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tv   Business - News  Deutsche Welle  December 31, 2021 9:15am-9:31am CET

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ah, perhaps the best gift of the year was the gift of freedom for pop star britney spears . after her fans kept up the pressure and with the hash tag free brittany, her conservatorship was saw. her father control her fortune, and her life was ended in port and you are of course, watching deed of your news live from berlin. business uses up next. for more headlines, analysis and other information. remember, there's always our website, w dot com on social media, your find is under at d. w to use unexpired. her thanks for watching. ah. these places in europe are smashing the wreckers stepped into a bold adventure. it's the treasure map for modern globetrotters. discover some
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of you up to record breaking sites on google maps, youtube and now also in book form. and we're interested the global economy, our portfolio d w business beyond. here's a closer look at the project. our mission. to analyze the fight for market dominance. east this is wes. get a step ahead with the w business beyond on you to ah ah, will a new year bring new difficulties for western companies doing business in china? if the end of 2021 is any indicator, then the answer is almost certainly yes. will look at
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a tough new law. the u. s. mentor force more businesses to reckon with supply chains in china at the risk of angering beijing. also on the show 20 years later, the euro unites much of europe and still divides many opinions. we'll look at how the single currency made it this far alone walk into the show. i'm so busy in berlin. we begin in hong kong where shares in the controversial chinese a. i start up since time search 23 percent on their market debut. a since time was supposed to list in new york, however, the us treasury blacklisted the firm only a week ago saying it's facial recognition software was designed to oppress weaker muslims in the chinese province of shin. john. the move essentially prohibits american investment in the firm. or since times i p o is the latest example of how western businesses are under pressure over the issue of change on both at home and in china. and that pressure is only growing the united states recently passed tough
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new legislation that puts the onus on businesses to prove that there sourcing is clear of force labor and china has targeted it's muslim minority, weaker population through a series of internment camps, force labor programs, and intense surveillance, more than a 1000000 weavers are believed to have been detained. and yet for companies getting out of business in the region carries its own perils and u. s. chip maker intel issued an apology last week after informing suppliers in china that would not do business and chin john. the announcement has had caused an uproar across the country. a meanwhile, the upcoming winter olympics, and paging is putting further pressure on businesses, but from another angle. western human rights groups criticize u. s. companies sponsoring events including air b and b, coca cola and general electric i. from on this, i'm joined by dexter roberts. he's a journalist and senior fellow with the atlanta council, he's author of the miss the myth of a chinese capitalism. dexter is going to have you on the show. let's start with
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since time this debut plan for us capital markets, like many companies wanting to go to the biggest capital markets in the world, ending up in hong kong because the span should we expect to see more companies, more chinese companies. choosing this route, whether out of the, whether being forced from one side or the other. yeah, absolutely. we're going to see a lot more. we already saw your recall earlier in the month. the announcement by d. t global, the right healing company, china's china, right? healing company, it's announcement that it was the listing. it's going to the list from the exchange in new york and list in hong kong, presumably. and we've got pressures like that, like that facing sense time with the treasury sanctions, against a technology companies involved in, in seen john and human rights abuses and change on it. and then also we've got issues like the one facing dd where the track this,
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the pressure is coming from the chinese government, which wants to control the potential flow of sensitive data to overseas. all right, sure. so pressure from both sides on companies doing business in both countries. when ask about this new law in the us, this is seen as one of the toughest laws on the books facing some large companies that are doing business there, including apple, including many textile manufacturers. how tough can this be? will this be, how do you look at it? i think it's a tremendously daunting from the company's perspective. they are being asked, the owners of proof is on them to show that their supply chains in no way are benefiting or reliant rather on forced labor and change on. and you have to keep in mind that they already, sometimes, you know, it's not always easy for them to get to the bottom of, of where their products are being sourced. they tend to focus on their top tier
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suppliers. they don't want to get in trouble because a 1st or 2nd tier supplier isn't doing something that the us government might see as, as objectionable. but in this case, we have multiple tiers of suppliers. you know, 23456 level suppliers. and if any of those are relying on force labor in china and particularly and change on those companies are going to be held responsible. so honestly they, they haven't done terribly good job in previous years of managing and monitoring their multiple tiers of their suppliers. and now they're being asked to do it to an even greater degree. one last thing i would mention, china has its own law, which forbids chinese companies from cooperating with overseas sanctions. so china, the suppliers of companies like intel and many other companies. they're,
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they're now going to potentially push back and say, well, they don't want to, you know, if they're asked whether they're sourcing from john and using force labor. they very well may push back and not answer that or not be be able to, we're willing to address that issue or putting those companies in a further bond decks or briefly. what kind of backing can you expect from the you when it comes to this hard line against china? briefly, if you could i. i think that we're seeing a sort of, if you will, and increasing mean of mines over everything from concerns about china's merc until us trade practices to issues like human rights abuses. and i think with the election in germany as well, we see an announcement bye bye in this case by the green party that they want to have more values based for foreign policy. and i think we'll see more of them going forward. all right, thanks. roberts, as a journalist and senior fellow with the atlantic council,
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thank you very much. thank you. one currency, 19 countries, countless opinions on its future. the euro made its debut 2 decades ago. this weekend of the monitor union it's cemented, has led to prosperity, but also an ongoing argument about budgeting, economies, and even fairness across europe's diverse economies. a symbol of hope and prosperity for all of europe. smiles and cheers in front of the repeal central bank in frankfort on new year's eve. the night before, 12 countries swapped out their old bank notes for the freshly minted europe. since then, europeans can travel within the eurozone without the hassle of exchanging currencies. companies also profited as trade within the monetary union sharply increased. now on the eve of 2022 more than 340000000 people in 19 e. u countries is to come in currency every day. at his introduction,
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one euro cost $1.00 us dollar and 7 cents in 2008. it reach, it's all time high of almost one us dollar and 60 cents just before the start of the global financial crisis. that was also the 1st real test for the euro. critic said the massive bailout packages needed to save the economies of southern europe were proof that a single currency for economy is as different as germany and greece had been a recipe for disaster. indeed, the crisis put the euro under unprecedented pressure. speculators tried to caching on the looming failure of the common currency in 2012. however, the president of the e. c. b spoke words that would go down in history. the c, b is ready to do whatever it takes to preserve the euro. and believe me, it will be enough. the
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e. c. b was pushing the envelope and had worked the euro survive the financial crisis. to day, a tough new test. the corona pandemic locked downs have placed a heavy burden on the national budgets of the euro countries. in 2020 they took on joined it. for the 1st time ever. critics of the euro say this move makes financially weaker countries a burden on those which stronger economies. many others, however, still see the euro as the best opportunity for the european union countries to grow even closer. or let's go to james sweeney in new york. hello, james. that piece really pointing out the strong role of central banks and safeguarding a currency that something that we're seeing now, again, with a pandemic, both in europe and in the u. s. however, in this case, the central bank seem to be diverging. the fed is tightening, as prices rise, the easy bees as it's holding on what did these diverging policies tells about
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these pandemic economies as we had into the new year. it's funny because this is kind of playing out like a movie trailer, you know, you got 2 different banks, 2 different regions, 2 different approaches, which one is going to reign supreme in that coming year. but when you put all those jokes aside, it's going to be interesting and i must watch in 2022 because both banks and a different approaches really are showing up different. the e. u and u. s. are at handling a possible pandemic exit. it's kind of like a boxing match because in one corner you've got the you christine, regard, emphasizing that the pandemic is what the, pressing the resume threatening growth. and that in order to ensure recovery and exit the e. c. b name needs to maintain both flexibility and as well as optionality, while making this a step by step process and that one massive full exit. well in the other corner you have in the red, white, and blue trunks. the federal reserve, jerome power, leading the charge being definitive, saying the u. s. will end all of its bond buying by march, accelerate. the time table for interest rate increases. inflation may be at
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a 31 year high, but the us is heading towards strong growth and full employment. and now who's with me? it's so different in terms of their approach total opposites. and the truth is what these different approaches are doing. they're setting the stage for a very choppy 2022 with the fed determine the end as the purchase of dispensed as possible hydrates as soon as possible. well, the e, c, b is more hesitant to ship. so decisively, in that direction, step by step, not a full on rush. all right, james sweeney calling him out from new york. thank you very much. and let's go to some of the other global business stories making headlines. ikea is hiking prices by 9 per cent due to ongoing global constraints on transport. raw materials. the swedish flat pack furniture giant said it tried to avoid the hype by leasing more ships and optimizing logistics. but as supply chain turmoil persists, it is now passing higher production costs on to its customers. new numbers from chinese ride healing jaya, dd show the firm last $4700000000.00 in the 3rd quarter of 2021. and that follows
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the increase scrutiny from chinese regulators that started after its new york. i p . o this summer. talked about that earlier. b ging has targeted numerous tech companies with stricter rules. and what critics are calling it coordinated crackdown and that's it for me and the dw business team here in berlin for more finance online he toby, dot com slash business. seen beardsley, thanks for watching. how to eat without feeling guilty about the impact on the plan. it, according to german food pioneers is possible. they are creating environmentally
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friendly alternatives for popular foods in the kitchen. and the laboratory. is this the solution to a growing global population? global 3000. next on d, w. she's known for his venus sandra, but a tele renaissance genius. but she also had a dark side for years he painted hell. says masterfully in the seriously as the poet dantes depicts bought italy's infer, now 5 minutes. d, w. o blue
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sheet up to date. don't miss our highlights. the d w program on line d, w dot com highlights. ah, the fight against the corona virus pandemic. o as the rate of infection, but developing what measures are being taken? what does the latest research say? information and context with the corona virus updated the co, the gene special monday to friday on d. w. ah ah ah ah, welcome to global 3000.

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