at any update this al, but i go away. chris cobra is off next week of business news. i'll be back with some all world headlines at the top of the hour and i forget there's always a website www dot com. i'm rebecca richard, thanks very much for watching the news with interest, the global economy, our portfolio w business beyond here is a closer look at the project to analyze the flight for market dominance.

with w business beyond on youtube, women in asia i. that's me. all the money and money and the voices. the only way i can be on top is to create my own empire. story this weekend on d. w. the clothing you holes bolstering state budgets. finance ministers of the world's biggest economy are meeting in italy to discuss a global corporate tax rate that many countries have already signed off on. also on the german carmakers in the cross hairs again that you find b, m, w, and fox wagner on 875000000 euros for polluting to limit the production of cleaner

cars and shares continue their slide for chinese tech dry. and d d reports us congress wants an investigation after raising cracked down on the firm following, i feel on wall street, i'm principal berlin. what the program global tax justice has a number, at least according to political leaders. that number 15 percent. that's one o e c. d countries agreed on a week ago and now the g. 20 finance ministers in venice wants to push ahead with a global tax reform. the goal is more tax justice and addition to minimum tax that also includes ensuring that international corporations no longer just pay their taxes that they headquarters. but also where they generate sales. global tax reform is mainly about tech companies which often make money all around. but are able to pay taxes only where the rates are low. what would countries collect an additional taxes if only the 5 largest tech companies, google parent company,

alphabet amazon, apple, facebook and microsoft, or tax evenly? well, the development organization, action 8 has done because elation g 20 countries would have collected almost $32000000000.00 more last year. the always, the countries just round under $28000000000.00 and you an additional $8000000000.00 would have been ended up by tax collectors. well, let's talk more about this with our correspondent band reger who is following the talks was in venice. good to see you back there. on the face of it. the g 20. so the $900.00, which is countries of the world and the e. u. they have already back the framework for a global tax reform. so what's there to talk about now? but let's talk about a lot because the principle is clear. the countries are on the way what they call to a text resolution to

a fair system. but the details have to be hammered out because that's a long list of exemptions already. for example, the banking sector is not included. the oil industry is not included. also, the international shipping industry is not included. and the 1st pillow, this tax reform tax avoidance texting, companies that they make, this is, this is limited to only $100.00 big corporations, not only the american internet giants, but also german. com makers and also chinese companies in there. but of course, many more companies that will be eligible in the coming years because this tax base will be broadened. and on the other hand, the minimal text is also be the principal. but there are countries that say this is too high for us. for example, island and hungary, in the european union, and it's also not clear how this minimum text will be calculated is it's really the effective text will be exemptions. can countries still pay subsidies to companies

to, to load them into their countries. so many things to talk about, but us at the 1st step is done. now it's into the details that you mentioned there . you remember states ireland hungry and estonia have not, not signed off on this a tax agreement. however, for it to come into effect, it needs to be unanimous, the backing in the e. u. so how are these countries going to be made to total line? in fact, they can also start without either and hungry that you have not to agree in. and honestly, because taxation is called responsibility for every country. and the d. 20 can start also without these countries. and the calculation here is that the small countries will have to follow sooner or later because they cannot stem themselves against 80 percent of the of the both population which is represented in g 20. and

these texts havens have to come up with a different business model. now, there is not go out of business, but they have to, to think about other means to, to, to encourage countries to come to their shows and build up their business there. so it's built in the end not depend on the small countries, but the more big question is with the us, be able to push this through because president bide is facing fears a position against this text revolution in congress boundary. got very boring from when is there the meeting? the g. 20 finance ministers down. thank you. the commission s find the german carmakers fox wagon and b m. w for teaming up to keep emissions cleaning technology off the market. mercedes make her dialogue was also part of the scheme, but it took off the ad blue was one of the technologies central to the

inquiry. it's a fluid that reduces the polluting gases and diesel emissions. the says the companies colluded to restrict to the size and dosing of abilene tanks in their models. another finding that the group avoided introducing cleaner particle filters in petro car models. 5 companies fell under the investigation volkswagen in its subsidiaries portion, audi. also, b, m, w, and mercedes parent, dime, lar, the e, you said that what began is legitimate discussions about technical specifications. turned into market coordination that left consumers with fewer choices. these come any factors illegally, colluded to restrict competition in the area of emission clinic technologies for diesel cars. this is the 1st time that the commission finds that corporation on technical elements as opposed to price fixing on market sharing

for that matter. and that's to cultural behavior. b m w ad volkswagen have agreed to pay the fines dime lar, escaped penalty because it shared information with the you. the scandal puts the industry back in on a welcome but familiar spotlight. just as it tries moving forward towards an electric, greener future. the recent emission scandals loom large with litigation and criminal cases still ongoing. worse than any fine is the added damage to reputation . the 100 times as reporting that to senior members of the congress in the united states have called on the securities and exchange commission to investigate divvy. they believe the chinese right healing app, misled us investors ahead of its initial public offering on the new york stock exchange. last week did. he's been at the center of a fell off since apples taken down by beijing as part of the regulatory crackdown.

stock fell another 6 percent on thursday. did he says it wasn't aware of beijing's plans for more. let's bring in our financial correspondent conrad, those in here. conrad, let's put this into perspective. a chinese rate, right. healing up and he goes public in the u. s. evaluation of more than $70000000000.00, then the chinese government steps and puts the break on it all. it's no wonder that investors feel misled. isn't it? absolutely, absolutely no surprise chris. the chinese government had nothing against this. i. p . o. in the 1st place, it had nothing against this value f. ation of $73000000000.00 us dollars at the 1st public offering on nasdaq, it had nothing against american another international investors to spend their

money on d d. but then the government infringing says, we're pulling house, we're prohibiting p d from selling it's app on the stores. we are prohibiting this company from acquiring new clients and we don't care what that does to american or other international investors on nasdaq. and that's, of course, a scandal in the fine print off chinese i p o. there was always talk about that. you know, the government might potentially change its interpretation of certain regulations. but that it would do this so arbitrarily and so boldly was nothing to be expected. bridging has increased scrutiny on those of other chinese companies in the united states. is this going to push for markets in hong kong and shanghai? yeah, it's look, it looks like that the china does not only want to protect the data of users, of these companies and all of these services, but that it also once more control on where they get their money from. there's even

talk now that other large chinese companies, like alibaba may be way bo consider to pull out off the american financial markets right way. beau is reported to consider a share buyback with a large amount of money that it wants to pay its investors to pull out corner goes in and frank, for thank you. now to some of the other business stories making headlines, the international monetary fund is increased. it's lending capacity by $650000000000.00 that funds reserve for countries in need of support to recover from the condemning. i'm a managing director for selling nike or give our calls the program a shot in the arm for the world. european central bank has set a new inflation target and just under 2 percent it follows the biggest overall history of the main changes being that the central bank will consider climate change in its policy. this was a german government flip flop. has dealt

a severe blow to port her goals, all important tourism industry. german tourist cancel their vacations there after berlin issued a travel warning only to cancel it after a week the young garver. it's always been the heart of portugal, beach tourism even today, but not like it used to be. it's mainly the portuguese themselves, a few spaniards and some french tourists. in the many hotels along the coast lively beach life has turned into an eerie calm. because the sequence, you think 55 to 60 percent of the guests who normally spend their vacations here are foreigners from you if they come mainly from germany, the u. k. and other countries. but they're not here now he's not, don't cough? christina morero's seized the consequences when she takes a walk in the private roacha, empty and abandon shops. the tour guide tries to make ends meet as best she can

let dolls and wanted 2020, everything canceled this year. so far everything's been canceled. no, i've had some work, but no tours. i would. this is the kind of fuel morero's survives by giving courses for new guides. many people in the garvey don't have any income as the charity carriage house experiences deal with its food bank in port to mild mann watson because we are taking care of 480 families at the moment. that's 112070 people. during the 1st year of the pandemic, the number of people who need skyrocketed this spring. the number went down as soon as the 1st hotels reopened and sought staff. but that buoyancy only lasted for weeks until the pandemic struck 15 percent of portugal. g d p came from tourism that makes people all the more frustrated with the travel restrictions. we are seeing these ever changing rules and for answer printer,

for the employees is very difficult to handle. and these new situations every week. 56000 germans plant vacations in garvey, for this july, that was before the warning. now, no one knows how many of those holiday makers will even show up. and that's actually for now for more. go ahead and check out our website at www dot. com slash business or fall on social media. i'm critical of our billing. thanks for watching ever self as the the forgotten about for a long time. last fabio grill and his colleagues are directing traffic again and the piazza, the media transforms into a real. once more the

next to w. me what secret lie behind being the discover new adventures in 360 degree. and explore fascinating world heritage site the v w a world heritage $360.00. now. me the hello and welcome to focus on europe. i'm la babylon. nice to have you with us today. you may have heard of mythical underwater creatures like nessie and crack in today. we present a colossus that is little known.