could companies in the e.u. who want to do business with iran could transfer money to this this financial holding company and then iran could transfer money there as well that would shield banks that would shield companies from being seen as doing business directly with iran but this is something that is only starting to trickle out we only learned about this last week and it hasn't actually been set up yet so nobody knows exactly who the owners would be where the initial capital would come from even where this financial company would be located but it shows that the european union isn't rolling over yet in the face of the u.s. sanctions turtle's breaking down this very complex situation for us in brussels thank you very much. china is planning to slash the average tariff rates on imports from most of its trading partners as early as october according to news agency bloomberg the move would come after china imposed tired uni's on sixty billion dollars worth of u.s. products this week in reaction to washington's n

e.u. both has to look after its own companies and try to look after iran's bottom line in order to keep iran in the deal and so in addition to the blocking statutes the e.u. is looking at what's called a special purpose vehicle and this is something that was just reported out last week that it's looking at setting up a company as sort of a middleman. in order for payments to go into this this holding company and for iran to transfer money there and so the e.u. is hoping that in this way it would be able to circumvent u.s. sanctions but there are not a lot of details on the record at the moment it's just looking at how it could set up this sort of financial payment system and get around the u.s. sanctions but everyone agrees that the trumpet ministrations plans to make doing business in iran are definitely going to bite turtles in brussels thank you. china is planning to slash the average tariff rates on imports from most of its trading partners as early as october according to news agency goober the move would come after trying to impose hard duty's on sixty billion dollars worth of u.s. pro

e.u. companies are stuck between a rock and a hard place can the e.u. really rescue the iran nuclear deal over protecting companies here. well there's only so much the european union can do and that is mostly for two reasons first of all a company from europe has to think about twice if they want to do business with the united states always iran and usually the business deals with america much greater than with iran so that is number one and even if the european union is kind of offering a european companies to compensate them for lost business in the u.s. that is hardly going to happen and that would mean in the end that european tech spares would have to come up with u.s. sanctions and then as a second mall then global currency reserves and also global trade dollars so that gives the u.s. another strong card and even european companies that do not do direct business with the united states could get hit hard if they do business with iran so in my opinion there's really not that much that is going to happen and there's not going to be that much the europ

could companies in the e.u. ho want to do business with iran could transfer money to this this financial holding company and then iran could transfer money there as well that would shield banks that would shield companies from being seen as doing business directly with iran but this is something that is only starting to trickle out we only learned about this last week and it hasn't actually been set up yet so nobody knows exactly who the owners would be where the initial capital would come from even where this financial company would be located but it shows that the european union isn't rolling over yet in the face of the u.s. sanctions terminals breaking down this very complex situation for us in brussels thank you very much speaking of tensions between the u.s. and the e.u. could become sewage can actually be in sight at least in one from the european commission has announced that the majority of soybeans consumed in the e.u. are now from the united states and brazil off the top spot the announcement comes afte

e.u. law that says european companies don't have to comply with the u.s. sanctions on iran but more companies are choosing to play it safe they fear doing business in iran could hurt their access to the u.s. market that's why carmaker dimer rail operator deutsche bahn and communications company deutsche telekom have all ceased activities in iran. and the moral there is some of the pulling our correspondent teri schultz she's on the story for us tonight in brussels good evening to you carrie so the companies in the tweet by the u.s. ambassador i think it was folks wagon. he says that they're leaving the radio market have they confirmed that that's right we heard that in a tweet from the ambassador but in statements from the companies from v.w. and b a s f they were not that specific what they say is that they're going to comply with national and international laws and that doesn't necessarily mean a leading iran altogether what b.s.f. says is that it's going to leave a business presence but complying with u.s. law at the moment will mean that it can't do bu

e.u. companies are stuck between a rock and a hard place can the e.u. really rescue the iran nuclear deal by protecting companies here. well there's only so much the european union can do and that is mostly for two reasons first of all a company from europe has to think about twice if they want to do business with the united states or was iran and usually the business deals with america a much greater then with iran so that is number one and even if the european union is kind of offering a european companies to comp and they for lost business in the u.s. that is hardly going to happen and that would mean in the end that european techs players would have to come up with u.s. sanctions and then as a second mall then global currency reserves and also global trade dollars so that gives the u.s. another strong card and even european companies that do not do direct business with the united states could get hit hard if they do business with iran so in my opinion there's really not that much that is going to happen and there's not going to be that much the europ

e.u. companies but also companies around the world if they want to deal with iran or i should have a town say that thanks for that now a year ago the u.s. president called the north korean leader a little rocket man in his debut speech at the un general assembly one year round of trying to striking a much softer tone he said a second summit with kim jong un is likely soon raising hopes of reviving stalled nuclear talks trumps beneath the south korean president moon j.n. at the united nations mike hanna reports from the u.n. . president trump arrives highlighting one major change in his position since derisively labeling north korea's leader a little rocket man a year ago. q you wrote a letter of a letter. asking for a second meeting we will be doing that secretary will work that out in the future looks like it will be very very well tremendous progress for north korea certainly since we got here it was a different world it was a very dangerous time this is a lot it's just one year later a much different tact. many periods president trump could prove best disruptive best the intense securi

e.u. companies avoid the sanctions if the debts at the same time deftly surely bring it again on collision course with the u.s. because of the e.u. policy chief said yesterday was looking at ways to circumvent the sanctions that the u.s. is imposing on iran yeah it will be a collision course but i think we have to be fair in saying it's washington that's causing the collision they've worked with their partners they signed the deal and now they're withdrawing so if the e.u. makes this special vehicle they're talking about if they make it work trump wouldn't agree with this they wouldn't agree with this but i think they win some important foreign policy independence at least in the financial spear and it'll seem like a collision but long term i think it's good a lot on the political implications of this because after all john is not north korea could what donald trump had to say about north korea last time described in the lead as a little rocket man is iran is a very different country how do you see this evolving in the long term what is the bigger picture here i think the bigger picture is

e.u. both has to look after its own companies and try to look after iran's bottom line in order to keep iran in the deal and so in addition to the blocking statutes the e.u. is looking at what's called a special purpose vehicle and this is something that was just reported out last week that it's looking at setting up a company as sort of a middleman. in order for payments to go into this this holding company and for iran to transfer money there and so the e.u. is hoping that in this way it would be able to circumvent u.s. sanctions but there are not a lot of details on the record at the moment it's just looking at how it could set up this sort of financial payment system and get around the u.s. sanctions but everyone agrees that the trumpet ministrations plans to make doing business in iran are definitely going to bite us in brussels thank you. hackers have stolen sixty million dollars from a japanese virtual currency exchange called zeiss the company that was targeted set the hackers made of was six thousand bitcoins plus an unknown amount of other virtual currencies now following the hack

e.u. companies when it comes to we run that they're having to deal with right now this blocking statue in from one thousand nine hundred six with cuba that reviving they know very well it will have no effect whatsoever of the big european majors told tall mayors. alliance. danielle steel they're already pulling out and they're going to replace it and i could be that we could get russia and china russia and i they're going to replace it is this really all when we look at how the european leaders are reacting to trump because i would agree with you but really at the center of this i guess is the paris climate accord and importantly the iran deal is they see the united states is not a partner that they can trust because they can the u.s. can change its mind it can pull a lot of internationally agreed treaties and agreements i agree with. you know basically the respond point but i agree that you will do anything serious to cope with i mean the european commission has just mocked eighteen million goalposts. in support over a unicorn and this is a new we are mending like you need to meet here n

car companies operating here will be able to continue to benefit from the freedoms conferred by the membership of the e.u. . the large scale investment has made it difficult for some companies to fund staff . and recently agreed to raise salaries to encourage its workers to stay. percent rise at the beginning of the year and at the end of the year they'll be a further four point one percent rise. as management is warning that. could prompt them to move more jaguar and land rover production out of the country a move that eastern european countries like slovakia would surely welcome. from me the business team and the studio and i'll have an update for you in the next hour in the meantime facebook and twitter feeds full more stories thank you very much for watching the business. travel pod and off you go. nicole truly excessive venturous journeys along germany's line i feel like writing about what awaits me on the river the land paved and. talented allentown or along the way i have twenty five kilometers ahead a move done by a walk all the way the town called. w. . ready for mc business. virtual reality min

now to one of the companies already turning their sights to the e.u. deutsche bank could shift up to three quarters of the estimated six hundred billion euros and capital it is currently keeping in london back to its frankfurt headquarters that's according to the financial times and deutsche it is not the only bank looking towards frankfurt switzerland's u.b.s. has also picture many financial capital as its new european hub if the u.k. crashes out of the e.u. without a divorce deal. now this year's world artificial intelligence conference is underway in shanghai showcases the latest advances in a field that china let's not forget wants to lead by twenty thirty authorities hope that a national top ten ranking based on criteria like funding local support and laugh facilities will encourage competition perhaps unsurprisingly beijing is already in the top spot it's home to many ai research facilities which enjoy broad political support shanghai comes in number two. stay on the subject because when it comes to artificial intelligence china faces competition

companies say the. there are between four and eight million attacks every day. germany is fourth on the list of countries that have been hit hardest. the e.u.'s new data protection regulations call on private sector companies to do more to protect sensitive information. but germany still remains vulnerable to cyber attacks. the e.u. regulations don't seem to have helped much to improve security systems. professor play is the executive director of the agency for network and information security. expertise is widely respected in the i.t. sector and he's increasingly concerned about the spread of identity theft. right now is on his way to an i.t. security conference in pottstown we asked him why experts can't get a grip on this problem. isn't it time you know that you know a lot of companies are bringing products onto the market but no one seems to know whether they actually provide proper security. unfortunately that's how it is today when i buy a product i don't know what sort of security features it might have that's the case with a typical fingerprint readers will facial recognition software in small. there's no guarantee that it will do

mechanism if and when it when it begins is taken up by companies how successful it will be but there is such a great deal of fear that actually the european the e.u. can't do enough to protect companies because they just can't afford they fear all these companies fear losing out with the u.s. the u.s. it's such an enormous market and the u.s. is such a major part of the economic financial system of the world so we have to see whether the e.u. can can compete all right to have a town see that at the united nations in new york chad thank you now the saudi led coalition in yemen says it will open humanitarian corridors between the major rebel strongholds of the data and some knob that doing it in order to bring in vital aid supplies. what could be targeted to how the coalition is working with the u.n. humanitarian agency in yemen to establish safe humanitarian corridors to help the delivery and aid between today that's an army. when all the u.n. humanitarian affairs chief mark locos warned that a famine in yemen could strike at any time and lead to even more loss of life food prices of saud and fighting over the keyport of the data has stopped aid a

e.u. regulations propose heavy fines for companies that don't protect identity data but what if the data protection software has security holes that make it vulnerable to hackers who says that the manufacturers cannot be held responsible for this problem and to buy food and women who. we think we've come to the university of lichtenstein to visit corner parata he's the co-director of the cyber security research center here. karada says the german authorities need to do more to protect personal data despite the new e.u. regulations. the new agency has been set up to implement those regulations but perata believes that the legislation doesn't go far enough. to make his point that many i.q. systems are open to attack he's written some software code for us. the fingerprint scanner is similar to the ones they're used by german authorities. products software captures a print. out in the capture and the fingerprint scan indicators starts flashing we put the print on it and it scanned into the systems as for. the images the print is transferred to a separate computer for processing. but there's a big. secu

goods and is a headache for europe's largest force rotted m s one companies to prepare for the choppy waters when britain leif's the e.u. . it's still business as usual at the ports of russia down. of the twenty ninth of march next year the date britain set to leave the european union that could all change after breakfast at the fifty four million tons of goods traded between the two countries could be subject to new rules. what's very important is that especially also companies that trades with the u.k. are aware of the things that might change for them because no it's quite it's free markets goods are going to go in free and after that it will be different because if you have to have experts of patients if you have imports controls you have to prepare yourself how to do that some thirty eight thousand european companies rely on trade flowing through the ports of russia or down depending on the outcome of breakfast negotiations more customs officials and agricultural inspectors may be needed to monitor goods entering the e.u. all the producers but also the consumers are dependent on that they are seeing this trade her

car companies operating here will be able to continue to benefit from the freedoms conferred by the membership of the e.u. the large scale investment has made it difficult for some companies to fund staff folks wagon recently agreed to raise salaries to encourage its workers to stay. there was a four point seven percent rise at the beginning of the year and at the end of the year they'll be a further four point one percent rise going to touch as management is warning that a no deal brags it could prompt them to move more jaguar and land rover production out of the country a move that eastern european countries like slovakia would surely welcome. this c.e.o. of denmark's largest bank thomas borgen has resigned over his role in a money laundering scandal he had minute bank has done too little to stop the flow of illegal catch between two thousand and seven and twenty fifteen dystonia branch of the bank handled around two hundred billion euros from suspicious russian sources moving it from one account to another the banks chairman said he too planned to leave his post soon following one of europe's worst ev

car companies operating here will be able to continue to benefit from the freedoms conferred. by the membership of the e.u. the large scale investment has made it difficult for some companies to fund staff folks wagon recently agreed to raise salaries to encourage its workers to stay. there was a four point seven percent rise of the beginning of the year and at the end of the year they'll be a further four point one percent rise. management is warning that a no deal bridgette could prompt them to move more jaguar and land rover production out of the country a move that eastern european countries like slovakia would surely welcome. business you watching t.v. news live from more news coming up at the top of the hour thank you very much for watching. an. already farming business. virtual reality mentioned reality next reality. new technologies offer huge potential the feel for companies customers and markets. for what's already happening today and what's coming tomorrow our special on made in germany next. month by new space you can get all the news you need. online without pay nothing in museums have change

e.u. says this will also be open this mechanism to normal european countries and companies as well. a year ago the u.s. president called the north korean leader little rocket man in his debut speech at the un general assembly one year on don trump is striking a much softer tone he said the second summit with germany's likely soon raising hopes of reviving the stalled nuclear talks trump's been meeting with south korean president moon j.n. at the un mike hanna reports from there. president trump arrives highlighting one major change in his position since derisively labeling north korea's leader a little rocket man a year ago. q you wrote a letter of a letter. asking for a second meeting we will be doing that secretary powell will work that out in the future looks like it will be very very well tremendous progress for north korea certainly since we got here it was a different world it was a very dangerous time this is a lot this is one year later a much different tack. many periods president trump could prove best disruptive as the intense security measures imposed in midtown manhatta

car companies operating here will be able to continue to benefit from the freedoms conferred by the membership of the e.u. the large scale investment has made it difficult for some companies to fund staff folks wagon recently agreed to reseller east to encourage its workers to stay. there was a four point seven percent rise at the beginning of the year and at the end of the year they'll be a further four point one percent rise it's not going to touch us management is warning that a no deal bragg's it could prompt them to move more jaguar and land rover production out of the country. moves that eastern european countries like slovakia would surely welcome. electric carmaker tesla has confirmed that it is being investigated by the u.s. justice department prosecutors open to fraud investigation after c.e.o. elong moss mask tweeted last month that he wanted to take tesla private and have funding secured for the deal that caused the stock price to jump but then backed off the talk of private normally taken a huge company private would be explained in detail before hand to regulators the comic was also facing

car companies operating here will be able to continue to benefit from the freedoms conferred by the membership of the e.u. the large scale investment has made it difficult for some companies to find staff folks wagon recently agreed to resellers to encourage its workers to stay. there was a four point seven percent rise at the beginning of the year and at the end of the year they'll be a further four point one percent rise. touch as a management is warning that a no deal brags it could prompt them to move more jaguar and land rover production out of the country a move that eastern european countries like slovakia would surely welcome. street vendors in bonn kolkata part of the city's landscape it's hard to imagine the thai capital without a boss the local authorities want to tidy up the streets and shifting away street vendors to less attractive locations. the vendors claim their livelihoods are being threatened while some say the plan could strip the city of its chom. life has become harder for digital in its business has been struggling since bangkok city authorities banned street vendors from parts of

companies and tax avoidance schemes as hippy economy they're hard. the caribbean and its tax havens are a source of frustration for the e.u. the small island of angler is a british overseas territory it has beautiful beaches about ten thousand residents and more than ten thousand offshore letterboxed companies. but it's what's not here that makes sense without attractive to financial investors there's no excessive all register of companies and no taxes neither on income nor on profits investors remain anonymous at least they have until now there are legitimate reasons for having privacy you know high net worth individuals celebrities you know they visit the island they don't want everyone to know that's the that's their yacht you know their privacy can be at stake so they are there are legitimate reasons. but the e.u. takes a different view it wants to know who has invested in hotels like this one for example otherwise it's threatening to put the island on its blacklist. language that would then join places like trinidad. or guava. seven countries are blacklisted in all and under close observation. sixty five others are on

e.u. and european companies will want to part of that just as they have all this time also historically the u.k. has been one of the countries which for extremism in europe and with right wing national governments emerging in hungary and italy in poland and elsewhere brussels needs all the help we can get to secure its future as a bloc so let's talk about all of these things with paul james carvel he is a professor of lore at the university of strathclyde is joining us from. glasgow today nice to have you with us. i'll just go broad brush first of all six months to go it seems extraordinary that we're still debating over what briggs it would actually look like i mean how confident are you that in six months time they'll be something tangible. well i think we're not even looking at six months really one of the problems with the way that we see this timeline is that in six months the u.k. will leave as you said it's two years then to the date that article fifty was launched and that means according to the lore according to the treaty the u.k. will leave so in order to have a deal between the

control no tax system works so some companies try to avoid control and move their business to tax havens very often these are tropical islands and the caribbean the e.u. and the g twenty have vowed to close down tax havens around the world on the blacklist yolland of. as many as many letterbox companies as it has inhabitants and the crackdown on fake companies and tax avoidance schemes has hit the economy there hard. the caribbean next tax havens are a source of frustration for the e.u. the small island of aquila is a british overseas territory it has beautiful beaches about ten thousand residents and more than ten thousand offshore letterboxed companies. but it's what's not here that makes and without attractive to financial investors there's no excessive all register of companies or no taxes neither on income nor on profits investors remain anonymous at least they have until now there are legitimate reasons for having privacy you know high net worth individuals celebrities you know they visit the island they don't want everyone to know that's the that's their yacht you know their privacy can be at stake so they are there are legitimate wheezes. but

e.u. legislation expressly prohibits the preference of individual companies in public. as well as the use of brand names and invitations to tender a lawyer specializing in i.t. and public procurement matures pops has been examining this practice for the past four years at the netherlands university of groningen so do framework agreements with microsoft violate e.u. law yeah yeah that's very clear it violates european law and when you ask organizations you know why are you doing this the people responsible for ten or they usually know that that file it's european law but they will say well even the european commission itself is doing it. how is it possible that top e.u. or thore are breaking their own rules my colleague maria majority from the journalist team investigate europe has been a long time correspondent in brussels and knows who to ask. ok who are we going to meet now and now we are going to meet. this month to month of the empty inside it with. my cousin i was already told they are going to sign a new contract with microsoft next year so good luck to those in.

goods could affect supply chains costs and recruitment most of asked monson suppliers are companies based in the e.u. . and that's all your business here's a reminder of the top story we're following for you here on to w a ten zillion farias capsized. killing dozens of people officials fear the death toll could reach the hundreds. who watching the news are a live from berlin there's an update coming up on the top all theone to visit our web site on t w dot com thank you very much for watching. and. more intrigue on the international talk show for journalists to discuss the topic of the week elementals government has once again be threatening to include commentators are saying that the only thing that binds the coalition together mutual mistrust so what does it mean for germany and for europe find out shortly quadriga. quadriga next on d w. cost. me take football personally. when it. comes to a good start. spring when in three. everything's running smoothly. but doesn't winning all the time get monogamist we asked the fans . to sixty minutes old. earth. home to millions of species of home worth savin

about their business ties with iran due to the sanctions trans actions company made through the international banking systems the e.u. has now find a new way to trade with iran and to save the nuclear deal in the process. federica mother really believes she's found the solution the e.u. foreign affairs commissioner wants to continue doing business with iran by developing a new financial institution in new york she met with the remaining signatories of the iran nuclear agreement and presented her model. that but disciplines welcomed practical proposals to month tain and develop payment channels notably the initiative to establish a special third of a call to facilitate payments related to a dance exports including oil and imports which will assist and reassure economic operators they're saying legitimate business with it on. the creation of this new monetary transfer system to continue trading with iran is intended to save the nuclear agreement this would prevent banks involved in those transactions from becoming targets of u.s. sanctions themselves european companies would then have the ability to trade with iran ag

e.u.'s antitrust authority suspects germany's largest carmakers of coalition when allegations first emerged last year timeline folks are going to a quick to come forward hoping to lower any potential fines investigators searched the company's headquarters for proof now the e.u. commission says that since the one nine hundred ninety s. b.m.w. folks bogen and his two subsidiaries porsche collaborated illegally in areas including vehicle technology costs suppliers markets and strategy investigation covers collusion on the tank sizes for the diesel exhaust fluid add blue add blue lowers nitrogen oxide in diesel vehicle emissions the five car makers suspected of trying to keep the tank small to reduce costs. if proven this collision between a circle of five may have the ny consumers the possibility to buy less polluting cars despite this technology being available to the money for the manufacturers if proven those car makers would also have to pay billions of euros in fines and it's not the only cost the face their reputations are. at stake now. the u.s. . has confirmed that it is being investigated by the u.s. justice department prosecutors open to fraud investigation after c.e.o. a long mosque tweeted last month that he wante

e.u. has come up with an idea a special purpose vehicle a legal payments tool to help companies continue trading in buying oil from iran russia and china also one thing but it's unclear how it will work shihab rattansi has more from washington d.c. . the e.u. was reported to have been discussing what it calls a special purpose of urkel for several weeks the e.u. foreign policy chief said it would be going ahead e.u. member states will set up a legal entity to facilitate legitimate financial transactions with iran and this will allow european companies to continue to trade with iran in accordance with european union low and could be open to other partners in the what the plans discussed in the past have involved an entity being set up to act as a go between or clearing house which we know iran and other nations to facilitate commercial transactions for example if a country or company wants to buy iranian oil it would send money to or perhaps engage in a barter system involving this entity which will handle the transaction with iran the same were true in reverse for iran's dealings with the rest o