russia as president, 2 in ones are further reductions in flows through the crucial north stream. one gas pipeline, adding to german worries ahead of thursday's scheduled restart. but as borrowers refused to pay for unfinished homes, to discuss china as mortgage boycott correspond. with this data we have business, i'm of what's in berlin. welcome to the program. franklin lawmakers have chosen 6 time prime minister renelle vick grimacing as president to succeed. the ousted leader, he fled the country. mm. it. turmoil in the island nation became a singer who was until now also finance minister has been leading crucial talks on an economic bailout package with the international monetary fund. after his victory, he told sir lancaster parliament the country needed a new strategy for itself out of its financial crisis. i've been getting more on this from our correspondent charge card to k. i voted out the vicar,

missing his election was unlikely to go down. well, with this relying public that's right, from all indications point out towards that fact that says because the protestors who have been out on the streets of the country for the last several weeks, they've made it clear that running becoming is not demand that they want in power, earlier the chance were for a go go to go for good or bad. i just like to go. those chance have not been replaced by good running goal. so the british does have made their mind very clear that they do not like when you become a save the, for them running to become a thing here represents a continuation of the order that they are so upset with that they're so angry with . and they want it that order to go entirely. so at the end, there are 2 boys from columbia that protests have already started. so it remains to be seen how ronald managers to retain his job and do a good job at it. ronald become a singer, was already the vanguard of tackling shrill anchors economic problems. so what does

his election mean for the economic crisis there? i mean, they're likely to be any change in approach. well, unlikely, rob, because the iranian has already or lead out a roadmap. he give a speech to the parliament early on when he became a prime minister and then eventually he became acting president as well as this and desire just resuming the talks with i am a on a be lot back is that the dogs have been held for grades for that, wait a few weeks now out on it all the parliament that the image has agreed broadly to what his government has proposed. and now what job they want to present to the image is, is a debt restructuring plan. that's something which is most critical to fill and guide is critical to i'm also in that and it was the asians now if, if that the structure debt restructuring plan is agreed upon by the i m f, then a dollar confidence a new world to be organized by the government led by until now in which

a is looking upon countries like friendly countries like india, like china and japan. these are the countries that run in named for providing for all the financial help that sri lanka needs. and this is going to be a long process of at least about 4 years as outline by running himself rob. and this election doesn't look like he's going to lay any of the anger that sin shall anchor at the moment. but is there any hope for sir lincoln's the economic problems there are on the way out? well, the economic problems are getting bigger and bigger by the day. robber, the inflation is likely to hit around 60 percent by the end of this year. so inflation coupled with the food crisis as well as a fuel crisis, these are some of the biggest problems at the country is facing right now. there's not enough of fuel left for an uninterrupted power supply. they are rolling

blackouts across the country. people are spending days that federal stations for, for, for raw fuel, several emergency services, even emergency services have been shut across the country for lack of fuel food is again, a major challenge. so tackling all of these things is going to be a big problem. a big challenge, the roadmap, run it has already presented, but it remains to be seen whether he's accepted by the public because that would be the 1st precondition to the beginning of the rollout of his roadmap. rob ok, correspondents in delhi, ciocca. ok, thank you very much. for keeping us updated next, russian president vladimir putin has wandered further cuts the gas supplies to your of exports down. the key nord stream, one pipeline to germany are due to resume on thursday following maintenance work.

but russian state energy for gas from was already limiting flows, blaming repair work being carried out on one of the pipelines turbines. a claim met with skepticism in the west. president putin has now indicated issues with another turbine could mean further cuts to deliveries. speaking during a trip to iran, he said the you was to blame for its own gas supply problems. european nations shut down one route after another. putting the sanctions on the gas pumping stations. gas problem is ready to pump as much as needed. they shut down everything themselves. ross problem has always food. yes. fulfilling. and he's going to who for august commitments. yes, yes, president vladimir putin there now some of the other global business stories making news, japanese biggest gas import a unit could be allowed to pass on some rising costs to its customers as part of

a possible government rescue package. the company is seeing financial problems as gas prices increase a north stream one flows decreases. we've been hearing, as opposed to be meeting with chancellor. all i've shown on friday wednesday is the deadline for tech companies in indonesia to sign up for new licensing rules or risk being blocked. the requirement effects, things like google and matter. under the rules authorities could order platforms to take down content deemed unlawful or disturbing. netflix jazz rose in after hours trading after the company reported it lost fewer subscribers than expected during the 2nd quarter. around $970000.00 page uses left the streaming platform and q 2 and a half of what the forecast is expected. staying with tech amazon is suing people who leave fake product reviews for products sold on the platform. a major problem plaguing the e commerce giant amazon has filed

a lawsuit against the administrators behind over 10000 facebook groups, which are reportedly used to recruit people to bright make reviews to china. now where home buyers furious at the delayed completion of their properties, that they're already paying for, have taken things into their own hands. tens of thousands of them have begun withholding payments for unfinished projects across at least 50 cities in the country. response response in china's banking regulator is urging banks to extend credit to real estate developers and support construction. the boycott has also found fears of financial contagion in china's real estate sector, which accounts for up to 30 percent of the countries g, d, p. and as a key driver, gro was to discuss this further. let's cross to our correspondents in ty paid. so don't hon. so good to have you on the program at withholding mortgage payments. it's a pretty big step. what's actually driven them to this point?

the route cost of the unfinished construction projects is the high degree of leverage that is the private diversion of funds originally intended for the construction of buildings by housing developers. with the impact of course, the night in pandemic on the chinese economy, banks do not get loans to the developers. funds do not flow to real estate anymore . so the developers have a big problem with their cash flow. they don't have money to finish building these properties, but many buyers have put their life time savings into these projects and have been suffering from the double pressure of mortgage and rent for a long time. now they just want to stop their loss even at the expenses of the banks credit rather than to be totally wiped out. beijing has taken quite a hard line with its real estate developers, developers, but at the same time it's, it's not exactly open to, to popular activism like this. so i'm interested to know what side the chinese

government's taking while the government just said that the key is to ensure that the, the delivery of buildings dressing, that it would guide financial institutions to control rates and work with the people bank of china, housing and construction departments and local governments to prevent the collapse of these projects. however, china's financial institutions are also in the middle of the house in crisis itself and have been questioned for ears for their an inadequate supervision landing and even suspected of corruption in politics and the business as well as being affected by the high amount of bad debts playing the complex role, both co conspirators and victims. so it's really hard to say which side that they are taking. yeah, and the pressure on the attorneys real estate market is, is, you know, is very well documented. so where is this going to go from here?

the crisis in the real as that sector is spreading to the banking sector. as i mentioned, the total amount of non performing loans due to refusal to repay mortgage could reach 81 1000000000 euros as the communist party approaches. if twenties, national congress in autumn and as chinese president seeking pin secure his 3rd term in office, the worsening debt problem in china's real estate market could impact the country's economic and political stability. and in the process, the international community and the financial markets will also field the pan or in taipei for us. thanks for the update. and a record breaking heat wave is sweeping north through your efforts even reached us here in berlin. now the impact on the continent is courtesy, while fires, heat, waves, and drought warnings have engulfed figure b in continent. the summer alone temperatures in many countries including the u. k

. romania and spain search to record highs. researchers at the european commission warned that almost half of all e territory is currently at risk of drought. the hardest hit region is italy and in spain. water levels are far below the 10 year average as wildfires reach, i left her my country under fire. literally under fire, more than 20000 actors had been burn december last 3 days. more than 400 casualties. air are being caused by this a heat wave. the 2nd heat wave in less than amounts. the heat wave is affecting crops and agriculture the most. and rising temperatures will impact energy and water supplies as well. the report says in southeast europe,

croatia has placed water usage limitations in the history of peninsula. officials are advising people to use less water for our appellate. i'm one us, we appeal to our fellow citizens as well as juris. i have to reduce their consumption of water. i believe it will be a good indicator in a few days for the water management that measures have been effective. and we will avoid the 2nd step of reducing supplies and what we track of the week work with firefighters rushing to contain flames. and the cost of climate change climbing each year. many are very, the situation will verse and in the coming years. that's all for me in the business team here in berlin, right? ah, with

innovation bring it on new ideas in conventions. what drive the economy? the engine that social programs do they really make our life easier? and what our future will look like a made in a 90 minute on d w. and we're interested in the global economy our portfolio d w business beyond. here's a closer look at the project. our mission to analyze the fight for market dominant . get us to the head with d w. business. beyond is the end of the pandemic in site.

we show what it could look like. return to normal and we visit those who are finding it difficult. with success in our weekly coping 19 special every thursday on d w. ah. ah, ah.

ah . this is d, w. use light from burly. europe's hate wave moves east and the death toll rises as wildfire spread and countries record their highest temperatures. and direct codes began. we look at how people and governments, a coping also on the program the european commission wanted.