brown benefits from african communities which is one traditional banking facilities are scarce. stephen because they will laugh that story of business i forgot i just a moment i'll be back with more world news of the top of the hour i would. be takes one person only. with a little people and stories that make the game so special. for all true fans dot com. the northern foot

long line. and gemini. at any time i've come any place easy names. have to look like the crowd. to sing along to you see has to come from super funds. for. interactive exercises. everything is online mel file an interactive gem and so funny if t w. facebook's new crypto currency is facing strong headwinds and it hasn't even come out yet but could libra be a boon for africa where remittances can be costly and currency liquidity often a challenge we'll take a look. also on the show chinese lending to africa has fallen so as beijing grown skeptical about its various while partners. it is the feeling mutual. and next time

you buy a lamborghini take a good look under the hood fakes are trending from brazil to iran. this is business africa i'm stephen beard is in berlin thanks for joining us finance ministers from the g. 7 group of leading economists say they have grave concerns about facebook's cryptocurrency plans and need to act quickly to control it at the gathering in france germany olaf schultz said central bankers wanted to make sure laws were in place to protect monetary systems facebook insists it has no plans compete with sovereign search currencies and that it will await regulatory approval. so what exactly is libra and what's stirring central banks around the world to come out so strongly against it well like bitcoin libor would enable computer payments via block chain technology but to make libor less volatile than because facebook plans a peg it to a basket of real world currencies like the u.s. dollar the euro or the british pound would also sets libor apart from that coin is

that it would be backed funded and governed by big companies including visa master card and pay pal as well as cape town based naspers and that's a major technology investor libra set to launch in 2020 facebook has 1st to convince regulators around the world including in africa which is expected to be a major focus for the crypto currency and joining me for more on that from could golly is moses a quasi c.e.o. of after link and a specialist in african tech companies thanks for joining us moses 1st question could libra be successful and if so how in africa. thank you for this question i think the leverage definitely can be successful because definitely it's going to enable a lot of challenges that karen lee africa fees with regards to digital money payments and of course let's look at it this way the technology itself is good luck

and is definitely secure encrypt and it's definitely a way that people can actually use the dissolution to do different things that actually are more secure that what becomes a challenge is the policies around the block in which becomes a crypto currency and still one of the things that i think that facebook definitely needs to do is to do a lot of convience it but i think that in the long term is to kind of adapt to the policies that are already existed and not be like a $34.00 like we've seen in bitcoin and definitely it's going to be a huge success because we do need it for what it will remittances for saying which is super expensive we need it in terms of security now it is a lot of people are moving away from old into cigar cost because of their but minutes that comes around we're told it's a cockroach so it definitely does will be a huge success if it is done well the most as he said the facebook needs to convince countries what is the word around africa in terms of are we hearing

anything from governments already from central bankers about their take on libra. yes i mean there are a lot of consensus specially countries like nigeria. and even recently i had there is also a bit of interest coming from zimbabwe and there are different opinions if you look at phrases nigeria there was a huge loss when it came to that but it's court when there was this rise and fall if you look at zimbabwe it's a good news because a lot of carry city has not become buyable anymore that people normally believe in cautious karen says so definitely there are different mix of feelings but what i can say strongly is that because of bitcoin kind of became a cell in most people's mouth we need to definitely show that this is actually a result of technology and it's definitely needs to be done well so definitely there are quinces but it needs a little complacent so facebook will have to sing which itself from that point of

course most of the qua c.e.o. of africa africa link joining us there from kg ali thank you very much china has become a major developer in africa over the past decade funding infrastructure projects like railways and ports mostly through loans and typically with few strings attached but beijing's lending has fallen recently while skepticism over the partnership has grown on both sides. kenya was one of the 1st african countries to get on board china's multi-billion dollar silk road project so far the country has profited from the investment a major infrastructure project built with chinese loans the new train line between the capital nairobi and the port city of mumbai this 1st part of an ambitious rail project alone has cost china nearly $4000000000.00 but the rate of chinese lending in africa is slowing 2016 was a high point with china lending more than $30000000000.00 to africa in 2017 the

figure fell to just over one 3rd of that. china did pledge for their loans to african countries last year but doubts are creeping in for china the fear is that its investments in africa will not pay off as expected in april china declined to lend kenya actually point $6000000000.00 for the 3rd phase of the rail line which seeks to extend it to lake victoria chinese lending carries risks for both sides african countries are worried they will not be able to repay the loans part 2 of the project is due to be completed this year if and when part 3 is completed remains uncertain. and joining me from nairobi is the correspondent joy doreen beera joy the most bossa nairobi rail line it was mentioned this report this was sort of a prestigious project for chinese african development relations but it's had problems it's expensive it's underused according to projections and least compared with projections is beijing just calling a failure a failure here. well these 2 sides to that canyon looks at the

project as the gateway to the intact east african region but as it is it appears you know when the president went to china to request for an extension of the loan it just appeared that china said you know they would like to have proof of the viability of the project and while he was not able to get the loan for this particular project he was able to acquire. less for the construction overall of that connects you know the city center to the airport but getting there and standard gauge really particularly this one has been a tough call for the president of kenya. so does this mean that china is now attaching more strings to its foreign lending. i think what china has decided to do now is go into public private partnerships where they now bring chinese companies

to work with different african african governments and that way they able to achieve more and spend less you also looking into the joint ventures as well which is the easy target for them that we the able to give blessedly to african countries but at the end of a day marks in my eyes on the chinese companies venturing we the other african governments to achieve the built in road initiatives for instance. there what about on the other side of the relationship have african perceptions about chinese money changed in recent years. yes it has changed and the clear example we can use is the past recent one where the president of tanzania did criticize china's laws saying they're very exploitative and awkward just because one of the constructions of the poor in tanzania i think that is but a more import the cost about $10000000000.00 u.s. dollars you know the president of density has said that it was quite explained

dative because china was asking for a 33 year guarantee and 1009. in terms of he has view that is quite exploitation of knowing that it's just along and the conditions very very confidential that he had to open up and say you know this is actually something that we have been reviewing and would like to renegotiate is something new coming from african leaders serially on as well in 2018 did council one of the projects that was traction of an airfield saying that it was digging deep into date so african countries are now also thinking twice on how much the east from china biting more than they can chew that is something that most african countries are now looking into when it comes to dealing with china also we cannot neglect the fact that a 3rd of china's investments in africa i targeted towards mining saw against

china's end of the deal is looking into how much they're going to get from a specific country where they are putting money into their. joy during their of their forests and nairobi. the south african unit of u.s. car company ford will hire an extra 1200 people at one of its local assembly plants near the administrative capital pretoria a new staff are needed to ramp up production of the facility ford aims to increase production of $720.00 vehicles per day at the plant the auto giant recently announced a $215000000.00 investment at south african unit. police in brazil say they've shut down a clandestine factory that was producing fake lamborghinis the cars were offered on social media for $45.00 to $60000.00 a lot of money but just a fraction of what the real thing would run you. this engineer has stolen the show at this tear on tech fair but that's not all he's stolen shots must suit marathi

spend 4 years building his dream car a lamborghini the economy of the islamic republic is plagued by shortages and imported luxury cars from abroad or out of reach of nearly everyone so the next best thing is to build your own. i apologize to lamborghini for copying their idea and their design but really it's the italians own fault because they're the best. hiding and as that. 40 years after the islamic revolution in iran is as isolated as it is ever been american sanctions are hitting the economy hard many here blame their own government which is bogged down in expensive military conflicts in yemen and syria while its own population suffers dissatisfaction is growing and people are forced to find ways to make ends meet.

that germany's engine in this iran border has only half as much horse power as the original but its message is one the government would probably like you could look powerful even if you're not really and you can do everything by yourself. and that's it for me and the business same as always you can find out more about these and other stories online at the dot com slash business or on facebook and twitter i'm stephen bears and that's watching.

odd. bursts. home to use of species. words if you can. get those are big changes and most start with small steps but the idea is to tell stories of creedence people and innovative projects around the

world. to come to use to manage some shots and resource to show. interest to come to the next generation goes on until such action. comes in place channels available to people chanting to the show and more determined to build something here for the next generation. sphere barmen series of global 3000 on. this estate everything is epic that coming up in the next 15 minutes a significant step in sudan the military rulers and opposition coalition have signed a power sharing agreement but this is just one of the documents that need signatures will be looking ahead to the next hurdle the parties face. and south africa bids farewell to the white suv of the anti-apartheid musician johnny clegg has died at

$66.00 we reflect on his legacy. or latterly.