tv Business - News Deutsche Welle November 8, 2017 12:02am-12:15am CET
they are demanding that the european union interview in their standoff. it's a year since donald trump was elected president of the united states and the u.s. economy is thriving but is that thanks to trump or despite him we'll ask our correspondent on wall street also coming up as more famous names are uncovered as tax dodgers the e.u. scrambles to come up with new measures but is it even possible to get all the countries on side. and daniel went to his twelve minutes of business a year ago today donald trump defied critics and shocked the world shocked himself even by winning the united states presidential election it was the fifth time in u.s. history that a president was elected with a minority of votes here's a reminder of that night and the economic legacy trump is building. pictures that
stone the world businessman donald trump wins the u.s. presidential election here expected rick research shock waves through international political circles the new president came with a reputation of being unpredictable and having little respect for decorum or democratic principles as a columnist hope to seal his own do with the policies he was touting. here to us economy is thriving it grew by an annualized rate of three percent in the last quarter the labor market has become a jobs machine we can treat unemployment rate has fallen to four point one percent that's the lowest in seventeen years and stock markets are jubilant the dow jones industrial average is surfing from one record high to the next. and so fishermans he is on the wall street force so very good to see you what is trump done for the economy. well then you know trump has a lot of friends and he doesn't miss out on any opportunity to talk about these
plans that are supposed to help the american business will more than anything but if you look at what actually has been finalized you can see this acute gap between transplants and his achievements take the text through for him yes the twenty percent corporate tax rate sounds great but the texas and has not been reformed in such a long time because it's more than tough to find a way to finance tax cuts without blowing up the deficit and so on the banks are still waiting for less regulations and remember trump both threats of leaving after well actually goes back and forth but we haven't seen any result after all so he hasn't kept all of his promises on cracking down on free trade really big multinationals must be really. well i mean a lot of companies and investors fear the protectionism that trump and secretary of commerce wilbur ross have been advocating for if you ask the american carmakers for
example you will hear something like if you are strict trading vehicle components with other countries this will most definitely result in a higher costs for produces this could mean lower returns for investors fewer choices for consumers and in the end a less competitive car industry after all and on top of those a lot of companies feel that american protectionism will eventually result in a trade war and that would hurt exports and make the deficit even bigger even if imports decline while he's got plenty of time to make good on his plans one thousand one hundred sixty nine days left so efficiency thank you very much for the . so the u.s. president is a burden to the world economy no those aren't my words but the result of a survey of more the nine hundred economic experts worldwide conducted by germany's institute the overwhelming majority said they believed donald trump's policies were
having a negative impact on the global economy at home polls better in the u.s. only a minority of experts believe he is harming the economy of financial correspondent daniel cooper has this analysis how many times i have you know already told you during this year that share prices have been falling because of comments made by donald trump and this is really what investors are calling a dangerous they are considering donald trump as a politician who was very unpredictable just one of his sometimes very careless tweets can result into a massive landslide and stock markets all around the world some investors here even told me that they have an apple alerting them whenever he's sending one office very controversial trees this together with all the promises that he has not been really fulfilling in the last time is really being considered hears doing bad business.
i know cope there the paradise papers have claimed more victims the leaks exposed formula one champ lewis hamilton who reportedly saved tax charges on a new jet by importing a five day aisle of man the u.k.'s prince charles allegedly campaign vault ration is to climate change agreements while investing in a firm which would benefit from big firms like apple and nike have also been caught out the e.u. had long plans to crack down on tax havens as european finance ministers met today it became clear that there is no solution. fresh outrage for a problem they're already struggling to solve european countries began working to stem tax sheltering well before the latest leaks last year the european commission identified eighty one countries in jurisdictions connected with tax avoidance the e.u. wants to finally create a blacklist of offenders before the end of this year such a list would name and shame the worst tax shelters. we know there's a. reason for corporation among states to have more information and more
transparency which states have to sticks to their commitments and if states do not stick to their commitments we have to put sanctions on those states how sanctions my look is unclear however at stake in the matter is billions in lost revenue as wealthy individuals and firms move taxable business to low or zero tax lant like the isle of man off the english coast according to news reports germany loses as much as seventeen billion euros a year to tax havens but if tax sheltering isn't illegal can shaming countries have an effect then as. if we can single out those countries that act as tax havens that is those with zero or bare minimum corporate tax rates then it'll have an effect of that i'm quite sure it's. done but i saw an effect on see him. yet e.u. members any consensus in the current talks could remain difficult despite the pressure of new leaks. and to take just one company's an example outside of the
e.u. the massive mining for glencore is mentioned thirty four thousand times in the paradise papers from the swiss n.-g. o. public eye and rasmus back joins us now believe me andreas glen cole has been singled out for criticism in the financial press what has the company done wrong in your opinion while the county the company has a lot of things from obtaining mining licenses at the very low price to aggressive tax avoidance in countries such as colombia or book enough. until running a ghost feet of ships that was never disclosed. so your investigations into glen cause part of the paradise papers focuses on the company's operations in the democratic republic of congo why this country in particular well first of all the democratic republic of congo is one of the typical examples of
a country that stuff is the result scarce meaning despite its riches is the population states very very poor and what happened with glencore business in that year see is that they worked with a very dodgy door opener it was already involved in arms stealing and i'm and dealing and through this door open it had direct access to president and the number two in congo they achieved to get mining licenses at the price that was four times lower than what the other mining companies paid at the loss of four hundred fifty million dollars for the congolese population so you're saying from the paradise papers what you're saying is that it's clear that they're involved in corruption now glencore isn't here to defend themselves they would probably say that they are not to be involved in corrupt practices have you talked to them what is going to have to say to you. well we heard their response and they're just saying that. they
actually got their mining license a hat off working with them which is a controversial door opener but what we see in the papers this is just not true and then go got credits from glencore that was actually tied to his success in the negotiations so implicitly that could also mean use that money however you have to to get the license so if everything is as bad as what you're saying it is why have the swiss authorities stepped in and done something to make glencore stop these kinds of practices well we certainly expect them to like the fact that now have come out that this with attorney general's office is actually looking into and where they hope this is going to happen and certainly we're also push in parliament that now there are serious changes because it's not just about blanco it's about so it's an end as
a commodity trading help that definitely needs to be regulated to prevent such practices from happening and we'll be watching very carefully to see if something is down there and you know public eye and thank you very much for talking to us thank you. if you're a fan of the beatles or even madonna this next story will be music to your ears that's because some of the world's most iconic electric guitars are going under the hammer in new york up for grabs paul mccartney's famous gold gibson guitar jimi hendrix guitar the one he played at a festival in miami and the black players pull guitar that madonna played on her tours i didn't even know that madonna did play guitar if any of those struck a chord with you the auction is on the second. so you can save up your money. that's it for another business update you can catch us with even more on twitter and facebook also check out our website d w dot com i'll be back with more tomorrow
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