it is a removing land mines and booby traps. at the. time for some business china's president is active 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 use to safely transfer that data. i'm daniel winter and this is your business news update welcome to the program in this 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 was chinese president xi jinping his 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. and 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 punished 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 all v.p.n. . encrypted connections that tunnel data traffic to a proxy server. v.p.n. scores 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. for being know going on for lawson and. 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 b.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 main one 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

not being compliant can get your company into serious trouble. it could even mean the company being closed down or having to disclose all of its data and no company want to start this mission we're going to going to. 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 hunt garion of investors well for twenty three billion dollars his charity fund civil society groups that promote education democracy public health and 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 billionaire donations. quite well i would say soros open society from dayton is now the second biggest after going to 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 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 far as i have 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 day 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 has found ation 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 us 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 break on a me and the tightest labor market in years that a little to move the needle on inflation the fed correctly rice the 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 that. 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 kirkland biofuel both iraqis and kurds they have now been recovered chewed 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 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 filled 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 two of them. of course. and on it were put in the work. green bonds 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 france and japan where most. what is happening is wrong and the level of the people. oh never have required the success of 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 more you can check us out on twitter and facebook i'll be back with more same time same place same.

take a trip to a world of boundless ambition. the young entrepreneurs eager to tackle global challenges. join should just that's not german entrepreneur award winner two thousand and fifteen as he travels through asia looking for the next big business idea. big trouble big he was really passionate about because if you're going to stick to this for a long time and it's something you don't we like. it's hard to keep on pressing our ten part series founders rally. starting october twenty third on the d w. the thing that no w. we speak your language our spanish program only until

a. whole words will inform us of what listen i can like you always close to the action but i'm not part of the coast so get one because like to get that up to the minute news and opinions of the background to political developments. d.w. we bring you most of the oil. when history books mark brought to life. maybe the stories they're in we'll get to rewrite. the story of the russian revolution. from the perspective of writers thinkers and kong artists. what did it feel like to live in times over the revolution and the people. not to the russian art revolutionaries. the nineteen seventeen the real.