has resigned triggering uncertainty at a key ministry dealing with the war in ukraine. katina lamplight departure follows a series of missteps that damaged her credibility. germany's chancellor says he will act quickly to appoint a successor next feeding, variously. we'll have the latest business news, including everything you need to know about the meeting of the global elite and novels, and the people there to hold them accountable for the world's crises. don't forget you get more news and analysis around the clock on our website. that is d w dot com article really for me and the entire team in the newsroom. thank you so much for your company with people in trucks injured when trying to free the city center. more and more refugees are being turned away as the border families playing all the tags in syria

to these credit owners with people lean extreme around getting 200 people from the agency around the world. more than 300000000 people are seeking refuge with because no one should have to flee. make up your own mind to w. made for mines. ah, ah, i'm seeing beardsley in berlin. here's a look at our top stories. the world economic forum opens at thores in davos, switzerland. we'll look at what's going on in the talk shop for the world's elite, and the idealists hope to be part of the conversation. british oxfam says extreme

wealth has risen since the pandemic and so has extreme poverty. we'll hear from them about their new report. also on our show portugal profits from pandemic era production shake offs. stepping into a shortfall from asia manufacturers. welcome to our show. it's good to have with us, extreme wealth and extreme poverty have grown simultaneously for the 1st time in the last 25 years. and that's according to aid organization oxfam. it released its report survival of the richest at the opening of the world economic forum in davos, switzerland. today of the report shows that globally around 830000000 people are facing hunger and starvation. that's nearly one in 10 people in the world. over the past 2 years, nearly 2 thirds of the $42.00 trillion dollars in newly created global wealth has gone to the richest one percent of the world population. that remaining 3rd shared

by the 99 percent at the bottom of the total wealth of the billionaires worldwide has increased by an average of $2700000000.00 a day. again, that's according to that report from oxfam, the organization is calling for nations to tax wealth instead of just income, and to raise levies on companies earning more through inflation. now, earlier in the day we spoke to ox spams, director for berlin, and asked whether she expected progress at this year's davos meetings. take listen yeah. first few years now, inequality has made it unto the agenda of the world economic farm. but the question is, what are politicians doing about that? not necessarily the wealthy, but really politicians because it is their, their politic political decisions that they have to take here. and, and what are they doing about the broken tax system? what are they doing about 9 equality? what are they doing about sorry, power and wealth and poverty? and are they willing to not only talk about it,

but go ahead with both decisions that benefit the 99 percent rather than the one percent at the top. we have seen 1000000000 as also calling for higher taxation because they also find it utterly unfair that they are paying less than ordinary people. have a market store or their secretaries. so i think there is an openness, but really it's politicians that have to take the decisions. yeah, sure. a lot better with ox them. they're speaking with us earlier. oh, davos is a meeting of the wealthy and the well intentioned, who hoped to lobby them, including so called social entrepreneurs. now that the designation for small business owners who aims create positive social change through their operations such as expanding low lending to women in developing countries or perhaps supporting sustainable farming or reporter caught up with a group of them at the beginning of their stay in davos a short break of fun. the next meeting is starting soon. bear the social entrepreneurs want to talk about inequality and they want to powerful,

especially at davos to pay attention. they are not coming to the ground enough. they're not listening enough and they need to listen, go on constantly, continuously because in the last 3 years we have fear so many challenges. we've seen co it, we've seen now that oshea greenwater and implications of that in the world economy . and every day the board are suffering, it's the poor who suffer. and i think we need to listen to them of this group has come to the world economic forum at the invitation of the schwab foundation, the social on sopranos know what's going on in the world after all. they worked with women, young people, the elderly, or the poor. these people don't, don't have an organized voice. so you may see them microeconomic news on how the numbers affect the poorest. but when you are there working every day in slums, you can, you can notice that the situation is way worse than we imagine. these

entrepreneurs are not interested in wrote to the top and they are not looking for the fastest way of making lots of money. they want to use their companies to bring about change. this social entrepreneurship gives people an opportunity to not only get involved in a way that entrepreneurial, right, like a business, but also generate impact. and i actually think the generations now around the world are thinking about how can i do something that impacts the world, not just, how can i generate, how can i make money, but how can i do something that changed the world? their goals are participation of prayer, distribution of wealth and more careful handling of natural resources in article dog are once more. so where do you want to be in 10 years? back in dollars and for the position of power and making change in seeing the world which is much better in terms of climate, in terms of peace, in terms of inclusive decisions. hopefully it's much better than what it is right

now. and in 10 years, we have a much younger leadership all across the globe. and also wanted to know before why many of the social entrepreneurs are still getting used to the cold and the wind in dollars. even the snow is energizing them. oh. of the war in ukraine is another major topic of this years. davos meetings, financing the ukraine government in particular. russia's targeted attacks against critical energy infrastructure have left key reeling for more immediate support. and not just promises of reconstruction funds. the european bank for reconstruction and development has been one of the ukraine's biggest investors in recent years, or a porter spoke this chief economist. i'm joined now by the api i vortex. she's the chief economist at the european bank for reconstruction and development, the art to thanks for joining us now. the e. b r d was formed after the fall, the iron curtain to help support transitions and former soviet states looking at

ukraine. specifically, what have e b r d loans accomplish? they're both in the long term. and since the war began before the war, we were already the largest institutional investor in ukraine invest. think about 1000000000 a year. we had a lot of stuff on the ground and a very in depth knowledge of the country. we supported not only the economies through lending, but also through reforms. so the war started, we have focused on helping the economy in here and now our focus right now is to help the country make it through the winter. we help keep the lights on, we help keep the ship on and the trains running. yeah, i wanted to ask how the b r d 's approach to ukraine has changed since russia's invasion? it sounds like it's been a lot of war time response. is that correct? absolutely. our president visited to yes. met with president shallow sky. and

president jones, he mentioned, surviving the winter is the top priority, and therefore we have lent this year already 1700000000 euros. we are supporting purchases of gas for the winter. we are supporting urgent repairs of the electricity infrastructure, as well as trying to find us. it's important to keep the flow of essential goods coming into the country. following the invasion, your institution said that it would get out of it stakes in russia as quickly as possible. what is the status on that we stopped investing in the russia after the annexation of crimea. on the eve of the annexation our portfolio there was equal to about was worth about 9000000000 euros. by now, it's only about 800000000. we have been exiting our investment in russia. of course, for legal reasons. it takes time to unwind everything. but we are certainly

committed to doing that. we also close our offices in moscow as well as many so it sounds like that's still ongoing. now obviously your organization has a lot of other projects going on and other parts of the country as well is ukraine to some extent overshadowing these other projects. for example, in eastern europe or also in africa where i know you're also active, not at all. as i mentioned, we had a record year of investment. we invested 13000000000 euros this year. the needs for our support are great and we have the capacity to do that. and we hope to play an even bigger role next year. i mean, lots of quotes are gathering over the european continent when it comes to the economic landscape. so i expect that we will be more needed than before, even this year. the, to your fortune chief economist at the european bank for reconstruction and development. thank you so much for the pandemic,

disrupted the world manufacturers and wreaks havoc on global supply chains. you've probably heard that before, but it also created opportunities for less obvious players to step forward. like portugal. take a look. said riding, cutting and sending for customers and friend, denmark in germany, even in the midst of an economic crisis. business is booming at the olivera metal works in the hinterlands of portugal. for me were in full moon, were important of machines and other industrial goods from some regions in the world were difficult during the pandemic. like the me, i think portugal has benefited, especially since asia couldn't deliver on all the orders of the shuttle usa 1st, there was colbert, then rush, us warn ukraine. in times of crisis. many european companies are restructuring their supply chains, putting

a premium on proximity and political stability. that's why portugal is trending. then gets on the invoice t n p. besides industrial production, it's the service and i t sector said have drawn attention. companies want to work with portuguese partners, the developing software here, some are even starting a portuguese subsidiary to do the work right here in beacon. germany car make a mercedes has just recently opened a new office here and is employing over 380 experts. phyllis is gets thumped when we're making decisions when looking at the big picture and that includes the availability of talent and the political framework of a country to lane on all the police to say at am and been moving. another advantage of working in portugal relatively low wages compared to the rest of europe. but that could change as here to skilled workers are becoming harder to find. that's

why the metal works hath just given raises to all workers. them, when does it mean that the order books are full were being flooded? that of i didn't so our future looks pretty stable for bethesda, a good little futile items of young, fluffy job security for workers and increased confidence for a country. no longer willing to be just an industrial supplier. for 2023 economists are expecting solid growth to portugal, even in the midst the full with white crisis. and that's our show check us out online for more d w dot com slash business. we're also on youtube or the deed of news channels to watch i movie is tied up in traffic jams. it's an ongoing problem. kenyon, capital, a small startup with big ideas, wants to improve the situation. electric buses to reduce small,

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