tv Business - News Deutsche Welle August 31, 2022 4:45pm-5:01pm CEST
in berlin, welcome to the program. russia has suspended all gas supplies to germany through the node stream one pipeline, state energy from gas problems as deliveries will be stopped the 3 days for maintenance work. however, i doubt say whether supplies will resume on saturday. russia had already reduced no stream one place to 20 percent. that no one capacity, citing various technical reasons. however, the german government says the kremlin is using gas supplies as a weapon in retaliation against western sanctions. let's get more on this with macau critique in from the consultant consultant event . russ energy, he's based outside of russia and joined us as great. have you on the program to get me? what are the chances of deliveries down north street one actually resuming after the stoppage? will to begin with thrust the gospel and the russian government who have broken the lot of promises and contract. so
a lot of the international agreements are as well and we'll just process of the maintenance isn't necessary for no stream. it seems ridiculous, so they have 8 or 8 compressors at the compressor station and the well, one of them is miss in for repairs and now is in germany, but only one or the other compressors, if you were in need of some repairs for lex. what about 6 other compressors? so when goes prob, so that the stop, it is necessary. i do not believe that the german energy regulator says that germany is in a better position to handle, you know, a total shut off of north stream one and a prolonged one. and it was earlier, i think that's the case. this is germany going to be ok if these don't, if the place that regime yes, i believe. well,
the outlook is positive for well 1st, the ground storage facilities in germany are by now about $82.00 or a 234 cent fool, which is enough to support their consumption in the winter time. then we know that there is a program of energy saving and industrial consumers or gas in germany decreased their consumption of guess by about 20 percent against the average value in the july and august. it's going to the saving continues, and then in the winter, german is go into acquire, at least one of the 1st 2 terminals for imports of liquefied natural gas. and i believe, yes, so the outlook is positive. and other countries have already stopped receiving supplies from russia. think of denmark, the netherlands, bulgaria, russia,
stop sending them gas and it looks like gas from he's also going to stop sending gas to frances and g, g. think moscow's plan is ultimately to shut off supplies to the will together in some sort of a competition 1st, the european union, while in view of the rest and the press or gas black male, even if you're going to call it. and then the russia is trying to show to europe the answer that's without threats. and guess europe is go into fries in the winter and it's the economy is going to collapse. i think that the, the european position is more well reliable. you can rely on the european union and the european countries to take all the necessary measures to support the industries and communities community users and households during the winter
and the, the well, the effort of the rest, some bresser and the rest, some black male is quite the opposite we see where with this of the acceleration of europe's moment, greener economy to replacement over us and was fossil fuels with the new york green alternative sources of energy. ok, because critique and from rous energy. thank you very much for joining us on d. w. business thank now look at some of the other global business stories making the news e u countries on the baltic sea have agreed to expand offshore wind capabilities in an effort to further reduce dependence on russian energy. the 8 nations plan to increase wind power generation. 74 by 2030 experts estimate it could power up to 30000000 homes. if any refugees of 1st the number of jobs seekers in germany, slightly higher, just over 2 and
a half 1000000 people were looking for work this month. and let's say the german labor market remains strong though despite the energy crisis. frustrated, international bondholders are pushing their own debt restructuring plan for the trouble chinese property developer ever grant. the financial times says they want the company's chairman to pay for their liabilities out of his own fortune aggrandize, over $300000000000.00 around $20000000000.00 of it, to foreign investors. staying on that theme, overt acts of protest are not common in china, but public anger. the country is real. estate developers has been all too clear to see chinese mortgage holders have been withholding re payments on mass as they wait for their homes to be finished. patrick fock reports, many borrowers have been left in dire straits room as you approach this part of her man province by train, you see it bears all the hallmarks of china's growing crisis in the distance,
unfinished construction projects scattered across the city. this is drew mad. yeah, a city of around 7000000 people in southern had an province meacham bought a home here in 2018 for just over half a 1000000 new on the equivalent of around 75000 euros. the developer was meant to complete the project in 2020, but ran out of funds. lead in want to show his face on camera, fearing possible retribution. but he was up and desperate to speak out about what's happened to him or the monumental wrong. i bought the apartment in 2018 little darling handle. it was agreed it will be ready in 2020 raj, another to on what they stopped working 2019 issue and they're still not working on it now. the mayor was and i thought the apartment has been left to rot ever since the law. illinois, chandler, i'm in the wall. the day we visit other home buyers come to meet lee as well. among
them, an elderly woman with 3 young girls and so she's their grandmother. their parents are migrant workers and live far away in the south saving for the family. she looks after them here, one of which she says she fears their home will never be finished and the girls won't have anywhere to live. one of the things that's really extraordinary here and really gives you a sense of a scale of the problem is this whole road is lines with unfinished buildings, one after the other. as far as the, i can see the homeowners here say there are thousands of people into marty ann who bought unfinished homes with nowhere else to go some or even considering moving into these ramshackle buildings. but there are hundreds of thousands of others across china and similar situations who are simply refusing to keep up mortgage payments. that may be a problem on loftus, honored by the rappers as also father, father benz and also for the economy as well. patrick wong is
a real estate analyst with bloomberg intelligence. he says, policy makers mainly to shake up the practice of buyers paying developers before completion. nearly 90 percent of all homes in china, our pre sold us in the parties. we really rely on the p cell conscious haunted sales to funder porch at the wellburn or to have fun if under internal financial resources or buying the land. the crisis is power pressure on the government and stuff. so some rest, many people have expressed sympathy for victims, likely. what others shantora dawning up soon? hi along. i just want everyone to be able to see that ordinary people are drowning and misery a lot. i hear santa hudson what other people have no way to voice their grievances through his law. a yoko also say irma if left unresolved for many, the consequences could be crippling. more in this and joined in the studio by
a resident china or to clifford cain and clifford. we heard the phrase that drowning in misery is a miserable time for the people that are in these apartments. have they got any hope of them ever being finished? looking at the situation and the crisis, the faces, the property sector in china at the moment, it's hard to see how they're going to find the money to pay for these apartments to be finished. and the value of the property markets lost a trillion dollars in the last year, which is astonishing on the property market, it counts for 3rd of the whole economy. so you can see that this is a major, major problem that they're dealing with. so i think it's going to be very difficult for them to find a find a way around the current crisis that they're finding they're facing. the government in beijing has been putting a lot of pressure on developers and on banks as well. but how much pressure is the company's party under itself, given what's happening and, and how people's lives are not improving in the way that they usually expect in china? well, if you look at these, these problems are all connected in a way you have the 20th party congress coming up in october 16th,
which was announced yesterday the days at which the leader she jim ping will, will get an unprecedented 3rd term on in the me in the run up to that date, nothing is going to be allowed to happen. which means that efforts like by foreign bar, bondholders to get their money back. i don't really think they're going to have much of a chance really, unless they decide to just pay them off to keep things calm. but everything has to be common to run up to this. at the same time, a lot of the lending that calls the crisis comes from local government and, and state banks. so it's all kind of connected. it's part part of one larger problem. and in order to resolve it, it's going to have to be address from many different fronts. and until this party, congress takes place until the party shows more willingness to enter has up to now to address the problem, i just don't see a resolution coming. you mentioned bondholders that she bondholders in every grandeur of taking things into their own hands and proposed debt restructuring. what's the situation with grants now? yeah, well i think every grant is just looking at on the share side of things to share
the worth. nothing where everyone is expecting it to go bankrupt. it's got this restructuring is sort of a last ditch attempt, i think, to try and get some money out of it. but foreign investors, because of this complicated structure that we have, foreign investors are going to be way down the food chain when it comes to getting any money out of the situation. so they're going to really struggle, i think, to get their money. it's, it's i, again as a last ditch effort, but i think the priority is going to be given to domestic lenders unless they want to really show that they are trying to address the issue. and they do come to some kind of compromise with the foreign investors. so beyond the congress, when it comes up later this year, is there any hope of a resolution to the property in debt crisis? well, it's just so large that it's very hard to see where, where a solution is going to come from. because, you know, you've also got a slowing economy because of the 0 coven policy, which means there's less leg room or leeway to,
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subscribe to the w documentary on youtube. ah, this is the w news line from berlin. well, lead us paid tribute to mikhail gorbachev, who has died at the age of 19 last data of the former soviet union. he's credited with helping to add the cold war. they're seen as a hero and in the west. the few and he's native. russia is more mixed also on the program, a team of un experts is on its way to ukraine separation nuclear power plant to plant inspect.