04/04/2016 World Business Report


04/04/2016

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passengers, hit a mechanical digger that was on the track.

:00:00.:00:00.

Those are the latest headlines from BBC World News.

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Now for the latest financial news with the World Business Report.

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A massive leak of confidential data from a law firm in Panama

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reveals how the world's richest use tax havens to hide their wealth.

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And the UK government says it is willing to offer support to secure

:00:27.:00:30.

a buyer for the troubled Port Talbot steel works, where

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Also in the programme, California and New York are set to raise

:00:33.:00:48.

The UK government says it is willing to offer support to secure

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a buyer for the Port Talbot steel works in Wales.

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Last week Tata Steel, announced it was selling

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A source close to Indian tycoon, Sanjeev Gupta, has said he wants to

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hold talks with the government about the possible purchase.

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The Port Talbot plant is thought to be losing $1.4 million a day.

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With me is Alessandro Abate from Berenberg.

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Talking about tighter and Port Tolbert, the government has said

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they will possibly help find a buyer. -- Tata. Yes, Tata has two

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areas, which process and make steel. There are some competitive issues

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that make it difficult relating to currency, electricity and markets.

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As far as the rolling assets, which are basically the only assets that

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would find a buyer, the only option at the moment is that steel can be

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sent to the UK. There are only two potential partners, the first one is

:02:03.:02:13.

the Russians. They are able to produce slabs in the cheapest

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possible way. The Brazilians may also be interested. There may be

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some interest from overseas traders, which we have seen. It is difficult

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at the moment because the European assets are more competitive. Would

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be worth saving Port Talbot in business Times? There are many jobs

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at stake, but what would be the business benefits? -- terms. They

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have invested ?1.5 billion and they have a write-down of about ?2

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billion. So, there is potential for benefit. Is not just the UK which

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has had issues. Italy, Germany, a number of areas have had issues. The

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European Union has had tough competition with Chinese steel. They

:03:28.:03:34.

have wanted to raise their tariffs. At the moment there are a couple of

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other issues. The Italian steelworks could become privatised. May 23 is

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when potential buyers have to submit a bid. There are only two interested

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parties. But things are complicated because there are a lot of issues

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relating to the environment. In a -- in Italy, it cannot be resolved

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unless there are some major players. I think the best chance at the

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moment is the Turkish steel. Thank you.

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California and New York are poised to raise their minimum wages to

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California's governor will sign the bill in Los Angeles later on Monday;

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New York's governor also reached a tentative deal with his state's top

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From New York, here's Michelle Fleury.

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Compared with most parts of the world, the US economy is chugging

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along nicely. Growth, low unemployment and not much inflation.

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What is there to complain about? In a word, K. In this economy, wages

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have not risen as fast as you would expect. That comes after decades

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when incomes for working Americans have stagnated. The fight for 15

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seemed implausible to many, after all the federal minimum wage is $7

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an hour. -- $7.25. Here we are. The biggest date in the country is

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putting plans in place to make $15 an hour a reality by 2022. In this,

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the biggest city, will get there in just two and a half years. These are

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big victories for campaigners, but for the lowest paid workers in most

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of the country, $15 an hour is still a distant aspiration. And plenty of

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economists would still argue that setting the minimum wage at that

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level, hurts job creation. The fight for and the argument about $15 an

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hour is by no means over. A huge leak of

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confidential documents has revealed how the rich and powerful use tax

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havens to hide their wealth. The 11 million documents were leaked

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from one of the world's most secretive companies, a Panamanian

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law firm called Mossack Fonseca. They show how the company helped

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its clients launder money, Mossack Fonseca say they've operated

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beyond reproach for forty years and never been accused or charged

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with criminal wrong-doing. provides a glimpse into the workings

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of offshore finance. The Miz -- Mossack Fonseca have released their

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clients, they are linked to 72 current or former head of state. The

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BBC has been investigating. This includes Colonel Gaddafi as one of

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the clients. Their arrangements that people never thought would be viewed

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by anyone. The files reveal a suspected multibillion-dollar

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money-laundering scheme, including friends of President Putin and the

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Icelandic Finance Minister's issues. He says he has done nothing wrong,

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but files reveal a suspected needle of deal for President Putin. There

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are many issues in the UK where people are using Panama to dodge

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property taxes. Why does this all matter? Some of these shows Mossack

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Fonseca undermining international regulations designed to prevent

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money laundering. The British government is creating a register of

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what is called a beneficial interest, a public list of who

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ultimately owns every company in the UK. It is standard in the country to

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know that, otherwise they could unknowingly be helping money

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laundering. In some cases, they have take ownership records to hide how

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much money a client owns. Mossack Fonseca says that they have operated

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beyond reproach and have never been accused of charged in connection to

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criminal wrong doing. And that the details are unsupported and false.

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Thank you. And if you're on the UK, you can see

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the Panorama programme, Tax Havens of the Rich and Powerful Exposed

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tonight at 7:30pm on BBC One. In other news:

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The IMF's Christine Lagarde is warning that a new deal on Greece's

:09:13.:09:15.

debt is still some distance away. The comments were made in a letter

:09:16.:09:18.

to Prime Minister Alexis Tsipras. Greece and its EU and IMF lenders

:09:19.:09:21.

are due to resume talks this week to Iran says its oil exports have

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reached 2 million barrels a day, following the lifting

:09:26.:09:29.

of sanctions in January. The country says it won't take part

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in a meeting later this month in Doha where freezing output will

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be discussed. Iran has previously said it wants

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to increase production until it

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