it came as opposition leader rollo didn't get called for mass protests on election day. time for some business china's president is at it all over again painting a beautiful picture of the business friendly china which few outsiders recognize his speech to the communist party congress drawing skepticism from abroad. also coming up businesses in china beware the country is cracking down on v.p.n. which many firms use to safely transfer that data. i'm daniel winter and this is your business news update welcome to the program in his speech of the communist party congress on wednesday she promised to protect the rights of foreign investors saying all businesses will be treated equally but so far the

reality of doing business in china has yet to catch up with the chinese president's promises. privatization and a more open economy five years ago that with chinese president xi jinping the plan for economic reform. more free market less state control many hope that would mean the breakup of state owned companies. opening the door to more private businesses. allowing the currency to float and a fight against corruption. but five years on many are disappointing. you know there have been some successes in recent years china's leadership is again promoting economic nationalism. the country's huge state owned enterprises are once again determining the communist party strategy. that's true of many private companies too. and the yuan is largely back under the control of china's

central bank. foreign companies are also dismayed at beijing's about turn xi jinping hums greater access to china's market the promise that hasn't always materialized. in many cases foreigners can only manufacture and market products in the people's republic with the chinese business partner at their side and there are restrictions and getting profits out of the country so many are listening to the speeches at the party congress with more than ten just skepticism. foreign companies inside china prize their secure data connections with their headquarters that way they can keep sensitive information within the fob but now china is set to ban the technology that makes this easier many see it as yet another obstacle to doing business in china. i'm calling is a german company that provides data system consultancy to foreign firms with

operations in china. the beijing government is now planning to block access to virtual private networks will be pms encrypted connections that tunnel data traffic to a proxy server. b.p.'s cost just a few euros and have become a critical tool for secure communication between foreign based companies and their headquarters. they're also used by millions of individuals to circumvent china's censorship system. because. most of our clients are very concerned. if not horrified upon it. because of how dependent their come on v.v. ends. the author of interfered with b.p.'s before especially in the run up to communist party congresses but the regime had appeared wary of enforcing a complete lockdown on v.p. ends probably out of consideration for the business world but in the new year

beijing will order telecoms providers to close the data tells us this is serious this time they mean it and they'll go through with it too. many details remain unclear. but for the european business community in beijing china's internet policy has always been troublesome. we see it as kind of sort of a tax on doing business in china and and that's not good for trying to you what you were looking at creating more productivity more efficiency in the economy certainly ensuring that companies have readily timely and stable access to information is important and it hurts foreign companies even more and there's more in store for those companies a new law on cyber security introduced even more rules to an already highly restricted technology regime certain data may now only be stored on the mainland for example for foreign companies in particular the assessments and adjustments involved will be a major burden. in the service ultimately the cyber security law means that

you're not being compliant you can get your company into serious trouble it could even mean the company being closed down or having to disclose all of state or no company want to start this mission we're going to go to my. what is already clear is that the new law will make life difficult for smaller foreign based into prizes and prevent others from even starting up here. this man is billionaire investor george soros he's given a whopping eighty billion dollars to his charity the open society foundations that amount represents a huge chunk of the one carrion of investors well for twenty three billion dollars his charity fund civil society groups that promote education democracy public health the soros isn't alone other american billionaires like bill gates and mark zuckerberg have also donated huge chunks of their wealth. so if he is following

this for us from new york sophie how does sources charitable contributions stack up in the pantheon of big believe that donations. quite well i would say soros open society from dayton is now the second biggest after gates foundation and would really makes him unique though is that he has the political donor very different from gates who has been funding education and health issues for example and there are not many donors on the left side of the political spectrum i think he's the only one actually of this magnitude on this side who we have mercer for example at the call brothers on the right side but as soros has always been known for being really bold and sure about his investment on wall street he is quite the same when it comes to his own they should so he basically has strong opinions and acts accordingly no matter what doubling down is his way of investing and often aiding and leading his foundation it seems the open society foundation has been

under a lot of pressure recently from hungary to india and as a statement thoros as just doubling down and talking of solid foundations the federal reserve has released its snapshot of the u.s. economy what's the outlook. well yes then you know i think the most interesting and important thing is definitely at the end flights in and the quite interesting thing about inflation is that even if they were economy and the tightest labor market in years there's a little to move the needle on inflation the fed correctly right but increase in wages and the cost of materials as modest in this report and no one really seems to know why inflation is just remaining on that low level but the fed two percent inflation target still appears out of rates so the u.s. economy defying expectations but not in the way that they'd like so fishman's campbell street to thank you for trying. recent conflict around iraq's oil fields

is a fact of the country's ability to take advantage of its resources baghdad hired british oil company b.p. back in twenty thirteen to draw a plan to exploit fields in the north of the country the deal was put on hold that's the chaos of fighting so-called islamic state this week iraq's army recovered all fields from kurdish forces now the iraqi government is turning to b.p. once again. these oil fields in kirkos of biofuel both iraqis and kurds they have now been recaptured by the iraqi army the iraqi oil minister is making plans to exploit the fields he asked british oil giant b.p. to help her cook could have as many as nine billion barrels of recoverable oil b.p. is a new here since two thousand and nine it has been helping increase production a trailer one of the world's largest oil fields the fact that the oil fields were

kupchak by iraqi forces dashes the kurdish dreams of economic self-sufficiency after a vote for independence in september the kirk fields account for more than half of the daily production in the kurdish region. the island nation all fiji is a high risk of rising water levels brought about by climate change that pleading for help the head of next month's climate summit in bonn but they're also taking direct action creating debt that institutions can buy now with that money fiji hopes to invest in green initiatives and stem the tide at least for now. they arrived by canoe. the island's residents precious documents in hand desperate pleas for help in paper form fiji is on the brink of being completely destroyed by climate change and this is the man their prime minister who will deliver their pleas to the un climate summit in bonn. and he's brought along some

ideas of his own to. michigan. of course. and emerging economies. and only the third in the world. green bones to save such ecological securities are a way of financing environmental and climate protection projects of encouraging investment in things like renewable energies so far they only exist in from and japan. we must make. what has happened in the strong and the level of the. oh never have your great success. countries like fiji need investment and to be taken seriously by industrial nations to roll developing and emerging

economies the ones with high global c o two emissions yet they're the ones suffering the most from the resulting climate change. and that wraps up another business update if you want mall you can check us out on twitter and facebook i'll be back with more same time same place same.

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