tv Business - News Deutsche Welle September 5, 2018 7:02am-7:15am CEST
could london's last speed frankfurt's again the german chancellor certainly seems to think so i'm going to call is making the case for a european financial hub on the banks of the river mine after bracks it hits the city of london also the program which company turns twenty today you might want to google that we take a look at what has made the search engine one of the biggest corporations in the world. this is a business i'm crystal kolber welcome i know america rarely makes personal appearances and frankford which is to finance what is berlin to politics but on tuesday the german chancellor made her way there to support the city's bid to become europe's new financial hotspot next year frankfurt is trying to attract banks leaving london after bracks it so they can continue to do business in the european union. the louvre gallery or the arc de triomphe globally recognized paris landmarks frankfurt can't hold
a candle to them it's a room a city hall pales in comparison but frankfurt was germany's financial hub even before the european central bank was headquartered here. that's why many in the city's banking district are especially optimistic about britain's exit from the e.u. . it's like support the power export oriented economy needs modern regional and international financial services providers one goes hand in hand with the other and that's also why frankfurt is so important to do it on an increasing number of london banks seraing paris and frankfurt as potential locations because it seems clear that on the first of april next year they lose the right to conduct e.u. business from their london offices of the twenty financial institutes of already decided on frankfurt. fun forgetting for a time frankfurt has the advantage that it's well established more so than paris frankfurt has the advantage of hosting the european central bank it's important for financial operators to be physically close to it to understand what's happening
there this year paris is going to boost when the supervisory european banking agency decided to relocate there from london. frankfurt also. paris was offering rent free officers and now it's offering tax breaks for the banks as well. earlier i asked our from africa correspondent only bards how the chancellor made the case for frankfurt besides pointing out that many other banks and boards where already located in the city. she made three interesting points as well she was ready to go without tax hikes and that didn't wasn't clear whether that referred just to the financial industry or to germany as a whole but she wanted to rule out tax hikes and she wanted to make labor law more flexible that is only in the financial sector to accommodate the anglo-saxon kind of culture where you have hire and fire and she wanted to introduce less stringent
standards for firing people and of course than being able to hire interesting point and she made a strong case for supporting the deutsch of goes this plea to locate euro clearing right here in frankfurt that's big business and if it's euro denominated stuff angela merkel says it's logical it should not be in a third state outside of the e.u. but right here in frankfurt now frankfurt is facing stiff competition by paris and dublin how likely is it then that i go americans lobby work will be successful in the end. she says that she had some practice in working to the good of the companies but also in the days was minister president of the c.d.u. and he poured a little bit of water into the wine himself and he said that it would be illusionary to expect that countless thousands of people from london would come over and indeed the financial market professionals are also looking at other places
like paris some at milan and madrid. but many banks have said that they're going to move staff here and one hears from several dozen to a couple of hundred but the financial district in frankfurt is not that big to begin with and a couple of thousand more people would already be a great step forward believe art's reporting from frankfurt only thank you so much . while the market value of online retailer amazon surpassed one trillion dollars on tuesday if only briefly amazon stock rose during tuesday's trading session sending it beyond the mark before it fell back a short time later the company is the second u.s. firm to hit the threshold a measure of outstanding shares multiple by their value apple surpassed the one trillion dollar mark last month. for more let's cross over to our wall street correspondent against corridor amazon started as an online book retailer now it's a trillion dollar company obviously something worked here how do people on wall
street view amazon's business model these days well it's basically a data machine and we do see this with other companies as well that's the name of facebook for example that this is the currency of our time selling data so that's a big chunk of amazon's business they're also strong when it comes for example to cloud computing online advertising becomes also a bigger part and it's pretty amazing what's happened also to the stock price of amazon in the past couple of months just a good year ago and for the first time surpassed the one thousand dollars mark person talk then last week we got to two thousand dollars a share and now we have this market valuation of one trillion dollars that means that some point during trading you don't use that yes thank you for the moment of a come back to you in just a minute because we have this other item here a new advertising campaign by
a sports equipment maker nike features american football player calling capper nick as its figurehead and there's a lit up an already racially charged debate in the united states kaplan it is the quarterback who protested police violence against unarmed people of color by kneeling during dinner national anthem dozens of other players joined mike in cap and he continued to face a backlash on social media hashtags boycott nike and just burn it show fans discarding nike products but many others support the company's campaign. now back to unions in new york calling company is a controversial figure do investors think it is wise of nike to build a marketing campaign around. well to some of the reactions here on wall street a lot of analysts saying this decision might cause them short term pain but could lead to long term again so there is no such thing to bet advertisement that
people say it will be discussed highly and the move actually could go well with a millennial so well for the day there was this pain the stock of the nikkei lost a good three percent in value and was the biggest loser in the dow jones industrial average but as mentioned a lot of analysts believe it could lead to long term gain in the quarter reporting from the new york stock exchange yes thank you so much. germany is seeking to rein and us in a giants like google and facebook reforms to the country's competition law would strengthen the authority of his regulators to prevent u.s. internet platforms from becoming monopolies germany's economics minister paid altmire said the initiative will make competition law more effective and prevent the abuse of market power in future companies like google or facebook would no longer be allowed to prevent business partners from working with its competitors the proposed legislation is also designed to stop big players from buying smaller
rivals just to shut them down. shortly executives in silicon valley will be watching this development closely especially if a company has risen to become such a market dominating force like google twenty years ago a pair of ph d. students working out of the proverbial garage wanted to make internet searches better google's ambitions were courageous delivering the world's information to anyone with internet access but a lot of changed over the twenty years. google's business model is simple users searching the internet tell google about themselves allowing google to sell targeted advertising to businesses the firm i.p.o. at eighty five dollars a share in two thousand and four and quickly rose in value. new products like google mail and acquisitions like you tube expanded google from a search engine into an online network where users could shop or find news. as the
mobile internet and apps began to rise google moved to make up ground to pioneer apple releasing the android operating system and app store. today google employs more than eighty five thousand people worldwide and is worth more than seven hundred billion dollars it has fifteen data centers around the world and that's part of the problem information is increasingly seen as something to protect tech firms are being held to new standards of social responsibility. and inside google there are pushes for gender diversity and against collaboration with governments like the u.s. or china. so a lot of transformation in only twenty years. south africa is officially in recession after its g.d.p. shrank for the second consecutive quarter that is the country's first recession since the two thousand and nine financial crisis the weak and economic data are bad
news for south africa's president he needs strong growth to help reduce the country's twenty seven percent unemployment rate as well as its poverty and inequality the downturn is linked to south africa's weaken currency and investor fears over land reform. mercedes has unveiled its first all electric s.u.v. and to challenge tesla and the premium electric vehicle market the subsidiary says it will begin production on the e.q. seen in the first half of next year the vehicle as a range of four hundred fifty kilometers. told reporters that mercedes was going all in on electric cars the company says it will offer ten models by twenty twenty two. hour show if you want more do check out our social media feeds from me and the entire team here thanks for watching and see you tomorrow.
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