Financial institution we take a closer look at christine lagarde. I want to get jones on this is business live from berlin welcome the u. S. House of representatives has passed a bill imposing sanctions on the russian led gas pipeline north stream to the new sanctions talk of the ships needed to lay the massive pipes the project depends on only a few companies in the world to possess the technology to lay deep sea pipelines and they could soon find themselves cut off from doing business in the United States if completed north stream 2 could double the amount of russian gas imported by germany and to all that you member us something us or make us worry could give moscow greater political leverage over the european union. But for more on this topic im joined now by our Financial Market correspondent chelsea delayed in france and chelsea could this sunshines stop the project. It seems like its a little bit too late for that the us has been discussing these sanctions for several months they were expected to be passed in the summer at this point the pipeline is almost complete its about 85 percent on there are still some underwater pipes that need to be laid by mostly by swiss firm called all seas but russian officials are saying that even if even if all these has to plug the project at this point they can do the rest of it themselves so it doesnt appear like these sanctions will be able to stop the project at this point and why is the United States opposing north stream to what are they so worried about. The u. S. Really sees this sees nordstrom too as a political geo political act on russias part so one of the big concerns is how this will impact few crain which is where a lot of russian gas is coming through right now without without without those the gas coming through through those pipelines for you dear crane will lose out on several 1000000000. 00 worth of fees every year thats going to put ukraine in a bad position and also its going to raise questions about how theyre going to be getting gas themselves so its seen as stoking more tensions between the ukraine and russia but its also seen as giving russia too much power over europes Energy Supplies so one of the concerns is that that russia will be able to use this monopoly over over europe ian gas to sort of hit back at countries thats not happy with things like that so its really seen as a geo political threat to europe. Chelsea dont go anyway because were staying in the u. S. Where the u. S. Fed Rate Decision last night took place in the u. S. Fed has left its benchmark Interest Rates steady and signaled that borrowing costs are likely to remain unchanged through next year fitzgibbon Sharon Powell said he believes the Central Banks come in one of 3 policy would support sustained growth a strong labor market and to keep inflation talking to 2 percent the overnight lending rage will remain between 1. 5 and 1. 75 percent the decision follows 3 rate cuts this year. Were. Chelsea delayed in frankfurt is this decision this latest Rate Decision by the Us Federal Reserve good news for global stocks. It doesnt really change the outlook for stocks which is a good thing for investors so the fed is really saying that theyre not going to be moving on on Interest Rates especially not going to be raising Interest Rates anytime soon so at least theyre 2026 practitioners of the fed is going to keep rates where they are which is really a supportive environment for global stocks in addition to rates remaining quite low the fed is also signaling that it has a lot of confidence in the u. S. Economy so its really a. Positive outlook for stocks and we did see some minor increases in stocks yesterday and european stocks look like theyre poised to open higher today as well chelsea villany there reporting for us from germanys Financial Hub frankfurt thank you so much. Britains heading to the polls today to elect a new government it is the 3rd general election in just 5 years and it could pave the way for britains future in or outside the e. U. Now even for dutch fishermen who obviously have no say in todays election a lot is at stake. To prove this should have spent 5 days pitching in scottish water is now theyre heading back towards the dutch coast. Corps bunked took over this vessel and the associated Fishing License from his father. Like many dutch fisherman and women he deals in the widely eaten european place the breakfast the major source of concern here theres still no sense of how things will progress even a potentially chaotic no deal breakfast still isnt off the table best to for. A while for us it would be best if we could stay in english was the old water belong to everyone not just the branches or the dutch we rely on being allowed to fish in british territory. Yeah. To be to by face the next morning they reach the city of 10 held there with a catch weighing 4000 kilograms from here much of it is exported to spain and italy. The local fisherman have formed a cooperative to support each other they think whatever the outcome of practice e. U. Cooperation with britain must continue. To shaaban the north we need to manage the north sea sustainably and preserve the market to get their water and Market Access go hand in hand and in the future they must remain connected to cope with water. Should access to british waters be curtailed or car saw many of these fish are women and men would no longer be able to make a living. Just government is offering Financial Support including incentives to those who want to retire from the job but most here cant imagine doing anything else. I mean fisherman and im going to stay one life you know. But for many others here theres a growing sense that bracks that is pushing their livelihoods in peril. Its the 1st European Central bank meeting under its new head. The former International Monetary fund chief took over europes most powerful financial body and november and she promised a rigorous assessment of how the e. C. B. Does business from handling inflation targets to fighting Climate Change. The new president of the European Central bank wants europes Monetary Policy to do more for climate protection Climate Change finally reached the main stream debate and is hitting the screen all of everyone who is interested in the future and house policy responsibilities so this really calls on us to review our strategy and to consider how. Monetary policy can best deliver on its mandate but many Analysts Expect legard to continue her predecessors loose Monetary Policy with low Interest Rates and the massive purchase of government bonds mario draghi ensured that the weaker economies of Southern Europe could expand his efforts allow the euro to remain stable through the financial crisis but many savers especially in germany are annoyed by the low returns theyre getting and even fear they will have to pay to keep their savings in the bank previously Christine Legarde served as finance minister and france and then the International Monetary fund for 8 years getting valuable experience as a crisis manager and that will surely help her as head of the e. C. B. And now to some of the other Global Business stories making news. Germany is to provide compensation to tourists affected by the collapse of British TravelGroup Thomas Cook chancellor merkels office said it would reimburse losses not compensated by thomas cook and its Insurance Company which is liable for only one 110000000. 00 of a report its total estimate of 500000000. 00 euros. Washington has imposed new sanctions on irans leading airline and its shipping industry u. S. Secretary of state mark said his country was targeting 3 sales agents of air for the road plate and the proliferation of weapons of mass destruction the u. S. Also blacklisted in the arabian shipping network involved in transporting legal aid to yemen to many. U. S. Regulators say boeing 77 max jets will not be cleared for use before the end of this via theyve been grounded around the world since march following 2 deadly crashes the federal Aviation Administration says there are a number of milestones still to be completed before they can return to the skies. Talking of the skies air travel is responsible for around 2 and a half percent of global c o 2 emissions and yet despite to the Climate Crisis more and more people are traveling by plane passenger numbers have risen steeply over the last few years the ticket any in asia. The rise in air travel is good news for the leading at craft manufacturers and bus has plenty of orders to fail in the next 2 decades european and travel is expected to double. Many knowledge and ports are being built across asia including beijings dashing and port once completed it will boast 4 runways. Last year the Asia Pacific Region had the largest share of International Air traffic with almost 34 percent followed by europe with 26 percent and north america with just under 23 percent. Africa lagged far behind with just 2 percent. But the sector is likely to grow rapidly in some african countries this year uganda relaunched its state carrier Uganda Airlines after it was grounded for 17 years other countries like rwanda have high hopes for then National Carriers but most of them are mired in heavy debt and fares are too high for many consumers on the Route Networks and limited and complicated last year nearly 30 percent of seats on african flights were empty. Spains Santander Bank and to germanys a savings bank. A set of the decade long disputes regarding their logo colors. The same tone of red cross it will now keep its trademark color and santander has agreed to use a lighter tone of red in its advertising and signature in germany the accord will not affect the spanish Financial InstitutionsInternational Products and services that. And thats the Business Update here on t w for now for me and the team in valencia thanks for keeping us company. Y. Subscribe to v. W. Books you meet your favorite writer write. To what i write is to share what i find beautiful. On you to. Show flings this is you speaking when i come to the show with a ding dong. And concerts with this guess. Credible. Well coming tonight. 3 weeks w. And thats when things are going to look. Bites this is not as equals if i would fault the whole thing this is a scene from when hitler stole pink rabbit a new film from oscar winner carolyn the link which hits cinemas official christians. Hello and welcome to our culture the film is based on the bestselling Childrens Book of the same name by british author judas carr the story deals with the refugee experience of jews in nazi germany told from the viewpoint of a 9 Year Old Girl is more. For president in this country in this land come you know guys this. Doesnt seem. To me its just. That he took it in. The. Street havent he. Wins the election the family nearly escapes arrest by the nazis leaving everything they have behind they flee across europe to freedom. And what finally convinced me to make this movie was that i found this perspective so unique to tell this difficult time from the perspective of a child who didnt see everything as all bad. Not. Just cars