the situation, the emergency situation of these extreme temperatures and here's a reminder of the top story. we're following this hour. at least 2 people have been killed and multiple injured in the shooting in new zealand, largest city, oakland, police say the situation has not been contained. the incident took place shortly before the 1st game of the women's football world caught got underway. there you're watching dw news from by let's stay with us for business news up next with chris cooper and there's a lot more on d, w dot com and on social media and stay with us as you can the we are all set and we're watching closely we all seem to bring you the story behind the news. we rolled about unbiased information all 3

months. done to execute inspire big changes to people, making go effort, joined them as they set out to save the environment. learn from one another, work together for a better future. many thoughts do you all, what do you think it's for good? on d, w, the robust consumption and interest rate hikes showing their impact. the asian development bank says economic growth in the region is likely to remain solid as inflation is coming down more from the bees chief economy. also on the show will

tell you why ukraine wants to continue on your shipping grain via the black sea to spice russian attacks on the port of a desolate despite the kremlin withdrawing security guarantees to ship. of course cobra well comes with the pro rep, strong consumption means developing asia is on track to grow fast on the sea or even though global demand is weak. that is the latest assessment from the asian development back. the manila based lender has updated the ticket on the outlook for $46.00 countries of the region from april and it's keeping it's 2023 growth forecast, the 4.8 percent. it has revise its forecast for next year down to 4.7 percent because of risk such as rushes bore on ukraine. and the to be says, inflation is heading back towards pre cove at levels. the bank has cut it's inflation forecast to 3.6 percent this year. let's take

a closer look at the report with the agent development banks, chief economist, albert park, albert, welcome back to the w. so a be, has caught his inflation forecast to 3.6 percent this year. what does that mean for the people living in the 46 economies you're keeping an eye on as well, relative to earlier this year. we're now forecasting energy prices to come down a bit. so our forecast is for oil prices to be 80 dollars this year, 84 dollars next year, which is lower than before. and so with lower energy prices also following food prices, we think it will provide a lower inflation than we had previously predicted. and levels that are starting to get back to pre pandemic level. so unlike many other parts of the world, inflation is much more modest. here, china in particular, is reaching very low levels, has been very steady at us as showing very low levels of inflation. there's even

the risk of deflation there and china, some are saying there will be more monetary tightening though in the united states, i'll be moderate tightening, and the european central bank wants to keep raising interest rates as well. what will be the knock on effects for developing asia as well? obviously, higher interest rates in the us or europe put financial pressure on the region. so it leads to money kind of worth of funds flowing away from asia and back to the west. it creates pressure for depreciation of currencies. so because there's so much uncertainty about how much tightening is really needed in the us and in europe, i think we'll just have to take a weight and see we're certainly priced in some continued increases. but if the core inflation remains stubbornly high in the us in europe, and the fed and, and the european central bank continue to be aggressive in raising hikes more than

expected. then that will certainly create financial pressures in the region is or which will not be good for growth because eventually it may lead central banks. and the reason to want to raise their interest rates in response, which will kind of cut off investment in growth right now. we already see monetary policy and asian economies, moderating much fewer rate hikes, even a couple of countries starting to cut interest rates to continue and support the recovery from the pandemic. now you're expected china to reach its growth target of 5 percent. uh, ged bureaus to see what makes you so optimistic a given the latest rather lukewarm economic data coming from badging a well actually in our april forecast we said 5 percent in our update. that was least today we're sticking to 5 percent, 5 percent is actually lower than most other organization does. we're forecasting 3 months ago and still even today. so i wouldn't say we're overly bull. this is just

that. um, you know, there are reasons to expect continue to recovery from the pen. i can imagine many asian countries, you know, after countries moved away from locked down 6 cetera. we saw a pretty steady increase in demand in recovery. and that is still supporting growth in many countries in the region. it's really, it's the domestic demand story, robust demand, as well as robust investment that's driving the 4 point a forecast we have for the reason it's china, the recovery is very sluggish. we see that the day the numbers don't look great, they're still high unemployment. import demand from china has been very disappointing. which would be of course, a boon to other countries in the region. if it meant that the china would be a better export market, that's still not really developing the property sector. and china is also having some challenges this. and so for all those reasons, the recovery is sluggish,

but we still are optimistic that you know, the government will provide some modest supports. and then eventually we're hoping the chinese consumers and investors in that, in terms of the businesses, we'll start to re getting confidence and was start to see some of the recovery momentum of the park chief economist at the asian development bank over thank the same with the chinese property sector, financial markets are still trying to digest that real estate developer ever grad disclosed a net loss of over 113000000000 dollars 420212022 nearly $340000000000.00 in liabilities. staggering losses. highlight however, grams massive debts remaining serious concern for the financial health of the chinese property sector and the world's 2nd largest economy. overall, the real estate sector makes up about a quarter of the chinese economies. growth and ever ground is one of china's largest builders. off apartments for more, let's cross over to the w correspondent,

the thoughts on hand and ty paid so loss of $113000000000.00 over 2 years. how serious is the situation forever grand? the company that the chinese government has tried so hard to keep alive for it is very serious. evergreen's. net loss is around the number of global average of g d p. and they set a record for the highest last ever recorded by hong kong listed company, evergreen's, cash and equivalent assets almost amounts to nothing in the face of such a huge hole. and everyone has to be spending too fast in reason, years. so it's too big to fall. if ever grant goes on bankrupt, it will cost a domino effect, which will affect the credibility in financing at all the whole real estate developers and paralyzed the real estate market. like germany's 50 percent home

ownership rate, china has home ownership rate is 87 percent. when the real estate market calls private investment will definitely follow. so it will have a huge impact on chinese economy. a ton of property sector is incredibly important to the country's economy. what do evergreen's problems tell us about the state of the sector overall? as well before corvette, the real estate market was an important driver all about china's economy, big success. so in the past 2 years, the officials, the launch a series of policies to guarantee the delivery delivery of buildings hoping to reduce the impact on the housing market. multiple damage has now emerged, not just the construction industry and services related to home viewed in itself. as i mentioned, the home owners also come back on spending for fear of losing the most valuable asset, which in turn impact private consumption. more to that many enterprises in china use real estate as collateral for their loans. overall,

the shadow of the real estate market is likely to continue to loom over china economy for not just now or to the end of this year. but for a long, long time, no, not staying with the bigger picture here. so evergreens struggled from the fears about possible shockwave. so the global financial system, the chinese central bank says, well, it's problems can be controlled, and it's unlikely that they spill over. how reliable is that sort of an estimate? of course, we can totally expect that coming from the chinese central bank. but the impact on the global financial market and economy is unpredictable because everyone's longer involved in many international financial institutions, such as s, s, b, c, and credit suisse, etc. so it's bankruptcy may trick of financial risk and crisis that china can not control. so every brand is now look into the constructor, it's offshore debt and provide more help to its creditors. if it works,

it could allow ever going to act quickly to avoid a potential crisis due to actual lawsuits over default. and we can observe that if aging will increase, do more, less measures, like cutting interest rates any increasing support to local governments. other than that, we'll have to wait and see you w correspondence, old song hand and tie, paid. so thank you. are you currently and presidents are loading? theres lensky says, reason russian attacks on the port of a desk deliberately targeted infrastructure necessary to export grain. on monday, the kremlin halted an agreement to ship your brain in grain across the black sea. germany says will support your crane and finding other export roads is key of once to uphold the shipments as the source of revenue. the samsung, the last ship that will bring agricultural goods out if you crane into the rest of the world. moscow has forbidden further exports and says the safety of cargo ships

will no longer be guaranteed. it issued a warning against shipping exports without russian permission to combat zones outright. nearby, there are certain risk there. you know, maybe the blockage is especially bad for people in east africa. afghanistan, or young man who rely on these goods. the u. n. world food program warns less grain coming from ukraine could cause a shortage increasing prices worldwide ones because it does for us just being 2nd thing, the difficult decisions that are happened. who do you give haul fractions to that was all, can you cut out altogether, quote i, the answer should be no ones. and these are really heartbreaking decisions that my colleagues then have to make on the ground. samsung last load is 15000 tons of rapes. he'd headed for the netherlands, not one of ukraine's main buyers. it's top purchases are china, followed by spain and turkey. these 3 countries alone import half of ukraine's grain ukrainian presidents lensky now wants to explored more without russian

approval. from the one's perspective, it's wishful thinking of the was the 75. you were, you shipping companies are willing to take such a risk, which the insurance company is insure merchant ships passing through. it was on as a sam some left the black sea, the port city of odessa face russian attacks during the night. under the reminder of our top story for you at this hour, the asian development bank says strong consumption means developing agent is on track to grow faster this year. the global demand is weak database as inflation is heading back towards pre compet left. that's our show for now. for more check out our website at www dot com slash business under for c p w. use youtube channel. i'm chris cobra and roland from me and the entire team. thanks for watching. every successful,

the value is on file stored in the u. office in spain. specialties pointing to the event. wildfire lost by all countries must realize that the legacy we leave, our children cannot be anxious when they'll come out of focus on europe next into the conflict zone. with tim sebastien, this week on comfort zone, the former pakistani prime minister in rome con faces when he goals a 100 raising called the charges says he'll soon be back in j for the current

government says behind the venture of cafe limitation with all dissipating the way to you election. so we'll be able to take some conflicts in 60 minutes, dw, what secrets? why behind being discovered new adventures in 360 degrees and explore fascinating world heritage sites dw world heritage 360 kept now the hello and welcome to focus on europe. it's nice to have you with this sweltering

heat has hit the south of you of.