experiencing is becoming more intense and bringing us to the stifling heat as the rest of europe. braces for soaring temperatures, fire crews in catalonia, work through the night, hoping for a break from the brutal heat. and that's all the nice for now. christie plants and has the business news after a short break. stay with us for that. don't forget the website. is there any, or all the needs at any time of the day, as to be found a d, w dot com? we're also on twitter, and insta, handle the needs at d. w needs we back in 45 minutes with bonnie's had old people in trucks injured when trying to free the city center. more and more refugees are being turned away. order families, please. on the taxi, the reason for the credit on it is we loaded demonstrate people's

lean, extreme ross getting 200 people from the agency 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, 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. an expert weighs in. 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 band 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's central bank thursday up the st. petersburg, economic forum. attendance that 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 elvia not be lena expects the rift to be permanent, as she pleaded for nothing less than an overhaul of rushes, economies to cope with his visual of seeing that hellish, the ex, but it is at the, it's always been believe that export is our intrinsic value list that we need to revisit. and finally, think about the fact that a significant part of production should work for the domestic market with a greater degree of processing. 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 know, yes, of course, gas from is reducing the volume of gas applies to europe, the little mini hearsay, 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, sang 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 tried to move away from its currency of energy dependent, you cannot make model, it will probably also have to change his political model. because if you were to actually serious the concept 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 also stick with this idea of how realistic i these ideas are. there was 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 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 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 come back decades high inflation. since then, we've seen further hugs from central banks in the u. k. switzerland, and taiwan. well, i want to check in now with our financial corresponding in court, who is of course, been following this story for us. hi dan. it's nice to have you back after yesterday. 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 today. what our investors worried about? why are they not convinced? first the everything has the price and fighting inflation might mean that we will have to pay was that by getting a recession,

at least the best that we are heading towards the recession are increasing quite a bit. bloomberg, for example, about the 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 to car companies, for example, down by a good 8 percent. and the doll 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 experienced 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 rotten 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, i thought we'd crop was 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 saw that the up of hillary means that 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, i'm 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 if 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. fear is the government's decision won't just negatively affect indians. mano doctor is 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 to prom?

it might have been together 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 bo tomorrow, lily, material or current values 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 did this summer, so got it since the ground water in our wells has been to please it together. gave up the only 80 deal with the families to 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, charo cartucker and asked whether the export ban was indeed helping keep local prices and check even though internationally and has been looked at and looked upon as, as a flip flop. because just before the ban, india was saying that it's exports will only go up and it's looking for newer

markets to explore weed and suddenly came the export ban. so from a public policy perspective, from the international food market perspective, it was seen as a flip flop. but domestically de appears to have helped because initially of farmers also good got a good rate for their produce, for those farmers who managed to hold 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 in place in numbers far. so thank you so much for watching. ah, it's the end of the pandemic in site. we show what it could look like will return in the normal and we visit those who are finding it difficult

exceeds his successes. amazon in our weekly cove is 19 special next on d, w. mm mm. they are stuck with thousands of migrants are waiting and radius detention camps in, in humane conditions. oh, torture and arbitrariness arbor. they want to move on, but are stuck in libya. no escape from hell. in 45 minutes on d, w. o. and 175 years ago, a young startup entrepreneur at

a specific goal to build the best optical instruments in the world. ah little did he know that devices bearing his name would one day feature in the moon, minding through science, into new realms. ah, the rise of a global company, 175 years of ice starts june 19th on d, w. ah, ah, the urgency of the cove, it 19 pandemic spurred a world wide response from government to business. the arts to science innovations begin small were critical for many people survive.