yet even members like ireland luxembourg and the netherlands also use low corporate tax rates which track firms defining why. makes attacks even could be a sensitive issue for those countries that means finding consensus in the current talks could remain difficult despite the pressure of new leaks. and to take just one company's an example outside of the e.u. the massive mining for glencore is mentioned thirty four thousand times in the paradise papers from the swiss n.-g. o. public eye and rasmus back joins us now believe me andreas glen cole has been singled out for criticism in the financial press what has the company done wrong in your opinion why the county the company has a lot of things from accounting mining licenses at the very low price to aggressive tax avoidance in countries such as colombia or book enough. until running it goes feet ships that was never disclosed. so your investigations into glen cause part of the paradise papers focuses on the company's operations in the democratic republic of congo why this country in particular. first of all the democratic race republic of

yet even members like ireland luxembourg and the netherlands also use low corporate tax rates with thousand times in the paradise papers from the swiss n.-g. o. public eye and rasmus back joins us now believe me andreas glen cole has been singled out for criticism in the financial press what has the company done wrong in your opinion. well the company the company has a lot of things from obtaining mining licenses at the very low price to aggressive tax avoidance in countries such as colombia or book enough. until running a ghost feet of ships that was never disclosed so your investigations into glen cause part of the paradise papers focuses on the company's operations in the democratic republic of congo why this country in particular well first of all that the democratic republic of congo is one of the typical examples of a country that sufis the result scarce meaning despite its reach it is the population states very very poor and what happened with glencore business in that year see is that they worked with a very dark door opener that was already involved in arms stealing and i'm and dea

members like ireland luxembourg and the netherlands use local for tax rates to attract firms luxembourg's finance minister on tuesday appeared optimistic despite his country's hesitance overpass proposals on people in the uk we need consensus we'll never states must be an agreement we've already made lots of progress in recent years and we've adopted new directives and will all work together to put them in place and go to the outrage over the new leaks could be wind in their sails but consensus will be far from easy. saudi arabia is getting tough on corruption and not even the highest that's the lens of saudi society that eleven members of the royal family and dozens of present and former government ministers have been arrested corruption affects vast sectors of the saudi economy may even influence the price of oil make anomic parameter with huge importance for the global economy. the ritz carlton hotel in riyadh is normally a popular meeting place for saudi arabia's wealthy c.e.o.'s ministers members of the royal family now the luxury hotel has become a prison housing the rich and famous

reporter: yet eu members like ireland, luxembourg and the netherlands also use low tax rates to attractms. defining what makes a tax haven could be a sensitive issue for those countries. that means finding consensus in the current talks could remain difficult, despite the new pressure of new leaks. daniel: to take one company as an example, the massive mining firm glencore is mentioned 34,000 times papers. -- in the paradise papers. they haven't singled out for criticism in the financial press. what has the company done wrong in your opinion? guest: the company has done a lot of things, from aggressive tax avoidance in countries such as colombia, and running a ghost fleet of ships that was never disclosed. daniel: your investigations into glencore's part of the paradise papers focuses on the company's operations in the democratic republic of congo. why this country in particular? guest: first of all, the democratic republic of congo is one of the typical examples of a country that suffers resource scarce. meaning despite this, the country stays very poor. what happened in the doc's they

yet even members like ireland luxembourg and the netherlands also use low corporate tax rates which track firms defining what makes a tax haven could be a sensitive issue for those countries that means finding consensus in the current talks could remain difficult despite the pressure of new leaks. and to take just one companies an example outside of the e.u. the massive mining glencore is mentioned thirty four thousand times in the paradise papers from the swiss n.-g. o. public eye and rasmus box joins us now and amy andreas glenn call has been singled out for criticism in the financial press what has the company done wrong in your pain. well the company the company has a lot of things from obtaining mining licenses at the very low price to aggressive tax avoidance in countries such as colombia or book enough. until running it goes feet ships that was never disclosed so your investigations into glen cause part of the paradise papers focuses on the company's operations in the democratic republic of congo why this country in particular well first of all that the democratic republic of congo

members like ireland luxembourg and the netherlands used local for tax research truck firms luxembourg's finance minister on tuesday appeared optimistic despite his country's hesitance overpass proposals on people we need consensus will never states must be an agreement we've already made lots of progress in recent years and we've adopted a new directives and will all work together to put them in place and go to the outrage over the new leaks could be wind in their sails but consensus will be far from easy. the u.s. president apparently is a burden to the world economy that's according to a survey of more than nine hundred economy experts worldwide conducted by germany's you know an evil institute the overwhelming majority said they believe donald trump's policies were having a negative impact on the global economy especially when it comes to climate protection and social justice as well as international trade. enjoys a more positive reputation in the u.s. only a minority of experts believe his economic policies are harmful. now they call it a davos for geeks tens of thousands of develop

plenty of uk pensions and savings money goes into funds based in ireland or luxembourg. 0ne argumentould set a higher standard. the queen's private estate invested about £10 million in cayman island and bermuda based private equity funds. some of that money ended up invested in uk retailers, including bright brighthouse, a chain accused of irresponsible lending. it doesn't appear that the queen was motivated by tax or secrecy. 0n the basis of what we know, she didn't seem to reduce her tax bill. her advisors won't have decided where the money ended up. so it seems to be a question of appropriateness or ethics. should her money have ever, under any circumstances, ended up in something with cayman fund in the title? 0ffshore is a lot better behaved than it was a decade or two ago. there are some rightful questions that can be asked about the extent to which the international tax system should allow certain behaviours to be undertaken. with this huge data dump and the way it has been presented, it can be unclear as to what is just the way the international financial system works. and th

latest of what's going on, it shows a handful of jurisdictions since the '90s mostly bermuda, ireland, luxembourg and netherlands, now account for 63% of all profits that american multinational companies claim to earn overseas. 63%. and a few years ago when my brother chaired the senate investigating committee, he talked about apple. apple has accumulated more than $128 billion in profits offshore, and probably much more that is untaxed by the u.s. and hardly touched by any other country. the problem with the way you propose it, moving from worldwide to territorial, is kind of a slogan and doesn't really address the basic issue. because the way you have put it together, there will still be a major impetus for companies to move overseas and to have their profits overseas. and this amendment is a way to try to get at that. and i just want to say this to you. this is one of the weak links of many in your bill. and i think you've just now heard the beginning of this issue. very sorry. has milked the treasury. so i won't repeat what i said. i assume they'll be able to transcribe it, right? so i was sa

because the member states have conflicting interests octopussy the black shape easier luxembourg the netherlands ireland and the uk. in who have over the last forty years opposed any reforms with by phone. the east a drop the official list the blackest the countries and december. but any decision house have unanimous backing for its twenty eight states. on this extraordinary measures and launched an option which is so far never been taken. you can on the day's trading action now is s a fairly mud clothes for the major european indices which trending down. that with the exception of london's footsie one hundred addicts thirty five in madrid losing nearly half a percentage point. telecoms among the worst performing sectors on the day. the been record highs on wall street dow jones s. and p. five hundred and nasdaq all hitting new records there. on the nasdaq the chipmaker qualcomm is trading up the on reports that it's received a takeover bid for rival broadcom. which would value it at over a hundred billion dollars. if confirmed that would be the biggest ever deal in the history of the tech sector. my un

ireland switzerland and broader. tax models used by the netherlands the isle of man and luxembourg are sucking tax revenue out of the e.u. . and. destroying some countries do tax income from licensing payments at a lower rate if we've created a system of tax regulations that will apply to all of europe including in the netherlands and it will take some time to implement but it will happen it must also be approved by the national parliaments we are working constantly and aggressively to reduce the number of these loopholes. it's like dealing with a hydra you cut off its head and it grows to more. journalists in the us been poring over the paradise papers one of the more interesting leads that they've been following involves alleged connections between u.s. commerce secretary wilbur ross. and russian business executives. could these leaks cause serious problems for some members of the trumpet ministration or perhaps even for the president himself. new york times reporter mike macintyre is on his way to the offices of the international consortium of investigative journalists to prepare for an interview with ross. came

own offshore banking arrangements, and as i say, you have that issue that countries like luxembourg, malta, irelandnals from seeking these kind of offshore vehicles is even more difficult, but the eu would certainly feel that at least creating this blacklist is a step in the right direction. kevin, thank you very much. kevin conneuy kevin, thank you very much. kevin connelly in brussels. rachel is here, busy scribbling, ready for the business news. but first, the headlines. former welsh government minister carl sargeant, sacked former welsh government minister carl sargea nt, sacked last former welsh government minister carl sargeant, sacked last week after allegations about his personal conduct, has died. it is understood he has taken his own life. the foreign secretary says he is sorry for his comments about the case of a british woman held in iran, if he has caught them any anxiety. calls were a full enquiry after cabinet minister priti patel apologises for failing to tell theresa may or cabinet minister borisjohnson theresa may or cabinet minister boris johnson about a theresa may or cabinet mi