tv Business - News Deutsche Welle August 31, 2022 6:45pm-7:01pm CEST
turns to bus one finished buildings in china, leaving home by placing difficult choice the state of the business of what in berlin. welcome to the program. russia has suspended old gas applies 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 capacity, citing various technical reasons. however, the german government says the kremlin is using gas supplies as a weapon and retaliation against western sanctions. let's get more on this with macau critique in from the consultant consultants 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 cannot for us the gospel and the russian government who have broken the lot of promises and contracts and a lot of international agreements as well. and well guess from says of the maintenance isn't necessarily for no stream. it seems ridiculous. so they have 8 or 8 compressors compressor stations, and 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 up or off relaxed. what about 6 other compressors? so what goes prob, so that the stop it is necessary? i do not believe that determined energy regulator says that germany's 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 is, is germany going to be ok if these don't, if the place that resume? yes, i believe. oh, well, the outlook is positive. well, forest, the grown storage facilities in germany are by now about $82.00 or 83 percent fool, which is enough to support the consumption in the winter time. then we know that there is a program of energy saving and industrial consumers or gas in germany, decrease their consumption of guess by about 20 percent or just the average value in july and august, the saving continues and then the in the winter, german is going to acquire at least one of the 1st 2 terminals for import. so for liquefied natural gas. and i believe yes,
the outlook is positive. and other countries have already stopped receiving supplies from russia. thing of denmark, the netherlands bulgaria, the russia stop sending them gas and it looks like gas from is also going to stop sending gas to frances and g. g. think moscow's plan is ultimately to shut off supplies to the altogether in some sort of a competition. first, the, 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 efforts 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 replacement over us and was fossil fuels with the new green alternative sources of energy. ok, we called critique and from ross 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 hon and 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, yet 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 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. are you on your, my long i bought the apartment in 2018 by our louis and it was agreed it will be ready in 2020 dollars on the other 2 on what they stopped working 2019 issue and they still not working on it. now the mayor was on the 3rd,
the apartment has been left to rot ever since the law, illinois shonda, 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. ha, ha, ha ha. he 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 the scale of the problem, is this whole road is lined with unfinished buildings, one after the other. as far as the i can see the homeowners here say there are thousands of people in tomorrow. dan, who bought on finished 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 in similar situations who are simply refusing to keep up
mortgage payments. that may be a problem on losses on him by the wrappers, as also father, father pans, 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 a parties we really rely on the pizelle conscious haunted sales to funder um, portrait the well a man or 2 fun if under internal financial resources or buying the land, the crisis is power pressure on the government and stud social unrest, many people have expressed sympathy for victims likely. where do the shampoo dawning of june hi along? i just want everyone to be able to see that ordinary people are drowning in misery law. they are center hudson, what other people have nowhere to voice their grievances through law york,
who was jose, irma if left unresolved for many. the consequences could be crippling. more in this and joined in the studio by our resident china washer 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. at the value of the property marketers lost a trillion dollars in the last year, which is astonishing on the property market accounts for a 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's invading 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 per term. and in the me, in the run up to that date, nothing is going to be allowed to happen at which means that efforts like by foreign bar, bondholders to get their money back. i don't really think we're going to have much of a chance really, unless they decide to just pay them off to, 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, it's part part of one larger problem. and in order to resolve it, it's going to have to be addressed on many different fronts. and until this party, congress takes place until the party shows more willingness to enter has up till now to address the problem. i just don't see a resolution coming. you mentioned bondholders that she bondholders in every round
of taking things into their own hands and propose their own restructuring. what was the situation with grants now? yeah, well i think ever grant is just looking at on the share side of things to share as a 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'm 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 of 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 is less leg room for our leeway to, to improve things. and so, so there's no real end in size given the economic fundamentals that they're facing right now. okay, terrific. in a resident, china want to thank you very much for staying across the story for us. not so from man. the business steam here in berlin until next time. ah ah, with
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