This is business a zone d. W. News i was in berlin welcome can facebook take cryptocurrency mainstream the Worlds Largest Social Network unveiled the digital coin it plans to roll out next year the project is called libera according to media reports and proponents say it could revolutionize Digital Payments under a single streamlined currency more than a dozen global firms will invest in and govern the currency like master card vodafone and this group was supposedly wall of control of the currency from facebook itself the facebook coin will be picked so a basket of global currencies like the dollar and the euro or the pound to shield it from the wild fluctuations that has plagued bitcoin and scared off many average investors and potential users but will the new cryptocurrency catch on facebook bets the state of the social Network Alone with 2400000000 monthly users will forge
a new huge marketplace for Streamline Purchases and exchanges facebook also says liberal will help to bridge the socalled banking gap given the 1700000000 people around the world to do not have a bank account a secure alternative to catch facebook c. E. O. Mark zuckerberg ory already had this to say about the project which will be officially announced later on tuesday. I believe that it should be as easy to send money to someone as it is to send a photo so were already touched on this in india weve got a 1000000 people its been used a lot in the feedback so far is great. Were already working on rolling this out in a number of other countries later this year. About that joining me here in the studio now is jeff gallus hes an investor an entrepreneur specializing in Block Chain Application that is the technology that underpins all major Digital Currencies jeff we have bitcoin we have a theory and many other cryptic currencies do we really need to see any promise
there and while i dont know if we needed. I would kind of separated from what you just mentioned bitcoin or theorem they use the same name cryptocurrency. And i kind of doubt a remains to be seen if it is a proper protocol in c. That has because for a corporate currency years especially bitcoin the promise was that its decentralized immutable unsensible there is no censorship there and everybody can access of and facebook is kind of building on that promise. Whether its unsensible that means everybody can do any transactions he or she wants from its missing is to the pegging to the other currencies is that thats another big difference is that theres a live so in the crypto Currency Market that kind of cowen would be called a stable coin because it is relatively stable compared to bitcoin for example which has been ever since i saw the world mostly going up which is
a really bad thing but something has been going down too so so its like providing some stability is definitely something a lot of people want especially in international payments. And i think facebook can probably provide that but facebook is not the only one doing that its a bit of a bust of business between the free ranging wild up and down that bitcoin provides and its a bit a bit of both noble can see and. Its trying to bring traditional currencies into digital markets. And one of the one of the issues i see here is that facebook with the global power and lots of users a whole probably uses corporate currency has a potential to seriously undermine the National Currencies especially smaller ones and kind of start to make the rules i will come to the next question does it really i mean the sheer power that facebook has with these 2400000000 monthly uses
do you really reckon it could be become dangerous to the dollar for example not dangers necessarily but they can become an influential player because they are one of their Business Model for libor as actually they want to hold a basket of currencies and also invest money in traditional markets to and mostly make money on the percentage that they make so they will have a good amount of euros or dollars in their basket so for example taking on the dollar even if the threat could be something that can have some political will most likely in the future have some political implications that is an interesting point will they have comparable power i mean if it really goes off will facebook all the people controlling that coin have a similar power to say the fed. Well i think in that sense they might and that might sound threatening but maybe its even
a good thing because there was one of the reasons because started to challenge the traditional Currency System to challenge traditional banks and the way they do business to take the power out of political thing of political actors and give it to a lot of people and given it to Companies Even though Big Companies this is maybe one step in diversifying the currency of a global currency culture if you will just tell us thank you very much welcome to the studio today chinas premier g. Jinping will visit north Koreas Kim Jong un later this week but he is by no means the only person from china taking a trip to the secretive communist dictatorship increased global attention on north korea has pushed the number of Chinese Tourists going there to record high. An inscription on the Friendship Tower in Central Pyongyang speaks of north korean and chinese efforts to smash down a common enemy it commemorates troops sent from china to help battle u. S. Led un forces during the korean war. 7 decades later the chinese are again arriving in their thousands this time as tourists for 2500. 00 yuan around 360. 00 they can take a 3 day trip that takes in the sights of the countrys capital. Russia after there are more chinese coming to visit some places we went to had long queues. The number of people arriving is putting a strain on infrastructure in pyongyang although there are no official figures from either Side Tour Guides say the number of chinese as it has is at a record high the market of tourism to north korea has always been dominated by Chinese Tourists of course but in the last year the numbers have been huge sometimes up to 2000 People Per Day going to pyongyang there was recently a policy announced to restrict the number of tourists arriving in pyongyang to 1000. 00 per day but there is concern about. Too many people visiting
the u. S. Has banned it citizens from traveling to north korea but the countrys Tourism Industry is one of the aspects of the economy not affected by un sanctions that potentially gives beijing space to use it as an incentive when seeking to bring its wayward ally in from the cold. Shares in the heavy industries were down after it emerged the Japanese Company was in talks with canadian plane maker bombardier about buying its Regional Jet Program Paris Air Show with submission aircraft said it was planning to overhaul its passenger Plane Development it looks like they need help initial deliveries of japans 1st a mystically build jet airliner were delayed. 5 to botanists vision just said it has high hopes for the space jet which seats around 90 so far it has received more than 400. 00 orders. Brazilian construction. As filed for Bankruptcy Protection to restructure 13000000000. 00 in debt the company has spent the last 5 years embroiled in one of The Worlds Biggest Corruption Investigations Operation car wash or the brush and other Construction Companies formed a cartel to distribute government Construction Contracts and then funnel the percentage in to politicise pockets or the way it said that it and its subsidiaries would continue operating normally during the debt restructuring the company which 5 years ago employed one 180000 people is now down to just 48000 leads. Global shares have ticked upwards after the president of the European Central bank said it was ready to cut Interest Rates and provide stimulus if the economy needed it easy the president Mario Druggies announcement signals one of the biggest Policy Reversals of his tenure after 4 years of unprecedented stimulus to revive the
eurozone economy the z. B. Has been preparing markets for Policy Tightening Normalization Global Factors such as the u. S. China trade war have meant lower growth and expect. The ongoing Trade Dispute between china and the us is increasingly making itself felt in the real world of business and agriculture while the white house and beijing keep throwing new tariffs at one another farmers in the u. S. Are beginning to feel the pinch and also how important the Chinese Market has become for them on the banks of the Columbia River in Washington State the cherry harvest is about to begin summertime is cherry time peak season for pickers and growers mark riggs and his family have been Cherry Farmers for decades. It takes a lot of money its a lot of sweat lot of blood lot of tears you get a crop in production when we get to this time of year when most of the cost for a ball thats harvest time up to
a 3rd of our cost could be could be involved at harvest most of the sweet cherries here are heading for china but this years harvest comes at a difficult time for American Farmers last year with chinas tariffs came into place our costs to the Consumer Cost in china rose as much as 40 percent and with the increased cost market typically the markets going to buy less fruit and that 40 percent increase ended up coming out of our bottom line as well and the trade war is escalating since the beginning of the month the chinese have imposed additional punitive tariffs on 60000000000. 00 worth of u. S. Goods. Many products including fruit are now subject to do hes have up to 25 percent the effects are passed through the entire production chain. If its resolved we hope to be able to get back to where we were which china in regards to export cherry but every time theres a pick up from a country or region in the world to supply
a particular part of it world other countries and regions step in and fill that. In the meantime the harvest waits for no one to cherries must be picked when theyre just right sorted and packed and these farmers hope theyll find a market before they spoil. And thats it for me and the business as a Teen Ambulance mo Business News on Background Stories of course on. Business its watching it stay tuned though the news is next friday after this quick look at stuff. The for. This summers market economy Africa Cup Of Nations thanks 44 teams give it their all oz who are the favorites for the fans are experts to. Take a closer look for the 2019 Africa Cup Of Nations kicks off the. Clock to kick off. The double. Life like. Germany which. Any time plays. Video never. Have i dont buy the hottest part. Songs to sing along to download the code. From super. To. Have very good causes into active exercises are talking about that. On
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