biologist save the one kilometer long wonder weapons caused by unseasonably warm weather and an abundance of skittles and nath that encourage arm over the next. you're watching d.w. news still to come the e.u. welcomes asian leaders to discuss what it calls its asia connectivity strategy we'll find out what that mean. monica jones will have that's right for you plus all of the business headlines coming right up. to. you was a human meat cutter close to. the first movie disaster of the twentieth century. the war to end all wars cost millions of lives. world war one. no more so the hundreds anniversary of its end.

what has humankind learned from the great one. player doesn't learn anything at all. it's really peace and possibility mean. nothing to me not for god w.'s november focus. joining forces in time so global uncertainty at the awesome summit in brussels leaders from europe and asia stressed the importance of multilateral cooperation or brussels correspondent tells us what's on the table. and the problem with the gentrification of puerto toll. attract investors making it increasingly expensive.

welcome to do business starting with the biggest tax wendel in europe's history european banks bought and sold shares at a pace that confused tax authorities and claim to billions of tax dick duction in the process the so-called exit scheme has been known about for years but recent reports suggest that the amount of money involved could have been more than six times higher than we thought. some insiders call it open eyes to crime in pinstripes they're referring to the controversial dividend stripping transactions allegedly carried out by many major european banks here's how it worked investors quickly sold on stocks to each other around the days when companies were paying out dividends the capital gains tax on the dividend was paid only once but the multiple short term owners all claimed the tax relief the shares had changed hands so

quickly that tax authorities were unable to work out to the real i don't know was. by design. 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 character funds on taxes they never pay it's robbery it's a theft from the tax authorities. according to experts gemini's tax office alone could have lost at least thirty one point eight billion euros the amount was previously thought to be around five billion euros the new estimates suggest from last at least seventeen billion euros italy four point five billion and denmark one point seven billion euros at least six other countries could also be affected. the fiscal 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 e.u. financial oversight. and for more i'm joined by a band to not a professor of economics and business culture at university in berlin but today he joins us from south spike in austria good to have you with us let me start first of all with a quote from the financial times because that paper cites or forit is here in germany talking of cross border attacks fraud and organized theft so just to be clear once and for all was the. illegal or did it simply use legal loopholes. firstly abusing law for tax designed for peter it's not allowed by. this net for all of highly specialized takes a legal consultant bangs and invest those they've developed a gap and they used a chance to earn profits. and is this gap close to now are we safe.

the first advice is for our german federal government in the ninety's so the last ten years to talk about and a lot of time went and they underestimated the risks and the volume of this fraud nowadays it's nearly closed but you have to be realistic they will develop new caps and who codes so what does this mean about the money that's already been lost we just heard in the report some thirty two billion euros lost here in germany some seventeen billion euros in france and so forth will we see any of that money ever again i have. it in europe we will lose a hundred billions so it would be very difficult to get back the money and it's a lesson to learn that in an economic profit driven community each day they will

look for new possibilities and new chances and the government and yet ministration they had more than ten years to end again so the other is not only the profit oriented banking and finance sector and investors the problem is also that we have no european situation looking greek and professional enough for those for all its activities so who is responsible who could clear up this mess . who is responsible for techs and legal consultants without. freaking and without social mind the second problem is that nowadays in a low interest environment banks are very engaged in looking for new chances to earn money of course and of course in bristol's powerful investors interested in owning bald in zero point two interest rate so it's their

motivation to look for chances to earn money the problem is that we have no governmental expertise and no system reacting quick enough to fight against this kind of behavior all right dollar to the professor of economics and to business culture etched on bus university in berlin thank you so much. the e.u. and asian economies are looking towards closer cooperation global partners for global challenges that is the theme of a summit currently underway in brussels ministers from china russia and japan have made the trip to reaffirm support for multilateral cooperation in the e.u. sees the meeting as an opportunity to present itself as a counterbalance to both the u.s. and china by offering asian countries alternatives when it comes to trade infrastructure and digitalisation. for more on the summit let's cross over now to brussels correspondent garrick matus georg it's washington's current policy on

trade perhaps creating a new powerful alliance between the e.u. and asia. this is not an anti trump summit that's what the chief foreign policy chief federica mcgreevey said on arrival to this to the summit yesterday but then she went on to explain the agenda of the summit and then he practically could only find subjects where currently the e.u. and the u.s. key allies do absolutely differ so you have climate change on the agenda you have also the u.n. system on the agenda and most crucial you have the w t o and the message that is supposed to be sent out here by two thirds of the g.d.p. world's g.d.p. leaders representing two thirds of the world g.d.p. here is that protectionism is not the way forward they want to stick to a w t l based system and they'd like to reform it as well now but given that we still have against moscow and that china isn't quite an open market just to get out to

russia and china fit into that brussels summit. russian. deals with this was russia and economy with russia has been decreasing it's been increasing with china both are problematic cases here and those two problems are supposed to be taught to be talked about as well in case of china the subsidies are a key crucial issue because from the perspective of the you they have helped to dump massive amounts of cheap steel on the european markets and today there's a working lunch scheduled between jungle joke at the head of the european commission and china's prime minister and we'll have to see what comes out of that meeting but definitely they do want to talk also about sticky issues. as they're talking to us and chip construction money that's not a new topic in the euro zone thanks to low interest rates the glass of money has long since reached cities and countries that

a few years ago was still under the u.s. rescue umbrella one example is portugal's second largest city portal. shows us how her street is changing. one house after the other is being renovated from the ground up all for the benefit of tourists and the house it was born in was sold five times and now it belongs to chinese people. chinese brazilians french porto is extremely popular with tourists one point six million people visited last year from many foreigners point of view it's not only the coffee that's cheap the houses and apartments are fordable to demand from abroad is rising with big consequences according to economists carlos us. but if we compare the prices today with those of twenty thirteen that was the worst point of the crisis we see price increases in porto of more than forty two percent. forty two

percent in five years porto seems a really good investment for those who can afford it that is most portuguese can't the average income here is only fourteen hundred euros per month. the crucial moment that explains the tourism boom here was when ryan air started flying to porto with. powell and many longtime residents of the inner city have fallen victim to the boom the mother of three had to vacate her apartment at the beginning of the year she could no longer afford to rent the cook then moved in with her parents it's a small space a protest banner hangs from the window. opus either the mayor says we're against tourists but we're not only against them being treated better than we are also rice lies but it's not only the tourism boom that's putting porto's real estate market under pressure here's what real estate agent manuel mata has to say. two of he says

he will see for the crisis around sixty thousand new homes were built each year throughout portugal in twenty fourteen there were only one tenth of that number six thousand. but so put away some say could say. it will take years for supply to adjust to demand here too long for paula and her parents they'll have to leave porto shortly after she moved in with her children the notice came her parents' house is being turned into a hostel port-o. is gentrifying there's no room left for the low income earners in the city center. that's your business update here on g.w. thanks for keeping us company.

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least to. me. that i just wish double wave. more intriguing international talk show for journalists to discuss the topic of the week afraid of saudi journalist jamal khashoggi she has caused global outrage and focused attention on all her training regimes that increasingly use murder and abduction to silence star credits we're talking about that straight ahead on florida. quadriga sixteen. raring to read. not everyone

who loves books has to go insane. he told you literature list hundreds must reads. i'm not nothing out of the germans because sometimes i am but mostly i'm nothing with the me but i have been thinking deep into the german culture. you don't seem to get in this drama they all believe because it's all about who they know i'm rachel join me to meet the jet going to be the coolest . thing ever. football is a simple game twenty two men chase the ball for ninety minutes and at the end the coaches are always to blame do you think you're the best coach. germany lost again in the nation sneak to one against world cup champions france

but are there any positives we can take away from that from the match yesterday i can definitely. i was i was.