is port what that move means to them. also coming up with the u. k. government, nancy tax hikes and spending cuts. we'll hear from our correspondent bar whether the measures are likely to help solve the countries cost of living crisis. and we'll go to argentina, or a major drought hitting the country's wheat fields is threatening to further increase already high prices for food or on. i'm chris kolber on the line. welcome to the program. beijing says a league paper on germany's new china strategy is a throwback to cold war times. earlier this week, german media report details on how berlin wants to deal with a country and calls a competitor and systemic rival. this new strategy would be a significant shift to how germany is approaching china. the report a draft shows that germany once human rights standards to play a major role in future economic relations that includes keeping force labor out of

supply chains. berlin also warns of lopsided investment in recent years. china has been buying up companies and infrastructure abroad while blocking symbol axes within its own borders. now the world, most recent example of that, so chinese states shipping giant costco, buying a steak and a freight terminal in the port of hamburg after hefty political wrangling. costco was allowed to acquire a for 24.9 percent stake in the terminal. critics say, china could use the 2nd largest port in europe as a political weapon. transfer all of shawls over ruled opposition from 6 coalition allies and ministries and national intelligence service, and allowed the move to move forward. it's a tough call. china is the port of the port of hamburg, most important trading partner accounting for nearly 30 percent of container

throughput. it provides thousands of jobs, but called for less dependence on china are growing the mid dagger i spoke to actually my turn port of hamburg marketing ceo and i asked him how concerned he was that the german government is warning chinese investment in ports around the world . could be used for the military in this is something where we have to be concerned about in general. but looking into the example which we had in hamburg, which we have in hamburg having a minor share investment and one of the terminals and smallest terminal in the port of hamburg that doesn't refer to any kind of military topics or, or even infrastructure topics, is something which is pretty norma around the world in ports and international trade as well as the shipping lines are acting on an

economical basis. and they have to secure the possibility in the port for themselves. so it's a pretty normal exercise. what we are looking at here, germany wants to put his relations with china on a new footing. trying to obviously is germany's biggest trade partner. but it is a showing, a more assertive stands on the world stage. so is recalibrating this relationship, the right step. of course, i mean we are calling for that since in years now because it's much better for us being an international trade draft, some kind of guidelines in order to, to act on the international floor. and that's what we're waiting for since since h as now. and so we are looking forward to draft is kind of guideline from the government. and, and this is what we would like to have. but on the other hand, we should be aware of that. europe and germany in full is pretty

much dependent on international trade and especially as well on the trade between china and europe. and we should at least take that in mind, preparing this kind of strategy for future relationships. and of course, the amber port is heavily depending on trade with china on this. this strategy dads, apparently, in the works, is to contain, among other things, regular stress tests for companies with significant exposure to china. how do you expect hamburg ports, business with chinese logistics companies? like costco, to develop these plans. i mean, we have been in contact or we have cosco as a client in hamburg since 40 years now. so we are pretty much aware of we are talking to, to whom we are talking to and we have

a very relationship which is very trustful, to be honest. and we are talking not politics. here we are talking about handling containers, which are heavily needed to, to run the, the german and european economy apparently. so we tried to, to fulfill a duty which is which is handling of container at the end of the day. not more. and so we are pretty reluctant about any kind of stress tests with chinese company because the companies are on the duty to fulfill their duty in terms of handling containers. transporting, doing logistics, trade with china is the most important business of the hamburg port. now, higher costs to be less dependent on one big customer need to be taking into account. the chancellor says when it comes to doing future business,

what's your take on that? when we, we, of course we have more than 30 percent or one 3rd of all the car will be handled in the port of hamburg is related to china coming from china, going to china, import and export. so, but not all the cargo which is being handled in the port of hamburg is being transported by chinese companies. so there are a lot of other ship owners in line us shipping companies which are transporting these cargo in these containers. so we are not relying on on costco, for example. so there is others like have truck lloyd, like m a c, c, m a c, c m, which are deeply involved in transport of all the containers worldwide. it's an international business. it's done. there's no trade. so we are not dependent in this respect on, on one customer actually, madame had of port of hamburg marketing. thank you for thought. thank you.

and now to some of the other global business stories making news. germany's largest trade union has agreed to a new employee deal where the wage hike is totaling 8.5 percent over the next 2 years. the deal covers almost $4000000.00 workers and allows employers to avoid for the strike. talks are closely watched across germany, where inflation above 10 percent has been eating into people's purchasing power. chinese regulars have given the green lights to a new video game from 10000 companies 1st approval in the past 18 months. consent was at the center of beijing's recent cracked on tech companies when regulators urged close or scrubbing of politically harmful content as they put it. licenses are mandatory for video games sold on the chinese market. and chinese e commerce giant alibaba has reported a loss of $2900000000.00 for the 3rd quarter as the company grapples with an

economy slow down and an anti monopoly crackdown. alibaba, the performance is widely seen as a gauge of sentiment in the chinese consumer sector, which is struggling as growth in the world's 2nd largest economy. sputter, british market 7, stabilizing a day after the government released its new austerity budgets, the british pound, paired back. some of its losses from thursday, while the foot c, $100.00 began to day with gains the budget. the 1st, under the new government lays out a $55000000000.00 pounds worth of tax hikes and spending cuts finance minister jeremy and says the belt tightening is necessary to reassure financial markets, but it's expected to worse and the countries cost of living crisis. earlier we spoke to d, w long correspondent, begging mars who underlined that, despite the new budget financial problems for britons or mounting so the most

vulnerable in society. and they will be protected by this voucher to a certain extent pension, as for example, and also those on benefits. but people on low income and that could be nurses, for example. they will see because of the rising inflation, they will see their wages continuing, their real income continuing to be squeezed. so no, i think the cost of living crisis will continue to be a problem for many ordinary written for, for a while to come to w spigot, mouse reporting from lumber. our 1st, the international wheat market was rocked by russia's war and ukraine since both countries are important. explorers of the great. now a drought and argentina, which is another major wheat producer, could push already high food prices even further. with a month before harvest time, the wheat on close 10 or laser last feel usually stands half a meter tall and has a dark green tone. this time around the plants are half the height and have already

gone brown. argentina is the world 7th largest wheat exporter, but just as it's needed more than ever to compensate for grains loss due to the war in ukraine, a drought cuts its harvest in half and we'll get into your journey. i am 48 years old and this is the worst drought that i've seen in my entire life. we have seen precipitation levels decrease and decrease over the past 3 to 4 years. every year, a little less. we had to farm all week with practically no water may be 57 or 8 millimeters of rain, not more. so when i solar says it's due to climate change. he fears the harvest on his 80 hectares will come in at around a 3rd of usual levels, even though the scarcity will drive up with prices that won't compensate for his losses. in one is iris resource analysts. sebastian olivera says that the drought in argentina will throw the di stabilized global wheat markets,

but he says it won't have a lasting effect, as opposed to russia's war in ukraine. video. will aguilar take a contingency it will raise? will a tell us in the market on your argentina as a player there? yes, but it's not as much a factor as the one ukraine where 2 major wheat producers are sidelined, hello, argentina's, most important producer for brazil. and now priscilla's looking for other suppliers, possibly canada the u. s. or even russia, and that will again drive up prices so seater. the reason for the drought global warming of greece, laura rocher co author off a book on the topics titled a caliente or ultra hot. why climate change is the biggest problem of our time? let us say mcclellan nurse, let us imagine because of climate change, we're seeing more and longer lasting droughts. and some don't understand what it does to our soil, but simply said if we get more droughts and scientists project that we will,

then by 2015, we will lose up to one per cent of our gross domestic product. hey billy for now argentine us prioritizing we've production for its own domestic market. exports will be reduced by that won't change the fact that in argentina brought price for bread and other wheat products will likely go up and that wraps up our show for now. as usual, you can find a more information on our website at www dot. com slash business or on the w news, youtube channel. i'm chris colburn. berlin, thanks for watching. enjoy your weekend. ah, with

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