the children 3 and 10 years old and they were subsequently treated for smoke inhalation 2 of the people who caught them reportedly suffered broken bones. you're watching news live from berlin don't forget you can keep up with the news on our website dot com and you can follow us on twitter and on instagram that's. this news some top story a stubborn rice farmer from thailand. is past. his credo no chemicals. his wife thought he was crazy. and. step.

don't stand a chance. training success. starts to trim 70. 5 years 3200000000 euros in the fraud had fallen those are the allegations behind 3 new abreast of top executives at former blue chip wire cart with prosecutors describing a long running in lucrative scheme to defraud investors. also shopping centers were struggling before the pandemic now they're on the knife said a visit one of berlin's biggest. welcome to the show i'm stephen beard's the end berlin it's good to have you with us. german prosecutors have arrested 2 former

board members of wire card and rearrested at c.e.o. marcus browne as part of their fraud investigation into the former blue chip prosecutors say the beginning in 2015 all 3 were in on a scheme to inflate the company's balance sheet by faking invoices wire car declared insolvency last month after revealing a nearly 2000000000 euro hole in its balance sheet the scandal has put the german government on the defensive and when they announced those no rest prosecutors in munich alleged the fraud began at the very top of the company. pardon me we're also asking ourselves how a system like this could have been a stop list. and i know. at the moment we only have an impression from interviews with witnesses who reported a strict hierarchical system marked by loyalty and pledges of allegiance to the c.e.o. . and here's what our financial correspondent chelsea delaney had to say about the

arrests. well prosecutors here in germany have taken a big step forward and to their and best technician at wire cart with these their arrests today there are still a lot of outstanding questions one of which is where is the chief operating officer again my salic he was really seen as the mastermind behind the fraud scheme which prosecutors say involved creating these big networks of overseas trips city areas and partnerships where was reporting most of its revenue from it turns out prosecutors say of most of that revenue wasn't real marsala fled the country last month after the report came out that is really seen as a crucial source of information about the fraud at the company. over to the u.s. now where tesla has exceeded analyst expectations by posting a net profit of $104000000.00 in the 2nd quarter the american car maker delivered more vehicles than expected despite disruptions caused by caused by the corona virus pandemic revenue fell slightly from

a year earlier to just over $6000000000.00 the solid results are a major step forward into the company's include into the company's inclusion rather in the s. and p. 500 tesla sticking to its target of more than half a 1000000 vehicle deliveries this year and let's go to our financial correspondent yens quarter in new york yes 4 straight quarters how did tesla manage to peak profit out of what for many businesses has been a terrible terrible 2nd quarter. yeah and tesla beat estimates on wall street by a white margin make sure the consensus was that tesla would report a slight loss obviously thought did not happen tesla even managed to overcome effect to wreak lows are in california but tesla really and you alone must the head of tesla really pushed employees hard and also regulators to reopen that plant what also didn't help were takes credits and then on top of the earlier reopening of the

plant in china the 1st plant that tesla has outside of the united states so all of that detail tesla actually managed to have this profit they as we mentioned that this is a hurdle to getting into the s. and p. 500 or rather that by gaining the profit they've they've come closer to getting as the s. and p. 500 what does that mean for the company exactly. well basically what that means is that this is the requirement if you want to be added to the s. and p. $500.00 in the index you have to report 4 consecutive quarters that was profits and now tesla has achieved that for the 1st time in the 17 year olds in history of tesla and if test should get included into the s. and p. $500.00 at some point in the next couple of months that would mean that all the managers of the index funds who are betting on the s. and p. 500 they have to buy the a tesla stock if they like to or not and wall street actually was betting and bet

and that is one reason why the stock is on fire for the pasta a couple of months actually since the beginning of the year at the tesla stock has already almost a quick drew pulled the company is worse now almost i'm $300000000000.00 if i'm not mistaken was that it's almost the 10s most valuable company in the s. and p. $500.00 once they should get access to this exclusive club and in the 1st after our reaction the stock popped up by another 67 percent all right you must get an incredible run there in scorn in new york thank you let's take a look now some of the other global business stories making headlines the u.s. government will pay nearly $2000000000.00 to buy $100000000.00 doses of a covert $1000.00 vaccine being developed by pfizer and german company biotech pfizer spokesperson said the firms will only receive the money if their vaccine is deemed safe and effective the deal allows the government to acquire an additional

$500000000.00 doses. french authorities have told telecom operators planning to buy way 5 g. equipment that they won't be able to renew licenses for the gear once expires france is currently laying the ground for for its next generation 5 g. network the decision is likely to face huawei out of mobile networks by 2028. all right retailers around the world are facing a double whammy due to the pandemic shoppers are staying away from their stores and many are shifting to online purchasing speeding up a trend that was already concerning especially vulnerable are shopping centers. reports from one of berlin's main shopping malls shoppers have been back in malls like this one for weeks but not quite as willing to spend before the german retail federation says around 50000 businesses nationwide are fighting for survival and in

malls the feats of stores are actually linked to one another. so here's the proposition for a business mall pub large one that attracts a lot of foot traffic now smaller stores that depend on the tropics that anchor stores that track it means that shoppers might be able to find them too so i think our stores i thought that means the smaller stores as well. this t. store used to allow customers to come in and test the different teas and offer something you can't really do as an online shopper but that's unthinkable in coronavirus times the store's manager says they were glad to reopen but things aren't exactly back to normal. i have to say honestly this isn't how we know the store. there aren't as many people here as we hoped. tourists are also very important for our business but they've also been

staying away. i'm hoping that customers will soon start saying wow i can actually go to the store again and try everything out and shop in person that's in the eye of being there in person that's what defines mall culture but you can make an experience out of it meaning more restaurants more opportunities to compare products side by side more activities it's just that not all malls are good at selling lifestyles even before the crisis. is a consultant for shopping malls but i'm indoors. he said since he does specially in germany lots of mall space renters come from the made price segment and are often all the same boys are going to be the consumers want new things they want more experiences they want better quality and sustainable collections. i just recently that's

a challenge for shopping malls yes i think that the crisis is a reason to change its way all the innovation they are ready needed earlier it now has to happen at a faster pace. easier said than done for now reminders we're in a special time abound here surviving the difficult present and then swiftly transforming into a future proof business model sounds close to impossible but as many sectors are coming to know during the pandemic they either have to change or risk disappearing altogether. and you know do malone now joins me in the studio you know good to see you convince me that this pandemic is not the end of malls as we know them well the business model is certainly in trouble i've seen statistics that say for example in the u.s. about a 4th of malls are set to go under by 2022 we're also living in a time where retailers are having their rent slashed many of them are unable to pay

any kind of rent at all so basically this whole concept of stuffing as many shoppers in stores under $1.00 roof that's probably over but what malls can do to survive is adopt a very quickly so that means more outdoor cinemas more outdoor restaurants better digital services and perhaps converting some of that space to residential or office face so that's something that they can do to survive but obviously if they don't do that well they're facing a bleak future or no if you turn it all of course we know that when we look at brick and mortar stores in general not just in malls beyond kovar there's also the problem of the digital online world amazon is of course growing stronger through this pandemic if you're one of these stores and you have a physical presence what is your strategy to overcome not just covert but amazon i mean that's really hard and your only real big hope is to offer things that amazon cannot say like really excellent customer service so really want your stores to be staffed with product experts who may have to end up giving away more freebies are

more sound pulls but at the end of the day we may be looking at a more fundamental shift in business model so there's this aphorism right so either you sell something that nobody else has or you do it in a way that nobody else does so that's obviously gone a lot more difficult to do in the course of this pandemic but all the more essential origin eligible and taking a closer look at malls for us with the business thank you very much. and that's it for me and the business team you can find out more about these and other stories online at g.w. dot com slash business to check us out on facebook and twitter stephen there's a fix watching. the for.

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