or so on the show argentina's worst drought in 20 years is drying up the country's harvests. and we take you to europe biggest floating. so lar park in sunny portugal. this is the w business. i'm an album allah, unwelcome us treasury secretary janet yellen met with chinese vice premier lu. hey, in 0 to day, a high stakes interaction at a time where you asked china relations are increasingly tense. it's the 1st in person meeting for the to with yellen telling lou there was a pressing need for leaders in the us and china to co ordinate on macro economic and financial conditions and keep their competition from spilling over into conflict. lou for his part, said he was willing to maintain dialogue. now yesterday vice premier lou was in davos at the world economic forums, annual meeting, selling

a message of openness from china to the world's elite. 12 involve, well, 1st off, the covert 19 situation is normalizing china has passed the infection, peak, and things are getting back to normal. foremost of society through the pace of recovery from the peak of infections to returning to normal was very fast faster than we expected. secondly, normal life and production of fully back to normal hospitality tourism and other consumer areas of back to normal. here are some surprising figures from the transportation authorities, so they are expecting chinese people to make 5000000000 trips during the lunar new year holiday. oh, that's enormous. sure, so like i said, life has been restored to normal in china. now lose comments come as fresh figures from china showed a near historic slow down in growth. my colleague christy plight and endeavors spoke to nailer richard sin,

chief economist at adp research institute and asked her what china's shrinking g d p means for the global economy. i think it's really important news because china was the growth driver heading into the pandemic. and we've seen of reversal of that heading out of it. and so what that means in terms of the world order in terms of the economy is really important. china is not just important directly in the fact that they impact global growth through their consumption base. they're also an important passage away. it's not about just selling to china. it's also about selling through china. and so there is some good news here. the reversal of some of these very strict covered policies will help that passage way for the rest of the world to get their goods and services through china. but that direct impact of chinese growth on the global economy is still missing. and without the restoration of it, we will not see the economy on the what worldwide scale rebound in the way that the

world really needs it to right now. now we've been st. consumer prices growing quite strongly the last several months. you're doing a session on a living wages here and of us today. tell me more about that. so living wages is a global issue. it's an issue that doesn't get talked about a lot, but there is always an understanding from the institution of the minimum wage in the united states that market prices markets companies don't always pay a living wage. that is a wage that covers basic necessities like housing, health care, education, fuel energy, food. and we're looking at this at a time when inflation has increased the price of all of these things worldwide. so it's a conflation of the minimum wage, which many countries have adopted, but also the high rates of inflation and shortage is an basic necessity that necessities around the world like affordable housing. so what does the living wage

mean after the pandemic? it's even more important than ever that workers actually can provide for themselves in their family to this pan. all that we're doing here at the world economic forum, we'll get into the heart of those issues and talk about not just wages, but wages in the context of slower growth and higher inflation. we're talking about slower growth. the majority of economists surveyed here by the world economic forum said they do expect a recession in 2023. what is your take on this and what do you think that means for the vast majority of people who don't have the privilege of being here with us at divorce this week? so again, it's not just about global growth, it's global growth, slowing down when inflation hasn't yet returned to normal levels in many areas of the country. and the difference between this year's recession, if it happens and recessions are always different, is that there are more than one drivers of recession in china. it's the covered 0 policies in the u. s. it's the high rates of inflation and low. and the fiscal

stimulus that caused it, and the aftermath of higher interest rates because of the federal reserves attempts to rein in inflation. and in europe, it is at the warren, the ukraine, and the impact that war has had on prices, especially food in energy prices. so 3 totally different drivers ovens of a potential recession. that means this recession has many layers. it's very entangled and it's very complex. it could mean that it's softer in some areas and felt more profoundly and others. and we don't really know how it will play out, but for the millions who are part of the global economy. it's important to remember that it's really wages that impact workers. and if wages continue to be robust as it is in many places, like the united states because of tight labor markets, then we'll see some management of higher inflation, slower economy, there's

a lot to work out, but the idea, i think that you'll see in that outlook is that hopefully this recession is not as deep as otherwise would be if we didn't have such strong labor mar takes an advanced economist, 80 p chief economist, nila richardson. thank you so much. thank you for having argentina has been suffering from drought for years, but things are steadily getting worse in the south american country. farmers are still planting crops and trying to raise cattle. but harvest sir down to their lowest levels ever. a field in alice see her not far from argentina's capital bonus iris corn used to stand here 2 meters high, but that was a long time ago. for years the area has seen very little rainfall. the river has dried up and the soil us absolutely dry. farmers have still been planting for the season, but there's 0 chance that they will harvest anything here. we're not

sure as a radio may say much, and if it hasn't rained for several months, we lost practically all the winter crossley, your, we lost the barley crops, right? we lost the wheat 3. we lost the lagoon that are sewn in winter, such as rich and well all the summer. crummy soy wearing a thorn historic. hm. and sunflower were so much later than they are normally sown similar moisture. my thought of the locus in alignment with his here murder. initially, authorities were expecting a harvest of almost 20000000 tons of soybeans in the countries once fertile, central plains. that number has now been haft and expectations are dropping every day. it's affecting cattle producers to this, not enough feed for them. thousands of cows are set to half died due to the drought . b, e. them had an idea about life stark. you can't reject anything forward because there

is no grassy only there is no pasture. there is nothing more than a climate as forcing us to downsize to reduce the number of animals now because we have no way to feed them no anymore for my allow for marathon book. what's devastating to farmers is also threatening argentina's economy. grain exports alone will worth $43000000000.00 last season. a drop of up to 33 percent is expected. starving, the country of much needed income. we're now to some of the author global business stories making news. german gas and energy giant winters hall is final is fully exiting. it's russia operations, causing its owner chemical group a, b, a s of a write down of 7300000000 euros almost one year after rushes invasion of ukraine and facing multiple embargoes. the company does not see a viable option to keep the business they're going new car

registrations are down in europe for 2022 with just over 9000000 new vehicles taking the road. 4.6 percent less than impress then in the previous year. that's after some government subsidies for e cars and hybrid plugins. ran out and carmakers had to slow down production to to supply chain problems. with long hours of sunshine and fast atlantic winds, portugal has the potential to become a leader in renewable energy, and it's making use of it. we visited europe's biggest floating solar park of the country's coast. here in portugal, it's a quiver reservoir. europe's biggest, floating solar part covers the equivalent of 6 football pitches. it can only be reached by a short boat trip. one on which miguel patina has been giving many interviews. it's taken 7 years for him and his team to bring the 5 megawatt vol tiger rate to

completion is working and it's fully understood by everybody. what is the potential that we have on our hands? so this for, for you personally, is very important. is natalie selling energy? that is the my purpose all our purpose in my theme is at 50 things. if our sustainable, our, if a rhythm and use the least resources, all the minimum resources is possible. and i guess to put together as investing heavily and renewable energy solar currently only makes up to 6 percent of the countries energy mix. floating solar parks could improve that. their advantage is that they occupied space as they could not be used otherwise. and being on water energy production is more efficient than on land. as the panels don't heat up as much and are likely to last longer. 1500 local households receive clean

energy from the system that's been financed mainly by portugal, state energy provider, e. d p. the re connects to the grid via the hydro power plant and the dam. excess solar energy can be stored or used to pump water back up into the reservoir to generate hydro electric power. the 12000 panels and 25000 floaters on the quiver reservoir has been tested to with said water, wind, and rough waves. the floaters are made in this factory castelow and speeds elecom to region. one callous hernandez is one of the engineers behind the technology. they are made from recycled policy in plastic. they're selling like hot cakes. hernandez says his company is receiving requests from asia, africa, and south america, and is expanding to meet demand people and wasn't that are longer on the pros, inside is we are talking about 30 to 40 workers and, and there will be

a lot more work future love for you here, nice guy. i'm with almost awful. so we can expect to see many more of the floating solar parks around the world in the future. thanks for watching lou. lou with

ah, the world belongs to the rich. is that the way it should be? or should we limit and redistribute the well? and how exactly do the wealthy spend all their money? they buy bunkers for one, a very rich program about rich people who made in germany. in 90 minutes on d. w. or an exclusive interview with donnie dionne director of the yacht. by shim holocaust memorial, you vowed that you would never visit germany. what are your expectations? we have to think together, how to continue to keep the flame of

a holocaust remembrance allied. now he's visiting germany for the very 1st time, the exclusive interview with donny dionne today mike at 2315 u t. c on d w. okay. hey guys, it's evelyn shower. my welcome to my podcast to love matter that i and life celebrities influences and experts to talk about all plain loved thanks from day to day. nothing less because all these things and more and then you know, season of the pot can make sure to tune and wherever you get your path and join the conversation because you know it love matter. mm. the only way i can be on top is to create my own empire, discover a story with just a click away with the destination,

right. find out this documentary with the full 5. now you can name tree ah, this is the w news live from by land ukraine's interior minister. cale that i have a call to crash near keith craft carrying a number of senior officials came down next to a kindergarten local police, a several children among the dead countries president described as a terrible tragedy. also on the program, german chancellor, olaf.