Stock market. From politics to flash from housing boom boom town this is where. Welcome to the 77 percent. This week on the d w. U. S. China trade ties heres a fresh low as washington accuses beijing of economic espionage this against the backdrop of the ready turbulent relationship that seen both sides order each other to close consulates well ask our correspondent in new york how does top could affect a post on democrat company. Also coming up germany prepares to overhaul its financial regulator over its failure to uncover a major scandal in tech giant why are current. On their one of germanys top Tourist Attractions serving one of its best known products but even beer gardens are struggling because the cold its 19. This instead of me in business im Kate Ferguson welcome to the show the relationship between the worlds top 2 economies has once again deterioration it chinese officials have been clearing out their consulate in Houston Texas after washington org at then i was accusing them of stealing medical Research Beijing retaliated by ordering the closure of an american consulate in the western phishy of chengdu relations have soured since the outbreak of the coronavirus and have raised questions about the face of a trade deal between the 2 countries. For more lets bring in t. W. Financial correspondent yes caught in new york yes u. S. Officials say they have closed chinas consulate in houston to stop economic espionage what specifically are they talking about here well i mean there was talk about some video footage that should show that make should be on the compound of the consulate people burning documents but this is just the latest in a lot of accusations some restriction sanctions that weve seen and the pasta couple of weeks and a month and that washington chose to use it its probably not a coincidence because you said was that to be the place where the 1st chinese consulate was reestablished in 1979 after the relations between the United States and china opened up but you know and then its also we are accusations that we seeing its you mentioned economic espionage shit so theft of intellectual properties and the like. So tensions have been brewing for a while now before the coronavirus the u. S. And china face one of a trade deal but u. S. President donald trump doesnt appear to have much interest in moving on to face to what kind of impact could have on a postponed and make recovery i think were having some trouble getting to the end there well leave it there yet scott in new york i phone lets fight your insights niger many financial regulator bof a is facing a Major Overhaul after receiving criticism for its oversight of fin tech giant wire cars the changes could see the government being given the power to impose sanctions on crooked companies the move comes after allegations that wire card fabricated almost 2000000000 euros and if they can in order to lure investors. Could anything have been done to prevent the wire card scandal germanys finance ministry has drafted reforms to prevent a repeat of the alleged fraud death by a cop on this organized crime and seriously damage the reputation of germany as a Financial Center of Financial Markets need to be trusted and regulations have to function and now this trust has to be strengthened in the long term stacked finance minister olof short says draft proposal includes giving the auditors a financial regulator baf and special powers when companies are suspected of fraud. There would also be incentives for Company Whistleblowers to provide tips about irregularities and a companys auditors would have to be replaced at least once every 10 years the finance ministry believes the auditing of wire card was not carried out thoroughly allowing the company to inflate revenue and hide losses next wednesday opposition lawmakers are likely to grill schultz and economy minister peter all over the governments failure to heed warnings from journalists and market skeptics that wire card was manipulating its balance sheets. Now lets get some more insight on why these reforms are considered necessary from news financial correspondent Chelsea Delaney in frankfurt this reform proposal is basically trying to consolidate Regulatory Power for the Financial System within boston which sounds quite obvious but what the wire carcase really showed us is that the regulatory systems really fragmented and germany for one it didnt really have the ability to regulate a company like wire card which was in part a Financial Company but was also mostly a Technology Company and often has repeatedly said that they werent able to really oversee the company because it was because it was mostly a Technology Company and this would allow often to have Regulatory Authority over any company thats involved and financial activities including the Technology Companies as well the other thing that this would do is allow boss and sue to do it and counting investigations before that was outsourced to another organization this would bring accounting investigations back and house as well for boston now to some of the other Global Business stories making news. Intel shares tumbled over a 16 percent on friday trading slashing its market value by 40000000000. 00 for the company said its next generation of chips would be delayed by 6 months it comes as computer makers like apple look to alternative chips due to previous intel delays. Goldman sachs has agreed to a nearly 4000000000. 00 settlement with malaysia over a Corruption Scandal prosecutors allege the wall street titan organized sales for a Sovereign Wealth Fund that allied former relation. To pocket hundreds of millions of dollars the verdict in his trial over the affair is expected in the coming days. European plane maker airbus has agreed to accept higher Interest Rates on loans from european governments the move is in compliance with the World Trade Organization ruling against the company the European Commission says the Development Means u. S. Tariffs against arab us are no longer justified. Pushes retail sales grew much more strongly than expected in june rebounding almost 14 percent thats close to their pretty locked in level of nonessential stores reopened in the middle of the month. And more highly qualified people are coming to germany a total of almost 32000. 00 blue cards were issued last year thats an increase of almost 15 percent from a year earlier a blue card is a residency permit for non the e. U. Workers with a University Degree theyre available to people like programmers scientists and doctors. Now socializing during a pandemic isnt that easy many people are choosing to meet outside at a distance as its considered safer than being indoors you think this might be good news for germanys famous spirit gardens but. Heartache reports from munich they too are struggling. This is what summer is supposed to look like in munich but this year it seems nothing is the way its supposed to be. And you dont have to look far to see the very in beer gardens are no exception. Registration at the entrance. Place mess at the counters and cashiers. And an unusually large distance between the tables usually people would be sitting back to back here now social distancing rules mean that theres less than half as many tables and thats translates into up to 40 percent less revenue combined with the closures during lockdown the impact is severe theres one thing unique spear gardens have going for them its good to sort of i do not even go home kind told there arent many alternatives and there are no festivals no activity and places swimming pools have reopened in people can go to disney but otherwise there arent many options to spending your free time at the beer garden so thats what hes got his for bringing this with all skills and its not only the weather that knew his customers outside which is shown him none of them i feel much one constable house i try to avoid confined spaces as much as i wish to im afraid of little sanctions with a much higher sized and. And even though business here is picking up again it cant make up for the overall losses the industry has suffered because of the pandemic. And units who for a brewery their bodies get told profess to be a special brew they make specifically for the top of. The festival itself has been cancelled this year for some 90 percent are meant for local stores and export anyway not much solace because a broad business is slow she. Doesnt is on life yet still on the net that doesnt change on these weeks in the next 2 months for us leaders over in the sell beer in the winter to also to non. Forested areas are living our Main Business is in the summer even though same in north america every summer is the most important season up until the october 1st c obviously theyre all cancelled piece all the time uns in order to work heres the other things because in that was always fun. Beer is still best consumed in company so as long as the world of social distancing dragoon guards are very good so strong. And finally its time to set sail one think again a cruise ship has departed hamburg for the 1st time since the punt and they began its more of a 3 day ryan trip than a cruise this ship is failing to the north sea im back at half capacity with just 1500 passengers its a test run for the company. Strict hygiene rules will be in place no pool parties and no selfservice both days. We have time for a form or if you check out our website that w dot com slash business were on facebook and twitter too for me and the team its confide and take care. Place. Behind the facade and go sleep quiet. The global scene is being devastated by the pandemic and the sun rising. Our audiences the country with the crisis. Comes to cities around the world to find out slaves are strong and the best on t. W. Surely the originators just shows numbers but the thread shows. The islamists. And the. Costs. Of the marketplace to get their goal posts. In 60 t. W. Belonging to one official estimates more than 1200000 venezuelans live in colombia legally and illegally. Already echo all the album live returns avast. To visit friends i dont think id ever go back there to live you know what i live there again i dont know so im not sure. Bearing witness global news that matters g. W. Made from minds happiness fears for everyone szymon penises are very different from primates you know we have a totally ridiculous romanticized view of nature and theyre saying that this is Climate Change crisis sex how finance employees books you get smarter for free to double your books on research. I want people to undo even lito to get the feeling moved the people who are living their experiences during the quick 90. 5
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