2nd place, finish in front of a packed stadium with bands and players. clearly emotional after christian erickson's collapse. in the 1st group game in st. petersburg, finland held belgium for a long time before an own goal and a rumor lou. lou cocher strike security to nail when for one of the tournament paper it's you're watching dw news from berlin coming up next is business is with ben zone. i'm terry martin. i just watch the news. the news . ah little guys. this is the 77 percent. the platform for african used to be issues and share ideas. you know,

i know we are not afraid to catch and then the topic africa talk relation is really fast. and young people clearly have the solutions, the future, you know 77 percent. no, every reason on the w me the and the winner is really the biggest beneficiary of the use balance recovery fund. rome, get the hands on the money today. what we'll do with all those euro's javin will make us ponder what went wrong in the spectacular bankruptcy of payments. company wire and, and in the desert can do by prove to become

a pandemic pioneer for the global tourism industry. as women, business european commission president, also a funder line, present italy with over 200000000000 euros in recovery loans and grants. today the pandemic can't the country hottest in the block? that much is clear. what premise the mario druggie does with the money is another, is past with reforming a nation that doesn't want change economy in stagnating the decades. soldiers told reuters last week the brussels was concerned about his government's proposal as it lack detail of the structural reforms of areas such as the public administration, justice system and the tax system. as well as the way investments in the plan will be put into practice and monitor. let's talk about cutting red tape and speeding up . it'll least snail paste just a system with someone who's been trying to build a business at the same time as fighting the system and get it done. archie is

a construction entrepreneur and joins us from rome. you've said to ensure that recovery fund hits the ground, the government needs to overhaul the italian justice system. what's wrong with the system? first of all, it's very slow. it's one of the slow. it's not slow if globally and this lack of pay and lack of certainty of outcomes in any kind of decent timeframe, make it impossible to do business. it's one of the main reasons why it's we have struggles to attract for an investment over the past few decades. and it's one of the biggest obstacles also for italian companies and in town and business people to operate effectively here. and given that now we have a very tight schedule because as we all know, the recovery from the money is not going to be spent. but everything we build everything we need to be operational needs to be fully functional by 2026. we can't

afford to be slowed down. it's not just by the justice system, but also by bureaucracy, which is another another one of our big limitations. let's talk about the roker. see then, because the pandemic has helped cuts for bureaucracy and red tape through digitalization in some places which can also create transparency, which is also great for good governance. but it doesn't seem to be working in italy . well, i mean changes are being made in the right direction. so one of the 1st things that my back in government did after the recovery fund plan that was approved was moving on to simplify i system. and one of the, with 1st things they attacked was the public tendering system was obviously underlies a lot of the sons that will be spent. and they, they went in with a few quick fix. and i, there's 2 titles over for the time being to simplify red tape and slow that speed on the approval process pretender. because another side is that if you need,

the average is twice as long as that of other european countries when it comes to construction, just because of, of the very long approvals process. so they fly through the resume for the time being. and they're planning on a full overhaul of the public sector to, to, to speed up the bureaucratic riddles as well. tell us more about this masses slow down in the construction sector. you say it's due to the faulty justice system and all the iraq or see how, how economically damaging has that slowed down being to italy as a whole? well, the construction factor, i'm never recovered from the last crisis. so it's been 12 years in crisis. essentially. the estimates are that we lost around 33 percent of the value and over $600000.00 jobs and tens of thousands of come get well. so now with these,

these funds coming in from europe, with the, with the push to kicks out our economy, which starts from our sector in a way because europe is giving, giving it to the 192000000000 euros to spend estimates. show that around 40 percent of the sun will transmit through the construction sector. so it's a massive boost. but for us i care that last 33 percent of its value during the previous crisis, which never ended and further 10 percent during the night. so it's like time to revise any body. so rebuilding italy, not just figuratively, but literally it sounds like a money pit. i mean, is this going to be money? well spent by the well, it needs to be, it has to be because obviously. # we know even on the graph side of things, it's not just subsidies being handed out left, right. and there is a strict monitoring program as there should be. there is milestones and

intermediaries between to target. so every year that is spent under the recovery fund needs to be accounted for, need to be invested in need to show a return and needs to be sustainable. i need to contribute to the country proficiency. so it absolutely will be in the last i think agenda has not the thank you very much for being on the show today. pleasure talking to you. thank you for having why a cod name stands for the biggest financial scandal in the history of germany ever since the company's collapse and investigative committee has been trying to shed light on what happened today. the german parliament debates the final report a year ago in june 2020 the financial services provided filed for insolvency. previously, it become known that 1900000000 euros were missing from the company's balance sheet . within a few days, why a card stock plummeted from $100.00 to just one euro for she won

that also plans many private small businesses and invested into financial ruin. how did it happen? well, they were red flags, but apparently no checks balances in place. time and again, auditors at e. y have been criticized, having given their okay to the balance sheets, but off in germany's financial watch, doug also failed. let's bring in conrad booze. in our corresponded in frankfort to talk about what went wrong at wyatt. cod conrad. please shed some light. i mean, hopefully today we're going to be a little bit wiser. but what are the most important conclusions drawn by german policy makers? would you say? well been, i think it's important to note that there's not simply one conclusion being drawn by policymakers. today we're going to see 6 separate press conferences in berlin by

all the political parties of the german parliament who all took part in this investigative committee and who came at ease in parts to very different conclusions . so i think it's fair to say the whole process has been pretty politicized. one thing that all the members of the investigative committee could agree on was that there was a major failure, a systemic failure of the supervises here. and that's why a number of officials working for supervising authorities, had to leave their jobs, including the chief of buffing that, you know, chief supervisor for financial services. here in germany. tell me more about this. you know, that's been pass. do you think it will prevent something like this from happening again? you know, this law is targeting the auditors and as you said, in the case of wire card, the auditor e y also fail majorly with this law. the amount of money that auditors can be held

liable for when they don't do that job well has been lifted. but critics say, why have such a liability cap in the 1st place? germany is the only country that limits the liability of auditors in cases of wrongdoing. and of course, the new law does not help against criminal intent, which was also, you know, ad place in the case of wire card. you heard it from my booth and in fact, before, thank you. now let's take a look at some other business stories making headlines. american airlines is cancelled hundreds the like in the us and like we're unable last year and a half of coffee back as the country is heading into the busy travel season. the going, if you could force the line to cancel the $600.00 bytes, the remainder of june and even more in july more than $100.00 count diamond is expected to pay up to $15000000.00 that option. and sotheby's says this will be the

1st time it will accept payment. a big point that is kind of auction in keeping with customers wishes the cryptic currency is seen as extremely volatile everyone's teaching to go on holidays. and the problem is, there's not that much to choose from right now. many countries are still struggling to get on top of the corona wires. but the utopia of dubai is already proving to be a pandemic pioneer for tourism. the city campaigning with promises of stringent health measures a year and a half after the pandemic hit. these could be seen from another planet. young and old, frolicking in a water park. and vacation is on the beach, making the folks back home jealous with selfies. others choking up a lap or 2 in the hotel who was most countries struggle with some kind of pandemic

lockdown, and few can even consider foreign vacation. the merits of dubai is pulling in droves of tourists. the mixture of strict hygienic measures coupled with open hotels, restaurants and shops, seems to be a convincing argument. when you look at the couple of months back, we can say the numbers are increasing long time. they were in the low down in their own countries when they need to get their permission to go outside. here people can go outside as long as they follow the rules, like a rating demoss people or seem to feeling more safe in this country. because of oxidation was one of the fastest, more than 50 percent of the population in the united arab emirates has already been vaccinated on the low level of new infections compared to other countries in the region isn't only attractive to holiday makers. fish. i'm a good god visors companies and investors interested in doing business in dubai. he

says, the fact that almost every well known airline now flies into the country and that there are hardly any restrictions in place is a major draw with their country being locked down. a lot of people are looking for an open market that they can expand and grow their business to divide its hub and a gateway for the whole region of more than 350000000 population and give them an opportunity to expand outside of their continent or outside of the region, a lot of visitors from europe in the u. s. has come here to the radian travel market tourist exhibition. the questionable human rights situation in dubai doesn't seem to be an issue for holiday makers. the country's tourism direct us as visitors, more interested insecurity and freedom of movement. we pride ourselves of being a family destination 1st, but also we have a lot of business problems. people, safety and security is top of mind. so for us, that's one of the key reasons why people come to the by which helped us get

a wooded by the world travel and tourism council. the destination stamp increasing tourist numbers are also address rehearsal to the expo 2020 delayed for because of the pandemic. 25000000 people are expected to come to the global extravaganza between october this year and march 2022. on top of all the holiday makers, i think business ah, the news rex it borders the cost of goods are exploding to the customer. chaos. making trade with britain much more difficult. british transport companies are sounding the alarm hand for european truck drivers. a trip to britain is now

a risky endeavor. close out. next on dw, the law. oh, what people matters to us. me. that's why we listen to their stories. reporter every weekend on d w. you can just i just got a temporary, potent brackson border controls make x sporting british products to the you more difficult. yeah, there have been heavy losses especially in fresh goods narrows. edwards from wales voted to leave the you now she's.