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tv   Business  Deutsche Welle  July 12, 2019 3:02am-3:16am CEST

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gets down to brass tacks and says it's time for attack it's the 1st country to hit the likes of google apple facebook and amazon but higher taxes the u.s. is threatening to hit back. an international warnings against facebook's cryptocurrency project are mounting flippy over before it start. chinese tourists have discovered the high seas and the twisting demand for ever bigger through ships. this is d.w. business i'm joined now the milan in berlin welcome in a world 1st france has passed a law taxing the world's tech giants and in so doing provoked an angry response from the u.s. the white house says they unfairly target american companies like facebook apple google and amazon and as for and punitive trade measures against paris big
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technology companies like google amazon and facebook operating in france will soon be paying more tax france's senate has approved a 3 percent tax on tech companies doing business there the aim is to plug a taxation gap that's allowed some internet heavyweights to avoid tax in countries where they make their profits and to book their income in low tax countries like ireland it's estimated the livy could net france $400000000.00 euros this year and 650000000 next year before the vote french finance minister spoke out against the growing power of big tech. start. we can all see the emergence of economic giants with monopolistic attributes who not only want to control a maximum amount of data and make money with this data but also to go further than that by in the absence of rules avoiding taxes and putting into place instruments
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that could tomorrow become a sovereign currency. the song keep way dumont home would have formed minister one . but even before the legislation was through us president donald trump had ordered an investigation the u.s. warned that if the law passed it would activate section 301 of the u.s. trade act that authorizes retaliation against a foreign government whose trade policies or practices deemed unjustified unreasonable or discriminatory or that they restrict u.s. commerce france is the 1st major economy to impose a tax on big tech but other e.u. countries including austria britain spain and italy have also announced plans for digital taxes. our financial correspondent yes quarter joins us now from wall street so what's the word are we looking at the beginnings of another trade war this time between the u.s. and france. at this point washington does not seem to be amused the
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let's put it this way and this there from france is pretty unusual because they're not going after profits after texas but after revenue but at least for once silicon valley is applauding the current administration there are a mess of lobbying efforts underway sold to kind of support the u.s. government to not just let this new fly but we don't have just to talk about france also the united states there are debates going on how to text those digital call peroration about to come back to your question that will that trigger a new trade dispute that is really true earlier at this point for now washington just said they're looking into the matter well we'll know more in a few weeks but stay with us because there is more to address now during that tech tax debate in paris finance minister bruno lemaire also took
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a strong stance against facebook's fictional currency libra this is what he had to say it needed to finish and if they don't still i'm determined to prevent facebook's financial instrument libra from becoming a fully fledged currency that would compete with national sovereign currencies because i will never accept seeing corporations become private states. where the ends quarter now in new york so yes lemaire sees a threat we've also heard from fed chief jerome powell he's talked about the risk to the system from crypto currencies like libra so would you say this is a project that could be doomed to fail before it's even started. i wouldn't call it the end yet but i'm also a democrat see i'm here in the united states facebook to at least put the plans of libra on hold and if you look especially at face their track record how they deal
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with they use their data it's not necessarily picture perfect so there is a lot of opposition to those plans and you can also see it when you look at current cryptocurrency is like a bit coins for example when facebook announced those plans for libra we saw big corn skyrocketing and now that the whole project is in jeopardy if we see actually quite some pressure because it's just here on thursday we're off almost 5 $100.00 so it is difficult to say if it's the end but it clearly will be very very difficult to get libras through by the way there is also discussion going on facebook should be broken up and if such a company comes with their own cryptocurrency or their leader in that field that's not going to be easy to get that regulators of the central banks always a lot to talk about when it comes to tech companies there on wall street for us
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thank you very much. now just days after slashing $18000.00 jobs and scrapping its global equities unit u.s. authorities are reportedly investigating deutsche bank the progun cern's corruption and anti money laundering allegations surrounding malaysia's solver and wealth fund $1.00 m.t.b. u.s. authorities say 4 and a half $1000000000.00 were stolen from a one and d.b. and spent on everything from yachts to expensive our door to buy and help raise over a $1000000000.00 for one m.t.v. in 2014 even as concerns about the fund began to circulate. now the health benefits of exercise have long been documented but what about its positive effect on the climate in california one facility is looking at one way to transform physical activity into renewable energy. this is not just for shaping bodies it also produces electricity around one what a minute at
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a relaxed pace this treadmill doesn't move automatically it only moves when someone is using it. and as you see behind me having somebody right now actually sizing while they're exercising and burning calories they're actually able to produce watts which we use energy to power the facility itself so we're harnessing the human power to produce clean energy at the finish so. in order to convert the energy into electricity what are called inverted generators were built into the machine that's similar to those found in solar panels and wind turbines excess current is stored in a battery so everything remains bright even during hours when fewer people are working out. i would like i would like for jammers to be able to power entire city block on its own right produce enough energy to power their own within the facility and then have the excess energy to power that. one spinning course for example can generate between 100-2500 watts of energy that would run a refrigerator for
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a while but creating enough energy for an entire district would require lots of people working out at the same time and working up a big sweat. they've long been the preserve of wealthy american retirees looking to see the world after a lifetime of work but increasingly chinese tourists are taking to the seas creating a growing market for cruise ships and the industry is that term and not to miss the boat. welcome aboard the spectrum of the seas one of a generation of new cruise liners built specifically for the asian market gone of the formal dinner dances of bingo halls perhaps associated with the traditional cruise traveler they've been replaced with robotic bartenders and other top end tech it's all in an attempt to appeal to a growing market china the u.s. tremaine is by far the biggest source of seafaring tourists in the world there were
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13100000 of them last year but now in 2nd place sits china where 2400000 people took a cruise ship holiday during 28 team puts it ahead of other traditionally big markets such as germany u.k. and ireland and australia. talk of unease in china say infuse the us and for cruises is growing as more and more chinese gained the wealth needed to see the world we can see that the ships that get in that chair and there are more things like living on the ship is like living. daily living you can live on the ship for days well getting. to the construction of bigger fancier ships is seen as a major problem particularly by environmentalists last month activists prevented a ship from leaving the german port of kill citing the large amounts of so for outside the boats pump out to sea and communities in top crews destinations of also
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complained about their impact this apparent is near misses between a ship and a smaller boat in venice is congested canals caught on camera at the weekend this further view of the movement to get them banned from the italian city. new industry regulations will force cruise companies to cut their emissions next year propelled by chinese growth they'll continue to ferry millions of people to destinations all around the world including some where they're not always welcome. and before we let you go is the news on germans weapons exports they are on the. again berlin has already approved arms exports this year worth $5300000000.00 euros that's more than the total for all of last year it's an abrupt change after years of decline in weapon sales hungary it buys of the most weapons from germany egypt and the united arab emirates are also big customers they've both faced criticism for their role in the yemen civil war. and that's it for me and the d.w.
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business team for more check out our website the w dot com slash business or our social media feeds it will leave you now with this quick check on. global markets. and in berlin thank you for watching.
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