city grouped down by about 26 percent to j. p. morgan, by the way, the stock was a drop of a good 6 percent by far the biggest loser in the jones industrial average. and that tells you that something is wrong with the numbers. so for one said j. p. morgan is saying that there is some wage pressure, so that's good for employees, but it's also means higher costs for the banks and also the whole trading business is cooling off a little bit. but then again, it's really also complaining on a pretty high level for the entire year of 2021, a. j. p. morgan still achieved record profit. and if you look at city, one of the reasons why the numbers came lower than expected is that americans actually pay that credit card debt in time. so there is less interest for the banks, but it's good for the us population. yann's quarter in new york. thanks for all your reporting this week. now to some of the other global business stories making

news, martin chicago lee must return $64600000.00 in profits. he and his former company reaped from raising the price of the life saving drug. darren a us judge, ruled on friday the imprisoned x. c. o does a form, a bro in the media has also been bards from participating in the pharmaceutical industry for the rest of his life. the jury spelled and the u. s. senate is introducing new legislation that would force defense contractors to stop buying rare earth from china by 2026. the bill would also require the pentagon to create a permanent stock pile of the strategic minerals, which are used in vehicles, weapons at electronics. facebook's parent company meta faces a 3000000000 dollar class action lawsuit in the u. k. it's over allegations it abused its market dominance by exploiting the personal data of 44000000 users. the company says users that have quote,

meaningful control of what information they share. the u. k. economy, who strongly in november returning to its pre pandemic size, britain's g d p. expanded by a much faster than expected point 9 percent for that month, which was before it was hit by a wave of the omicron variant of the virus. and now to germany's g d p figures from the country statistics agency show it grew by 2.7 percent last year. now that's a welcome return to growth after the economy shrank by almost 5 percent in 2020. but 2021 was still far from the boom year once hoped for. the german economy struggled to recover in the face of the prolonged pandemic. and it's knock on effects with g d p, most likely shrinking during the last quarter of the year. now one of those side effects which is carrying over into 2022 is germany's energy crunch. soaring gas

prices and dwindling supplies are taking a major toll on the countries manufacturers. special steel for saw blades. it's been slowly heated up to 700 degrees celsius. freshly produced paper, dried by huge infrared heaters, steel, and paper. they have one thing in common. that production is extremely energy intensive. a problem at a time of shop, the rising prices for electricity and gas to who are in a good price of, of that higher energy costs have such an impact on our overall production costs. that soon we might no longer be able to offer competitive prices. so dr. the made up of abs face in nearby paper, mill cobbled paper is similarly under pressure. currently, the company faces energy costs as much as 10 times as high as the competition abroad. the higher cost is being passed on to customers who so far have been willing to pay up tomorrow and on either akiva we don't have an option. it's just

the way it is. unlike our competition in france or scandinavia, we can't rely on industry exemptions that would lower our energy prices home to widely ruthie privacy. for now, the company's trying to conserve energy wherever possible, keeping a close eye on volatile markets. some machines are being turned off when prices rise to high. still, high energy costs are threatening investment in new technologies, including a switch to renewables. cobbled paper was planning on using geothermal heat going forward. we are more than taking your theory of, you know, forces we've been working on research on geothermal energy, but that project is going to be shelved soon. like we'll have to make a decision. also we're working on a large lot recovery ventilation system. but for all that we currently lack money and liquidity piece of scale nor dictated the government will have to step in high knob. wouldn't burge hopes that companies might be exempt from certain taxes. if

not, he fears that some might shut down. you know, of ice does her every one knows that germany had a thriving textile industry in the 1950s until the business moved almost entirely to asia because production here was cost prohibitive. the bar, i would really like a soon oiled is such a fate for our industry to dc again, but i can't rule it out. our, the northern is to the log and uses all season. the german economy ministry has said it won't abandon businesses facing higher energy costs and that it will be watching. but, but it's hurts and cobbler paper need more than that. earlier we spoke to karen patel. she leads the energy climate and resources center at the etha economic institute. we asked why the energy crunch has been a particular problem in germany. one reason why and germany, it's more um, it's more acute us or you are relying more strongly on natural gas,

not only for heating, but also for electricity production compared to countries like france, like norway, like switzerland. we do have market prices, so we don't have a publicly regulated energy prices. and on top of that, we rely more on russian gas than other european countries. and we had a decline of energy production from renewables, especially from wind. 13 years ago, venezuela was producing 3200000 barrels of oil every day, fast forward to today, and it can barely scrape half a 1000000 together. after years of crippled production. the collapse of the countries oil industry is a key aspect of venezuela's, devastating crisis. abandoned platforms, rusted pipes, oil and gas leaks in the seventy's debasing of lake mara. cable in venezuela was the largest oil field in latin america. today. it's a toxic testament to the disarray of the country's petroleum industry. the decline

of pe, the vesa, the once flourishing state owned oil company began 20 years ago when ogo chavez started steering its resources to fund his social programs and replace most of the management with is loyalists, rhythm and bugler petroleum live in his way, lou was an industry that before the oil strike of 2002 was practically a political and independent, it managed its own resources with when it fell into politics and they created the concept bottle where they said belongs to everyone. well i think that's when it went into the client, it goes by the race as facilities in other parts of venezuela are also suffering from a lack of maintenance and investments in the northeastern state of monogamy. near the agricultural area of my dream oil leaks from an older pipeline, a recurring problem for the farmers. it oh you oh, there have always been oil spill,

so mostly in the older pipe. yeah. i am not aware that the new pipe has broken off, but the old one has because it's been used for more than 60 years, rather miles in badly industry. experts believe the country still has the largest oil reserves in the world. but the current economic and political turmoil makes it very difficult for venezuela to capitalize on its fast net world resources. and finally, tesla chief eli mosques, long term flirtation with crypto currencies continues. he says his company will accept dodge coin, which began life as a social media job as payment. however, you can't use dodge coin to buy full size cars just yet. it can be used to pay for many models of electric vehicles and merchandise. predictably, the move st george coin price is 14 percent higher. louder lie fe. that's called, that's all for me and the business him here in berlin for more from us. check out

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