let's get more now on this breaking news we're joined by gary hart first here in the studio early bartz is also joining us from frankfurt and their heart i'd like to begin with you just to put this into overall context for us because this is a big deal isn't it yeah this is big big big i mean we're talking about a separate entity on the british virgin islands not really known for their strict banking banking regulations set up to deal with nine hundred customers three hundred million euros more than three hundred million euros in volume this is really serious serious stuff this talk about organized crime it sounds like a very the operation that's set up and designed to help people on the money and that's quite terrible and the reputational damage is immense and investors already reacting only bartz is standing by with that reaction from frankfurt which incidentally is also where deutsche bank is headquarters headquartered excuse me or only walk us through it. yes i haven't been out to the deutsche bank quarters from my myself but i'm reading from colleagues that there are at least a doz

bartz also with the view from frankfurt on the stock exchange thank you so much to both of you for your analysis of this breaking news this afternoon. well meantime now let's get some more news here from germany and the chancellor angela merkel has called for a diplomatic solution to the standoff between russia and ukraine the two countries have been at loggerheads since a naval clash excuse me over the crimean coast over the weekend russert president vladimir putin says that ukraine orchestrated the incident kiev says that it is a prelude to a russian invasion. putting on a show of readiness ukrainian troops dig trenches near the russian border they have been put on alert as martial law comes into effect ukraine's president petro poroshenko visited a military training center urging his troops to get prepared for action even if the mine. will give them no chance to invade into ukraine. that's why today we are doing everything possible to provide extra financing of the armed forces. not to be outdone russia's defense ministry also released a video of training exercises in the south of th

joined now by marcus mindset from the tax justice network in my book and all financial correspondent bartz in frankfurt welcome to you both marcus i'd like to begin with you another right now at deutsche bank what do we know about the details in this particular case it concerns apparently the transfer of around three hundred million euros at least to a british. company controlled by the gotcha bank relation to nine hundred clients related to that bang and it concerns the failure to report suspicious transactions related to money laundering with was within those sums that have been transferred so it is a serious allegation it's a serious concern that's might be a factor about quite a first time for. leaks that have come to light through parliament papers for example a serious allegation those shares down really bring us the latest there from the trading floor. now the share is trading at the moment at exactly eight euros and forty cents it's a little bit over the low that it reached plummeted after this news but it's still a loss of about three percent it is not good news for the torture ba

and of course our financial correspondent ollie's bartz has got his eye on the numbers from frankfurt let's bring him in now really one billion pounds a year is steep we should point out that that survey was conducted by a group calling for a second a referendum how shocking or not would you say that assessment of damage to the british economy actually is. i would say that's a shocking assessment i mean it's still have to put the number and perspective if you're talking about one hundred billion pounds a year that's a huge sum but if you take the gross domestic product that is the total performance the volume that the british economy generates it's probably going to be up around two trillion pounds this year so one hundred billion that's about five percent now that doesn't sound like all that much but if you have five percent less g.d.p. for example well that meets the definition of a major recession and not reverberates through the whole economy and costs jobs costs company profits creates turmoil in the market and ultimately is also likely to lead to political difficulties not least

no company wants to have on their hands and bank their headquarters raided there in frankfurt only bartz is actually standing by at the stock exchange in the city where investors were also quick to react weren't they really are. yes sold a share immediately no it didn't crash or anything like that but it is going down by a good three percent and what immediately from a slight gain it was motoring along quite nicely into the negative territory and the awful thing about that is even though it's a loss of about three percent right now it's getting closer again to its all time low that it reached in november twentieth and just over eight euro's and investors of course are treating nervous again about the direction of the share the bank obviously is also on nervous because after a first statement that came not that long ago after the raid became known there was a second statement that came after and after the noon hour and in this direction banks says we had been convinced that we had provided authorities with relevant information on panama papers in other words the bank doesn't know what the

border incident he called it not a war what's happening in the east of ukraine he said it is a war bartz through all of that time hasn't put martial law into effect but a small incidents in the black sea says putin and now we have martial law that's how we know it's a provocation russian soldiers he said russian sailors did their duty what's happening is a dirty political game within ukraine and ukrainians are unsuccessfully selling anti russian sentiments because they have nothing more to sell and one wonders then worry why he would be announcing a plan to send more s. four hundred seventy the air missile to quantify it. yeah there are three battalions of the s four hundred in crimea already the defense ministry announced that the third arrived in september now we're being told that a fourth is being sent there it will be operational by the end of the year according to the ministry of defense now the s four hundred is a sophisticated top of the range defense system that can shoot down planes and missiles both ballistic and cruise missiles so essentially this is you know a warning to the

bartz several ministers have also quit. she jinping is visiting the philippines the first chinese president to do so in thirteen years she calls it a rainbow after the rain that is after the summit where the u.s. china trade war blocked a declaration in the philippines president rodrigo to turkey has joked that he would offer his country as a province of china critics that say this eviction is not yielding much from manila and small results could come at the expense of manila's territorial disputes the ones in the south china sea the supporters from jamila island orgon. many filipinos see the recent association of southeast asian form in singapore as a missed opportunity and they're blaming the sleeping habits of president three go to tear to him missed at least five events at the summit because his spokesman says the president needed to take power naps the seventy three year old leader also this missed the importance of a meeting with this chilean diplomats in. the us then it was an informal summit and i don't eat breakfas

indeed so all in all it's setting up for a collision course against brussels between rome and brussels bartzthis really has been. have seen in the past few months you're a skepticism has been growing in italy as well the two parties that stand to profit from them are the ones in government right now. and just to put this into perspective for us briefly sonia why does this government want to deliberately put itself on a collision course with the what are they have to gain by that. italy in its current state has been really struggling to emerge from the european debt crisis well it don't forget of course that italy has the second largest debt in europe as well so there has been a feeling of a grudge towards brussels as well this feeling that perhaps all the problems that stem in its lee from brussels are not necessarily from. lack of reforms within its own economy what the commission says and plenty of other economists say is that what is actually needed is the reform of italy's economy as well and that in the plan there is no. place as it were or there hasn't been any indication of how it's h