Transcripts For DW Business 20240714

With us so today germanys most controversial tax case is going on trial it involves 2 British Investment bankers were accused of defrauding the country of around 440000000. 00 euros in tax money in a case which centers around socalled ex trading schemes a complex trades are equity deals investors rely on the sale of borrow chast right before a given firmest lated to pay dividends a scheme that also resulted in double tax reclaims for share trade us now over the years it became big business based on tax fraud the total loss for europe could be around 55000000000. 00 euros according to the Journalistic Research network correct if with germany losing an estimated 32000000000 euros now todays trial is just the beginning with some 200 more people also being investigated lets talk a little bit more about that and bring in our financial correspondent who is standing by for us there is in frankfurt 21. 00 saying we have to clarify 1st of all i was just talking about sort of unfortunate tax holes or tax loops or are we actually talking about a crime being committed. Thats the question that this trial has to answer and possibly other trials as well and possibly in the end because its a very complicated matter possibly the highest courts in the land here maybe even the Constitutional Court in concert there was a loophole yes but i would say looking at it as i know it would as ive seen the allegations that it was certainly illicit but whether it was illegal whether these people can be convicted thats for the courts to decide and apart from those 2 bank a standing trial today do we know who the other saw. Well there are banks that will have to answer to the court in this case 5 names perry their banks Mutual Fund Managers from associate asian island Bank New York mellon as well as a capital manager in hamburg but also the prosecutors in cologne having searched for the 2nd time last week also the deutscher bills and with that settlement a unit clear stream which acts as an intermediary in trades and if you look beyond this case all sorts of lawyers and other bankers involved and investors as well i dont close all of this happened more than 10 years ago between 20062011 its 29 t. Now what took authorities still. Wants an immensely complicated case theres so much data the indictment reads hundreds of pages in bonn and you know prosecutors here are not that huge least after woefully understaffed and in business and financial matters theres not all that expertise going around there the Financial Market regulation here with its mandate not really suited to get behind this and really get behind this in a way that the i. C. C. For example in the u. S. Does and at last of course the people who are very clever and theres that ambiguity in the law too with the legal not only with the time on the clock a yes or no on will the money be returned. Some of it. Yes some of it has not even been paid out some of it has been returned says the federal finance ministry but what the rest remains that remains for the trials to decide to leave us then fine thank you so much. The worlds biggest retailer walmarts is to stop selling some types of ammunition including any bullets that can be used in assault weapons and handguns and the move follows a string of Mass Shootings including at one of its stores in texas that left 22 dead. Walmart has been under pressure to change its policy on gun sales it is already stopped selling assault rifles and raise the minimum age to buy guns to 21. 00. Thats a huge step in the right direction theres just way too many shootings i have 2 boys sound richard in there you know there that thats crazy to me that so many people can get hurt. You cant go anywhere these days and your faith in. The company is trying to balance the interests of its gone owning customers and growing safety concerns among its clear intel walmart will now focus on weapons for hunting it will continue to sell long barrel hunting rifles and shotguns and related ammunition the National Rifle association has called walmarts new gun policy shameful and said it would hit sales. Right now walmart has around one 5th of market share abomination sales the company says changes to ammunition policies will reduce its market share to between 6 percent and 9 percent. And walmart will request the customers no longer openly carry guns into its 4700 u. S. Stores even in states where open carry is legal. The retailer said it took the action following the death of 22 people in a mass shooting in a Walmart Store in El Paso Texas and other cities across the country. And with me in the. Studio here is my colleague last who knows a lot about the United States is quite interesting though the National Rifle Association Says that this movie is going to walmart on the right is of course theyre right i mean if you look at the numbers of course walmart is one of the biggest guns and ammunition dealers in the world selling a lot and of course now they will sell a lot less and some analysts have looked at the numbers and they think walmart is missing out on a profit of approximately 1700000000. 00 a year but now you look at the profit that walmart creates and generates in general thats approximately over the last couple of years 125000000000 dollars so were looking at about one percent and i here is the really interesting part obviously walmarts a company that is very much focused on profit maximizing but apparently here after these recent developments and after having a shooting in one of their own stores they apparently seem to think this is not money that needs to be made and then not the 1st ones theres other retail chains that have taken similar measures so were seeing a little bit of a change in attitude there so you can make money in the United States without selling guns do you think that walmarts move will set a kind of president it would be nice to be optimistic and to think that more retailers will follow suit and maybe some will but i dont think unfortunately that were going to see a big policy change because of course those lax gun laws all the Gun Legislation in america is of course driven by money but its not the retailers money its the gun manufacturers money that flows through the n. R. A. Into the government of course and the n. R. A. Of course is already fighting this as we just heard they calling it shameful the warning that theyre losing money so they are fighting this tooth and nail because the money that the gun manufacturers put in there is really what pays for these lax gun laws how are the manufacturers actually doing under the Trump Administration theyre actually weaker than you would think theyre. Done a lot better under president obama and heres the reason under president obama people gun owners were thinking that maybe those gun laws would get more tight and so there would be panic buys all the time people would be running to the stores especially after Mass Shootings when everybody was afraid that gun laws would be tightened and theyve bought and bought more weapons and ammunition that doesnt happen anymore because of the trump president is it nobody is worried that theres going to be tighter gun laws as with anything that time yes exactly right last out of it thank you so much for your insights youre welcome. And i just some of the other Global Business stories making News Japanese car sales in south korea 57 percent in august from the earlier hit a consumer boycott of japanese they he calls them it a worsening diplomatic route between the countries to go to south korean sales fell 59 percent while honda motor sales tumbled 81 percent according to industry data. The indian Prime Minister Narendra Modi has arrived in the far east and russian city of lagos stopped for the 3 day Eastern Economic forum which began on wednesday modi was greeted by russian president Vladimir Putin before the pair departed for talks they are expected to discuss their 2 countries deepening cooperation in the oil and gas sectors. At fox to crappier from the diesel gate scandal continues it seems the german comic has says the u. S. Department of justice officials monitoring it since it at leat it installing emissions cheating devices on its vehicles they found no fresh violations of the compliance requirements post in its u. S. Authorities wanted to be closely since 27000. 00. As the political fog around breaks it stings in london the impact of the uncertainty on business continues not just in britain germanys export led economy is in the pinch in the 2nd quarter of 29000 german exports dropped by a whopping 21 percent compared to the previous quarter thats the biggest quarter on quarter drop since the financial crisis a decade ago germany is britains largest source of imports accounted for around 15 percent but the biggest Economic Impact by far would be felt in britain a new study by the United Nations found some alarming figures. After another dramatic night in westminster on wednesday the protests over break that will likely continue in london for weeks and months to come some want the u. K. To leave the e. U. Without a deal some dont want brags that to happen at all. But most economic analyses on the subject point to the chaos that a no deal brags that would bring in a new study the un conference on trade and development has warned of the consequences. In case of an ordeal the. Exports of the u. K. Would be merely affected it with regards to the opinion we are estimated this is a conservative estimate that exports to the e. U. Will drop by 7 percent which is around 16000000000. 00. Its not only trade with the e. U. That will be hit when it leaves the e. U. The u. K. Will no longer benefit from several existing e. U. Trade agreements such as those with canada japan and mexico which will affect many sectors. I think there are a couple of sectors where the automobile sector is one of them our Food Products beef for example would be also very good. As well but more will be one of the most affected sectors. In case of far. As said the u. K. As car industry is a serious risk that industry socalled just in time Production System is dependent on various carrots moving across borders with a minimum of fuss and no deal brags it could take a wrecking ball to the system risking thousands of jobs. Yet as the current d. Day of october 31st looms ever closer no one can say for certain what will happen at the u. K. s borders in a weeks time. And thats a business thanks for watching. The law. Natural riches. Precious resources. And a real morning investment in the. Farmland has been called. The country as a rundown some of the families of the International Group china. The government to try exploration and the corporations high profit margin. But not everyone benefits from the booming business. Creation. Farm until destruction starvation and. The selling out of the country donkey. Starts to turn 19 on t. W. The familiar. The book. Hello and welcome to news from the world of ops and culture and today its books. All the way starting with a look at the star studded nominations for this years booker prize also coming up. A brand new you tube channel for all you book. Cold d. W. Books. And disturbing revelations in a book called promise me a shooters suicides of ordinary germans and the end of the say. But we begin with the nominations for the prestigious booker prize one of the most important prizes in the literary well this year names like Salman Rushdie would on the list and im joined by a man of letters David Leavitts to take his through this and an impressive list stamens it isnt actually in some ways the list itself is more exciting than even the winner because a lot of people theyve got now theyre reading list for the next year until the next list comes out these are the 6 novels that theyre going to be reading this year and of course the most anticipated novel of the year the testaments by Margaret Atwood the queen of dystopian fiction youre