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tv   Street Signs  CNBC  September 17, 2018 4:00am-5:00am EDT

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good morning and welcome to "street signs. i'm willem marks and these you are your headlines from london european markets follow asia lower. president trump could impose tariffs on $200 billion of chinese goods as early as today. the chairman of ubs says a full blown trade war will be avoided. >> there is a good chance that we're not going into undoing a lot of the positive benefits for both sides from globalization but there is a risk p and that
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risk has increased it's increasing by the day. london's mayor calls for a second brexit but austria's chancellor says he will do all he can for a no deal outcome. deutsche bank is moving assets to london. and finally sales beat expectations in the third quarter for the world's second biggest fashion they say they have affected business in the major markets. as you can see, it's been a pretty negative start to the trade here in europe the stock 600 clearly well below that flat line you can see it is trading down more than .1 of 1% a lot more red on the board following asia's lead after more concerns about fresh tariffs
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from the trump white house if we look at the european markets, you can see the four major indices, three out of the four are in the red. the ftse 100 down .1 of a percent. in germany, very, very heavily involved in other tariffs. they are down three fifths of 1% in paris the cac carant is down. let's look at some of the sectors driving these numbers as well you can see telecom performing up 3 tenths of a percent the technology sector and chemicals both well, well down technology down 4/5 of 1%. this will be a key feature u.s. president drumpd could look at this.
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"the wall street journal" reported on saturday that the new tariffs would be set at 10% instead of 25% the trump administration had previously threatened the u.s. released a list of goods back in july china has repeatedly said it does not want to negotiate under duress "the wall street journal" says beijing may cancel trade talks for this week if president trump announces these tariffs. one chinese tabloid published a column about beijing's potential for retalleyation. it says china will not just play defense. meanwhile, the chairmanof ubs says he thigs cooler heads will ultimately prevail they say the spat had not yet become a full blown trade war but he acknowledged the consequences did carry increasing risks
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>> it's not at the stage of being a trade war but there is a ri risk and that risk has increased and it's increasing by the day the holistic picture that companies will take is not just in china you see it in europe european politicians say with the external pressure on europe, europeans are looking much more what is the european interest and how can we align them in a better way in the interest of europe and the eastern partners. it's shifting europe to a more neutral stance which is more balanced to the east and west. it's like in economics, there are still effects. the behavior on trade is impacting other parts of the trade like services or the
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ability of u.s. tech companies to disseminate that technology in europe. >> here in europe they agree with angela merkel, everything must be done to prevent a brexit khan is a member of the opposition labor party in brittain he's criticized the negotiations he said, quote, they have become mired in confusion and deadlock. he says the u.k. faces a bad deal or no deal. he told the bbc that either of those will be hugely damaging for london as well as the entire u.k. >> i'm not advocating for a revote what i'm saying is the first time ever the british public should have a say on the outcome of the negotiations, including
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whether the prime minister negotiates with the e.u. plus the option to stay in the e.u. >> theresa may has voiced opposition she says politicians should spend more time worrying about the prospects rather than her own. boris johnson is the favorite to succeed may. he still supports the prime minister but does not back her proposal he says the brexit plans are suicide bombast. may said johnson's description was completely inappropriate she's committed to securing a deal. >> i said what i said to my party throughout my time in public service it has within about service. as a counselor, as an mp, as a home secretary and now it's prime minister but actually, you know, this is where i get a
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little bit irritated this is not -- this debate is not about my future. this debate is about the future of the people of the u.k. and the future of the united kingdom. >> i wouldn't mind continuing that debate with john tailor thanks so much for being with us let's talk about brexit. it feels like we have another important week when it comes to talking about brexit positioning. trading barbs over this so called proposal. there are a lot of questions remaining about the european position when it comes to the irish border are the yields on brittain's publicly traded debt reflecting some of this continued public uncertainty? >> well, what we have seen in the last couple of weeks as the market is in the middle of a soft brexit, we've seen a bit of the deal we get the soft brexit outcome
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there are a lot of bumps in the road to go across both internationally and it's a very messy domestic situation and we're in a position where it looks like labor could get in at some point then to answer your earlier question, we'll have that kind of risk. it could be materially higher in that scenario. >> we've had a bit of mixed economic data out of the u.k you have high consumer confidence but not such high consumer confidence. how bullish are you about the pound and how bullish are you about the ability of the bank of england to respond to tariffs down the road? >> i think it's very difficult for the bank of england. it's pretty low. for us, we'd like to play the pound from the short side. we do think the market has got most of that in. yes, it could be a little bit of a thought but in the range of where the pound could trade say
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versus the dollar, we're at the top end of that range now. there are some material down side risks for the u.k. and barely a day goes past without another retailer hitting problems there is some underlying weakness in the u.k. economy we're in a difficult position now where there is some inflation both in the u.k. and internationally but growth everywhere seems to be sort of gradually rachetting down. that puts the bank in a pretty difficult position where they may still need to hike rates even though the economy isn't looking that strong. >> the euro penal bank, we're getting to where they turn off the tap. do you think that will have a significant impact next year what will that impact be >> yes i think the market is under appreciating how that qe dynamic has been as soon as you take the ecb dynamic out, it's hard to justify where german yields are.
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there's no fundamental reason why it should be that low. what you're likely to see after they're out of the market but quite a correction in german yields moving higher. >> are we seeing that prospect having an impact on this right now? >> a little bit. i think what you're seeing is more in the risk markets and fixed income so market is a little bit more concerned but for a number of years now you've had global central banks at your back and that's taking risks. for the best part of this year you've had the fed winding down and moving interest rates up the ecb elected to join that party in 2019 so the environments are taking risks where fixed income becomes more challenging whilst at the same time the core markets are under a bit of pressure as well. as we go down through the years japan yields are likely to move a little bit higher from here as well it's becoming a more challenging
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environment. higher volatility and probably lower returns. >> we've soon a lot of high volatility in italy of course. one of the newspapers is talking about budget plans that seems to be creating a lot of noise i wonder, what are you looking for in terms of headlines out of rome that will attract fixed income in that space >> we're already seeing it in september so august we saw quite a lot of weakness in italy and markets conditions which were fairly illiquid. that got it collapsed fairly quickly in september we're now in a more realistic pricing for italian bonds. we have a nice umbrella with the projected budget deficit in the low 2s then we can see a little bit of further rally here a lot of the faith in the italian market is pinned on this if we were to step away, the credibility of the other people
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involved is not really there that would likely see italian yields move higher we went through 300 earlier this year we could easily see that later and the ratings might respond and then things will become real interesting. >> the monetary future significant. thank you, fixed income at a lie ans bernstein. now deutsche bank will shift its assets from london to england according to the financial times. the german giant could eventually move around 3/4back to frankfurt in order to comply with regulators. deutsche bank and the ecb have declined to report. coming up, we'll try to spice up this program.
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victoria beckham speaks to cnbc about fashion and family after this break helped put a roof over the heads of hundreds of families, he's most proud of the one he's kept over his own. brand vo: get paid twice as fast with quickbooks smart invoicing. quickbooks. backing you. plaque psoriasis tremfya® is for adults with moderate to severe plaque psoriasis. with tremfya®, you can get clearer. and stay clearer.
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welcome back to "street signs. well, shares in h&m are topping the charts local currency sales rose and beat expectations by 9% increase they warned that the implementation of a new logistics system has affected its sales including the u.s., france, italy and belgium. while some of the u.k.'s best known retailers have faced their fair share of challenges, been a busy week at london fashion week they've contributed more than $32 billion pounds to u.k. gdp that was a 5.4% increase on 2016 numbers. we have interviews from the british fashion shows. >> as you've just said, they've
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had a big increase to the point of 890,000 within the industry so such an important part. i think a lot of people look at it as being oh, it's fashion, but actually as we've just heard, how important it is to the u.k.'s gdp now i was out and about and i met up with lucy yeomans just to ask her about why london fashion week is still exciting and if people are still on the map? >> what's exciting is maybe a decade ago we were known for the new, avant-garde and now that spirit of newness is married with a much more sophisticated around the business elements of fashion and i think it's that fusion of miss and fantastic creativity which are making ours one of the most exciting fashion weeks. >> so it's still the place to be
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and the one person, the one show that everyone was talking about, that everyone wanted to be at who came back to london after ten years, victoria beckham. her brand celebrating ten years of being in the business she started in new york. did all her shows there but to celebrate ten years she came back to london and of course as soon as the show finished, i went and i grabbed her. this is what she has to say. >> congratulations on your show. >> thank you so much >> we're backstage here. >> we are. >> what happened >> it's hot. it's so hot but -- >> and how are you feeling after the show relieved >> you know, i feel -- i feel relieved because, you know, there's only so many times you can rehearse we didn't get the final music mix until an hour and a half -- an hour before the show. i am relieved. >> the first time you've ever been at london fashion week, how
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does it feel >> do you know, i've been so excited to be back in london to have my family members here and there are some family members who never see what i do. for everybody to see it is exciting i have customers from australia, mexico i wanted to celebrate with my customer so she can come and watch and preorder so she's part of the experience. not just the show but celebrating what is ten years. i cannot believe it has been ten years. >> i know, you know, every business is up, down, in and out, what was the biggest challenge so far do you think that you feel? >> i think creatively there's always going to be challenges. you know, there was two of us when i first started it was just dresses, whereas now we've grown. it's not just dresses, it's tailoring, knit wear, complete
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wardrobe plus accessories as well so i've learned a lot from my team, you know and i've learned a lot about the business i've had to. i haven't done this before so i've surrounded myself with the right people and the team has grown each season. i got a new ceo two weeks ago which i'm very excited about i've got an incredible chairman in paris i have incredible investors. so i've learned a lot. i've had to learn very quickly about building a business. how to construct a collection as well there were details like that i didn't know at the beginning it was ten dresses and i showed the dresses and i sold the dresses. now it's so much more complicated so i continue to learn and each season there are challenges we've actually just launched our new website which is shipping to over 100 different countries as of three weeks ago digital is key to me i've learned a lot about my digital team and how important communication is between me and my customer. so i've learned digital,
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marketing, creative. i'm learning quick i'm like a sponge. >> as we saw and heard, willem, digital is everything now. the future of shopping, the future of consumer and that is, of course, as we've seen affecting the high street. we also spoke about those challenges affecting mainstre t street >> victoria, you say digital is so important ecommerce is so important. you have your bricks and mortar here there are so many challenges how do you feel the challenges >> i think there's always going to be challenges, you know, and i thin being out and communicating with my customer she can get what she wants it can be enjoyable and fast that is key to me. >> how important is it for you to have your family here they've been at both shows >> it's really important to have the support of my family
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i love to see them but also to have my parents, david's family as well, that have never actually seen the show my sister is here with her children they don't know what i do. so to really include them in the celebrations as well we've got lots going on over the next few days. >> does it ever bother you though being under so much scrutiny >> you know, i've grown up with this ever since i started with the spice girls so i try not to think too much about that. i'm doing the best i can creatively, as a wife, as a mom. i'm working hard i'm -- you know, i'm quite hard on myself because each season i want my collection to be stronger and better than the last season. >> what advice would you give other female entrepreneurs like yourself that are juggling families, the school runs, everything >> you know what, it's not easy. nobody says do you have a free -- yeah, absolutely absolutely when you're a working mom you
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feel torn, you feel guilty but, you know, i just do the best it's no different for me than other working women. that's why we need to support each other there's children's wear, men's wear, all sorts of things. >> this is the start of a new chapper. i have a new ceo that started two weeks ago. there is so much that i want to do to put my foot on the gas i'm building my team focusing on the digital side of things there will be more retail. there will be more categories as well beauty is something that is key for me whether that's makeup, fragrance, skin care so it really is building the brand and taking it to the next level which i'm going to be able to do now that i have the right people around me >> we saw some of the collection there and actually she's got rave reviews from the guardian,
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from the ft," and all of the fashion critics. she started small. how is she going to do it. techb years later, hats off. you're doing very well. >> seemed like a very happy homecoming victoria beckham there well, changing gears slightly pardon the pun cyclist simon yates peddled his way at the spaniard title to complete an unprecedented hat trick in 2018. we're here to learn more about the hat trick and what it means and why it matters for the world of cycling. >> yes, willem unprecedented because it's not the first time that one nationality has owned all three of the three grand tours, but
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it's the first time that three individuals from the same country have held the titles great britain dominant in the world of cycling at the moment and pretty dominant since 2012 as you can see here. 9 of the past 20 grand tours have been won by british cyclists starting in 2012 with sir bradley wiggins. before that there hadn't been a single british winner of a grand tour it's particularly huge considering the sport six years a ago. chris froome has been the name that's stood out garr land thomas had his year and now simon yates before he was chased down by chris froome, used that to his advantage didn't sulk. came back stronger not all of the solid time and
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you can see here with his michelin scott team, first place in madrid and now he's amongst cycling's elite. as you can hear from him now, still probably at a little bit of disbelief over what's happened. >> i think it's still sinking in what i've really accomplished here i came back from a really, you know, heart break and really rebounded well yeah i don't know what to say i'm just really, you know, shock that i've been able to pull it off. >> now staying with the british theme but switching from two wheels to four, it was another great weekend for lewis hamilton in the mercedes. impressive as he was in qualifying, a sparkling. was the talk of the formula one world particularly in singapore.
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so dominant. led wire to wire ferrari got their strategy wrong again. he said he's never seen toto wolf so happy. he was particularly happy on this occasion. hamilton, 40 points the lead now. he says that he's bringing his a game he says he's got the best team around him and they're all united now six races to go, 40 point lead i'm reading vettel says he defends his team's strategy. if they can get it right sebastian vettel believes he can win. hamilton on course for his fifth. 40 point lead. on we go. >> sounds like it will get there. coming up on the show, crypto's at a crossroads after slumping
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80% of the currencies. we'll have some of the hestest topics er that went belly up. so while he's proud to have helped put a roof over the heads of hundreds of families, he's most proud of the one he's kept over his own. brand vo: get the most out of your money, whether you're using quickbooks smart invoicing to get paid twice as fast or automatically tracking your mileage. smarter business tools for the world's hardest workers. quickbooks. backing you.
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welcome back to "street signs. i'm willem marks and these are your headlines from london european markets are mixed after asia stocks dropped on speculation president trump could impose tariffs on $200 billion worth of chinese goods as early as today. the chairman of ubs tells cnbc a full blown trade war will be avoided. >> there is a good chance that we'll go into positive benefits. but there is a risk and that risk has increased and it's increasing by the day. >> london's mayor calls for a second brexit referendum but austria's chancellor promises to do what he can to avoid it deutsch bank shares are up higher after they moved hundreds of billions of assets to frankfurt in what would be a major blow to the city of london
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h&m trades near the top of the stock 600 in sales well, we've seen a bit of a turn around in some of the major european indices in the last half hour. you can see the footse is 100 i trading up the cac carant trading around the flat line and the xetra dax is down. and the ftse mib is up the our reis tra euro is tradin
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and the dollar holding up against the japanese yen let's check in on u.s. futures ahead of the market open on the other side of the atlantic, dow jones, nasdaq and s&p 500 all slightly lower at this time. right now the dow jones looking to open around 15 points lower this morning sticking with the united states, the natural nal hurricane centers are getting rain florence has been downgraded from a hurricane to a tropical storm but so far has killed 16 people it's cut off the city of wilmington. >> reporter: the winds may have eased a bit but the rains have not as the attack from florence continues.
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>> this storm has never been more dangerous. >> more than a dozen died in the storm. the latest victim a 3 month old killed when a tree fell on his home. >> my heart is broken. >> reporter: close to 1 million are without power. in some areas there's already 2 and a half feet of water rushing through homes and businesses with more on the rain. this is a firsthand look at the damage this giant oak tree. it's pulled down power lines and crushed a car here this is what's playing out across the carolinas right now high water rescues continue, some by coast guard choppers, others scooped from the rising water by boat. >> we went up in the attic and we stayed up there for a little while. then it started to get daylight. >> like so many here looking for a way out. jay gray, nbc news, wilmington, north carolina
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>> well, nbc news's tracie potts also joins us now from washington, d.c., this morning tracie, how is federal government helping state officials in that part of the united states with the response to florence? >> reporter: so, willem, they're providing more people and resources to help with some of those water rescues. they're focused search and rescue trying to get people out of dangerous situations with rising flood waters and get them into shelters. a lot of that or some of that has been translating president trump briefed on this sunday praised fema tweeting that they are kicking into an even higher gear and they are very professional. interesting interestingly, fema's administrator is defending president trump's controversial tweet about puerto rico questioning whether 3,000
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people that was some of the leadup to this saying the numbers on the study were all over the place and noticing that they are very much focused on, as you saw, water res skaus happening. that will remain relatively low. tracie potts, thank you so much. and another terrifying path for a typhoon. it's made its way through the philippines. it's already yup routed trees and damaged build willings it has more than t kilometers.
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it said that the company's decision to abandon its structure was not in the group's best interests nor in the best interest of investors. they've indicated it could vote against that proposal. incoming ceo nick greenly says they want to sell thousands of mobile masts to reduce the debt pile they said that asset sales and improved earnings performance would help improve that debt load reed will become president next time fear crisis. that's a tord willing -- they're
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reporting that fiat and kkr are close to reaching a deal but bloomberg reports at least two other groups have expressed interest in that business. u.s. president trump is set to announce tear rifts on ariffn additional $200 billion of chinese goods. the tariffs will be set at 10%, well below the 25% the trump administration had discussed earlier this year. the target list of products released back in july includes electronics, consumer and industrial products. china said it will not negotiate with a gun to its head one state newspaper said, quote, china will not just defend they said the key risk was contagi contagion. >> the trade tenses haions haveb
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a concern. there will be an economic impact there's been no material impact so far i would say there's a little bit of fear or lack of confidence that's causing people to hold back on investments, in particular investments that would further complicate nothing. for center charter, we're particularly going and it's less accurate in trade between china and the united states. if the only issue were u.s. china trade spatz, it's material. >> even if it escalates? >> even if it escalates. >> there's a threat out there. 260 billion is another threat. will that have an impact >> it would have little impact
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first order. second order is depending on how supply chains start to circumnavigate or circumvent entirely the chinese market because it's just become too expensive. that would certainly have a consequence between china and the rest of the area given how the supply chains are between china and its neighbors. there are basic agreements on how to establish fair trade. that's the u.s.'s express purpose. i think china has every intention to try to accommodate so we remain open. >> that was bill winters talking to my colleague nancy hungerford coming up, live from the jordanian capital as they want
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welcome back to "street signs. cryptocurrency has been a topic in the investment world in the last year or two it's not any different in abu dhabi where the fintech conference is taking place what have you been up to >> it's been a busy morning. i want to kick off with a fire side chat i was moderating earlier with soft bank advisors. that is the arm that controls the $100 million fund. he's a recently hired exdeutsch bank and he heads up the view and i talk to him about the strategy in the middle eats. let's listen to what he had to say. >> investigators of local
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business, if the propositions are there, we will be writing those checks if i was to go to the question, we set up two offices, and we are working very closely with abu dhabi and saudi arabia to bring our portfolio companies where relevant to the region so they can actually set up local and regional businesses here there are a number of our companies that have global scaleability that are being evaluated for regional setups. our offices are here to facilitate that transition for those companies and set them up here >> that was softbank's rehman. they have not spoken about their
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vision it looks like they're going to step up their presence there it's not so much the vision fund looking to invest in startups. there's not that scale instead, they're looking to bring some of the portfolios they're invested in the prison fund there's a hint that we can expand the presence in the middle east. >> willem, cryptocurrency is a huge topic here. i have the perfect guest to speak to me about that now he's the head of regulatory relations for apac and the middle east at ripple. i want to talk to you a little bit about how the regulators view the ripple business
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march the markets when 2 comes to that. >> when we talked about cryptos years ago, blockchain good, crypto bad they think of the whole space in one conjunction so you can not have run this without the airplanes, right that is changing policy and regulators are seeing that there is a strong group ripple started out as software and we sell it to banks and financial institutions to companies and they're using the software and banks can lead to other products fastly and easily
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that is a mechanism to source liquidity for the bank i'm confident that in the next one month or so you would see good news coming in. >> the problem is you said it's been adopted by the bank a lot of countries are not into having cryptocurrency get near banks. >> you're absolutely right we want to help the innovation and then leverage the power of the digital assets we came up with a very sophisticated framework to boost participation of financial institutio institutions so i think that is now changing.
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they're sitting on it and looking at it. i think it's all positive and i can see more and more banks starting to use it >> if you look at what's happening in the u.s., you have lawsuits saying xrp is a security which could complicate it with regulators, are you worried about the how to class xrp, the token, could pop up in other areas of the world. >> as far as u.s., i can see that we continue to see and educating about what it exactly does really do believe xrp is not a security there are facts behind why we believe so if you do not buy xrp. that's two different things.
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xrp ledger will stay the same. it's open source anyone can use it. number three, xrp uses consensus mechanics. it's an open source software anyone can download it so we do believe xrp is a security it's up to the sec but that being said, we are not seeing that play out in other parts of the world. ireland came up with a new asset class and they said xrp will be one of those in australia, philippines, most of these countries have said that xrp are commodities or cryptocurrency so we are not really worried about it to be honest. >> thank you very much
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that was the head of regulatory relations for apac and the middle east. ripple telling us what he thinks banks are ready to accept cryptocurrency and blockchain. >> thank you very much the old question whether -- well, the u.n. general assembly opens about shared responsibilities. >> unhcr is wondering about a crisis particularly in the middle east. as winter approaches it urgently needs $217 million to protect more than 5 1/2 million syrian refugees in the region hadley gamble is looking at the situation. are there any easy solutions to the ongoing crisis >> reporter: willem, as you know
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there are never any easy solutions. globally, 63 million people are displaced around the world at the same time, there are always fights for that kind of funding. certainly that's what's happening in jordan today. jordan today hosts 1.3 syrians inside the camp some 80,000 people are packed into three square kilometers 17 kilometers from home. the cost of just basic services inside the camp comes in at about $400,000 did i a day finding money to keep them going is getting harder. >> they are in need for more support, for more service that they need because the beginning of the crisis when they plea from their country, they are
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search i searching only so much about this they are in need for more funding. >> reporter: not content to rely on handouts, today syrians are operating some 3,000 businesses raking in $13 million a month. >> the syrian people are very innovative people. as we know and we see, they make it like a small city you can find all kind of business here and you know the issue is when they decide to start on this, it can be started without preparing for any kind of approval or any complicated process. because of that, we can make a
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fee and they don't wait for any license from the authority they can start >> reporter: 45 agencies and ngos start in the camp there is education for some 22,000 students. saudi arabia has 1/5 of the camp's housing they're spread across 26,000 unit the population is still growing. they welcome 10,000 newborns in the last six years while most of the syrians we spoke to say they want to go home the fight for funding will continue we talk about the funding particularly in the zaatari camp there are u.n. organizations and other ngos and other organizations as well.
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i had a chance to catch up with the general. let's hear what he has to say. >> if you ask me what is number one challenge i will tell you funding because there is scaling of the funding and actually the humanitarian needs are increasing globally as we can see inside the region. we hope you all coordinate and use the maximum of the funding that they have >> reporter: this is like the united states deciding not to fund palestinians. does that worry you? >> we hope that the u.s. will
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revisit their standing on funding the needs but also other acts to ensure that the material needs in palestine are not forgotten. there are children, women who are in highest needs there are ongoing educational problems i've blpledged 200 million to support palestine and make sure we can get him out that is it for the show. i'm willem marx. "worldwide exchange" coming up next
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we are following three major developing stories for you at this 5:00 a.m. hour. first, rescue and recovery operations are underway in wilmington, north carolina flood waters continue to rise in the wake of hurricane florence we are live on the ground with the latest. incredible pictures and video out of southeast asia. typhoon slamming into hong kong. you are looking live at washington, d.c., where today the president could announce tariffs on $200 billion worth of imported


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