tv Business Deutsche Welle April 26, 2019 5:02am-5:16am CEST
the national banking champion not so fast germany's two largest lenders put an end to their merger talks we'll tell you what comments upon and deutsche about concluded that bigger isn't better. and facebook expects u.s. regulators to penalize it as much as five billion dollars for recent data scandal does that mean the impunity of tech companies in the u.s. is finally coming to an end. also on the show hundreds of tons of illegally mined gold are smuggled out of africa annually robbing countries of urgently needed revenues miners say it's their only chance for a livelihood. i'm stephen beard's in berlin thanks for joining us merger talks between germany's two largest lenders were greeted with skepticism when announced six weeks ago as well as outright opposition now those discussions between deutsche bank and combet funk officially collapse the fusion would have created the
country's largest financial institution and likely bled tens of thousands of jobs the banks themselves said today that a merger would have been too costly and complex take a look berlin wanted it to happen but that wasn't enough to unite the two german giants banks said right from the beginning we would only go into these this weren't sure if it makes it cool makes sense if it is beneficial for shareholders and for the stake. this was not given here off to very deep conversations and talks with comments but we came to the conclusion if we put chances and grist against each other that we should stop talks about this merger know the government's hopes of the two banks combining to create a powerful national champion for germany's finance sector have proven and should reach deutsche bank and commence bank have concluded that benefits would be outweighed by the risks if the structuring costs and the capital requirements.
they've both struggled since the global financial crisis with the german state still owning more than fifteen percent of comments bank the argument from marching was that it would cut costs for the pair and the taxpayer but opponents argued combining two troubled banks would just create one larger troubled bank others criticize the focus on national borders. and door church and the idea of the german champion never made much sense in the first place we have to take a european perspective we want strong banks across europe many of them and who's to say one of them won't have their headquarters in germany went out to watch a bank is ready in talks to markets asset management arm with swiss lender u.b.s. other european lenders are meanwhile said to be looking at comments bank. c.e.o. christian savings said he does see plenty of opportunity outside of germany europe's crowded banking sector here's what he told german broadcaster that if. you
look at europe there are five thousand five hundred banks in the e.u. that's a huge number when you compare that with other regions including america that's a large banking density especially in germany we've always said for dogshit bank when we stabilized when the balance sheet is solid again when costs are under control again when we've turned the first profit that we have to be more profitable that we want to go down this path and then we'll be in a position to be an active player in consolidation in europe as well. as a. let's talk tech now facebook saying it expects u.s. regulators to find it between three and five billion dollars for the data scandal involving political consulting firm cambridge analytics of the penalty would be a milestone in the u.s. which is avoided going after home grown tech companies unlike regulators in the e.u. and the biggest us find to date twenty two million dollars against google in two
thousand and twelve replacing cookies on safari internet browsers that pales in comparison to recently you fines a total of nine point two billion dollars against google on various claims that it abused its market dominance to promote its own products of facebook is of course now the focus on both sides of the atlantic the e.u. could impose a one point six billion dollar fine for recent data leak and there is that possible cambridge analytic affine from the u.s. let's talk now to our financial correspondent new york jose luis de haro jose does this mean that the u.s. is finally ready to get tough on these big tech firms like here in the e.u. . it seems that steve that you as a regulator is all moving i mean directions since the f.t.c. is fighting to facebook as you mentioned will be a record penalty for a tech company way higher down to twenty two million dollars one impose google in two thousand and twelve for misleading statements about online trucking so we could
say that facebook's punishment will be more in line with that reason and finds that to companies such as google or although this being said the u.s. still has a lot of catch up to do when it comes to ensuring big companies accountability actually some critics and even u.s. legislators are still considered the f.t.c. fine just as the law on the wrist and in c.s. regulators amounts to pursue a strong and structural remedies and jose briefly just touch on this does that five billion dollars find if it does take place does that put a dent even in facebook. not at all steven we just need to take a look at how investors reacted to the possibility facebook shares a have rallied over six percent on thursday and even after taking three billion dollars aside on race to deal with this matter its net income in the first quarter was two point four billion dollars because they lose the heart of their force in new york thank you. now over to africa billions of dollars worth of
gold is being smuggled out of the continent every year through the united arab emirates on the way to europe the united states and elsewhere african governments complain they're losing revenues and that the mining comes at a high human and environmental costs binder's say they just want to make ends meet take a look. a gold trader in guyana shows off his wares this gold is headed for market in dubai it was almost certainly mined illegally and will more than likely never feature in official export records around four hundred fifty tons of illegal african gold found its way on to the dubai market in two thousand and sixteen that means no taxes are being paid to the states that produce the gold depriving already poor countries a vital revenue from their natural resources the miners some of them children work in dangerous conditions to feed the world's hunger for the yellow metal and.
what it is that. i started school when i was young but it got to a point where my parents couldn't handle my chew ition. school you know. not in school some of my friends they were into small scale mining and because i didn't have any supports to further my education i decided to join my friends and go into gold mining. illicit gold mining provides a livelihood to millions of africans and it's helped some make more money than they could dream of from traditional trades. like. rust is one of those who has done well out of it and he set himself up in business. i mean. this bar is the product of my hard work when we get the gold we take it to the town of talk walk because that's where our buyers are located gold has value.
even with a small sample you can get a lot of money to take care of your family. but rust is one of the lucky ones accidents are frequent and many illegal mine is are killed on the job every year. over the e.u. now where the dutch fishing fleet is out of nets that is the e.u. parliament has banned what's called post fishing a controversial practice involving sending electric signals to startle fish away from the seabed and then scooping them up in nets and most dutch strollers use electric poles to catch fish now they have to return to traditional methods meaning other nets producers however are struggling to get enough nets together for the country's fleets the production of just one that requires up to one hundred forty hours of manual labor. they'll be honest have you ever watched the business news and asked yourself what are they talking about well you're not alone the business world of course has its own language g.d.p. i.p.o.'s and be o.-m. g.
it can be intimidating now when you tubers trying to make it less frightening or approach humor. if this kind of scene makes your eyes glaze over in boredom or in comprehension you might want to enlist the help of mrs dow jones the self described finance influencer has set herself a big goal making the markets interesting and relevant to millennial so. ever wondered what an i.p.o. is here's an explanation you've probably never heard before. you know how it's like a huge deal to go public with a relationship it's also a huge deal to go public with a company. like that part except instead of just posting an interest leeson ship status he spoke of going public with a company it is a bit more complicated to hard core finance and pop culture may not be natural bad fellows but the you tube or whose real name is haley sachs believes she's found the
perfect way to explain finance to a younger generation. it was her own confusion about wall street that prompted her to set up a you tube channel and so the stock market had always been around my entire life my dad worked on wall street third and my mom but i had always felt really confident about understanding and truly it just sounded like german to me her finances cool message has garnered her a following off line as well as on at a recent event in jersey city she addressed a crowd of young people on issues like bones and real estate investment trusts i really like. this is down to earth person season because they made the language a lot more available usable to everybody if they're in you know mood of the financial industry and want to learn mrs dow jones stresses she's not a financial advisor and simply wants to get
shifting powers the old order is history the world is religion izing itself and the media's role is to keep the topic in focus of the global media forum twenty nine today one out of two people is online who are we following do we trust to beijing and shape the future at the georgia dome a global movement for twenty. how about taking a few grand scheme could even take a chance. don't expect a happy ending to. the church let's just strasse. our superheroes. my mission is clear. and surely
explore germany. take. everything out there's a lot going on in. germany still. tricky. to w. . this is news africa coming up in the next fifteen minutes on world malaria day we gonna end our administration the only licensed vaccine to protect against the mosquitoes great disease we have a report from ghana women lariat kills three children every day. will also get a report from. narrate fictions picking up in the aftermath of the last month's deadly psycho.
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