and diamonds turned botswana into a more prosperous country. sanctions on russia's, jim trade could give the industry an extra boost. hello, and welcome to the show. i'm from beardsley in berlin. weaker than expected growth out of china is adding to an increasingly bleak economic picture around the world. b g reporting today that the chinese economy grew just under half a percent annually between april and june. a period of time that includes a major lockdown in shanghai, the world's largest port. a china has forecast growth of 5.5 percent this year. a goal that almost all analyst now say is all but impossible at this point. now for closer look at the problems facing beijing, i spoke to someone who knows the countries business community quite well. your booker is president of the european chamber of commerce in china. he joins me now for more. your, this was not the best news on growth from china, and then we still have issues including unemployment, property market issues also global, the global downturn looming. how are your pin businesses in china experiencing this

moment right now? well today's data center security proving that 0 tolerance comes at a price. i mean so. busy point 4 percent growth year and year is virtually nothing . they are targeting still 5.5 percent for the whole year. that seems to be impossible. and just keep your mind that today we're still suffering from locked down. so say me lockdown. so say you want cities are still in this kind of condition, which means a cool, 250000000 people are suffering from simply locked down a lock downs. that 75 percent of g d p is hit like this. so in a way, it's not going to go away, it's actually just maybe the started. so it's very worrisome for european business how the economy is developing right now. you would expect then that there will be further locked down in the months ahead, especially with the side of new variance coming up clearly clearly, i mean there that there is in the country itself as a comment no effect. they had proper vaccination against dal tell they have

a good vaccine which is called saddleback and san a fine. but again it's, it's possibly not a match for it be a for be a 5. so we're at this stage as the, if the country is virtually not read properly vaccinated, a particular 60 and above, they have to maintain 0 tolerance and it comes at a price. there are other issues that are also looming, and that are exacerbated by these locked downs. we're talking about unemployment, we're talking about the property market collapsing. and then we're talking about, of course, of the global downturn. what do you see on your radar as one of the biggest concerns when suddenly it comes up the worst possible time to so far? china has been holding up the global economy. they started stabilized in 2009. they did in 2020, 2021. so as a matter of fact, that china start dropping the ball is quite more a, some, even the kind of economic outlook in the u. s. and noisy d countries again, but at this time the exports are still strong. the european customer is actually

stabilizing the chinese economy as the chinese and consumers, very reluctant to go shopping. and again, as you pointed out, we went into this coven crisis, already with a real estate. my cont, limping ever grand to happening a dead magnitude off of the greet death to 10 years ago. 300000000000 your euro. so all in all the pictures. not very nice, but we hope that a john actually can stand, vaccinate, can stabilize the economy. but again, it's a race against time. to what extent is inflation? a concern right now in china? absolutely nothing. the channels actually having a deflationary impact on the world to so one of those places we're actually can see that the inflation is nothing, 2 percent or something. so anyway, that's the good news. all right, here brooklyn is president of the european chamber of commerce in china. thank you very much. thank you. over to the middle east now where president joe biden is scheduled to visit saudi arabia today. all prices are

a major concern back home in the u. s. and no one has more say on global supply than rod. the crisis can also be an opportunity as these 2 men. no, ma'am, had been said, mind the saudi crown prince and the crown prince of abu dhabi mohammed pennsaid no wonder they're in a good mood. their country's oil is more sought after than ever. crude prices have only just fallen slightly after staying stubbornly over $100.00 since the start of the war in ukraine. the other forces that may be the last opportunity for these countries to profit economically one more time and earn high revenues with oil production in the face of a global trend towards renewable energy. dr. marbella fuckin with a good diva late leaf and solomon has been courting the attention of the vest. once again, he had been a pariah for years, leading a military coalition into the devastating war in yemen than the murder of

journalists, shamal kashodi, in which been said mon was allegedly directly involved only russia's president boot and warmed up to him and been said, man will not want to jeopardize that relationship. definitely there is kind of a personal solidarity moment between them. there is definitely a policy and react today to seize the moment to send a message and to, you know, to show wide and clear what is actually true. that saudi arabia matters to them. the saudi royal family kept mostly friendly relations with the u. s. under president trump. the u. s. has been traditionally their most important ally, but been said, man has a cool relationship with his successor, joe biden. are saudi and abu dhabi leaders willing to budge on oil output for biden . for now, the saudi crown prince has played the crude guard cleverly re establishing his

country on the energy market and himself as the pivotal actor on the world stage. right, ashtosh ponder follows oil markets for us. asher touch how key is saudi arabia and it's called allies in bringing down oil prices. oh well see the extremely important and you all know that and we've been talking about how are the b n u e are the ones that have spec capacity left? but there is a lot of debate around just how much back capacity do these people have, how much more ability they have to produce more than what they already produce a. and there's a lot of debate around that. so it's what say that perhaps they do not have enough for a spare capacity to bring down prices significantly. and also there is a question that if they end up actually using tapping into all of the spare capacity that going to actually leave traders anxious and going to make the prices

volatile. because we all know that the spec capacity is actually used as a cushion against any potential disruption or geopolitical risks. such a touch of the same time, the u. s. is in its own right, a major oil producer. why can't it just produce more domestically to solve its own problems? but that would be so easy, right? isn't it? they do. they do have a lot of capacity to do that, but they do what they don't have. is it all material, things like cement steel and also maybe they don't have manpower. people that are, these is up referring to work for the likes of amazon rather than spread it out at the oil fields. so that's going to be a problem than the other is the bad investments investors have turned their backs on a net energy sector because of a low returns in the past. and the infant in the room really is a defining sector, like they're just not enough to refiners to refine those crude oil. the refineries

in the u. s. are already working flat out almost at 95 percent capacity. so even if you're bringing more crude oil, that won't be enough for refiners to define them. ashtosh ponder, thank you very much. over now to some of the other global business stories making headlines, elijah emirates on thursday rejected demand by london heathrow airport to cut flight capacity. despite being threatened with a lawsuit of this week, london's busiest airport asked airlines to stop selling summer tickets to try and limit the number of daily passengers 210-0000 emirates says it intends to continue its daily london flights. think it will take 12 indonesia finance minister called for a joint for him to fight alarming global hunger as her counterparts from the g. 20 countries met friday and bali. the global food crisis is at the top of their agenda . indonesia wants members to come up with a concrete action plan to tackle fertilizer supply blocks and food insecurity.

meetings are scheduled to continue through the weekend western sanctions against russia or transforming trade relationships around the world. and not just for oil or for grains, but also for precious stones. or correspondence. adrian creek recently visited botswana in southern africa to learn how the diamond industry their stance. a profit from russian sanctions for 2 years, kill a booklet cloquet lang struggled to fight the job after finishing school when she was offered a training position at this diamond processing factory. and do any fancy things. so if it's amy, i police a mixer, a ladies or that and they meeting the dame. any nigger, they're very thin, leave any not. a problem for years. the country has been pushing to not only export

rough diamonds, but also to attract companies that processed them. here to adding value and creating jobs. now, more than 30 companies, cut and polish diamonds locally. seveneen boots on under garment is quite our broad . i'm an industry. now it is the main industry for most wanna ease of doing business in botswana for diamond printing and polishing is, is, is quite a white l thing. why people are easily able to come here instead of the businesses lent, looked bored swan, i was once one of the poorest countries in the world until it's discovered vast diamond deposits in less than 20 years. it had turned itself into a success story, as well as the middle income country. but the success wouldn't have been possible without this mine and winning the richest diamond mine in the world, employing more than 6000 people. the government struck a unique deal with the world's biggest diamond corporation dubious. each site owns 50 percent of the mine. this is the richest day one. so my and by

a value in the world, and basically the we are the big bono for, but honestly put him in pending demand, they could still increase their output. since russia, the world's biggest diamond produced by output is facing sanctions. the 2nd biggest producer board swanner is eyeing a bigger market share. russia currently can't exports diamonds to major markets like the u. s. and diamond prices have spiked by 20 percent since the beginning of the war mining companies and the government here are only cautiously talking about possibly filling this gap. but economist rudolph boy doesn't believe they should. they should take advantage of the cases in iraq. the one ukraine is very, it's very painful. i watch news every day. i don't like what is happening there. ah, but you know, in on economic point of view, they come to put, some should have started to promote liberals on adam. once for that, not these are the best, the down ones. those are now bladder down ones,

back at the diamond processing factory to liberally lay appealing, is hoping to get a job as a punish her when she finishes her training. and chances are goods, the company is expanding and constantly hiring new people. that's it for me and the deed of you business seem you can find out more about these and other stories online. d, w dot com slash business. and conversely, thanks for watching. ah ah ah ah

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subscribe to d w documentary on youtube. ah ah, vincent d. w. news ly from berlin, joe biden, head to his next stop. on his middle east, toward b. u. s. president flies from israel to saudi arabia to attend the summit of arab leaders. but the saudi visit is the most controversial stop on the president's trip . and we're neil. we currently synergy is sworn in as sher lancoste interim leader off the days of political turmoil. a protest.