i'm use also on the show. german chancellor, olaf salt springs home energy deals at the end of a tour, taking into the united arab emirates, saudi arabia and guitar. this is the w business. i'm janelle delilah unwelcome george on maloney's when was long predicted and major polls ahead of italian elections held sunday. but it's maloney's move from here on that financial markets will most be interested in. maloney is said to become prime minister, taking over from mario druggie and promising a change of direction for the highly indebted country. she of course, will have her work cut out for her. italy is the 3rd largest economy in the u. it has also struggled to keep its public finances steady. the european central bank has bought more worth more than 10000000000 euros of italian bonds in the last

month at stake. also the 200000000000 euros allotted to italy under the use pandemic recovery fund for which the outgoing government promised reforms. earlier i spoke to claimants 1st from the fo, institute for economic research. i asked them what maloney's victory will mean for relations between the e. u and italy. i think the expectation is that there will be more conflicts, but i think it's important to give the new government the chance to behave cooperatively. italy wants to get a lot of money from the you and this is linked to conditions. so there are strong incentives for the new government to comply with these conditions. so that's what i expect them to do with the rhetoric during the campaign is one thing, but i think the political reality will have its effect. so i wouldn't expect a major conflict. of course there's a lot of uncertainty regarding the,

the way in which the new government approaches its relations to the so you spoke of conditions and of course these conditions for accessing you funds include reforms like improving taxation and competition to predict any implementation difficulties with these reforms under a maloney government that this is very hard to predict, but yes, i do expect implementation problems. the new government does have its agenda. it has made its promises and what i expect is but the new government will try to change some of these conditions. there will be negotiations going on, and this is maybe one of the problems. so then they, the implementation of the program will be undermined. but in the m, the european commission has the obligation to do what's necessary and to get these conditions to be respected. now let's talk about the debt situation. are you

concerned about this? the coalition perhaps will go on a populace spending spree at a time or italy can ill afford it. while that would be what has been announced during the campaign, but i do not expect the government to really implement this because implementing this would violate the conditionality. and it would also put a lot of pressure on on the e. c, b, the sea bees currently already bailing out italy, in the sense that it buys a lot of government bonds in an asymmetric ways. and, and so, so it replaces maturing dominant dutch government bonds with the italian bonds among others. but it would be very hard for the c b to continue with this bail out if, if it is a parent for everybody that italy is violating fiscal rules. so there is a high risk involved and i'm sure the new government in it to the know that claimants, 1st president of the eco institute for economic research. thank you very much.

thank you. now to some of the other global business stories making news. following the success of its prime day sale online retailer, amazon is planning more discounts in mid october for what would be called prime early access sale. it's meant to boost holiday revenue at a time when consumers are spending less due to inflation and high energy costs. tact giant apple says it will manufacture its newest i phone in india. the u. s. firm is shifting some of its production away from china, amid mounting geopolitical tensions and tougher covey restrictions. analysts expect 25 percent of all apple products to be manufactured outside china by 2025 days after the british government announced the package of unfunded tax cuts for

citizens confidence in the country. fiscal and economic stability is evaporating over night. the pound has lost 5 percent to fall on a record low against the us dollar. it's prompting speculation of an emergency response from the bank of england. german chancellor, olaf schultz has wrapped up his tour of the gulf region with a handful of new energy deals. germany has been looking to establish new partnerships there to make up for the cuts in russian, oil and gas, but at home, some are concerned germany is prioritizing energy security over human rights. berlins quest for new ways to reduce its energy dependence on russia took chancellor, olaf shoals to the persian gulf, leading a high ranking business delegation shots. his last stop was guitar, where he met the amir shake tom and been hammered. al tani rochelle underfoot. ukraine, russia's attack on ukraine has endangered energy security around the world. here

and go, hi, spoke with the amir about liquid natural gas supply and the current energy crisis and, and we plan to make more progress soon. diplomatically the trip was a tricky one, and he was under pressure to address human rights concerns in the region. guitar will host the football world cup in november analysis from writes groups and journalists shows there been patterns of migrant worker debt since at one the right to host the tournament. in 2010 short said progress had been made cut out and into tar, has adopted. numerous improvements and workers rights in recent years, in particular, the abolition of the cavalry wage system and the introduction of a minimum wage. the legal situation of migrant workers has improved as a result started for besset. while in saudi arabia he met the controversial crown prince. mom had been salman whom human rights groups suspect of involvement and the killing of saudi journalists, jamal co. shoghi but human rights took 2nd place to energy security. germany sign

crucial liquid natural gas and diesel deals with united arab emirates. schoultz hailed significant progress in securing energy supplies the um, vivid license, my taken very far reaching decisions that have helped to secure germany supply security had to an extent that could not have been expected months ago. now that autumn has just begun, we can say we should make it through the winter to crumble just isn't winter. germany has been criticized for getting to dependent on russian energy. shots believes the gulf trip has planted the seeds to make sure that doesn't happen again . for lauren this, let's turn to leon is vicky an analyst, that energy aspects. welcome back leon. so let's look at the deal shots need with a u. e 100. 37000 cubic meters of ellen g arriving in germany at the end of this year. put that into context for us, is that a significant amount? and unfortunately, it really isn't. we're talking about one alan g cargo of 130 some 1000 cubic meters

. but when you look at the overall consumption of gas in germany, you are looking on an annualized basis that are on between 80 to 90000000000 cubic meters a year. saw what this really signals just more generally the of it towards other suppliers. in particular, also in the medium term, when you're looking at a potential ramp up, an energy exports from the you eat. but when r w e and not have sun is merely a relative, you take my random understanding for potentially more and then g supplies into europe and into germany in particular, over the coming year. and really it's going to be a medium term story in the short term. a high prices are just going to be needed for the european market to just signal that every available spot. and then g carger needs to come to europe. and also that europe needs to reduce consumption to get through this winter and also through next year. so it's same unimpressed by the amount agreed there. but how much do you think se,

golf chip did help towards alleviating germany's energy scarcity issue? as i said, i think it's, it's a step in the right direction. it's a step in the right direction in particular for the medium term signing longer term and, and you supply deals with other suppliers than russia will just provide some safeguards for germany to be able to pivot away from, from russian gas and to contractor that relatively diverse portfolio essentially all energy suppliers supplying cargoes into the german market. but again, in the short term, what you're looking at is the fact that we are looking at a dead weight loss in supply in the global gas balance. simply because russia cannot divert gas, that normally exports by a pipeline to europe, into other european markets. it has to resort to, for example, shutting and production was, it has to resort to, to, for example, flaring as well. so all of that means that you are looking at a more, generally speaking very tight global gas balance, where there is just a lot of competition for that. marginal and g, cargo from asian markets,

for example, and from europe. and the only thing that was sold this really in the short term is just going to be high price. so the gulf trip hasn't materially changed the conditions for us, but i want to pick up on something from the report. so germany is replacing at least partly energy supplies from one undemocratic country. so russia, in this case, with supplies from countries with problematic human rights records, is germany failing to learn a lesson about the dangers of partnering with non like minded countries, especially when it comes to energy. i think that's, that's ultimately a question that both policy makers, politicians, and also the electorate in europe and in germany needs to be sponsor for themselves . but what you're looking at in terms of pivoting from pipeline supplies to global and g suppliers, more generally from market perspective is that you're decreasing your overall dependence on any one country. simply because pipeline supplies are relatively in

elastic. as i said. if there's going to be a decrease in russian pipeline supplies in europe at the moment, it results in a dead weight loss that doesn't result in a reconfiguration of gospels. nicole, a balance on a global scale when it comes to challenge it is a much more globalizing to monetize market, in the sense that you are creating less dependence on any one single country. in particular, if you are signing several new and, and g long term supplied us with different suppliers. thank you, leon is vicki from energy aspects there for us. thanks very much. and a reminder of the top business, thor 8. we're following for you this our george maloney says she'll govern for all italians after her right when brothers of italy, party and its concert of conservative allies, one a clear victory in sunday's elections. maloney is now set to become italy's 1st far right leader. since world war 2, however, maloney's openly critical stands to the european union and populace economy policy

can spell trouble for the debt ridden country. that's our show for more checkout d, w dot com slash business, and d, w, use youtube channel. we're also on facebook for me and the business team here in berlin. thank you so much for watching. ah, with with

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