mining and drug trafficking. that killings are a grim reminder to work as fighting for indigenous rights in the region of the dangers they face. before i let you go, a quick look at our top story, this our, the leaders of germany, france, italy, and romania have met with ukrainian president vladimir zalinski and keep the voice support for ukraine to receive european union. candidate status and german chancellor shows also pledge to send more military support in washington to reduce stick round. christie patton is up next with your business at my stacy tomorrow. ah, what secrets lie behind these walls? discover new adventures in 360 degrees. and explore fascinating world heritage sites. d. w world heritage 360. get the app. now.

it happened 175 years ago. young start up entrepreneur at a specific goal to build the best optical instruments in lieu cod size. indeed, he knew devices bearing his name one day be feature in the moonlighting and lead science into realms. 175 years of size distorts. june 19th on a w ah, russia central bank or recalls for an economic overhauled at an annual business event. the head of the russian central bank says the country needs to rethink its reliance on energy exports. the expert weigh them also on the show. markets plunge again,

investors worry that the feds major rate hike can't quell inflation without with lashing the economy will go to wall street. and a double whammy for indian farmers, a heat wave and an export ban, hit the wheat market, making the commodity difficult to grow and sell. we'll look at what this means for the price of food. this is debbie, debbie business, i'm christy, platinum. with the west turning, it's back on russian energy, the country must rethink its economic model. this was the message from the head of russia central bank thursday, at the st. petersburg economic forum. attendance at the annual business event is thinner this year with western countries absent due to the war in ukraine, even so there was plenty to discuss moscow's rupture with the west looms over this years. forum large firms are noticeably absent from st. petersburg organizers, meanwhile, are leaning in their motto, this year, a new world new possibilities. the reality is gloomier. western sanctions are

hitting everything from foreign reserves to material supplies critical for manufacturing. the head of russia central bank elvia, not be lena expects the rift to be permanent, as she pleaded for nothing less than an overhaul of rushes. economies to hope you're making which oblivious visual, let's english village to it, but it isn't the, it's always been believed that export is our intrinsic value that we need to revisit. and finally, think about the fact that a significant part of production should work for the domestic market. bush, a greater degree of processing was more creation of final product. man, you should have had lucas. russia's message here. not only is there no turning back from the economic breach with the west, but that moscow too has levers that it can pull with gas deliveries. for example, you got yes, of course gas from is reducing the volume of gas applies to europe. the little many here say india and china can replace ties with the west. it's an outlook that economists outside of saint petersburg say isn't so self evident. while for an

analysis of today's events, i'm joined now by jak kierkegaard of the peterson institute for international economics. so jak up we heard the head of russian energy giant gas prom today saying our product, our rules, of course, talking about here in the wake of cutting gas flows to europe for various reasons for sanctions due to their demand for rural payments. this is a pretty straightforward statement he's made here, but realistically is gas prom in a strong enough position to have the sort of attitude? well, i mean they are for a brief period of time. yes. their product is their rule, but only as long as you're of needs does gas and that probably won't be very long after which they're going to be trying to find customers elsewhere around the world, which will be very, very difficult. so it strikes me as, as sort of the rather empty rhetoric actually. but it's also clear that the timing

of these cutbacks of gas for europe is not coincidental. it's obviously linked to the fact that the leaders of the 3 of 3 big ya, european countries, went to kia to day and pledged for support for ukraine in this war. ok, while sticking with this idea of energy exports are we just heard, of course, the central bank are saying that russia needs to move away from this dependence on this economic model. how possible is this? how painful would this be for russia? one thing, the key point is that if russia try to move away from its currency of energy dependent, you can arming model, it will probably also have to change its political model. because if you were to actually serious the concent play to have sort of an entrepreneurship driven technologically based high tech economy. ah, then the, the well educated russians that are going to drive that economy probably wouldn't accept living in an authoritarian government, a country like,

like russia today. so it is, in my opinion, completely unrealistic to believe that you can just sort of snap your fingers and get rid of the energy dependence russian economy without also changing the political system. and that's not what i'm hearing from vladimir putin. okay, well let's, i also stick with this idea of how realistic i these ideas are. there is a talk about india and china potentially filling the gap left by the west and what are your thoughts on that? well, food filling them with what i, what i mean, if you look at what russia is importing from the west, it's a lot of consumer goods. it's a lot of high technology, food and other things. india doesn't supply any of that with the possible exception of a limited number of, of i t services. china perhaps could do so. but any child, major chinese companies that were to try to do so would actually be subject to

almost certainly be subject to western sanctions. and that will be far more economically damaging to these global chinese firms of we have far more to lose in west and markets that they could possibly gain in russia. so again, this is, in my opinion, completely unrealistic bravado from the russian authorities. now as jak of kirk a guard of the peterson institute for international economics with that great analysis, thank you. we're better now to some of the other global business stories making as mcdonalds has to fork up 1200000000 euros to settle a case of tax fraud. the fast food chain must pay france after investigators to termed it reported artificially low profits in the country. mcdonald's was also found to have hidden profits in neighboring luxembourg, which has lower taxes. beauty company, revlon has filed for bankruptcy after 90 years in the business. it cited supply chain issues, surgeon costs and heavy debt. the new york based business says it expects to

receive $575000000.00 in financing, allowing it to continue its day to day operations. while markets are still digesting the news out, wednesday, the u. s. federal reserve announced its biggest interest rate hike in nearly 30 years. that's to combat decades high inflation. since then, we've seen further hikes from central banks in the u. k. switzerland, and taiwan. well, i want to check in now with our financial correspond ins, quarter who's of course, been following this story for us. i gans nice to have you back after yesterday. i know you told us we would really be seeing the real response today. what i want to know is the fed made this aggressive hike with the point of tackling inflation. but markets they went back down to day. what our investors worried about? why are they not convinced? firstly, everything has a price and fighting inflation might mean that we will have to pay was that by getting a recession,

at least the bet that we are heading towards the recession are increasing quite a bit. bloomberg, for example, about 70 percent chance. and if you look at some areas, you already see how higher interest rates are actually hurting the economy. here on thursday, we got new figures on housing starts. they dropped by more than 14 percent just in the last month. economists expected only a slight decrease of about 2 and a half percent, or if you look at the car industry, i mean, how do people pay for new or even used cars and not with cash but also with loans? and so we also see higher interest rates hurting that business. we had 2 car companies, for example, down by a good 8 percent. and the dow jones industrial average dropped beneath the crucial 30000 point marquee on thursday. like a lot of activity will be checking back in with you. thank you so much. yes, indian farmers have suffered twice over this year. first,

they experience an extreme heat wave which damaged their wheat crop in the north of the country. then there was the government's export ban, which has been in place since the beginning of june. we visited those affected and broadest on one of india's most important agricultural states. in recent months, some of the temperatures here have been as high as 50 degrees celsius. the other family has never experienced this kind of heat. they just harvested their wheat on their for hector, as of land jojo that week, cronies destroyed in its last stage of growth by the sudden extreme heat as it is m letter. the plants were overwhelmed and could not form grains. next, the we are wheat was severely damaged. well, a father that the of, of the letting me as at him, the poor harvest is compounded by the government's decision to hold wheat exports in the local wheat market. growers are now left with grain, they can only sell domestically, only the goods that have already been paid for will be exported. and this is cause a stir among farmers. is i'm a little general. we farmers are hard hit by the decision is on the export is

allowed again, only then indian farmers will get a good price for their wheat. these politicians are only talking about themselves. i'm not the farmers unable to officially, the government says it wants to keep wheezing the country, so people have enough to eat. experts say the decision is really a pretext to reduce food prices. the war in ukraine is just the last latest thing that is called food presentation to maintain this, this p. and so it, we're not about to grow our way out of it in one season. so the price is gonna be around 412 years, maybe more depending on how the weather shakes out. typically, indian traders would have sold a week to egypt, the philippines or vietnam, their trade association, fairs. the government's decision won't just negatively affect indians. monarchies out there, those are when you talk about the humanitarian situation, you have to say the citizens of the con is that how the deficit of wheat could have been adequately supplied with food if exports were allowed from it modelled other

for the other family there settled with yet another problem, the tomatoes and other plans could not tolerate the extreme heat. well, either they've harvested less oh, no. moderately loyal to the law or current use of tomatoes chillies. a miller, susan has been affected by the heat so much that we're fetching water to irrigate our feels from the surrounding areas. i guess almost have got us is the ground water in our wells has been to please it together. gave up the only 80 though, maybe the family is still living off the bumper harvests of recent years. they're also critical of the export ban. the son is supposed to take over the farm one day and potentially it's problems. earlier we spoke with our deli correspondent, charles carter care and asked whether the export ban was indeed helping keep local prices and check even though internationally it has been looked at, looked upon as the as a flip flop. because just before the ban, india was saying that it's exports will only go up and is looking for newer markets

to explore weed and suddenly came the export ban. so from a political policy perspective, from the international food market perspective, it was seen as a flip flop, but domestically appears to have helped because initially of farmers also good got a good rate for their produce, for those farmers will manage to ward their produce. and for the average consumer, the prices have not risen as much as they were feared to, which is reflecting in the latest retail inflation numbers are. so thank you so much for watching. ah ah, do you have to get out out of the hotels only bring in black sea coast. ukrainian refugees are like eating their rooms for the tourists. but where can they go? from gary is considered do tours t u country still

a lot of similarities. but for how much longer i focus on europe. next, on d, w is the end of the pandemic in site. we show what it could look like will return to normal. and we visit those who are finding it difficult. with success in weekly cove, in 19 special in 60 minutes on d w. o. ah hello guys. this is the 77 percent the platform

with, you know, or this channel. we are not afraid to capture delicate topic because population is growing and young people clearly have the solution. the future belongs to the 77 percent every weekend on d. w twos . with hello and welcome to focus on europe where we begin by taking a closer look at the refugee crisis, sparked by the russian invasion of.