in may. at the g twenty summit in argentina the ear of five to nigeria has been toying with us some time it wants global rules to stop taxing digital giants will say that the u.s. isn't a fad. or succumbing up chinese president xi jinping is in africa to strengthen economic ties with the continent amps a cure lucrative investment deals. plus a collection of disney theme park memorabilia is being auctioned next month in california but will cost a lot more than some pixie dust to take it. this 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 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 acquired to pay taxes on their profits however many use creative accounting to avoid 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 names who are to 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 saw yes and that has not just started with u.s.

president donald from but also the obama administration actually complained that the regulatory correct down against them silicon valley is so politically weighted what i'm also hearing here quite often is that well ok we live in a digital word world so how do you texas 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 notorious for not paying too many texas even before u.s. 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 than twenty percent one of the main reasons for that is also when it comes to insure lecture lee a property rights a lot of the tech companies actually list those. right somewhere in cheap takes countries and therefore they can avoid higher takes that were they were also supposed to pay here in the united states so 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 those intellectual property rights it is 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 yet of course there is an annual thank you. well a flurry of new trade agreements of mark sheeting paintings trip to rwanda is the first of a visit by a chinese president to the country and she stopped in rwanda on his way to the break summit of a logical and 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 finance or infrastructure projects though critics have assailed some projects on human rights and environmental graft. a one of the infrastructure projects china is pursuing elsewhere in africa is the kenyan rail line which will run across the country between its indian ocean port of mombasa through to neighboring uganda it also cuts through national park territory and has come in some of the criticism. these animals roam freely barely seven kilometers outside

kenya's capital nairobi but their unrestricted lifestyle is endangered kenya has contracted the 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 plague 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 con to be a boost chinese railways roads and dams are rapidly changing landscapes across africa aimed at accelerating the continent's industrialization they also cement influence. they're all suspicions that chinese vaccine it produces know and expose hundreds of thousands of children to possibly on say facts chinese police have launched a probe into chanche own chung's sen biotech over claims it sold dangerous inoculations to health facilities across the country china showing at chez 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 heart . 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. a brewery in both 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 in 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 are two billion of them circulating throughout germany but beer drinkers might be wishing it were a few million more. europe's largest budget carrier ryanair has reported a stateful in the earnings 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 and cabin crew continue to take their toll despite agreements with 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 rice

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 craft is behind the sale he's turning over seven hundred fifty pieces that spans. 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 kids their art 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 put it in an exhibit said even 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 a you know up to date with the latest business that with more tomorrow same time same place to do that right now here's a look at the market at this hour thanks for watching and c c

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