Get the app now every day counts for us and for our planet. Golden ideas is on its way to bring you more conservation. How do we make cities greater . How can we protect habits . We can make a difference. Global ideas, the environmental series in global 3000. 00 on d, w, and online ah, berlin, bite the bullet and announces a cap on gas prices to the tune of 200000000000. 00 euros. But canada new measures help german households and businesses get through a difficult winter. All signs point to recession. Also on our show, of course, his big debut doesnt disappoint. Well look at how high share prices raised for the companies i. P. O. And volkswagen response, the brazilian prosecutors in their investigation of a legit slave labor at a former carol ranch and the amazon flow. Welcome to the show. Im seeing busy in berlin. The German Government has responded to growing pressure over Rising Energy costs with a 200000000000 euro plan to count gas price until 2024. Chancellor, olaf schultz said a commission of experts will determine the exact price. Ceiling is government is now throwing out. Its heavily criticized plant, the tax gas customers per kilowatt hour. Berlin has struggle to find the right way to distribute the hire market cost space by gas utilities. Without overwhelming gas consumers, energy costs have driven german inflation in september to 10 percent. Thats according to a preliminary reading. Alright, my colleague, Cassandra Sant joins me now in studio for more. Cassandra, theres been a lot of concern about high energy prices, drip by high gas prices recent months. What is this new plan do for us . The thing the 2nd for me is steven, was that this 200000000000 euro package is being funded by the same economic stabilizing fund that berlin used during the crone of iris pandemic, and the Global Financial crisis. So that was a big headline for me in terms of how seriously the german monet, big money, and a big powerful tool used to fund it. But what the plan means concretely, there are some details in here. Theyre interesting in terms of diversifying energy use to Nuclear Power plants, or their usage is going to be extended through the next next spring. Spring 2023 is also investment for liquefied natural gas terminals and more investment in renewable energy. And the sales tax for gas sales is going to be reduced. But the thing here that we average every day germans are going to be looking at is this cap. The cap right now is still an idea. Theres gonna be an expert panel thats going to be talking about whats appropriate here. The tough line theyre gonna have to walk is how high do you put it so that it discourages use, but still low enough to make sure that average everyday people can pay their bills, right. Whats the pain threshold . In other words, i guess this means that this doesnt completely take consumers and businesses off the hook for prices. No, it doesnt. Theres gonna be a ceiling thats going to be lower than the actual market cost. And that difference is going to be paid by the German Government, but where it is funding for the German Government come from, from taxpayers like all of us. So it kind of spreads the pain out a little bit. So to stay for gas users. Now its pretty much over exactly. So right now this cap is still a twinkle in someones eye. Were still trying to figure out what thats gonna be. And the hard part here is figuring out how do we keep demand to low, even if this winter is a potentially a very, very cold one. This obviously would have something to do with inflation. I would imagine as well were, were seeing obviously this is this reading of 10 Percent Inflation annually for september. I would just bring it down. I would imagine the government hopes. Yes. So the german finance minister, Christian Lindner said that these steps would act as a break on inflation, which like you said, hit its highest level in more than a quarter of a century in september. So theres hope that this will slow or lower inflation. And thus a slow or lower energy inflation, because germany is europes biggest economy and its really reliant on industry. And a lot of those industries are really energy reliance. So if you can lower exactly, if you can slow or lower those costs, theres a hope that the inflation as a whole will slower be lowered as well. But whats going to be critical, like i said, is, and what no one can predict is what kind of winter we can expect in 2022 into 2023. I guess well find out the weeks ahead. Cassandra song, my colleague here in studio, thank you very much and well take a look now at some of the other Global Business stories making headlines. The e u has announced the Legal Framework for a prize cap on russian oil as part of its 8th round of sanctions against russia. Mission president was lavonne de lion saying the cap is aimed at reducing rushes, revenues, keeping Energy Markets stable. The u. S. Department of justice says the victims of bernie made offs. Fraudulent Investment Scheme will receive a further 372000000. 00 to help cover their losses. The decision comes nearly 40 years after the capture of made off ran a multi 1000000000. 00 investment fraud scheme through his securities business. Luxury sports car maker portia raised on to the Frankfurt Stock Exchange thursday with one of europes biggest listings in years. Leveraging its brand power to divide Global Market turmoil of portia shares treated as high as 86 years and 0. 54. And i reached evaluation of 75000000000 euros racing onto the trading floor. Germanys iconic sports car maker porsha has made its market debut on the Frankfurt Stock Exchange. Its germanys biggest i p o in decades. Oh, to get you on saved honor to day one of our biggest dreams has come true. The port portia is going public again. If you are adding a new chapter to pushes unique history and historic moment for portia men a great day, a proud day for all of us. Im so its our talk for other the initial Public Offering comes at a time when markets are in turmoil due to surging inflation and recession worries. Despite that volkswagen made over 9000000000. 00 euros from the sale of portia shares to be invested in future plans for its long ahead duty to get to me with these additional funds, volkswagen will get more Financial Flexibility for transformation towards digitalization and e mobility. Our strategy has even greater tailwind. Now everyone will come out stronger and were excited. Shortly after trade has got the green light, portions share started rising. That historic i p o values portia at a whopping 75000000000 euros. Its almost as much as its former Parent Company folks fargo, and the company known for its fast cars is already speeding ahead or correspond ashatash. Pandey sent us this from the Frankfurt Stock Exchange. A big question in the run up to this idea was that why now . Why is volkswagen looking to bring back portia to the Public Markets at the time and Financial Markets are struggling . Their economies, on the brink of a recession, inflation is soaring, and Central Banks are looking to raise Interest Rates aggressively. It was definitely a board move. Volkswagen was banking on the legion of fans for these cars, for decades. God enthusiasts have actually squared by this car company, the car brand, and thats exactly what the fox wagon was banking on and, and as after the i p o it stands vindicated because it did raise 9000000000 dollars, valuing the company at about 75000000000. 00 almost at bar with volkswagen itself, which has so many other brands under his umbrella. Now that 9000000000. 00 is very useful for folks bargain, which is looking to make a very expensive transition to electric vehicles. And what does this ip your mean for the board and peach family . Well, it gets them some control over the porsha brand once again over to brazil. Now where lawyers for volkswagen presented their 1st official response to an investigation by local prosecutors into the abuse of working conditions, including a legit slave labor on a v w property in the 980 s. The meeting in south hollow came 3 months after prosecutors presented a 90 page investigation to a former volkswagen run cattle farm, an amazon basis, former workers recount, beatings, rapes, and force labor from v w. Higher managers. The legit abuses occurred during brazils military dictatorship. Earlier i asked our correspondent his ebert, what would, what we can expect to come out of the meeting . The question is, what will be the position of forks havoc . In this case, the federal prosecutors opened this case in may this year, and they had a 1st meeting with ford van june. And now for mike had to deliver, had to santa official statement to the federal prosecutors until tuesday this week. But folks logan did not do this, they, they refused to make a position and to show their way of thinking and, and this is really disappointing. The federal prosecutors at this moment and theyre really unhappy with the behavior of a forks like in this case. What exactly is volkswagens a legit role in this affair . According to investigators. Yeah, for spike had a farm in the seventys and eightys in the north and amazon stayed in brazil and they were in contact with emily tater military dictatorships. And therefore it was off bent. It was of their benefits to have this farm. And on this from hundreds of workers worked in the us labor. We like conditions and it was a closed farm and they received not a regular payment. And there were many abuse of human rights also happening in this has ender over many years. V w has admitted to many of these allegations in the past, i believe. So what is this about this, this investigation about . Its about the slavery work and the former for a work as they now want to have a compensation for the abuses they suffered. And fog spoken knows about these allegations and the case. And since 2017 because the forks van historian, already m. Yeah, showed up with a lot of information about this farm in the amazon, but until today folks around is not able to and make an official statement. And thats really for the per prosecutors. A really disappointing scenario until this moment mathias, youve been following this from the beginning. What are the next steps that we can expect . I think that the federal prosecutors will now put on more pressure on fog smug. In order that the company has to deal with this case and, and they were oil show up with more pressure, they will included the, the media he in brazil. And they want to have it positioning a statement of forks of ours so that they can go on and that compensation might be paid to the workers in the next month or years to come. That seat of you corresponded mathias eva in sao paulo. Thank you. What is lets our show you can find out more online at d, w dot com slash business. You are also on youtube. You can find us under the d w news channels. Im seeing beardsley, thanks for watching. Ah ah, with is the end of the pandemic in site. We show what it could look like will return to normal and we visit those who are finding it difficult with successes on, you know, weekly coping 19 special next on d, w to the point in strong opinions, clear positions, international perspectives, job referendums, annexation, so the large construction draw. Vladimir putin is trying to salvage his special military operation, but protests are increasing and thousands of russians are fleeing on to the point we discuss. Is russia finally turning to the point with d. W. Different with ah, people and trucks injured when trying to flee the city center and more refugees are being turned away at the board. Families playing bomb attacks in syria. These credit dont in this way, not against administrative people. Fleeing screened around telegraphed getting 200 people has sunk in the gmc around the world. More than 300000000 people are seeking refuge. We ask why . Because no one should have to flee. To make up your own mind. D. W. For mines. Oh oh. Oh, to being canceled for 2 years in a row, the Worlds Largest beer festival is back. Welcome to the coven, 19 special
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