nine billion euros in compensation saying the carmaker should have informed shareholders earlier about this diesel emissions scandal. bender's one we'll have that story and much more coming right up in business. for. a moment. lehman brothers ten years on a story of ambition greed and megalomania. we're

so clever the returns in shoulder lots were a little cold investment bankers longer term results will never stop. everybody was wrong to want you to ignore the reality of the whole thing michael often misplacing of a system that spun out of control. over most of the world and the false image of. the crush the investment bank lehman brothers start september thirteenth on g.w. . what about the. the diesel gate scandal finally reaches the german court a test case against iraq fact is underway if e.-w. loses it could be forced to pay billions of euros in damages. china's best known for project must says he's handing over the executive chairmanship of the alabama.

his private jet in china continues to soar experts fear it might be spiralling out of control. and tourism booms in germany the number of hotel bookings reaches a record high in july. i've been fizzling let's do business this is going to be an uphill battle for investors doing v.w. accord neophytes headquarters in both spoke is examining whether the auto giant should have told them sooner about the emissions cheating scandal but in open comments the judge said most of the claims might be past the statute of limitations in other words too much time has passed to take the complaints into consideration. who knew what and when the decisive questions braunschweig stop court has to answer in this test case did fox walk in way too long before informing shareholders about the emerging a mission's cheating scandal and is it therefore liable for substantial damages.

the suit has been brought by the investment fund it wants two hundred million euros damages to cover its losses. but another seven thousand five hundred shareholders who lost money over the emissions scandal are lined up behind dika altogether v.w. shareholders are claiming nine and a half billion euros the figure is based on the forty percent drop in three w.'s share price in the first two weeks after the scandal became public. taken investment claims v.w. management knew about the emissions cheating devices installed in its vehicles long before then and should have informed shareholders if dick i invest in it wins this test case it would be followed by a veritable avalanche of claims. contribution is following this case closely from the very first stock exchange conrad what is the likelihood of an avalanche of lawsuits as we heard there. or you know been at the moment roughly four

thousand shareholders of fox who are have filed lawsuits in various german courts among them hundreds of individuals fewer than half of those are now at issue in the court hearings that started today and this trial of course will set a precedent for the other cases if only a few of those claims are considered to be legitimate by the court of course this would encourage all of the other plaintiffs to proceed with their court cases i don't know whether this would be an avalanche it would sure be a big problem and one that can last very long and expensive one what about the judge's comments though that the most of the claims come too late. you know in this case now the plaintiff's claim that the folks must have known years before diesel gate about the fact that those emissions systems don't work we're talking

about the years two thousand and eight to two thousand and twelve that's long before diesel gate came up at twenty fifteen and the judge now suspects that the statute of limitations might kicking kick in which puts a time bar on some of those claims it wouldn't touch the core of the court case though it wouldn't it just limits you know the timeframe that judge is willing to look at. of course this doesn't mean that the plaintiffs stand no chance of winning big compensation here ok keep following that story for us tonight boos and in frankfurt. to asia now jack ma the founder of china's e-commerce giant alley baba has announced that he will be stepping down as the company's chairman by next september mazari bob hope launched china's online retail boom ma says he will be succeeded by c.e.o. daniel john has been with the company for eleven years and already handles day to day operations jack myers of my english teacher who founded ali baba nine hundred

ninety nine in an apartment to connect chinese export has to foreign retailers is now the world's largest e-commerce company will finish his term on the board of directors in twenty twenty. linda holmes going to walk us through this story from our ages studios in singapore linda just explain to our viewers what sort of a role model played in china's e-commerce industry first of all. well i actually built up a time when internet como's was virtually unheard of sometime in the year two thousand and. a platform for business to business transactions and so it's actually helped to transform many chinese industries and from then on what it's actually kick started a lot of companies one is north of the tower which is actually one of the largest e-commerce sites for business and individuals to sell and this is actually china's largest e-commerce site and it plays

a role in national role actually for the chinese economy to switch from one to it's largely driven by infrastructure and exports it's something that is actually for the domestic market driven by the domestic market in terms of consumption as well as services so he's actually on this that his legacy for. so basically he got in a good time very early on in the piece but he's winding down in his role at a quite a bad time with this trade war between china and the u.s. on the intensifying well you know like many chinese tech giants they've actually kept the government at length actually partly said that works with chinese authorities in terms of national security but he said he still thought to keep the government at arm's length now actually ali baba had had a good to run and it's actually made been making a lot of revenues double digit revenues for the past few years and it's also a pretty diversified business so it's got its hands in things like cloud computing

in financial services as well as in the developing cash payment so these are the things that should is believed to buffer the impact of trade war going forward then can you briefly tell us what sort of a light this departure of his shines on corporate governance and succession in china. it's actually a ok bed i mean he has three children and his three children are all not part of and it's kept all of that the limelight and is actually his actually contrast the entrepreneurs that have actually been trying to find a succession plan they have relied on family so i get my say an exceptional case linda thank you very much china has a huge debt problem beijing wants to ensure economic growth is independent from the global economy so domestic spending is encouraged and it's booming but many chinese

live beyond their means economists a sounding the alarm. as a freelance interpreter lead bay doesn't have a regular income she gets paid job by job and uses her credit card to tide her over she lives in beijing but comes from could mean when she bought a flat there she took out a mortgage to pay for it. over the past five years the volume of personal loans in china has doubled. lenders send out text messages once a month to remind debtors to pay their instalments. that. being in debt is part of modern life the way things are nowadays you can't get by without credit just look at home prices when my parents were young the problem didn't exist prices didn't just keep rising. and back then when a couple got married they'd save up some money the family would contribute a little and they'd pay for a new home in cash for. debt already fuels large parts of the chinese economy

add to that massive household debt and you may well have a major problem a finance expert michael pettis says the situation resembles that of the united states in the run up to the financial crisis of two thousand and eight even if china's state owned banks can avert a full blown collapse a greater problem of too much that is when you don't have a crisis for example japan japan never had a debt crisis but i did speak japan was seventeen percent of the global economy roughly the same size as china today. today after two three decades without a crisis what would. the japanese share of the global economy has dropped to roughly seven percent. lead pay for one isn't particularly worried a few years ago she received a lump sum as compensation when a contract was dissolved primitive early her parents said she should use it to pay

down her mortgage but she decided not to. you know. if i had used all the money for that i wouldn't have any cash reserves now that might have meant i'm going to a smaller flat we're not going to cafes like this any more going out for a drink with my friends. if you're. she chose to stick with a long term mortgage with low instalments at this rate leave bay won't have paid it off before she retires. tourism is booming in germany. visitors come from all over the world and germans themselves are spending money on trips in their own country is a look at what's behind the tried. it was one of germany's hottest and driest summers and the latest tourism figures show that conditions were perfect for holidaymakers overnight stay figures for hotels reached a record high in july more than fifty six million overnight stays were recorded

that is the highest ever figure it represented a five percent rise year on year the number of stays by foreign visitors increased four percent to ten point seven million. the number of visitors from abroad has been increasing steadily in recent years germany now enjoys the best overall reputation of any country in the world according to the nation brands index but germans are also spending more money on trips in their own country record low unemployment and rising wages mean the germans have more cash to spare so germany's booming tourism isn't just down to an unusually hot and dry summer they call me has been a major factor. of business with it. on

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