Bribery case and. All that glitters is not gold the democratic republic of congos illicit mining business. Im daniel winter and this is your Business Update a man i want well microns a europe speech on tuesday has drawn mixed reaction from germany the french president says the eurozone needs a joint budget and harmonized taxes to stay globally relevant he argues that would also reduce inequalities across the block but he might not find the support he needs in germany one party in Coalition Talks here a skeptical of microns plants and f. T. P. Officials says the problem in europe is not a lack of public funds but the lack of reform. And speaking of french german ties zeman says confirm the deal to join forces with Frances Alstom to make a huge european trained builder the government there is privately encouraging the deal which analysts say is a change of tact the focus is now no longer on protecting French Business but about creating a european powerhouse after all the competition from abroad is fierce. The fusion between siemens and alstom is on track to create a new european giant in the train building business. In the near future the german i. C. E. And the french t. G. V. Will come from a single manufacturer siemens wants to bring its entire Train Division in return for a fifty percent cut of the new firm which will be based in paris but theyre not doing it entirely of their own free will theyre not. Sure the Real Construction and signposting market is in a state of advanced consolidation the Chinese Group c. R. C. Is today bigger than Alstom Siemens and can it is bomb body a combined the next step of this Chinese Group is in all likelihood Continental Europe where c. R. C. Could rely on a purchase of a european manufacturers. Even after the new firm is founded the pressure on the europeans will increase siemens has considered Canadian Company body a but the deal was reportedly derailed by a bum body is shaky finances now the competition authorities need to get on board otherwise the big european deal could hit the buffers prosecutors in the United States have charged ten people including an added us executive where the bribery and fraud thats following a widespread investigation into corruption in College Basketball prosecutors accuse the manager of bribing athletes families to get players to attend universities that sponsors. Confirm the arrest of the executive on tuesday saying it was unaware of any wrongdoing on its part. And so he is on wall street for us so he how serious is this case. I mean the f. B. I. Is investigating this case so it seems pretty serious to me in and to me and i could mean huge damage to the editors refutation and it could also shape the rivalry between ideas and if competitor nike not too long ago i did have became the number two of the american freak a market was something around eleven percent of market share and nike being the number one by far was thirty seven percent and this is a fair investigation good help nike making this margin bigger of course simply because it is all about the reputation and the connection between a healthy brand and famous ethylene said this case young boss of all players and let me quote the u. S. Attorney here month after month the defendants allegedly exploited the hoop dreams of student athletes treating them as little more than a opportunities to enrich themselves and this sounds pretty bad and most investors expect the additive stock to react after the or pin markets are open markets are very controversial case theyre checking in with equities now its been a woeful week by the looks of things for tech stocks so far. Yes so let me Say Something about two companies maybe here netflix and apple let me first touch on their plate briefly networks and studios are tired of netflix and amazon drawing people onto their platforms so they are ramping up their own platforms afaik networks is persuading pay t. V. Operators to sell an alternative ethics class a paid Service Offering hits like American Horror story for example and netflix lost of course during the morning here on the Stock Exchange at the same time investors are closely watching the apple stock digging in times claims that the u. S. Firm has asked its component suppliers to slow down components shipments for the apple i phone ten production and this report has not been verified yet but it kind of matches the picture that demand is not going to work at the moment so fishman stay on wall street thank you very much for that update now you might not know this man but his products are all over the globe james dyson says hes investing almost two and a half billion euros into developing an electric car its quite a leap for the british inventor whos known more for his backless vacuum cleaners the new vehicle is set to launch by twenty twenty lets just hope that unlike his vacuums his cars dont suck. Switching gears now gold is a smugglers dream thats because its extremely valuable even in small amounts the democratic republic of congo the illegal export of gold there has been used to fund armed groups for decades now a u. N. Report has singled out an army general saying he personally operated an illegal mine but the military profiteering doesnt stop there. Hand to mining for gold is labor intensive and twenty thirteen alone congolese workers dredged up some ten thousand kilos of the precious metal the United Nations estimates that ninety eight percent of annual gold exports are illegal the countrys military is behind the unlawful trade even though military personnel are forbidden from engaging in mining but the country turns a blind eye to that. The last twenty years has seen the establishment of illicit Trading Centers mainly in the eastern provinces. A majority of the gold goes to lebanon the United Arab Emirates and india. The gold sold by the military in twenty thirteen was worth an estimated four hundred nine million u. S. Dollars according to the u. N. This is hurt the countrys economy to the tune of some eight point two million u. S. Dollars annually. Meanwhile millions of congolese are fleeing violence that is seen fauzi killed in recent months. Radley research as mining in the democratic republic of congo and he joins us now ben thank you for joining us what exactly does the u. N. Report accused the military of doing well the u. N. Group and see who produced the report was set up back in two thousand and four by the Security Council at the end of the congo was part of its mandate was to monitor the illegal exploitation of Natural Resources which were thought at the time to contributed to the longevity of the wards now as your report just mentioned. The office visit to excluded from participating in Natural Resource exploitation by the congolese mining code and this latest report has cited a high ranking officer. Major general. Let me see combat in the gold sector through a local Company Operating in the north east of the congo and i think its worth mentioning that although this particular case is new the general trend is not and the group of experts have been citing such instances for over a decade or more now. For what exactly are the military using profits from gold mine well that would be hard to say exactly i think we can assume that the Army Officers would be using profits for their own personal needs to purchase Materials Equipment and provide salaries to their soldiers but also and i think importantly to pass those profits back up the chain of command and often this would have links to senior producer should or National Level politicians so this kind of exporting illegal exporting of gold isnt legal that isnt allowed but what rules exactly are in place and why arent they being enforced. Well over the last several years now we have built up quite a considerable. Legal framework product at the National Level at the regional level and at the interNational Level so the legislation is there i think the fundamental particles are making progress is simply the operational challenge of monitoring supply chains across thousands of art is not mine sites which cover a vast region with poor transport infrastructure and low state capacity so when you combine that challenge with the lack of political will being demonstrated under the current could be it would ministration to address this issue then progress is difficult Brian Bennett radley thank you very much for talking to us about that very difficult problem which is not going to go away any time soon but as. And from precious metal to a precious gems stone the largest stroller diamond ever found known as our light has been sold for fifty three million the us dollar as the Canadian Mining Company new car diamond sold at the one thousand one hundred and nine carrot stone to british jeweler Laurence Graf the tennis ball size jam was discovered in botswana in twenty fifteen it is the largest diamond found in over a century and fact fans the biggest diamond ever weighed three thousand carrots before it was fractured into nine pieces to make jewels for the British Royal family it was called the gold in them and was discovered in south africa in one thousand no five in case you want to know that well thats it for your Business Update for today ill be back with more same time same place tomorrow thank you very much for watching. Rationalists are on the rise with. Me contract great again that is their slogan their focus put your nation first i am taking you. 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