transport industry in deep trouble the e.u. heats shipping firms and automotive component companies to millions in fines for cheating customers. is president calls for a swift resolution of a probe into the country central bank chief who's been suspended following bribery charges. for the very first time and one of the major predicts a peak in the demand for crude will like you know when why and what's next. for business i'm funny for sure in berlin wall come to a program the european commission says it's serious about fighting cartels it's just announced fine stopping half a billion euro three and two trust cases the companies charge it included merry time car carrier sparkplug suppliers and brake systems suppliers they fixed prices

and exchanged market sensitive information over years. people the e.u. competition commission emigrate to be a stronger wanted to send a message that the european commission will not tolerate anticompetitive behavior. today the commission has decided to find seven companies a total of five hundred sixty four million euros for taking part in fort difference cartels relating to cars. three other companies involved in these cartels well they expanded. getting a fine because they came to us to reveal the cartels in the shipping industry the fines affected lame car shipping carrier three japanese carriers as well as a norwegian swedish carrier together they formed a deep sea vehicle transport cartel for almost six years.

in the automotive parts industry germany's bosch and two japanese companies ran a cartel supplying spark plugs to european car makers bush was also involved in running another cartel fixing brake system prices. companies can escape fines through the e.u. commission's leniency policy which encourages companies to hand over inside evidence of cartels a system which in the cases announced wednesday proved to be effective and. what's shaking the markets today time to cross over to so feet she months on wall street for us there she is there she is hello sophie all eyes are on the fed minutes being published today what to invest making of it what are they reading into that information. a lot they have been watching them and closely as they were hoping to get some clues out of it some hints towards the feds monetary policy and they did the fed seems to be happy with how the american economy is doing

a good knowledge stronger than expected growth and the larger impact of tax cuts on the american economy in the short term so all signs are pointing to more rate to high heads the fed is likely to raise rates at its next meeting and march will will which will be the first left by the new chairman by the way jerome powell and the main question investors have focused more attention on as whether the fed will move faster meaning add an extra rate increase this year and even more next year and the end through largely turns on inflation then there's a lot of volatility in the markets is this a reason to cheer or to be cautious. while the sentiment is closely intertwined at the moment with the monetary policy of the fed and to be honest funny the market's reaction to these minutes were not really surprising as to raising rates are not necessarily a thing and best those are in favor for you so the dow and the end of his were down

for the day wall street has been focused on the place and since this meeting in january and concerns about stronger inflation hence the higher interest rates actually cause the stock market to dive into a correction in the first days of this month so investors fear that high rates are going to cut into company's profit so if she wants to thank you so much for your report. the european central bank has remained silent i mean accusations of money laundering at lunch vs a third biggest bank a.b.l. the now the latvian president the whole news has weighed in saying his country must improve its efforts to tackle money laundering and corruption bankers in the country are calling on the e.c.b. to step in and sort out the unfolding banking scandal. the european central bank governing council met today with absentee. president bill maher's from savages still embroiled in a corruption scandal and pressure is mounting on the e.c.b.

to formulate a response for his part rimshot montagne is innocence he's called allegations that he solicited one hundred thousand euros a month in bribes a smear campaign leveled against him by banks angered by tougher financial regulations he can't work out the probe is ongoing but he can't be fired either he's ignoring calls to resign. not to resign today because i'm not guilty because it's the aim of mud slingers for me to resign and to prevent me from being able to defend myself i'm afraid that the legal proceedings would last for many years and i would not have a quick and fair judgment. the e.c.b. is also being called upon to respond to a crisis snowballing have not been lender in p.o.v. it's facing money laundering allegations lavin commercial banking association urge the e.c.b. to help mitigate the chaos but so far the eurozone central banking authority has been quiet. south africans are facing the first sales tax

hike since apartheid it's put a bit of a damper on the way for hope they have been driving pulling president take over just last week from the scandal plagued precess or the country's finance minister. said lazing value added tax by a percentage point to fifteen percent was quote unavoidable in the face of recession the move comes ahead of elections next year increasing pressure on the country's ruling party to make sure the unpopular sales tax hike helps towards turning the economy around. everyone used to worry about the globes all reserves running out now the industry fears the nant will start drying up so what b.p. iraq uncivil became it will begin a plot to wing in the late twenty's to thirty's as renewables take over automotive companies around the world are betting on the mass adoption of electric

vehicles in the next decades and they're not the only ones oil and gas giant b.p. is anticipating the same it predicts a one hundred fold growth in electric vehicles by twenty forty and a corresponding hit to the world's oil and gas sector b.p. forecasts continuing growth in global demand for oil and other liquid fuel in the next years but back to manage is said to stop increasing after it hits one hundred ten million barrels a day in the late twenty thirty s. it's the first time b.p. has forecast a peak in the world's appetite for oil. it's not just about electric cars increased fuel efficiency in vehicles powered by internal combustion engines is said to offset consumption to but beyond the automotive sector other factors are set to cause demand to sag like tighter regulations restricting the use of plastic as well as an expected increase in the share of renewables in the global energy mix

to fourteen percent by twenty forty. four years and in g.x. have been dreaming about turning the c thought into an itchy but so far only a few title power stations have been able to make a profit the main problem is that the generators are fixed to the sea floor and that makes them expensive to install and maintain but now british and german team has taken a new approach looking backward from the idea of a ship's. it's freezing outside but time to hit the water for david targets scott and his colleagues in scotland the workdays just beginning the tidal stream generators on you but will they produce enough energy to target scott has been working on the project for two years. these turbines generate electric power what special is that they are not fixed in place with this platform we can swing

a turbine up out of the water we can inspect it we can see if the blades are damaged the turbine needs cleaning we can run tests on it and it's completely necessary we can change our whole rotor floating tidal stream generator is one of a kind there are only a few places on the planet with tidal currents like those in call on scotland's west coast the moving water hit speeds here of up to forty kilometers per hour relentlessly driving on the water propellers this is todd scott and a german colleague a year ago still deep in the planning of the tidal generator the idea it floats on the surface but is anchored to the seabed with steel cables. electric power is transmitted through a cable and that will supply three hundred households with energy the perfect solution for the bay according to the planners they have divided the work among themselves the british team is building the steel platform kneels long as company

shuttle is developing the generators under orders it specializes in ship engines like these pumps jets. nearly one thousand three hundred people work for the german company. has been using his knowledge of propellers to build the waters his team specializes in tidal energy which is relatively a new business segment for the company right now shuttle is testing whether a power generator can withstand nonstop stresses of underwater operation in scotland he says it's the most exciting project he has worked on for a long time. almost all of us are engineers so it's important for us to develop technical things because it is very satisfying and also to be able to create a market maybe much like was done with wind energy twenty five years ago from a. back in scotland the platform is already in operation and his colleagues are showing it to chinese investors they are interested in buying a tidal power station and they are impressed with the platform is already producing electricity cheaper than

a diesel power station its makers say but it won't be staying here very long because an island community in the philippines has purchased it. and that's your business edition but i'll be back tomorrow same time same place thanks for watching . to. talk.

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