is just a reminder of the top story we're following for you and rescue crews are searching for survivors in turkey and syria. after the region was hit by 2 massive earthquakes. more than 5000 people have died and the death toll is expected to keep rising. the initial 7.8 magnitude tremor was centered north of the turkish city of ghazi. i'm coming up next. we've got close up for you taking a look at climate change and the world's rich. i'm terry martin. thanks for watching i. she's got issues with all say what grade he will be

with abilene, sharon, my, welcome to my podcast, love matter. by and by celebrities. influences and expert to talk about all playing love back from day to you again today. nothing's been left. all these things and more and then you'll see the plot can make sure to tune and wherever you get your past and join the conversation because you know, it love matter. mm i ah, i'm certain, beardsley in berlin. here's a look at our top stories. european leaders take their case against new us green incentives to washington itself, or will they find open ears and e, you import ban on russian petroleum products is in effect,

the latest western embargo targeting russian energy. welcome to our show. german economy minister, robert hobbin and his french counterpart bruno lemaire arrived in the u. s. capital to discuss the so called inflation reduction act on monday. and that's the u. s. com that's. that's the act of view as congress passed last year. now during their trip, they'll be talking to you as treasury secretary, janet yelling about the the law, which includes $370000000000.00 and subsidies to promote green manufacturing jobs in the u. s. but excludes many of washington's closest partners. the ear fears that this will pull k key green tech companies away from europe when president biden pledge to invest $370000000000.00 and green energy jobs at home. companies took note, including some abroad like germany's becker robotics. the dillman based business makes cable packages used on car production lines. it's c e o says the u. s.

subsidies are enticing enough to consider expanding its business over there rather than in the eel. old woman, amos is taurus entrepreneurs. this comes as a relief on some things in germany. take a long time, are simply made difficult by bureaucracy, remarked less bureaucracy, lower energy prices and abundance of well trained technical staff. some of the reasons european companies consider expanding or moving operations to the us, the subsidies might sway them to make the final push. that's why the german and french trade ministers are meeting with the biden administration. they're hoping to convince washington to include european companies in the inflation reduction act. then we have to explain to the americans that part of the inflation reduction act aren't compatible with will trade organization rules. and there are starting points

to improve on that situation. the european commission announce its own green deal industrial plan, but it may not be enough for european subsidy programs. they're often very bureaucratic, very complicated that a quite a long time ago. and i think the european commission should really aim um for more efficient and quicker on programs. and this, i think more important than, you know, putting up a vast amount of money and putting that into the window as a response to the i re, the show. the focus should really be on, on quick and efficient implementation. a compromise between the u. s. and e, u is likely, and it could be a way to make the grass greener on both sides. michelle, a covenant is our correspondent in washington. she joins me now for more. michelle, at both sides, seemed interested in a compromise. we just heard. what is it likely to look like? well, it certainly is nowhere near the middle,

because one thing is for saw the ira a, as it's called, the inflation reduction and act which was billed by joe biden as a way to build future economies. here in the united states, create future proof jobs that will not be changed, no legal changes. so any compromise can only be in the small print, and that's why the french and german trade ministers are here. they want to shape that and what certainly on the horizon is that there potentially could be some exceptions for the so crucial auto industry when it comes to least a cause here in the united states. there may be some exceptions. also, when it comes to manufacturing of battery is needed for green mobility in the future that is still being discussed and hammered out. because after all that needs to be discussed between brussels and washington and not between those 2 european capitals. the european leaders were surprised at the passage of this act when it happened. were american legislators aware of how these measures will go over in

european capitals? not really. this seems to have been a genuine mistake. that's also what to buy and pretty much admitted. after presenting this law that he wanted to fix that to certain degree very briefly, there was a moment where the europeans, or some europeans, at least thought that he might tweak that law. but the majority simply wouldn't allow him to do that. here in the u. s. so we are seeing the highest level of government here in the us trying to bend this to make it more european friendly. but it's nowhere near the kind of access that countries like mexico and canada will get who actually have trade agreements with the u. s. and that's very much what the europeans are getting to feel right now. yes, michelle, are very briefly scattered. talk around this issue about trade wars, or is that even possible? plausible from the american outlook the sort answers absolutely no, both sides can't afford it. and the europeans are simply too dependent on the

united states, both now for energy, but also for backing against russia after its attack on ukraine to allow anything like that to happen. so that won't happen, but we will see some rather intense talks buying close doors. ryder correspond michelle a group, not in washington. thank you. and we go now to some of our other global business stories making headlines. automakers, renault. a nissan have formalize their reboot of a conflict. the complicated relationship as they work to stay competitive, frances reno has agreed to cut its 43 percent stake in japan's nissan. to 15 percent. the uneven shareholding structure has long been a sense of tor tension between the 2 sides. the world's biggest gold producer, newmont says it had made a $16900000000.00 offer for australian peer new crest mining, which is looking for new leadership. new crass which has recently seen growth in

its copper exploration field as well says it's considering the proposal. italy's national cybersecurity agency, it says thousands of computer services servers rather have been targeted by a global ransomware hacking attack. it's warning companies to take action to protect their systems. the attack has compromised servers in europe and north america. american households will have burnt through 65 percent of their pandemic savings by year's end. that's according to a new study by investment bank, goldman sachs, a curved spending closed shops and generous stimulus measures helped households pad their savings by the end of 2021. before relief measures ended and inflation sword as good against quarter in new york, yann's many american households did pad their savings through these english mal measures during this pandemic time. to what extent were those savings a critical for what came what came next. the stephen definitely

was very crucial for a 20 a 22. i mean we had 2 factors that play. we had the stimulus money out of washington on $1.00 side, and then we had the american household spending a less and $2220.20 a one. so people spent less and restaurants that's for travel less for leisure, and saw that both let 2 additional savings in the united states or extra savings in the amount of $2.00 trillion dollars by the end of 2021. and that money came to use in the last year, especially when we had inflation kicking. and we also had almost record prices for housing. so therefore, that money was a pretty crucial can we say, how precarious is the situation for american households looking at her as even we definitely can. and we already see some signs that there was just a new survey out them on monday that actually 64 percent of american households right now are living from paycheck to paycheck. so that's an increase of about 3

percent to the same time i'm last a year. and what is also interesting to see that specially people who make a $100000.00 or more a year and also live for paycheck to paycheck. so obvious the, all this high or low cost of living is a burden on a separate note, we do see that credit card debt for example, reached a record high as so, so far there is some, some saving still left. but as you mentioned, and as a goldman sachs showed, and this is study, it's getting a less and less so. so it will be a big burden looking a hat for you as a consumer. so that was i cost of living. they have to live from paycheck to paycheck, and that's at the same time. are at record tice jones court in york. thank you. an e, you import embargo on russian crew products such as diesel and gasoline has been in

effect since sunday. it aims to further limit russia's revenues from energy sales and therefore its ability to finance its war on ukraine. the measure is to compliment and import ban on russian seaborne crude oil that came into effect in december. russian oil tankers that won't be heading to european ports with shipping bands and price caps, you slammed its door shut and russian supplies since russia's invasion of ukraine early last year. the amount of russian crude oil arriving in europe has dwindled. at the end of 2022, it was only a quarter of the amount it was at the beginning of the year. but russian tankers haven't stayed home. instead, the kremlin diverted many of shipments to other customers. russian oil exports to non e u. a non g 7 countries rose steeply in 2022. by the end of the year, countries like india imported more oil from russia than ever before. russia's reshuffling of its client base and high prices of help shield its budget when,

although the country had to offer india and other importing nations discount prices, you're selling at a discount, depending on what that discount is, is still better than not selling at all. and so that is why we're seeing air flows continuing, and now the real impact would be if russia is not able to find new cost less for at its products, exports. and, and that would really, i take, can take a hint on rush in terms of its revenue both india and china, for example, in port crude oil from russia, but not oil products since they have their own production. so both countries won't fill the gap that it's now being generated by the new e u sanctions. experts already warned that russia's windfall, honeymoon could soon be over. and finally, fort fans of american football legend, tom brady, with some extra cash lying around a jar of sand,

from the miami beach where brady announced his retirement last week is now up for bid on ebay. and his poised a self over $100000.00. that's after bidding started at around $700.00. now it's just one of many offers now hitting ebay, each claiming, claiming that there san is from the exact spot. brady's announcement of the 7 times super bowl winter is widely considered one of the greatest to play the sport. all right, that's it for me and the dw business team, thanks for watching. ah ah. with

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