because they, um, maybe you know, it would be traumatic to go and see, but we, he, they said right away, your house is safe. this time they were lucky, but there will certainly be wildfires here again. and experts say global warming may make them more severe. and since you're up to date sale, been all well news at the top of the hour to now dubois has your d. w. business updates in just a moment, looking at record profits at oil, johns excellent bill and chef the day. great weekend. ah, who is establishing an order? she june pink, president of the global power china is part of a whole system which believes his time has come. any criticism of his regime isn't nipped in the bud. ah,

he believes his weight is far superior than that of western democracy. china's president, she ging starts july 30th on d. w degrees. tina, a saxophone operator who wrote her master's thesis on the potato railing to read not the turn on. well, it gets more ridiculous from there. you don't you literature list. determine my screen. ah, oil companies pump out unprecedented profit exxon belleville and chevron shatter earnings records at a time of soaring fuel costs for consumers. and ships to compete with china. us lawmakers boat to spend billions to boost the countries domestic semiconductor

industry. this is the w a business. i'm janelle dumas on. welcome. we begin today with the record breaking profits from oil companies, exxonmobil and chevron. exxonmobil made $17900000000.00. all chevron posted $11600000000.00 in profit in the 2nd quarter. these massive earnings are coming at a time where consumers are facing. i rolling fuel costs, which in turn are driving up the prices of everything else. the u. s. oil joints, earnings have followed on the heels of european petroleum majors like shell to tell energies and any posting their own. i watering numbers. teddy austro is standing by for us at the new york stock exchange. said he, as we said those profits are coming at a time of rising fuel costs for consumers. we set it a few times already on the show. any chance that those oil giants will use those profits to help mitigate the energy crisis?

yeah, well you can't stress enough how strong these profits are by then actually said last month that these oil companies are making more profits than god. now are they investing these profits back into the industry to give more supply to try to use the energy crisis. bring some of these high costs that have been eating at the consumers down. well, it doesn't really seem like an investment is certainly not keeping up with the resurgence in demand. there appears to be a cultural shift going on over the past decade. there was a focus more on drill, drill, drill, increase the volume. now shareholders have demanded, well, better profit margins, and that's certainly what they're getting with commodity prices so high due to the supply chain disruptions of the pandemic, as well as the warren ukraine. and these companies are focusing on stock share buybacks rather than investing. now also there is the question of demand in the future for the energy transition. and these companies don't want to spend on

expensive and costly projects that may not be used as demand falls in decades to come. now we're going to have to ask joe biden, how much, how he knows how much money god actually makes. but demand, as you say, is a softening again, or it's going to soften again. what does that going to mean for oil companies? well, we've already seen demand softening a little bit. gasoline prices are incredibly high, the consumer is spending less on that gas, but it doesn't seem oil companies are that scared that their profits are going to come down to heavily. this is because russia well with the whole in russian supply of oil and gas, there really is a floor to how the commodity prices can come down, especially as opec plus struggles to up the supply to fill that gap in energy supply. also, the federal reserve and its interest rate hikes well,

economists and analysts expect that there might, it might induce a mild recession, while analysts believe that well, a heavy recession is what is required to really eat into these extraordinary profits. for the oil companies that we've seen this year. teddy austro there, thank you for all your reporting this week. with a world and a group of a global micro check shortage companies throughout the us are clamoring for semiconductors. washington has decided to green light, billions in aid for us trip producers where the aim of competing with foreign rivals like china. it's been a long time coming. the united states congress has finally passed the chips in science, which is designed to boost the us semiconductor industry. and that opened a new campaign in the chip war against china. the yeas are 243. the naser,

1871 member voting president. the motion is adopted. aiming to make the united states competitive with chinese manufacturers, the legislation will provide $52000000000.00 in subsidies for you as to manufacturers and more than $100000000.00 in size. and technology investments from cars to cellphones, health care equipment, even to video games. to day chips are the most critical production components. taiwan and open target for china has been the chief production her for the u. s. for many years. now this is about the change as u. s. is opening a new front in the trade war against china, and china is aware of that sir is imposing restrictions and seeking the coupling will only hurt others and one's self alight. carter. in the mean time, china stresses reliance on our own efforts to drive the nation's development. nor

restriction or suppression will hold back. china cited to one oakmont and industrial progress. hoover president joe biden is expected to sign the bill into low soon. this will directly affect the course of global technological production for decades to come. russia's war on ukraine is being partially blamed for a rise in the cost of food and fuel of economy in europe is proving surprisingly resilient despite rising prices. official data shows the eurozone economy grew more than expected in the 2nd quarter. i point 7 percent compared to the 1st quarter tourism boosted france and spain. but germany continued to be the worst affected by high inflation and fears of a gas crisis, triggered by a russian restrictions. europe's largest economy stagnated in the 2nd quarter, bringing it to the edge of a recession. so a lot of doom and gloom there. earlier we spoke to thomas old from the german economic institute to ask how he assessed the risk of recession for the euro zone.

i think the numbers look quite good and not positive can be expected. indeed, new point 7 percent growth compared to the point 5 percent and the 1st quarter of this year. and then in the shadow of those number, you go on, which is comprised by the economy and high every right now, which would be a cut off from crushing dead. but even as germany buckles under a gas crisis, german economy minister robert havoc said again today that putting north stream to into operation is not an option. that's the pipeline that was meant to deliver russian gas to germany via the baltic sea. it was scrapped after russia's attack on ukraine. earlier we spoke to john sweeney and investigative reporter and the author of killer in the kremlin about putting through jean. he told us that eliminating russian fossil fuels is the correct course of action. one of the dog earnings of the war so far is that as much money that the west has given to ukraine to help

your crime fights against the brutal invasion we have given far more to russia to pay for its oil and gas. and because because of the will, the present started, the price of oil and gas has gone up so. so yes, sanctions, but actually the reality is your, in particular, germany in particular, has kept on buying russian oil and gas. and obviously, this is an addiction which is hard to get off quickly. but we quickly and here's some other business news. felony has caught if and will net profit forecast. electronics. conglomerate said that slowing growth in the gaming market after the pandemic was the cost of buying game developer. bungee were to blame. so when he agreed to pay $3600000000.00 for the american company earlier this year, alphabet, google's parent company has blocked

a battle grounds of mobile india whenever the most popular mobile gains in the indian market alphabet, cited in order from the indian government for the ban battlegrounds, mobile, india has more than 100000000 active users before the bat, bolivia is home to the world's largest untapped reserves of lithium, a key component, an electric batteries. though it's several years away from extracting the valuable raw material. once it does well, need to import metals like nickel and cobalt to complete the batteries. yet a new car maker in the country is placing its bets on an electric future hoping to expand the electric vehicle market in latin america. this startup is investing big in something small, it's producing micro sized electric vehicles. less than what we need, adler fossil for electron mobility is the micro electric mobility, which is quite different, though. is,

can we be fed into the car can fit up to 3 passengers. its top speed is 55 kilometers per hour, but that's not a problem for quantum customers. they're not traveling long distances. and the benefits outweigh any shortcomings. i'm kind of in a mess. i am as away my electric bill was more or less 10 euros per month. and sometimes i go from here all the way to sucka. buck is others, you know, can i keep a charge and use it at least once a day you'll see notable. yes, it's very low cost compared to a gas powered car. i'm gonna stop by my mom puts in 10 years worth of fuel in her car per week, roughly where as i put in 10 years per month, all that in dana for less money it's cheap to run and easy to charge. and the car can be plugged into a typical wall outlet, but it's electric batteries have to be imported. that's something to start up hopes will change. soon. bolivia sits on the world's largest deposit of lithium

bolivia as president is in favor of industrialize, in the indian nations lithium resources. though many don't expect of that to happen until at least 2030 and experts still think the start up is headed down the right path. and the men from winful to evil when both evil, if this is a very positive undertaking, montgomery put it in because it establishes a precedent in the country though they get a president because it introduces and generates a market for electric cars a little hopefully these electric cars may be many, but their potential is mighty to saudi arabia now, which says it's drawing a line in the sand, at least when it comes to urban planning. the kingdom has been accused of living in the distant past, but now it wants to show how futuristic it is with the line. it's a wall that's also a city, 200 meters wide and 500 meters above sea level stretching from the red sea eastward,

across the desert and into a mountain range. it's part of a project called neon. it could house up to 9000000 residents and run, runs entirely on renewable energy. but like many visions of the future, critics are saying it locks the human touch. thanks for watching. have a great weekend. ah. what making the headlines and what's behind them? dw news africa, the show that faculty issues have been the continent. life is slowly getting back to normally on the street to give you enough reports on the inside. our

cars funds is on the ground reporting from across the continent, all the trend stuff, the mazda you next on d, w eco. indian with india. cities really bigger and bigger, and the heat is getting worse and worse. what can be done and farming? plants health. ready down the climate in low income families can grow their own vegetables. a true win win situation. to india. 60 minutes d w. o. did in wide wing extremists, i suggested again world might be and coping weight and burned in south africa.

people with disabilities more likely to lose their jobs. in the pandemic black lives matter po, shine a spotlight on racially motivated police violence, same sex marriage is being legalized in more and more countries, discrimination and inequality, or part of everyday life. for many, we ask why lice diversity ah, make up your own mind in d. w. lead for mines. this is d w nears africa, coming up on the program, the coven! 19 pandemic. i'm the ukraine will compound the economic pain across the continent. so what's the cure ins and bab way it's shiny new gold coins. the government says bill tame, soaring inflation. we look at how this unusual measure is.