the mayor of his simple efrem momos, who has been sentenced to nearly 3 years in prison for insulting public officials. the verdict effectively bands him from running for office again next year. and do stay with us after a short break, rubble will take you through all the latest business news, including taking a look at another us interest rate. and remember, if you need more news, there's much more to website. that's d, w dot com. and of course, you can find us on twitter or instagram, we're a handle as f t w news. took them berlin, thanks for to me, it is just a thought say what grade you were

interested in the global economy? our portfolio d w business beyond. here's a closer look at the project. our mission. to analyze the flight for market dominance. get a step ahead with d w. business beyond a is the federal reserve taking a step back. the u. s. feds latest interest rates rise is the lowest type in months . so is it winning its war on inflation? and also on the show, how you in tech workers are keeping their high

t sec to running even from a far as a state of a business on robots in berlin. welcome to the program. another month. another rates rise from the u. s. federal reserve, but december hike signals. a change in gear rates are going up by half a percentage point somewhat less than a 3 quarters of a percent increases following the previous for fed meetings. it's just a cooling in the central banks, all our war on inflation and follows data suggesting price rises, slowed in november. however, the fed has indicated further hikes are still on the way well, let's cross over to new york and to our financial correspondent, yann's court and discuss this bit further. yes it, was there anything surprising really in what we heard from the fed up i, i would say there were a couple of things that were quite interesting. i mean, 1st of all, i mean, yes, we do see inflation cooling off a little bit,

but obviously it's a bit more persistent than what the federal reserve expected just back in september and that has consequences. so we will probably see of interest rates to increase to a bit further. also than expected in september, it will reach somewhere a good 5 percent, probably in the next couple of months. and then that will also have consequences for the labor market. so the federal reserve seized and unemployment rate of at least 4.6 percent. so that would be an uptick of about one percentage point from where we stand right now. and then also the economic outlook got lowered to about point 5 percent for 2023. meaning more or less that we will see a standstill when it comes to economic growth of for 2023. even if a jerome paul did not want to talk about the recession at this point in markets around the world have been anticipating this. fed rates rise all week, but has it gone down where you are the new york stock exchange?

yeah, it has been a pretty wide ride here in the afternoon, especially since jerome thought paul thought it all, it started talking. we hit the market down by more than 300 points. and that all jones and everything, with all its like uptick, that ran down again. so at the end of the day, blue chips end of the day, around a $150.00 points lower. not quite them hopper percentage point, but i've seen that so often with those days of the federal reserve, a meeting, a trade us off need a night and investors to sleep over of what they're hurt. so the real reaction to that meeting, we will see that on thursday, yes, i still need to settle end of next year in this quarter in new york for us. thank you very much. but it stay on that fed rates decision and talk about his why the implications particularly belong beyond the united states. joined by jo cohen, chief economist, the keenan institute at the university of north carolina. thanks

a lot for joining us on the to be business of the central banks are going to have been watching the feds today and jerome pals announcement, what will they have taken away from it? i think following up on what your correspond, that you said i think that they're going to continue to have to, to raise rates. and you know, they moved up their, their expectations in terms if you look at what the fed is saying, they raise their forecasts to over 5 percent by year end up half a percentage point from the timber meeting. and then as opposed to market tenants stated, you know, them kind of easing faster, they're actually going to be using less than anticipated or so that's a bit of a change. and perhaps shift in market expectations. i think back across the world, they're saying, well, that is going to be, continue to be fighting inflation and especially and, and so their u. s. interest rates are going to be higher. that's going to put upward pressure on

the dollar down pressure on, on other currencies. and that's going to help in some, in some cases such as europe in terms of competitiveness. but in other cases, an emerging market in places where you have a dollar that denominated debt that's going to be more problematic. it just makes their cars interest cost higher. so that's the challenge. yeah, let's talk about emerging markets a little bit more because says stocks in emerging markets, you know, left with relief earlier this week when we saw the us inflation figures that were better than expected. why is fed policy being so closely watched in emerging markets and what are they going to be looking out for in 2023? so 1st i was surprised by the people so positive about the inflation data because the core, the kind of energy prices still with relatively unchanged. so i think the challenge is that in place has been much more persistent in the us. and as a result, via the added continue to have to raise rates in terms of emerging market,

the challenges that, that in many cases, their debt is denominated in dollars. so they don't a can't issue as much that in, in foreign currency. and so while they're there, a weaker current, you know, a stronger dollar, a weaker current, emerging market currency, beneficial to their trade numbers, the financial aspects of it is, are harder. so what happens is that it cost them a lot more payback that, that and then that raises questions about financial stability and those emerging more countries. and so that becomes a big challenge and, and, and so that's, that's what i think they're, they're most worried about the financial stability impact of, of the, of the fed and youth. unfortunately, we've seen this game play out before where fed raising rates causes pain to emerging markets. and that's, you know, i mean, countries have been working to try to avoid that. you know, sure of their balance sheets, but it's just, it's something that, that, you know,

there's, there's, it happens frequently and, and, and in some cases there's not much you can do because as an emerging mark country, people want to borrow in dollars versus, or don't want to let you in your local currency because of that's all righty. okay . it's been great hearing what you have to say, gerald cohen. thank you very much for joining us here on the to be business. thank you. now let's take a look at some of the other global business stories that i'm making. the news years president joe biden called for broad partnership with african nations. today at a 3 day summit of african leaders in washington, biden also highlighted some $55000000000.00 worth of planned us funding for africa over the next 3 years. which includes private investment deals, quite frankly, new or the year is pledging to invest 10000000000 euros in southeast asia. it's part of a plan to offer account weights to china's influence in the region. the news came during

a meeting in brussels between leaders of the you and the association of southeast asian nations has. yeah, coming, grow can be you. energy ministers, if again failed to strike a deal on a block wide cap on gas prices. countries demanding the measure say would shield their citizens from and their economies from high energy cost. but that puts them at odds with germany in the netherlands, who worry that suppliers will simply skip over europe. germany's recession is expected to be mazda than previously predicted. according to the institute for economic research analyst expect gemini, g d, p to shrink by not point one percent in 2023. that's less severe than the north point. 3 percent previously predicted. and banking joint hsbc says plans to end financing the new oil and gas fields as part of its climate transition plans. it says it will continue to provide services to energy sector lives at the corporate level. if their plans are in line with the banks climate talking now ukraine's

tech workers are still very much on the job. despite the hardships of war. many companies in the sector are securing contracts as a show of solidarity from their clients. at the same time, thousands of id workers who fled to the fighting ascending money home to help with the war aft, oh hearty. shortly after the initial russian attacks in march. ever since the war came to ukraine, telecom experts are trying to repair cables and connections under difficult working conditions. whenever there's no electricity, they'll have to get by with flashlights and rely on help from colleagues abroad. noticed america no more. no. our main problem today is that with no electricity and no network and we are no longer connected to our workers,

not and many of our people are working in. hark, if bush and we don't even know if they are safe, then we're yes. ah, that's why most 80 businesses have pulled the employees out of hockey entirely. one of them is natalia salem, aka. she's running her company's hockey office remotely from the polish city of krakow virtually connected to 1400 i t specialist. every morning she asked how they're holding up. we all keep doing our best we understand that we have to outperform, to make sure that the are, are successful and be able to support our country. yeah. yeah. just wanted to show we were one of our best friends of these days work. i don't have electricity right now, but so the generator is working. the star link is working. there is some problems

in here with electricity and water, for example, at my home. but there is no problem in office. so everybody gains do or to keep on by today and yesterday also here is the light. here's the coffee. so we keep going. this is what they'll worked, looked like before the war when 250000 ukrainians were working in the i t. the business had been booming for years, even growing by 23 percent this year. the year the war started. hospitals were among those benefiting we in west and denise a lot in defense of andre, so we beneath harkey, we id be within it more than $1000000000.00, grieving us and we continued to do it. oh, the fact they're still able to do this proofs. one thing ukraine's i t sector is more resilient than most people knew. and a reminder,

the top business story that we've been following for you this out. the u. s. federal reserve has hiked interest rates for the 7th time this year. december's rise. aha percentage point is lower than the previous 4. however, the fed has indicated that more rights increases are still on the way muscle from the business team. here in berlin, from already head over to our website. it's d, t o e dot com slash business. you'll also find it on the t to we in use youtube channel and on facebook as d to we've dr. business. so next time i go into the conflict zone with to sebastian russia. jewish community has been watching the war in ukraine with mounting alarm. but most of the island fearing strength reprisals,

a senior figure in the community. hope that silence was the moral thinkers, goldschmidt and he wants all jews in russia to get out. now the conflict zone next on d. w is our waste getting flush all the way to the arctic circle and that's exactly the question of filmmaker from dresden wants to insert floating, tracking devices and releases them into the elbow river. where will the current take the chronicle of an experiment? the north drift in 45 minutes on d, w. o. hello guys. this is the 77 percent. the platform for

africa to be speech issues and share ideas you know, are the channels we are not afraid to capture and delicate pop up because population is growing. and young people clearly have the solution. the future belongs to the 77 percent. every weekend on d, w rushes . jewish community has been watching the war in ukraine with mounting alarm, but most of kept silent, fearing states reprisals if they spoke out against the kremlin. and yet i was the fighting, intensified senior figure in the community felt that silence was immoral, so he fled moscow.