well, here's a reminder of the top story we're following for you this error. ukraine is ready to resume grain exports under a u. n. deal with keith and moscow. president lansky says ships are loaded and waiting for the go ahead from international partners to start exporting. millions of tons of food supplies to the world. all right, you are up to date more world news at the top of the next hour. janelle do malone has your d w business updated in just a moment. and i'll be back again at the top of the next m. c. event. take here with red alert for the blue climate. ah, we're going to have some epic. moreover, water with her is becoming

a scarce commodity. the global struggle for water. thurston starts august 10th on d. w o vibrant habitat who ended glistening place along the mediterranean sea scene of almost war and to far a dual career drift along with exploring modern lifestyles and mediterranean bees. ready to lead journey in 10 episodes stuart's august 14th on d. w a . oil companies pump out unprecedented profit. exxon mobil and chevron shatter earnings records at a time of soaring fuel costs for consumers and chips to compete with china,

us lawmakers boat to spend billions to boost the countries domestic semi con, for industry. this is d. w business. i'm janelle dumas on welcome. we begin today with the record breaking profits from oil companies, exxonmobil and chevron. exxon mobile 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 spiraling fuel costs, which in turn are driving up the prices of everything else. the u. s. oil joins, 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 study. as we said, those profits are coming out of time of rising fuel costs for consumers. we said 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 is 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 panoramic as well as the war and 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 2nd 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 while 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. where the world and the grip 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 to producers, with 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 names are 1871 member voting present. the motion is adopted. hey, mean 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 science and technology investments from cars to cell phones, 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 trip production of for the us for many years. now, this is about the change as us is opening a new front in detroit war against china. and chinese aware of that sir is imposing restrictions and seeking the coupling will only hurt others and one's self alight. caught in the meantime, china stress this reliance on our own efforts to drive the nations development. no

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 tours in boosted france and spain. but germany continued to be the worst affected by high inflation and fears of a gas crisis. triggered by your 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. i'm not positive can be expected. indeed new point 7 percent growth compared to the current price within the 1st quarter here. and if you can't down in the shadow of those numbers, you're going, which is comprised by economy and high every right now, which would be a cut off from crushing dad. but even a germany buckled under a gas crisis. german economy minister robert havoc said again today that putting nordstrom 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

armies of the war so far is that as much money that the west has given to ukraine to help your crime fight against the brutal invasion we have given fall to russia to pay for its oil and gas. and because because of the will, the prisons fans and the price of oil and gas has gone up so. so yes, sanctions, but actually the reality is you're in particular germany in particular has kept on buying russian all and gas know, obviously this is an addiction which is hard to get off quickly. but we quickly and here are some other business news. felony has cut its annual 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. tony agreed to pay $3600000000.00 for the american company earlier this year.

alphabet, google's parent company has blocked battle grounds 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 preserves of lithium, a key component, an electric batteries. though it's several years away from extracting the valuable raw material. once it does 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 that la for a total for electron mobility is the micro electric mobility,

which is quite different though, is can we be financing the car? can fit up to 3 passengers. it's 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. none of them will 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 suck above the others. you know, can i keep a charge and use, at least once a day you'll see notable. yes, it's very low cost compared to a gas powered car and go so far. 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 didn't already out of her last my it's cheap to run an 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.

bolivian 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 in the meantime, winful to fever when both evil. if this is a very positive undertaking, montgomery put it in because it establishes a precedent in the country the 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 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 headline to santa what's behind van d. w. news africa, the show that the issue is shaping the continent. life is slowly getting back to normal. yeah. well,

on the streets to give you enough reports on the inside. our cars funds is on the ground reporting from across the continent and all the trend stuff. my talk to you next on d w. a woman with god. margaret was 64 when she 1st right a motorbike and she hasn't stops in 18000 kilometers. 18 countries. the adventure of a lifetime. no limits. margaret's incredible journey. as special read. he's 60 minutes on d w. well, this is deb machine, an order she ging,

president of the global power china is 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 and again and again, she provokes and threatens with military aggression. the chinese president believes that his weight is for superior than that of western democracy. china's president, she ging paying distorts july 30th on d. w. this is d. w. he is africa coming up on the program. the coven! 19 pandemic on the ukraine wool compound, the economic pain across the continent. so was the cure ins and bab way it's shiny new gold coins. the government says they'll take.