died as 6 more injured in the shooting and use the lens, largest city, oakland, police say the situation has been contained in the shooter, as among the dead. the incident took place just hours before the 1st game of the women's world comp gets under way. there that you all up to date up next is business news with chris cockburn. i'm having and thanks for watching. take care the . every jenny is far less surprises. we've gone all out to give you some of the right people in your northern most count the police the free time,

but still very much alive. your guy to the special hot spots in germany recognizes where exactly it was fun. learned a lot of our culture history, all their travel extremely worth a visit, 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 database. chief economy, also on the show, will tell you why ukraine wants to continue shipping grain via the black sea to spice russian attacks on the port of, of this site despite the kremlin withdrawing on security guarantees to ship

chris kolber rub comes with the program, strong consumption means developing asia is on track to grow fast on the see or even though global demand is week. that is the latest assessment from the asian development back. the manila based lender has updated a ticket on the outlook for $46.00 countries of the region from april and it's keeping it's 2023 growth forecast, a 4.8 percent. it has revise its forecast for next year down to 4.7 percent because of risk such as rushes war on ukraine. and the b 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 it'd be as cold as inflation forecast, the 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 in asia, 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 given the latest rather live warm 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 buyer present is actually lower than most other organization is we're forecasting 3 months ago and still even today. so i wouldn't say we're overly bullish. is just that. um, you know, there are reasons to expect continued recovery from the pen to 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 and recovery. and that is still supporting growth in many countries in the region. it's really, it's been 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. and the reason 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. 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 that eventually we're hoping the chinese consumers and investors in that, in terms of the businesses, we'll start to re getting confidence in was part to see some of the recovery

momentum of the park chief economist at the asian development bank over thank are staying with the chinese property sector. financial markets are still trying to digest that real estate developer ever grad disclosed a net loss of over $113000000000.00 420212022 nearly 340000000000 dollars in liabilities. staggering losses. highlight however, grams massive debts remain is serious concern for the financial health of the chinese property sector and the world's 2nd largest economy. overall, the real estate sector and 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 type paid so losses 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 what 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 recent years. so it's too big to fall. if a 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 is home ownership rate is 87 percent. when the real estate market calls private investment will definitely follow. so you 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? a while before corvette the real estate market was an important driver of on china's economy, big success. so in the past 2 years, the officials to launch a series of policies to guarantee the delivery delivery of buildings hoping to reduce the impact on the housing market. but 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, and then i'll stay with the bigger picture here. so evergreen's struggle from the

fears about possible shockwave. so the global financial system, the chinese central banks as well as 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 many international financial institutions, such as spc and credit suisse, etc. so it's bankruptcy may trick of financial risk and crisis that china cannot 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 everyone 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 or 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 type paid. so thank you. are you currently and presidents are loading theres lensky says reason and 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 grand. across the black sea, germany says will support your crane and finding other export roads is key of once to uphold the shipments as a source of revenue. the samsung, the last ship that will bring agricultural goods out of ukraine into the rest of the world. moscow has forbidden further exports and says the safety of cargo ships will no longer be guaranteed, issued a warning against shipping exports without russian permission. he said to the combat zones outright nearby that a 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 warrens less grain coming from ukraine, could cause a shortage increasing prices worldwide ones because it though, for us it just means extremely difficult. decisions that are happened. who do you give haul directions 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 eat, headed for the netherlands, not one of ukraine's main buyers. its 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 you ones, perspective, it's wishful thinking. was this 75, you were you shipping companies are willing to take such a risk,

which the insurance company is insure merchant ships passing through a boss on as a samsung left the black sea. the port city of odessa faced russian attacks during the night under the reminder of a top story for you at this hour, there is a development bank says strong consumption means developing agent is on track to grow faster this year. the global demand is weak databases. inflation is heading back towards pre coping. and that's that's our show for an out for more check out our website at www dot. com slash business and of course the p. w. use youtube channel. of course cobra and roland from me and the entire team. thanks for watching. every successful the

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