even bigger and more intricate a report on a mass europe wide tax scam reveals just how much taxpayer money was stolen by rich investors to make themselves even richer. on the program breaks it uncertainty grows forcing countries like the netherlands to take extraordinary measures to handle any fallout. and for the first time facebook opens the door on its war with monitors its own content have a look. for business on the w.b. and how you know welcome to the program it's one of the biggest scams in europe's history most european banks including spain there and a bank bought and sold shares at a pace that got tax authorities confused and earned billions in the process money that is now gone the so-called x. trading scandal has been known about for years but recent reports suggest the amount of embezzled money could be more than six times higher than we thought. some

call it organized crime in pinstripes the controversy all but at the time legal dividend stripping transactions allegedly carried out by almost every bank in europe years ago investors had quickly sold on stocks between one another around the days companies paid out dividends. the capital gains tax on the dividend was paid only once but the multiple short term owners all claim the tax return the shares had changed hands so quickly tax authorities were unable to determine the real owner by disney. and similar businesses are not about someone evading taxes or hiding their money in panama or anywhere else but about stock market trickery that allow them to get multiple tax refunds on taxes they never pale it's robbery it's a theft from the tax authorities how is in deep start a system. according to one expert germany's tax office alone could have lost at

least thirty one point eight billion euros the amount was previously thought to be only around five the new estimates suggest france lost at least seventeen billion euros italy four point five and denmark one point seven billion euros at least six other countries could also be affected. the loophole was closed in two thousand and twelve but many questions remain unanswered such as when germany informed other countries about the comics dealings the case is firing up those demanding a stronger you financial oversight. and speaking of e.u. finances the european union norway russia and other countries have formally asked the world trade organization to set up a resolution panel to address the united states' higher tariffs for imported steel and aluminum the countries believe the tariffs are not allowed under the mobility old rules established mint of the panel means the w t o members have failed to come

up with a resolution among themselves on the w t o is now stepping in as an arbitrator the rulings of the panel must be implemented immediately according to w t o rules. let's go straight to new york where our financial correspondent cause is standing by hi yes well we've seen these tariffs they have been in effect a few months now have they really had any effect on u.s. business at all. you know we do see that costs are going up for companies who produce a canned soup for example a soda all the way up to companies who make planes or cars but when we talk about steel we have tariffs of twenty five percent when it comes to. only only ten percent or so that is manageable to a certain degree but we hear some companies actually pointing to some margin pressure and for sure they try to actually which those those cost

increases to the consumers will feel some of the pain at the end and then on the other side we also have some companies who profit from those higher tariffs aluminum prices here in the u.s. have gone up and companies like your maker i've caught for example is actually profiting from their stock of. traded all the way up to some point of ten percent here in the thursday session you mention in the end is up a lot but the rest of the markets have actually taken another dive what's happening . a lot is going on and we certainly did some pressure coming from overseas all this uncertainty with the italian budget with harsh comments from the c. b. then we have the chinese stock market under quite some pressure for a while now dropping about three percent just in the thursday session and since the

beginning of the year the shanghai composite is down about thirty percent and here when it comes to the u.s. there is a lot of talk of higher interest rates and how that could be a bumper on us grows and we also where we talk about interest rates and see how your mortgage rates and that actually could weaken the u.s. housing market so there's a couple of stuff going on and those are some reasons why at some point we lost almost five hundred points of the dollar jones industrial average at the end of the day we were still down more than three hundred points challenging times for the u.s. powerful economy thank you very much and carter giving us the latest from new york . the european union has described italy's spending plan as an unprecedented breach of budget rules italian prime minister decepticons they want to boost the economy with a thirty six billion euro spending hike but that would lead to a deficit far higher than what the e.u.

deems to be acceptable markets have reacted badly to the plan and there are fears the country's credit rating could be downgraded as a result italy's government is due to meet again on saturday to hammer out the details of the plan. so the only tough negotiation this rex's negotiations seem to be going nowhere every e.u. country is trying to predict how britain's decision to leave the e.u. will affect its economy the netherlands face particularly hard times due to the large volume of trade with britain via the port of rotterdam dutch ministry of economic affairs has designed a checklist called the brics it scan to help companies cope. every day at one on the dot the daily fresh company is in a hectic rush dozens of trucks deliver fruit and vegetables tomatoes pears and strawberries from the netherlands in belgium the warehouse near rotterdam looks like a map of great britain melons to glasgow onions to edinburgh peppers to manchester and liverpool every day daily fresh sends one hundred twenty trucks by ferry across

the english channel every minute and the supply chain is precisely timed but people here fear that could all grind to a halt of britain leaves the e.u. without a trade deal. the door sill of the overall conclusion would have to introduce controls on all products especially vegetables and fruit sanitary checks for customs papers and that will be a real setback for us because the british and other third largest importer of dutch vegetables. authorities at the port of rotterdam aren't thrilled about the prospect they handle a large part of the trade with great britain almost ten percent of dutch exports go to the united kingdom officials have long calculated what a hard bricks it would cost instead of one paper nine more customs forms would be added for the export of fruit and vegetables nine hundred new customs officers would have to be recruited plus one hundred forty three veterinarians for the food checks and that would only be the beginning says the briggs an expert at the port

of rotterdam. determined also at the border the vet's office we're in the process of getting ready were informing the container terminals in the forwarders but that's not enough because most of the goods twenty five percent of them come from germany and we don't have the feeling that exporters in germany are as aware of bricks of problems as we are here. in fact the dutch ministry of economic affairs has sent a checklist called the brig's of scan to thousands of companies to better prepare them for possible problems run boylan's filled out the questionnaire but it hasn't made his worries disappear the stone dealer imports slate from wales and sells it to garden centers some of them in germany he expects rising prices and a fluctuating british pound he's already made provisions in his own way by storing three times the amount of coveted blue slate from wales now he has all he needs in case britain is slated for a hard break sit. that before we go it started off as

a cute service to stay in touch with buddies but now facebook is a data monster able to tell you who you are better than your closest friends a perfect target for those trying to get your vote in your country and abroad recent status scandals have hit the company's reputation so facebook is trying to show us it's keen on its promise to keep your information safe and how it's doing it. this may look like a shopping center or a furniture store but it's not it's facebook's headquarters in menlo park california the average age here is twenty eight. old enough to go into battle in this room. here specialists are gathered to monitor facebook feeds for suspicious activity and this war room brings together experts including engineers including data scientists including threat intelligence investigators including operation specialists and all of them work together to be able to detect if there are any

sort of late breaking issues and respond in real time to any issues that may arise . lexi's sturdy heads up the war room and she was available for journalists who were allowed a rare peek into the otherwise locked space last week the monitors were following post related to the elections in brazil. to have the normal trend of what a day in brazil or the u.s. should look like on facebook and if there's any anomaly that it will. look into. the u.s. authorities say facebook was one of the ways foreign powers tried to manipulate the two thousand and sixteen u.s. presidential elections so the company is on a p.r. offensive to show what is taking america's vital mid-term elections next month very seriously but many critics say facebook has to do a lot more. people. that's all for business remember you can watch this

every other of our shows on w dot com and stay up to date with the latest business headlines next time goodbye. cut. cut. cut. cut. cut cut cut. cut cut cut. cut. cut. cut cut.

endless all consuming conflict for over our culture. turns out of europe. but canada's has failed to determine its outcome. in negotiations lasting many years mediators succeeded in such an agreement. it was the burst of modern diplomacy. sixteen forty eight. minutes starts october twenty fourth column d. w. . i'm not laughing at the job. because sometimes i am but i stand up and with that many thanks deep into jamma culture the. new team will take this drama east because it's all about who. i'm rachel join me for me the gem of a golf course.

what's coming up for the book loosely you know how for lent him to talk about going to. the movies lisa every weekend here on the boat. now her when the german missionary johan asleep monk visited kenya the governor of mumbai.