by many other musicians who admired him, despite plenty of accolades, jeff back never became a superstar, like many of his peers. he said that was for the best. ah, christy plaid sin is up next with business and look at why canada will no longer allow most foreigners to buy real estate. don't forget you can always get more news and analysis analysis on our website that's t w dot com. rocky dw, stay tuned. every day for us and for our planet, a global ideas is on its way to bring you more conservation.

how do we make cities greener? how can we protect animals and their habitats? what to do with all our waste? we can make a difference by choosing reforestation over deforestation recycling over disposable smarten solutions over steam set in our ways. earth is truly unique, and we know that that uniqueness is what allows us to live and survive. google ideas, the environmental series in global 3000 on d, w, and online ah, canada bands, 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,

divorce 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 buy 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 in canada have exploded. the canadian government wants to put the brakes on this development. non canadians can no longer buy homes in 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. supporters say regulation is long overdue, so that an average canadian citizen can afford real estate again to try and think

about my god, we just had 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. well, i spoke earlier with toronto based economist robert hogue of ari 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 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 bank started to increase interest rates 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 views 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 ok, while you're saying it's not going to make a big change on prices. 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 it might have been some evidence in some neighborhood

in vancouver, for example, some neighborhoods and the greater ontario. but beyond that, there we were hard for us to, to see find buyers were the major reasons for, for higher prices. now this is just a question to an issue of policy response coming up fairly late in the game here to, to call demand. now that demand is recruiting for other 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 but 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. they'd be what had contributed to

the spike in prices had been very strong demand. yes. but largely the inability of the supply side so hung 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 inc. present 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 a search 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. it's no surprise such generally the are all stuck in a crisis mindset and said leads to short term decision making. some may have long term, i'm 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's 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. is it not? definitely, i mean, chris, the, 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, well come and use 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 a, he was caught, prices are down and then on and not so bright aside, food prices are still arising and then especially also shelter. it's incredibly expensive here in the united states. so we've seen a new 40 year hide at the end of last year. so not all is perfect, but at least the trend is right. okay, yeah, i'm hearing from you a mixed bag some, some bad, some good. we were just talking about global economic risk. what risks remain for the u. s. economy specifically? well, i mean, what the federal reserve for on chris the to fight inflation is said to aggressively increase some interest rate, meaning that money became much more expensive so that makes it more expensive for

a company. and to invest that 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 institutions have. some banks are starting to lay off. so for instance, so we could see and probably will see lagging effects 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 and core to in new york. thank you so much. now to some of the other global business stories making us 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 f. 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. yon mos durham,

c o l k a b, explain the significance of the find. have a look. what we can seal on this gave if we'd be huge of coals because it's a big the pulse would probably take some times to make these over old. my designs and a reminder of the top business story were falling for you this hour. as this year's summit endeavors prepares to discuss risks to the economy such as inflation, us prices dropped in december for the 1st time since may 2020, the inflation rate ease 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 debt or the federal reserve from continuing to raise interest rates as it fights inflation. that's our show for more check us out at d, w dot com backslash business, and the dw news youtube channel. we are also on facebook for me and the whole team

here in berlin. thanks for watching. i'm christy plats, and i'll see you tomorrow with conflict zone with sarah kelly. my guys this week on compact zone is a renown foreign policy expert who has spent most of her career analyzing vladimir putin, russia. fiona hill joined me from washington where she has advised free west presidents and co author to book on. where does she think the boys heading?

was this group plan all along or had decades empower, changed him conflict a day, w to the point of strong opinions, clear positions, international perspectives. western countries are accelerating this support for you . craig, i'm a big moves too heavy done. the time all stepan's double seems to have to pass on to the boys we done for you. great is the west joining the all to the point with on d w ah, enjoying the view she come to look at this tv highlights every week in your inbox.

subscribe now. what's making the headlines and what's behind d. w and use africa? the show that faculty issues have been the continent. life is slowly getting back to normal you way on the street to give you enough reports on the inside. our cars funds is on the ground reporting from across the continent and all the trend stuff. the mazda you t w is africa every friday on dw. oh, my gosh, this week on compact zone is a renowned foreign policy expert who has spent most of her career analyzing vladimir pollutants rush up. fiona hill joins me from washington where she has advised for us presidents and co author to book on her testimony and the 1st trump impeachment trial made her a household name bear she warned of the day.