trillions of dollars squirrelled away abroad by the rich and powerful a new document leaked of the paradise papers exposes the tricks used by the zero point one percent to hide then money from the tax man also coming up it started off as a sprint to the finish line well now the race is over without a winner telecoms firm sprint and toe t. mobile call off them and. one finger in the future to get your credit card one shop just outside london is letting its customers pay just think of. the i'm daniel winter and this is your business update governments around the world are scrambling to investigate as the so-called paradise papers expose tax dodging on a massive scale the e.u. now says the document leaks have placed a renewed emphasis on fighting tax avoidance they could press forward with plans to

make a blacklist of tax havens among the millions of documents evidence that some of the world's richest individuals and businesses are doing whatever they can to hide their cash from the tax man the queen of england is there the rock star bono two american firms apple facebook and nike are also part of it. the massive paradise papers leak is a snapshot of global tax dodging in sixteen million documents most of them out of bermuda big names and big companies are caught once more in a controversy over their finances that's boosting those who want to end tax dodging in the u.k. opposition leader jeremy corbyn suggested the queen should apologize after the leaks showed her state made offshore investments we simply have to challenge the culture that the something clever about avoiding taxation taxation is what gives us ambulances gives us far attenders gives us safety in our lives and we all have

a responsibility to pay for it others have greeted the revelations with a shrug russian officials have pointed to the legality of the transactions in the u.s. commerce secretary wilbur ross said there was nothing improper about his investments in a firm connected to the russian state us president donald trump could even use the leaks to support his plan to slash corporate taxes the reality is more complex however governments like the u.k. and germany say they've been trying to close down loopholes with mixed results the e.u. has meanwhile suggested a collective response but even this could face challenges sometimes were blocked blocked by the fact that the member states consider to be should be you go from this or that. and now we're in a different period that's what it called the transparency. it's high time that everybody goes into seeing the reaction to eliminate proved to combat that's evasion when it comes to clamping down on tax dodging for now the shame game might be the most effective option one revelation from the papers apple used an

offshore account on the british crown dependency of jersey to hide billions in profit that's according to media sources analyzing the leaked documents we spoke to a member of the european parliament spend gay gult who's been pressing to close tax loopholes he says britain bears much of the responsibility for aiding tax dodges. well if you look at the facts it's very clear that most of the islands of which business was wheeled were clearly british territories and therefore this is a key question with the upcoming brics it discussions so i believe british banks investment funds insurance companies they have a strong interest to keep market access to the e.u. twenty seven and we should clearly make that conditional on closing down the tax haven business around the u.k.

and joining us now from the international consortium of investigative journalists which exposed the paradise papers his job while gerard thank you very much for joining us it hardly comes as a surprise that wealthy individuals and firms are avoiding taxes so what exactly do you expect to come from these latest revelations well i think it's another blow to the secrecy that's being afforded by tax havens i think that's probably the first and most important thing but maybe you know by repeatedly embarrassing people we're looking at they are the richest people in the world here they're the biggest corporations in the world and really what we're showing is of you know all of this talk of politicians over the last couple of years to try and close us down is really just being a farce i mean basically these corporations and individuals go shopping for a better tax deal the way that you and i would go shopping for a car yes but picking up on that point to the casual observer it does look like nothing has changed since the panama papers a year and a half or so ago is that the case. and very much so i think people

dismissed the papers as a sort of a role that was. documents that came from a pan i'm a law firm. and i think people dismissed it and said this is a law firm doing bad things you know for bad people here this is very different to paradise papers basically mainly involves a company that is catering to high end people high end corporations high end individuals who are not criminals and what we're seeing here again is that this is legal but again is it is it moral is it acceptable i guess is the real question for public ok and we're talking about as much as ten trillion dollars stashed away in offshore accounts maybe you could give us an impression about how damaging this kind of tax evasion is. what we really don't know how much is in tax havens people can you can quote a figure you can pretty much make up

a figure if you want to reading people don't know simply because of the secrecy and we know that almost half of world trade now goes through taxation so we have no idea how much is stashed there and it's not like the money is stashed in the caribbean account it's actually in the banks in britain america and in germany and other you know western well i think the leaks really do go to the heart of the one product that this offshore world does provide and that is secrecy and if you no longer have secrecy then you no longer have a product to sell and i think that's probably the biggest blow that you can take to this is the system basically is i think it will take more leaks like this it will take whistleblowers coming forward you know luckily we're in an era where people can leak information on a scale never thought possible before and i think that unless the governments are prepared to fix this then people will continue to take matters into their own hands by giving this kind of material to journalists and of course there is plenty more still to come from the paradise papers thank you very much for that.

and here's one reason you might want to dodge a bit of tax twenty years or spend a hell of a saying the funny side having a bit left over money to buy a flashy car and just wait for it. happens dodge part. that's one thing to do with the money anyway siemens is to slash up to six thousand jobs in its wind turbine business the cuts affect workers across twenty four countries the news comes after just months of just months after the german industrial giant merged its wind power business with spanish renewable company game sucks but orders especially in the u.s. have slumped the company says the job cuts are needed to secure its position as a market leader in the renewables business. it started as a sprint became a marathon and ended in a stumble merger talks between telecoms rivals t. mobile and sprint have broken down the two firms have failed to reach

a deal that would benefit both customers and shareholders shares in both companies tumbled on the news to mobile an affiliate of germany's dacha telecom and sprint on the third and fourth largest wireless providers in the united states i reporter so fishman ski has more from wall street. yeah apparently there are a lot of issues on the suffering side in terms of governance and. the world's largest financial newspaper earlier part of the point of contention was overdoses hanekom through a quest to have control over the combined company and softbank holds out as a result of no longer believing that their voice would be heard well in the combined company and on the team obama side people have been skeptical in terms of what the price would ultimately be despite the fact that both sides originally had identified a fairly tight range for the price and now forces on both sides are indicating that they do continue to negotiate right now while there has been and seems to be an

expectation that if they can reach a deal on price this week the two thirds to abandon the talks. so if months on wall street that the grocery store on the outskirts of london is giving customers the finger that is giving them the option of using finger scanning technology to pay for that shopping but not everyone is ready to leave their cash and credit cards at home. just pop your finger on to the scanner to purchase your items customers at this grocery store on the outskirts of london cannot choose to leave their cash and credit cards at home. the biometrics gann builds a three d. map of your finger veins that generates a key that users can link up to their bank accounts. the company's behind the new payment technology say it could help businesses forge closer ties with customers. you have no identity of anybody and it's very difficult but the relationship with.

which people carry these days so what they are. your finger is you never going to forget it you're always going to have it with you if you make the payment. but the technology has also raised concerns about previous see the crypto key generated by the finger vein scan is stored anonymously on servers but linking your finger to your bank account could enable your movements to be traced because so far around the stars and people have signed up to use the technology proponents say its potential is huge and that it could even be rolled out in other areas like border security. and that wraps up business update patches on facebook and twitter for even more i'll be back with well tomorrow same time same place see the .

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