tv Business - News Deutsche Welle March 19, 2018 6:15pm-6:31pm CET
facebook users to help donald trump secure the u.s. presidency plus the clock is ticking for u.s. allies scrambling to secure exemptions from trumps terrorists before they come into effect on friday germany's economy minister is in washington for talks and held on street we'll have all the details for you on those stories and a whole lot more coming up in just a few stick around. starting you know with some junk and instructions from a book. that beautiful william coming to dream. from oh you wanted to build a wind turbine to provide his village with electricity. i want to know in listening to you changed this morning
a creature of all three months and an exciting journey the world became. heroes a story. and a windmill starting march twenty first in the w. a . a whistleblower catches facebook off gold with claims that fifteen million users had their profiles planted to help donald trump become president of the united states. and countdown to a trade war menaces dash to washington to try to secure exemptions from the terrorists the chump ministration has threatened to impose. this is your business update on how the home free agent great to have you with us now with a company and i. says
a comprehensive internal and external review usually something has gone pretty wrong and facebook has done just that it's not showing a review in the wake of explosive whistleblower claims that a personal data of fifty million uses was misused by persons in cambridge and aletta and the twenty sixteen u.s. presidential election now facebook c.e.o. mark zuckerberg is facing some serious questions facebook's mark zuckerberg enjoys the limelight at least when the news is good but as far as the latest data scandal is concerned he's keeping a low profile. more than two years ago his company discovered that cambridge analytic was using data taken from fifty million facebook users yet the company failed to inform those affected cambridge analytical it was simply told to delete the data which according to media reports never happened instead facebook has opted to delete the accounts of those who brought the scandal to light. people like chris
wiley former research director of cambridge analytics he described the investigative team at ukase channel for how the company worked a magic when i go and ask you i say hey if i give you a dollar two dollars could you fill out the survey for me just do it on this app and you say fine right i don't just capture what your responses are i capture all the information about you from facebook but also this app then crawls through your social network and captures all about data also so by you filling out my survey i capture three hundred records the user's facebook friends were spied on without their consent their likes their gender their sexual orientation and political leanings everything was gathered on twitter facebook executive andrew buzz worth denied initial claims of a data leak saying no passwords or information were stolen or hacked. on friday facebook announced that it had suspended cambridge analytical. but that's
not enough for politicians in britain and the u.s. they know want to talk of the issue and confront those responsible from facebook. which point out how the markets are reacting to the news about massive facebook breach now let's turn to. the frankfurt stock exchange general tell us just to say over the facebook revelations well last i checked facebook shares were down nearly seven percent so that would represent thirty eight close to thirty eight billion dollars being knocked off its market value now it's also worth noting that the shares of other social media companies like twitter and snap are also down at the open now it's hard to discern how much of a problem this will be for facebook's business going forward many seem to think this is a fixable problem facebook just has to invest more in security and make sure that it's systems in place like up these this kind of thing early and keeps damage to a minimum and it's not like advertisers will drop facebook from one day to the next
but we also keep hearing it facebook's response isn't exactly confidence inspiring not to users and not to investors and many here are left wondering whether the adequacy of that response is basically a consequence of facebook not really knowing how to respond so investors want to see a plan quickly all right janette out of the frankfurt stock exchange for us thank you. tech giant apple is reportedly it is reported to be secretly developing its own micro device displays a plant in california so says the new service bloomberg the report says that apple is investing heavily in the project micro those flat panel displays that make gadgets thinner brighter and end up using less power compared with current displays it could take up to three to five years to screams appeared on the market so far apple only designed chips for its mobile devices he now g twenty finance ministers
are meeting in one his ideas on monday and tuesday and the future of global trade will be high on the agenda insiders all looking for signals that china and the u.s. may back off from last week's protectionist posturing most recently meeting u.s. trade groups have urged president trump to stop plans to slap tariffs on chinese products forty five association representing sectors from from high tech to agriculture said in the letter that sweeping tariffs were triggered a chain reaction of negative consequences for the u.s. economy. meanwhile u.s. allies are scrambling to seek exemptions from the tariffs that trump wants to impose germany's economy minister is currently in washington for talks the e.u. trade commissioner will join tomorrow and the clock is ticking new u.s. import tariffs on steel and aluminum could be imposed as early as friday. the new tariffs come into force on friday and in some ways the german and european steel industries could simply sit back and relax after all steel and aluminum make
up only a very small proportion of european exports to the us and yet the e.u. will be the trading partner to be hit hardest by the new taxes. the e.u. as a whole all twenty eight countries would have six point five billion dollars worth of steel and aluminum exports affected by the new tariffs it's followed by china with an export volume of around three billion dollars germany would pay taxes on a total of one point seven billion dollars worth of such exports each year that makes it the country most affected from within the e.u. . some experts warn that the new tariffs might herald the beginning of a cascade of others which will spread across further sectors and countries and the european still industry fears that europe may soon be flooded with cheap steel imports it being an alternative cheaper dumping ground. and we can speak to a fab unit lin and now he joins me in this studio he's from the i and k.
macro economic policy institute at the hands book foundation thank you for being with us i think you think that you could say that you know the european union is worried when it dashes over to d.c. as it has done now what are its chances do you think of wrestling those tariffs off the table of an exception for the european union to be honest i really don't know donald trump said that he wants some security conditions for a following exemption to those tariffs and we don't know what those security conditions are really there could be increases in almonds in arming expenditure by the european union but we just don't know and as long as we don't know we don't dream know the likelihood of getting exemptions so let's look at the broader picture then the head of the i.m.f. christina got has said that if we look at the one nine hundred thirty s. the lesson from history is trade wars are on winnable do you subscribe to that view i think trade was on deed and winnable but we should perhaps not escalate or exaggerate the danger at the moment i don't see that we will see
a repetition of what we saw in the one nine hundred thirty s. when we had the big depression was huge unemployment and so on the fourth and also fascist regimes and the communism and totally tarion regimes and so i think we learnt the lesson and i think it's much smaller now the problem we beginning with was steel and we also have already had this kind of experience in two thousand to george bush the former us president also try to impose tariffs on steel it didn't work out very well and i think we are not yet at a nine hundred thirty s. trade war scenario maybe not the one nine hundred thirty s. you know sort of depression scenario. but let's be realistic at the end of the day the u.s. will potentially impose these tariffs the e.u. could retaliate and then we could say you know this tit for tat type of procedure that's a real risk though isn't it it is it is a risk but once we go back to two thousand to two george bush we have both of course an opposition by the international community against those terrorists but
also we see an opposition within the united states because most of my defectors are themselves consumers of steel like the car industry their prices will increase consumer prices will increase and they are already starting to be against those those tariffs and of cause representatives in the respective districts of automotive manufacturers will say they don't want that and they would probably lose in the midterms so there's already in the opposition against those terrorists in the united states if we take a step back from that trade war rhetoric some people say that this is just an attempt to reach rest and in balance for example the ran in ninety two billion dollar trade surplus against the united states in twenty sixteen in any way those terrorists from the european union towards the u.s. are actually highest so i mean can we say that trump perhaps has a point in a way he has a point because as you said we have the surpluses in the european union and we only have those surpluses since the euro crisis before that the european union as as an
aggregate didn't have a surplus and special and not one viz a viz the united states and this is also there's also a real problem about steel we have a huge overcapacity in steel which everybody who knows about steel acknowledges so there are real problems but i think donald trump doesn't take of those problems in a really cooperative way he would have to get china and the european union others into one boat and by doing what he's actually doing he's stepping on a lot of feet and if we see indeed retaliation in terms of tariffs it will be us but affect the u.s. consumers other u.s. produces which will be hurt and then the bottom line is that there will be more. lost in the united states by those terrorists than there will be gained in the in the the small steel sector in the united states and very briefly what would the knock on effect of a trade will be for the global economy for global growth i think global growth will be slow and perhaps even a little recession but we are not yet it so let's not exaggerate the risk at the moment i think we're right fabien in there from the i m k macro economic policy
institute at the hands booklet foundation thank you for your analysis now a u.s. trained economist to you again was appointed to succeed the long term governor of china's central bank on monday he studied at the university of st paul in minnesota and received his ph d. in economics from the university of illinois previously has called the greater market access to foreign investors and forth by the internationalization of china's currency. from the wild. takes about the business desk also using. such. utter.
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