency requires huge quantities of electricity which the government subsidizes but critics
say bitcoin mining centers like this one recently uncovered in the city of abuse the system state subsidies being used to make a profit in a decentralized currency a new issue in the debate about the future of money. that flex is still the king of streaming entertainment but investors are starting to wonder how long it will keep its crown the streaming giant has reported to weaker than expected subscriber growth last quarter in total 2700000 you subscribers join the service worldwide and the news knocked almost 12 percent of netflix's share price. business update on the.
colorful climate. tasteful innovative. charming. filesystem. kong t.w. . welcome to our culture 50 years off of the lunar mission we'll be looking at the moon in the movies also coming up. i fear on the inventions of great design a katherina come from anything but practical natural makes them so much for. the be too practical use rachel stewart has come extremely well prepared to explain germany's national obsession with hiking.
50 years ago the apollo 11 spacecraft was on its way to the moon when the astronauts landed and live pictures were beamed into our living rooms it altered off a section of the moon and indeed abscess space and in films the whole perception of the moon changed as well is some examples of the moon on film starting with real pictures of nasa's achievement off a century ago. it was perhaps the greatest human adventure of all time and shown lines on television. and you documentary apollo 11 tells the story of the 1st manned moon landing it features digitally restored footage from mrs oc on.