finals leaving him to celebrate in style with his own facts. all right you're watching the news we still have a lot more to tell you about here's what's ahead bitcoin close to another record high but that's on the same day as a crypto currency exchange in south korea goes bankrupt and a flood of warnings over the security of such an investment in that story up next with ben faisal that. and i'll say again at the top of the hour. they make a commitment. they find solutions. and stronger. africa

on the moon. stories of both people making a difference shaping their nation. and their continent africa on the move stories about motivational change makers taking their destinies into their own hands the w.'s new multimedia series. d w dot com africa on the move. christmas could come early in washington tax cuts set to become law this week there's excitement among investors especially the super rich. a wave of bitcoin warnings a south korean virtual currency exchange has been hacked again and is bankrupt. and

then fizzle and that's the business global equities have steadied after their biggest jump in half a year expectations tied to the tax reform bill in the united states and coming on top of one of the strongest and longest global bull runs on record congress is set to vote on the cuts the bill could be signed into law before christmas. the biggest gift goes to corporations who see their taxes cut permanently from thirty five to twenty one percent low and middle income earners get smaller tax cuts and they will only be temporary expiring at the end of twenty twenty five that means their taxes will eventually go up again if the cuts aren't extended and although only temporary those cuts help get some skeptical republicans on board most households will see their taxes. but a revised method of calculation which will show a lower inflation rate ensures any wage rises will shift poor of people into higher

tax brackets sooner boosting revenues on the backs of the poorest republicans see that more positively this is good news for the american people we're going to get the economy roaring back again and improve. increase jobs and make america more competitive in the global economy but in its final version the legislation doesn't live up to trump's promise to drastically cut the paperwork required for filing tax returns or to pledge of cuts that do not further inflate america's ballooning deficit so the most expensive overhaul of america's tax code comes as a christmas gift to some but also is one that has been bought on credit. let's talk about that present with an advice by the frankfurt stock exchange tell me about your colleagues over in. new york their hesitation today in comparison to all the excitement yesterday. yeah well everybody is kind of waiting if that tax

bill is really getting through the house and whether it won't get watered down in the last approach perhaps so because that has happened to kind of many bills proposed by the administration so we don't know what we're going to get and that's the big thing here mung investors because if it's going to be watered down there won't be a big a fact for the economy for corporates but if it's really going through you might actually see some more upside potential for the equity markets having said that though i think a lot of that is already priced in view of seen the equity markets really rallying if that remains the case we're headed for one of the best years since two thousand and thirteen but european companies are expecting disadvantages. yes they do expect advances the kind of the rationale here is that if

the united states is doing better if the corporates in the us are doing better than this is also beneficial for exporting nations such as germany exporting companies sanchez the big german corporate so. all in all if the u.s. is growing more which is of course a band one of the effects at least hoped for by lower taxes that should also be felt nicely here on the other side of the atlantic in europe especially in germany i was just saying that germany is very closely linked to that it states in terms of investments german companies among the biggest investors in the states and of course if the tax rate is going down there this is also a net positive for them a good positive for them in that since of course we have to point out the could be disadvantages as well if this holds these hold tax cuts could spark a global race to the bottom but that's yet to be seen advised with that update for

us from frankfurt thank you very much yes. as we just mentioned european companies and countries are closely watching the developments in washington the governments could lower corporate taxes to. trade between the european union and the us is booming but will it continue to do so much of donald trump's tax reform package remains unclear for example it includes a twenty percent excise tax on companies purchases from foreign subsidiaries that's aimed at discouraging american firms from producing abroad but it could also hurt german carmakers with factories in the u.s. that import their components from germany. i need to know there's another threat of higher duty on imports. that frightens us because they're unpredictable and don't comply with w t o rules. so nobody knows what effect they will have. there are now concerns trumps reform could trigger

a global race to lower corporate taxes the e.u. average is around twenty two percent slightly higher than in the us after his legislation takes effect in many countries rates are much higher including germany where it's around thirty percent that could lead to german investment being diverted to the u.s. . i know. one thing trump is certainly successful at just stimulating the american economy. and if he pushes through massive tax cuts in the u.s. that will lead to german companies investing. in this studio. as a result their profits and jobs could shift to the u.s. as well america first trumps favorite slogan might get a boost from a tax reform package. a crypto currency exchange in south korea is bankrupt and closing it was hacked again after losing thousands of big coins earlier this year there are security concerns about virtual currencies which of booming the banking

sector is skeptical fed chair janet yellen recently said big point is not a stable source of value and does not constitute legal tender she also said it's highly. you live japan's finance minister tara wasso echoed that bitcoin has no it yet been proven to be credible enough to become a currency and that's despite is government officially recognizing big cohen earlier this year but i am if head christine the god has a different take on big coin saying it could give currencies and monetary policy a run for their money interesting stuff especially considering today's news. and you almost broke another record today and is now hovering around eighteen thousand dollars it's up twenty fold this year as you know tilton has been following this story closely for us aaron is the big buzz more about the cryptocurrency itself or about the technology behind it from what i read at least well i really think that

depends on who you ask when it comes to individual investors of course they're looking at this you know twenty fold growth that bitcoin has laid in this year i mean it's gone from a belief about a thousand dollars per bitcoin last year to as you said over eighteen thousand and that's incredible growth so of course you have individual investors looking at that and seen can i make a quick buck there should put my savings there on the other side because it is based on block chain technology and that's actually quite exciting i mean not to get too technical it basically were blocking means you have these huge public leisure's so that you're able to follow transactions from the beginning to the end and that has a lot of other industries like supply chain management or even voting quite excited because it gives you the ability to follow a product from its production through every hand it goes to until it lands either maybe in your refrigerator or in your home and the same thing with voting it could give the ability for people to actually look at votes and make sure that nobody's actually tampering with the with them because they can follow the chain of the paper ballot from the beginning to the end the great thing being you don't need the

middleman now how secure is it to having said all of that well as we've seen today bitcoin is vulnerable while the cryptographic algorithms that it's based on are very very secure and so far there haven't been a lot of successful attempts to attack those just like any bank the most insecure part of it is basically the front door you see a lot of these hackers are actually attacking the services where these digital wallets actually where the bitcoins are kept and they're finding ways to steal those or to gain access to the private key which is basically the key that opens up the bitcoin wallet that's still vulnerable and you get close and today is a great example of a. and as the price continues to go up so does the boehner ability tell us about the significance of the risks for people wanting to get into this sort of a biscuit well i mean it's still very much on tested water i mean right now if you're getting into bitcoin there are two ways to do it either you buy bitcoins yourself like a normal. stock or normal financial assets or you go but mind them which is kind of

a complicated process which allows you to create your own bitcoins now both of them are attached to significant investments on your part and at the end of the day there's the possibility of festen loss as we saw today and also the extreme vulnerability i mean we've we've seen a valuation curve on bitcoin that started here the beginning the year and it's all the way up there and for a lot of financial experts that reeks of bubble and we've we've also seen fluctuations of fifteen hundred dollars on an individual day so if there's a possibility of making an incredible amount of money but also losing it as well there are lots of warnings out singapore and germany today yes they france last week a straight a it could be a topic of the next g. twenty a central banks worried that this employee being left out and banks themselves because they're the middlemen i referred to before or is this serious concern well certainly i mean we're talking about banks and central federal reserve banks and central banks they have their regulating authority and bitcoin cuts them out it

cuts out the middleman which means it's very very hard to regulate the industry so of course there might be some hurt egos there but there are regulatory concerns as i said some people worry that this could be a massive bubble at the same time we have seen people use crypto currency on the dark net in other places to engage in things like buying weapons buying drugs human trafficking and because you can't really regulate the industry very well it opens up the door to a lot of kind of dark areas so of course there might be some hurt feelings but yes there are also regulatory concerns that are legitimate and should be taken seriously and thank you very much for bringing us up to speed. so the pressure currency can sons continue and recapping our top story christmas could come up before american corporations and the super rich with trump's tax cuts set to become the best in business with it. comes.

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