at the g twenty summit in argentina the year of five to an idea it's been toying with us some time it wants global rules to stop taxing digital giants more fairly that the u.s. isn't a fact. that coming up chinese president xi jinping is in africa to strengthen economic ties with the continent and secure new credit investment deals. plus a collection of disney theme park memorabilia is being auctioned next month in california but all costs a lot more than picked it up to take it. is your business update glad you could join me it has the makings of a new transatlantic dispute european finance ministers and central bankers have called for global rules to tax the digital economy putting them at all it's with

u.s. counterparts the idea was floated a meeting of the g twenty in the argentinean capital when his ideas on sunday and it's not likely to go down well with the u.s. tech giants. it's an idea the e.u. started toying with earlier this year digital companies should pay their fair share of taxes during last weekend's g twenty meeting e.u. finance leaders made sure the proposal was on the docket. like every other company tech giants like google are required to pay taxes on their profits however many use creative accounting twelve voigt paying their full share that's why the e.u. wants to start taxing the revenues instead of the profits that large digital companies earn in european countries. the new measure would force digital companies with significant presence in europe to pay a three percent tax on the e.u. revenues brussels hopes the tax will raise five billion euros a year. tech giants already pay disproportionately low taxes and the money

they earn isn't accounted for in president trump's favorite obsession the u.s. trade deficit he claims the e.u. has a one hundred fifty one billion dollar trade surplus with the united states but his calculations only look at the exchange of goods taking into account all monetary flows including services and revenues of multinational corporations the e.u. chalks up a deficit of fourteen billion dollars although e.u. officials say the digital tax would create more fairness their u.s. counterparts have already signaled that they would interpret it as an attack on america. let's bring in our financial correspondent yens court in new york for more on this now again what's the sense that do americans feel like europe is stepping on their toes when it comes to this proposal. i would so so yes and that has not just started with us president donald from but also the obama

administration actually complained that the regulatory correct down against them silicon valley is politically motivated what i'm also hearing here quite often is that well ok we live in a digital word world so how do you take that but when it comes to the big digital companies there aren't that many global european players so when we talk about texas and those corporations we mostly talk about us american corporations that's at least the sense that i see over here in the u.s. and on wall street and our u.s. tech companies paying their fair share in the u.s. . well u.s. tech companies are not tory years for not paying too many texas even before us president donald trump started his tax reform earlier this year

a lot of the u.s. tech companies paid far less corporate texas than the overall demanded thirty five percent quite often they would pay less then twenty percent one of the main reasons for that is also when it comes to ensure lecture lee property rights a lot of the tech companies actually list those. rides somewhere in cheap takes country and therefore they can avoid higher takes that there were they were also supposed to pay here in the united states still do american tech companies paid taxes here in the u.s. sure they do but quite often they pay far less taxes than we've seen it in a lot of other areas by the way the same especially when it comes to the intellectual property rights of it's true for the pharmaceutical industry they're also notorious for paying a lot of texas so yes u.s. technology companies pay their share but less than other industries putting it into

context for us our financial correspondent one quarter in and new york thank you. well a flurry of new trade agreements of mock shooting pings trip to rwanda is the first ever visit by chinese president to the country and she stopped in rwanda on his way to the bric summit of emotive condoms south africa rwandan president paul kagame they praised china for its treatment of the continent as an equal china has become africa's biggest trading partner and a major fina infrastructure projects critics have assailed some projects on human rights and environmental. a one of the infrastructure projects china is pursuing elsewhere in africa is the kenyan railing which will run across the country between its indian ocean port of mombasa through its neighboring uganda it also cuts through national park territory and has come in some severe criticism. these animals roam freely barely seven kilometers outside kenya's capital nairobi

but their unrestricted lifestyle is endangered kenya has contracted for china roads and bridges corp to extend and modernize its main railway line the first leg connecting mombasa nairobi was completed in twenty seventeen the second leg will link kenya to neighboring uganda it cuts right through the national park. all these train tracks and noise going to make the park lose the animals and maybe reduce it to his zoos this is a natural park where animals can walk in and out they will no longer be able to do that conservationists have been fighting the railway since twenty sixteen to no avail construction of the second leg began in march despite a court order halting the project and elevated track will run across six kilometers of the park perched on pillars between eight and forty meters tall officials insist the animals will still be able to roam freely. that area was supposed to be for

animals a corridor for wildlife but also as development activities and i country we cannot really shy away from investing in our development the rift valley railway is kenyans biggest infrastructure project since independence and the government hopes the faster transport link will give you a condom be a boost chinese railways roads and dams are rapidly changing landscapes across africa aimed at accelerating the continent's industrialization they also cemented beijing's influence. there all suspicions that chinese vaccine it produces knowing expose hundreds of thousands of children to possibly on safe fax chinese police have launched a probe into chen chun chung sen biotech over claims it sold dangerous inoculations to health facilities across the country john showing it shares which had been suspended in the morning with down ten percent of slump forty seven percent since

mid july state durable forties have conducted on announced inspections on all the chinese manufacturers as well some of the vaccines in question were given routinely to chinese babies as young as three months so far it appears no patients were hot. now to some rather alarming news and some concerns here and they're loving it germany they might call it a national crisis the country's breweries are running out of bottles. my mother had a brewery in both of them just ask its customers for help they should bring back their empty beer bottles before they go on vacation although the deposit on bottles is between eight and fifteen cents each not enough customers return their recyclable empties now many breweries find themselves short on bottles germans drink more beer than expected this summer first that was the soccer world cup and then the unusually hot temperatures it's been months of warm sunny weather in germany and breweries have been selling more beer than ever before the problem is

not a shortage of beer just not enough bottles experts estimate though that there were two billion of them circulating throughout germany but beer drinkers might be wishing it were a few billion more. europe's largest budget carrier ryanair has reported a stateful in in the first quarter that profit drops twenty percent the dublin based airline blames lower fares higher fuel prices and increased pilots' wages the drop but it still expects to reach its annual profit for cost of around one point three billion euros brian as disappointing results come off to accept trade unions late last year and strikes by pilots in cabin crew continue to take their toll despite agreements with the unions in britain is in the and germany. staying with aeronautics of souls a collection of disney theme park memorabilia is up for auction next month in california and among the offerings all pieces of the dumbo the flying elephant

rocks and space mountain as well as a bucket from the old disneyland skyway but will take a lot more than some pixie dust to make any of the. collector and hollywood agent richard kraft is behind the sale he's turning over seven hundred fifty pieces that spanned six decades of disneyland history items like this car from the famous dumbo ride which the auction house says could fetch between one hundred to two hundred thousand dollars to craft these items art kits their arts and he's not alone his collection is currently being displayed at a free public exhibition in suburban los angeles. real artisans mavis and i love putting in an exhibit said jean so it could be admired differently you never actually see this stuff up close and personal the way you would see it in this exhibit so why sell them kraft is looking for a happy ending he plans to donate the proceeds to to charity organizations

benefiting children. that's it you're up to date with the latest business news i'll be back with more tomorrow same time same place that for you that right now is a look out the markets at this hour thanks for watching and seem see.

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