something that we're just we're rolling within we're giving our best effort but there's actually going to businesses that you're not going to see that some legacy business is to i'm sure that are not going to be here. the biggest hope is that the virus will be defeated and fans can come back safely now that would be a homerun for everybody. i will have a business update in just a moment of more world news at the top of the hour i've a good. history to any useless to try as it moved on. to some steps i want to be in here in the footsteps of the great. insurance broker in most towns of fleet street.

for a time you want. to marry much alive when you travel guides especially in germany . recognizing where exactly. the laws are sculpture history. to travel extremely worth a visit. us china trade taipei fresh low as washington accuses beijing of economic espionage this they get the box office when they're ready turbulent relationship that's seen both sides order each other to close consulates we'll ask our correspondent in new york how did the fox could affect a post pandemic recovery. coming up germany prepares to overhaul its

financial regulator over its failure to uncover a major scandal out in tech giant wired current. their one of germany's top tourist attractions is starting one of it best known product but even beer gardens are struggling because the codex 19 of. this business i'm kate ferguson welcome to the show the relationship between the world's top 2 economies has once again deterioration chinese officials have been clearing out their consulate in houston texas after washington. accusing them of stealing medical research beijing retaliated by ordering the closure of an american consulate in the western city of chengdu relations have soured since the outbreak of the coronavirus have raised questions about the fate of a trade deal between the 2 countries. for more let's bring in

financial correspondent yes caught in new york yes u.s. officials say they've closed china's consulate in houston to stop economic espionage what specifically are they talking about here. well i mean there was talk about some video footage that should show that make should be on the compound of the consulate of people burning documents but this is just the latest in a lot of accusations some restriction sanctions that we've seen and the pasta couple of weeks and a month and that washington chose to use it is probably not a coincidence because you said was that to be the place where the 1st chinese consulate was a real step bridged in 1979 after the relations between the united states and china opened up but you know and then it's also we are accusations that we seeing it's you mentioned economic espionage ships so theft of intellectual

properties and the like so tensions have been brewing for a while now before the coronavirus the u.s. and china fight a one off a trade deal but u.s. president donald trump doesn't appear to have much interest in it moving on to face to what kind of impact could that have on i postponed and make recovery. i think we're having fun trouble getting to the end there we'll leave it there yet caught in newark and the lights fire in fife now germany's financial regulator bothin is facing a major overhaul after receiving criticism for its oversight of fin tech giant wire cards that changes could see the government being given the power to impose sanctions on crooked companies the move comes after allegations that wire card fabricated almost 2000000000 euros anything in order to lure investors.

could anything have been done to prevent the wire cart scandal germany's finance ministry has drafted reforms to prevent a repeat of the alleged fraud def i.y.o. caught on this organized crime and seriously damage the reputation of germany as a financial center of financial markets need to be trusted and regulations have to function and now this trust has to be strengthened in the long term stacking the finance minister olof scholtz his draft proposal includes giving the auditors a financial regulator baf in special powers when companies are suspected of fraud there would also be incentives for company whistleblowers to provide tips about irregularities and a company's auditors would have to be replaced at least once every 10 years the finance ministry believes the auditing of wire card was not carried out thoroughly allowing the company to inflate revenue and hide losses next wednesday opposition

lawmakers are likely to grill schultz and economy minister peter all over the government's failure to heed warnings from journalists and market skeptics that wire card with manipulating its balance sheets. now let's get some more insight on why these reforms are considered necessary from t.w. financial correspondent chelsea delaney in frankfurt. this for former pows well it's basically trying to consolidate regulatory power for the financial system within bafana which sounds quite obvious but what the wire carcase really showed us is that the regulatory system is really fragmented and germany for one it didn't really have the ability to regulate a company like wire card which was in part a financial company but was also mostly a technology company boston has repeatedly said that they weren't able to really oversee the company because it was because it was mostly a technology company in this would allow often to have regulatory authority over

any company that's involved and financial activities including the technology companies as well the other thing that this would do is allow boss and sue to do it and counting investigations before that was outsourced to another organization this would bring accounting investigations back and house as well for boston now to some of the other global business stories making news. intel shares tumbled over a 16 percent on friday trading slashing its market value by $40000000000.00 for the company that is next generation of chips would be delayed by 6 months it comes as computer makers like apple look to alternative chips due to previous intel delays. goldman sachs has agreed to a nearly $4000000000.00 settlement with malaysia over a corruption scandal prosecutors allege the wall street types and organized sales

for a sovereign wealth fund that allowed former malaysian leader in rostock to pocket hundreds of millions of dollars the verdict in his trial over the affair is expected in the coming days. european plane maker airbus has agreed to accept higher interest rates on loans from european governments the move is in compliance with the world trade organization ruling against the company the european commission says the development means u.s. tariff against arab us are no longer justified. critias retail sales grew much more strongly than expected in june rebounding almost 14 percent that's close to their pretty locked in level of non-essential stores reopened in the middle of the month. and more highly qualified people are coming to germany a total of almost $32000.00 blue cards were issued last year that's an increase of

almost 15 percent from a year earlier a blue card is a residency permit for nani you workers with a university degree they're available to people like programmers scientists and doctors. now socializing during a pandemic isn't that easy many people are choosing to meet outside at a distance as it's considered safer than being indoors you think this might be good news for germany's famous fear gardens but buffy and heartache reports from munich they too are struggling. this is what summer is supposed to look like in munich but this year it seems nothing is the way it's supposed to be. and you don't have to look far to see the very in beer gardens are no exception. registration at the entrance. face masks at the counters and cashiers.

and an unusually large distance between the tables whose only people would be sitting back to back here now social distancing rules mean that there's a center half as many tables and that's translates into up to 40 percent less revenue combined with the closures during lockdown the impact is severe there's one thing unique spirit gardens have going for them it's good to sort of i do not even go home kind told there aren't many alternatives and there are no festivals you know activity instead take place swimming pools are very open in people can go to this movie but otherwise there aren't many options to spending your free time at the beer garden so that's what he's got his for bringing this with all skills and it's not only the weather that new his customers outside which is a strong signal to them i feel much more comfortable house i try to avoid confined spaces as much as i wish to i'm afraid to show the sanctions we see much of dire astonished and. and even though business here is picking up again it can't make up

for the overall losses the industry has suffered because of the pandemic. at munich's who for a brewery their bottling give told professor beer a special brew they make specifically for the top of. the festival itself has been cancelled this year but some 90 percent are meant for local stores and export anyway not much solace because abroad business is slow she. doesn't eat on life yet still on the net that doesn't change on these weeks in the next 2 months for us leaders over in italy sell beer in the winter to also to non. forested areas are living our main business is in the summer and even the same in north america every summer is the most important season up until the october 1st c always so they're all cancelled piece all the time in the us in order to work here's the other things because in that was all i was fund for beer is still best consumed in company so as long as the world of social distancing struggling bars

are very good so strong. and finally it's time to set sail once again a cruise ship has departed hamburg for the 1st time since the punt and then again it's more of a 3 day rank trip than a cruise this ship is failing to the north sea and back at half capacity with just $1500.00 passengers it's a test run for the company. strict hygiene rules will be in place no pool parties and no self-service both days. all we have time for a for more if you check out our website that's dot com slash business we're on facebook and twitter to from a as a team it's goodbye and take care. in

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