tv Business - News Deutsche Welle July 29, 2020 11:15pm-11:31pm CEST
at all but occasionally accidents happen. the researchers want to provide the public with the right information to understand the risks posed by sharks but also to give lifeguards important tools to better protect beachgoers from the rear shark attack. stay off the menu for this is the w. new slide from berlin keeper gibson is up next with the business stick around for that should be about that. i'm secure in the volume. that's hard and in the end this for me you're not allowed to stay here and more we will send you back. are you familiar with this. with the smugglers with violence and. what's your story. ready ready ready
with numbers and women especially of victims of violence. take part and send us your story we are trying. to understand this new culture. you are not a very little or nothing you want to become a citizen. in for migrants your platform for reliable information. they represent the american dream to others the dangers of runaway capitalism for us tech giants appear before congress to defend their extraordinary power. also coming out of the u.s. lawmakers continue to wrangle a 5 a new stimulus package the federal reserve warned that the course of the
coronavirus will determine the power to economic recovery. then. i'm kate ferguson welcome to the show. 4 of america's biggest names in tech have appeared before congress to defend themselves against charges that they have become too powerful and are stifling competition appearing via video link at the antitrust committee hearings where space folks mark zuckerberg google some das pichai apple's tim cook and amazons just days off members of congress grilled them on market dominance accusing the bosses of violating and t. trust loyal. fans for more let's go to our business correspondent yan squat in new york can see how did this hearing come abayas. well i mean those companies in that picture and chip big are dominating their market places send people because
asians are long in the making to investigation started to be more than a year ago and now with the pandemic those digital controller it's even got to be bigger so the question is if they're misusing bear market power if they're hindering their competition and was that if there is a blocking and innovation segment here in the united states. and how have the c.e.o.'s been defending themselves against those allegations against. well partly here they play to their patriotic care card to but they also don't play to their size and just base off from him and then for example he was very emotional and started to how it was said to grow up with his mom being 17 when him he was born that he's a self-made man but then also the c.e.o. says that again and again and again that they're not so powerful or not so dominant as says some of the members of congress their claim but maybe just less and it just
isn't didn't want to go see also have to say that. of the 10 most of the company is a decade ago only so when you still make that list today and if you look at. where the top technology companies come from a decade ago the vast majority were american today almost half are chinese we have clarified what we can do and what we do in china for years it's very very limited in nature our ai work in china is going to go up and full of people working on open source projects we don't have a dominant share in any barky or in any product category where we do business to business did you personally sign off on the plan to raise prices after amazon limited its competition. i don't remember that at all well you remember we we met. i believe we followed diapers dot com again this is 11 years ago so you're asking a lot of my memory but i believe we followed diapers i can also tell you that clean by having percent ok ok n so they have
a lot of questions to answer but what's the public perception of the guys have they seen as heroes or villains. well that depends a company by company if you just take care of facebook for example so far you was a gross is still very stable but on the other side it just would run into trouble with some civil rights groups here in the united states if i look at 10 am is and they had been charged criticism on amazon when they tried to build a 2nd headquarters here in new york and eventually an amazon let those plants go berserk google i think they're not so much of the public as other companies are was their dominance when it comes to search engines but i will be also very interested in what the jury is what's going to happen on thursday between thursday when trading stops so after always people get their earnings reports from all of those 4 companies and then we will probably see how powerful they actually are. you nothing
only one that's curious to see those numbers hands cut in new york as always thanks for your insights. the past of the american economy will depend significantly on the course of the virus and that was the message from the us federal reserve chairman jerome powell after the central bank's most recent policy me saying as infection numbers continue to surge it's becoming increasingly clear that the road to recovery will be long the past forward for the economy is extraordinarily uncertain and will depend in large part on our success in keeping the virus in check one thing was clear during drum polls online press conference i think the fed chief is running out of options to write the country's faltering economic recovery because for and for millions time is of the essence. right now we're in a time when children are food insecure in our country people are hungry who never
thought they'd ever go to a food bank people are being and the birds of the book because they can't pay the rent yet congress can't agree on a way forward while democrats and republicans wrestle with how best to keep america afloat during the pandemic a 1000000 new members join the ranks of the country's unemployed each week. but can the fed really help at the height of the pandemic the central bank slashed short term interest rates to near 0. and tried to encourage borrowing with a 2 trillion dollar bond buying scheme. strong medicine but not yet the panacea washington needs. and as infection rates continue to spike in states like florida texas and arizona the u.s. economy isn't on the path to a speedy recovery. more than $3600.00 companies have filed for bankruptcy this year alone and observers warn more are on the way or actually if the fed and the u.s.
government fail to turn the country's economic health around that's just a fact let's speak night to joel prac and he's the teeth u.s. economist at i.h.s. market welcome along mr pracon what's your reaction to what we heard today from the fed the fed's announcement following the conclusion of today's meeting was about as expected the fed is keeping its policy rate at 0 for the forseeable future it's keeping its balance sheet expanded for the forseeable future it may introduce new methods of forward guidance to convince markets that it will keep interest rates lower for longer it announce that it is going to extend to the end of the year credit programs that have been established to help backstop financial markets through this crisis in short it's done just about all that can be done from the perspective of monetary policy whether that's enough or not of course is another
question ok so on that note let's just take a step bock tell me how bad an impact the coronavirus has got on the u.s. economy overall it has been unprecedented tomorrow our government will release its preliminary estimate of g.d.p. growth in the united states for the 2nd quarter. here it i just market we're expecting that that report will show that the economy contract at a 35 percent annualized rate in the 2nd quarter which would be the by far the largest quarterly decline on record since 1947 we have over 20000000 people unemployed the bird that unemployment has fallen disproportionately on people of low wages and of people of minority ethnic groups. the situation would be even more dire were it not for a massive amount of federal fiscal support in the middle part of the year 2020 and were it not for more turin's on rent mortgages and student loans the challenge we
face going forward here is that federal fiscal stimulus is set to decline under current law the rent and loan moratoriums are also scheduled to expire so towards the end of this year we become increasingly concerned that what's right now just an economic crisis could morph into something bigger perhaps even with a strong financial dimension so pray for me if you can do you think that fact can write a feminist being how would i in congress right now i will be enough to ward off the fire at a faster. yes so far this year the u.s. is enacted for covert relief measures the largest of course was the so-called carries act which has a price tag of about $2.00 and a half trillion dollars now congress is debating a 5th bill. there is a wide gap between what's already been passed in the house of representatives the so-called heroes act which is about a 3 trillion dollars measure and what senate republicans are trying to piece
together which currently is rumored to have a price tag of about a trillion dollars so there's a very large gap in the dollar amounts that the 2 sides are considering there's also quite a large difference between what the groups want to do with that money and particularly contentious is whether the emergency unemployment benefits an extra $600.00 a week that the federal government is kicking in for those unemployed are going to be extended or not it's hard to see right now how a grand compromise can be met in very short order so i'm expecting to see a piecemeal approach to additional fiscal stimulus with congress addressing 1st the issues of unemployment benefits an additional stimulus checks to households and then returning after that to some how we are going to get back will it be enough delphos hall from iowa test market thanks so much for thinking to us you're welcome now some of the other business stories making news. senior german government
ministers face a grilling on wouldn't say over what they knew about the longstanding allegations of fraud wire car it in june the payment service provider crashed and burned after bosses admitted there was a 1900000000 euro hole in its balance sheet. the european union is limiting technology exports to hong kong that could be used for repression or surveillance the move is in response to china imposing a tough new national security law which aims to tackle so-called subversion on separatism with punishments of up to life in prison. and that's all we have time for from or to check out our website that's t w dot com slash business we're on facebook on twitter too from me the entire team it's goodbye and take care.
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