yeah fresheners cause ya it's true odorous foster breed we cage breed in your stink in a and no. that's it from me and the news same up next is business with stephen of course must warn you some background on a website called house has been selling for me in the news stream. we have an important news. smoking is healthy pesticides are good for the beans. doesn't exist. well not yet comes from.

the industry is controlling your thoughts here tends to. be rail. it's not easy to spot. the great books of the 20th century. present day hoaxes. and who's behind the. manufacturing ignorance starts may 3rd on d w. german chancellor angela merkel faces questions today over one of the country's biggest ever business scandals why are card was an investor darling that's cooked its books lawmakers want to know why the chancellor continued to promote the company abroad despite allegations of that wrongdoing. in the show will go to spain's coast adult . where there's cautious optimism that the good times could soon pick up again.

welcome to the show there's a in berlin german chancellor angela merkel is set to appear before a parliamentary committee later today to face questions about what her government knew in the lead up to the collapse of payment company wire card the fin tech giant's downfall came after the merge that it had fabricated assets worth 1900000000 euros the accounting irregularities were widely reported by the financial times and initially vehemently denied by germany's financial regulator bof an american who advocated for wire cards in a state visit to china and 29000 is expected to deny any knowledge of the company's fraudulent practices. florian told carr joins me now he's followed he's fiscal policy spokesman for the f.d.p. in the bundestag and he's a member of that investigative committee looking into why are hard for him thank you for joining us on the show what is it that you want to hear from chancellor merkel today. well we were very surprised together at

a point in time in september 2091 that many people familiar with financial matters cost of a balance sheet of wipeout both correct or incorrect then of all manual collation or even criminal activity that she at this point in time actively promoted white accounts market entry in china against the chinese government the market entry in china also a key product for why i started what's one of the success stories the company so desperately needed in 2092 can win says shareholders and investors and so i think not deliberately not intentionally but in fact the chancellor supported it helped in effect at least the continuation of balance sheet and i knew palatial and this is of course published politically a mistake now yesterday finance minister all of scholtz who oversees botham the financial regulator the failed in this case said that the government bears no

responsibility and that he personally bears no responsibility for what happened do you believe him. well this is a mere political. matter so i don't think that it has. a liberal high credibility in fact we see an overall of a failure of all control lines not only of the auditor but also financial baffin which is. enough for a team which is on the responsibility of all of schulte and we know now the why of her case has been. a high attention case not only within boston but also within the finance ministry for many months for more than a year so we think we believe at least i do. should have been much more info mentioned much more americans also by the ministry also by mr schultz himself to bring those people who are responsible to control to

investigate into why it caught much earlier than it has happened. i want to read something from the newest issue of foreign affairs consensus dead simular at the brooking it brookings institute writes that a series of scandals and she includes diesel gate here and wire card have revealed a deeply flawed corporate culture and resistance to accountability and oversight in germany what is wrong with corporate governance in germany right now. i couldn't agree more and this is absolutely correct i think shareholder shareholders position in german corporate law is too weak the supervisory boards are not working professionally in love and not at least not all of them they meet from time to time but the management has much more freedom less control than in other jurisdictions this is a corporate governance issue and when it comes to the all for a ts life option i think often is very very active authority in daily business is

regulating deeply the daily entrepreneurialism the stay on the financial markets but when it comes to a crisis when it comes to special situations where decisive action has must be taken that it is act then slowly and bureaucratically so i think more of american surprise or acknowledge or with more intrapreneur real freedom on the one side on the other side the size of actions against those who violate rules not will be something we should learn off and should implement in germany as well briefly if you can't do you think why are card could happen again today anything which could suit could have happened in the past can happen today not only in germany of course the americas of all control in some sense control levels from the report through the audit just to the authorities has. due to the white hart case we cannot be sure and there will be all that attempts to to implement for all the new palatial crimes

so we must be unfair we must be active or i want to leave their floor into one corps member of the german bundestag for the f.t.p. and a member of that wired part investigation committee thank you so much for joining us thanks that out all right with that we go over to de businesses chelsea delaney chelsea good to see you today is the climax of this investigative committee merkel is appearing how important is this day right now. well i think it's important because it shows just how high the wire card scandal reached into into german politics i doubt we'll get much of a bombshell out of today's testimony from chancellor merkel it's mostly going to be focused on her or her visit to china and we've already heard from a lot of other of her advisors that she didn't have information going into this meeting about the accounting irregularities that wire card she's public probably going to repeat that i think what today's testimony will also focus on is the role

more generally of lobbying in german politics wire card spent 60000000 euros on war on lobbying between 2016 and 2020 they had very powerful former politicians on their payroll that had direct access to chancellor merkel so i think that's something we're going to see politicians really focusing on today as well there have been a number of reforms that have been introduced since wired card broke will any of those make a difference in stopping the next wire card. well a lot of politicians hope that they will and we have certainly seen this do a huge damage to germany's reputation around the world this is a major embarrassment for regulators here in germany so they have made a lot of changes one of the big problems for german regulators was that the division of responsibilities was was to was spread out between too many agencies that it was very bureaucratic to start investigation so bof and for example the

regulators so that they really couldn't do much because another agency was supposed to be regulating this but there certainly have been a lot of changes but there also is you know a lot of a lot more news that needs to be done chelsea lately do business in berlin thank you. and we'll be following the results of the best to get the best goods for a committee later today let's take a look 1st at some of the other business stories making headlines. southwest airlines has become the 1st major u.s. airlines reported profits of dependent started federal aid boosted company revenues in the 1st quarter meanwhile american airlines reported a smaller than expected quarterly loss both airlines issued positive summer forecasts. climate activists extinction rebellion have smashed windows at the headquarters of h.s.b.c. and london the group which advocates aggressive confrontation to draw attention to climate change said the bank finances coal energy is a radical change in the economy is the only way to stop climate change. dollars oil

profits rise to 4400000000 euros it's thanks in part to hide them in china companies but thousands of its employees are subsidized short time work program after being hit by the bottleneck in semiconductor supply. all right ashutosh penda is our correspondent frankfurt ashutosh what are the markets making of the dhamma numbers steve the stock is certainly trending higher when it opens it's going to open in the positive. to see that the markets have been warming up to a dime and its push for big goods for quite some time now the stock has been one of the best performers on dax having soared to 160 percent in the past when the and it's now trading at its 5 year highs so the investors are clearly happy about it see it's number especially in its key chinese market its biggest market they also have this strategic push towards electric vehicle and its plan to actually spin off

its struggling vision and focus primarily on high margin cars and you mentioned that the chip shortage some of the view that the chip shot is going to give more pricing power to automakers leg that's because there is strong demand for their cars but that the same time they meant. so that's another thing that investors are looking at right the price of the church i guess if you're. in frankfurt thank you . over spain where millions in the country lost their jobs during the great recession in 20082009 jobs that have gradually come back in recent years but then came the krona shock in terms of economic activity alone and even harder hit than the recession nonetheless many along spain's most storied mediterranean coast are hopeful for a stronger come back along the costa del sol countless cranes are at work building houses and apartment complexes everywhere for developers it's

a sight to behold. the construction sector at casa del sol in particular has seen a significant boost for more than 3 years. cove it hit the industry in the beginning but normality has returned. over the last 5 years real estate prices on the coast around mar bheja increased by 28 percent real estate agent marco serrano knows that's partly due to international demand then came corona. currently i don't know of any property where prices have gone down but that also means that prices aren't rising that might not be surprising as beaches have been empty for months no tourists no buyers this complex was completed during the last crisis and stood empty for a long time and just as business picked up corona hit and look at that it was

what we have right now is uncertainty through coded we didn't know how customers would react but we have indications that people are buying again. the industry as a whole seems to share this optimism but for now it's wishful thinking spain's largest real estate appraiser tends an estimate after a period of stagnation prices will drop real estate has already gotten cheaper in madrid barcelona and also and i do see where the costa del sol lies and demand for cement fell by 10 percent across spain another indicator of a weak market the reason. the fires have mainly effect of the start of new projects we were more cautious in 2020 and watching the market and postponing many projects. falling prices and falling construction activity maybe it's just a dip but it could also be the end of a boom if so thousands of jobs will once again be at risk. and finally the

owners of the container ship ever given are facing billions in compensation payouts which means they may be wishing that they'd sent their crew to eastern france ahead of their voyage there on the training lakes and rivers of port river navigate miniature boats to learn to navigate scale down versions of tricky waterways like the suez canal where the ever given got stuck last month. that's it for me thanks for watching. english week in the bundesliga and from here i now get down to my own champion. definitely regulated goodbye to the 1st. between 1st place high voltage excitement in.

chico. w.'s crime fighters are back africa's most successful radio drama series continues in the olympics odes are available online course you can share and discuss on w africa's facebook page and other social media platforms crime fighter to me and now. the ultimate aim for some. is no longer to. be that with silverware but to feel the bank account we catch. contempt for smaller cups for support this is picked full of the vision and for all the institutions is a place in ethics selfishness is a replacing. one.