the nominations for the 90 for the academy awards have just been announced netflix as dark western, the power of the dog directed by jane campion as leading the field with 12 oscar nominations. including best picture is followed closely by the sy fi, a big dune which received 10 nominations, and is also in the running for best picture award. you're watching the w news. us authorities seized billions of dollars worth of crypto currency. chelsea delaney will be right back to explain that and more in the w business. they stick around will be rep a there. i'm david and this is climate change brags. it's sex lou. happiness in 3

books. this is the book for you. you'll get smarter for free, didn't will you? books on you can i hold your hand? mm. kings we had a lot in common. can this become love of i don't got book an eye on me. faith that made they could if they deny 10, artificial intelligence combat loneliness high and i love stories from the future starts february 14th on d. w. ah ah, americans go on our record debt binge debt level for american households have topped 15 trillion. can they pay it back? we'll go to new york for answers. and argentina's president is turning to beijing

as the country faces an economic crisis. well, this country fall into a chinese debt trap. we'll have analysis. and chelsea delaney and berlin, welcome to the show. u. s. consumers have been piling on credit cards at, at the fastest rate recorded and data going back 22 years. card balance is rose to $856000000000.00 in the final quarter of 2021. according to a new report from the federal reserve bank of new york, and total americans were holding $15.00 trillion dollars in debt at the end of last year, as surge and new mortgages. thanks to the booming housing market and auto loans were also major factors in the increase now for more or less, let's bring an yes quarter are responding in new york. yeah. and this is a lot of debt. can these households actually afford to pay back?

well, it's clearly a challenge should chelsea, especially as we're talking about the year when slowly, but to shortly we will see an increase sermon interest rate so that that will actually become a more expensive for consumers. so if you look at total household debt, by example, if all the way that increased a trillion dollars for the full year of 2021. so that is a lot of money. but when it comes to credit card debt, we're still not at record levels. and the american way is you make that to pay for that, but clearly it is a challenge, especially in the environment of a raising interest rates and stuff like that. pressures on this households. one of the factors and, and the rising levels of dad is a lot of consumption in the u. s. we also saw data indicating that the trade deficit in the u. s. rose to a record high, very politically sensitive issue in the u. s. is there risk to the economy?

there is chelsea and it is pretty mind blowing. number again, if you look at the full year of 2021, we actually saw the trade budget blow up or, or expand by about to 27 percent. i mean, that is a huge increase from one year to another. and if you import more and more and you don't export much more, usually that is all can be a direct on economic growth in the united states. i mean, clearly the good message is obviously the american or the u. s. economy is doing better than other call me around the globe. so that's why imports are increasing and exports not so much, but in the longer run, if you run a huge decade said, usually that is a direct on economic growth of a country like the united states. and i just want to ask you briefly, there is a big story breaking out of the u. s. a record seizure of crypto currencies that

were sold in and a hack. what more can you tell us about this? yeah, well it's a new york couple and obviously they sort of, if i got the right mass about 3 and a half a 1000000000 talk that's worth of crypto current feeds them. and now investigators caught the couple, i would say cash is still king, at least when it comes to cyber criminals, because that a couple tried to, to convert those crypto currency into real currency into us. and that obviously wasn't that easy and that's why investigators were able to capture the quarter in new york. thank you so much now to some of the other global business stories making news. pelettano is replacing its ceo and cutting 2800 drug maker of interactive exercise bike spaces. sagging sales. co founder john foley has led the company for nearly a decade. he will now become executive chair,

for he has been under pressure in recent months as the company shares tumbled nearly 80 percent. us semiconductor giant in a video plan plan to buy a ship designer arm for $66000000000.00 have fallen through due to resistance from regulators. arms, japanese owner, soft bank is now planning to take the company public instead, ship based on arm architecture or in almost all smartphone. meanwhile, the e u has announced plans to provide over 40000000000 euros and subsidies for the semiconductor industry. so quadruple production by 2030. the goal of the so called chip act is to insulate the block from supply chain problems that have plagued many industries in recent months. now the governance of the u. s. canada, britain and australia are staging a diplomatic boycott of the winter olympics and beijing over human rights concerns . but the president of cash trust argentina is taking

a different approach using the games as an opportunity to germ of chinese investment for john to teen with argentine as i m f debt crisis threatening to choke his coalition and the economy facing severe headwinds. alberto fernandez, came to china looking for a when he left beijing with a memorandum of understanding that we'll see argentina officially joining china's belton road initiative was the 1st of south america's 4 largest economies. to do so, even this road, we are very happy to see china's investment in energy and grain production, infrastructure construction, and other fields gain. i think belton road will help all parties to establish better trade channels and connections are today during a 40 minute meeting with president, she jim ping fernandez, laid the groundwork for deals that guarantee financing for investments and works worth nearly $24000000000.00 with many world leaders staying away,

state media played up fernandez, his visit, which included a trip to telecoms tech for a while way, which the u. s. is frozen out over security concerns to why way visit showed that for fernandez? the challenge is to balance argentine is budding relationship with china, when also staying on good terms with its close ally and china's biggest rival, the united states. now our china washer, clifford canon you made that report joins me now. clifford, what is the logic behind this butting relationship between argentina and china? well, chelsea, it's like john is relationship with a lot of developing countries and countries that are in financial dire straits. it's based on money. and the argentine president has been there trying to to drum up investment now. they badly needed $44000000000.00 standing to the i m f. there's all kinds of problems with the economy with ramp inflation. and he's looking anywhere he can to find investment to help lose the economy. and they're still

still reeling from the coven 19 pandemic. there's all kinds of headwinds that the economy is facing. so it's like that's, that's basically why they're in china now to see if they can get china to pick up some of that shortfall. well, china's infrastructure program beltran initiative, has received a lot of criticism for encouraging one or both countries to take on too much. dad, will this actually help urgent? you know, hurt at the end. we're looking at looking at the amount of money that argentina already owns, owes to the i m f and it's in the process of trying to come up with the deal. and it's by no means clear how that will unfold because their protests against the i m f and argentina today. have a look at the sheer amount of money it owes. it's hard not to think that basically by putting yourself into more dash that you're not going to end up getting into trouble sometimes. and i think sometimes there's a tendency because a lot of this, the belgian road initiative initiative is about building influence for china. but at the same time, it's also but

a loan and loans have to be repaid. and there's no, even though everything is done with great fanfare, and you know how wonderful the infrastructure plan is and extending the belgian road and the new silk road and all that at the end of it, they still have to, they have to be paid. so there is a danger for argentina that it could be getting itself into more debt problems. so geopolitically i would, becoming closer to china also threaten some of its other relationships. for example, with the u. s. which has a lot of issues the china right now. you know, i think this is one of the things, you know, they're in a very difficult position, argentina, you know, and you feel for fernandez in the position that he's in because they have to keep their relationship close with with the u. s. it's, it's, it dominates their regional, it's the main strategic ally in the region. and it's also the, the 1st port of call when it needs any help. whereas at the same time, u. s. and china, their relations are getting more and more fraud. and this is going to be

increasingly a problem. so looking at all of these, adding, adding all these together. it's a very, very difficult balancing act for argentina to be in. and we're going to have to wait and see how things turn out. for now, he's basically borrowing from peter to pay paul. but whether that could seriously undermine the relationship with the u. s. is also a possibility, clifford can n thanks so much for joining us. now in just 25 years, china has gone from a handful to hundreds of skiers or it's but the winter olympics getting underway, reporter fabi and catch morrow went to it, went to line, take a look. one of the big game changers for ski as from beijing, is this brand new bullet train link from the capital to charlie and her bay province. if you drive there to have a, it took you like a 3 hour for 4 hours, but you took the train fully take like wow, charlie is hosting most snow sports during the 2022 winter games and just

a short ride from the station is title a ski resort designed by canadian plain us echosign featuring 30 slopes and surrounding an alpine style village. it opened and 2015 shortly after beijing won the right to host the games. title won't host any of the limpid competitions, but it will provide accommodation to some of the 10s of thousands of visitors coming to the games. it's operators are hoping to cash in on long term growth and snow sports. it seems like a safe bet. official industry figures show the number of skiers in china rose to just under 21000000 and 2019. that's over a 1000000 more than the year before. but there is one downside. despite the very beautiful mountain scenery and the state of the art facilities at the region has really one major problem. there's almost no natural snow. the results are heavily reliant on snow making machines to get people to powder they need for a quality skiing experience. regardless the infrastructure that's under development,

coupled with china's ambition for metals in 2022 and beyond. mean the future of snow sports. yeah. looks right. and a reminder of the top business story were falling for you. this, our u. s. consumers have been piling on credit cards at the fastest rate in 22 years. the federal reserve of card balance is rose to nearly $900000000000.00 and the 4th quarter americans total that is nearing 16 trillion dollars. and that's all from me and the team here in berlin, from our, from us check out our website, c, w dot com slash business. until next time, take care a fairy tale me in china. ah, the winter olympic gains in beijing are set to be

a big hit. no matter the cost or excitement is the government's main focus and surveillance is keeping tabs inside china. beijing, controversial inter close on on d, w 3, the 77 percent. this time we discussed over fishing, a huge problem on the coast of many african countries. but who's to blame and unregulated fishing fleets or local fishermen using illegal methods to stay afloat? and if the livelihood loved the home of the 77 percent in 60 minutes on d, w. o. and in many

countries, education is still a privilege. hummadi is one of the main causes some young children work in mind. jobs instead of going to class others can attend classes. i did, he finish with the millions of children all over the world. can't go to school with. we asked why? because education makes the world more just with make up your own mind. d. w. made for mines, china is experiencing a snows bomb. the government wants to see pack slow play, some tanya or young.