so what our show, how does india's 3rd largest airline ends up going bankrupt? well, the look the trouble surrounding go 1st airlines. and it's been dealt a floating power outlet and it could become the 1st of a consolation that helps europe di carbonized. it's energy sector to walk into the show, i'm assuming there's heat in berlin. european central bank raise that's key interest rate by 25 basis points on thursday. it's 7 consecutive hike as it battles. persistent, inflation across the single currency zone is to be present. christine la guard said the bank has more ground to cover against rising prices, and quote is not causing rate hikes, despite essentially slowing them on thursday. annual inflation was at 7 percent in march across the euro zone. the easy b has been hiking rates since july last year. the decision to raise rates more slowly, following a similar move by the federal reserve in the us last week. joining me now is carson, just the chief economist for i n g. germany help us break this down with the c b

course and welcome back to show, 1st of all, any surprises here with this rate hike? no, not really. i think it was clear that these to be want to slow down re enter page and the size of rate hikes and what like that. because we have seen that the most aggressive monetary policy probably being in history is clearly leaving marked on the economy. all righty, so that was the time out. just go things down from us again. how are we seeing the effects of all these rate hikes to this point? now what we're seeing is, and that was what we saw. i see this week of the so called bank lending survey. so we see that there is very little credit growth in new york in economy. we see that banks record clear drop and demand for a new loans, both from household and from corporate. and normally at the end of the week, week or demand for loans today is week or investment and week of spending tomorrow . so this is how we're seeing this, the impact of interest rate hikes. so far we will also see is, you know,

it is more complicated to, to get a mortgage, it's more complicated to get into the real estate market. and this is what is gradually slowing down the economy. at the same time, if i go to the grocery store and look at the costs of food right now, i may say that these rate hikes aren't having the effect that i would expect when is inflation. going to start going down? whitehead starting to come down, but me on the bank off no longer increasing energy prices or even lower energy prices takes a while. and that's, you know, everyone getting it. and then you cannot mix textbook knows that it's going to take between 6 and 12 months before you really see the full impact of interest rates on the read economy. and we don't need to start to come there now. and um, so this means we will still have to wait probably until the end of the year to really see the full impact unfolding of the rate hives that we already have gotten until today. you already mentioned the other effects of raising these interest

rates, and that is the tightening credit conditions on the markets. is there any danger for european economies, especially those that already have trouble borrowing and continuing to raise these rates of the guard also implying that these rate hikes will not stop. as of course, there is a risk and i think for a long, long while the we have been arguing there are no and the girl the fact of the re trying to of course, the, everyone borrowing money knows that there is an impact of higher interest rates on boring and this doesn't hold for you and me, but this also holds for, for governments, for example. so governments have much more difficulties to know gas money in the financial markets. they have to pay a higher price and paying just higher price. it also means that at the end of the bill, this ride there will be less investment, there will be less public expenditures. so this is the more natural balance to how far they used to be can go by hiking interest rates. right, that's cost and jesse with i,

n g germany. thank you very much. let's go down to some of the other global business stories making headlines. the world bank has a new president. i bunker is an indian born american executive. and he's been held by the media and his birth country as the face of change for the global development lender on go was nominated by us presidential by last month. agent, investors and credit suisse are joining in a series of landmark lawsuits against the swiss government saying it mishandled the takeover through us. in march, investors collectively lost nearly $17000000000.00 when their special class of bonds was written down to 0. as part of the deal, new numbers show a surprisingly sharp drop in german exports in march compared to the month before germany exporting 5 percent fewer goods. which shows how recovery in europe speaks . economy means fragile. at the moment, drop came after 2 straight months of growth over the age and now india's

3rd largest airline go 1st. file for bankruptcy on tuesday and ground at all flights, leaving almost 100000 passenger strand to the carrier now owes its creditors roughly $800000000.00, blames its troubles primarily on problems with pratt and whitney engines use and it's aircraft with go 1st thing it was forced to ground too many flights of us engine baker has the air line is exaggerating. it's roll go 1st. also struggle during the pen demik with strict rules, limited aircraft over to charge the card to k and delhi chart go 1st, wasn't exactly a small player with market share around 10 percent before the pen to make what happened with steven. uh, go 1st in the, in southern c, filing, satisfied with the tribunal, it has, uh, would be entire blame on for the engine supplied by pratt and whitney baton with me

being the american company that supplies engines to across companies that will know that and what both of us has said that its agents started developing snags way back in 2020, but the seems button, but with me couldn't do anything about those for the engines initially. so it was supposed to ground to say across and by december 2022 with this last december uh, goal for said that it was forced to ground by ground or at least 50 percent of its fleet. now that was a big loss and resulted to several other problems cascading into into sort of a domino effect which brought a lot of financial strain on the airlines stating that this was in many respects, a surprising turn of events. what does it mean for go 1st arrivals, and what is a very competitive market when it comes to aviation in india? a hi, steven, it's a competitive market and it's, it's essentially, it looks like good news for both of us rivals. uh, 2 of uh,

both as valuables which i listed on the in stock exchange, spices and indigo, the same prices went up yesterday. so it's already being seen as an indication that they're likely to benefit that a lot of us lots that belong to go fast to go 1st and those last we'd be a full grabs. these right ones would be very happy to gain those laws as well. and especially indigo, looks like in, in a very happy position because that are also reports that list source of go for us to add that had a provided a cops on a lease might also be contemplating providing some of those aircraft to indigo now. so good news altogether for all of us rivals. if this is such an attractive market, is there not perhaps value in an investor coming in and rescuing those airlines as well? that could be possible to stephen, but right now what uh the owners of go 1st have said is that they're still very

much committed to the airlines and they're not looking at an exits and the owners being mostly body group, it's an old investor house in, in the i'd also owns the companies in other areas like virginia and like lumber dine d a. it c o in fact addressed the press yesterday and said that the company is very much committed to it and said that even the central government does not want the airline to fame. so this thing that we've moved insolvency proceedings to revive the airline and not to be able to sell it. however, in the same breath to the scene, you also said that some companies, some uh, individuals have already expressed interest in buying the line. so as of now it's, it's, it's not entirely clear as to what future is going to be of the creditors or also what it does to the exposure is about $800000000.00. so a lot of things, a need to be resolved before the future of logo for us becomes clear. steven. alright,

discharge the card to k in delhi. thank you. offshore wind turbines are central to your apps efforts, the de carbonized, the energy sector. but the technical problems involved are often complex, including how to store electricity efficiently and how to bundle that energy from different wind farms. one potential solution is now flowed into baltic sea. take a look. this is it, this swimming electrical socket, leaving the port of antwerp in the early morning hours on route to germany. it's 5 stories high clocking in at 4 and a half 1000 tons. all of the ports shipping have to be halted to secure the safe transport of the wind power platform. it was built by belgians elia group. the government displaced this on industry. this applies to 40 percent of all the swimming sockets. to paula europe. the transformer station is the heart of the baltic sea off shore energy plan. this is how it works. electricity produced by

a cluster of wind turbines is bundled 30 kilometers off the coast, and then transferred on land to a single cable. from here, electricity can be fed into the grid. half a 1000000 households are expected to be powered by green energy that way. funding the energy from several turbines makes the system more efficient and prevents power loss. that's important. as the was said, it's green energy target to 40 percent by the end of the decade. so we will have to connect much more wind farms up the floor going forward. and this one is quite important because if we bring this together at the one platform that brings up to a higher voltage level, it's the most efficient way to bring winter energy to shore. a few last adjustments then, the baltic eagle is ready to be towed to his offshore location with will now help withdrew him and his energy transition plans. affordable green energy is possible with builds and technology. germany shipyards aren't equipped to build such platforms. there are

a couple of countries that were fairly early into offshore wind. so one of the expertise that we have in belgium, with the ability to build these kind of large platforms, to prepare them to the sale of, to bring to that, to, to, to see where they are then will be used for 20 to 25 years. the energy business is changing. fast. politicians are still working on the new rulebook, but it's already clear that wind energy will bring lots of opportunity, profit, and jobs. swimming sockets like the ones built in antwerp, are in high demand. and here's the reminder of our top story. steering and central bank has raised interest rates by another 25 basis points, and it's ongoing battle against inflation. that's a slow down from recent rate hikes. move comes after the federal reserve and united states also slowed its own rate hikes. that's it for our show. find a more online dot com slash business. i'm seeing there is a blend. thanks want the

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