Culture. You are nothing visitor nothing yet you want to become a citizen. In for migrants your platform for reliable information. The u. S. Trade gap fees its largest drop in 5 months as more American Products make their way over seas a win for white house trade policy. Looking like a 1000000 bucks doesnt have to be figurative in china where you can pay with your face. This is a double your business im so now the milan in berlin welcomed the u. S. Trade deficit sought with the client and 5 months it narrowed by 2. 7 percent to 54. A 1000000000. 00 in july more cars medications aircraft and Oil Drilling Equipment sold abroad help they get their chinese imports the u. S. Also fell to their lowest level since april amid the trade war between the worlds top 2 economies but Analysts Expect the u. S. This trade gap to widen again in the coming months amid weaker demand for American Manufacturing exports. Joins us now from new york yes the trade deficit has been a sore point for the white house is the fact that it has now shrunk mean Donald Trumps policies have worked at least for a little while not really even if the trade deficit at least with china decreased a bit for the month off july both exports and imports to and from china drop but exports dropped a bit more then imports but overall if you look at the deficit between the 2 biggest economies on the world if you compare it to when u. S. President on a drum took office so this deficit is still about 10000000000. 00 higher on a monthly basis so that is still an increase of about 20 percent and then also if you look at the deficit to other nations that actually increased the deficit it was countries like germany mexico or south korea no so overall the trade deficit in the United States states is still sky high so theres always a story behind the numbers but are there concerns about the expected weaker demand for american exports. Well i mean there is also actually some concern about the stronger u. S. Dollar so that could also have an impact on exports and if you look at the overall picture of the u. S. Economy so far still seems to be quite true a strong but that is not necessarily true with other countries and continents on the global and therefore we could see a continuation of the trend that exports here from the u. S. Might drop but if you look at the reaction on wall street for instance even if we got those trade figures here on a wednesday and the markets had a pretty strong showing of blue chips gaining by more than 200 points as long as the u. S. Consumer and the backbone of the u. S. Economy is doing well then the concerns are limited but well the big question is was all the trade disputes and so on and so forth if Companies Might stop bigger spending spigot projects and that could have an impact on the labor market that could have an impact on the u. S. Consumer and then were talking about more serious issues here in the United States and scored to there for us for the view from wall street thank you very much a Key Committee within the European Parliament has backed former i. M. F. Chief Christine Lagarde failed to head the European Central bank while addressing lawmakers she said she wants to keep Monetary Policy loose largely sticking to the post financial crisis playbook employed in the eurozone but will it really be more of the same. A 1st impression of what the e. C. B. Is Monetary Policy could look like and Christine Lagarde who is set to take the helm in november the former i. M. F. Chief and french finance minister doesnt plan to rock the bolt. I therefore agree with the view of the governing council that a highly accommodative policy is warranted for a prolonged period of time in order to bring inflation back to the famous below but close to 2 percent that could potentially mean negative Interest Rates something banks arent happy about law Interest Rates in europe have already made european banks less competitive than their u. S. Peers and thats a concern lagarde also raised at the confirmation hearing in brussels they are also some important questions on the arisan that Monetary Policy will need to address 1st though the impact of unconventional policies continue to be net positive we need to be mindful of the negative effects and the potential side effects of those policies and we have to take the concerns of the people into account and thats not the only balancing act for the e. C. B. Future head she says Monetary Policy will also need to take into account the global economies headwinds including trade disputes and rising geopolitical risks. The kong scandal has been called the most complicated tax case trial a german court has ever seen now for simplicity simplicity sake it involved claiming rebates on taxes paid on stock dividends except those taxes for never paid it was a widespread scheme that cost european treasuries billions of euros and lost tax revenue the 1st trial in the matter has now started. To british stuff brokers of appeared before a court in bond charged with over 30 counts of tax evasion they were alleged to have been behind illegal tax rebate claims made in the system known as comix used to bankers alone allegedly swindled 440000000 euros from the german state the comic scheme relied on a lack of financial oversight during the day on which stocks would you for Dividend Payments several party sold share packets and hence ownership amongst themselves. Only one of the parties paid Capital Gains tax on the dividend. But all those who bought and sold the shares that day applied for a tax rebate as if they had paid the tax office granted the rebates because it had no way of connecting who owned the shares at any one time and who had paid the tax investment banks made huge profits facilitating the share sales it was apparently a widespread practice among stop brokers and not only in germany nonprofit Investigative Network t. V. Which uncovered the scheme says european governments have been defrauded of over 50000000000 euros in taxpayers money by the comix. Germany is the worst affected its estimated the country lost over 30000000000. 00 euros in tax revenues but france italy and denmark also lost billions. Mannheim University Economist christoph says the German Government should have spotted the comics years before it actually did. It didnt even notice it recurs thats the one thing and the 2nd is that it doesnt even know how. Its been robbed of. Germany burned the practice in 2012 now the courts to decide if chromatics was a fraudulent scam or if it was nothing more than a creative use of tax loopholes the decision would have serious consequences for many banks comix is ruled illegal theyll have to reimburse the tax or storage or use. Now to some of the other Global Business stories making news googles video site you tube will pay 170000000. 00 to settle us in new york state complaints that it collected data on children under 13 without their parents consent but critics doubt the penalty is harsh enough Parent Company alphabet made more than 30000000000. 00 in profit last year. The u. S. Department of justice officials monitoring the carmaker have found no fresh violations of the compliance requirements u. S. Authorities have been monitoring the carmaker closely since admitted installing emission cheat devices on vehicles in 2017. German exports to the u. K. Dropped by a whopping 21 percent in the 2nd quarter thats the biggest quarterly drop since the financial crisis a decade ago germany is britains largest source of imports accounting for around 15 percent. Indian Prime Minister Narendra Modi arrived in the far eastern russian city of stop for the 3 day Eastern Economic forum. By russian president Vladimir Putin before the pair departed by boat for further talks theyre expected to discuss their 2 countries deepening cooperation in the oil and natural gas sectors. Everyone knows that keeping face is important when doing business in china well now you can even pay for your shopping with their official features china is embracing facial Payment Technology Technology Despite privacy concerns. Shoppers strike a pose in front of the camera and smiling to the point of sale machine the image links to a Digital Payment system or a Bank Account Payment is made on the shopper walks out with their freshly purchase goods. In china mobile payment is already among the most advanced in the world but this makes paying even easier. Its convenient because you can buy things very quickly its different from payment in the traditional supermarket in which you have to wait in the checkout line. At. The designers of the system i for you go say it is extra safe because it avoids the need for a password. So they actually stores of the g. O. P. Facial recognition payment is different we can complete the payment with our faces which is very important for the safety of our account. And. Among the companies rolling out the new tech is that we dont bakery it is facial payment machines and hundreds of Stores Across china so the usual i dont even have to bring a mobile phone with me i can go out and shop without bringing anything this was not possible either at the earliest stage of cash payment or mobile payment to those because what all. I for is mainly focused on man Stores Others working on the tech include ali babas financial pay which is devices in 100 cities it may mark a major technological advance but the software is not uncontroversial face recognition tech is already widely used to monitor dissent. Thats it for me and the Business Team here in berlin for more Business News and features check out d. W. Dot com slash business are follow us on social media thank you so much for watching. Entered the conflict zone confronting the powerful my guest this week outside the capital of time paying dues cho she was seeking the nomination of probate posix a common tax as china pushes moving creasing cogency from reunification on the time when east continue to reject its quota and sees policy come to a conflict so for next. Year a. United. Look to find. The course. What binds the continent to search. For answers and stories of plunging the. Spotlight on people. 60 minutes. Sleep. Carefully. Dont move to soon be sure to get. Action. Discover. Subscribe to the documentary. We can make china a peaceful country you havent said no to beijing yes for many times im telling you the facts why dont you listen politicians in taiwan have been out campaigning in president ial primaries ahead of next years election with the topic of relations with china very much on the agenda i guess this week outside the capital taipei his church
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