tv Business Deutsche Welle July 9, 2019 6:45pm-7:01pm CEST
are in free fall. also don't mess with india tariffs on u.s. products are already having an effect on families in california feeling the pinch. welcome to the view of business as this german economy minister is on a trade trip to the u.s. sees criticize the main tech firms for their market dominance and wants germany to catch up with the u.s. and china in artificial intelligence yeah. but i'm wary about reporting yes it's germany's minister for economic affairs is getting a free ride in san francisco peter out my is visiting soups start up that develop software for thomas driving a few clicks on the soup step and moments later the minister is off for a test drive in one of the startups off driving prototypes but for now he's taken the backseat to employees keep a watchful eye safety 1st of course just 20 short minutes later this
reemergence and is impressed. does but i believe that was the 1st time in my life that i was driving fully autonomous li through a city but it was really impressive what technology is capable of artificial intelligence modern sensor technology which a lot of was actually researched and developed in germany i firmly believe that this technology will make tremendous progress in the near future and that's why it is important that germany stays positioned in the front of these developments minister of my is visiting soups and a handful of other companies in the san francisco area with a clear goal in mind he's looking for inspiration and input says his focus the speed of innovation in the digital world the impact of artificial intelligence the digital revolutions potential pitfalls and new opportunities for germany. next stop for p. dog my ear. a working lunch with
a group of german high tech entrepreneurs with experts on artificial intelligence and net neutrality and on the future of technology and society. tell me what we can do better where most germany still and the minister demands to know from the cocky schmidt's a former air b.n. b. employee turnt entrepreneur has some advice. i think that politicians have to do more what mr is doing here right now if you look at universities in germany you will find this a lot of entrepreneurial excitement among young people after all that input one can visit silicon valley without a quick stop at google a private tour for mr meyer afterwards a quick statement for the press it's there is a lot of movement in the digital world with a lot of competition that has an impact not only on technological progress but also on creating new and preserving old jobs as well as it is our goal that germany is on the forefront of all of this germany it seems like just
a long way to go in that regard knows that too after all that's ways visiting at least. own way to go for germany artificial intelligence clearly the most important field where germany is dramatically lagging notably china and our resident china watch a clip of is with me in the studio cliff for so long the narrative was that china is lagging europe and the u.s. in all in all fields have high tech really now that seems have changed what happened i think we have to forget about a lot of our preconceptions about china and technology for many years it was low end manufacturing and then other countries got cheaper so china is now thinking about how it can advance and it's focusing very much on innovation and it needs a domestic homegrown technology it spent 300000000000 dollars last year importing microchips which is more than spent on importing oil and it wants to do it itself so it's a new approach now by china. the government in china is boosting its specially
artificial intelligence what exactly are they doing and could be a model for european companies it could be a model in some ways there's a lot of state support that's one thing that is more problematic in europe previously. a lot of it is used for security which may not be an ideal model for many european governments as well but at the same time there's a sort of a flexibility and there's an energy about the innovation sector in china and the way the tracks venture capital and the way money is invested that is definitely something that we could probably learn here in europe there are also challenges though that china is facing. i would rather well there's we've seen the the trade war is probably the chief on some of its national champions in terms of technological advance like wow way are under a lot of pressure now from the u.s. there's a lot of pressure on intellectual property and about where china is getting its ideas from i think china likes to absorb ideas that there is copying going on but
it certainly picks up these ideas and and runs with them and comes up with new ideas but in order to keep doing that and keep that innovation going it's going to have to really foster creativity on the ground in china very briefly worked in germany especially due to no longer lag behind well i think germany can can certainly learn a lot it's cooperating in things like although most of ai for example i think germany has to be careful that it protects its ideas but it can also it can again learn from this flexibility on the big market of course in china where it can try add these ideas cliff athena thank you very much. for chinese steel products have come under fire again after the u.s. launched fresh tirades against the country on monday steel from mexico is also affected washington justified the move by claiming the 2 countries are helping them on a fractures with unfair subsidies their decision comes amid ongoing tensions between
beijing and the united states on 2 months off the us president from agreed to lift steel tariffs against us. now to some of the other business stories making headlines today shares in german chemical giant b a s f have tumbled off of the group slashed its earnings forecast for the year b s f says preliminary 2nd quarter figures are significantly lower and it blames the impact of trade conflicts. regulators in europe have ordered inspections on some older a $380.00 super jumbo planes after some cracks were detected in wings on the world's largest passenger aircraft says it has identified the issue and that it does not affect the airworthiness of the a $380.00 fleet. for the 1st time in 7 years the wealth of the global super-rich has declined
according to a report published by consultancy from top germany on monday it went down by almost 3 percent to 68100000000 dollars compared with 2017 the number of millionaires is down as well. a bank says tumbling shareholders are skeptical about a grant restructuring plan that will $18000.00 jobs around the world slashed the company is turning its back on the global equities market and cutting back on fixed income operations as well a decision that will cause germany's biggest lender billions of euros investors initially reacted positively to the plan however those earlier gains what you raised after georgia's finance chief expressed doubt the company could be back in the black by 2020. now let's bring in financial correspondent when he bonds in frankfurt only 1st or just as went up a couple of points after the announcement yesterday now that i think 34.5 percent
down bonds happening. while the concerns are mounting and the more people you hear the more concerns emerge for example that the timeline can be kept and you just mentioned syria for the financial chief sort of raising doubts with his words among investors and when people look at the call that the bank has 8 percent return on equity by 2022 seems ambitious because when they look back they say that in good years when other banks were booming and where we're reaping in the profits of deutsche bank was creating losses how does it expect now to really change about even if it is a radical program with the economy worse than interest rates even lower than they were in the past years plus motivational problems with all those staff cuts leadership issues lots of new people coming in there quite a few concerns that are being mentioned here really in a surprise move by georgia bank c.e.o. christiane this is even today he's putting his money where his mouth is it seems.
that's right and he gets a lot of money for what he does earn 7000000 euros last year about that and 3290000 of that was a fixed salary. everything else with bonuses bonuses get paid out and deutsche bank shares and now he promises that he's going to buy. bank shares to the tune of 25 percent of his fixed income salary so that's a $21000.00 we don't know yet but if it was the same amount as last year and that would mean that he would be buying of his own volition an additional some 800000 euros in shares now that sounds like a great promise demonstrates that occasion and conviction but at the same time you have to wonder under what pressure he is to demonstrate to skeptical investors how how concerned and how adamant the bank is about this oddly enough to do their share
price there thank you very. california was. in the middle of donald trump's trade conflict last year the farmers were able to sell their produce to india to help offset the effects of china tariffs on elements but no sales to the subcontinent arms out of the 2. jake winger's family has been farming in this area for more than a century and has been growing all means for nearly 40 years and much of their crop ended up on tables beyond u.s. borders. this year's harvest brings uncertainty last month india impose tariffs on all mines and $27.00 other u.s. products including apples and walnuts in retaliation for the united states ending india's preferential trade status. the india towers were a double whammy coming after judi's of 50 percent china placed on aman's last year california supplies 82 percent of the world's all mines and $7000.00 growers. india
used to be the 2nd largest export market in the last year became the largest because of a lot of that new product going into india that would have gone into china so going into this year it's a nother greater level of concern because india was the place that sort of helped even out the impacts from the china tariffs now we see the new tariffs in india and it certainly gives former is a big question mark as we just are getting into the harvest season. it's a question that's likely to remain open until the end of the year when growers send their all means to the co-op for processing and export. that's when they'll find out how much their harvest is worth and they'll learn the true cost of the trade war. that's it for me to w. news is up next.
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to denounce. would call g.w. . player . this is due to be news live from berlin at leat tapes and another step to freeze migration to rich shores interior minister material sunday closes what was once europe's biggest reception center in the nato sicily but will it will be determined from importing on a perilous journey to try and cross the mediterranean also coming up hong kong's own leader curial am says her controversial extradition bill is