that will give you access to all the latest news from around the world as well as push notifications for any breaking news and you can also use the date of the op to send us your photos and your video. or can a new crypto currency dave the venezuelan economy helena humphrey is up with that story much more coming right up and business of. every journey begins with the first step and every language with the first word emerged from the. rico is in germany to learn german and why not learn a simple online on your mobile and free shots from the d w z e learning course he can speak german made easy. beat the germans new and surprising new aspects of

nonsense culture in germany. u.s. american keep losing take a look at germany this increasing use of their traditions every day lives and language there's a lot of know how long as our legs are new day i'm good soon. because i'm strict i am going to g.w. dot com meet the germans. little again. and you cryptocurrency on the bitcoin blog catcher struck venezuela new has its own digital callings to drum up funds is that a strike of genius store an act of desperation or coming off we meet the peruvians protecting the rain forest by putting up a fight against new palm oil town taishan so. do you turn at

general motors looks like you're all american what are you make you could be say in south korea after all. this is your business update on how to have free but in thanks for joining me now desperate times call for desperate measures in venezuela as severe economic crisis has prompted the government to come up with an unusual strategy launching a new oil backed crypto currency called the petro a major doubts that will actually work as well as actual opposition on legal grounds. if you can dispute just how badly venezuela needs a plan hyperinflation shortages and soaring debt have brought the country to its knees and its citizens to the streets. when venezuelan president nicolas maduro announced plans to launch a new crypto currency some viewed it as an imaginative way out of the crisis and as a workaround for western sanctions that effectively keep venezuela from raising cash from bonds happen and this is going to allow for advancements in international

financing for the economic and social development of the country the new crypto currency will be backed by reserves of it as we learn while old oil gas and diamonds from the phenomenon is way low announces the creation of its crypto currency a big fan of soccer field effect i have on. the idea is to link venezuela's oil reserves to the value of a petro with one hundred million petro tokens worth around six billion dollars being issued initially but not everyone is convinced venezuela's opposition controlled parliament considers the petrol a ruse to borrow money using the oil as collateral circumventing laws that demand legislative approval from us and many observers are skeptical that the solution to be managed by authorities like the central bank whose policies helped create venezuela's woes in the first place. let's talk more about this now with market

analyst craig for foreign exchange company oh on deck right what do you reckon what are the chances of successful venezuela's petro cryptic current c. i think it's still very difficult to say ultimately what we're looking at here as you should mention the program is a bit of a desperate attempt to both avoid sanctions and also deal with the hyperinflation and other economic issues in the country but that they smoke is the standard by which the countries choose to adopt their own i'm not necessarily convinced i think some nations will of course look down this route such as russia maybe even the likes of north korea with the backing of all the cons but whether this becomes the norm in countries like the u.k. or the u.s. may be a little bit further down the line and may take a slightly alternative form cryptocurrency is of course craig are meant to be free from institutional control so it's a little bit contradictory to have an author or

a terry in government like venezuela suddenly using them yes that those go against the grain per se i think really when we're looking at crypto currencies though this decentralization that it's targeting is ultimately the aim of the project but once governments gets involved it's difficult to achieve that aim governments around the world courtly will be looking at ways to adopt it themselves utilizing the block chain technology that is behind it in order to democratize society and ultimately that is where we're heading so i do think governments are going to take control of this and possibly in the future adopt their own crypto currencies but i don't think it's necessarily going to follow the same route that the likes of bitcoin have and you think there's any merit to that because we're not just talking about countries like venezuela we know that sweden japan singapore are also exploring that idea.

yes a lot of these countries the likes of japan and singapore for example these are not countries that are looking at crypto currency as a way to evade sanctions at such or they're looking at those ways to welcome the future and they're looking acushla society is very very ill and for useable possibility in the next ten years or so and that looking at their currencies as a way of managing that transition process but ultimately governments and central banks will want to retain control over that crypto currency is all right then briefly craig i'm getting the sense from you that you think that cryptic currencies will become proper currency one day i think they will i think they will but i do think they're going to be in a different four months what we see with bitcoin a theorem at such for now let's not say that these com exist alongside it but government grown central bank controlled crypto currencies will be centralized

craig from oh and thank you very much indeed. corruption is a huge problem in many parts of the world and often it's the poorest communities we know who suffer the most fighting back is often risky so today tomorrow wild social justice day we bring you a story from peru where farmers in the u.k. jali area in the east of the country have been speaking out against business deals that they say are causing deforestation in that area and destroying their livelihoods now in the village of santa clara the children yeah locals are taking legal action to try and stop international companies there from turning tens of thousands of hectares of rain forest into plum palm oil plantations. we've come to an area inside peru's amazon rain forest that's been badly hit by deforestation. rice is on his way to visit an indigenous community they can only be

reached by boat demonize heads up the federation of native communities in this part of peru he grew up in a village here but he doesn't come back often it's become too dangerous. or just i mean i think they hire received a lot of their threats they left a message in my house saying if i opposed to their activities again they'd better not see me in the village. but i believe i'm in great danger. but i suppose is the large scale deforestation and has a region and that has earned him some powerful enemies he never comes here alone now this time he's with staff from the organisation pro-e take up the proven arm of transparency international they visit santa clara. residents here have come under pressure from companies looking to set up cocoa and palm oil plantations the village chief calls everyone to

a meeting to discuss the latest developments they're taking legal action to try to stop new palm oil plantations opening near their village. we never thought that we would have such problems with trans national companies. no the village wants to have twenty thousand hectares turned into legally protected and territory the initiators have received threats and the danger is very real just a few months ago six farmers were found shot to death so far no one has been held accountable for their murders. but how do these large corporations get their hands on thousands of hectares of land seemingly overnight. has examined the land deals and documented their findings. from the ngo have come to inform local residents. we wanted to highlight one thing namely the connection between deforestation the illegal trade in land and corruption amongst

local officials. there have long been rumors about this but there wasn't enough evidence to be able to say definitively yes it's true. pro it took i gathered available documentation and carried out numerous interviews many of the deals reached in this region are linked to check entrepreneur dennis medica is now being investigated by state prosecutors moca group companies have stripped thirteen thousand hectares of rain forest to make way for plantations they were helped by corrupt local politicians who invalidated existing land rights ignoring those with leave its four plants in south korea the decision welcomed by u.s. president donald trump who took it as an opportunity to criticize the free trade agreement south korean eye wall some had expected g.m. to close its remaining plants in the country it looks like the us comic could be set to make a u. turn. g.m.

is stuck between a rock and a hard place the car maker doesn't want to be the target of washington's america first policies but he doesn't want to ruin its reputation in south korea eva. it's certainly our preference to stay and to fix the business and continue to be an important part of the green economy and you know there's a lot of work to do to make that happen but i'm very encouraged by this questions that i'm optimistic. that that is an outcome that together we can achieve g.m. is now proposing to work with the korean government to keep the remaining factories open in exchange for a comic i would benefit from financial support and tax benefits the factory closure announced last week is a sensitive topic here workers staged a protest which seoul was watching closely the g.m. factory closure has been part of discussions about the trade ties between south korea and the u.s. . i ask the government to act firmly and sternly to

unreasonable protectionist measures such as launching complaints to the world trade organization and checking for violations of the us south korea free trade agreement . argue. the factory workers have the support of the top policymakers the korean government says it will provide cheap loans and financial support to those laid off in the area. europe today with an assist from the wild all of business from will find us on facebook follow us on twitter. on there as well on that see how crazy is my handle right now haze and out the global markets right now thanks for watching.

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