tv Business - News Deutsche Welle August 7, 2020 12:30pm-12:45pm CEST
carlos come straight from the heart to explore c. even when there's no more dilution the march will in turn. from the 1st. to their final resting place the russians d w documentary. us ratchets up a digital dispute with china a new executive order targets not just social media the tick tock of china's massive payments and messaging service we chat. also on the show we'll look at the economic consequences of tuesday's explosion in beirut. welcome to the show i'm stephen busy in berlin it's good to have you with us is a trade dispute now moving into the digital world u.s. president donald trump escalated tensions with china on thursday by issuing an executive order that forces americans to stop using chinese owned apps to talk. of
the move against tech talk the world's fastest growing social media site was expected to benefit was not. in just 6 weeks those uploading videos like this 2 mobile app ticktock could find themselves on the wrong side of us. the u.s. has around 100000000 ticked of uses but not for much longer here. on thursday washington issued an executive order banning u.s. transactions with tick tocks parent company the white house believes the app threatens national security saying it was china's communist party to spawn on u.s. citizens the controversy centers around this company by dom's based in beijing it owns numerous apps including to recently u.s. software company microsoft expressed interest in buying ticked up from by the white
house says if a u.s. company bought the app the bun could be avoided. the u.s. government's executive orders also include 10 cent holdings the chinese of we chat hugely popular in china the messaging and social media app could soon be banned in the united states and let's go to our financial correspondent in frankfurt conrad booze and conrad good to see you do u.s. china dispute taking on another dimension now where does that leave europe. you know this is a many implications for europe governments here are a bit stuck in the middle because we don't have large internet shaping companies like facebook all google which means that europe is somewhat lacking leverage in this global decision making process from the point of view of uses it's likely that this is manageable of course to talk to germany has many 1000000
a user uses many of them trying to monetize their content but you know this is a flexible innovation friendly crowd those people are likely to find an alternative very quickly if they caught use a service like to talk it's not attractive to them or a conduit i want to ask you about another topic that is hitting markets today and that is german exports coming roaring back in june making up a chunk of ground that they lost during the pandemic and pushing up factory output for the month exports jumped by 15 percent for may that in turn spurred factories to increase their production by roughly 9 percent for the month economists warn however they full recovery is a ways off with exports still significantly under their prepared to make levels. conrad put this into perspective for us what does this mean for the overall outlook on the german economy. you know the exports and also
industrial production here in germany and i'm not only significantly lower than before the corona lockdowns they're also significantly lower 'd than in the same period last year if you look at the exports in june compared to june last year the decline is 9 percent industrial production in june was 12 percent lower than in june last year this means that people you know whose jobs got furloughed cannot relax and neither can businesses that already have problems before the corona lockdowns all right so all eyes looking at europe's largest economy but still a long ways to go conrad who is in there for us in frankfurt thank you. all right let's take a look at some of the other global business stories making headlines. gold miner anglo gold ashanti has reported a more than 200 percent increase in 1st half profits despite mining disruptions due
to cope at 19 the company attributed the surge to higher gold prices as well as foreign exchange gains. u.s. president donald trump says he's reintroducing a 10 percent tariff on canadian steel claims that canada broke its promise not to flood the u.s. with exports truck made the announcement at a campaign rally in ohio it's not clear when the tariffs will be implemented. smartphones remain out of reach for billions of people that according to a new study from the alliance for affordable internet nearly 2500000000 people live in countries with the cheapest smartphone would cost them a quarter of their monthly income. has reported a $1800000000.00 loss in the last quarter to the coronavirus that's almost a 30 percent drop on last year it's ride sharing business of the biggest but the pandemic drove up revenue and its food delivery company eats. so not the best time
to be in overdrive or perhaps especially in the u.s. where the safety net has thinned out in recent weeks a special coronavirus aid program which amounted to $600.00 a week for the unemployed expired last week congress is still debating a replacement leaving many americans in a very precarious situation. 3 years ago you had me man started working as an abbot driver in new york he typically end around $1500.00 a week but since march everything's ground to a halt not going to work was not something that i had a choice to it was the news that was the seriousness of the endemic and what was happening because people with. many drivers are now facing economic ruin state support he said. not high enough to replace the loss in income despite health and safety measures demand to straw put in april by as much as 80 percent you honey money actually chose to stop driving he suffers from type 2 diabetes
which means he's at risk of severe illness from kind of at 19 he says the high turnover rate of passages would pose too great a threat for him. so i would love to go back to work and work and do their best. to get on with my life. really happen i'm not sure. the only likely solution would be a vaccine that won't be available for some time yet. let's go over to lebanon now were times were also tough if not much tougher food prices a bit on the rise power outages a big bend becoming more frequent and coronavirus case numbers are on the rise as well now the need to rebuild the country's largest port following an explosion on tuesday threatens to expose just how threadbare the country's economy really is. a city in ruins. it's gateway to the global economy destroyed.
levanon is scrambling to pick up the pieces of this week's explosion. but long before the blast lebanon's economy was in a death spiral. rampant inflation in an increasingly worthless currency plunging many lebanese into poverty hunger and despair. all now are sure to get worse. more than 250000 people have lost their homes in beirut. and countless businesses have been destroyed. and will compensate talking to you we lost our houses all shops in the house of my grandfather. we lost my uncle's wife and we took out from under the rubble is there anything bigger than this except. the explosion level of beirut support the country's main artery for imports like food and fuel. the bulk of the country is grain and flour was stored in a silo there. the united nations warns the blast could leave lebanon with
a severe shortage of both of those staples. international leaders have pledged to send the lebanese government aid but there are strings attached. there you need to see the priority is a ton of unconditional support for the population don't want it for months and years now if you want to france has been demanding indispensable reforms in certain sectors and energy government procurement in the fight against corruption you know if these reforms are not carried out lebanon will continue to sing perfect good looking to nuance and. efforts will now turn to rebuilding beirut. but rebuilding the economy may be a longer and more difficult task. and i'm joined now by. middle east expert in dubai are some welcome to the show the economy has deteriorated rapidly in lebanon
over the past 6 months just how bad are things from normal lebanese. well quite to be honest on a day to day basis i think from the beginning of the devaluation of the lebanese we've seen you know a hike in prices that it's not even close to inflation pyper inflation so the basically the official officials say that the current lebanese sound is around $2770.00 pounds per dollar however the rate is actually much worse on the black market which is actually what is recognized by vendors on the street which is closer to about $6000.00 lebanese found per dollar. and prices are high on a day to day basis. price rising prices they're making life very difficult now the port lies in ruins that's a major artery for goods coming in including food what does that mean for the economy well obviously any interruption to supply chain will actually in the u.s. hike in prices as well but it also means a bit more than the right so i think everybody's backtracking from economics to
politics because what we've seen and what the lebanese citizens are asking for right now is reform because to build a good economy we require good politics then to build good politics need a government need a good government so as long as you have the corruption and we have the embezzlement as part of our economic activity it's taking away a lot of our potential in terms of g.d.p. so that's that's also basically pushing us the words adding more loans and in addition to defaulting on their recent euro bond that's actually going to get much worse because now you don't have access for the last international law loan market and any kind of aid that's coming from the i.m.f. or anyone else will come with a lot of strings attached as you have mentioned. can lebanon even afford to fix this port area and the city quarter that was pretty much destroyed around it. that definitely not i don't see american sport being rebuilt and the next 510 years
based on the chart of the current situation i think one of the solutions at the moment the short term solutions is basically redirecting imports to some of the other ports such as the one inside the north tripoli or the one in g.e. as well so this is where your basic the you will manage to maintain some sort of food security and also maintaining the electricity to a certain level through importing the fuel however in the long term i think a project similar to china and growth initiative would be a bit more suitable despite the criticism about the chinese loans. right harrowing picture there in lebanon at the moment i see some concept be enjoyed by thank you very much. thank you.
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