A show of unity and excitement for the sport and the world which will of course, for the 1st time he celebrated here in the middle of a time for a picture of a headline on al jazeera democrats in the United States will hang on to control the summit. After a midterm election, victory in nevada. Catherine quarters master defeated. Our republican opponent adam lock sold was endorsed by donald trump. To fight for nevada in these mid term elections. Its normally the party not in power at that makes major gains. In fact, as this particular mid term election, joe biden has done better in terms of retaining seats and winning some then any previous democratic 1st term precedent for close to a century. So its a massive achievement to pull the bite and administration within the Republican Party. The debate is centering on the over eyes influence of donald trump. In terms of these mid term elections, many of the candidates were hand picked by trump over the heads of the Republican Party itself. Ukrainians are celebrating in the Southern City of hair, saw not to the retreat of russian forces. Its one of the most significant victories for ukrainian troops since russia invaded resident blood of mans zalinski has hailed it as an historic day. Ethiopia, government and rebel forces have come to an agreement to facilitate humanitarian access to water, to dry and other regions. In the north. The pledge was signed in the kenyan capital. I wrote the i classified Us Intelligence report is said to expose efforts by the United Arab Emirates to manipulate the american political system. 3 people who read the report told the washington post. It outlines emerald to attempt to steer u. S. Foreign policy by both legal and illegal means. Cannon troops deployed as part of an east African Regional force have arrived in the eastern democratic republic of congo. Soldiers will provide assistance to companies forces battling g m 23. 00 rebel group and petrol stations every opened in haiti for the 1st time in 2 months after the powerful g. 9 gang lifted a fuel blockade. Country was brought to a standstill when the group led by a former Police Officer to control the key fuel terminal. In september, the move aim to oust haitian prime minister. I will all read after he announced arise in fuel prices. Well, those were the headlines that hes continues here now to 0. After counting the cost statement thats watching batter spiraling costs. Dwindling supplies. The shock is being felt around the world with the war in ukraine triggering just deploy uncertainty. Europeans of bracing themselves for an unprecedented winter out. You see a report on the human ghosts of the Windsor Energy crisis. I why money inside this is counting the coastal now de zera, your weekly look at the world of business and economics. This week, almost half of all European Investments in china come from germany. The chancellor ease on the prussia to cut back on business with beijing. But is this country too dependent on the Chinese Market . Also this week, police is, should pay compensation for the damage caused by Climate Change. That is the message from developing nations. At the comp 27. 00 Climate Summit bots will rich nations for the bell. While the world moves away from fossil fuels to save the planet, the tiny nation of guyana is balancing an oil boom. And its threat to the environment. Ah. The ukraine war exposed the risk of germanys decades long reliance on russian gas. Its been scrambling ever since to reduce that dependency. Now it appears the german chancellor has another problem, members of his government. The opposition and western allies are worried about the countries economic dependence on china. All our shots recently went on a controversial visit to beijing, often even more controversial sale of its hamburg Port Terminal to a chinese company. Steadfast and reports from hum beg after rotterdam an android for Chinese State company. Costco has bought a steak in europe. 3rd largest port hamburg the Chinese Investment in one of the 4 Container Terminals was scaled down from 35 to 24. 9 percent off. The chancellor, all of sholtes came on the fire over the deal, but many in germany are still unhappy. I know id say about reform, the one hand they want to become independent from russia and on the other. Theyre given away something so important. I think that this has been a favorite project of chancellor all of shorts, who used to be met and pushes his own interest. Its not only shows his correlation partners who have warned against the deal. Theres concern outside germany to people in brussels, but also in paris. And a lot of other european members state capitols like there is, theres a lot of frustration and outrage of like, wait, whats germany doing like, why are they Going Forward this . I thought we were supposed to be decreasing our dependencies when were talking about critical infrastructure. And were talking about the nature of chinas political and Economic System and the nature of a company like costco. I think we should be a bit more cautious, especially now in a post russian invasion of ukraine world. The fact that china doesnt allow similar investments in its own ports has also been an argument against the deal for some nervousness about the chinese think. Here germany, logical traina for the show company. The fear that mistakes may will be made again, but so far the business in fact, veiled hamburg fee, it would lose competitiveness against other european ports without cost goes. Investment to port was already struggling to attract enough business. Sometimes discussions are a bit exaggerated because there is a concern and its an understandable concern. What has happened in the ukraine . We take the concerns serious. They are minor from our perspective instead of what we can win as a society. And of course, as an economy like determine wants but the whole europe as well. But other european nations have accused germany of putting their own interests for us when it comes to china. Steadfast and al jazeera hamper. Lets take a closer look at the numbers. China is germanys biggest trading partner and the value of imported an export at goods where its more than 242000000000 dollars last year. That is, up by 15 percent from 2020 or than 12 percent of germanys total imports came from china in 2021. The Chemical Company b s f is expected to invest almost 10000000000. 00 in its new plant in south china. By the end of this decade and china made up 40 percent of volkswagens. Well, why deliveries in the 1st 3 quarters of this year. And so was the top market for other or to make as like, daimler and mercedes. Now to discuss over that time joined from london by klaus vc, the son he is the chief eurozone economist at pantheon micro economics. Thank you for joining the program, sir. How important is china to germanys economy . Well, i mean is an important part is important, part of germany is economy and its important part of the european economy. And i think the most important thing to mention here is that its a child has become more important over time. Europe has become more integrated with china with especially manufacturing goods, but also in Overall Council slow. So china plays a big role minutes, not the biggest role german germany trades more with its neighbors in europe, the u. S. U k. If you look at, its sort of in total trade, i think, but still china is a big part and, and therefore on sort of this duplicate tensions, which is also now along that a west china axis is sort of, its a challenge for your but is child is germany dependent on china almost that because while china tops the rankings of germany trading partners, we also have the United States, france, poland, other european countries, all representing between 5 and 8 percent of germanys total trade. So it does appear. They are quite diversified when it comes to trade, while they are, im and i, and it would be now would be wrong to say that germany is dependent on china in any way. Because of all the stuff that germany trade with china, especially on the input side that its possible they will be able to get that from somewhere else at least over time. But that doesnt mean of course that you know a rupture and that relationship wouldnt be economically damaged. But no damage is not dependent on china, investor. So how damaging would it be . Well, i think that theres an economic aspect here. I think that as far as the question depends on how quickly, right the, the severance of the economic relationship with russia, for example, the contact the war happened overnight or its happening very quickly. It seems like in this case with china, its something thats going to be a little bit more slow moving in terms of sort of what the economic relationship between europe and indeed the west and china. Its going to look over time. So, so far its not something thats really i think thats sort of an acute. So economic hit if you will. But again, depends on how quickly it happened. Why is the chancellor sholtes going against the rest of his Coalition Partners to continue this love affair with china . Given the obvious risks weve been talking about why i think, i dont know whether germany has a specific love affair with china, germany, to trading nation, to trade with, with, with other countries. Right. I think thats whats happened over the last couple years is that its the us thats moved, right. I mean, the us itself has, as a strong relationship, economic relationship with china over time. And suddenly now its selling the idea that you know where in, in, in an existential conflict with china, of course, it might, that might not be in your interests at this point in time. Of course, europe is part of that western axis, if you will. So europe will have to go along with that in a way, so i think, you know, youre stuck with a little bit in the middle here in terms of tracking. She may be avoid tension but, but that increase too much, but so in a way i would call it a love affair. Its just, you know, an attempt to sort of preserve the status quo or not backtrack too much. The, your question is interesting, isnt it . Because i guess you could wonder, how does germanys economic ties with china affect the rest of europe . I mean, why so much concern from europe . About sholtes is recent business trip to china. While the concern is obviously that if you do, if you make it kind of like integration with china increases at this time where the political relationship has changed. And of course there could be a few Political Risk element to this, right. For example, theres been a lot of talk about allowing china to invest in german hop on hamburg, and that could be sort of maybe 34 years ago. Thats not a problem. But now with this, with the politics change, suddenly you know, that could be a, a challenge. Weve seen other examples of this, especially, you know, the classic example was a little further back was there was always 5 g Infrastructure Investments in europe where some of the a lot of countries decided that while we werent allowed to do that, even though probably the years before you know, that was controversial, so i think its, its, its elements like that where suddenly economic projects and relationships that were on controversial suddenly being seen in a different light. And therefore, you know, it becomes controversial when we, when we talk about the German Companies that are exposed to china know, invest in china, do they tend to be certain ones in particular like the Car Manufacturers or is it a range of company . I so ranger companies, i would say that a big part of german manufacturing has some kind of relationship to china. This one, either they sell in to try to factor in china or the import important and manufacturing inputs from china. Right. And as i said before, its depending on, on sort of where you are in that value chain and how big your relationship with china, you know, you might be able to, to, to, will increase yourself from that and go somewhere else that was difficult to know. So before we see how quickly this moves, we can forget the china itself has had its own economic problems. Its had its very restrictive coded strategies. I thought for some German Companies to adapt to diversify away from china as possible. I think that a lot of western companies have been quite surprised with the, with the turn in chinese politics. And so the, an economics and sort of post cove, it seems like she is galvanizing his power in china becoming a little bit more centralized. And of course the serial cobit, i mean theres no end to recover it because youre always going to have a case somewhere. And that obviously has probably forced some companies, or at least some Companies Must be thinking about revisiting their economic relationship with china at least as far as further investments are concerned. You also have a real estate bubble that is now 1st thing in china. And so that also plays into yeah, i think they have, but of course john is still a big market, but still its a, its a, its a changing market in that sense, for sure. Given the uncertainties facing europe and germany, specifically with energy and Energy Prices and recession and so on, can germany, ford, keep to keep its distance from china . I mean, i would say over time, you can afford anything you can strike but, but in general, this idea that the west is now in a, in, and i sit in an extra special, comfortable trying to china now an adversary both economically and even militarily, perhaps thats just not from, from your perspective at this point in time, just, just not a very good story. Europe is not very well. So with that, and i said its obviously knowing full well the years. And ally was usa, thats the road were going down. You know, europe only has one side here and theres no sense in the end. But i think what were seeing in germany is, is a reflection of this fact that at this point, thats just not a, a, in, in your interest, youre still has an interest in having some kind of relationship with china. Even as china has changed something different. I think thats what thats that, thats what were seeing really interesting to talk to your class vista says chief, your zone economist, appointee and micro economics. Thank you for your time. Thank you. Ah. From devastating floods in pakistan to drown with an crops in east africa cult 27. Summit follows a year of extreme weather patterns. These disasters the estimated to close the developing world more than half a trillion dollars in damages annually by 2030. And pull countries have been urging big polluters to pay compensation for the losses and damages that were already suffered as a result of the extreme weather. Now until now, climate financing is only focused on lowering Carbon Dioxide emissions and helping communities adapt. But this year for the 1st time, loss and damage compensation is talk of the cop 27. 00 agenda. And the report says, developing nations need one trillion dollars a year in climate finance. But rich countries have so far failed to even deliver on an earlier pledge to raise a 100000000000. 00 a year by 2020 to support developing nations in reducing emissions and adapting to Climate Change. And now of course, with the ongoing when you crane and the cost of living and energy crisis, guessing governments from develop nations to agree to these measures is going to be difficult. Joining us from london is kathrina helen brown, vons an a, an shes the heads of Corporate Research and had a clean tech at cobb and track it. Thank you for joining us. Kathrina whos to blame for some of the Climate Change linked extreme weather events. Weve seen this year in parts of the developing world. Its very hard to say there is a blame and we know that theyre happening. We know what the cause of Climate Change are. They are clearly human. Its now the question of how do we come to a climate outcome and particularly now that the process is on a thought that allows us a half way but mitigates the was damage. I achieving a 1. 00 degrees scenario back in 2009 rich countries pledge this 100000000000. 00 a year in climate financing to help poor countries adapt to Climate Change. That was a voluntary system for adaptation and mitigation, rather than the reparation and damages that are going to be discuss this time route, given that target was not met. How optimistic are you that this whole idea of lawson damage will be successful . I think its a very difficult discussion, particularly in the current context, what you offer assessment recessionary, economic environments, in many regions. It will be complicated. However cleverly, we need to think about financing mechanisms. We need to think about Knowledge Transfer mechanism, Technology Support mechanisms and access to finance for developing nations. The whole idea of reparation. Reparations is usually contentious, isnt it . I mean, on developing countries concerned that providing funding could be construed as an admission of legal liability. And then end up triggering claims on a, on a major scale. But really that a lot of complexities around that. You just mentioned some of them. I think it is an area where we think more about knowledge sharing. If we think about various areas of financial support, one of the global knowles clearly has an ability to do that, or that can be various shapes of forms. Or you do not see that sort of legal risk and aware financial and technology and other support can happen. Ok, so lets talk about the fund itself. I mean, how, how do you go about setting up a fund like that . I mean, lots of details to get members to agree on where the money is coming from, how to raise the money, how, how which countries or does