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tv   Business - News  Deutsche Welle  June 20, 2022 3:45pm-4:01pm CEST

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china sites also with cooked or currencies being hammered of the weekend. we'll get an expert view on what the recent sell off and the bumpy can only economic wrote ahead likely to mean for bitcoin and on. and we're go to yellowstone national park in the united states rather than prepare for visitors. residents are now trying to contend with the damage caused by flooding. unquote. cobra, one from the program, germany needs to laure its gas usage is a so that it's reserves can be filled up by winter, says the country's economy minister robert hobbit, for now germany will ramp up electricity production that coal power plant to make up for the limited natural gas supply, a move that will raise carbon emissions and then also plants introduce an option to compensate companies that lower their gas usage. this comes after rushes gas from announced it would be reducing gas deliveries to germany,
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citing technical reasons. the german government, however, says the move is politically motivated. meanwhile, as europe is getting less energy delivered from russia, it's a different situation for china, where oil imports from russia soar to a record level on may rising 55 percent on the year. trends. heiner is our caching in on discounted russian all supplies and mid western sanctions on moscow over a swarm ukraine. until last month, saudi arabia was the leading supplier to china, the world's biggest crude oil importer. the latest figures also show that chinese, all refineries are still buying oil from iran, which has also been targeted by respirations, sanctions. whereas energy supplies don't seem to be a problem right now. for china, there are issues ramping up for that could hamper rose throughout. last year. business in china was good for you. firms with 2 thirds seeing their cells
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grow by at least 22 percent. but the mood shifted in april. the majority of companies lowered cells expectations for 2022. according to the result of a snap survey by the european union of chamber of commerce and china. companies are worried about the difficult geopolitical situation amid the war in ukraine. on top of that shipping costs arising and the closure of chinese ports due to bay jeans, 0 called it strategy, had a negative impact on business and january around one in 10, european firms said they wanted to move their investments from china to other countries by april nearly a quarter of firms wanted to do so that's the highest level in a decade. and does more chinese labor conditions have worsened? says the e u chamber of commerce. firms are experiencing difficulty retaining workers.
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or agile moralist calls over to bettina sharon. she is the vice president of the european union chamber of commerce in china. welcome to the w, bettina. so the mode among european companies in china is turning increasingly sour, locked down, supply chain strains, political pressure. am i missing something? well yes, i'm obviously you and really elicited also and the comment outbreak definitely is quite a, an issue and it causes a lot of uncertainty. then we have a slowing economy and the environmental business environment is getting more and more political. so this makes doing business in china more and more difficult for majority of our members. but what exactly is the impact? we don't see an exit is of companies are doing? no, we don't see an exodus. our company is be course the market is for sure, very big and important. but it causes actually that headquarters will silo. they
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will decouple their companies here in china. they localize the stuff, they localize id and data storage systems, and the onshore supply chains. and another effect is for sure that this regards to future investments, which would normally have going to china. they will re think it and shifted to other markets. the course with this uncertainty is not a good crowd to invest. tell us about the silos that you mentioned. what does this mean precisely? well yes, as i have mentioned and they actually need to set up 2 systems with regards to i t and data storage, which with regards to supply chains, one for china and one for the rest of the world in which we got to. i'm stuffing disposition here. we see now that more and more companies, they localize actually positions from junior staff to board members. this leads for
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squared to a decoupling course to have a diverse team with 4 in us working here in china. and also chinese going to the headquarters is leads to more exchange and neutral understanding. and this is crucial for doing business here. one could also argue that having more chinese individuals and chinese nationals in the sort of positions of power could be a good thing when it comes to understanding the market. it is for sure important that also the chinese have the opportunity to develop and work in this position. it must be a good mix, but the experts working here and going back in the headquarters, they act as ambassadors. they are multiply us because they can report about the experiences into china market. we always say china is the fitness center. so you work here. so you experience the dynamics on the ground is very important to make the headquarters understand how china is, is working and, and going. but you know,
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sir and vice president of the european union chamber of commerce in china. thank you for your time. thank you. and now to some of the other global business stories making news, producer prices in germany rose ad record pace and may lesser products cost. 33 and a half and more than year ago, the national statistics office says soaring energy and motor fuel prices are to blame. price increased since 949. the germans will have to brace for higher consumer prices. apple store and maryland in the united states made history by forming companies, 1st union and majority of the 110 employees voted to unionized, demanding a say, and she's decisions on wages. and working hours. they join a growing push, cross american service and tech industries to organize from greater workplace protections. bitcoin has fallen below 20000 years dollars for the 1st time since
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2020, with central banks raising interest rates. many investors are selling risk your assets, like to see, there's also been turbulence in the market as stable coin tara imploded last month . let's take a closer look at the matter together with santa streeter. senior investment at market analyst at hargrove lansdowne welcome to the w. santa bitcoin has lost more than 70 percent of its value since reaching its peak last year. that surely cannot all be attributed too much more aggressive, aggressive monetary policy. i think a large chunk of it is attributed to much more aggressive military policy because there's been a fight away from risky assets. and the crypto world west is one of the most risky environment out there, a given the hugely volatile rise and fall,
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we've seen in coins in tokens over recent years. but as well, what we're seeing is central banks. a look at the future for digital currents is considered setting up their own central. vantage to current says also throwing the weight behind stable coins. the future of the crypto world is highly uncertain already before you've had this volatility hitting equity markets. and because of that, we're seeing fresh headwinds, which is causing criptos rapid decline. susanna, speaking of ed windsor lending platforms also are in the spotlight. a number of them have been pausing all transfers. no sign of when customers can access funds. what are we to make of that? that is also adding to the real worry about a slice of crypto and adding to the concerns and why you're saying such a flight away from crypto. those people who can pulling out their money worried
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that they may not be able to get hold of it in the future. what we thing right now is reminiscent of her, the dot com bubble bursting. there'd be huge speculation because of the error of ultra cheap money. many been piling into crypto with high hopes that some of these at smart contract contracts on, but on the block chain could really harold, the style of a revolution within the payment industry. those are really high hopes and only expectations of some potential, a growth in the future. and now what investors want to see is returns right now and then not seen that by just speculation on future growth. what does this stand me now? if we look down the line, more of aggressive monetary policy, possibly a research, and what is that likely to mean for crypto curves? i think that it's going to a mean there's that we're not going to see in a reversal of fortune for the crypt her world any time soon. and certainly this
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could be the start of a crypto winter because interest rates are set to ratchet up. further, the mirror of easy money that is propelled crypto higher on the speculated wave is coming rapidly to an end, causing this flight at to safe havens away from these ultra re asset. so i think there's going to be a real turbulence for the crypto. well, for some time to come, susanna streeter of hardware is lansdowne. thank you. devastating floods have decimated road homes and portions of the protected landscape in yellowstone national park in the united states. the area has long been a popular summer destination, rather than prepare for visitors. residents are now trying to contend with the damage cost by the flooding, both to the environment and to the critical tourist season. ah, the flooding didn't just wipe out road homes and infrastructure in this part of
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yellowstone national park in montana. it also took with it hopes for a bustling summer tourist season, which businesses here rely on to get them through the year. ah, i'm getting phone calls from business people saying their reservations are cancelling clear through september and it is devastating for them. they're kind of in a state of shock right now. what are we going to do where we're going to go with us? many businesses are also grappling with a costly clean up the mud and water did have serious damage. all of my 13 rooms on the lower floor were flooded. have 5 feet of standing water in them. um, we've got it pumped out, but the damage is catastrophic. the flooding has for some establishments to shift
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focus, serving their community instead of tourists. we've chosen to change our efforts in the community, delivering water on bottled water to the elder in their homes and them around the town and certain areas that people have access to. members of this montana community are now hoping that their work will pave the way for better seasons ahead . that social. i'm chris cockburn. berlin, thanks for watching. ever self was successful. ah ah, with ah
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