tv Business - News Deutsche Welle November 6, 2017 12:15pm-12:31pm CET
and responsible tax practice and we certainly need governments to enforce anti money laundering and to really be good enforcers and regulators of tax and tax practices around the world ok thank you so much our robin holders internal managing director of transparency international. and you are watching d.w. news we'll have more by the way on the paradise papers scandal coming up in just a minute with monica and our business segment stay with us. every journey begins with the first step and every language with the first word the word from the. rico is in germany to learn german and why not learn a simple online on your mobile and free shop d w z e learning course nikos big
german made easy. sustainable protection for the earth ideas designed to preserve our ecosystems they exist around the world. global ideas takes the next step protection for our planet's biological diversity trailblazing projects. d.w. dot com slash global i.d.s. . a huge new eco financial documents exposes political leaders and to v.i.p.'s the so-called paradise papers reveal how the will to move us and shake has invested their wealth in offshore tax havens. also coming up u.s. president donald trump has started his twelve day asia tour with trade relations
high on the agenda. welcome to the business they're calling it the paradise paid thirteen point four million files revealing an impressive list of corporations and v.i.p.'s involved in large scale tax avoidance from facebook apple to nike to us come. secretary wilbur ross of britain's queen elizabeth the second it is the second such data lake the first one was called the panama papers they contained eleven and a half million financial legal records from a panama based little firm tax authorities back then robbed of their hands in glee and went off to big time tax evaders but just what has the fallout been one and a half years later the data dump had almost immediate political consequences the prime minister of iceland was forced to resign two days after the story broke files showed sigma undergoing luxon and his wife had ties to an offshore company but good
looks and is still in parliament and the papers revealed the new prime minister was also involved with an offshore company. thousands of protesters called for the resignation of long serving pakistani president now russia reith the paper showed his children owned apartments in london through shell companies the country's supreme court barger re from public office and he resigned. the panamanian law firm at the center of it almost like one say god is going through rough times authorities jailed its founders on money laundering and corruption charges it was forced to lay off two hundred fifty employees but what about all those back taxes that governments around the world hope to recover it turns out that most of the offshore financial deals uncovered were in fact legal if not ethical and the amount of extra tax revenue so far has been modest. according to one study at the end of twenty six team colombia was the biggest winner with eighty eight million u.s.
dollars mexico slovenia and rude why recovered lesser amounts the grand total a disappointing one hundred ten million dollars we original paramount papers drop is still being studied by tax investigators around the globe the new leak will give the millions more documents to prove in the years to come. so the panama papers the release of those papers rocked the financial world what about the paradise papers let's ask danielle cope who's standing by for us in frankfurt germany's financial whop daniel what's the mood there like after that i mean we have corporates like facebook apple nike on that list any other names we should be aware of. hi there monica what i can tell you about the trading day so far that we don't really see an impact yet on the blue chip index stocks and yeah you mentioned those companies that really hasn't been a big secret that companies like facebook amazon have been using every kind of gap
in the past and order to pay our last taxes but the list is very interesting you know companies here also in germany like six daughter paused the amends by and also daughter buying seem really to like those offshore accounts but also smaller companies like goes i'm on the company year in germany very famous for gambling machines they have been very proud in the past always announcing everything is made in germany but it seems when it comes to paying their taxes they prefer to pay of those rather in england on the isle of man so really interesting list monika of course having your name on the list doesn't automatically mean that you're involved in dodgy business schemes i mean offshore accounts tax avoidance schemes are basically legal where is the red line. yeah that's a question that i wanted to discuss with some traders here earlier on the trading floor and you know this kind of more discussion is always
a little bit difficult here because of course they're saying it's legal they understand on the other hand that you know normal people like you and me ask why we have to pay up to forty two percent of our income you know in taxes but on the other hand they say you know companies with this they can make more money with that the share price is also going up higher dividend for shareholders so really difficult discussion here at the trading floor monika. thank you nevertheless daniel corp in frankfurt for bringing us up to speed. and we're turning our attention now to u.s. president donald trump who has begun a twelve day tour through asia it is his first trip to the region since he pulled the u.s. out of the trans pacific partnership in short p.p. in tokyo trump criticized us japan trade relations which he called not fair open now in south korea his next stop the future of the five year old to a bilateral u.s. south korean free trade deal hangs in the balance donald trump has called it
a job killing horrible deal china then the world's second most powerful economy after the u.s. is now rushing in to be seen as a promoter of open markets that as donald trump pushes america first and to do in the asia pacific economic cooperation summit in vietnam donald trump will give a speech presenting the united states' vision for what he calls a free and open indo-pacific region finally in the philippines donald trump will attend the association of southeast asian nations summit and meet with philippine president rodriguez today at is so a busy schedule no doubt but what will it bring economically and that is what i wanted to explore with nicholas kessel's from the j.f.k. graduate school for north american studies and first i asked him whether he could tell us a little bit more about donald trump's vision of a free and open indo pacific region. that's where it gets a little tricky because we don't know really what it entails we do know rex
tillerson promoted the idea of in the pacific partnership an i.p.p. so to speak to promote the u.s. interests against china balancing china in the in the region we don't know what it entails in terms of content and what we can say is that it really seems that us that the us has lost its strategic focus in the region because t p p would have given me how does it play you mentioned t p p i mean how does it differ from t.p. pay is it just don't the tribes i trained you don't from i mean two things first the state department creating foreign policy for the us abroad is not really stuff they do lack the expertise especially in asia which means that they are not equipped to actually come up with an idea with a strategic plan to re open trade talks first second that means that they probably will rely on donald trump and his self perception as
a deal maker making these deals with those heads of government and states i very much doubt that he is actually equipped to deal with the very dangerous and treacherous current political currents in the region because that really that takes years of experience that he doesn't have which means that at the end of the day he comes up with i p p s t p p or comes back with no deal whatsoever now. that of course would be the worst case scenario but a twelve day trip through the region that is quite extensive and as i just mentioned many other nations still on his schedule what do you think will be his biggest challenge in terms of trade relations and economic partnerships his challenge will be that he is easily flattered by pomp so to speak and china vietnam japan they the. they all promised him a kingly reception
a state visit plus which the chinese ambassador in washington said the problem here is that this will probably end with perceiving this as those countries making a leap towards him even economically but that that is not the fact china is moving in on the strategic economic and security interests on both tracks at the same time t p p was intended to actually remedy the situation right now the u.s. is left with pretty much nothing so a lot of symbolism if you like on this trip but in terms of hard facts that remains to be seen because castle's there from the j.f.k. graduate school for north american studies thank you so much. and staying in the region the asia pacific regional conference has just closed in perth australia day to have a follow to the business event down. temperatures in perth are currently
a summary thirty five degrees celsius and although the air is certainly cooler in the cities congress center there was nothing cool about prime minister malcolm turnbull's speech introducing german president steinmeyer thank you so much for this. prime minister today. you won't work you know straight here. and thank you for the guy to do the face to speak. with you sexist or come for us. usually politicians address the audience in their mother town. decision to speak in english that's also warmly received. right here in the meeting rooms and hallways delegates can make new contacts finalize partnerships and discuss their experiences with german australian collaboration yet. there are also some
innovations to be checked out. economic ties between germany and australia are currently strong although trade flows are in balanced around seven hundred german companies have branches or subsidiaries downunder among them big names such as humans by and folks like him australia seems to want to move closer to germany the conference is a step towards further reducing the gap. is over a thousand people are turning this conference definitely more than expected one of the reasons for the crowd is that australia becomes more and more interesting for companies for germany even for start ups from germany and important for asia's that they are able to connect germany and australia in business. that's all for business for now thanks for watching see you in less than an hour.
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