well i'm monica jones and this is deja vu business asia wellcome it is official of now hong kong has entered its 1st recession in a decade the economy shrank 3.2 percent in the 3rd quarter of violent clashes between pro-democracy protesters and police are taking their toll on the financial and trading hop tourists are canceling bookings retailers are reeling from a shop a drop in sales on the stock market is faltering it's hong kong's west crisis since it reverted from british to chinese rule in 1997 here's what hong kong government economist said at a press conference today to mexico city. as if in terms of foreign violence in the past few months have kept visitors away taken a heavy toll on consumption demand and. dampened investment sentiment. the latest surveys also the sentiment has turned very pessimistic as the impasse of

local source so is that this has yet to some sizable bait in. the recent past the impasse may have even increase for the consumption and investment among men you know daughter arms for the rest of the year. while a very bleak outlook there what's the view from abroad let's bring in home town market analyst at forex time in kuala lumpur you with us how is the economic development impacting foreign business interests in the region. right so one thing we'll look at will be exporters and those who exploit their goods into hong kong and they've been hit hard i was reading a story about a swiss lottery watchmaker where as you know exporting to hong kong dropped now in another in a rather perverse way you've got other parts of asia that may be benefiting from a hong kong's was so remote estimates of about $4000000000.00 u.s. dollars that have flowed out of hong kong into the likes of singapore there are

reports of the locals scouring for properties to buy him a backyard here in malaysia so there could be this positive spillover from the wars in hong kong into the broader asian context but as far as the negative spillover is a concern that appears to be limited at the time being all right but this outflow that you're mentioning there could this be a sign that hong kong is running the risk of losing the status as one of the most important financial hops. well to be clear we have to admit that it is a risk but it remains a remote risk right now. we're just not quite there yet i mean it's going to take a paradigm shift in order for these huge banks and m.n.c. ease and financial firms to uproot themselves after decades of expansion in hong kong i mean i keep in mind hong kong no it is the your capital in the world

a lousy alone it's or over $30000000000.00 worth of listings in hong kong and you've got the upcoming a 2nd relisting of. words at least $12000000000.00 and i think they'll be a litmus test for hong kong standing as a financial hub in the region we'll see whether the conflict and the tensions in hong kong will dampen demand for the listing because otherwise you've got the likes of shanghai or singapore 11 there ready to step up to the plate. and their market analyst at 4 x. time in kuala lumpur thank you so much for your time. apart from the very specific political turmoil hong kong is also faced with all the other challenges associated with megacities growing population and rising costs of living how many cities especially in asia and africa are already bursting at the seams and get this by 2050 they'll be 2 and a half a 1000000000 more people living in cities and there are today so what to do about

it will one solution build new cities from scratch it's already happening all over the world and one of the most extreme examples is near which is located in the northwest of saudi arabia right now it's a desert landscape but the plan is to turn it into a futuristic commercial and super high take hub in 2025 constructions already underway the cost of the development about $500000000000.00 or more let's bring in our correspondent in singapore drea hang. $500000000000.00 for this particular development which investor is interested in spending so much money well there are a number of reasons monaco why these new next gen cities are appealing 1st it's easy overcrowding in existing cities there's also the other reason which is to allow for a smoother economic transition out of agriculture or

a resource based economy and 3rd and most importantly it's to have new infrastructure to a long infrastructure that can have an accommodate new technology which is going to be predominant in the coming years and you know these these other things that all the data cities simply cannot a comedy but older dated cities usually have some sort of appeal of historic appeal as well who actually lives in these next gen cities. well like you said earlier by the year 2050 the united nations forecasts that 66 percent of the global population is going to live in cities and where are these people going to go they're going to go to these new cities now the meeting the needs of these new city new set new billions of people rather is something that the current all the cities just cannot have could be the can accommodate there's no simply no space so the new the profile of the people that are going to move to the cities

will very much depend on the industries that are going to be settling there and the jobs that they present and these are most likely going to be in the digital industry but not all these new cities are actually successful and pudong is a very success example of a great success a big financial hub near shanghai but then there is another one for a city in malaysia for example that it doesn't work out that well what's the criteria for success i think there's no real criteria for success i think what it takes is time timing and a very big government push for a city yes it's yet to take all but portrait jiah this 1st next gen city so to speak is thriving well now in other one order was called come by she come by cian in among gornja it was one of known as one of china's ghost cities now at the start orders kumba she had very few people to start with but it's as often the 17 reports

see that the population and businesses there are starting to pick up and they will most likely meet its 2023 expectation of 300000 people in the population all right looks like there is no stopping there for next gen megacities and reading in singapore thank you so much. many big cities struggle with air pollution and one of the worst affected is india's national capital delhi after weeks of thick smog residents they are now willing to pay for a gulp of clean air. by night a hazy glow descends on delhi as electric lights mix with the acrid smog but just metres from the polluted street there's now a place for people who want a breath of fresh air people like billy who's come to the oxygen bar in the hope of being able to breathe a little more easily. the heart more durable it's all about keeping my heart healthy without unpolluted oxygen that's very difficult you can drink purified

water but the air is not something you can control however here i've found 99 percent oxygen and they're doing their best with fortunate for this orchard and for those. with a variety of different flavors billy can get a goal of near pure oxygen for $500.00 rupees or around $7.00 per 15 minute session the oxygen bubbles through colorful aromatic liquids before being breathed in the effects are unproven but with air quality in new delhi hovering between poor and severe plus since late october billy sees it as worth a try the bar's owner a.j. is confident of the benefits. have you read a check you have before when i checked recently the air quality index was showing to around 642 which is extremely dangerous for your health this session helps a lot in that it detoxifies the body and reduces the impact of pollution or the

carbon your inhaling it also energizes the body and makes you feel relaxed. good luck to look out for. and as billy demonstrates there's a variety of ways you can get your oxygen fix a deli's only bar where you step inside for a breath of fresh air. and now to some of the other global business stories making news the european investment bank will stop funding fossil fuels by the end of 2021 to help fight climate change that includes natural gas projects many european countries still rely heavily on gas to power electricity grids the bank says policy changes need to strike the right balance between protection in the environment and the needs of the people. amazon wants to challenge the pentagon's decision to give microsoft a $10000000000.00 cloud computing contracts the online retailer says politics but in the way of a fair process he was present donald trump has repeatedly taken swipes at amazon

and its founder jeff bezos who's also owns the washington post. but everyone has traveled from europe to stray and knows the ordeal changing planes halfway and spending a full day in the air australian airline quantas is looking into ways to change that it's just completed a nonstop trial flight halfway around the world. when the brits 1st arrived in australia in $1788.00 it followed a voyage of 7 months flight q.f. $7879.00 touched down in sydney after 19 hours and 19 minutes the boeing 787 dreamliner carried just over 50 passengers and crew on the 800000 kilometer journey. first to emerge at the other end and looking reasonably fresh was going to see alan joyce. he was greeted not only with the didgeridoo but with glowing words about the century old national carrier from australian prime minister scott

morrison. i think for so many years strategy and it's the optimism of quarters from its 1st guys to this always saying the opportunities going ahead before them and chasing them with such passion that i think it's guys are striving so much. the flights for london follows last month's direct trip from new york to sydney as quantas prepares to begin regular nonstop services between australia and the 2 global cities. as your business update on d w for me and the team thanks for watching.

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this is you know we news live from berlin on the docket the former u.s. ambassador to ukraine testifies on day 2 of the public hearing of president donald trump's impeachment we're on capitol hill also coming up no let up then it suffers renewed flooding after another high tide adding to that threat to the city's unique cultural landmarks that made up.