:00:00. > :00:00.passengers, hit a mechanical digger that was on the track.
:00:00. > :00:00.Those are the latest headlines from BBC World News.
:00:00. > :00:18.Now for the latest financial news with the World Business Report.
:00:19. > :00:21.A massive leak of confidential data from a law firm in Panama
:00:22. > :00:26.reveals how the world's richest use tax havens to hide their wealth.
:00:27. > :00:30.And the UK government says it is willing to offer support to secure
:00:31. > :00:32.a buyer for the troubled Port Talbot steel works, where
:00:33. > :00:48.Also in the programme, California and New York are set to raise
:00:49. > :01:11.The UK government says it is willing to offer support to secure
:01:12. > :01:14.a buyer for the Port Talbot steel works in Wales.
:01:15. > :01:16.Last week Tata Steel, announced it was selling
:01:17. > :01:20.A source close to Indian tycoon, Sanjeev Gupta, has said he wants to
:01:21. > :01:22.hold talks with the government about the possible purchase.
:01:23. > :01:25.The Port Talbot plant is thought to be losing $1.4 million a day.
:01:26. > :01:27.With me is Alessandro Abate from Berenberg.
:01:28. > :01:30.Talking about tighter and Port Tolbert, the government has said
:01:31. > :01:41.they will possibly help find a buyer. -- Tata. Yes, Tata has two
:01:42. > :01:47.areas, which process and make steel. There are some competitive issues
:01:48. > :01:54.that make it difficult relating to currency, electricity and markets.
:01:55. > :01:58.As far as the rolling assets, which are basically the only assets that
:01:59. > :02:02.would find a buyer, the only option at the moment is that steel can be
:02:03. > :02:13.sent to the UK. There are only two potential partners, the first one is
:02:14. > :02:18.the Russians. They are able to produce slabs in the cheapest
:02:19. > :02:21.possible way. The Brazilians may also be interested. There may be
:02:22. > :02:30.some interest from overseas traders, which we have seen. It is difficult
:02:31. > :02:35.at the moment because the European assets are more competitive. Would
:02:36. > :02:44.be worth saving Port Talbot in business Times? There are many jobs
:02:45. > :02:55.at stake, but what would be the business benefits? -- terms. They
:02:56. > :03:08.have invested ?1.5 billion and they have a write-down of about ?2
:03:09. > :03:14.billion. So, there is potential for benefit. Is not just the UK which
:03:15. > :03:27.has had issues. Italy, Germany, a number of areas have had issues. The
:03:28. > :03:34.European Union has had tough competition with Chinese steel. They
:03:35. > :03:42.have wanted to raise their tariffs. At the moment there are a couple of
:03:43. > :03:52.other issues. The Italian steelworks could become privatised. May 23 is
:03:53. > :03:59.when potential buyers have to submit a bid. There are only two interested
:04:00. > :04:17.parties. But things are complicated because there are a lot of issues
:04:18. > :04:20.relating to the environment. In a -- in Italy, it cannot be resolved
:04:21. > :04:28.unless there are some major players. I think the best chance at the
:04:29. > :04:36.moment is the Turkish steel. Thank you.
:04:37. > :04:39.California and New York are poised to raise their minimum wages to
:04:40. > :04:44.California's governor will sign the bill in Los Angeles later on Monday;
:04:45. > :04:47.New York's governor also reached a tentative deal with his state's top
:04:48. > :04:50.From New York, here's Michelle Fleury.
:04:51. > :04:55.Compared with most parts of the world, the US economy is chugging
:04:56. > :04:59.along nicely. Growth, low unemployment and not much inflation.
:05:00. > :05:07.What is there to complain about? In a word, K. In this economy, wages
:05:08. > :05:11.have not risen as fast as you would expect. That comes after decades
:05:12. > :05:18.when incomes for working Americans have stagnated. The fight for 15
:05:19. > :05:28.seemed implausible to many, after all the federal minimum wage is $7
:05:29. > :05:33.an hour. -- $7.25. Here we are. The biggest date in the country is
:05:34. > :05:38.putting plans in place to make $15 an hour a reality by 2022. In this,
:05:39. > :05:43.the biggest city, will get there in just two and a half years. These are
:05:44. > :05:48.big victories for campaigners, but for the lowest paid workers in most
:05:49. > :05:52.of the country, $15 an hour is still a distant aspiration. And plenty of
:05:53. > :05:57.economists would still argue that setting the minimum wage at that
:05:58. > :05:59.level, hurts job creation. The fight for and the argument about $15 an
:06:00. > :06:18.hour is by no means over. A huge leak of
:06:19. > :06:20.confidential documents has revealed how the rich and powerful use tax
:06:21. > :06:23.havens to hide their wealth. The 11 million documents were leaked
:06:24. > :06:26.from one of the world's most secretive companies, a Panamanian
:06:27. > :06:29.law firm called Mossack Fonseca. They show how the company helped
:06:30. > :06:31.its clients launder money, Mossack Fonseca say they've operated
:06:32. > :06:35.beyond reproach for forty years and never been accused or charged
:06:36. > :07:01.with criminal wrong-doing. provides a glimpse into the workings
:07:02. > :07:08.of offshore finance. The Miz -- Mossack Fonseca have released their
:07:09. > :07:15.clients, they are linked to 72 current or former head of state. The
:07:16. > :07:24.BBC has been investigating. This includes Colonel Gaddafi as one of
:07:25. > :07:31.the clients. Their arrangements that people never thought would be viewed
:07:32. > :07:40.by anyone. The files reveal a suspected multibillion-dollar
:07:41. > :07:46.money-laundering scheme, including friends of President Putin and the
:07:47. > :07:50.Icelandic Finance Minister's issues. He says he has done nothing wrong,
:07:51. > :07:56.but files reveal a suspected needle of deal for President Putin. There
:07:57. > :08:01.are many issues in the UK where people are using Panama to dodge
:08:02. > :08:07.property taxes. Why does this all matter? Some of these shows Mossack
:08:08. > :08:11.Fonseca undermining international regulations designed to prevent
:08:12. > :08:14.money laundering. The British government is creating a register of
:08:15. > :08:19.what is called a beneficial interest, a public list of who
:08:20. > :08:27.ultimately owns every company in the UK. It is standard in the country to
:08:28. > :08:33.know that, otherwise they could unknowingly be helping money
:08:34. > :08:40.laundering. In some cases, they have take ownership records to hide how
:08:41. > :08:46.much money a client owns. Mossack Fonseca says that they have operated
:08:47. > :08:54.beyond reproach and have never been accused of charged in connection to
:08:55. > :08:55.criminal wrong doing. And that the details are unsupported and false.
:08:56. > :09:06.Thank you. And if you're on the UK, you can see
:09:07. > :09:10.the Panorama programme, Tax Havens of the Rich and Powerful Exposed
:09:11. > :09:12.tonight at 7:30pm on BBC One. In other news:
:09:13. > :09:15.The IMF's Christine Lagarde is warning that a new deal on Greece's
:09:16. > :09:18.debt is still some distance away. The comments were made in a letter
:09:19. > :09:21.to Prime Minister Alexis Tsipras. Greece and its EU and IMF lenders
:09:22. > :09:25.are due to resume talks this week to Iran says its oil exports have
:09:26. > :09:29.reached 2 million barrels a day, following the lifting
:09:30. > :09:37.of sanctions in January. The country says it won't take part
:09:38. > :09:40.in a meeting later this month in Doha where freezing output will
:09:41. > :09:42.be discussed. Iran has previously said it wants
:09:43. > :09:50.to increase production until it