i also want to show the convoluted and even controversial the shipping routes for greens coming out of ukraine are now raising prices and frustrations and brazil is set to host to summit, around protecting the amazon rain forest. we'll look at how industrial pollution has it one community in particular. hello and welcome to our show. i'm seeing beardsley in berlin. and we begin here in germany. we're one of the world's major energy firms. siemens energy says it's rethinking it, strategy for wind power. that after i watering result in the last quarter, a 2900000000 euro loss due in large part of problems with 2 turbine models. and that's going to cost savings energy, specifically a whopping $1600000000.00 euros just to repair and replace floss. and it's 4 x and 5 x on shore turbine models, both made by its spanish subsidiary, z means gum mesa. now that firm may, so it has been a problem, presume, is energy ever since the latter was spun off from industrial, giant demons?

in 2020, in fact seem is energy has yet to close the fiscal year in the black. it's share price going into monday. was down 1717 percent this year alone, due in part to its own problems as well as problems in the wind industry in general . now here's what siemens energy c o christian book told seat and b. c. you said that the loss was really a quality issue in terms of going to fast with new products into the market. all right, help us understand this better. i'm joined now by feel a deal. she's a fund manager and analyst at when you own investment, which is a major investor in siemens energy. you feel welcome to the show. um, you know, investors knew that this bad news was coming. this was announced in june that there were these flaws with the turbines. was there anything in this earnings released today that really struck you despite the fact we already knew some of this a hi,

steven, and thanks for having me. um, under normal circumstances, i would have had to potty today with the old income um that siemens uh, energy booked, as well as with a guest and po, a business. and we finally got this 1600000000 number on the table. finally, that we waited for a quite a while. um, but right now still a lot has to be done. um for a few minutes energy. um i was one of the investors asking for the take over of me saw to have the full grip on this spanish business. and i had no clue about what would put the pop up next and that we had so many issues to solve here. i'm afraid is that clarity that we're seeing now. you've got this number 1600000000 euros. we've talked about a $4500000000.00 euro loss for the whole year. is that clarity? is that showing you that z means energy really is in control?

is that per provide any optimism going forward? i'm afraid, steven. no, it's not. um. the problem is that the growth of the company is shifted towards the future. now we'll get another update at the capital markets day of see minutes energy in november with even more details. and the whole issue is not solved yet. um, we have to sort of still prove um putting and see how many more um, how much more money will will flow into this. i'm afraid. no, it's not the end to my mind. we're not over it. 100 percent. you already mentioned the um, the staggering orders actually for wind turbines in this last quarter, more than a 100 percent increase, i believe from the last quarter. what are the conditions otherwise strong for this segment to make money when we look at it as well?

currently we have to see how strong the margins are in the old book and to really comb them through, as you will have noticed as well. and the revenue out look has been lowered because right now we have to work on historic orders of course. and we have to work on historic problems from c means to me. so rather than taking our money to put it into our indeed going forward. and i'm thinking about hydrogen's, for example here, and also about your products and you solutions for customers. so we have 1st step to solve the costs. um, then we strength of the company and then we look forward to the future. but that will take a while and i don't think that will be done below 3 years from here. all right, that's fear deals. he's a fund manager and analyst at on your own investment, which is a stakeholder in siemens energy fair. thank you so much. thank you. steven to

and we go down to some of the other global business stories making headlines. german industrial production sell more than expected in june dropping 1.5 percent. percentage point more than economist had expected. german industry is experiencing weakness and the lower demand from china, higher interest rates in the fall out from the energy prices. the german government has announcing new federal aid program to accelerate investments in de compensation . companies will be able to receive up to $150000000.00 euros and direct grants or tax benefits for activities and so called transformation technologies of the program is part of a new e. you framework for state 8, the target screen investment, saudi state run oil, john a remco has posted a sharp fall and profits in a 30000000 dollars and the 2nd quarter. that's a decline of nearly 40 percent when compared to the same period last year. remco

blames declining energy prices, much like it's peers, which are also seen falls in revenue. a can grant export from ukraine, corn, wheat, rape seed, make it to market without going to the port city of odessa. and that's still a big question in the weeks after rush refused to extend a grain deal negotiated with united nations. now, producers and ukraine or a desperate search for workarounds. but with every solution comes new friction. take a look. a russian missile attack on the green storage of the training company. green alliance captured by surveillance camera. $16000.00 tons of we are no longer usable green alliance grows wheat, corn, and rapes seed, and ne ukraine on $60000.00 hector's. before the war, the harvest was ex forwarded all over the world through the port of odessa. everything's changed since the russians took over the fords and stopped. we exports from ukraine seats and we think general it was going

to indonesia and markets. china was primaries, markets for, for, from ukraine, unfortunately is not there because of making the, the west coast bar. so we like seaports, closed is not still possible at this moment. so those markets basically for you great on what's existing for the to s as a to be now the company is relying on a rail route through. so voc yeah for transportation green alliance has purchased an entire fleet of wagons hoping to free itself from expensive freight rates. but in slovakia they have to reload the green onto narrower european wagons. this is time consuming and drives the price is up again. and there are bottlenecks in further transport because we have to come up with the release through the border. wait the using the border then to trend sold from one by going through another by

means of silos elevators. and then to seek for you. i guess you are being bargains because availability is not that competitive. as i said, these a new train, the port of broadcast in northern germany here, the ukrainian green alliance managers have found a german buyer. what the buyers do with the green grain alliance doesn't know. maybe it's susan germany there's a noise. farmers like all right, more. who also grows green on his farm in the state of lower saxony. he fears prices will collapse for him. it would be better if he crating green would be transported to germany, only for export boys from an economic perspective, it would be sensible if the you were to provide funds for subsidizing the freight

if you create in week towards the north and baltic sea. so that this week and then also go to developing countries and alleviate degree, i just need there. whether such e u subsidies will come is unclear. the managers a great alliance are running out of time. they need to sell their harvest now, so they can pay their employees and receive their fields will beginning tomorrow, an amazon summit in brazil, we bring together the leaders of 8 nations to talk about protecting the vital landscape and habitat. it's threatened by illegal loggers and gold miners, animal smugglers, even drug traffickers. but industry has also left its fingerprints on the region. here's a look at one community. the city of bel, them at the mouth of the amazon river is the main entry point to the brazilian reign forest. it whole several letter tundra rees, which have been dumping the a waste into the river for years, killing wild life and preventing fish in the area taken away the livelihoods of

many people who live just 5 minutes away from the city. oh, well the past the water was crystal clear, not like it is today. but 10 or 11 years ago it's begin to change. today we don't have the abundance of fish and friends anymore, and we don't have many of the things we use to enjoy from the river. we can no longer use the river. since 2004 communities have made claims against several other ton of res. research has found that the toxic element chromium is used in the letter preparation process and that increases the chances of developing cancer. davita power institute, an organization which monitors the safety of life of belgium residence, finds the summit, hypocritical. man, i'm not even one environmental inspector. i came to visit us, is it? uh, we uh been, and inside the city we hi ben and ivan said, and 5,

this summit they were supposed to come to visit us to see what the people of the river side lemme going through. but we are being trampled by human greed, don't you either. but i got news in the settlement, the public ministry of a state of power, a function for companies for polluting the river, and the university of power collaborates with the firms to provide technical solutions to decrease pollution. but the residents here say the lifeline. the river continues to die and then finally the pink wave is still going. barbie has now hit the $1000000000.00 mark in the global box office. credit garret wig becomes the 1st female solo director to have a hit film hit that my step milestone. other barbie success appears to be opening doors for other products like films for my tell which is floating. i do a feature length films for the likes of other children's pores including hot wheels and polly pockets shower,

pulling up my roof. that's our show. check us out online dot com slash business. i think there's like the

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