in reaching a 48 year high crisis of pakistan is hoping a financial de la package from the international monetary fund will finally be released and will go to spain, where people are outraged that price is for olive oil staple in spanish cooking. have increased by 50 percent. i'm crystal program, bad news keep piling on for indian. a donnie group, the embattled conglomerate shares tank as it had to call off a mass of cher sale, a donna groups market losses now top $100000000000.00. and india central bank is concerned about the impacts for the countries entire economy. go to my danny, just a few days ago, still smiling bravely though no longer the richest man in india. promising lavish investments in the israeli port of haifa, despite the storm breaking over his empire. the acquisition of hype art also comes with that significant amount of real estate. and i promise you that in the us to

come vivid bands from the skyline. we see around us. alum attorney is now in considerable trouble. his conglomerate has just suffered a loss estimate. it more than a $100000000000.00 us dollars on the stock exchange. a report by the us activist investor group hindenburg research triggered the dramatic full to report cast doubt on the value of the indian group and accuses the downing of market manipulation over indebtedness and accounting fraud. i. danny, cancelled the groups share if p. o. but he assured investors that the company is healthy. the fundamentals of our company are very strong. on balance, it is heavy and assess robust. got my darn, he rose from a school drop out to become the richest man in asia. his $220000000000.00 empire is

building a large part of india's infrastructure on government contracts and supplies. india with energy and armaments. the 60 year old rejects the hindenberg accusations, but a donnie is involved in so many sectors of india's economy. that analysts fear the fall of a donnie could be the 1st in a chain of dominoes. for more or less bringing the w correspondent, charo car, to gay in deli charo india central bank is now reportedly asking the countries financial institutions about their exposure to the dani group. are the troubles of the conglomerate, a threat to india as economy as a whole? well that certainly is among one of the concerns chris. i mean, a danny group saw debt at the end of last fiscal was over $24000000000.00. and there are reports that indian banks are exposed to about 40 percent of this amount . that's a huge number. these banks also include banks like the state bank of india,

which is not just the largest public sector bank in india. it is the largest lender in india, apart from banks, there are other financial institutions also involved in their b. he mots, for example, of life insurance corporation of india, which is india's largest insurer. it is also state run. so there's a lot of public money also involved. as far as this exposure to any group is consensus that would definitely an issue of national concern. that's the reason why now the issue has come up to the parliament and the opposition has just demanded approved by the by a supreme, the supreme court or by a parliamentary panel. chris, danny is active in a wide range of sectors. what would extend the problems at the conglomerate mean for people's lives? well, that's true or chris or danny is active in a lot of sectors. these include from boards to mining, to energy and even to media. now,

lot of these sectors are very critical in frustrate sector infrastructure sectors. so if god forbid, if the group crashes oh and a meltdown, the stock market are an indicator of what is about to happen. there's any kind of massive economic crisis that will hit the these infrastructure sectors. so operations in critical infrastructure sectors will be hit, jobs will be lost since there's a lot of public money involved. so apart from their direct hit that consumers will take, apart from that, there's a lot of public money, which is also at stake. so yeah, definitely this is off national importance and which is why the issue has even reached the parliament now chris, danny has called this fraud allegations a court attack on india. is this becoming a political issue? it certainly has become a political issue. it's an issue of national proportions, but the attorney grew by calling it an attack on india is merely trying to hide

behind this nationalism of rhetoric that has been, that has permeated the political discourse on the country in the last couple of years. now this also reflects the allegations against the group of being closely connected with the, with the ruling govern. we should be lead government at the center and the group chairman a donny go to my donnie's personal closeness perceived personal closeness to prime minister in ramadi. now, critics, annandale also said that this is the reason why about why in spite of these widespread allegations and these allegations have been around for several years, hindenburg has only short. it has only makes us a bit of the crisis and are apart from ins, in spite of all of these allegations that has been no cracked down by the market regulator say b. so a lot of these are things do indicate that, that, that there's a, there's a lot of politics also behind what is happening with your danny group. chris, charter, gay and delhi, tara, thank you to flood last year. have made an already dar economic situation even

worse, inflation nowadays is a 48 year high and food prices are up by 43 percent. the pakistani government is hoping that a deal with the international monetary fund can come to the rescue. driving a rick shaw through the busy streets of karachi, brings in the only income for the young man and his family. his work has to cover all expenses, groceries, housing in school fees for 6 children. but since prices have been rising, it's getting harder every day to make ends meet. but it's not a business, pat, include all around perpetual, so expensive. it's gone beyond our reach. now i think it will be better to take my vehicle off the road because what's the point of driving if i can't earn anything? i'll try to find some other work. if i can't, it's reached the stage where i'll have to resort to begging. the government hiked up gas prices by more than 15 percent on sunday to $250.00 rupees or 1 dollar liter

. after the country's currency value plummeted last week, rising prices for gas continue to fuel inflation. life is getting expensive for 0 year met with douglas costs 50 rupees, a kilo. now it costs a $100.00 rupees, twice as much. how can i buy it? i just have to buy a quarter kilo because whatever i earned has gone on fuel. the pakistani government is now hoping for further aid from the international monetary fund representatives of the i, m f i there this week to discuss a deal. they'll expect reforms in return, and that means debt reduction less spending higher taxes. citizens will have to be the burden. a common man is suffer. and i'm expecting that probably the people will be on the road for the best because that he sent hike in the price is completely unjustified. and i'm sure that the gum it is solving what the i am of his sin.

and in coming days we are expecting that there will be more few fries hike and or that will be ah, so now me in pakistan, around 230000000 people live in pakistan. not all of them earn as little as they are met. but many are poor, they are the ones who already suffer most and will continue to be hardest hit by inflation. and let's get more in this from my colleague water emron. i wasn't good to have you here in the studio inflation in pakistan, at a 48 year high at more than 27 percent. tell us more on what that does to the people, the country. the situation is dire. the people are struggling in ways that i can't even explain. it's because they can't afford isic food, health care, or even medicine things. the alice were expecting that it wouldn't even touch 26 percent inflation rate, but it's so much higher than expected. urban inflation is sitting on above 24 percent rural inflation numbers, even more shocking,

more than 32 percent. it's become so expensive to buy anything. the weed shortage is ailing the economy. so i think it's, it's a tough time and energy prices skyrocketing, so we'll have to see how this goes. a lot seems to be hanging on the sir bailout package. sure. from the i m. f tours have been stalled. but nevertheless, would that package be enough to successfully complete the 9th review of the i, m f talks? would actually be really, really helpful to the pakistani government. what it would do is actually bring in the next tranche of the i m f dollars and also encourage friendly countries like saudi and china, commercial banks. to be more open because this i am as successful review would kind of be like a kind of confidence in the economy. so i feel like it would actually have a really positive environment. but the i m f conditions that they're in imposing the removal of subsidies and introducing higher prices. this is going to bite the people really, really hard. so i think it's a brace for impact situation. waterman from dw business,

thank you very much. it's the spain now and people there are outraged prices for olive oil and the central for the spanish resume have increased by 50 percent within one year. our reporter try to find out why the olive harvest is almost complete. was the shortest harvest and lowest yield in a long time? for thousands of farmers in the countryside, the rod surveilled. well i found out why because of the lack of water of the olives did not take on the black collar. they should have also, they are smaller and the fat content is lower. all this affects profitability smaller harvest, but a better price per kilo. however, that only partially compensates for the poor crop. sina cannot godaddy. i'm relaxing without these prices. we would not even harvest at all, it just wouldn't be worth picking the olive cigarette laguna. the harvest is so

poor because it hasn't rained in months and the temperatures have been high. it was clear early on that the production of olive oil would be reduced. now there is a shortfall of more than $600000.00 tons on the world market level. and all i remember at the moment we're noticing that demand is falling because oil is becoming more expensive. acura, global consumption must have fallen by around 30 percent, because there simply isn't enough production, as in every dollar bug. and i notice you vision the brovio produces and, and lucia could survive one bad harvest. but the next few years could again be too hot and to dry. more and more olive trees are being artificially irrigated. and that sets a vicious cycle in motion. look as see i north. yeah. whitely are facing our higher temperatures. and increasing water shortages are at a printer, but bank, this is what the future looks like and it is very worrying. we got a full doodle ali farmer,

ignacio logging has also switch the 1st plantations to irrigation. but in one he already lacks well water. that wraps up are shown for more news and background information. check out our website at d, w dot com slash business. and of course you always have p d, w. news, news you champ, colbert and bill, then from me and the entire team. thanks for watching. have a successful with with

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