now, but you're still watching the w news live from berlin up. next we have all the latest business news for you. and remember, you can find much more news analysis and video on our website. and steve dot com. i'm here until then berlin, thanks for watching. ah, people in trucks injured one trying to flee the city center more and more refugees are being turned away. the water families please see the reason for the credit on that is we like it. administrative people lean, extreme ross getting 200 people with around the world more than 300000000 people are seeking refuge.

yes. why? because no one should have to flee. make up your own mind. d. w. made for mines. ah, ah. wall street shifts and a reverse. a buying spree, sparked by a lower than expected rate hike from the fed, comes to an end. traders turn their attention back to inflation. we have more from the new york stock exchange. also on the show. opec plus keeps a cautious hand on the oil tabs. the oil producing countries offer only a modest output boost as europe debates cutting off russian supplies. and germany's cartel office says facebook parent meta is of paramount importance. the head of

that agency tells us why that's bad news for mark zuckerberg. but welcome back to dw business. i'm christy platt, and in berlin. stocks in the u. s. suffered there, worse day of the year on thursday. ki index is plunged, erasing a rally from the day before the dow jones industrial average fell almost 4 percent . and the nasdaq last 5 percent of its value relief over a relatively modest interest rate hike from the u. s. federal reserve gateway to questions over how high rates, how high rates could go over the next 2 years. as the bank tries to tackle soaring inflation. and what this could mean for the economy, people's pocket books and corporate profits. now the plunge comes as the world's major oil producers say, they will not be massively boosting output, meet global demand, and bring down prices any time soon. the opec plus alliance says it is sticking to its pandemic recovery road map and only gradually increasing production next month

. by an extra $430000.00 barrels per day. the plans announced that the monthly strategy meeting are expected to push oil prices even higher. more than 20 countries making up opec plus makeup opec close. and that includes saudi arabia and russia. wealth for more on this topic, we go to the new york stock, change them to our financial correspondent, young quarter, starting with oil. yet we obviously have massive band for oil, very limited supply, particularly as many countries in the west have cut themselves off from russian. oil prices are up 40 percent this year. why won't opec plus increase production? well, the, why should they could be another question? think back 2 years ago when all of a sudden price, the price of oil prices dropped like a rock and actually touched negative target. tell you for the 1st time i remember the headline said back, then that is the end of a big oil. and some of the oil companies actually had to file for bankruptcy. and

now clearly they're checking in. so they only have limited incentive to really increase production at this point. and then having that, that there's also a lot of talk that maybe a lot of those opec plus countries do not have the capacity to actually produce more. some of those countries already have trouble actually meeting the quota that they have already agreed on. so that probably could be another reason why production doesn't increase by that much. all right, well let's look at markets again and check in on the index as you're following us for there in new york, you told us yesterday after the fed made their rate hike, announcement that we wouldn't really see the main follow until today. you nailed it . traitors are having 2nd thoughts. what's going on? why is this happening? yeah, christy, i was actually quite surprised yesterday. how strong the market reacted not stuck up by 3 percent chips up by more than $900.00 points. i mean,

what happened on wednesday? the federal reserve increased the interest rate by the most since 2000, so startling was the president in the white house. and we do know that more interest rates are coming. and so it was a complete reversal of the sentiment and here on wall street. what also might have contributed to were of fresh economic data, for example, that productivity is dropping at the same time. labor costs are increasing quite a bit, and this word of explanation is gaining some speed, meaning that the economy is stagnating while with c high inflation. so that probably was one reason why we saw the strong us or the sharp settle fear on wall street. and now we're all rating the big jump report that's up on friday. that will probably decide if we can stop the bleeding. at this part, while we'll be checking with you on that tomorrow, then court new york,

thank you. well, germany aims to become independent of russian fossil fuel as soon as possible to achieve this goal. work has started on the country's 1st floating terminal for liquefied natural gas. it's expected to enter service within months, laying the foundation for greater energy independence. that terminal that will allow germany to import gas by c. $150.00 steel piles will anchor the natural gas terminal to the sea floor. it's being built in record time liquefied natural gas is set to start arriving here by the end of the year. yeah, i think we have a good chance of doing something that looked impossible building and l. n. g terminal within 10 months and connecting it to the german gas supply. golf long for floating liquid gas terminals will be built along the north sea coast. 2 of them in vill him sovereign and $2.00 and $2.00 other places together,

they are expected to meet one quarter of germany's natural gas needs. the government is providing 3000000000 euros for construction key to the project. other special ships that convert the super cold liquid back into gaseous form and feed it into the gas network. on thursday, the german economy ministers signed the contracts, the least for vessels. it's much quicker than building land base terminals. although germany plans to build these to the sailors on board the ship, say all these steps will help germany move away from russian gas. it's definitely positive. everything that makes you more independent is always good . jobs. yeah. yeah, jobs too. and it's good for business. yeah. but environmentalists are critical of the construction, a peer serious effects on the coasts and inland waterways. germany still imports

about 35 percent of the gas. it needs by a pipelines from russia before the war that share was well over 50 percent. the government is now planning to stop using russian natural gas altogether by 2024. in no small part. thanks to these floating gas terminals. facebook changed the face of the internet forever. now parent company meta has its eye on the real world . well, sort of its opening its 1st brick and mortar store, i'll be at one dedicated to virtual reality. the meadow store will open in california this weekend and future v r heads up more and more. all products can also be bought online, of course, being well here in germany, the country's federal cartel office says it will step up to the supervision of the american tech giant. after determining it is of paramount significance to competition across markets. i asked the offices president unclear, want just how significant that is. yeah,

it isn't away very significant. it means well, in other words, it means that that is a super dominant company. and super dominant companies are address sees of a special provision in germany. that is the new section 1900 k, in our act against restrictions of competition. meaning that we can act more quickly, meaning that we can act before it's too late. maybe that we can act also on markets where maita is not dominant yet. and in implement searching something like a regulation form mater in specific markets. well, are you basically saying that your office is going to be taking even stronger action against meta? now i think this, this is, this is going to happen. we have already proceedings going on against meta proceeding exactly is about the well aggregation and combination of data

that is collected on the ocular virtual reality glasses of meta with the main account of the users that fits in our principal principal proceeding with nita not to allow for too high degree of combination of data of the user is the user doesn't agree to this, to this aggregation of data. well, we know, of course that europe has come down pretty hard on tech firms the last 12 months. of course, either largely us firms. when do you think europe's own tech giants are finally going to start showing up in this space? i mean, we have no funding procedures on this and by the way, this is not bay is not directed towards us firms. there are other proceedings going on as well. if you think of the proceeding that we have had, again, storage bond also with regard to the question of data sharing by georgia bonds. so

this is by no means directed towards companies from, from any country or not. it is directed versus companies of paramount significance for competition across the market. that's the point. and they're not so many companies with respect to this, even georgia bond is not one of these companies they are treated under under, under other provisions. ok. yeah, great example there. now you mentioned this a little bit, let's talk about the met averse and your concerns there. this is obviously a key strategy for mark zuckerberg to the extent that even want change the name of this company. what risks do you see in that area where we see today that mentor worldwide has, has billions of users with certain services. it's with facebook, it's with instagram. that's what, what's out. a major from our perspective is kind of an ecosystem that is very strong on various markets and might use its market power in to

yard to make markets incontestable, for competitors you to network effects that that mater is generating you to the fact that meter is a data driven company and makes use of this data to make it services even better and better not leaving a chance for competitors. so all in all, all these proceedings are about the protection of the consumer. that is one point, but they're also about making markets contestable and give a chance to quote, to, to compete with, with meta and not only on the fringes of the, of the ecosystem but, but with larger parts of that company. i was the president of germany's bundle cartel and, and last month. thank you so much. thank you. christie. and a reminder of the top isn't story. we're following for you this. our stocks in the u. s. plunged thursday, erasing a rally from the day before the investor relief over

a relatively modest interest rate hike, gave way to fears. rates could soon climb further. oh, that's our shout for mar. check us out. a d, w dot com backslash business, and the d. w. you tube channels brought on facebook. thanks for watching with into the conflict zone with sebastian more than 2 months into the war in ukraine on both sides and taking heavy losses. my guess this week is less? yeah. buffy land go holiday shooting and human rights lawyer who joins me from clear. what makes us so sure, mr. clinton wouldn't press a conflict zone with on d. w to the point in strong opinions, clear positions,

international perspectives. with russia now pushing for full control of southern eastern ukraine. western countries are ramping up military support for key it is the west to becoming a party to the conflict. find out on to the point to the point being 60 minutes on d. w. ah, with hello guys, this is the 77 percent the platform for africa. you beat issues and share i. ah, you know this channel. we are not afraid to happen delicate the tub because

population is growing. and young people clearly have the solution. the future belongs to the 77 percent every weekend on d w. d o. more than 2 months since the war in ukraine on both sides are taking heavy losses. while the bombardment goes on, moscow has kept up its relentless propaganda. accusing nato of conducting a proxy war with russia. my guest this week is last year basil langkow politician and human rights lawyer who joins me from key f. what makes her so sure, mister putin wouldn't press his nuclear button. in all honesty, inclusion has made so many claims which, which never one had said that.