production cost in yes, as the artifact plus console struggles for this, a fall in price is mid sized companies. what's the and as the backbone of the german economy. but now a survey suggests high energy prices bureaucracy, especially going back competitive edge. this is due to be a business i'm robots inputted and welcome to the program to case it states statistics agencies as inflation is full and below 40 percent here on. yeah, for the 1st time in 16 months, a temporary off the of free gas for households. i had last months election appears to have played a pause in the drunk in inflation, which piqued at nearly 86 percent. and i'm sorry for the last year of the independent, the economist have challenged the official vegas. tech is inflation research group says when inflation stands between a $105.00 and a 109 percent, depending on whether or not the free gas offer is taken into account. but let's discuss the economic situation in to k, particularly given present the other ones reelection with ad, all yelton,

professor of international economics a constance university of applied sciences. thanks so much for being with us. so inflation is wanting is just below 40 percent. so does that mean that added one's own orthodox approach to bringing down inflation is actually working? oh, certainly no, certainly not. what we see is indeed that inflation has declined compared to what we have seen in april from 44 to the wrong. 39 percent. however, the main reason for this reduction in inflation, it has be the so called 0 graph prices. we have elections last month in prison, or the one decided to subsidize household gases. and she's the 50 go institution. turkey just interpreted this a subsidized prize as a drop in gas prices. and that's the main reason for this low inflation rate. but i need to be very clear here. this number does not reflect the typical economic

situation. congress citizens are facing not only last month, but for the last 2 years. so there's free gas policies to just a free election. give away then it's not something that can be kept so long to. it's definitely not the pre grass at was it was a present in an election related policy. and at the same time, we need to basically be very clear to char keys, public justice. it has been increasing over the last 2 years for this guy. did you come on a interest rate policy? so turkey basically has a positive growth rate for the whole economy. it's one of the process growing economies. but this growth, you, driven by a very low interest rates at high up a private and also public deb. but this cannot, this is not the sustainable policies and therefore the, the, the,

the spice for maneuver in turkey is very small. and that, that's the reason i think why the government also has been pointing a new people with a different credibility with respect to come on the policy. yeah, there are new people in place and the noise has that been been getting from them on the sort of economic approach, all the sort of thing that the investors would've wanted to hear. speaking about, you know, focusing on inflation and at least hinting of the idea of a, a change of direction. but is there actually likely to be one to yeah, i mean, the verification check has been pointed to a finance minister. he was already finance minister before the misguided interest rate policy started and he made a very remarkable statement when he came to power i, i'll, when do we can, he said we will return to a orthodox policy based on the rational grounds. meaning, he obviously criticized also the policy policy and is your right to indicate the

big question is in how far the new finance minister jointly with the central bank can really implement an orthodox policy. because we have seen in the past that the preferences of the president of turkey has been always having high growth rate, what, what the price is for the inflation. and the exchange rate to lead raw has been depreciating heavily. so the next weeks already we'll decide on and how far we can trust on what the fuck new finance minister had declared so far. i'm just gonna be interesting to see why the tech economy goes under a renewed president, added want to add to allow y'all sion of professor of its national economics that comes down to university of applied sciences. thank you so much for joining us again on your business. now oil prices searched on monday, following a surprise decision from a tech plus saudi arabia or announced a voluntary cuts to its production. and that's on top of group wide cuts previously

announced markets. all consent, not least, of a huge benefit. according to this i would de la, the pop, which is a 1000000 that is of reduction for the start that starts to do 1st of july. or did i see a saw the lollipop, and one that lease a bit or taste on oil markets and the politics of saudi arabia voluntarily cuts its old production from 10 to 9000000 barrels a day in calling the icing on the cake. the cake being drastic cuts that, oh pick plus, had already committed to earlier this year with other members of the or the co tell us celebrating, are we done? can the king demo. so the idea for the next a bonus or the ext uh, the voluntary cuts that they had showed the seat that showed you how important

the market stability and how important bringing back the investments into the city, to this important sector markets debility, you could call it price stability, or simply a price hike, less oil to satisfy. global demand means more bucks per barrel. a lot more money for producers, and that includes some members, said russia, deputy prime minister alex on the nova was at the old pick, plus meeting, applauding. saudi arabia's commitment as well as the blocks extension of previous cuts until the end of 2024. for russia, high, low price is over lifeline. the country's economy being crippled by sanctions. oh, but it's when you train western powers, now it's use oh pick plus of siding with russia and the ongoing conflict. meanwhile, investors hope that prices will drop again, like they did in april despite the cartels actions. now let's take a look at some of the other global business stories that on making the news. the headlines will fly on this 4400000000 passengers this year. that's close to the

2019 record. as the industry bounces back from the pandemic. according to the international and transport association, this actually expects to move back into the black with profits forecasts. 3, almost 10000000000 dollars this year during the pub, demik. yeah, line industry lost almost a 140000000000 ukrainian grain look set to stay banned in 5 eastern european countries until mid september. as, according to the european commission draft, the bands were put in place a month ago after those countries complains. ukrainian exports for making domestic production unprofitable. the aim is to allow ukrainian grain to reach markets like africa rather than stay in your hands depressed prices. take care is nick, a stock index close to the 33 year high on monday. the rest of the sentiment was based by a surgeon's ducks in the us at the end of last week, and also robust employment data for may. the next,

a last finished above 32000 points in 1990 just before japan's bubble economy. first triggering decades of economic. my legs now is gemini losing its edge as a place to do business. while a recent study suggests the country has fallen behind other developed nations, with a shortage of skilled workers and high energy costs all proving decisive factors. indeed, many midsize german companies, the countries famous mental stand, say that starting to look elsewhere. this boundary in western germany is a classic mid sized companies. it casts metal parts for mechanical engineering, wind turbines, rolling mills, and the mining industry. the steel is melted in electric furnaces, they need a lot of electricity around 55 gigawatt hours per year. that's as much as a small city and the rising prices are

a problem. we'll see mostly before the war in ukraine, we used to pay for 24500000 euros for electricity annually. then in 2022 due to the russian invasion, electricity prices rose sharply. for the same amount of electricity, we suddenly had to pay 15 to 60000000 euros or the company has not received any government supports. one possible solution would be to relocate the entire production to another country, but that is not an option for the foundry manager. many of his employees are also neighbors. and we have to make sure that the structural components which we manufacture here actually remain here and it wouldn't make no sense to have all the pods manufactured in china now in. yeah, that we need he, in germany for the transition to clean energy or the next 10 to 12 years understood

competitors from all over the world are catching up in other countries, electricity is cheaper. the workforce is younger and taxes are lower than in germany. for companies like the simple camp foundry, it's getting harder to stay competitive. in a recent comparison of 21 industrialized countries, the us, canada, in sweden were the most attractive for businesses. germany came in, 18th, in italy, brought up the rear. the gemini used to be very, very attractive for businesses because of that went up many alternative locations. but then not many countries were able to compete with products made in germany. lemme just not on the same level. perhaps our country rested on its laurels for too long. what has happened in the meantime is that other countries have become extremely competitive. among those $21.00 countries, germany has the highest taxes,

high labor costs. bureaucracy is a big problem, as are rising energy prices, only in infrastructure and financing is the country still leading. the business owners are demanding that politicians do something to tackle these problems. please, please talk to us because we know how to handle the crisis. we know how to solve problems. the message from the survey is clear. germany risk spalding behind other countries unless it take steps to become more competitive. and the so from in the business team here. and then from all ahead of us at the da com slash. so next time the

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the, this is the, the, the news life from the ukraine now plays that's conducting offensive actions along the front lines that softer. russia said it beat back a ukrainian assault if the don't use region on sunday. is this the start of a new phase in the world or some coming up the eas, top port hands, poland a fresh lead.