the capital city learn aka the island in the mediterranean, is renowned as a way station for hundreds of thousands of birds migrating between europe and africa. this happens twice a year in spring and autumn. as an unusually mild winter in the region draws to a close, the birds are preparing for their long flight to their breeding grounds up. no. i see platen is up next with business and a look at why canada will no longer allow most foreigners to buy real estate agent for that. i'm really thank you so much for your company. with every journey is full of surprises. we've gone all out to give you some tips with. i'm in your northern

most count to please ah, 3 times long. but still very much alive. d. w channel, you'll guy to his essential huh. in germany, i recognized where exactly was fun and i have learned a lot our culture history. all their d. w. travel extremely worth a visit. ah ah, canada fans home purchases for foreign investors. the country is fighting high housing costs by for bidding most foreigners outside of the country from buying real estate. will it make a difference? we'll ask an expert also on the show ahead of the world economic forum meeting in

davos. a warning not to let the costa living crisis distract from longer term global risks, and are back with another d w business. i'm christy plaza, in berlin. a new law has gone into effect and canada. most foreigners outside of the country can no longer by residential property, or at least not for a few years. the aim of the legislation is to bring exporting housing costs back under control. take a look. in recent years, real estate prices and canada have exploded. the canadian government wants to put the brakes on this development. not canadians can no longer buy homes and cities until 2025. you know, you're, you're taking out the, the buyer who has the lease to lose and, and is willing to pay the most. and so i think it would have a measurable impact for sure. there are exceptions for foreign nationals with permanent residency rights. and for real estate used for tourism supporter say regulation is long overdue, so that an average canadian citizen can afford real estate again to try and think

about, oh my god, we just have such insanity in our housing system right now. let's, let's do everything we can to try and slow it down. and overreach, potentially. i'd rather this overreach at this moment, then to not try enough things, but the new laws, controversial, critics say, would be better to build more housing. the proportion of foreign buyers is too small to make the market fat anyway. while i spoke earlier with toronto based economist robert hogue of arby c economics, i asked if he thinks the span will really make housing more affordable for people in canada. so robert, what do you think will this actually help bring down canadian housing prices, or is this more a matter of putting a band aid on a bullet hole? well, for the 1st of all, the home prices are already declining in canada. i mean, that's been the case since since the spring, once the central band started to increase interest freights, and we've seen

a signal the concluding in a home resell activity. and that has tried to translate into some cases, fairly sharp declines and, and prices and parts of canada, including in ontario and parts of b. c. so this, this, this ball kind of is already rolling this new measure. now may the margin contribute to further further cooling, but really our view is that that this is a very that too small of a phenomena in canada for, for the most part. and it's, it will not be that the, one of the main factors contributing to this price if i were currently experiencing . okay, well, you're saying it's not going to make a big change on price. is what other effects do you think it could have intended or otherwise? well, i think it was a response to the earlier conditions where there were some concerns in parts of canada. foreign buyers were a major factors and i think they might have been some evidence in some

neighborhoods in vancouver, for example, some neighborhoods and the rater ontario. but beyond that, there we were hard for us to, to see find buyers were the major reasons for, for higher prices. again in the this is just a question to an issue of policy response coming fairly late in the game here to, to call demand. now that demand is recruiting for the reasons and then the main one being much higher interest rates. okay, well prices are already coming down. does anything else need to be done to, to work on housing prices in canada or it has everything been done that can be done? right. no, actually, a lot can be done. and now we're seeing some, some positive signs, especially, you know, in ontario and some parts of b. c as well. it's really is on the supply side. the, the, what had contributed to the spike in prices had been very strong demand. yes. but

largely the inability of the supply side, so home on building home constructor respond to that the very strong demand. and so we've seen some significant movement on a part of the government, for example, to preserve the supply, to eliminate obstacles, to hong constructions across ontario. and his apologies for example, and that we should continue to be the focus of makers to ensure that the supply side respond much more quickly to any kind of surgeon in demand. that was economist robert hogan toronto. the sticking with the cost of living, the cost of living crisis risks undermining the fight against climate change. according to the world economic forum ahead of this year's summit and doubles the organization, says tackling short term challenges like inflation could come at the expense of dealing with longer term global threats. the cost of living crisis is the biggest

risk to the globe over the next 2 years. that's according to the latest survey by the world economic forum. perhaps for many consumers, the reports findings come as no surprise. prices for everything, keep rising rushes, invasion of agricultural power house ukraine, caused food and energy costs to skyrocket. supply constrains caused by the pandemic, and subsequent locked downs, contributed to already high prices. these immediate problems are overshadowing the biggest long term challenges, like climate change. no surprise, so generally the are all stuck in a crisis mindset and sadly, short term decision making. some may have long term and intended damaging consequences. the grim report comes one week ahead of the world economic forums.

annual meeting davos were leaders and executive strategize, tackling these issues, following closely behind the cost of living or the threats of natural disasters, extreme weather events, and geo economic confrontation. it's a lot to discuss in 5 days from the comfort of a swiss alpine village. while for more on the cost of living, let's go now to young corta at the new york stock exchange, yen us inflation figures out today we're seeing 6.5 percent year on year in december. it's still too high, but it's looking much better than before or is it not? definitely, i mean, christy, the trend is your friend then to the yearly price increase of about $6.00 and a half percent was the lowest increase since october 2021. and if you look on

a month to month basis and december and comparison to november, price is actually declined by point one percent. so that definitely is some outcome . and you as one of the main reasons why price pressure is using a bit is so the price of gasoline, that alone dropped about 9 percent in december, but also he was car prices are down and then on and not so bright aside. food prices are still arising and then especially also shelter is incredibly expensive here in the united states. so we've seen a new, a 40 year hide at the end of last year. so not all is perfect, but at least the trend is right. okay, you hands on hearing from you a mixed bag, some, some bad, some good. we were just talking about global economic risk. what risks remained for the u. s. economy specifically? well, i mean, what the federal reserve has on christie to fight inflation is to aggressively increase the interest rate, meaning that money became much more expensive so that makes it more expensive for

companies to invest. and we've already seen that in the past couple of days and weeks them that some technology companies for our, for example, but also some financial institutes of some banks are starting to lay off for instance. so we could see and probably will see lagging effect from this pretty aggressive movement from the federal reserve, alta consumers could spend less that will become more expensive. so all those are possible scenarios that we might have into recession here in the united states. clearly, it's not guaranteed, but that the economy will cool down. there is hardly anybody who would disagree with that quarter in new york. thank you so much. now to some of the other global business stories making this airlines expect us flight operations to go back to normal on thursday. more than $10000.00 planes were grounded on wednesday after

a federal aviation administration pilot alert system failed. at 8th, officials say a preliminary review has traced the problem to a damaged database file is said, there is no evidence of a cyber attack. tug telecom's group erickson has earmarked $220000000.00 to cover possible fines. the swedish company is being investigated by the u. s. department of justice after some of its employees allegedly bribe members of the islamic state for road transport in iraq in 2019. it paid $1000000000.00 and penalties to us authorities for other corruption cases. europe's largest deposit of rare earth elements has been discovered in sweden. the state owned mining company, l l k, a b said the new the explore deposit was found right next to an existing iron or mine in sweden's, far north, about a 1000 kilometers from stockholm. it contains at least more than $1000000.00 tons of rare earth oxides, which is a key for the production of electric cars. are yon ma, strum sea of

a l k l k. be explained the significance of the find? let's have a look. what we can see, you know, this gave if we'd be huge, of course, because it's a big the pulse. it probably take some times to make these over old may designs. are aga and a reminder of the top missing story. we're following for you this, our us price is dropped in december for the 1st time since may 2020, as the inflation rate eases to 6.5 percent fallen gas prices were by far the largest contributor to the monthly decrease while it's seen as a small step in the right direction, the data were unlikely to debtor the federal reserve from continuing raising rates as its bytes inflation. well, that was our show if you'd like more, you can check us out at d, w dot com backslash business, and the d. w. news youtube channel. we're also on facebook for me and the whole team here in berlin. thank you so much for watching. i'm christy plots,

and i'll see you tomorrow with paying for time with time. this is the principle of italy's time, the banks, whether it's for playing cards,

manual labor or guitar lessons. here, everything has the same value, a person's time. focus on europe. the next oh d w which foods are healthy, which quantities. on this episode we focus on nutrition will explain which diets really help you lose weight next week. not is an effective sugar substitute and how the wrong food damage all teeth in good shape. in 60 minutes on d, w o, a

current g, more people than ever on the move world wide in such a better life. one of us and so it as a committee, god that hardly goes out national. it's not the now is it america unknown? the god luxury also condemns to pay this de nanda donation one back to the gun. find out about robina story info, migraines, reliable news for migrant. wherever they may be. ah . hello, and welcome to focus on europe. thanks for joining me here today. as we entered the new year, russia's war against ukraine continues and with.