and watching d w news live from berlin up next is all the latest business with my colleague rob watts. and he'll be looking at the impact of the ukraine crisis. and what that's having on the financial markets. and we're here to mohammed, thanks for watching. take care, bye bye. are you ready to get all these places in europe are smashing all the records into a bold adventure. just don't lose your grip. it's the treasure map for modern globetrotters. discover some of europe's wykard breaking sites on you tube and know also in book form. every journey

begins with the 1st step and every language with the 1st word always been equal. rico is in germany to learn german. why not learn with him a simple online on your mobile and free chef. d w e learning course, nikos vague german made easy ah, there's of a russian invasion of ukraine move markets indexes in asia, europe and the us drop as in best as reckoned with possible impact of a major conflicts. also coming up has been revealed, banks invested billions in oil and gas. last year we'll ask if they're taking bad met 0 promises. seriously. we take you to bertha. the heart of tech is automotive. industry like car sales, a grinding to a his date of your business on rob, what's in berlin?

welcome to the program. global financial markets have tumblewood as fear grows over a possible russian invasion of ukraine. mondays losses began on key indexes in tokyo, hong kong and mum fi. that's after the u. s. government warned that a russian attack on ukraine could be imminent. there was also bad news across europe's to. germany is dax was down to percent, the flips in london and the pan european stocked $600.00 or so dropped was just to take a look at the impact on russian stalks. well, both the domestic focus mo x was down and the foreign focused art. yes. index also tumbled on monday, all because of the possible economic effects of an invasion of ukraine. the more on this, let's bring in our financial correspondent in new york, yann's quarter ends, or just explain to us how this is playing out our markets in the states. there well,

i mean we already thought wall street diving on friday and it looked like a rather come opening here on monday. but then at some point blue chips dropped another more than $400.00 points. we could actually get away from that by the markets. a close, so the doll johnson only down about them half a percent, but all those moves and swings definitely show you that investors are very a jo, nervous at this point. and that also translates when you look at other markets. so the energy market especially result oil prices climbing a 4 percent on friday, another 2 percent here on a monday and w t i at some point t on monday caused to more than $95.00 per barrel. or the last time we've seen anything like that was in a 2014. so what is, is specifically about an invasion of ukraine by russia that has markets so concerned i mean, 1st of all, uncertainty rob, right?

because nobody really knows somehow that would turn especially work out. and then also that we might see disruptions and some major markets. if you look russia and ukraine being a big producers of palladium, for example, for grains, for oil, for a natural gas for aluminum. so all of those markets could see some disruption and we're not just and those varied 10. so geopolitical situation spot on top of it. we also have the sky high inflation. and if you have then on top of it disruptions in those markets that would make good prices climb even more earth and saw that's why at this point, an investor some yeah, a very nervous when they are talking and speculating about any disruptions in any of those markets, yes, as itself and as with markets, so about uncertainty young's quarter new york for us. thank you. moving on now despite net 0 pledges, major european banks are funding projects to expand oil and gas production that's

going to report by non profit share action $25.00 of the regions biggest lenders, including barclays, hsbc, and deutsche bank provide at $55000000000.00 to energy companies last year, and while that amount is nearly half what european banks financed in 2020, it is more than double the figure that 2018 international energy agency has warned that net 0 carbon emissions needs to be achieved by 2050 to keep alive, hopes of limiting global warming to below 1.5 degrees. well, let's discuss this further with ellen kellman from the institute for risk and disaster eduction at university college london. thanks for joining us on deed of you business. we're not actually in a post oil and gas world yet, are we? we still need both to meet the world's energy needs. so why is it a problem that banks are investing in oil and gas projects? well, part of the reason that we're not in a postal and gas world is because the banks are investing the projects. no one's

asking for transition overnight, but we now have plenty we have enough to be able to avoid new investment. and that's what this report is about trying to avoid new investment, particularly when these banks have committed to not doing this. but we are saying investment dropping going, hsbc? invested half as much in 2021 as they did in 20. 20. and it seems to be shopping across the board if we're not expecting it overnight. what's the problem? yes, and this is very encouraging. it's very good trends. and the problem is that again, they've committed to ending their new investment. it could be done much sooner and much more rapidly, and the work that they're doing is very appreciated. but we've so many opportunities out there to avoid new investment in oil and gas. we know that we need this transition and we can do it. so the problem is that it's simply not fast enough and there is this you and lead net 0 banking alliance that all of these big bands have signed up to. does this suggest that they're not quite taking their

obligations under that seriously enough? well, it definitely suggests that they are in a very old mindset. they are obviously not aware of the major major concerns which we have in continuing to expand oil and gas usage. and also all the alternatives which are out there. they are really digging themselves into deep hole because we know that oil and gas are so heavily subsidized by government. we know that society is pushing to and know subsidies and to use the energy systems which we know are, are available now, maternal oil and gas. so the banks have the power, the tanks to have the impetus in the money. all they need is the knowledge in the world to say, you know what, we can do this quickly. we can take on board the criticisms and to what they're doing in article much faster and much more substantively. you mentioned governments and there's also obviously the companies that are receiving this money from the bank should we really be focusing on them rather than the banks?

it's all of us and we need to focus on everyone, so the banks are making the decision to invest. that means that they should be part of the discussion. governments are making the decision to subsidize. they have to be part of the discussion, but it's also the companies, the fossil fuel companies are actively seeking investment. they're taking it and rather than going into demand reduction and much more sustainable supplies, they're also saying look, we can go for oil and gas. so this is about all of us, including our individual youth and where we get our own energy from, we're all part of this planet, we're all part of society. so let's come together and do what we normally can do, which is much cheaper, much more effective. and much better for our health and for the plan itself. okay, long kelvin from the institute of risk and disaster reduction at university college london. thank you very much for joining us. thank you. now let's take a look at some of the other global business stories making the news. yes, defense contract a lockheed martin is scrapping

a $4400000000.00 plan to take over rocket engine maker aero jet rocket dine. regulators in the states had sued to stop the deal. the federal trade commission argued it would lead to higher defense systems. costs is the 1st time in decades that the f t. c has opposed the defense sector deal. the world trade organization says truck global trade bottlenecks, it should ease in the coming months with the most pressure coming from demand spikes, as opposed to supply chain snacks. but the de whittier is chief economist, says supply disruption will be more obvious in the auto sector or in industry shifting to new manufacturing helps take his present reject tie a pair to one has announced that sales tax on stable foods will be reduced from 8 to one percent, as meant to give current customers some relief from the, with the official inflation figure at 50 percent or thereabouts. tax on flour and bread is already one percent. speaking of which turkey's runaway inflation

has been making headlines for a while now. in berser, the hub of the country's car making industry residents are finding themselves unable to afford their own city's main product bursar, south of eastern bull, is the heart of the turkish automotive industry. more than half a 1000000 vehicles are built here every year. many of them are exported, but fewer and fewer cars are being sold here. inflation and high taxes are turning car ownership into a luxury. it's hard to gauge how workers here are getting through the crisis. security guards break up our attempts to ask them outside the factory gates and they threatened the employees. workers are more willing to speak up at the labor union offices in augusta written because, and i now are in twice the minimum wage here because it's a good salary by turkish standards also. but even so, it's just not enough to feed

a family of 4. if you could cut that, our credit card debt has doubled up even tripled huffman, which was much with images turkey's ears of impressive growth are now over. and the deep slum has people worried. prices for electricity, natural gas and food are exploding. president wretched tie up our to one is promising a turnaround by the summer, but few people here believe him, us getting to did dirty q. they've now increased the minimum wage, but it's still not enough for my children to be able to support a family. i guess my husband is retired, his pension is also gone up, but it's only about a $160.00 euros a month on god. it's a joke. advent check, i give it. people are now unable to make plans for the future. an apartment or a car are now out of reach even for those with good paying jobs, like the auto workers here. i'm getting those hailey. how could i buy a house on my income? cars have been way too expensive for a long time now, but out of here,

at least i have a motorcycle to that and i'm praying. it doesn't break down what one growth market is used. cars prices keep rising almost every week at this dealership demand has also gone up because new cars are so expensive. people try to get their hands on a use one while they can still afford it. so the slug customers might, for example, try to replace a 4 year old car with a newer model. wiley still can, and that's got the market moving off of those fish off my russian, the pandemic inflation and high taxes have come together to make this a heart winter for turkish consumers. just finally, lovers in many parts of the world have been celebrating valentine's day. it's a day to treat that special, someone, perhaps with a gift, and what could be more romantic than a big old bunch of flowers? it's a bump a day for those who seldom of course, hundreds of millions of beings out each year in the u. s. meanwhile,

if you go to vietnamese the vietnamese capital, hanoi, and annual valentine's day parade you can see here is forest provide around a $100000.00 roses, to be lovingly draped at the cause buses and even bicycles. so from me in the business name here, berlin from all to our website data, we dot com slash business. until next time you take there carefully selected and picked by hand, they're considered harbingers of spring snow drops from georgia. the wild flower trade in the caucasus is booming, the flowers bringing the millions for some of their sellers. but what does the business me for the local pickers and the environment? clues on d. w. a pulse with the

beginning of the story that moves us and takes us along for the ride. it's all about the perspective. culture information. this is the w news and more. d. w. made from mines. o. ah, one of mankind's oldest ambitions could be within reach or what is it really is possible to reverse aging researchers and scientists all over the world for in

a race against time. ah, they are peers and rivals with one daring goal to help smart nature. more life starts february 16th on d, w. b . now drops one of you hoops most popular flowers. enthusiasts will pay several $100.00 euros for single bomb the delicate looking white flowers. harold, the start of spring, you became commitment and you start with a simple, slow job. then all of a sudden you're hungry for more. yeah. who are for me or no job. so nature to countries around the black sea.