western leaders say the move is in response to russian losses on the battlefield. ukrainian president of older zalinski has given a virtual address to the un general assembly. he demanded that the principles of the un charter be insured for his people. he also laid out a 5 point formula for peace and criticized neutrality about russia's invasion. that's all for now say to him, for the latest global business news coming up next to remember, you can get all the latest news on our website. it's d w dot com. thanks for joining us. she's up to date. don't miss our highlights. the d w program online. d w dot com highlight hello guys. this is the 77 percent. the platform for africa. you to defeat issues and share ideas with, you know,

or this. i know we are not afraid to happen delicate because population is growing . and young people clearly have the solution. the future with is 77 percent every weekend on dw ah, the federal reserve hikes interest rates again. well, another rise in borrowing costs help bring the highest u. s. inflation for 40 years under control will get some expert opinion and taking matters into her own hands, meet the lebanese bank robber, who took back the money that she says is rightfully hers. this is data we have

business on robots in berlin. welcome to the program. the feds fight against inflation continues us central bank has raised interest rates by 3 quarters of one percent. its 5th rates hike this year. us borrowing costs are now at the highest since the 2008 global financial crisis. the aggressive program of rights sites aimed to tame rising prices for everything from food to clothing. the federal reserve decision on wednesday comes with us inflation persisting at over 8 percent . is fed chairman jerome pow over coming months, we were looking for compelling evidence that inflation is moving down consistent with inflation returning to 2 percent. we anticipate that ongoing increases in the target range for the federal funds rate will be appropriate. the pace of those increases will continue to depend on the incoming data and the evolving outlook for the economy. with today's action, we have raised interest rates by 3 percentage points this year. at some point,

as the stance of monetary policy titans further, it will become appropriate to slow the pace of increases. well, we assess how our cumulative policy adjustments are affecting the economy and inflation. mo, discuss the reaction of corporate america to the federal reserves decision with that correspondence in new york shortly. but 1st, let's get a better understanding of the fed's approach. i'm joined by job korean, whose chief economist at the keenan institute of private enterprise in north carolina. thank you very much for joining us on d to we business. how easy a decision was this for the fact because there is a balancing act to be performed is not it's great to be here. so i think all of these decisions are really hard for the fed because as you say, they're trying to balance fuck fighting inflation and really showing that they're fighting inflation and being very, very, indicating and being very vigilant. and they know that this is the key problem and the risk of causing a recession by these rate hikes. the challenge is that monetary policy is

a very blunt instrument. basically what they have to do is they're, they're hammering down on demand in order to slow inflation. and part of the problem is that are met. much of the problem is that there are supply challenges or, or their significant problem of supply challenges of labor shortages. and the fed can't do that, can affect that by raising rates or even cutting rates, what they really need but, but they need to slow demand and so they need so inflation. so they have to go with slowing demand and risking recession and jump out appears to have indicated that moral rights rises on the way. i mean, how high can it go? we're gonna keep getting these point 75 percent rises. well, they just, they did a quite an aggressive shift in, in their summary of economic projections. the fed puts had the, the members of the apple, m. c. put at a summary projections. and they raised their tar,

their estimated year and target funds rate by one full percentage point, which basically says they anticipate another one and a half percentage. the percent were percentage point rise between now and the end of the year, which means some combination of 75704075 basis points, 3 quarters, a percentage point half a percentage point and our quarter percentage points. so it could be 27517515125. we don't know that there's no specificity that but they, they look like they're going to continue to be quite aggressive. u. s. already entered a technical recession last quarter. is it going to go deeper into recession? is that is not just a fact now with the rest of 2022 brief if you can so, so i'm going to push back a bit on that. that while there were 2 negative quarters in g, d, p, the employment data, other economic data, and even the gross domestic income,

which is another measure of economic output, we're all positive with employment data be very strong. so i don't think, or i strongly feel we were not in recession in the 1st half of the year. and the data that we have suggest that we are not in a recession in the, in the 3rd quarter. and based on the economic fundamentals that we have, i don't think that, that we're going to be there in the next quarter in the 4th quarter. the one that we're about to begin going into 2023 i think is really where the danger of the fed lurks. and i think if given all the positive fundamentals, if there is a recession and i put it at about a 5050 chance, which is still very high probability, that it will be at the end of 2023 and early 2024. i can tell kind from the candidates to a private enterprise. thank you so much for reactance about that decision for us. thank you. let's actually turn to our financial correspondent in new york. he ends quarter for even more on this a yes. yes,

businesses had been expecting this rates rise, things fair to say, but what is actually mean for them? and i mean, john paul made it to a pretty clear he said there's no way of wishing away inflation and it's never painless, certified inflation. i mean, what the federal reserve is doing here or was making money more expensive is sir to actually push the company is to spend less so. so that's a direct effect there. does serve interest rate increases that are having on us businesses and then also the higher the rates in the united states. you also saw this sort of push for the us dollar in comparison to a whole basket of other currency as meaning when you're in usaa exporter. i mean that's going to hurt your profit. been your bring your money back home from overseas. the behavior is a fair to offer new sets. the tone for other central banks doesn't have several businesses outside of the state. so. so be taking note of today's decision. yeah,

clearly i mean, you will see that quite often that when something had been sent disconnected at spades and specially walter was the federal reserve firm other a central bank so follows you would actually, i believe this week, a load we have about 12 to 13, a central banks around the globe who are toying with some increasing and their rates into a certain sense. i mean they, they have to because the wider the gap between rates in the united states and somewhere else and a planet. i mean, that pushes earl or ports a lot of capital into the u. s. a. system and other countries, one, bed capital 2. and then also when we talk about term bit higher rates in the u. s. and 3rd, the effect that that has on the dollar that clearly is also affecting our business . so somewhere else around the globe, maybe one little positive effect that those rate increases. might have you see that quite off the higher dollar as the more or, or the, the, the bigger the drop in commodity prices. so that actually could be as smart as not

positive of what we're seeing right now. and the dollar went to its highest rate for 20 years against your didn't after this. so thank against culture in new york for us. now let's take a look at some of the other global business stories making the news as well. apple could be making one of 4. i phones in india by 2025, according to j. p. morgan, the tech giant is moving some production out of china, mid mounting geopolitical tensions and strict coded locked downs. apple is expected to move about 5 percent of iphone 14 production from late 2022 to india. hong kong has lost his position as the global aviation hub due to china's 0 cove. it policy that's according to the head of the airlines group. i, arter the group warranty industry, the industry pandemic recovery would be slowed if paging kept up, the policy that germany's largest gas in bought

a uniform has been nationalized. the german government announced the measure on wednesday to prevent the company going bankrupt. unit per, has been caught up in the ongoing energy crisis after russia stopped almost all natural gas flows to germany and was widely seen as retaliation for sanctions over the war. and ukraine with no cheap russian import, juniper has had to buy gas elsewhere, much higher prices. german government, now how it's 98.5 percent of unit stock, though, after buying out finish energy firm for t. m. is univers see, or who welcomed berlin's decision. got obama, we have always pointed this out. if our company had gone the bank roma, it would certainly have triggered a chain reaction and the german gas appliance on probably all the way to the german electricity supply or even beyond germany's borders. and in this respect, i think everyone was in agreement that such a chain reaction must be prevented. and that's what's happening now with this

stabilisation package and stop. now lebanon's banks are expected to be closed indefinitely. following a series of armed robberies, lebanese savers, frustrated by their country's economic implosion, have been taking matters into their own hands and all inspired by one woman. this is the moment a woman holds up a bank in beirut, a weapon she's holding is a toy gun. and the $13000.00 euro she runs out with she believes is rightfully hers. the funds will be used to pay for cancer related treatment for her sister until this moment, she hadn't been able to access the money. why don't think that senior authority figures in lebanon do not have interest with the banks. they are all in cahoots to steal from us and leave us to go hungry and die slowly sway his wife in a country where thousands of people have been locked out of their savings. the 28 year old interior designer is being hailed as

a hero. for taking hers back since of fees as bold act 7, others of held up banks to access their own money. 3 years ago banks and lebanon, imposed controls at froze a savings account of ordinary individuals. over night. they claimed it would help easy economic crisis. but with people unable to access their money, things have gotten worse. depositors say that bank owners are lending their money to the government in return for high interest payments. the obviously of human smuggle, what is happening is unacceptable. and the most responsible party is the lebanese state that is still dealing with this issue in a wrong way. we bloody all remote the world bank has called a crisis, a deliberate depression orchestrated by the countries elite. the government says it is working to secure a 3000000000 euro bailout from the i m f. meanwhile, huff fees and her sister will now be able to pay for her sister's treatment. just thought for mind as the top business story we're following for you this our,

the u. s. federal reserve has raised interest rates by 3 quarters of one percent. it's the 5th increased by the central bank this year as it tries to bring the worst inflation in for decades under control. that's all from me on the business team here in berlin for more to head over to our website data we dot com slash business, or of course the d, w, news, youtube channel. and you can find us on facebook as well as d to wait till next time with into the conflict zone with sebastian a year of taliban rule in afghanistan. and the country is only to me, you experts with highlight to the extra judicial killing, staggering repression of women. when you go, my guess is week is have fema stopping all my minister in the last afghan government threat to side by the taliban because she feel country was betrayed by

the way. conflict zone next on d. w. ah, in the years past to global power, the country has been stronger in the international order under the hindu hard liners, prime minister unloading but domestically the country is increasingly divided. the world of not in the 45 minutes on d. w, with listen carefully. oh, yes, today,

ah feel the magic discovery of the world around you subscribe to d w documentary on youtube. a year of taliban rule in afghanistan and the country is on its knees. un experts have highlighted extrajudicial killings, kidnapping, and staggering repression of women and girls. all this and the fastest meltdown of a country's economy in modern times with millions at risk of hunger and starvation . my guest this week is, has seen us happy former minister in the last afghan government swept.