Transcripts For DW Business 20191126

And were starting with a blockbuster i. P. O. Shares in chinese ecommerce giant alibaba have surged in its hong kong trading deb you one of this years most anticipated stock offerings the company which is already traded in the United States raised 10000000000. 00 euros in its secondary listing alibaba shares surged more than 6 percent in the 1st minutes of trading obama is offering is a huge boost for the Hong Kong Market which has seen business slow amid the ongoing and poppy violent prodemocracy protests. And as were in the region already lets talk about chinas role in the current a bit coin decline the much hyped crypto currency has fallen to 6 months low partly because china has announced plans to take a harder stance against cryptic currencies in general but bitcoin has always fluctuated wildly in the past how fingal doubling in value within a few weeks is not uncommon because the cryptocurrency react strongly to good news and bad news and thats whats been happening in recently when chinas president xi jinping spoke out in favor of strengthening brocton technology saying more should be invested and that boosted bitcoin share price but now that china wants to take action against bitcoin the price has collapsed so lets dig a little bit to deeper now im joined by professor philip someone from the Frankfurt School block janus center good to have you with us now 1st of all the obvious question is china really the culprit in this. I think china is very important here because its the largest market the currency is they have to the largest number of currency owners and therefore actually whatever they are seeing at the market thus created as we have seen. And whats whats prompted china to change its tune 1st it was speaking out in favor of cryptocurrency is now it wants against them. 1st of all they have been against Capital Currencies because they felt that the market is turning hot with all the speculators a secular agent 2 years ago and now they feel that locked chain as a technology it will be key in the future and now the question is you know should they not disentangle accrue to currencies and and chain which they are trying to do with various for example europe and also the u. S. And the acknowledge that in a clue currencies poppy goes hand in hand so therefore 2 currencies are not beaten for example in germany but china tries to disentangle crypto and i watch that story that china is actually working on its own crypto currency thats called it the e. U. One. Thats true and its a fascinating project with this i would say that they are really ahead of all other countries all other countries obs ghassan in an experiment in china is ready to stop the debt digital 1 oclock train system but the critical point here what you are still hurting because of what china is doing here is not really a group of currency its just to stand out National Currency running on a block train system so its not really had to do currency as we have it in our mind you know not because im not if you have nothing just a local currency and not to. Just very briefly given that china is so powerful is now good time to invest in cryptic currencies well as almost everybody has to decide on this earth himself because its also very very risky s. P. C. S. Volatility is high you can lose your because its a one id like to be able to be very honest you know in the background bangs Institutional Investors they are all Building Infrastructure for making big coin a little bit more institutional ready so to be honest i think its a good time at least they go about investing in because food for thought there professor Philip Sutton there from the Frankfurt School block thank you so much for your time. What to do with a set of priceless 18th century jewelry stone and from one of germanys most iconic museums well the thieves are unlikely to try and cash in on the pieces any time soon because the collection of the saxa gotha royal houses far too well known. Once owned by the 18th century royal family these sets of diamond studded jewelry have been described as priceless theyre part of one of the biggest and most unique jewelry collections in the world and now theyre in the hands of criminals in just minutes they cleared a section of the display case in the green vault these pictures from the surveillance camera captured the thieves in action. Exactly how many items were taken is still unknown but the jewels the river size and purity rarely seen on the market anyone trying to sell just one of them at auction could expect to be arrested immediately auction houses and dealers all over the world will be scrutinizing any standout pieces and their owners the pieces may get melted down to release the precious stones which would add insult to injury for those who were robbed. These are all these ensembles have stayed together they have significant cultural historical value theres nothing else like them in the whole world or the individual pieces and the materials are nothing in comparison to the significance of keeping the ensembles intact thats almost a really thought send. It to market experts are now eager to see when and where the 1st stolen pieces turn up in circulation and whether or not they get recognized. So what kind of fate awaits the dressed in jewels im joined now by the andrea donica partner at auction house good good to have you with us 1st of all has this ever happened to you that some kind of stolen objects were off but no and i think its rare event. Difficult to sell stolen art pieces and we have never been in contact with those but is there i mean see if they dont they dont steal whether its a painting of jewelry they dont steal it because they think its pretty i believe because they think theres money to be made is there a market for it. Well i think the market is like when you when you think of napping so you would blackmail the original owner and say ill give it back when youve paid 10 millions of whatever and with gems of course you can put them out of the setting and the gold and try to sell it but with paintings or all those objects its super difficult. Art met. Kidnapping or art nothing. Is it possible that dressed in the green belt that they will get a phone call anytime soon. And amounts yeah it would be the best solution of this horrible story because we are all so afraid that the pieces will be destroyed and then Cultural Heritage is gone forever like with the saudi era at the consists in there was like a blackmailing to the museum and it could be solved in that way so they got the pieces back they got to pay a price yes but they got the pieces back well i think that is the most important right now for for the museum but if worse came to worse and disease did nailed down the jewels in order to get hold of the precious stones is there a way to trace it back or are they off the hook that way so im not a druids expert but im afraid. That one skull just melted you cannot figure out from which origin it comes and i imagine it to be very difficult if its just right and what about private art to dealers have you ever heard of the possibility that you know they have some rich client as a really need to have that more or that statue is a contract i do think that this is more something from a hollywood movie imagining those gentleman sitting in the cellar of his house and looking at the pews whether its jewelry of god but in reality those groups really like criminals and are connected more or less to Money Laundering and trading weapons and so on so i doubt that there is a client language like i am right thats my answer is either. Dont like or their partner at ocean has these about think you so much for your time thank you very much. And i do some of the other Global Business stories making news. German economists are expecting a strong Holiday Season and its Monthly Consumer Climate Index German Market Research Group g f k is predicting an increase in Consumer Confidence of just over one percent for december but the christmas uptick only goes half way to correcting last months retail slump. The u. S. State of texas has dropped its opposition to the merger of mobile phone Companies Sprint and t. Mobile usa announcing a settlement that would stop them from raising prices for 5 years 14 states and the district of columbia still planning action to block the 26000000000. 00 merger. And new figures show makes eco fell into a recession during the 1st half of the year revised data shows the economy shrank before flatlining in the 3rd quarter the figures come one year after president Manuel Lopez Obrador came to power promising. Hes a 3rd executive of an australian top bank to stumble over a major scandal the c. E. O. Of australias 2nd largest lender westpac stepped down over a Money Laundering scandal that reportedly involves Child Exploitation. A strongly is financial crimes regulator austrac has accused westpac of failing to report 23000000. 00 payments in breach of anti Money Laundering laws including the facilitation of offshore payments allegedly linked to Child Exploitation in southeast asia. Just yesterday westpac c. E. O. Brian hertz of told stuff it was not a major issue and that he intended to stay on but under pressure from the government and Financial Advisors hes capitulated and announced he would leave the post at the start of december the Australian Government welcomed his announcement 23000000. 00 alleged break is of Money Laundering. And also track has said. That there was a level of indifference by say new management a lack of appropriate oversight by the pool. And i says to make. The bank in its court filing austrac said the oversight failure at westpac led to serious and systemic noncompliance with anti Money Laundering laws the regulator is pursuing fines of up to 21000000. 00 australian dollars for every transaction westpac fail to monitor adequately or report on time will still get his salary of 2700000. 00 australian dollars but hell lose all bonuses hes the 3rd Top Executive from the countrys 4 major banks should have caught in the past 18 months after a bruising Public Inquiry into the Banking Sector inquiry uncovered a culture of widespread profiteering customer feet and slipshod regulatory oversight. And business update. From me and the team as always thanks keeping us company. The little. Im skilled at the work that hard and in the end this is a me youre not allowed to stay here any more we will send you back. Are you familiar with this. With the smugglers were alliance of the whats your story ready. I mean when i was in women especially of victims of violence and. Take part and send us your story we are trying all the winners and the fan this new culture. Another village to another year you want to become a citizen. In for migrants your platform for a while information. Greetings from berlin and a warm welcome to arts and culture and a dramatic start to the week as burglars broke into one of europes largest collections of baroque treasure in eastern germany making off with diamonds and jewels and so well have more on that and also on these stories. The one and only tina turner by many as the queen of rock n roll turns 80 on tuesday so well pay a tribute. And we dive into the impressionistic 1st novel of turkish german author. Mom about the lives of girls and women in rural turkey in our continuing series 100 german. All the green volts in the german city of dresden is the historic Treasure Chamber all of the saxon kings it got its name thanks to the molokai green painted columns in some of its rooms and it houses some 3000. 00 precious objects made of gold silver ivory and gems and after world war 2 the russians carried much of it off to moscow but the saxons worked very hard to bring the entire collection home and now after a break in early on monday some pieces have gone missing again. At around 520 on monday Morning Emergency Services were called out to a fire and a power distributor investigators are now examine the possibility