Transcripts For DW Business - News 20221112

With d w. Business beyond. A fed up with the patriarchy, that they need to stop doing and depressing with women in latin america rise on november 25th on d. Them with the fall of a crypto king. As sam bagman free the steps down his crypto exchange, f t x has filed for bankruptcy. What happens next . Well get the word from wall street. Also on the show, well look at how gas heated dutch green houses are trying to pull off an Energy Transition of their own. Im christy watson. Welcome to dw business. One of the worlds biggest crypto currency che exchanges has filed for bankruptcy. F t x was worth 32000000000. 00 just a few days ago. Now the Company Claims it cant give customers their deposits back. F t x his boss sam, bank and fried. Resigned on friday. He wasnt your usual crypto bro. He courted the confidence of big header investors like soft bank and paradigm who poured hundreds of millions into his company. Seeing his reputation and tatters, s b f. As hes known said, im really sorry again that we ended up here. I was shocked to see things unraveled the way that with that they did well for more and thats whats bringing teddy austro on wall street. Hi there, teddy. So tell us how severe is the situation for f t x . Whats gonna happen next . Well, christy, it does appear that the f t x empire has fall in finance, which was the Worlds Largest Crypto Currency Exchange was maybe going to save it this week, but now we are looking at the largest bankruptcy in the United States this year. 32000000000. 00. The x exchange that includes the trading group, alameda, as well as a 130. 00 other related companies. And this is sending shock waves through the crypt reverse, right . We are, we saw bitcoin drop today, and of course the investors in f d x are going to be severely burdened. Were talking about including a right traditional finance of banks, hedge funds, as well as institutional investors. And because of the legal gray area that trading firms are in the crypto verse, we may not see those investors be made whole. Okay, well teddy, we know that s b f sand bank and fried that he was sort of the golden boy of crypto. Is this the end of the line for him . Yeah, well, he was considered right, an up and coming star, the next warren buffett. So considered a fall from grace for some but now his wealth, 16000000000. 00 at its height now drop to 0. So its a pretty serious drop. Hes only 30 years old, right . Considered a trail brit blazer, bringing a traditional finance and crypto together, including talking to our lawmakers, regulators trying to steer the regulation of the crypto industry, which has been considered a wild west. Now we are looking at these, this bankruptcy his resignation, as well as the scc, reportedly investigating him for potential misdeeds. So this might be the ent. Okay. While sticking with tech billionaires for a 2nd, eli mosque has told twitter employees that the Company Might go bankrupt. How likely is that to happen just a few short days after his take over . Yeah, this is the culmination right of a couple weeks of chaos after the takeover of elan mice. And now were here in these reports, right, that there could be a bankruptcy now. Advertising is definitely central to this potential bankruptcy. Twitter relies on advertising and after laying off 3700 staff, there are questions around content moderation. A lot of big advertisers have pulled out as well as theyre being just a general global slowdown and advertising for many of the big tech firms. Course theres the 13000000000. 00 that ian must put on of debt at the he put on the company after raising that investment for the purchase of twitter. So theres a lot of financial strength, petty auster, thanks for that. Have a nice weekend now to some of the other Global Business stories making is japanese tech investment giant soft bank posted a whopping net profit of more than 21000000000 dollars in the 2nd quarter. On friday, the bank made big gains from selling shares in chinese e commerce, john ali baba, but ward of losses and vision fund, its massive fund to invest in tech startups. Chinas stringent covered curbs and a sharply slowing economy as hit the countrys Biggest Online Shopping Festival known as singles day one Consultancy Group has forecast, a 4. 7 percent sales slide on the last day of the event where e commerce firms like ali baba and j d dot com hawk. Everything from perfume to furniture or the e warren friday, that the euros on a set to fall into a recession. This winter as brussels raised Inflation Forecasts 4202220231 the back of high Energy Prices. The crippling effects of the Energy Crisis caused by the war and ukraine continued to disrupt economies across europe, along with belgium and greece, protesters and france have taken to the streets to show their frustration with the growing cost of living crisis. Over 30 parisians, subway stations were closed due to the strike action by transportation work us thousands went on the one day strike, demanding an increase in wages in the face of a cost of living crisis. That was, we want to weigh in on the debate to push for salary high accept the public transport of a right to an over all and france given the inflation we need higher salaries. Weve asked for it, but were not being heard. Neither by the government nor allah employ us. There is deepening work discontent here. People out on the streets making themselves heard. They cant make ends meet. In october, french Oil Refinery Workers went on strike over wages, causing massive disruption for businesses and commuters. The french government eventually intervened and forced them back to work. Its no different elsewhere in europe. Strikes in belgium and greece paralyzed traffic. And this winter the continent is bracing for more inflation in the euros own stance at almost 11 percent. And the economy is on the edge of recession or the economic lost momentum in the 3rd quarter. And recent survey data points to way contraction for the winter. The outlook for next year has weakened significantly. And we now forecast the u. Economy to grove. I only point 3 percent in 23. 00. The outlook is rather bleak and all indicate us point to one direction. A weakening economy as rush us worn ukraine keeps Energy Prices high. Why have a fun fact for you . More than 20 percent of the peppers and cucumbers grown in europe come from dutch greenhouses, clocking at at 9000000000 euros worth of export value. Theyre a huge factor for the dutch academy, but with Energy Prices through the roof, gas heated greenhouses have become quite a problem. But its one that a Pilot Project in the southeastern part of the netherlands is trying to solve. He ws barber vessel reports. These are the greenhouses of peter mine and and for years his obsession has been to run them as environmentally friendly as possible. He specializes in sweet peppers and cucumbers and produces huge amounts of these such tools and toto our company. This is 50 heck s on the 15th as we grow 32 hectic suites us what we have as well as long if you come are that you can see here. We grow them about 30000000. 00 pieces a year. Its a complex and finely tuned operation in all aspects of growing feeding and harvesting the produce. And behind it is an elaborate system of Energy Production using as Little Energy from the grid as possible. Like this is the transport system. But this is also the heating system that this is a pipe. And we put in, for example, 55 degrees of water, the water from the biomass bomb for example, or to see to be combined, heat and power can go into the greenhouse. And during the night, the roof is shielded by retractable blinds, to keep in the heat, which again saves energy. Peter is keen to exclaim, the systems he built here to keep his plant running. This is a 20 cylinder 3 megawatt electricity and which is provided by the yellow tube, his gas, and then the machine is running, making 3 megawatts electricity, and producing to cool down 3. 3 megawatts to make. And thats the energy how we used to heat our greenhouses. So peter is using the residual heat from his electricity generation, which he then selves into the dutch grid. That works when he has a surplus. But thats not always the case. The weak point here is record gas prices. So every day, at 2 oclock in his office, hes watching the t t f. The dutch spot market progress, although i have a green company. But now, im falling back to fossil gas again and feels bad. Thats but, you know, i have to survive. So i cannot influence the market. But if, if a nice position comes by, then a want to have it. That means hitting the buy button when electricity is more expensive than gas. But his real pride and joy is his biomass plan, which recycled local greenways, including the stocks of his own vegetables. Its mainly chips from the area. And like this truck is also coming from the area, its collected, its only the products. So how does that work . Yeah, the biomass comes from up, falls down on the grades, and then afterwards, everything is clean. And on top, with the heat, we make steam. With steam, we make electricity. To build this big system of energy generation, peter invested 30000000 euros is some only Larger Companies can afford. Its hard at the, at the moment to survive. Even if you use these techniques. The increase of costs is so high. I hope all my colleagues can survive that peter himself all was his fir, the plans when i see something and i think about it. And if its a solution then and i try to continue this and improve my company. This greenhouse owner is also his own head engineer, energy manager, and environmental expert. And before we go, i have just enough time to tell you about this weeks you to business special. Its all about how poor nations are calling on the worlds biggest polluters to cough up and pay climate. Reparations just had to youtube dot com slash dw news to watch if i speak to pretty bundari from the World Resources institute. And Louise Osborne from d. W. Environment, we talk about the ongoing comp, 27 climate conference, and the chances for big nations to make a meaningful cash commitment to prevent climate change. And to help poor nations thats at youtube dot com slash d w at news. And thats all from me in the Business Team here in berlin. You can find more d, w dot com, also on youtube and facebook and have a nice weekend with we need clean energy. We predominantly use fossil fuels. As we cover the climate conference, we ask how a wind and solar power being utilized and just how sustainable all these green energies reading to morrow to day on d. W. So theyre ringing again. Bells of londons big bed. The icon landmark has many secrets. Ah, i am for a behind the scenes door pleasing 2 eyes en route in 16 days on d w. O. Ah, were all the good to go beyond the obvious as we take on the world 8 hours and i do all this is weird all about the stories that matter to you. Whatever it takes, 5 policeman follow being a pain deal. Here we are, your is actually on fire made for mines we need energy for everything we do. But most of it in it is still comes from fossil fuels, like coal and oil. A total worldwide switch to Renewable Energy generated from wind water and so to power is already possible. But it would take a big investment according to a new study, more