in panels and a stage that is now 40 centimeters lower, are just a few of the new elements. and we've now got a concert hole that will rival any concert hall in the world. this is one of the best acoustic concept holes in the anti world. politicians once bulked at the cost of building the sydney opera house. now they've pumped in another $150000000.00 australian dollars to help make this landmark venue reach its full potential. that's all for me, but don't go away. pretty plaza has more on the arizona interest hike after the break is a, with people and trucks injured when trying to flee the city center more and more refugees are being turned away. order families plays on the tax in syria for the credit on it is we located administrative people fleeing extreme

ross getting $200.00 people with 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 i. ah, the moment european investors have been waiting for after 11 years, the european central bank has finally hiked interest rates. and by more than some had expected, will it be enough to tackle the euro zones record inflation? also on the show?

us unemployment rises for the 3rd straight week. it's the latest fine. the u. s. economy is slowing under the weight of rising interest rates and high inflation and flows returned to nord stream. one european importers breathed a sigh of relief, but with reduced volumes of russian gaff surging on the pipeline. it's by no means business as usual. this is dw business, i'm christy plats and in berlin. the european central bank has raised its key interest rates by half a percentage point. the 1st increase in 11 years. the bank raised its benchmark deposit rate to 0 percent joining its global peers and jacking up borrowing costs. the move is an attempt to bring down stubbornly, high inflation. analysts had initially anticipated a more modest rate hike this month. the bank is likely to raise rates again in september. what you see president christine la guard said the larger 1st step was made with the risk of inflation in might have a lesson we expect inflation to remain undesirable the high for some time

owing to continued pressure from energy and food prices and pipeline pressures in the pricing chain, higher inflation pressures also stemming from the depreciation of the euro exchange rate. but looking further ahead, in the absence of new disruptions, energy cost should stabilize and supply bottlenecks should ease. unlike some other central banks, the e. c. b has been reluctant to touch interest rates. my colleague, ashtosh pond. i told us earlier how this higher than expected hike came about. the surprise 50 bases point hi good. the biggest since 2000 and double the size that the easy be had signaled we're back in june. sure. just how the inflation situation in the euro's own has worse and in the past 6 weeks. so it also shows us that the

e c. b is worried about the euro touching parity with dollar because that means much further inflation, but easy be job is far from over. it needs to maintain its aggressive stance because here is dealing with unprecedented levels of inflation. but its job is going to be difficult, given that there are recession figures and they could be a possibility, or that the gas supply to the blog is actually stopped by russia. that's a big fear. and then there's also fears around debt, turmoil in the weaker economies of the euro zone over to the us. now. the number of americans filing for unemployment benefits rose for the 3rd straight week to 251000 last week. that's an 8 month high. but demand for labor remains strong, as hiring continues to grow there nearly to job opening for every unemployed person

in the us. the federal reserve is keeping an eye on the data as it tries to tame inflation, without triggering a certain unemployment. while our corresponding ins court in york has more on this, i yes. so the by didn't meant ministration. loves to point to low unemployment as a sign that the u. s. economy is still doing ok. but tell us, what do these latest figures actually indicate? not actually, the fed chairman jerome, paul christie just recently said that the labor matter market is way too hot. so maybe he gets this wish, and the labor market is starting to cool down quite a bit. i mean, if you look at those weekly figures that we've gotten here on thursday, as you mentioned the highest level in a month, even if in general, the level is still pretty low. but there are more and more assign them that the labor market starts. so softening, there is some word that google, for example, is going to pause hiring for about 2 weeks. we just heard here on thursday,

after hours from the social media company at nap, that they're actually going to reduce, hiring a substantially that stop by the way is down in after our trading by about to 25 percent left and right to hear more and more stories that companies start to pause hiring and in some incidents we even see some labels. ok. yeah, we also heard a bit of good news from the airline sector today. both united and american airlines reported their 1st profit without government assistance since the beginning of the pandemic. we know that the airline industry has been dealing with a lot of problems the last several months. is this a sign that that industry is turning around? yeah, definitely. it's an industry where they're looking for more stuff and not to reduce it, but it remains challenging to get the pilot and also a flight attendant. so that remains them in issue. and that is the one reason why

both airlines are still below the 2019 a capacity. so before the pandemic kit, but overall, to answer your question, christy. yes. the airline industry is definitely showing some strengths, a travel back. and i'm also on to our little bell ringing. i mean it's so the market is already close, but who knows? but ok, but no, the airline industry definitely is showing some strong science. they are able to ask for higher and higher affairs. and that's the interesting part of the story at this point. and even if the capacity is below 2019 leveled some, some of those airlines actually have records revenue. and interestingly also, even with those profits from united airlines, also american airlines. the stock got to enter a lot of pressure here in the service they session united down by 10 percent american airline stock down by 7 percent. maybe not everything is britain yet. car

. thanks much that now to some of the other global business stories making it german engineering group. siemens has won a major contract to build wind farms in the north sea for transmission grid operator and pre on. the farms will produce enough energy to meet the needs of nearly 2000000 people. the connections are scheduled to begin in 2028. german railway company deutsche a bon says it will soon start carrying ukrainian grain exports to german ports, including ro, stock and hamburg to load on ships. the pickups are expected to happen in romania, and several trains a week are plant monthly grain exports from ukraine have been more than halved since the closure of several key see ports o rushes gas prom has resumed. delivery is down the north stream on pipeline to germany. following a maintenance period that raise concerns of

a full stoppage flows continued at 40 percent of the pipelines capacity. exactly where they were when gas from began scheduled maintenance 10 days ago. the e, you had warned that russia might use the annual repairs as a pretext to shut off deliveries altogether. member states want to end russian fossil fuel imports next year. in the meantime, however, they remain heavily reliant on the countries natural gas. well, europe and germany are trying to break free from energy dependence on russia. could ellen g supplies from louisiana in the southern united states fill that gap while one american company is betting on it? louisiana is now home doing new liquified natural gas plant on the gulf of mexico tankers from here can also reach germany. once a deal is made liquefied natural gas, or ellen, g from the u. s. is in high demand. new terminals are already being blend. this

facility belongs to a company with headquarters near the political decision makers in washington. they can monitor what's going on at the plant for more than a 1000 miles away. board members, saba is keen on tapping the german market. we actually have a $1000000.00 who want to seal up between the u. s. and germany and they'll, they'll absolutely be that. and that'll happen. the you out. the you, us, is capable of, you know, stopping in and replacing in the loss of the russian gas in the market. but the competition for gas, which can be supplied by existing ellen g plans is fierce. other than a poland and lithuania, no regard. no new request terminals were bill was in the last 7 or 8 years. and so as, as china and asia finishes terminal, they immediately contract up an elegy contracts and that reduces supply available for europe. so europe does need to make some decisions. images from venture globals

. corporate video show how they're louisiana facility was completed in just 29 months. the us wants to expand fast, a kind of gold rush atmosphere. other companies are also active on the gulf of mexico and others on the texas border. the all hope for quick government permits and want to invest heavily. but despite the rush, it takes time. the sion near company is trying to sign deals that will last 20 years one of the benefits for our customers on our, according to our business model, which is the kind of a long term business model, is our customers are paying long term prices, which are significantly lower than the current market prices. unfortunately, right now, i mean, it is a time of very high prices and it's a time of tight supply. ships that are refueled here are often given a new destination out at sea,

depending on how much clients are willing to pay. recently, many have been going to europe, but germany, unlike bolden, was slow to rely on l. n g. but it understands that benefits now. and germany had a policy that we, i'm kind of changed through trade or engagement through trade that i'm, you know, is very important. and, and now as the world changes, we need to change with it. and this transforms the u. s. liquefied natural gas industry from an environmental threat to a beacon of hope, even in germany. and to wrap up a british staple is coming under no pressure, fish, and chips are getting more expensive. that's thanks to a new tariff on russian seafood. the u. k. government is slapping a 35 percent tax on russian whitefish in response to the war in ukraine, whitefish as a big, important for many fish and ship suppliers. shops were already hiking prices due to

supply problems which could still get worse. russia is also one of the world's largest explorers of a classic fish and chips catch cod. well, that's all we've got for you today for more you can head over to our website, d, w dot com backslash business. you can also find us on the dw news, you youtube channel, and we're also on facebook from me and the whole business team here in berlin. thank you so much for watching. talk you tomorrow with no cost on the loose again in sardinia. a huge swarm has overrun continental power farm month of hard work destroy, and we just a few hours. the farmer is desperately looking for ways to deal with the locus.

play one, unfurl focus on europe. next, on d, w. o 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 exceeds his successes on amazon in our weekly coping 19 special. in 60 minutes on d, w. o. and his is establishing an order she ging paint, president of the global powered china. he's part of

a whole system which believes his time has come. he relies on an authoritarian system of total surveillance on economic expansion without scruples again and again, he provokes and threatens with the military aggression the chinese president believes his way is for superior than that of western democracy. china's president, changing pain starts july 30th on d, w. mm hm . with hello and welcome to focus on europe. thank you for joining us for this week's edition. let me begin by saying that i am really thankful this studio here.