oh, well, because to each other, them as well. no, because to yourselves we've all got a long way to go to make the world a kinder place. the problems are clear, documentary big experiment is to see how much more we can achieve if we work together. ah, and on that note, that's all the nice for now. christie plants and has the business news in just a moment after a short break. for now, i'm anthony. how'd in berlin? thanks for watching. we got some hot tips for your bucket list. romantic corner tread hotspot. for food check and some great cultural memorials to boot

w travel off, we go no longer has no limits. no love is for every body. love is live. i love matter. and that's my new podcast. i'm evelyn char, mom and i really think we need to talk about all the topics that more to live and deny that this. i have invited many deer and, well, i guess, and i would like to invite you to an end ah, russia central bank or recalls for an economic overhauled at an annual business event, the head of the russian central bank. it says the country needs to rethink its reliance on energy exports and expert ways in also on the show market launch. again,

investors worry that the feds major rate hike can't quell inflation without, with lashing the economy. we'll 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 w d w business. i'm christy plaid, some with the west turning its 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 year's 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, althea not be lena expects the rift to be permanent. and she pleaded for nothing less than an overhaul of rushes. economy is to go for your mac in which you believe is vicious. let's english fellows. the expert of ithaca is always been believed that export is our intrinsic value less that we need to revisit. and finally, think about the fact that a significant part of production should work for the domestic market. was a greater degree of processing, more creation of final product. man, you should have handled 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 know, can yes, of course, gas from is reducing the volume of gas applies to europe. the little mini here say india and china can replace ties with the west. it's an outlook that economists

outside of st. petersburg say isn't so self evident. well 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 a 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 and 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 europe needs this 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 your 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 russian is to move away from this dependence on the, on this economic model. how possible is this, how painful would this be for russia? well, i think 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 . and 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 latvia fusion. 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, so filling them with what, ah, what i mean if you look at what rushes 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 to services. china perhaps could do so. but a need shy, 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 western markets that they could possibly gain in russia. so again, this is in my opinion, completely unrealistic bravado from the russian authorities. that was jak of kierkegaard of the peterson institute for international economics with that great analysis. thank you. well, better now to some of the other global business stories making this mcdonalds has to fork up 1200000000 euros to settle a case of tax fraud. the fast food chain must pay france after investigators to terminate 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, cough and heavy debt. the new york base business as 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 is of course, been following this story for us. i danced 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 may 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 christy everything has a price and fighting inflation might mean that we will have to pay. or was that a,

by getting a recession, at least the bets that we are heading towards the recession are increasing quite a bit of bloomberg, for example, to use about to 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've got new figures on a housing starts. they dropped by more than 14 percent just in the last month. economists sec 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 a with loans. and so we also see higher interest rates hurting that business. we had to car companies, for example, down by a good 8 percent in the dow jones industrial average dropped a been these the crucial 30000 point marquee on thursday. sounds 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 damage 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 in protest 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 he's, they just harvested their wheat on their for hector as of land usually, or we probably troy and it's last stage of growth by the sudden extreme here that it is. and the plants were overwhelmed and could not form grains less weight was severely damaged. well, it's either that the me that or the poor harvest is compounded by the government's decision to hold wheat exports in the local wheat market. growers are now left for 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 going to be farmers are hard hit by the decision. the

export is allowed again, only then indian farmers will get a good price for their rece. the politicians are only talking about themselves and not the farmers are going to officially, the government says it wants to keep raising the country. so people have enough to ease experts say the decision is really a pretext to reduce food prices. the war and you great is just the last latest thing that is cause food presentation to maintain this, the pete and so we're not about to grow our way out of it in one season. so the food price in places is going to be around for 12 years, maybe more, depending on how the weather shakes out. typically, indian traders would have sold a wheat to egypt, the philippines, or vietnam. their trade association for the government's decision won't just negatively affect indians mano gave out those are when you talk about the monetary and situation, you have to say to citizens of the con, that had a deficit. if we could have been adequately supplied with food,

if exports were allowed. marble for the family there saddled with yet another problem. the tomatoes and other plants could not tolerate the extreme. he's well either. they've harvested less bow a moderately loyal current of tomato and miller. susan had been affected by the heat so much that we're fetching water to irrigate our field from the surrounding areas to get somebody out to the ground water and our wells has been depleted. gave out the only the only 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, char cards, cash, and asked whether the export band was indeed helping keep local prices in check. even though internationally has been looked, looked upon as, as a flip flop. because just before the ban and deal was saying that its exports will

only go up and is looking for new markets to explore wheat and suddenly came the export ban. so from a public policy perspective, from the international food markets perspective, it was seen as a flip flop, but domestically to appears to have held. because initially, farmers also got a good rate for their produce. those farmers who manage to award their produce. and for the average consumer, the prices have not risen as much as they will fear to which is reflecting in the latest retail in place of numbers. our show. thank you so much for watching hulu. into the conflict zone with sebastian as rushing forces advancing east of ukraine here is warding allies good massively out gum my gift this week. um, how long has roddicks sikowski for both bar man, because with not

a member of the european column, you can flows pressing for a quick see spark a role with d. w to the point in strong opinions or positions international perspectives. the human cost is huge, as russian forces advanced in eastern ukraine, turkeys president says he could mediate is a negotiated solution even possible. and current turkey be an honest broker. find out i to the point to the point being 60 minutes on d, w. ah, with in many countries, education is still a privilege. tardy is one of the main causes,

some young children walk in mind jobs instead of going to class. others can attend classes only after they finish working with millions of children all over the world can't go to school with. we ask why? because education makes the world more just a make up your own mind. d. w, made for mines as russian forces advance in the east of ukraine here is warning allies, its massively out gun. this week, a senior adviser to president the landscape at western support wasn't enough to combat russia's fired power. my guess is we component is rabbit sikowski to serve. they're both foreign.