welcome to bbc news, broadcasting to viewers in north america and around the globe. my name is mike embley. our top stories: president trump addresses south korea's national assembly, issuing a stark warning to the leader of its northern neighbour kim jong—un. the weapons you are acquiring are not make you safer, they are putting your regime in grave danger. every step you take down the stark path increases the peril you face —— dark path. the prince and the paradise papers. charles is accused of a conflict of interest with offshore investments in bermuda that stood to gain from his private campaigning. within the past couple of hours president donald trump has addressed the national assembly

of south korea and reassured them of the strength of the two countries‘ 60—year old alliance. he contrasted south korea's progress and strong economy with the hunger—filled prison state that he said existed in the north. he again called on pyongyang to give up its nuclear and missile programme, which he said is putting north korea in mortal danger. let's listen to part of that speech. history is filled with discarded regimes that have foolishly tested america's resolve. anyone who doubts the strength of determination of the united states should look to our past and you will doubt it no more. we will not permit america or our allies to be blackmailed or attacked. we will not allow american cities to be threatened with destruction. we will not be intimidated and we will not let the worst atrocities in history be repeated here on this ground we fought and died so hard to secure.

applause that is why i come here to the heart of a free and flourishing korea, with a message for the peaceloving nations of the world — the time for excuses is over. now is the time for strength. if you want peace, you must stand strong at all times. the world... applause the world can't tolerate the menace of a rogue regime thatthreatens with nuclear devastation.

all responsible nations mustjoin forces to isolate the brutal regime of north korea, to deny it and any form — any form of it. you cannot support, you cannot supply, you cannot accept. we call on every nation, including china and russia, to fully implement un security council resolutions, downgrade diplomatic relations with the regime and sever all ties of trade and technology. it is our responsibility and our duty to confront this danger together, because the longer we wait the greater the danger grows and the fewer the options become. and to those nations that choose to ignore this threat, or worse still enable it, the weight of this crisis

is on your conscience. i have also come here to this peninsular to deliver a message directly to the leader of the north korean dictatorship. the weapons you are acquiring are not make you safer, they are putting your regime in grave danger. every step you take down this dark path increases the peril you face. north korea is not the paradise or grandfather envisioned. it is a hell that no person deserves. yet, despite every crime you have committed against god and man, we are ready to offer, and we will do that, we will offer a path to a much betterfuture. it begins with an end to the aggression of your regime. a stop to your development

of ballistic missiles and complete, verifiable and total denuclearisation. while mr trump is away on his tour there have been two significant victories for the democrats in the first statewide election to the us since mrtrump came first statewide election to the us since mr trump came to power. the democrat ralph northam has won the governorship of virginia by a decisive majority. and the new governor of newjersey will be the democrat phil murphy, after eight years of republican control by the strong trump supporter chris christie. virginia hughes also elected a transgender candidate virginia hughes also elected a tra nsgender candidate to the virginia hughes also elected a transgender candidate to the state legislature for the first time in state history —— virginia has also. now to the latest revelations from the paradise papers. leaked documents about tax havens show that prince charles‘s private estate, the duchy of cornwall, secretly invested in an offshore company in which a close friend was a director.

that's perfectly legal, but he's been accused of a conflict of interest, because he went on to campaign for international rule changes that would have benefited the firm. the prince's spokesman insists he's never chosen to speak out on a topic simply because of an investment decision. the paradise papers were shared with the international consortium of investigativejournalists, including the bbc‘s panorama programme. richard bilton has this report. for years, prince charles has campaigned on environmental issues. this week, he's in malaysia, and yesterday he spent time in the rainforests of borneo. but panorama has discovered he campaigned on one issue that he secretly stood to profit from. the paradise papers show the prince of wales‘s private estate, the duchy of cornwall, had $4 million in the tax havens of the cayman islands and bermuda. this document shows $1 million in an offshore fund. their annual report says the prince

is actively involved in running the duchy. the governance of the duchy of cornwall allows the prince of wales to have a hands—on involvement, so you can really see his green wellies stamped over all of this turf. we found one deal that centres on this man in the cap, the late hugh van cutsem. he was one of the prince's oldest friends. mr van cutsem was a director of sustainable forestry management limited. they were registered in bermuda and traded in carbon credits, a market created by international treaties to tackle global warming. sustainable forestry management limited would have made more money if international regulations were changed to include carbon credits from all forests. the chronology of events raises serious questions for the prince. in february 2007, the duchy buys 50 shares, worth $113,500.

at that time, sfm's directors agree to keep the duchy‘s shares confidential. mr van cutsem asks for lobbying documents to be sent to the prince's office. the prince begins making speeches, campaigning for changes to two international agreements on carbon credits. injune 2008, he sells his shares for $325,000, a profit of more than $200,000. but we can't find, nor has the prince's office been able to show us, any speeches prince charles made on this specific issue before he bought his shares. he made three major speeches in the seven months after he bought them. well, i think it's a serious conflict. there's a conflict of interest between his own investments of the duchy of cornwall,

and what he's trying to achieve publicly. and i think it's unfortunate if somebody of his importance, of his influence, becomes involved in such a serious conflict. this is the sort of thing the prince was saying in his speeches. despite the prince's lobbying, the regulations surrounding carbon credits were not changed. his spokesman said... i think what happened was wrong. what i don't think is that he deliberately acted in a way which was unacceptable.

i think, if he'd realised the context in which he was being asked to do something, he would have acted in a different way. there is no suggestion that any of this is illegal, or tax was avoided, and it id impossible to know why the share price rose after prince charles‘s estate secretly invested in his friends company. but, for the second time in a week, the paradise papers raise serious questions about how royal cash is being managed. richard bilton, bbc news. let's take a look at some of the other stories making the news. president trump has not been invited to next month's climate summit in paris. around 100 world leaders will gather there, and france has pointed out that us government representatives will be attending. injune, donald trump said he was pulling the us out of the paris agreement on limiting carbon emissions.

flooding in vietnam is now being blamed for nearly 90 deaths after typhoon damrey made landfall on sunday. it's the worst flooding the country's seen for years. now officials are releasing water from dangerously full reservoirs to try and stop further flooding but there are fears that the number of dead could rise. delhi is often hit by smog, that's not news. but the indian capital is now experiencing a particulary bad blanket of thick, grey smog. the intense smog is being blamed, in part, on the burning of stubble by farmers across the north of india, as well as emissions from coal—fired power plants. a public health emergency has been declared, amid the dangerously high levels of pollution. sanjoy majumder has sent this. all of delhi is currently covered by a thick blanket of smog. as you can see, visibility is so poor, you can barely see the government buildings right behind me. and, if it looks bad, let me tell you it feels much worse. when you breathe in, there is a burning sensation

in your throat. your chest starts constricting. and that is the reason the indian medical association is asking for schools to be shut down. even delhi's annual half—marathon, due to take place later this month, had to be called off because of the danger this poses to the runners. now, what you can't see with your naked eye are fine pollutants, known as pm2.5 particulate matter. in some parts of the city their levels are more than 20 times the prescribed safe level. 0ne doctor says that breathing delhi's air at the moment is equivalent to smoking 50 cigarettes. still to come: further revelations from the paradise papers. there's also a dedicated section on our website, with much more explanation and analysis. the israeli prime minister,

yitzhak rabin, the architect of the middle east peace process, has been assassinated. a 27—year—old jewish man has been arrested, and an extremistjewish organisation has claimed responsibility for the killing. at polling booths throughout the country, they voted on a historic day for australia. as the results came in, it was clear — the monarchy would survive. of the american hostages, there was no sign. they are being held somewhere inside the compound, and student leaders have threatened that, should the americans attempt rescue, they will all die. this mission has surpassed all expectations. voyager one is now the most distant man—made object anywhere in the universe, and itjust seems to keep on going. tonight, we proved once more that the true strength of our nation comes not from the might of ourarms, or the scale of our wealth, but from the enduring power of our ideals.

this is bbc news. the latest headlines: president trump has issued a stark warning to the north korean leader kim jong—un. addressing south korea's national assembly, he said pyongyang's weapons programme was putting the regime in grave danger. the prince and the paradise papers: prince charles is accused of a conflict of interest, with offshore investments in bermuda that stood to gain from his campaigning. now, the bbc‘s david grossman has been one of the international team ofjournalists examining the paradise papers, and has been looking specifically at the management of angola's sovereign wealth fund. it is designed help develop the country and provide a future income when the country's oil reserves run out. it appears though that the level of management fees charged and the choice of investments is making one individual, close to the angolan regime

a great deal of money. music. angola manages a curious double. its capital, luanda, is officially the most expensive city in the world to visit. but the country is one of the poorest. one reason for this is corruption. investigating the financial interests of angola's rulers is usually an impossible task. although the border‘s onlyjust there where those signs are — a couple of hundred yards — it's not an easy place forjournalists to go, particularly when the subject of our investigation is the son of the president and someone very close to him. fortunately, though, we've got a huge pile of leaked data — sensitive financial information that throws a window open into that closed world. althouthose eduardo dos santos stood down as president, after 38

years, in the summer, it was to his chosen successor. many believe the move was more about preserving power, not handing it over. in angola, power comes from money, and money comes from oil. and while he was in office, president dos santos ruthlessly controlled that wealth. his daughter, isabel, known as africa's richest woman, with an estimated wealth of $3.5 billion, was, at the stroke of her father's pen, made head of the state oil company, sonangol. his son, jose filomeno dos santos, known as zenu, was appointed to another position — again, by the president. $5 billion of oil money was placed in a sovereign wealth fund, the fundo soberano de angola, or fsdea. and zenu was put in charge. the process was not transparent according to normal standards anywhere in the world. but it — what was transfer and for the people of angola was that the only criteria when he was selected, it was because he was the son of the president. he had no special training, no experience, and no special qualifications.

the fund appointed a company called quantum global to manage its money. it is majority—owned byjean—claude bastos, a swiss—angolan businessman who is a close friend and at that time was a business partner of zenu. we see only one asset management firm in charge of the vast majority of the fund's assets. that's unusual. and it's unusual for a number of reasons. and the principal one is that funds want to hedge the risk. you don't want to put all your eggs in one basket. you want to spread your eggs over a number of baskets. in general, the angolan fund, and i think this is true of a lot of the funds that sort of score poorly on transparency and accountability indicators, one of the things that they have in common is the lack of rules around who the managers are, how the managers are chosen, and what assets the fund can invest in and what it can't invest in. we asked fsdea how quantum global was selected as the main investment

manager. nobody wanted to be interviewed for this programme, but in a statement, they said: mr bastos also told us: mr bastos first applied to manage the money from jersey. but the authorities there thought he was too close to the president's son to be independent. we have also seen the internal report into this application, which also noted: mr bastos turned to another island

to manage the fund's investments. where it once farmed sugar, mauritius now farms money. it's an offshore tax haven. and it's here that mr bastos left three of the $5 billion to invest in seven funds he created. using the services of the law firm appleby, based in this building in port louis, mr bastos set up quantum global investment management. appleby, as you may have seen in the news, suffered a huge data leak of highly sensitive information, revealed this week. the leak was obtained by the german newspaper suddeutsche zeitung, who shared it with the international consortium of investigative journalists. the bbc has been researching it, along with the guardian newspaper. for the last nine months,

we've been putting together information from the leak with publicly available sources, and talking to insiders. as a result, we have managed to piece together much of what's going on inside the management of the sovereign wealth funds money. the first thing to look at is the management fees, which quantum global was paid for managing the seven mauritius—based funds. between 2% and 2.5% of the $3 billion every year. injust 20 months, the company was paid $92 million. over this time, most of that money was not invested, but sat in bank accounts. at the end of 2015, qgiam had invested just $407 million of the $7 billion. at the end of 2016, that figure had gone up to $433 million. in other words, during 2016, an additional $26 million was invested by the seven funds. over this period, quantum global was paid around $70 million in fees.

so, what we see in that case... is that unheard—of? no. the question i'd be asking is, is the angolan fund getting its value for money? if you are making... if you're paying those types of management fees, you must be getting extraordinary service for that. and if i were the angolan fund managers, i would be asking, are we getting an extraordinary service or not? both mr bastos and the funds say the management fees are reasonable. what happened to them, though, may, according to industry insiders, be an indication that they were set too high. because of the leak, we can see that $41 million of the $92 million of management

fees was paid out as dividends. in other words, it was profit. it went to a company called qg investments limited in the british virgin islands. this is owned by white nite limited, also in the british virgin islands. which is owned by green trees incorporated, in the seychelles. and this company is owned by mr bastos. of the rest, $34 million was paid to another company, quantum global alternative investments. part of the quantum global group of which mr bastos is the majority owner. so, the documents that i saw reveal a complex financial structure. but they reveal a complex financial structure which doesn't, on the face of it, seem illegal, but highly opaque, that allows somebody who wants to hide gains that they are making, perhaps inappropriately, shall we say, rather than illicitly, hide those gains and hide who owns what company and who is receiving what payments. the videos on mr bastos‘s personal youtube channel portray a dynamic entrepreneur with many financial interests. go out as you are a dreamer and follow your dreams. be courageous, and do not give up. so, what did mr bastos invest

the sovereign wealth fund's money in? during the 20 months covered by the leak, we can see evidence that he made six investments in hotels and infrastructure. but three of the investments were in projects in which mr bastos has a personal stake. for example, there is a $157 million hotel complex in angola's capital, luanda. it is to be built on land owned by mr bastos, and by a company owned by mr bastos. we have spoken to an insider with knowledge of the deal, who told us that quantum global appointed independent analysts to go over the deal. they concluded it wasn't a good one for the angolan people's money. the projected returns were too low, and the costs too high. and yet, the investment was approved. so, the difference between private equity and venture capitalism... mr bastos clearly knows a lot about making money. but what's not clear is why a man

who was prosecuted in switzerland, a man with a web of complex financial interests, was given the opportunity to make what appears, from this leak at least, to be so much money from the angolan people's fund? this isn't bags of cash being carried into bank accounts in switzerland. this is fees being charged here, earnings being made there, to benefit, it would appear, one particular individual. why is he in this favoured position? what connections does he have? where does the money go onward from him and from his companies? at this stage, certainly from documents i've seen, we don't know. but there will clearly be some other connection thatjustifies him being in the position that he is in. mr bastos, though, insisted that the hotel investment was viable. he denied there was any conflict of interest, saying: the fsdea told us:

meanwhile, in luanda, where a man skims a flooded crater for the mosquito larvae which causes yellow fever, malaria and zika, it's not hard to see where the money could be spent. this hospital in cazenga is overwhelmed by patients. some have had to buy their own drugs and equipment from hawkers outside. these are the people the angolan sovereign wealth fund is supposed to be helping. more on the website and social media. thank you for watching. well, the skies across northern

britain cleared upjust in time for a spectacular light show. we have had some pretty great pictures of the aurora borealis coming in. one from the outer hebrides. i love this green one from argyll and bute. a stunning one here from cumbria as well. a lot of clear skies across the northern uk. that means there is going to be a touch of frost. chilly air out there right now, but not everywhere. in fact, across east anglia and the south—east, this is where we still have that weather front, moving across the uk during tuesday, which has ended up across east anglia and the south—east. for norwich and london, temperatures around maybe four, five, six degrees, those sorts of values. for the rest of the uk, out in the countryside, it could be as low as minus four degrees. so some mist and fog around as well, but generally speaking, lots of clear weather. however, anglia and the south—east could be gloomy and drizzly

in the morning. the weather will improve here, but it will take time for that cloud to break up. the rest of the country, beautiful and sunny. light winds, crisp, fresh, misty and places. carlisle still around freezing at eight o'clock. this is the next area of rain that is moving into the outer hebrides. probably by the time we get to the morning that will nudge on. wet and windy again, it will reach northern ireland eventually. many areas of england, you can see that beautiful sunshine. on wednesday, still a bit of cloud left over in east anglia and the south—east. let's look at wednesday night. this entire weather front needs to move across the uk, wednesday night into thursday. again, cloud and light rain around. wednesday night will not be cold. frost free across the uk. thursday afternoon, some sunshine around as well, not a bad day, not a perfect day either. 0verall, not looking too bad.

towards the end of the week it will be quite unsettled. the winds will be strong across northern areas. lots of isobars here. 0ne weather front moving through, and another one on friday, bringing rainfall to the south. so friday will be wet. saturday, should be out of the way. and we are in the clear. the thinking is that after an unsettled end to the week the weekend will be bright and breezy with showers. but it is going to feel on the chilly side. goodnight. this is bbc news, the headlines:

donald trump has issued a stark warning to the north korean leader, kim jong—un. addressing south korea's national assembly, he said pyongyang's weapons programme was putting the regime in grave danger. the us president's soon to embark on the next leg of his marathon tour of asia, travelling to china. more details are emerging from the leaked paradise papers. they reveal that prince charles campaigned for climate—change agreements to be altered, without disclosing that his private estate had a financial interest in the reforms. flooding in vietnam has now been blamed for 19 deaths. it is the worst flooding seen in years. the row fears the number of dead could now rise. —— there are. now on bbc news, it's time for hardtalk.