A huge problem with drought the o. E. C. D. Says to few cation its already widespread as madrid fails to implement effective laws against Climate Change. I want to johnson this is d. W. Business live from berlin well come saudi arabia state Oil Company Saudi Aramco officially begins trading on its domestic stock markets today in its i. P. O. Last week over 25000000000 dollars giving it a valuation of 1. 00 trillion dollars that comfortably makes it the most valuable publicly listed company in the world however that is not enough for the kingdom which remains determined for the company to top the 2 trillion mark to that into the countrys royal family has been encouraging state Investment Funds to buy up stock to further drive up the value. Now for more lets cross over now to Financial Markets correspondent to chelsea delayed h. L. C. How likely is it that they will reach the 2 trillion dollar mark today theres going to be a lot working and because favre over the next couple of trading days the stock needs to rise about 18 percent to from the i. P. O. Price to reach 2 trillion thats not a huge amount if you consider how much stocks tend to rise during i. P. O. Periods but there is going to be a cap on how much it can rise in a single session so it likely will not be able to rise to 2 trillion today but over the next couple of weeks ago its going to be for one pressuring a lot of local investors a lot of wealthy families to be buying up the stock so that could certainly drive it higher theres also going to be an influx of investment as the saudi aramco is included in the m. S. C. I. Emerging market benchmark index so thats also going to be helping them and then potentially oil prices that if Oil Continues to rise that could also drive up the stock as well know that the list i mean theres been so much hype going on for so many months now why is it so hard going. Right on paper this is the best i. P. O. Ever the biggest publicly traded company in the world starting today but in many ways this was a disappointment to the saudi government they had hoped to attract a lot of International Investors they didnt really end up doing that and total about 22 percent of the shares sold went to International Investors there was a lot of concern among Institutional Investors among hedge funds about the governance system within saudi about oil prices there was a lot of a lot of hesitant to buy into this i. P. O. And thats certainly been a bit of a frustration for the saudi government all right chelsey dont dont go away just yet because i have another topic id like to discuss you with in just a moment. W t o and let the big and powerful in particular the United States decide how global trade should be handled and that is basically what lies in store now for the World Trade Organization a success if u. S. Administrations have blocked the appointment of new judges to the bodies Appeals Court critics feel work straight is now facing the law of the jungle the World Trade Organization is facing its biggest crisis since it was founded a quarter century ago director general robert to survey 2 had hoped to resolve the impasse but instead the organization can no longer deliver rulings on trade disputes because washington has blocked the appointment of new judges to its Appellate Panel the panel was made up of 7 judges for whose terms of expired have not been replaced because the United States has blocked the naming of their replacements 2 of the remaining 3 are due to leave on wednesday with only one member remaining the court will no longer be able to issue rulings. As a result there will no longer be an independent body to intervene in trade conflicts the stronger side will probably prevail Roberto Azevedo wants to turn the crisis into an opportunity on tuesday he insisted the w t o had to be reformed without this sense of crisis there would probably be an accommodation and members would not be so very inclined to change things and to change the system make the system more responsive to the changes that we see out there now one example is the treatment of china which is given preferential status as a developing country many analysts not just the us say thats wrong. The dealings between the w t o and china sometimes still affected by routes that came into place a while ago when china was a smaller country the u. S. Basically warns china to play by different rules now International Trade has to cope with even more uncertainty instead of the w t o playing the role of empire washington will be able to get its way. Right back to Chelsea Delaney at the front that Stock Exchange chelsea whats a paralyzed w t o Appeals Courts mean for terrorists. Well the fear is that this is going to lead to an increase in tariffs and sentients between countries if there isnt a moderator at the or at the at that at the International Level that this could really turn into an every man for himself situation with. Countries just responding to any sort of protectionism or trade threats with terrorists because theres no real legal. Penalty for doing that there are also a lot of cases still pending in front of this Appellate Court including cases by the by the e. U. And against the trial. Aluminum and still tariffs so theres a lot of questions about whats going to whats going to happen at those as well Interesting Times ahead for global trade no doubt Chelsea Delaney triumph and thank you so much i mean while the United States makes rico and canada has signed a deal finalizing the new trade agreement after more than 2 years of negotiations paving the way to ratification the u. S. Embassy a agreement replaces the clinton era nafta deal which President Trump when he took office blaming it for the loss of millions of u. S. Jobs agreement was close to a year ago but democrats controlling the u. S. House of representatives insisted on major changes to a neighbor and Environmental Enforcement before ratifying the deal. And on to some of the other Global Business stories making news. H. S. B. C. Is set to pay almost 200000000. 00 euros in fines in the u. S. The banks Private Banking unit confessed to helping u. S. Citizens invade federal taxes for over a decade his b. S. Is just one of numerous swiss based banks slapped with penalties over tax evasion charges in recent years. Us all to make a General Motors says profits from its new range of longer andrew mia s. U. V. S will go towards developing itself driving electric vehicles a huge chevy tahoe and suburbans were unveiled in detroit on tuesday night theyre among the largest vehicles to hit the u. S. Market last week g. M. Said it plans to build a battery cell factory in ohio for electric vehicles. And Budget Airline ryan air c. E. O. Michael oleary has described the e. U. Single european Sky Initiative as a law meant to build joke the single european sky seeks to reform europes add Traffic Management system to minimize environmental damage or larry argued vehemently against at traffic taxation claiming at traffic represents only 2 percent of c o 2 emissions and talking of emissions madrid is currently at the center of the un climate talks as host of the cop 25 conference Spanish Government officials like to emphasize spains firm and gauge meant in the battle against Global Warming and the countrys continuing political deadlock is how prng efforts to effectively deal with Climate Change at home. For months one month calderon has been feeding his sheep a thats because the area of land where they should be grazing on fresh grass now looks like this problem is that weve been suffering from drought began last year thats why i have to give my animals a ready made feed. He took up sheep farming after the economic crisis forced him to abandon his job in construction but now agriculture too is proving unsustainable this time its drives thats threatening his livelihood he reckons hell be able to survive for another year or so. Before i spend 50 to 60 year olds on sheep every day that goes on the corn and hay a really is a luxury item. In the summer it cost me a euro 4150. 00 now its more like 3 euros. That. A lot of the. Drought stricken fields dried out lakes in an ordinary year youd record or rain 600 liters of rain per square metre this year its around 70 this situation is very different on the coast where greenhouses dominate the landscape strawberries are big business here environmental activist philippe fuentes us says the cause of the drives isnt just Climate Change. The lack of water and the steadily decreasing rainfall at this time of year our science of Climate Change on top of that the authorities arent doing their jobs and the water is being used illegally. Environmentalists say the scope of the problem is enormous. The laws have been ignored and the whole world knew about it this applies to some 2000 hectares. Berries play an important economic role here but in the long term the lack of water could become a major problem some Fruit Farmers are already causing to and on their water usage well and with that we can cut water and fresh lies in use by 20 percent. Meanwhile sheep farmer one man you are wrong is hoping for rain if it doesnt come soon he may have to pack it in and begin afresh all over again. And thats your Business Update here on d w of course if you want more from us you can always check out our web site that is d w dot com slash business you can also find us on facebook and on twitter and i mean time for me and the entire Business Team here in berlin thank you so much for keeping us company and see you soon. Why subscribe to g. W. Books to meet your favorite writer to see myself as the kids in this strange grown up world. Are new to. The show flings this is the new ball speaking welcome to the show with a d. V. D. Concerts with guests. Then incredible. Welcome tonight. Every week w. Welcome to news from the world about. The biggest documentary Film Festival in russia with a controversial d. W. Satirical show also coming up an interview with the author of the book crazy rich asians which was turned into a film and became a surprise at the box office. Im following in the footsteps of rembrandt in this year the 350th anniversary have these deaths. This year a well known documentary Film Festival in moscow colby doc festival is playing. Animated satirical show the pokes fun of russias leaders amongst others and is coproduced by d. W. The organizers say they are taking a risk by showing the film but with censorship on the rise in russia that is a risk they feel they have to take our correspondent emily show when i was small. But it wasnt they saying to World Leaders including. An ironic theme song for russian politics sung by Foreign Ministry and kremlin representatives we not
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