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Deep into the german culture of looking at stereotypes quite a bit here think you see the country that i know not the time. You dont seem to think for those gramma down you go its all about their new im rachel joins me from the german sunday w. Post. Oil markets are in turmoil after the 2 tankers were attacked close to the strait of hormuz soaking fears of growing risk around a vital shipping lane for Global Oil Supply is. Also on the show a pivot away from fossil fuels could see norways sauber in wealth fund dropping big names from its portfolio. And we tell you why turkey still takes Plastic Waste imports at a time where other countries are rejecting the. This is d. W. Business. And in berlin welcome we start with the latest escalations in the strait of hormuz where 2 oil tankers were attacked earlier on thursday or Oil Prices Spiked in the aftermath with brant crude hitting over 62. 00 a barrel immediately after news of the incident broke the strait of hormuz as one of the worlds most strategically important choke points along the coast of iran almost a 3rd of all liquefied natural gas and almost 20 percent of Global Oil Production has to squeeze through here to exit the persian gulf and get out into the world. Our markets correspondent joins us now good to see the whats been the reaction there to these attacks on wall street. Initially we saw the oil prices popping by about 3 and a half per cent but then by the end of the session we settled at around. Upside of 2 percent and that after oil prices dropped by 20 percent in the month in may so at this point actually demand seemed to be the bigger issue then so we had a new outlook from opec saying that might be limited this year due to the trade tensions and maybe some weaker Economic Growth and therefore less demand for oil so that seems to be more the focus of traders at this point than what is going on with those possible attacks. But tell us how important is or oil from that region to the u. S. Weve also seen strong Domestic Production in the u. S. Of its own. Yes i think that might be also another issue and also one reason why the reaction here has been limited we saw dramatic changes in the Global Oil Industry in the past couple of years with the fracking boom here in the United States in the year 2008 the u. S. Produce roughly 4000000000. 00 of oil per day now that increased to almost 13000000. 00 barrels a day so the u. S. Depends less on oil from that region than weve seen in the past them having that said the u. S. Produces mostly Light Crude Oil but they also worried for the need for their refineries heavy crude and they get this from countries like canada from mexico or from the reason the region in the middle east so its not that there is no dependency at all but actually the u. S. With the fracking boom is far less dependent on oil from that region thank you again started out with the view from wall street for us. Norways Sovereign Wealth Fund is set to divest from fossil fuels after gaining parliaments approval to do so the Fund Managers one trillion dollars of norways assets making it the Worlds Largest shares in Companies Like mining giant glencore and German Energy firm r w e could be on the chopping block environmentalists are claiming victory but also insists its all about the money. This is what made norway ridge drilling rigs in the north sea tapping into the oil and gas beneath the seabed but also knows that black gold last forever its invested the profits from its oil industry into the country so for well for the government to set up in the late ninetys to prepare for the post fossil fuel era. And knowing has been a very successful investor its stake for grew to be the biggest in the world surpassing countries like china and the arab states. But the price of oil has become an increasing worry in all sly noise Fund Managers saw that valuations rise and fall by billions at the messy of the oil markets now its parliament has passed legislation pulling around 11000000000 euros out of over 100 companies specialized in fossil fuels says it will now invest nearly double that in green energy. While the move will satisfy clients activists at home the primary motive is Profit Margins but at least no way is betting on renewables to keep its National Wealth fund sustainable. Finance ministers met in luxembourg on thursday to hammer out the blocks budget and other reforms but italian debt dominated the sidelines of the meeting as they are ozone the 3rd largest economy italys Fiscal Health has been a source of particular concern the euro group is worried about how it could affect the stability of the block as a whole. The euro groups message was clear rules applying to everybody euro zone countries are not allowed to pile on unlimited debt and risk fines if they try its another flashing warning for italy. We are ready in case to move on towards and its as if shes procedure put it and we are on track 2 days on the other is that. The step that i think were in the confirmation of the support of the ministers will be here but still avoidable and everybody wants to avoid italys debt stands at 132 percent of g. D. P. This year more than double the amount allowed under e. U. Fiscal rules and italy has not been able to make good on promises to correct its course a difficult situation for europes finance ministers they have to achieve a balance between ensuring that deficit procedure keeps italy in line while avoiding the showdown with rome. That could endanger european unity. Now to some other business stories making headlines right now blackwater founder erik prince has registered a subsidiary in the dim in the democratic republic of congo with a mandate to extract minerals and timber and conduct Financial Operations prince sold blackwater in 2010 after some of its stuff were convicted of illegal killing during the iraq war his Current Company Frontier Services Group Already provides security aviation and Logistics Services to chinese firms in africa. Kenyas government has unveiled a budget for the coming year it includes proposals to reduce Government Debt and to make it easier for private companies to access. The country has one of the Fastest Growing economies in east africa in 2018 explosive growth of more than 6 percent thanks largely to a strong harvest. Hows this for a used car 1st sale one well loved a vintage car one previous owner with an ejector seat for backseat drivers machine guns and tires lassers james bonds iconic aston martin d b 5 is going under the hammer restored to original condition so the b. Is expected to sell for a 6000000. 00 later this year. While some countries like china and malaysia have stopped importing the worlds Plastic Waste its still big business and other countries but the mad in turkey is still strong they use a waste from abroad to make their own Plastic Products recycling domestic Plastic Waste could actually help reduce the need for imports but theres not enough collection going on. The province of. On the western edge of central anatolia. And the dimmock lenski marred by wild garbage dumps because theres no Effective Center jason. A few 100 meters away is what some call europes largest Plastic Waste recycling plant it processes 10000. 00 tons of Plastic Waste a month half of it comes from abroad mostly from germany the demand for plastic in turkey is great but not enough domestic Plastic Waste is being recycled. If we want to prevent imports we would have to separate our waste properly here in turkey the ministry in charge is currently working on that but in order to get enough garbage we need to import it. It would actually really be worthwhile collecting plastic in turkey a study by the Environmental Protection organization w w f states that most Plastic Waste in the mediterranean comes from turkey waste separation here doesnt take place in households but on the streets everywhere in the country there are a plastic or paper waste collectors like serdar he spends about 12 hours a day in his rounds and earns up to 300. 00 euros a month. Young is showing it in we collect pet bottles sheet metal cardboard and nylon for recycling everything people using every day life go on with. Said our benefits from his compatriots lack of environmental awareness only an estimated 40 to 50 percent of turkish garbage is separated the rest ends up in huge landfills near istanbul but with the piles of Plastic Waste continuing to grow the government is trying to get a grip on it since the beginning of the year consumers have to pay for plastic bags and supermarkets environmentalists complain that thats not enough. Its not just about recycling plastic its about limiting the production of Plastic Products. The longer a lifeline gets. Restricting plastic production politicians around the world have been talking about it for years meanwhile the plant in the turkish province of afghan is running at full speed 7 days a week 24 hours a day. A Top German Court has ruled that the killing of male chicks in industrial scale livestock production remains legal male birds cannot lay eggs and yield less meat the unwanted animals are gassing shredded on hatching 45000000. 00 were killed in germany last year the court said the killing can continue until a reliable method of determining gender before hatching is developed. Thank you for watching. Entered the conflict zone come from to look our folks my guest this week here in the Qatari Foreign Ministry Spokesperson for. The last 2 years the gulf state of qatar has been blockaded by a cortex of our states which accuses of supporting terrorism she has always denied the charge of. Conflict so from 60 minutes t. W. X. Her 1st day of school in the. First. Floor is a grand moment around and join the arena tank on her journey. In our interactive dungeon mention. Returns home. To. Climate change is affecting us all. Rising sea levels and. Streets. Change. Through entire community. The good news is our own choices in energy conservation. Recycling. And transport can. Find out what you can do today. This is news africa coming up in the next 15 minutes the u. S. Sends its top diplomats to africa to help mediate between the conflict in pods hes. Arriving a little too late. And we visit a town in south africa on its way of winning the battle against high. Cost of nigerias super fog looms won the game with a few problems walk up to date have what it takes to move on the sports journalist

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