and try. and protest in argentina as the government is ways to pass a pension reform bill. welcome to business news i'm fine if a char in both u.s. president on trump was forced for his first major legislative success after eleven months in office the house of representatives passed the most sweeping overhaul of the country's tax system in more than three decades but democrats now say some provisions all the bill violates senate rules and will be removed that means the house will have to revote on wednesday. the legislation provides deep tax cuts for businesses on the wealthy and more modest cuts for middle class and low income families it will slash the corporate tax rate from thirty five to twenty one percent prior to the folks at white house press secretary sarah huckabee sanders defended the reform saying it would benefit everyone not just the rich this is a tax package that prioritize helping the middle class certainly does that this is

something that we want to benefit all americans and that's been the focus all along and so that's what we continue to push for that's been the president's priority for three starlee or more than a dozen people were arrested for blocking the entrance to the new york stock exchange protesters out signs and chanted slogans against the bill. this bill is class warfare on the part of the rich it's all about the donors to the republican party we have to defend our people all of our people president donald trump insists the cuts will not drive up the deficit saying they will track more investment and lead to robust economic growth that in turn will create new jobs and poster wages. to cross over t.n. scorcher or man on wall street hi yes i have just seen pictures of protesters in front of the new york stock exchange other people react inside.

overall we've seen wall street on a sugar high pretty much for a couple of weeks now in anticipation of this tech spill seventeen times this year the dow jones industrial average has set new record highs and that has never happened before that we saw so many records within one year in the history of stock trading here in the united states well probably was the saying buy on the rumor sell on the facts on tuesday itself it was rather calm and then you know it was in the new york stock exchange small losses we've seen the market on fire for a month in the past in the past right companies are on fire they are quite cheerful but what about this child middle class how do you see the long term effects playing out of this bill that is the big question and there is

a lot of skepticism if we really will see this mess of grows we've seen it in the past let's take for example the year two thousand and four when george w. bush back then the president of united states had the so-called tax holiday where companies would bring money back from abroad for a lot of five percent tax rate and companies did not invest the money but they bought big shares they increased their dividend so that was good for shareholders but did not have such a huge impact on the u.s. economy overall and we could see something similar and now and then on the other side takes income will be hurt quite a bit and that could eventually result that the government might have to cut social spending so it may be too early to cheer on wall street to thank you so much. and staying on the topic european companies and countries are closely watching the developments in washington other governments could know or culprit 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 for in germany. yes 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 conforms in so nobody knows what effect they will have a look. 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 us. i know. one thing trump is certainly successful stimulating the american economy. and if he pushes through massive tax cuts in the us that will lead to german companies investing. in america in this to you. as a result their profits and jobs could shift to the us as well america first trumps favorite slogan might get a boost from a tax reform package. this may also be music to try ears because the u.s. trade deficit fell by nineteen percent in the third quarter to just over one hundred billion dollars it's just smallest imbalance in the past few years now a smaller deficit in goods traded and the bigger surplus in services and income from overseas investments helped trink the current account president on trial has

promised to reduce the trade deficit by attacking unfair trade practices many doubt that strategy i.q. it would spark trade wars. a softcore cryptocurrency is shutting down and filing for bankruptcy after being hacked for the second time this year it highlights security concerns about the trade in bitcoin and other currencies which are very much forming right now now the. change cold you bit have been hacked once before in april when nearly four thousand bitcoins were stolen in a cyber attack that the country's spy agency linked to north korea according to a newspaper report be denounced on its website that it had been hacked on tuesday causing a loss worth seventy percent of its total assets and earlier i spoke with erin tilton from our business desk about the risks and dangerous all around it costs.

well bitcoin actually faces many of the same challenges that traditional currencies face i mean it can be stolen it can be lost and it can also be subject to extreme fluctuations in value i mean that's what we've seen with bitcoin it's up to twenty fold in the course of a year but there's been also days where we see the price fall by the fifty hundred dollars was extreme point this year so it is rather volatile just like genuine said however there's another source of concern that traditional currencies don't necessarily face traditional currencies are regulated there's a central bank there's a banking authority which helps set their value and control those laws apply demand to make sure that it's a fairly stable source of value and transmitting value bitcoin doesn't have that it's based on peer to peer technology it's completely digital and so it's going to completely unregulated field up to this point and we've seen some attempts by governments like in china to regulate it but so far there haven't been any real concrete steps to regulate the industry so they be connected all these warnings that you're seeing coming from france from singapore from germany may just be

connected maybe to fuck that central banks are fearing to lose their significance well there may be some of that because as i said it is an unregulated industry it's completely peer to peer meaning the only people who are overseeing the transactions are the people involved in bitcoin themselves in the people who actually support the network with bitcoin mining so yes i mean there could be a little point of that but there are legitimate concerns i mean in the past we've seen. efforts by people involved more shady areas of the industry talking about human trafficking drug smuggling weapons smuggling who only accept transactions and bitcoin because it's much more easy to make yourself anonymous hard to track and then there's also the fact that we've seen such rapid fluctuations this year people have put in massive amounts of their savings and if this thing goes bust which a lot of people are kind of saying this might be a bubble then they're going to lose their entire savings and of course that's an area of concern for many people in the regulatory and financial industries. aren't

there for us from the business that now let's far go to reduce argentinos massive deficit that's the plan of president mockery his special reform is set to bring in a lot of cash five billion euros to be exact but that also means raising the retirement age and people have taken to the streets against that here is more. ahead of the vote unions in opposition members protested against the pension reform near the parliament around one hundred fifty people were injured in clashes with police that demonstrators fear the reform will leave millions impoverished. they think in terms of i am against the politics of president mockery i do not consider him my president because i didn't vote for him i said this was going to happen i was fighting against this during the crisis in two thousand and one was. the

day we had established freedom in this country we live the good life but in two years we went into debt and it affected our lifestyle now i'm in my late sixty's fighting on the streets for my children and grand daughter so they'll live well in the future as things are now you cannot live like this and think i'm a better. president maurice your mockeries administration hopes the pension reform will reduce the country's massive debt to the overhaul is expected to save the government almost five billion euros. in the future pensions will rise more slowly and the retirement age will be raised to seventy from the current sixty five for men. women will retire at sixty three instead of sixty. very nice business and if you back tomorrow same time same place thank you so much for watching and stay with.

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