tariffs to china. business businesses around the w. news i'm glad i was in berlin welcome can facebook take cryptocurrency mainstream the world's largest social network unveiled the digital coin it plans to roll out next year the project is called libera according to media reports and proponents say it could revolutionize digital payments under a single streamlined currency more than a dozen global firms will invest in and govern the currency like master card vodafone and this group was supposedly wall of control of the currency from facebook itself the facebook coin will be picked so a basket of global currencies like the dollar and the euro or the pound to shield it from the wild fluctuations that has plagued bitcoin and scared off many average investors and potential users but will the new cryptocurrency catch on facebook bets the stale of the social network alone with 2400000000 monthly users will forge

a new huge marketplace for streamline purchases and exchanges facebook also says liberal will help to bridge the so-called banking gap given the 1700000000 people around the world to do not have a bank account a secure alternative to cash facebook c.e.o. mark zuckerberg already already had this to say about the project which will be officially announced later on tuesday i believe that it should be as easy to send money to someone as it is to send a photo so we're already testing this in india we've got a 1000000 people it's been used a lot in the production for is great. we're already working on rolling this out in a number of other countries later this year. about that joining me here in the studio is jeff gallus he's an investor an entrepreneur specializing in block chain application that is the technology that underpins all major digital currencies jeff

we have bitcoin we have a theory and then many other cryptocurrency is it do we really need to see any promise there. i don't know if we needed. i would kind of separated from what you just mentioned bitcoin or theorem if they use the same name cryptocurrency. and i kind of doubt a remains to be seen if it is a proper protocol in c. that has because for crypto currency is special bitcoin the promise was that it's decentralized immutable unsensible there is no censorship there and everybody can access it and facebook is kind of building on that promise. whether it's unsensible that means everybody can do any transactions he or she wants or missing is the the pegging to the other currencies is that that's another big difference is that yes it is so in the crook of currency market that kind of corn would be called a stable coin because it is relatively stable compared to bitcoin for example which

has been ever since i saw the world mostly going up which is a really bad thing but something has been going down to so that so it's like providing some stability is definitely something a lot of people want especially in international payments. and i think facebook can probably provide that but facebook is not the only one doing that it's a bit of a bustard isn't it between the free ranging wild up and down that bitcoin provides and it's been a bit of both normal currency and. it's trying to bring traditional currencies into digital markets and one of the one of the issues i see here is that facebook with the global power and lots of uses a whole probably uses corporate currency has a potential to seriously undermine the national currencies especially smaller ones and kind of start to make the rules when it comes to the next question does it really i mean the sheer power that facebook has with these 2400000000 monthly uses

is that you really reckon it could be become dangerous to the dollar for example not dangerous necessarily but they can become an influential player because they are one of their business model for libor as actually they want to hold a bit of currencies and also invest money in traditional markets to and mostly make money on the percentage that they make so they will have a good amount of euros or dollars in their basket so for example taking on the dollar even if the threat could be something that can have some political will most likely in the future have some political implications that is an interesting point will they have comparable power i mean if it really goes off will facebook or the people controlling that coin have a similar power to say the fed. well i think and that's and they might and that might sound threatening but maybe it's even

a good thing because there was one of the reasons because started to challenge the traditional currency system to challenge traditional banks and the way they do business to take the power out of political thing a political act as in give it to a lot of people and given it to companies even though big companies is maybe one step in diversifying the currency the global currency culture if you will just call us thank you very much welcome to the studio today china's premier dejan pay will visit north korea's kim jong un later this week but he is by no means the only person from china taking a trip to the secretive communist dictatorship increased global attention on north korea has pushed the number of chinese tourists going there to record high. an inscription on the friendship tower in central pyongyang speaks of north korean and chinese efforts to smash down a common enemy it commemorates troops sent from china to help battle u.s.

led un forces during the korean war. 7 decades later the chinese are again arriving in their thousands this time as tourists for $2500.00 yuan around $360.00 they can take a 3 day trip that takes in the sights of the country's capital. much of the early afternoon there are more chinese coming to visit some places we went to had long queues. the number of people arriving is putting a strain on infrastructure in pyongyang although there are no official figures from either side tour guides say the number of chinese it has is at a record high the market of tourism to north korea has always been dominated by chinese tourists of course but in the last year the numbers have been huge sometimes up to 2000 people per day going to pyongyang there was recently a policy announced to restrict the number of tourists arriving in pyongyang to 1000 per day but there is some concern about. too many people visiting

the u.s. has banned it citizens from traveling to north korea but the country's tourism industry is one of the aspects of the economy not affected by un sanctions that potentially gives beijing space to use it as an incentive when seeking to bring its wayward ally in from the cold. shares in the heavy industries were down after the merge the japanese company was in talks with canadian plane maker bombardier about buying its regional jet program paris air show with submission aircraft said it was planning to overhaul its passenger plane development it looks like they need help initial deliveries of japan's 1st a mystically built jet airliner were delayed. 5 times species said it had high hopes for the space jet which seats around 90 so far it has received more than $400.00 orders. brazilian construction.

as filed for bankruptcy protection to restructure $13000000000.00 in debt the company has spent the last 5 years embroiled in one of the world's biggest corruption investigations operation carwash or the british and other construction companies formed a cartel to distribute government construction contracts and ben farmer the percentage in to politicise pockets for the west said that it and its subsidiaries would continue operating normally during the debt restructuring the company which 5 years ago employed one 180000 people is now down to just 48000 leads. global shares have ticked upwards after the president of the european central bank said it was ready to cut interest rates and provide stimulus if the economy needed it easy the president mario druggies announcement signals one of the biggest policy reversals of his 8 year tenure after 4 years of unprecedented stimulus to revive

the eurozone economy the z.b. had been preparing markets will policy tightening normalization global factors such as the u.s. china trade war have meant lower growth than expected. the ongoing trade dispute between china and the us is increasingly making itself felt in the real world of business and agriculture while the white house and beijing keep throwing new tariffs at one another farmers in the u.s. are beginning to feel the pinch and also how important the chinese market has become for them. on the banks of the columbia river in washington state the cherry harvest is about to begin summertime is cherry time peak season for pickers and growers. mark riggs and his family have been cherry farmers for decades. it takes a lot of money a lot of sweat a lot of blood lot of tears to get a crop in production when we get to this time of year when most of the cost

rainfall that's harvest time up to a 3rd of our cost could be could be involved at harvest most of the sweet cherries here are heading for china but this year's harvest comes at a difficult time for american farmers. last year when china's tariffs came into place our costs to consumer cost in china rose as much as 40 percent and with the increase cost market typically that market's going to buy less fruit and that 40 percent increase ended up coming out of our bottom line as well and the trade war is escalating since the beginning of the month the chinese have imposed additional punitive tariffs on $60000000000.00 worth of u.s. goods. many products including fruit are now subject to duties of up to 25 percent the effects are passed through the entire production chain. if it's resolved we hope to be able to get back to where we were which china in regards to export cherry but every time there's a hiccup from

a country or region in the world to see wind picking up our ticket world other countries and regions step in and fill that. in the meantime the harvest waits for no one to cherries must be picked when they're just right sorted and packed and these farmers hope they'll find a market before they spoil. and that's it for me the business agent. more business news on background stories of course on d w dot com business it's watching a state. news is up next friday after this quick look at global stock. being

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done in the book you are now going to keep warm. blanket no commitment to. exposing injustice global news that matters to me for mines. i am not. 15 years since the minding. she was the 1st man to walk on the moon. as a small boy she dreamed of the stars. as a pilot she flew anything no matter how to interest. a church or go to the mall.

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is you know we use life for berlin germany france on the america welcomes her ukrainian counterparts and berlet wanted to discuss efforts to bring peace to eastern ukraine including a possible extension of russian sanctions but concerns over chancellor merkel's health dominated the visit with the chancellor appearing to suffer the effects of dehydration amid a heat wave in the.