jocelyn's more experienced stars delivered to know when it gives them a fighting chance of making the top fall. and that's it from me and the news team don't go away though stephen beard is up next with the business news i'm galveston and berlin thanks for watched. their story their very own personal trauma. to the chesterfield remember the facts and they share

private footage with us that has never been seen before. back in china starts april 26th on d w. germany's political leadership is set for a grilling over one of the country's biggest business scandals wired heart was an investor darling that made up its revenue figures to the politicians know and when . also on the show satellites are becoming more accessible paving the way for a boom in private sector launches so what does europe stand look a start up out of munich. welcome to the show. that we're getting today germany's top political leadership faces 2 days of intense

questioning into the events surrounding wire card's demise of the blue chips payment prepayments provider unraveled last year after conceding a whopping 1.9 trillion euro whole 1000000000 rather 1000000000 euro hole in its balance sheet a german finance minister and deputy chancellor olof scholtz will go to the parliamentarian vest of investigative committee today tomorrow chancellor angela merkel both been criticised for doing too little too late. the walk story has the makings of a hollywood thriller what looked like a successful tax company was really a criminal world of deceit accounting fraud and money laundering. because brown is now in custody. asia board member fled 10 months ago. it was a company to handle pay transactions on the internet a business in which a lot of money is made back and forth across many borders and one which is hard to

monitor. apparently. says did not have a clear view of the company's business. not at the audit has to stop the company's balance sheet every year noted germany's financial regulator. cation e. there were doubts and actual hints that something fishy was going on despite the warnings chancellor merkel even spoke up for the company. in a trip to china in september $29000.00. in june 2020 a bombshell dropped 1900000000 euros was missing from the balance sheet a large part of its sales volume was fake. shares and now only worth a few cents more than $20000000000.00 euros of stock market value has been wiped out money both from banks and small investors who trusted the dax stock. as a colossal crisis for trust in germany as

a financial center how could the fraud have gone undetected for so long the investigative committee wants to find out. on the movie about what is probably germany's biggest of a corporate fraud is in the planning stages. of the business reporter chelsea julian has been following this she joins me now to do good morning chelsea business scandals happen we know that what is that the makes wire hard stand out well with wire card it's not just about the scale of the losses here it's about how widespread this scandal has really turned out to be it's not of this is just you know a row company that was committing fraud it was this company that had a huge lobbying operation they had you know police chiefs on their payroll they had politicians and so they were able to really build this sort of defense team out of germany's political and financial elite and that really helped to insulate them against these these allegations of fraud for years so it wasn't just that they were

being able to continue with this fraud they were actually having regular day regulators and police departments go after people who were criticizing them so i think it's really exposed just how widespread this sort of these elite circles and in terms of that was able to really enable this and now to a deal be just politicians out there are going before this committee the deputy chancellor a lot scholtz finance minister and the chancellor herself until america tomorrow which we expect from this well there's 2 big questions that it is likely going to come up and these hearings so for olaf scholtz why did he allow this to to happen so he was the head of the finance ministry and we've sort of seen a lot of people who've come before this committee passing the blame but you know he's the head and these allegations of fraud it why are card were around for years and instead of investigating those they were going against going after journalists and people of betting against the stock and really just trying to shut down those

criticisms so parliamentarians are going to want to know why and for chancellor merkel the big question is why did she go to china and lobby for why are cards in years after this these these allegations were around so that's really what people are going to want to know all right all eyes on this testimony chelsea delaney business thank you very much. and let's take a look now at some of the other business stories making headlines. air travel is said to recover slower than expected according to global airlines body i $88.00 it blames vaccinations allays and government risk aversion $88.00 predicts traffic will only reach 43 percent of peak pre-crisis levels during 2021 the industry is projected to lose 47000000000 dollars this year. australia's federal government is wrecked revoking a state government's deal to join china's belts and road initiative. saying that victoria's deal with beijing is inconsistent with the country's foreign policy last

year australia introduced laws which allow the federal government to cancel deals between states and countries it considers a threat to national interests. space was once the domain of large government agencies think of nasa or russia's ross comal cosmos increasingly private companies are moving in space is big business especially as demand for satellites grows apparently there are about 3000 satellites in orbit. the u.s. has the most by far followed by china as you'll see here and russia but there are more and more countries and companies that are getting into the mix and it's about to get more crowded as companies lean on satellites for applications like land mapping or g.p.s. and here's a look at what could be cruising around the earth in the near future there's the current figure around $3000.00 iran must starlink once in more than 40000 satellites into space in the coming years amazon plans more than 3000 alone so who's going to deliver those satellites that's where the market is growing.

is this germany's answer just think sex. the spectrum carrier rocket is due for takeoff next year. this small launch vehicle has a diameter of just 2 meters and a payload of only 1000 kilograms. if you look at the technical developments in the recent decades or the recent decades you see that satellites keep it coming smaller and smaller so the demand goals away from the very heavy lift launch will he calls that have been developed in mainly institutional development programs through small vehicle that can serve those dedicated small launch the months. mini rockets for many satellites the startup ease our aerospace was founded 3 years ago by students in munich it now

employs 150 staff from 30 countries the prototype is already on display but we're not allowed to film it for now everything is strictly under wraps. building a rocket is the most difficult thing you can do from a technological point if you're moving in areas of technology where you need to go through the absolute limits of what it's. civil with ivan current technology the journey to space will start in norway where all march tight for small satellites is currently under construction spectrum has reserved one of the 2 launch pads. money bill equal space industry will be the fastest growing industry in the next decades the coming decades and i think this is correct 1st of all to get an increased use they thought from sept nights in the. earth's separation and

communication. navigation all kinds of infrastructure and all and a muslim society is dependent on the infrastructure in space several satellites but only a few launch vehicles this is the gap in the market these are aerospace wants to film demand is already high as soon as the norwegian launch site is completed it may be time for takeoff. enjoy now by voter he's a former astronaut for germany and payload expert and he's a professor at technical university of munich great to have you on the show is our was founded by one of your former students is it alone in this field to some extent or will we see more startups like it in the future. there are already many thoughts also in germany there's one in almost record rocketship pre-auth book and there's

another one even called hearts which is located in. so actually in germany we have 3 and well there will be competition but that's good what is it that striving this growth we saw a bit about those smaller satellites is that really what's behind it is that making it more accessible. yes well 1st it's money of course but there's a market already because the classical centralized providers they've built a large bird $2.00 to $3.00 tonnes wheat to do you can build to live down to 100 kilograms they usually they are not about 2 or 300 kilograms so they build new rockets which they can take 2 or 3 to light so in total about $500.00 to $1.00 tons 500 kilograms to want fun and that's a new class of satellite the order to provide is a classical providers they don't care about those lights they care only about this

big cell lights so picture this in unique about you so what is that accessible considering the money that's out there obviously startups see large amounts of money coming in to talk about rockets and launching satellites into space is there the kind of money out there to support all these startups or yes this is a money even the classical satellite providers are building down sizing down the satellites to these very small selects about only a couple of 100 kilograms so the market is there however the old providers like i mean are they cannot change their rockets they have a big rockets and they need to have big satellites to bring them in just a few are probably they can want some early switch from a big to a small set of rockets do you expect to see any crossover between these private efforts and europe's public efforts which it's also trying to boost to to do more in space frankly what was it is that isa like in nasa

support these small companies space companies in building smaller set lines and rockets but it's not like that in there let me give you an indie sample. easer doesn't say please provide a rocket for all purposes that's not what are they doing now is it does it they go to your mosque and say please build a rocket that we can fly to the international space station so it's still different however easy supply all of those small start up companies have to ask you can you imagine space tourism coming to europe as well you've been the space you know the draw you know how many people want to go up there could you see that briefly if you can oh yes there is a big space tourism market yes that's true it will start most probably this next year branson is flying is up over 2 flights of over 2 means not going around just going up and coming down going to space yes people are paying for that the current

price is prices 250 dollars bucks for life which takes about an hour or so so the market is the here and the most important part about that is that it lets prices drop will the full flight all right but freight will have to look prices will have to leave it there i'm sorry. to own. or not to well. what about a sharing economy instead. of the. change in thinking is changing the economy to create something that. the economics magazine include mainly in germany. next w. . these places in europe are smashing records. step into

a trench or it's the treasure map for modern globe trotters to discover some of the record breaking some. also in book form takes me out of the. world such a beautiful place and yet this is what we're faced with on a daily basis not during the pandemic but maybe that's what it takes a pandemic to make us rethink about how we get about our city could soon mean taking off to work all literally zipping down the road to grab a bite or without food.