is key west a tropical paradise that has had enough of cruise ship taurus and sulphur delaney and berlin. welcome to the show. the brutal effects of russia's invasion of ukraine are devastating the global economy. the world bank is flashing its global growth forecast for 2022 by nearly a full percentage point. well, being chief economist, carmen reinhardt warned that the downgraded production of 3.2 percent growth could end up being too optimistic amid quote, exceptional uncertainty for the global economy. global finance, financial leaders, leaders are in washington this week for joint meetings of the international monetary fund. and world bank food insecurity, skyrocketing inflation, and the rising risk of debt crises, and poor countries will top the agenda. now, russia's worn ukraine is the main reason for the worsening economic outlook from the world bank. it expects ukraine's economy to contract a stunning 45 percent this year. russia russia's own economy is expected to shrink

11 percent according to world bank forecast. rushes annual inflation is rising at its quickest pace in decades since the invasion of ukraine. the onslaught of western sanctions on the withdrawal of multi nationals is hurting the economy. but that doesn't appear to worry russian president vladimir putin in buncombe. oh, well yeah, we can now confidently say that the policy of sanctions towards russia has failed. the economic blitzkrieg strategy didn't work. moreover, the initiators themselves couldn't get away with the sanctions. i'm talking about inflation and unemployment growth and economic dynamics worsening in the u. s. and european countries. on the hill, missouri, luton acknowledges a sharp jump in consumer prices, saying his government would raise pensions and the salaries of state employees to ease the impact on russians. meanwhile, russian central bank, governor,

elvira w. lina has warned the economy could not survive indefinitely on its financial reserves, and would have to change to deal with the impact of international sanctions. which of frozen almost half of the $640000000000.00 that russia hot and its golden forex reserves. the economists believe the worst impact is still to come and say, russia's likely to plunge into a deep recession. the world bank expects the economy to contract by more than 11 percent this year in moscow mer surgeries. so be on in, warned that around $200000.00 people, risk losing their jobs in the capital alone. because foreign enterprises have suspended operations or decided to leave the russian market even if the war and soon, many multinational companies are unlikely to return in the short term, fearing more disruptions. now to some of the other global business stories making news, the bank of russia says that will challenge in court. us and european sanctions, which half frozen its foreign currency reserves in the measures have cut off the

kremlin access to around half of its $600000000000.00 worth of foreign exchange. and gold holdings, china's central bank is stepping up financial support for areas of the economy most affected by a wave of locked downs to curb the country's worst coven 19 outbreak. to date, the 23 measures introduced by the peoples bank of china, encouraged lenders to support local government infrastructure projects, and the countries struggling property sector. the price of u. s. natural gas has surged to its highest level since september 2008. the rise was driven by a global energy crunch over russia's war on ukraine, as well as forecasts for an extended spell of cold weather. now lithuania, this month became the envy of the e. u. when it announced it had completely stopped importing gas from russia. it was able to pull the plug on russian energy things to its investment in a terminal to import liquefied natural gas, or ellen g,

with the fitting name independence. every month tanks, ships filled with liquefied natural gas, had to lithuania by the baltic sea, one full ellen, g carrier, is all it takes to supply the countries $2800000.00 people with gas. wow. for a month. we've been invited to take a peek at the high tech floating ellen g terminal that makes it possible in the port city of chi pita. before the terminal lithuania and the baltic states have been paying the highest price in the whole europe, approximately up to 40 percent more just because we did not have enough time to do after the defendant started at the variation of the region, the natural gas prices became just the same as in the western europe, the terminal was cold independence because it makes lithuania completely independent of russian gas, which until recently was delivered high a pipelines,

foaming in the terminal. and the port is prohibited due to fears of russian sabotaged. the ellen g comes from norway, the u. s. and the gulf states, the gas which has cooled down to minus $160.00 degrees celsius for shipping, is converted back to gas and fed into lithuanians grid through underground pipelines. could such a floating terminal also make germany independent of russian gas? i don't see any reason why it would not be c as a vote. for example, the failure natural gas consumption. annual consumption is approximately 2000000 cubic meters, and this specific vessel has like a better deal for the 175. so that means that it can supply lithuania and neighboring countries with natural gas. it took 2 years to build a terminal, which will be expanded. it won't only make lithuania independent of russian gas, but will also help the baltic states supply neighboring countries with ellen. gee,

that will be done by this gas distribution plant close to the capitol values from here, l n. g flows to lithuanian neighbors. the operator is preparing for increased demand this place actually is connected to the new gas pipeline that this so being under very finishing could touch your center. we will start did the on the 1st of may and towards poland. i guess interconnection between poland and ophelia. it's now easy for lithuania, poland, estonia, latvia, and finland to swap the gas reserves. so they have much better chances of making it through a russian gas embargo. while other countries hope to follow in lithuania, the e as a whole remains heavily dependent on russian gas. earlier i spoke to michael stopper chief strategist for global glass gas that i h as market about whether ellen g is a realistic replacement for the rest of the block. well,

it does take time to not only build run, put in place, re gas terminals, but indeed the entire infrastructure of employ entire supply chain for l. n. j. i think with regards to those regal terminals, they will be a struggle. ready to get them up and running by the beginning of windsor, but probably should be up and running before the end of winter. so give us a sense of the situation right now for, for energy security and europe. do we have enough natural gas to get us through the coming months the coming year? well 1st, the 1st thing to say is that the russian gas, which of course is such an important percentage share of the european mix is continuing to flow. it's flying through the mill stream pipeline and i'm flying across ukrainian territory into, into europe. so the gas is coming from your and from other sources from algeria, from. ready no way and from l n g. the 2nd point that's very important, remembers the winter is now behind us. we're well into spring and gas demand across

here is declining very sharply. so the key issue now becomes preparing the storage bill that's required over the next 6 months to prepare for winter. and indeed getting those re gas terminals in place to prepare ourselves for winter. so we have a 6 month preparation period. it's very important to make maximum use of i mean, given how expensive l n g is, how realistic is that? that will play a major role in the energy supply going forward. and she will play a critical role. i mean, the entire energy complex is extremely stretch, so price is the very high. but the cost structure of l n g is well below the car, very high levels. if we get more investment, we can see competitive price is emerging, but that will take some years as we adjust from this very high level of use of

russian pipeline. and we move to great use of alan. gee, we do need to recall that the n g market is truly global, and there are major economists, most notably japan and south korea. those are dependent 100 percent for the natural gas from l n g. so you're is competing for that supply from other sources and it will take 4 or 5 years to get a supply response for new projects or up to meet to meet the required demand. but elen g will be one of the critical elements for diversifying the european gas supply slate. that was michael stoppard from h as far get. now it's a common problem for, for some of the most beautiful places in the world. everyone wants to see them, but the more people come to less attractive it is. the trend of the citizens of key west have long been familiar with. and now they've put

a stop to it. palm trees on beaches pastel college victorians and memories of hemingway. that's what key west used to be all about. but today, the island off the southern coast of florida is overrun by masses of tourists spit out of giant cruise ships. big ships do. tremendous damage to our ecosystem is ships are too large for our our long narrow ship channel and they come through and they physically stir up the bottle even worse. their passengers don't do much for the local economy. they don't stay over night. they eat on board among the few who do good business. other chomsky shops selling cheap souvenirs will be the cause you because it's helped with help from everybody. you know with are the course your drink grow the business, you know, not too big

a loss. some would argue, and the numbers proof that the island might be better off without the giant vessels were the only good things that came out of the cove at pandemic was the fact that we got to see. we've got to see whether we need a crew ships or not. we're going through one of the best years that we have ever had in the history of key west economically in 2022 and also in 2021. and those were our years predominantly without crew ships. hun, now the city council has closed the islands to public docs. only one private dock remains in service. and it can only host one vessel a day that limits the number of tourists flooding key west and the environmental problems caused by an industry that has grown massively for too long. and a reminder of the top business story where falling for you this hour, the world bank is flashing it's global growth forecast for 2022 by nearly

a full percentage point and then rushes, brutal war and ukraine. the development lenders, chief economist, carmen reinhardt warren, that the downgrade a projection of 3.2 percent growth could end up being too optimistic and made quote, exceptional uncertainty for the global economy. and that's our show for more check us out a d, w dot com slash business and the youtube channel. thanks so much for watching the next time with .

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w. mm hm. ah ah, this is gonna be news life from berlin under attack in the east. russia launched as a massive new offensive aimed at securing ukraine's industrial heart land. the kremlin says capturing the dumbasses now its main objective, and our correspondent, nice ukrainians, trying to rebuild their lives. russian soldiers may have left a pin, but this is a city that's been left in ruins. there isn't a building we can say that doesn't at least bear some scars of the war and many

a ruined.