also on the show, german chancellor, olaf salt springs home energy deals at the end of a tour, taking him to the united arab emirates, saudi arabia and guitar. 5th as the w business. i'm janelle de malott on welcome george maloney's when it was long predicted and major polls ahead of italian elections held sunday. but it's maloney's moved from here on that financial markets will most be interested in. maloney is set to become prime minister, taking over from mario doggy 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

months at stake. also the 200000000000 euros allotted to italy under that use pandemic recovery fund for which the outgoing government promised reforms. earlier i spoke to claim ins foose from the e 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 you. so you spoke of conditions and of course these conditions for accessing you finds 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 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 that they, the implementation of the program will be undermined. but in the m, the european commission has the obligation to do what's necessary to get these conditions to be respected. now let's talk about the debt situation. are you

concerned that this 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 ico 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 to 2 inflation and high energy costs. tak 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 coven 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 under 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. berlin's quest for new ways to reduce his 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, unable to credit russia's attack on ukraine, has endangered energy security around the world. here and o. hi,

spoke with the amir about liquid natural gas supply and the current energy crisis and, and we planned to make more progress soon. diplomatically the trip was a tricky one, and he was under pressure to address human rights concerns. and the region guitar will host the football world cup of november analysis from writes groups and journalists shows there been thousands of migrant worker debts since it won the right to host the tournament. and 2010 shots at progress had been made cut out and in cotton 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 with a 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 kashodi. but human rights took 2nd place to energy security. germany sign

crucial liquid natural gas and diesel deals with united arab emirates shawls hailed significant progress in securing energy supplies, yum, vivid license. i 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 convert isn't winter. germany has been criticized forgetting to dependent on russian energy. schoultz 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 made with a u. e 137000 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 i'm not have sun is merely a relative, you take more random of 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. 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, so if fame, 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. we'll just provide some safeguards for germany to be able to give it away from, from russian gas and to contractor di, 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 had 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 will solve this really in the short term

is just going to be high price. so the golf 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 germany needs to be sponsor for themselves on 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 supply, the relatively in elastic. as i said, if there's going to be a decrease in russian pipeline supplies into europe at the moment, it results in

a dead weight loss that doesn't result in a reconfiguration of gospels. nicole balance on a global scale when it comes to energy. it is a much more globalized commoditized 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? thank you very much. and a reminder of the top business story 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 it's concert of conservative allies, one clear victory in sunday's elections. maloney is now set to become italy's 1st our right leader since world war 2. however, maloney's openly critical stands to the european union and populace economy policy could spell trouble for the debt ridden country. that's our show for more

checkout d, w dot com slash business, and the d. w. news, youtube channel. we're also on facebook for me and the business team here in berlin . thank you so much for watching. ah, ah, ah, ah, with

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or ah ah ah ah, this is dw slide from berlin. italy's new right wing leaders promised to restore national pride. george maloney is poised to become a bus to fall right. prime minister in italy since a world war 2, she says she'll bring unity not division.