tv Business - News Deutsche Welle February 13, 2018 12:15pm-12:30pm CET
you're watching the news coming up ahead with the russian weapons industry under pressure from u.s. sanctions the kremlin responds with a controversial plan to protect its a multi-billion dollar arms business but i'd watch diplomatic cost. monica we'll have that story for you coming up shortly say b.t.w. news. every journey begins with the first step and every language with the first word emerged in the. code is in germany to learn german and why not learn it from a simple online on your mobile and free shop for d w z e learning course you can speak german made easy. earth
a home worth saving googling to those tell stories of creative people and innovative projects around the world like to use the context of climate and boost green energy solutions to inspire people to take action global one dio's on d.w. . washington plans new measures against russian banks to financing the country's exports the kremlin doesn't take any chances and increases control of the country's lenders we talk to a business consultant in moscow. also on the show china's online retailers are now developing supermarkets fully digitalized connect. welcome to business the chairman off south korea's launch a group has been sentenced to. two and a half years in prison
a court in seoul jailed shin dong bin for bribery in a wide ranging corruption scandal that brought down the country's president the verdict comes at a time when a lot of which is south korea's fifth largest conglomerate under sponsor of the current winter olympics stepped up marketing in a bitch to promote its brand and to boost sales since the rest creates a leadership vacuum at the retail giant which struggles to compensate for the mounting losses at its china operations. beijing wants to reduce debt piled up by some of the country's biggest hits and that's prompted a unit of china's age and a group to sell some pretty lucrative sides in hong kong a move that's also closely watched here in germany especially in france that that's right to the tune of one point seven billion euros or dollars i should say and it's not the only thing that it's going to sell it's probably going to sell properties in london's canary wharf as well and it said it's looking at selling in new york
and this is important in the building behind me as well as not only the chamber of industry and commerce which is looking at the china america question but also the stock market and the do it your bank is looking very anxiously at what age china is doing because it's a huge shareholder and it just announced that it's reducing its stake that makes investors nervous and when investors are nervous about germany's biggest bank a hugely connected bank in europe and the world that makes everyone nervous. washington is expected to soon impose fresh penalties against russia for its alleged meddling in the twenty sixteen u.s. presidential vote those fresh sanctions would primarily target russia's financial institutions key to the country's massive arms export business which is worth billions of euros and therefore crucial for the russian economy. weapons have traditionally been
a booming business in russia. last year russia export a twelve billion euros worth of arms to fifty three nations private banks usually play a key role managing arms exports but many of them are now subject to u.s. sanctions potentially throwing a wrench into russia's well oiled arms industry until moscow repurposed the props vs punk that is the bank manages russian arms transactions and keeps them hidden. so social so that the. establishing a network of companies is all you need to transfer money. from the outside it's not at all transparent still it's. until recently. was a private lender catering to the middle class but at the end of last year the bank found itself at the brink of collapse in january moscow responded by nationalizing it and appointed the head of the russian export center provide golf as president.
he has close ties to the kremlin and his father used to head russian's foreign intelligence service literally economists are concerned about growing links between the state and the banking industry and what they can but saying im. not happy with this solution. huge it's a soviet style solution and will not lead to any good ship a. straight up in a short. government influence in the finance sector is growing some say moscow will order the central bank to keep spawn a washing funds to finance arms exports. do you work. well financed on companies. and if they work badly and run out of money. the bank will go to the government and ask for funds they're sure you should get
what they give you a couple of shows for each additional experts in moscow predict that the u.s. will soon extend sanctions to the bank but the government seems unfazed at the prospect when it comes to guns it seems where there is a will there is a way. and what could precious sanctions mean for the russian economy well earlier i spoke to a managing partner at accounting audit ing a consulting firm and partner in moscow he said rising companies doing business in and with russia so i asked him how they're coping under the current sanctions and whether he's also dealing with firms. first question i have to say no we are not advising arms companies that is traditionally not big business so it was not a business before sanctions certainly not a business after sanctions but yes we advise a lot of companies mainly from germany german speaking companies but also from
other countries and these companies have developed certain strategies how to cope with the sanctions and business goes on in a certain way are i entitled to explore those strategies how do you cope under the current circumstances as a business. the as a lawyer that's for as a lawyer i can only say we hope within the existing framework that means companies adjust to the new legal framework and that means that certain products cannot be exported anymore other products have to be verified certified by a german export control agency and if this agency says it's ok then there can be exported and certain financial transactions are not possible anymore and companies have to take care also have we had vice and to take care of that and this is a new legal framework which is being implemented and one has to be creative i
assume and we just heard in this report it was mentioned that there is a a growing link between the states that means moscow and the russian banking sector does that worry you. as an attorney advising german mainly medium sized companies medicine companies we are not really concerned about that. clients work either with their own financing all they work with established banks mainly foreign barings which operate in russia and the and you're right the state influence which has increased in the russian banking center is not really effect for the german export was who are active in russia right under the ask now managing partner at accounting audit ing and consulting from google in patna joining us from moscow thank you so much. first of a move to the retail network online and now they bring networking into the retail
sector china's internet companies are working on a fully digitalized shopping experience supermarkets without any staff. this in conspicuous structure is actually a mini market located in a commercial district outside beijing it's fully automatic there's no staff. it's a market of the future. here customers use an app to access the store locate products and pay for them so much a venture. there are five security cameras watching the store if a customer shoplifting or tries to leave without paying the customer service center reminds them to pay. the store contains typical many market items snacks drinks and hygiene products customers come from nearby offices during their lunch break. each item is priced electronically purchases
are completed with the payment app. i like shopping this way with no one watching when you find what you need then pay and go oh. bingo box in beijing is just one of several start ups developing on staff markets. it operates some two hundred stores like this one they're all running smoothly. told our theft rates are even lower than traditional supermarkets. or the loss rate is less than zero point one percent . j.d. one of china's largest online retailers also runs supermarkets without employees they have a store in the company's offices that uses biometrics once you've registered on the app it's all automatic. customers do their shopping and as they leave the facial recognition technology identifies them and deduct the payment from their account.
we're still in the test phase so we can't provide exact figures yet or we're fairly certain that a market like this is cheaper to operate than normal supermarket where there were no. no where are people as enthusiastic about digital shopping us here in china. payment apps and online delivery services are an integral part of their lives. people here accept and tolerate that the stores keep all their purchase data. i'm sure this is the wave of tomorrow. to have convenience we have to share our personal data i think it's acceptable. digitalisation does have its limitations however people are still needed to keep products on the shelves orderly. and here's an interesting read
iceland is expected to consume more energy mining virtual currencies than it uses to power all the countries the north atlantic island has become a major hub for a bit of mining thanks in part to its cheap energy but now lawmakers are talking about taxing the profits of bitcoin mines that's likely to go down well among icelanders who have become quite skeptical of financial speculation since a disastrous banking crash ten years ago. and that's a business update here on g.w. for me and the team in berlin thanks to keeping us company. played.
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