these are the esl, green country. we didn't do anything wrong. and what is happening right now? absolutely is all here. i wrote it that member of the ukrainian parliament. thank you very much for joining us. the on the w news. and his reminder of the top story, we have been following for use several ukrainian cities, including the capital p, have been hit by russian missile strikes. bread and official. sad is 8 people in the capital have been killed. president slodum is zalinski, has accused russia of wanting to quote, wipe us from the face off the eye. and that's it from me avenue. seem fun. our business is op. next with steve. it's a might and the pillar of sticking in society, a symbol of arbitrary rule crucial tool in the struggle for justice

taxes the right to levy taxes and the obligation to pay them both inherent in the sovereignty of nation states and their citizens. but what happens when the power of taxation is undermined with won't pay. taxation oh, ticks starts october 21st on d, w ah, former us fed cheap bin bernard key and 2 other americans win the nobel prize for economics, for their focus on banks and the role of liquidity and financial crises. we'll take a closer look. also in our show, 12 percent of goods being shipped by c,

r stuck in port at the moment. could a global recession help reduce the strain on trade networks? and can norway come to the rescue of european ne, since in desperate need for natural gas deliveries? well, walk into the show, i'm seeing beardsley in berlin. former u. s. fed chair, been bernacki, has been awarded this year's nobel prize in economics, long side fellow american economists, douglas diamond and philip dip. vic or the committee awarded this year's prize for contribution to research in banks and crises, in particular, bank runs and their effects on the financial sector. the economics prize is awarded by the swedish central bank in memory of alfred nobel and carry surprise of over 900000 euros. failed to try for reefer on bay where i will move on for now. the past 2 and a half years of global pandemic have led to

a whiplash and consumer demands and challenge supply chains to keep up. well, that's led to shortages and goods and even conversely over supply at times. and the situation remains difficult. the 12 percent of goods transported by ship are stuck . containers can't be unloaded because ships have piled up outside of ports. that's according to a new report by the kil institute for the world economy. meanwhile, the economic climate is changing. container transportation costs have tumbled as a result. they've have for shipping a container from china to europe, to $7000.00 from $15000.00 that we saw at the beginning of the year. and the decline is even bigger for shipping from china. the u. s. it's fallen more than 80 percent buy from orland, i'm joined by vincent dahmer. he's a trade expert at the kill ins to for the world economy and he runs that trade indicator. vincent, thanks for joining me. so many ships are stuck in port while the economy itself is

actually getting worse to businesses still want these goods that are in the ships. the business is still one of these goods. they're still supplied. same problems that we observe. they have been easing some wants, but you're still in a world in which we are in dire need of intermediate goods. for example, what we do observe now which is changing slowly, is that consumer demands for physical goods, like furniture for the home office by consumer electronics. many of these goods come from china. this consumer demand is slowly easing. eroding your latest report that a cooling of global trade could actually be a good thing for supply networks. walk us through that. of course, i mean we still observe, as you said, that 12 percent of all goods that should be shipped by moving ships. a currently stuck in some sort of container ship congestion, so they literally waiting outside of the ports to be unloaded. and the hope is,

of course, if trade is somewhat stagnating or slowing that the industry can sort of catch up and reduce this congestion. this, the same holds true essentially for, for companies, right? companies in germany, for example, or in europe that are still in need of intermediate goods comp. for example, china, they would have some sort of breathing room for warehouses and for stockpiles to increase and sort of creative buffer for perhaps the next supply chain crisis. at the same time, goodness, reduce the availability of shipping. if we see a global recession coming, i mean this has been such a back and forth for the shipping companies to go from incredible demand to an incredible fall in demand. what kind of told is that take on them and what does that mean for the wider economy? for yeah, absolutely. right. especially the content being industry has been going through very, very significant business cycles. over the years before the co cronum pandemic, the saw very,

very low fight place where it makes essential threat for many of the companies. and we've gone, saw skyrocketing fights and we are probably moving towards the world. we're pride rates are very, very low again. now this has um, some benefits for important exporters for us consumers because we can get hold of goods from ra cheaper. but of course, some of these shipping companies have to invest in more modern fuels. they have to make sure that scale effects use in order to be able to still be profitable even when pride rates a decrease or i've finished amr trade expert at the kill institute for the world economy. thank you very much. thank you. or i, we want to talk more about the recently awarded nobel prize for economics. and for that we go to our correspond ashatash, pandey, ashatash. these 3 economists, including former u. s. fed chief, been bernard k, a just named as the winners of this award. what can you tell us about the common

thread running through their research? well, it's about the, the see the importance of banks. just why we need banks in the economy. is it fair that banks make money out of our savings? and they've decided and did the analysis shows that yes, banks are very important. and they're generally wisdom. before the research was that financial crisis usually lead to collapsing of banks and there's a run on banks and they do collapse. but it's their research that actually sure that it was the collapse of the banks that actually made the financial crisis was so easy played actually did. the research is extremely important in today's times where central banks play such an important role in actually ensuring that the economy is in the right shape. interesting because bernard, he took so many lessons from his scholarship on the great depression, then he had to respond himself to the financial crisis in 2008. but he did phase

criticism, didn't he? for his relationship with those banks absolutely did face, but like not if you see the recognition from nobel a society, you see that there was like where you are coming from. he had study the great depression and he saw that there was, there were runs on the bank and that made the price is even worse. and that's why he thought there was the time that somebody needed to protect the bank because banks are actually getting an important data about going to help assume that reacting how borrowers that reacting and that's the reason why the banks needed to be defended. and, and that's been recognized by the noble society. all right, you know, the businesses ashtosh panda breaking down the nobel prize winners. thank you very much. and we go now to some of the other global business stories making headlines. chinese tech companies are facing the effects of the latest u. s. export rules. which aim to cut china out of selective semiconductor chips

made with u. s. equipment shares and chinese giant alibaba fell over 3 percent. while china's semiconductor firms slumped nearly 6 percent. japan is opening its doors to tourists. travelers will be able to visit the country just as they could before the coven. 19 pandemic. japan's airline stores and tourist hotspots are excited to revive their businesses a week. yeah. and means that some visitors actually have much more buying power. heavy rainfall in india has damage key summer grown crops including rice, soybean cotton and vegetables just before harvesting that could still conflation in asia. 3rd biggest a car economy. our food prices could prompt new delhi to introduce additional export restrictions on commodities, including rice, meat, and sugar. well, since the beginning of the war in ukraine, russia has drastically cut its gas applies to europe. as the block lost its biggest gas supplier, norway is throwing

a lifeline. it's preparing to become your biggest supplier and make huge profits in the process. or on mac sander visited the used gas rich neighbor the fossil fuels europe desperately needs light deep beneath the ocean. this region is responsible for 3 percent of the world's gas consumption. the norwegian continental shelf plant from crews and pipeline operators are working around the clock to provide something that's now needed more than ever in europe. affordable gas. the biggest question is now whether or not norway will be able to share its riches and help out it's european parkers. we travel to norway to find some answers. now this here is one of the main facilities connecting norwegian gas fields to homes and businesses in central europe. this is the coastal processing plant from here, gas is being sent to germany. why a pipeline? and since the beginning of the war,

the volumes of gas being sent through these pipelines has increased quite a bit to make up for the lack of lush and gas compared to last year, almost 10 percent more gas is now being processed by plants like this one from casto, the gas travels more than 600 kilometers by a pipelines to m than and donald in northern germany. since the start of the warren ukraine, german leaders have asked our norwegian counterparts to do even more the industry seems open to the idea. like many other is pipeline operator, gasket appears to be in good spirits here at o. n s one of the world's largest oil and gas conventions. if you look at the average for the last 5 year, and we will definitely be on own most the highest level lever her this year. we are working all the time to optimize the new agent transport system. the industry has been able to increase the output partially due to delaying maintenance with c, e o for the leave us on expect even higher volumes of gas to be delivered next year

. however, like many in the industry, he prefers to not discuss profits. our job is to be predictable, to deliver to goss in, to the market the way that the ship but want us wants us to do the high end irregularity, low emissions, and so on. if the prices are low and the prices are high, we do on our job anyway, so that so that's our main focus. related, reliable supply through europe. norwegian, oil and gas won't solve the european energy crisis alone. but they're likely part of the answer. over to the small town of nita fino, in eastern germany, where there's something big to celebrate completion of a massive elevator for ships traveling on a nearby inland waterway. the long delayed project is expected to increase traffic along the canal to look. this is a giant elevator, not just giant. it's germany's largest. it's designed to lift boats over

a 50 kilometer stretch of canal between poland and berlin. in just a few minutes, the structure can lift barges to a height of over 36 meters, allowing them to travel smoothly from the polish port of searching to the german capital. the ship ceeback is under this new boat lift, a suitable for modern transport barges, which are longer and require a boat lived with different dimensions. with this were taking inland waterway transferred to the future because it's necessary to organize our logistics network and mobility in a climate neutral way. is you. the elevator is 55 meters tall and can hoist the equivalent of 50 blue wales. it's an astonishing feet of engineering, and one that has been long overdue. construction had been delayed for 8 years due to lay deliveries, a supplier going bankrupt, worker shortages, and then the pandemic. it replaces an outdated lift that was commissioned in

1934. both lifts are now part of the broad and very landscape, plus it's a tourist attraction for the surrounding town of $600.00 people. and here's a reminder of her top business story. former u. s. fed chief, been bernacki as well as economists, douglas diamond, and philip did big have been awarded the nobel prize in economics for their research on banks and financial crises announcement was made today by the royal swedish academy of sciences. that's our show. thanks for watching. ah. we depend on past tele determine, we're totally dependent on the synthetic. netflix climate change climate activist anita sina is fighting to protect her home in kenya and not with weapons. 3

saplings, bank onto the wake up call, but opposed to action, which i think that's a little hopefully with them with on deal with. we've got some hot tips for your bucket list. romantic corners, chat hot spot for food and some great cultural memorials to boot d w, travel. all we go ah, with water is a source of life, but people across africa.