Skip to main content

tv   World Business Report  BBC News  September 15, 2017 5:30am-5:46am BST

5:30 am
this is bbc world news. the headlines: north korea has fired a ballistic missile over northern japan travelling nearly 4,000km before landing in the sea. it comes just three days after the un security council adopted further sanctions against the north. spanish police say they've detained dozens of migrants who are camping near the port of bilbao and attempting to stowaway on ferries bound for the uk. the camps only appeared in recent weeks and most inhabitants come from albania. one of nato's most senior military commanders says he believes a russian military exercise taking place this week involves as many as 100 thousand troops. -- 100,000. russia says fewer than 13,000 military personnel are taking part. and a joint nasa european spacecraft cassini is about to self—destruct into the atmosphere of the planet saturn. taxing the tech giants.
5:31 am
the eu plans a shake—up of the system to make the likes of google and apple pay theirfair share. but will ireland play ball? plus — hacked off. russian cyber—security billionaire eugene kaspersky hits back — after the us government bans his products as a threat to national security. we have an exclusive interview. welcome to world business report. in a minute, bitcoin slumps further after an exchange in china stops trading without giving a reason. we'll have the details from our asia team. we start in the estonian capital tallinn where european union finance ministers are gathering for a meeting this weekend. top of the agenda — plans for a shake—up of the way huge tech firms, the likes of google, facebook, apple and amazon,
5:32 am
pay taxes. the giants of the so—called digital economy have faced huge criticism in europe forfailing to pay what some see as their fair share of tax. so what's being proposed? well — the plan is to make the companies pay tax wherever in the eu they make money, notjust where their headquarters is, or where they are based for tax purposes. at the moment, many have their european headquarters in low—tax countries like ireland and luxembourg, earnings from across the region are channelled there to minimize tax. a report by eu lawmakers claims that between 2013 while and 2015, european union states lost 5.4 billion euros, that's $6.4 billion in tax revenues from google and facebook alone. the european commission is threatening to take ireland to court for failing to collect 13 billion euros in back taxes from apple. ireland claims it hasn't broken any european or irish law. meanwhile amazon —
5:33 am
which has its eu tax residence in luxembourg — paid almost no tax between 2013—2015 because its subsidiary there made no profit. amazon says it pays all taxes it's required to pay. this is what the eu competition commissioner, margrethe vestager, said when they made the ruling against ireland and apple last year. this decision sends a clear message. member states cannot give unfair tax benefits to selected companies. no matter if they are european or foreign, large or small, matter if they are european or foreign, large orsmall, part matter if they are european or foreign, large or small, part of the group 01’ foreign, large or small, part of the group or not. that was the eu competition commissioner. dominic stuttaford is head of tax at international law firm norton rose fulbright. can these finance ministers crack
5:34 am
the problem? they can, they will be the problem? they can, they will be the first in a number of years. edison business started, changing the way from the old days when you have people in factories, you had something you could get your hands on. people looking to see how technology companies should be taxed. what is the issue? they are not doing anything illegal but is the law really appropriate to this situation? white that is the real problem. they are paying tax according to the historic tax practices. that's exactly the problem. it's the historic tax practice, the historic tax laws and they need to adapt to keep pace. practice, the historic tax laws and they need to adapt to keep pacem terms of the eu finance ministers, they are all coming from different angles because as we mentioned, ireland, for example, the lower corporation tax rate, they seem to be doing quite well. some countries have different tax profiles, they
5:35 am
have different tax profiles, they have different tax profiles, they have different approaches, different rates of tax. they tax profits in a different way stop the consensus in trying to get that consensus. is that something they could get any consensus on? what would we see achieved? keeping this topic on the agenda. the 0ecd and others have tried to solve the problem and nobody has succeeded. let's come up with a solution. france is proposing a tax on turnover rather than profits. that would be huge change. a total change. we have had a quality turn of tax, which was there since 1972 in the uk. the french are saying we should pay one or 2% of the revenues you generate in that country. that again would be very different. dominic, thank you very much. we are also looking at the ongoing row over russian hacking in the us. late on thursday the trump administration ordered all government agencies to remove software by the russian firm
5:36 am
kaspersky lab — one of the world's top cyber security companies — claiming it's a threat to national security. the billionaire co—founder eugene kaspersky has hit back in an exclusive interview with the bbc. he told our tech correspondent rory cellan—jones that customers have nothing to fear from his products. it's so easy for americans to point the finger at the russians or russian companies and actually u nfortu nately, we russian companies and actually unfortunately, we see that someone is using this situation and they point, they turn their aggressive via and government complaint against my country. one allegation over the summer was my country. one allegation over the summer was that of the russian government forced you to insert malicious upgrade to your software, then you would have no choice but to do that. what happens if the british
5:37 am
government since the same order to the british software company? 0r government since the same order to the british software company? or the american software company? it's a science fiction. but doesn't the fa ct science fiction. but doesn't the fact that we know the russian government did interfere in last yea r‘s government did interfere in last year's presidential election, doesn't that time your reputation as a russian company? we see espionage tools which speak native languages and unfortunately, russian hackers, it doesn't change the name of the nations which are many other names. what he going to say to american customers who have heard about all this and will be got distrustful of you? what this and will be got distrustful of you ? what can this and will be got distrustful of you? what can you say to be convincing that your products are safe ? convincing that your products are safe? we don't have any secrets, we
5:38 am
don't do anything bad against our customers or governments. we are cyber security company which is known for more than 20 years and there were never, ever any bad fa cts . there were never, ever any bad facts. 0nly there were never, ever any bad facts. only some rumours, some anonymous sources and this is bad news about us. it's not true. so please, pay attention to the quality of the product and please, stay with us. you can trust us. the value of the bitcoin crypto—currency has slumped for a second day — by almost 8 per cent. it's now down to around $3,500 from a high ofjust below $5000 earlier this month. the latestjolt to confidence has come from china — where a bitcoin exchange btc china has said it will stop trading — without giving a reason why. ricoh highs on is following this.
5:39 am
what can you tell us? it is really hurting sentiment. bitcoin is plunged from a high of $5,000. it would stop handling trades by the end of the month. there has been the —— beena end of the month. there has been the —— been a steady flow of media reports saying that china plans to shut down bitcoin soon. initial corn offerings are used as a way for future will —— virtual currency start—ups to raise money. china has boomed as a cryptocurrency trading venue boomed as a cryptocurrency trading venuein boomed as a cryptocurrency trading venue in its domestic exchanges have previously allowed users to conduct trades for free, attracting investors and speculators. regulators have now cracked down on the industry amid concerns chinese investors are speculatively piling into crypto currencies and given that a large point ——a large portion
5:40 am
of bitcoin trading is in the mainland, could this be the beginning of the end the crypto currencies? we will have to wait and see. you can keep us updated on that one. three women who used to work at google have filed a lawsuit in san francisco, alleging the company pays women less than men for comparable work. google says it will review the lawsuit but disagrees with the "central allegations". it comes as companies in silicon valley face growing scrutiny over gender relations. google is also under investigation by the us department of labour over its pay practices. business leaders who employ around one million workers in the uk and eu will sign a letter this weekend, imploring both sides of the brexit negotiations to get a move on. a draft of the letter, seen by the bbc, urges negotiators to clarify the rights of uk and eu citizens working abroad by october. it also calls for real progress towards future arrangements by the end of 2017. the letter was drawn up by trade group the cbi and circulated to top business leaders. you would expect a reaction on the markets to the north korea
5:41 am
missle launch and there was but it was fairly limited, the markets seem to have become conditioned to the cycle or provocation, diplomacy and sanctions. you can get in touch with some of me and the team on twitter. the uk's most prestigious mercury award has been won by the singer samper. he is the 28—year—old from south
5:42 am
london who has worked with some of the biggest names in music. the winner of the 2017 mercury prize is... sampha. why mac beyond say, dundee west and frank 0cean are such big bands, they helped make his debut album process in the states. the 12 mercury prize judges decided that sampha's soulful tunes were the best of british and irish music this year. no one blows me like the piano. got a standing —— no one knows me like the piano. he wrote it while he was grieving over the death of his
5:43 am
mother. it's helped me through my day—to—day life. i was looking after my mother and she was ill and music was like a cathartic thing to me, something to me to express myself. it was an important thing. while quietly diejesting his it was an important thing. while quietly die jesting his win and circling the room full of artistic and possibly collaborate with, sampha said he will spend his £25,000 prize money making seven ——a second album. coming up on breakfast, all the day's news and more in the emergency migrant route into the uk, this time from the spanish port of bill bauer. this is bbc news. the latest headlines: north korea has fired a ballistic missile over northern japan. south korean military officials say it flew nearly 4,000 kilometres — much further than previous north korean launches. it comes just four days after the un security council adopted further sanctions against north korea.
5:44 am
spanish police say they've detained dozens of migrants who are camping near the port of bilbao and attempting to stowaway on ferries bound for the uk. the camps only appeared in recent weeks and most inhabitants come from albania. the joint nasa—european cassini satellite is gathering its final data on saturn before being destroyed. it has orbited the planet since 2004. it will complete its mission as it plunges into the planet's atmosphere at 76,000 miles an hour. now it is time for our newspaper review. what's making headlines around the world ? the japan times is running an article on its website
5:45 am
about the second north korean missile in two weeks to be fired over the country. this comes following the introduction of tougher un sanctions. the new york times and news of a meeting between us president trump and key democrats which could see undocumented immigrant children, known as dreamers, protected by law if that legislation was paired with a massive border security upgrade. multiple time—delayed drugs could be given in a single injection — that's according to scientists quoted in an article on the guardian's website. the new technology could remove the need for boosterjabs as well. james murdoch, son of rupert, makes the front page of the financial times with his comment that regulatory

87 Views

info Stream Only

Uploaded by TV Archive on