also in our show, india expands its pilot project for a new digital repeat. we'll hear from our correspondent in delhi and russians who have fled the term he might be wearing out their welcome in an economy where many are struggling walking to show, i'm seeing beardsley in berlin. super aggressive, the words reportedly chosen by french president manuel mc juan to describe a new american law that he argues will distort transatlantic trait. mccomb speaking during a closed door meeting with us lawmakers on wednesday. today he'll have the ear of us president joe biden as part of the state visit to washington. the new law, the $430000000000.00 inflation reduction act subsidizes us investment that lowers carbon emissions such as electric vehicles across as it discriminates against european firms at a critical moment for the continent. what has happened in recent months is a challenge for us because we are starting to have differences on energy issues.

and the cost of to her is not the same in europe and in the united states. but the choices that have been made for which i shared goals, in particular, the inflation reduction act, or the chips act are choices that was split the rest. because they created such difference between the us and europe. that for those who work at many companies, they will just tell themselves we're not investing on the other side of the ocean anymore. clemens cobra is director of trade policy at the association of german chambers of industry and commerce. he joins me from brussels. clemens walking to the show. we just heard the complaints of a man well because there are they shared by other european nations. look absolutely the current situation just to show you the background, the energy crisis has a big impact on the competitiveness of all european countries, especially also germany and with the i r a. there's another

very challenging situation that increases that lack of competitiveness. so for german businesses, it's really important that both our government as well as the european union, tackle that issue to make sure that we can continue to have a level playing field on our commerce and business ties at the same time or their german businesses. large multi nationals that benefit from this legislation which incentivizes companies that are settled in the u. s. i'm thinking of volkswagen. i'm thinking of siemens isn't because of their benefit as well. now look for german business. there are certainly a number of companies that will be able to use the legislation and make, make use of it. and in general, german businesses are very happy that the united states also takes a stronger approach towards climate mitigation measures to

measures to fight climate change. because so far it's been mainly that you moving ahead and creating issues of light level playing field because other countries weren't following that much. but this is a big issue. florida for the competitiveness of germany as well as other locations and with in europe. there are many, many companies that will not be able to move that to fulfill these are local content requirements that seem pretty much illegal according to w g o regulations. and there is a big fear that it will create a global race of subsidies and which will in the end create a lose lose situation for everyone. and this is not something german companies want . i think no one wants a stronger trade conflict,

especially now and geopolitical situation. and the good thing would be to, to negotiate fair, equal access and make sure that we together can fight climate change and continue to have the business relations was to leave it there. clemens cobra with the association of german chambers of industry and commerce. thank you very much. let's take a look now. some of the other global business stories making headlines. your figures show the u. s. economy expanding more than previously thought during the 3rd quarter of the year. g. d p growing by 2.9 percent doesn't upwards revision from the previous estimate of 2.6 percent. economists are also expecting growth for the current quarter, although the trade deficit is growing again. twitter owner, you must said that he and apple ceo tim cook resolved their dispute during

a meeting on wednesday. and earlier this week must had said that the tech giant had cut advertising and threatened to remove the twitter out from its app store. the former ceo of crypto exchange f t. x denied committing fraud and apologized for the mistakes in the collapse of the cripple currency giant. and if you save on a wednesday, sam bank mon fried a said he did not deliberately mislead investors, who have been unable to withdraw their funds from the bankrupt platform. fashion retail, each of them has ended its russian operations posing as moscow flagship store. the swedish clothing company also said it would be laying off $1500.00 employees worldwide to contend with softening demand due to rise and inflation. it's the 1st big european retailer to do so or india is expanding its pilot project for its digital rupees. today. rolling it out to a group of retail users, they'll be able to make payments in real time using digital wallets. is just the

latest country to move forward with a digital version of its sovereign currency. joyce, china, russia and saudi arabia, among other nations that are already running pilot projects of u. s. dollar and europe. they also have digital versions one day. and europe might get there 1st, some years on countries like spain are already planning plot pilot projects for the digital urine. the indian government argues that its digital currency will improve payments and access to money. also increasing transparency. deli also hopes that a digital currency will take even more steam out of decentralized crypto currencies, which it has tried to discourage charo car to k joins me from delhi for more charo this in the 1st retail pilot of the ruby. why now? well stephen, to be sure, the r b, i and the federal government have been working on this for a long time. in fact, we're back in 2017 was the 1st time when the federal government, us the r b i to study grip to currencies and is to currencies. and that was the 1st

time when the arby issued a warning against crypto currencies and started working towards this digital currency thing. now the eye is believed to be a part of at least 26 central banks that are, that are studying the calls that have been studying the concept of a digital b. you have been in resulting launching one. and it has been a gradual process about a month ago. the launch studies to be for hosting purposes essentially for government security. and now the sub pilot for a retail to repeat begins today. it's a closed user group that has been treated for this purpose, a lot of full fledged public rule out. but a pilot, how can we expect consumers and merchants to adopt and e repeat? what will be something that they embrace? well, it remains to be seen the stephen know, 1st of all, we need to remember that what is being launched today is a pilot. so as i said, a close to user group a will be a part of this by look, select banks have been selected for this and eventually the public response would

be visible only after a full fledged rule out is offered to the public. now it remains to be seen when the public will accept it or not, but what we have seen is that you p i which is the 1st digital payment that in the, introduced a couple of years ago you get, has really flourished. and people are used. you before, even the smallest of transactions in that everyday lives. so digital payments are definitely are, have become very popular in india, so would be good to be could also have a bright future, but god remains to be seen as of 1000 tro. you mentioned crypto occurrences, india, now taxing crypto transactions pretty heavily. why has the government, they're taking such a hard line against crypto? well, yes, you're right. there's 2 units. it's a hard line inside the taxes only, so as not to be able to band trip to currencies because they continue to be very popular will. now, of course, because of the slump in the crypto market,

to investors out a little bit wary, but there has been enthusiasm in the concept of criptos for a very long time because of which the government has stayed away from a ban. but the tax is to discourage people from using criptos. now the iran has been saying for a long time that your crypt, currencies are volatile, they are unsafe and they're not necessarily the best instrument for countries like india, where even financial infusion is, is this something that is that government really needs to expand? so for several reasons, the r b a has really been against crypto currencies. it has also highlighted that is digital, not a crypto currency. it's, it's, it's, it has a sovereign backing. it has been regulated by the central bank. so the ariba has really big to defer from some analysts will say that this is a, that is to be, is the governance official crypto. steven? or i, my colleague char carter k, from delhi. thank you. with western sanctions taking

a bite out of their country's economy. many russians have headed abroad including to turkey. but the presence isn't seen as a positive by many turks who are facing some significant challenges of their own stumble airport flights from russia land here daily. among these passengers are many young men opting out of fighting in russia's war in ukraine. are 2 or landed on a flight last month, shortly after partial mobilization or deployment was announced. he staying with his friend myisha and settling in quite well. choosing the color drew people, i know here i found a russian bank and payment system that can make transfers from russia to back here in 3 steps. school bar, which is with a lot to yesterday. but what pleases our tour here infuriates turks while they are suffering the russian visitors are doing extremely well. and it's not just them. 2 months ago, beller russians. vladimir and olga arrived and analia and set up

a tennis academy. of course, from fairly perfect. i feel like home at home because too many russians from different rations begin concerts, but you have every seen kindergarten school business is going well for their apartment. the entrepreneurs can afford to pay $3500.00 euros 7 times the average turkish salary. agency guys, they already told us that don't kitch citizens and i have very huge problems. they can't l stem cells to rent fled. they come time because every one looking for foreigners, for dirks like eunice, emory. the rents are an affordable. the 26 year old teacher was affected from his old apartment after his property owner raised the rent 5 fold. so he moved in with a friend the homes in the machine, i used to spend about 10 percent of my salary and rent, you know,

that's over. now it's at least 50 or 60 percent. if i can find anything at all and a bit of an updated. now there is anger, especially at turkish businesses and property owners. after all, they are the ones benefiting from valley rush inclines were driving up prices. that's it for me and the business team here in berlin. you can find out more about these other stories online at d, w dot com slash business. you can also find us on youtube or the d. w. news channel . we back in a few hours more. in the meantime. thanks for watching. ah, ah, with

ah! is the end of the pandemic in sight? we show what it could look like will return to normal. and we visit those who are finding it difficult. with success in our weekly coping 19 special in 30 minutes on d w. i can check off rod i'm or ok mark. okay, sounds good. transport is the greatest cause the c o 2 emissions in europe.

and that requires urgent action in the future is being determined. now. europe revealed part 5 of our series in 75 minutes on d w. they brief. mm. body and soul, ah, the houses that daniel leaders can't construct far more than just building his ideas. bold and passionate. you have to be radical. that's a radical mean. go back to the ruth. he is the son of jewish holocaust survivors. how lucky that i was able to bill to just present berlin because it's very closely related to me as a person. is architecture is a celebration of democracy and piece. it's not building. the biggest thing in the

world is the spirit of freedom architect of emotions. architecture is kind of a discrete, believe me it starts december 25th on d w. ah ah, this is need to use life from burning french president in manuel macro meets with president biden on his state visit to washington. ukraine top's the agenda, but french anger over tax breaks by u. s. companies this cloud and the president will take your life to washington as the 2 presidents to speak to the press.