On thursday police began searching offices at Deutsche Bank prosecutors say staff at germanys largest Financial Institution might have helped customers set up Offshore Companies to launder money after a series of scandals in recent years the new accusation could hit that bank card debt had docked a gap see the suspicion arose in the summer and august of twenty eighteen after the federal criminal Police Office evaluated data from the Panama Papers and the socalled offshore lakes. And this about your way should lead to this is sufficient that Deutsche Bank was helping clients set up socalled Offshore Companies in tax savings. And from their money is said to have flowed to georgia bank without the Bank Reporting any suspicion of Money Laundering us the bank. And saga started out the allegations alone are enough to weaken an already Embattled Bank shares in
deutsche acing to their lowest levels ever on friday the bank was quick to present its view of Events Uganda and i love eleven we believed that we provided all relevant information to the authorities regarding the panama paper case of course will now cooperate closely with the Public Prosecutors Office in frankfurt its also in our interest that the facts in question are quickly and entirely cleared up. Attention will now turn to deutsche as boss question saving hes only been in the top job since april but hes been at the bank for decades and already faces the challenge of reversing years of losses now itll be up to him to address accusations that hasnt only been mismanaged but involved in far shady or potentially criminal business. Form a major by a as planning to cut around Twelve Thousand jobs over the next three years thats a tenth of its workforce according to the company the move will help it focus on
its core activities but thats not the only reason for it two months after the German Company bought American Crop Science Giant Monsanto in june for a hefty Sixty Three Billion Dollars a u. S. Court ruling ordered biota to pay multimillion dollar damages to a cancer sufferer. The judge said its newly acquired subsidiary should have warned users about the cancer risks from its Roundup Herbicide the companys shares have been under pressure sense then losing thirty six percent since the beginning of the year because of the monsanto Takeover Buyers german Crop Science Division will be among the hardest hit there are now many divisions that the company has two of. Factories like this one and Lordstown Ohio were part of Donald Trumps plan to revive Americas Industrial base but now it and four other factories general motors
plans to shutter Wont Be Making Anyone Great Again at the start of the week the american car maker announced a complete restructure the move will involve closing five factories in the u. S. And canada and cutting a total of Fourteen Thousand jobs the plans are part of a Cost Savings Program and g. M. Which has among other things seen price hikes in steel imports subject to new tariffs additionally the auto giant says it will end production of models with weaker sales and focus on more innovative areas like Electro Mobility and autonomy vehicles in the u. S. President was apparently angry about the announcement that jobs would be lost on twitter he threatened to slash federal subsidies including those aimed at developing Electric Drive Alternatives the canadian Prime Minister echoed trumps sentiments. Disappointed by g. M. Is decision regarding their plan to actually work as part of the Global Restructuring our thoughts are with those those whose jobs will be affected and
their families but most disappointed of all are g. M. Staff that will be affected here twenty years ive been through closure in scarborough ive been through a closure in london i moved my family twice for this company and they do this to me just tell. The five g. M. Plants will halt production next year laying off Thirty Three HundredProduction Workers in the u. S. And about Three Thousand in canada the company also plans to trim administrative staff by Eight Thousand. One hundred billion pounds annually for the next twelve years thats what brock said will cost the british people at least thats according to a new study commissioned by proponents of a second referendum it predicts that both trade and direct investment in the country are set to nosedive the more neutral Bank Of England also predicted dramatic consequences if britain crashes out of the e. U. And a hard hit. By the end of twenty twenty three g. D. P. Is more than ten percent lower in the disorderly scenario compared to that me Twenty Sixteen Trend the bank also said if the Island Nation has to leave the e. U. And a hard hit the pound could plummet twenty five percent against other major currencies even so its still far from clear that a recent may will be able to push or agreement with the e. U. Through a combative British Parliament although shes doing all she can to give things a positive spin on what we see behind the analysis that we have published today and indeed the chancellor recognise this morning is that our deal is the best deal of the it will the jobs and our economy are to allows us to own in the referendum an area and i see opportunities all right see. The analysis carried out by the government also shows britains economy will suffer even if the deal goes through. So the big question is just how bad will the damage be shortly before the vote on december eleventh breaks it remains as contentious as ever. The highest court in bangladesh is kicking out a team of inspectors put in place to ensure safer working conditions in the countrys Textile Sector The Group was set up after. One of the most deadly industrial accidents in history. Over a thousand textile workers lost their lives when the Run Up Plaza Complex on the outskirts of dhaka collapsed and twenty thirteen labor unions called it a Mass Industrial Homicide inspectors were brought in to oversee Safety Improvements in more than Twenty Three Hundred of bangladeshs Garment Factories which Supply Clothes for big Global Brands like a generic and prime mark. Many experts are worried that the Bangladeshi Government is taking over the monitoring duties they say its far from prepared to do so in
other news from the Textile Industry this week german clothes discounter kick is being sued in a german court by plaintiffs affected by a deadly fire at a pakistani subcontractor six years ago a decision in that case is slated to be announced at the beginning of january. The country hosting the g. Twenty is experiencing a deep economic crisis and is dependent on outside Help Thousands of citizens have been protesting in the run up to the International Summit which is taking place in a south American Country for the first time but argentinas government hopes the g twenty will bring fresh economic impetus and new agreements like one on meat exports to the u. S. Which was signed a few days before the agreement if. Its an excellent opportunity to hold productive bilateral meetings with the various countries and sign agreements on whats happening. And its also an opportunity for argentina to show that were
honest facilitator to approach positions in a complex global situation. But the g twenty will certainly not be able to solve the crisis for many small firms in argentina like industrious clamored a woodturning company these machines havent produced anything for years but its not because theyre broken theres just no one left to set them in Motion Industrious Camel was founded over thirty years ago by a german couple in a suburb of Pointers Iris in good times they had twelve employees now theres just one. A three years ago the company had a downturn but even before that we felt the crisis for example a lot of our work is done in china these days. The Services Come from outside the country they can produce cheaper and have better conditions than we do here its
hard to compete we have tax burdens of all kinds and the currency the argentine peso gets devalued all the time. Although the banks paid into the state Retirement Fund for decades their pension is still very low only Eight Thousand pesos apiece the family can barely make ends meet. A dozen former employees and their families are suffering from the shutdown of the company Eduardo Garcia lost his job after twenty eight years at the age of fifty five hes not likely to find a new job so like many of his country people he now makes ends meet as an uber driver. Serum o. T. C. Is a happy mother one of her newborn twins is out of danger after having complications during delivery. My babies were distressed at birth the incubator has indeed saved them because theyre
not as bad right now. Selling. Christmas is the brain behind this lifesaving incubator that he named savant genius. The ugandan scientist is helping this Public Health facility and central uganda to manage emergencies among newborns. As of today we have managed to save one one to two babies into the eyes of the. Some point so. There is. We have seen in the west there is. Equipped with more than Three Hundred Seventy sensors the incubator has over two hundred failsafe features it makes oxygen from the atmosphere regulates temperature and monitors the babys brain. Hospitals and Uganda Imported Equipment mainly from
the United States and europe but they have very limited budgets and cant meet the demands. Procuring medical supplies from abroad has been a point of controversy with Public Officials often accused of fraud. And the government here hopes that empowering a local Innovator Likeness could be a solution and that in the long term buying from home could help to bring the cost of medical equipment down. And that was the week in business. Technology. With. The markets. That made in germany. Your business magazine d w. And link to school for the more story link to exception stories. Education is not only for im glad im an education has fought empowerment im sure that incoming plans of genius the one of the think about how to in Culture Devalues Off Color and. Usually understanding these things cannot be ignored for have a