ah, the devilish business update with rob watts is up next. i'll be back off the top of the world news in the meantime. of course, as always, d, w dot com a d w africa day. a scoring we say they were about giving up

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a dani group. market value continues to tumble as it abandons plans for stock offerings. this is date of your business on robots and berlin. welcome to the program. the european central bank has raised interest rates, half a percentage point. i'm sick note, yet another hike in march e. c. b has been increasing rates a record pace in the face of high inflation, fueled by the energy crisis that followed russia's invasion of ukraine. the latest 50 basis points height comes despite data, suggesting that your as an inflation is easing. it also follows the u. s. federal reserve announcing a smaller rights increase. the last one is here from the see be chief christina god, the governing council will stay the course in raising interest rates significantly at a steady pace and in keeping them at levels that are sufficiently restrictive to ensure a timely return off inflation. 22 percent medium term target. well,

let's discuss the see these latest rates decision with cost and bridge s k, the chief economist at ion g. thanks a lot for being with us cost and b c b, actually how them follow the fed in phasing down the rate increases? how's it so what does that tell us about the different stages of the 2 central banks? the rat. yeah, a more advanced in the, in the tightening cycle then the be still has some, some grounds to catch up. so they are still very aggressive. it's not only that the should be higher interest rates by more than 50 basis points. but they also more pre, committed to another rate on the march meeting, as the president christine regard said, that they tend to hire another 50 basis points in march again. and she didn't indicate that these rises are going to stop either. i mean, is there any end in sight? how long can this go on for? well, if you look at it and the u. s, it could still go on for a while,

but i don't, i don't think that the can go as far as when it comes to the level of interest. right. so i think my march is a done deal as well. and then we'll probably see another one on to re find before some are really starts. maybe smaller size is no longer 50 basis points, but $25.00 basis points because no, the tricky thing will be increasingly gets yes. they only have one job to do, and that is to bring down inflation. but the higher they go with their interest rates, the more hom they do to the read economy. and that is not what the reading has in mind. so, balancing, getting inflation down and not hurting the economy is getting increasingly complicated. so we will see an end to rate hikes before the summer. and we are already at the point where the, your, as an economy is, you know, virtually stagnating. is there a danger that we could go into her session as a result of rights hikes, knocking time from on her policy?

higher interest rates are probably the most under estimated negative in pay for the eurozone economy. this year. we already had 250 basis points, right hearts. we're going to get another $1260.00 basis points. so a total of $400.00 basis points in probably less than a year time. this is done an enormous mark on the read economy. just think of the housing market, just think of los and businesses in order to finance investment that we so urgently meet. so yes, are these, these extreme heights in monetary policy and interest rates will slow down the euro is on economy and are in my view, a big driver behind the stagnation that i expect for the year as an economy this year. ok, customer is asking from i and j. thank you very much for bringing us your expertise at now, let's take

a look at some of the other global business stories that are making the news. british joy and oil giant shall have posted nearly $40000000000.00 a profit for 2020 to doubling. if any is compared to a year earlier, and it's storing energy prices. the company also announced the record for the course of profit on the $10000000000.00 exceeding unless expectations and matters. shares jumped almost 25 percent after the company reported better revenues than expected. for the 4th quarter. 2020 to the tech giant, which owns facebook, instagram. and what was that cut? it's expensive outlook for this year by $5000000000.00 and announced an additional $40000000000.00 for a share buyback on that. let's cross to our financial correspondent in new york in the quarter against here the new york stock exchange for me, why is matter done better than people that were expecting? well robin, the good question is also, why is the stock come up so much?

i mean, clearly it got to hemorrhage in the past year, but actually this earnings report wasn't that, stella. yes, revenue came in a bit better than expected, but still for the 3rd consecutive quarter. actually a revenue a drop, the what wall street clearly like this, that facebook or met us getting the expenses under control. they also announced let's investment in some businesses for 2023. so mark, soccer burke, the head of meta it was talking about that 2023 will be the year of efficiency. that doesn't really sound too exciting, but cos that could become under control. and that's why what swede reacted. so i'll be meanwhile, after the bell, we've had some a big tech results. haven't weighed there. how's the rest of the sector looking? well, i would have to say the initial look at the reading from amazon or from the google

parent. dim alphabet, do not look too great, especially after both stocks actually increased about 7 percent during the session . so now after hours, if we look at an alphabet, for instance, they clearly missed on the profit side. so that stock got under quite some pressure after hours. we see, for example, that the cloud business was doing as great as expected, especially corporate clients. they're pretty flexible. how to spend their money when it comes to the cloud segment. the same, by the way. it's true with amazon also there the cloud business, a bit of a disappointment for the past quarter. amazon beats expectations when it comes to revenue about the outlook for revenue, it's all over the place. so obviously, some uncertainty is there, and also amazon got under quite some selling pressure, at least initially, after those figures came out after the market tells me an interesting 2023, especially after all these companies now. so there's job loss of young corta in new

york for a thank you to india. now, the ambassador of dani conglomerates, the industrial giant, has now lost a massive $100000000000.00 in market value in just a matter of days. after a short seller, i serious allegations about the companies tax practices. the latest plunge came after donnie was forced to cancel a massive shasta go. so 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 hyper bought also comes with a significant amount of realistic. and i promise you that in the years to come down from the skyline. we see around us salam, a done. he 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 u. s. activist investor group hindenburg research triggered the dramatic fall. the report cast doubt on the value of the indian group and accuses the danny of market manipulation over indebtedness and accounting fraud. i. danny, canceled the groups, share f p. o. but he assured investors that the company is healthy fundamentals of our company. out of any strong on balance it is heavy and fx robust got my down. 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. aliana g crisis is now the only reason the life has been getting more expensive. europeans, unseasonably. hot weather has hit harvests across the continent. driving up prices in spain. it's affected a kitchen table staple. the olive harvest is almost complete. was the shortest harvest and lowest yield and a long time for thousands of farmers in the countryside around civil? 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 slower. all this affects profitability smaller harvest, but a better price for kilo, however, that only partially compensates for the poor crop. sienna kennedy, i'm her laughing without these prices. we would not even harvest at all,

it just wouldn't be worth picking the olives 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 that will make dollar amanda at the moment. we're noticing that demand as falling because oil is becoming more expensive. figure out a 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 present the brovio produces and, and the 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. they got i for do them

. all the former ignacio logging has also switch the 1st plantations to irrigation, but in one he already lacks well water. tougher mind of the top business story that we're following for you to sell. your pain central bank is raised interest rates, half a percentage point a signal yet another hike in march d. c. b has been increasing rates at a record pace in the face of high inflation muscle for me on the business team here . i think that we, you, if you want more from us, they had to d, w dot com slash business. all of that data with into conflict zone, some of the worst violence in years. it was broken out between the israelis and palestinians. us a new bring to him, cold on both sides, to calm tension instead of 2 state solution with only way to end the conflict. my

guess is week is that of the palestinian mission to the u. k. o some law because he believe that's possible. conflict with d. w to the point in strong opinions, clear positions, international perspectives. as the west agreed to supply heavy about ukraine started to demand for more than a jets and stuff. money u, as in germany, have diffuse. others wonder if diplomacy could be the way to end the walk? to the point a d, w, a

carrier defects of climate change. i mean, felt worldwide before a station in the rain forest continued. carbon dioxide emissions have risen again. young people all over the world are committed to claim and protect. ah, what impact willing because change doesn't happen on its own make up your room minded. w. need for mines with some of the worst violence in years is broken out between his rallies and palestinians. at its height last week of palestinian attack, outside a synagogue left 7 people dead unprovoked white spread condemnation, including from the arab world a day earlier, israeli forces rated the janine refugee camp.