accused of hiding $1900000000.00 of missing revenue. and more arrests expected after dozens were detained in nationwide rates in germany. the far right suspects, believe to been plotting to overthrow the government and to install a new head of state i sent you up to date. i'll have both world news at the top of v. i d w business a say just on the deck with on the melting like a reporter tracks down the arctics. major players

with you see about begins a dangerous game. people overseas that yeah, we are here. we're patrolling the area now, the cards are being re, shuffles, who has the best tattered russia, is a quite active economic in the arctic. if you see something that looked like james bond, it has to do with the military. it starts december 23rd on d w. ah, i'm stephen beardsley in berlin. here's the look at our top stories. prosecutors opened their case in the criminal trial over one of germany's biggest financial scandals. the collapse of the payment services provider wire card. india has said it will continue importing russian oil to

a new western lead price cap. we're going to deli for more and the effects of that price gap are me well visible off the turkish coast. oil tankers are stacking up waiting to get out of the black sea full and welcome to the show. it's one of the biggest financial scandals in german history. now the drama surrounding wire card moves into a german courtroom. the 1st criminal trial related to the multi 1000000000 dollar fraud case, prosecutor said thursday, the former c e. o. marcus brown and 2 other executives formed a criminal gang intent on fleecing investors. the 3 defendants faced charges of fraud and embezzlement. wire card, a former payment service services provider that once ranked among germany's most valuable companies collapsed in 2020 after auditors uncovered, and almost 2000000000 euro hole in its accounts. that's almost a quarter of its balance sheet. hands pay to bog hoff is an expert on banks and markets at the university of hong heim,

and he joins me for more on spirit. welcome to the show. wire card is a crazy story about fraud, about schemes, about ambitions, but it's also a story about regulatory failures. what does this story tell us about german oversights of companies, of the banking system will tell us that we trusted too much into systems and being nasa too much morocco see. and we did make her really respond. so we filled out a law rule and night. the rule in europe and in the year when we came to decide point, things were down to slow. these things were done was to few resources, no one to take responsibility. so everything bought some, all the table already long time before crash happened. and so much of the damage could have been prevented, but administration simply didn't work because the trust of into the system did forget that. and then we need people take responsibility. and this didn't work. you know, wire card was touted as a, a very modern tech company in

a country that frankly was after tech companies, you know, many german companies, as you know, the most valuable ones were found to the 19th century siemens, you think of some older companies how, how important was that designation that this was germany is real tech giant. how important was that for everything that followed, including for us, perhaps in the media, we were very happy to have him take uniforms off. now is a day that some of the innovation, germany often have more insight company and that the market for stock is not that big, or it's not a state where you have to have the main job. so we were really looking at that and petitions live, do live to be close to the shooting star. so why high the very, very good political network and even when they were already on the absolute down. but for example, in quality conditions, trying to say to try to get money on it. and there was also some kind of hubris. so

they wanted to take all of the old b, lloyd abundant things like that. so it was real fantastic story. although behind it was just trimming of activity and fraud and all that, things that can who was my have the regulatory failings been addressed since wire card, imploded in 20? 20 is germany on the right path. unluckily will know when the next crisis comes. you find out is the regulator really acted when it was necessary to not regulate toughening the call for all of these gets more bureaucratic, maybe the wrong way. but being top of the good thing, we've got a new boss really goes into the matters really try to measure regulate a stronger it really works. we don't, i'm not sure about the bad thing, but it's also more getting more bureaucrats. we get more rules in the end,

what we need is regulated, who really gives us rest of the ability of a national system, it to take place in law players and all right, hon. sketchbook. off with the university of holland. i'm thank you very much. no worries over recession and oversupply have continued to push global oil prices down . days after western countries introduce new rules to cap. the price of brushing crude the price of global benchmark brent crude oil remains around $77.00 a barrel as of thursday morning. that's the lowest price since january, the new cap on russian oil introduced by the european union and g 7 nations begin monday. but several major importers including india and china, have signaled they'll pay it little attention. earlier today i asked are, delhi corresponded whether india will continue buying more russian oil

besides absolutely unlikely to change stephen of foreign minister session god, who's been articulating in the us policy ever since the ukraine war began. has said it in as many words that india is not going to reduce the buying oil from russia. in fact, just yesterday, he said that in parliament that while the government does not ask companies to buy oil from specific locations, it does make sense for companies to buy them all from where they're getting the best deal in the interest of the indian people. so that's as much as about the government serv, policies concerned the oil companies are also doing the government's light. and india, in any case, is yet to adhere to the oil price cap, steven or any wants to go, or prices are best at the same time. we know that there's going to be more pressure from western nations, especially when those prices climb again, and it makes a difference. how difficult a situation could that be for india to navigate. well, stephen,

ever since the ukraine invasion began, we've seen that western nations have been, have been upset with india's continued trade links and this purchase of oil from russia. but india has continued to a whole very firmly. it's its position on the issue. and there is no indication that it gets likely to change. it stands, the western pressure appears to be cooling off because as german foreign minister and elena barbara was here in india recently. and during her exchanges with the press, there was no indication whatsoever about any western pressure on, on india, as far as russia is concerned. her statement before coming to india in fact carried some signals. but after coming back there was no statement virtually. so that's some kind of an indication that the, the western pressure, you know, appears to be cooling off as far as india is concerned. steven, my colleague char cards k in delhi,

there. and staying with the price cap officials in the u. s. and u. k. say that they're speaking to counterparts in turkey to resolve a traffic jam of oil tankers and that countries waters the turkey has demanded the shippers provide a new proof of insurance. following the introduction of the cap, which again prohibits western assures from covering russian crude at more than $60.00 a barrel. us, you, casey, the turkish check is unnecessary. the new rules. comic mcgary is an associate director of the consultancy control risks in paris. he joins me now. correct. thanks for coming on the show. why is 30 conducting these checks if other nations are saying that they're actually superfluous? well stephen turkey is following its logical strategic position, both politically and geographically in the context of this conflict. so turkey, in effect is carrying out the will of the g 7 and the european union with this $60.00 price cut by using its choke point in the black sea, a boss for

a straight to say yes, we can enforce that with the g 7. and the european union decision on russia, because we have full control of the russian fleet that leads the black sea at the same time keeping itself in the strategic position to be a friend of russia. also being a friend of the west, in regard to the prescott. at the same time, many of the ships are now having to scramble, seemingly for insurance. how hard of a market is that, when many western insures have now been taken off the table essentially? well, fundamental to the teeth of the $60.00 price cut is the fact that maritime insurance is, is pretty much grounded in the west. there are only 13 individual p and i clubs which is effectively maritime insurance. of those 1360 percent of them are in the u. k. and the rest are basically in norway, sweden,

u. s. and japan. so that is, that is the market for maritime insurance. so when it comes to enforcing the $60.00 price got that is the tooth that the west has and to make it happen. so where did the rest of the vessels go to get insurance? that's the question. and that effectively is why turkey is able to stop at the last count, at least 19 vessels on monday, have been stopped by turkey because they have nowhere else to go for insurance, that's eating. it sounds like russia might then just develop its own insurance market is, is that a possibility? it's not just a possibility, but there is a precedent for an actual sector. russian. russia has an effect of power, stay to maritime insurance group in go striker. and this already exists, they already under write about 2000 ships,

which is relatively small in the global market. but that allows them, the ground work for russia to grow a more domestic maritime insurance or p and i club itself. and indeed, what we may see over the coming year, a big impact on the insurance world as a result of the price, is the proliferation of maritime insurance, away from that kind of western london centric model into other countries. because indeed, it's not just wash russia that wants to export the soil. there is about half the world that does not necessarily agree with or care about the price cap that wants to consume that oil. so there's a lot of demand for an additional insurance america. all right, cormick mcgary with control risk. some harris. thank you very much. thanks very much, didn't and we'll go now to some of the other global business stories making headlines

. the e u has proposed a 9th round of sanctions tied to the war and ukraine targeting almost 200 russian individuals and entities connected to the conflict. 3 russian banks are on the list of sanctions. would also add the names of further government ministers, lawmakers and regional governors for asset freezes and travel bands. chinese president, she jane ping has begun his tour of saudi arabia. as begging aims to kick start economic growth or relaxing strict cove in 1000 restrictions. the chinese leaders do design deals worth $29000000000.00 re odd says it will remain a reliable energy partner for china, which imports half of its oil from saudi arabia. one 3rd of germany's power supply came from coal last summer. that's according to officials, statistics. the countries dependence on coal increasing significantly from july to september, renewable renewables, meanwhile, accounted for 44 percent of electricity generated just one percent higher than a year earlier. germany plants of phase alcohol power plants by 2030

is reminder of the top business story were falling for you at this hour. a trial is one of the largest financial scandals in germany. history has opened today in unit prosecutor say 3 former executives of payment services, provider, wire card form, day quote, criminal gay intends on defrauding investors. wired hard collapsed in 2020 inter auditors reveal to nearly 2000000000 euro hole. and it's accounts that's it from in the business team here. berlin find out more line. he w dot com slash business. launch. eco, india. how can a country's economy grow in harmony with its people and the environment? when there are doers who look at the bigger picture, india, a country that faces many challenges and whose people are striving to create

a sustainable future clever projects from europe and india. eco india. next on d, w. mm. as you've got any issues with what they will grade, he will be with people with ah humanity marked a mild stormed recently when the global population hit 8000000000 on the presence of.