arguments had been found in an office vide used after leaving the vice presidency in 2017. christie plaza is up next with business, and a look at why canada will no longer allow most foreigners to buy real estate. don't forget, you can always get the latest on our website, that's d, w dot com and you can follow us on social media or handle their as at the w news. i'm on the use of thanks for joining us. ah . a lot of contrasts of ambitions of inequality. 75 years ago, mahatma gandhi peacefully led the country to independence,

full of ideals. what is remained of his vision? what's the status of human rights and social justice in what's called the world's largest democracy? wally, cynthia headed. this is the pulpit to unleash on long violet boss and re imagine that these teachings for relevance to gandhi's legacy starts january 28th on b, w ah, canada benz 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 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 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. 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 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. while i spoke earlier with toronto based economist robert hogue of our, we see 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 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 case with fairly sharp declines and, and prices and parts of canada including and ontario and parts of b. c. so this, this, this ball kind of is already rolling this new measure now made 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 like that one of the main factors contributing to this price if i were currently experiencing. okay, well if 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 rates are ontario. but beyond that, there we were hard for us to, to see that i find buyers were the major reasons for, for higher prices in canada. and in the, 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 are 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 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 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, municipal areas for example. and that we should continue to be the focus of c 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 to 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 loc downs contributed to already high prices . these immediate problems are overshadowing the biggest long term challenges, like climate change. it's no surprise, so 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 quarter at the new york stock exchange, yann's 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, christy, the trend is your friend then to this 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 a 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 knew a 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 to aggressively increase them 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 institutions have. some banks are starting to lay off for instance. so we could see and probably will see legging 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 head 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 out l. k. a b said the new the explore deposit was found right next to an existing iron or mine and 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 jerome c o

l k a b, explain the significance of the find. have a look what we can seal on this gave. it will be huge, of course, because it's a big pulse. it probably takes sometimes to make these over old main designs. and a reminder of the top business story were falling for you this hour. as this year's summit in davos 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 debtor 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 database is 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 ah ah, active ingredients derived from nature pharmaceutical and chemical companies use them to make huge profits. patents protect their research and innovation. but indigenous peoples have been using them for millennia and come away empty

handed. does ancient wisdom have no value made in germany? next, on d, w. o, the cradle of human kind 100 in south africa, more of our ancestors possible can be found here. anywhere else on earth. researcher joe's a drug. i asked the question when, but more importantly, why did human beings come into existence? the answer is a scientific breakthrough with in 45 minutes on dw, ah, in into the to day this means flying to a foreign planet. in the 16th century, it meant being

a captain and setting sail to discover a route a race links to military interests, a race linked to political and military proceed, but also linked to mental, financial and adventure full of hardships, dangers and death. but jillions journey around the world starts january 19th with ah, ah, ah, global trade a something that we all depend on. but rarely think about until something goes wrong.