Your Business Report im stephen beards in berlin thanks for joining us facebook executive david marcus told the New York Times last month that the companys new Cryptocurrency Libra could be quote a profound change for the entire world and quote on tuesday markets delivered a much more subdued message to u. S. Lawmakers libra wouldnt threaten the current Monetary System and it wouldnt seek to replace sovereign currencies senators were skeptical to say the least take a look. What consume david marcus head to Facebooks Libra subsidiary kelly for a face to panel of senators who werent prepared to pull their punches that facebook is dangerous. After all the Times Facebook is abuse the Publics Trust and you know that you really think people should trust facebook with their hard earned money trust us primordial and weve made mistakes in the past and we have been working in our continuing to work really hard to get better Central Banks worldwide have raised concerns that lever could become a rival to sovereign currencies david marcus out and out tonight that was facebook saying and promised the Senate Banking committee that the cryptocurrency would not be in anyones digital wallet until Global Regulators was satisfied we will take the time to get this right we expect the review of libor ought to be among the most extensive ever we are fully committed to working with regulators here and around the world and let me be clear and unambiguous facebook will not offer the libor a Digital Currency until we have fully addressed regulators concerned and received for preity approvals. Marcuss appearance before the committee came a day after the us treasury secretary Steve Minucci and said his department had very serious concerns libra could be used by criminals its clear u. S. Authorities are giving their homegrown web giants plans a closer look. Lets go to our financial correspondent new york yes korda there yes there was some pointed remarks in this hearing what does it really mean for facebooks plans i mean could they just go ahead with libra if they wanted to they need this approval. Facebook and the partnering Companies Facebook is not doing this project alone might not need the blessing from senate but there clearly would need the green light from regulators and its not just the congress that is concerned we also got some criticism from u. S. President donna from from the head of the treasury also from the fed chairman and their words clearly some heated remarks at the hearing one senator actually compared to facebook toddlers there was a small child who plays with eventually burns down the house so obviously there is some skepticism towards the of course its always a show by a lot of this congressional testimony but this does seem like an odd time to be pushing a crypto currency for facebook when skepticism over big tech firms and especially facebook seems to be really growing in the u. S. You know the timing is not picture perfect but on the other side all the. Debate on big tech names and their market power wont go away anytime soon so i guess the environment doesnt really get better from this point and david marcus he made an interesting point he said that it might be better for the u. S. Actually trying to get the leadership when it comes to Digital Currency and payments so that not some other country jumps in ny guess that was a hint that china could be one of those players so we will see if facebook can convince regulators and petitions was the argument but the whole controversy actually brought also some easiness to other cryptocurrency speed points for example just within 2 trading days lost about 20 percent in value and going through another rough ride weve seen this week quarter joining us from new york thank you. Wall streets biggest banks reported solid results for the 1st quarter of the year both j. P. Morgan chase and Goldman Sachs book profits in the 1st 3 months but some of their results disappoint investors and they underline the uncertainties that are looming over wall street. The growth of the u. S. Economy continues to confound expectations and choose to some of the countrys biggest banks reported mostly strong 2nd Quarter Results covering the period from april to june j. P. Morgan chase by total assets the biggest bank in the u. S. Unveiled better than expected Quarterly Earnings although other indicators on set of the investors its rival Goldman Sachs saw a dip in its profits but they still exceeded analysts expectations. Goldman sachs results were boosted by strong growth in its equities and lending divisions of the revenue slipped by 2 percent year on year net income also declined even though the bank still posted solid profits of 2. 2 1000000000. 00 for the 3 month period j. P. Morgan chase said revenue in its Retail Bank Division surged by 11 percent but investors were concerned about slower loan growth tighter lending margins and soft Capital Market results net income still exceeded 9200000000 well ahead of expectations. The banks c. E. O. Jamie dimon said positive momentum in the u. S. Economy was helping the Banking Sector but he pointed to geo political uncertainties as a reason for the dips and the banks Market Driven business. The results are broadly in line with the robust growth the us economy continues to enjoy at the end of july it would have grown for 121 consecutive months the longest hot streak since records began in 854. And over to europe the nominee to head the European CentralBank Christine Lagarde as n l should step down as managing director of the International Monetary fund in september the guard has already given up her day to day duties with the i. M. F. Which coordinates global Monetary Policy u. S. Economist david lipton is serving as acting director the guard will join the e. C. B. In november if confirmed identifying her successor at the i. M. F. Is likely to be a focus at a meeting of g 7 finance ministers and friends this week. And lets look at some of the other business stories that are making news. Low cost carrier ryan air has cut its passenger growth forecast for next summer on expectations of a delay in deliveries of boeing 737. 00 Max Airplanes the model which was involved in 2 deadly crashes within a matter of months is grounded while boeing works on a software fix. Us judge was reduced to jury award against pharmaceutical giant buyer in the case of a man who blamed the weed killer round up for his cancer the decision which slashes damages from 80. 00 to 25000000. 00 does not change the jurys finding that buyer is liable for the plaintiffs the program. Theres a new space race and this time is not just nations reaching for the stars but also private Companies Investors are throwing around cash and a german firm that made its name during the original space race is once again raking in the profits. This is a retro reflector especially ground lens made of glass. Is so pure that you could see through 100 meter thick book as if it were a window. Prisms like this are found in an instrument that the apollo astronauts took to the moon 50 years ago. Even today it allows us to measure the precise distance between the earth and the moon. And. With so much Media Coverage the moon landing was a prestige project for anyone who had anything to do with it our Company Became known for its involvement we received requests especially on the follow up missions because wed been there and provided material that really lasts that long. No mistakes can be allowed to happen during production and processing the light must be able to spread. Throughout the glass this is checked here with a microscope. By millimeter in space the courts glass is exposed to extreme radiation as well as temperature fluctuations of several 100 degrees it has to work reliably repairs are not possible. Thats why so many performed in the Space Program they give us manufacturers as much information about the material. Situations that were previously impossible to test at our factory. In the 1st robot to land on a comet had quartz glass from the german company. So too does the European Space observatory thats mapping the milky way. But theres not that much money to be made from space travel instead the knowledge gained here opens up new uses for courts class on the earth such as in particle accelerators this block is soon headed for the us there it will be cut up and ground into reflectors for the next generation of g. P. S. Satellites. It was meant to spark a Global Shopping spree transatlantic protest amazons annual prime day event thats 2 days of online discounts staff have taken to the streets in germany demanding higher wages and warehouse workers have also walked out of the u. S. They want better working conditions and more job security amazon says it is improving the sions pointing to a recent pay hike that also says its fair unions said the retail giant discounts to customers come at the expense of its own employees salaries. Thanks for joining us. Carefully. Choose to go. To school for the. Subscribe to. Documentary on you tube. Where the real power resides. I come from there are lots of people in fact more than a 1000000000 to do that was not just democracy thats one reason why im passionate about people and aspirations and they can sense. The truth and the mission reporters tried to get in berlin after the for the fun one and i remember thinking at the time if the bomb in broken for would have happened if people come together and unite for a fool. Would i do the news i often confronted her situation with more conflict being discussed in privacy despite my job to confront good speeches on policies and development to put the spotlight on issues that matter most hunger Food Security oppression fashion isolation. Cannot has been achieved so much more needs to be john and i think people have to be a concrete solutions my name is a mismatch and i work at the delta. Hello and welcome to arts and culture will be looking up and surprising french architects solution to the housing problem in cities also coming up. Streaming music old movies is the name of the game is big brother watching. Techno in berlin for the audience of photographer martin abel a. More a more people all over the world are moving into the cities and cities are getting cramped. And theres less room for new housing so naturally architects look upwards where there is plenty of space lab or a blog the white tree is an extraordinary tower block in the southern french city of mobile yeah which aims to turn the Bad Reputation of living in a high rise on its head. Its an attention grabber the white trio wont pay heed surprises passers by and delights its residents. This is the balcony where we have breakfast and here we have an epic t. V. And this is the balcony where we just relax yes