oil markets are in turmoil after the 2 tankers were attacked close to the strait of hormuz soaping fears of growing risk around a vital shipping lane for global oil supply is. also on the show a pivot away from fossil fuels could see norway's sauber and wealth fund dropping big names from its portfolio. and we tell you why turkey still takes plastic waste imports at a time where other countries are rejecting them. this is d.w. business. and in berlin welcome we start with the latest escalations in the strait of hormuz where 2 oil tankers were attacked earlier on thursday or oil prices spiked in the aftermath with brant crude hitting over $62.00 a barrel immediately after news of the incident broke the strait of hormuz as one

of the world's most strategically important choke points along the coast of iran almost a 3rd of all liquefied natural gas and almost 20 percent of global oil production has to squeeze through here to exit the persian gulf and get out into the world. our markets correspondent joins us now good to see the what's been the reaction there to these attacks on wall street. initially we saw the oil prices popping by about 3 and a half per cent but then by the end of the session we settled at around. 2 per cent and that after oil price prices dropped by 20 percent in the month in may so at this point actually demand seemed to be the bigger issue then so we had a new outlook from opec saying that might be limited this year due to the trade tensions and maybe some weaker economic growth and therefore less demand for oil so

that seems to be more the focus of traders at this point than what is going on with those possible attacks. but tell us how important is oil from that region to the u.s. we've also seen strong domestic production in the u.s. of its own. yes i think that might be also another issue and also one reason why the reaction here has been limited resolve dramatic changes in the global oil industry in the past couple of years with the fracking boom here in the united states in the year 2008 the u.s. produce roughly $4000000000.00 of oil per day and now that increased to almost $13000000.00 barrels a day so the u.s. depends less on oil from that region than we've seen in the past and having that

said the u.s. produces mostly light crude oil but they also need for the need for their refineries and heavy crude and they get this from countries like canada from mexico or from the reason their region in the middle east so it's not that there is no dependency at all but actually the u.s. . is far less dependent on oil from that region thank you against carter that with the view from wall street for us. norway's sovereign wealth fund is set to divest from fossil fuels after gaining parliament's approval to do so the fund managers one trillion dollars of norway's assets making it the world's largest shares in companies like mining giant glencore and german energy firm r w e could be on the chopping block environmentalist's are claiming victory but also insists it's all about the money. this is what maids

norway ridge drilling rigs in the north sea tapping into the oil and gas beneath the seabed but also knows that black gold won't last forever it's invested the profits from its oil industry into the country's sulfur well for the government just set up in the late ninety's to prepare for the post fossil fuel era. and no one has been very successful investor it states and grew to be the biggest in the world surpassing countries like china and the arab states. but the price of oil has become an increasing worry in all slow noise fund managers saw that valuations rise and fall by billions at the messy if the oil markets now it's parliament has passed legislation pulling around 11000000000 euros out of over 100 companies specialized in fossil fuels also says it will now invest nearly

double that in green energy. while the move will satisfy clients activists at home the primary motive is profit margins but at least no way is betting on renewables to keep its national wealth fund sustainable. if finance ministers met in luxembourg on thursday to hammer out the blocks budget and other reforms but italian debt dominated the sidelines of the meeting as they are ozo into 3rd largest economy italy's fiscal health has been a source of particular concern the euro group is worried about how it could affect the stability of the block as a whole. the euro group's message was clear rules applying to everybody euro zone countries are not allowed to pile on unlimited debt and risk fines if they try it's another flashing warning for italy. we are ready in case to move along towards it and it's as if she's a procedure put it and we are on track 2 days on the other is that.

the step that i think clear and the confirmation of the support of the ministers will be here but still avoidable and everybody wants to avoid italy's debt stands at 132 percent of g.d.p. this year more than double the amount allowed under e.u. fiscal rules and italy has not been able to make good on promises to correct its course a difficult situation for europe's finance ministers they have to achieve a balance between ensuring that deficit procedure keeps italy in line while avoiding a showdown with rome. that could endanger european unity. now to some other business stories making headlines right now blackwater founder erik prince has registered a subsidiary in the dim and the democratic republic of congo with a mandate to extract the minerals and timber and conduct financial operations prince sold blackwater in 2010 after some of its stuff were convicted of illegal

killing during the iraq war his current company frontier services group already provides security aviation and logistics services to chinese firms in africa. kenya's government has unveiled a budget for the coming year it includes proposals to reduce government debt and to make it easier for private companies to access. the country has one of the fastest growing economies in east africa in 2018 explosive growth of more than 6 percent thanks largely to a strong harvest. how's this for a used car a 1st sale one well loved a vintage car one previous owner with an ejector seat for backseat drivers machine guns and tire slashers james bond's iconic aston martin d b 5 is going under the hammer restored to original condition souther b. is expected to sell for a $6000000.00 later this year. while

some countries like china and malaysia have stopped importing the world's plastic waste it's still big business and other countries but demand in turkey is still strong they use a waste from abroad to make their own plastic products recycling domestic plastic waste could actually help reduce the need for imports but there's not enough collection going on. the province of. on the western edge of central anatolia. and they do make lenski marred by wild garbage dumps because there's no effective senate change him. a few 100 meters away is what some call europe's largest plastic waste recycling plant it processes $10000.00 tons of plastic waste a month half of it comes from abroad mostly from germany the demand for plastic in turkey is great but not enough domestic plastic waste is being recycled. if we want to prevent imports we would have to separate our waste properly here in

turkey the ministry in charge is currently working on that but in order to get enough garbage we need to import it. it would actually really be worthwhile collecting plastic in turkey a study by the environmental protection organization w w f states that most plastic waste in the mediterranean comes from turkey waste separation here doesn't take place in households but on the streets everywhere in the country there are plastic or paper waste collectors like serdar he spends about 12 hours a day in his rounds and earns up to $300.00 euros a month. youngish showing it in a week of that pet bottles sheet metal cardboard and nylon for recycling everything people using every day life go on with. the shut down. said our benefits from his compatriots lack of environmental awareness only an estimated 40

to 50 percent of turkish garbage is separated the rest ends up in huge landfills near istanbul but with the piles of plastic waste continuing to grow the government is trying to get a grip on it since the beginning of the year consumers have to pay for plastic bags and supermarkets environmentalists complain that that's not enough. it's not just about recycling plastic it's about limiting the production of plastic products. of flying it's still restricting plastic production politicians around the world have been talking about it for years meanwhile the plant in the turkish province of alfie on is running at full speed 7 days a week 24 hours a day. a top german court has ruled that the killing of male chicks in industrial scale livestock production remains legal male birds cannot lay eggs and meat the unwanted animals are gas and shredded on hatching $45000000.00 were killed in

germany last year the court said the killing can continue until a reliable method of determining gender before hatching is developed. thank you for watching. john.

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