A route the world famous c. Voyage of ferdinand of magellan. Id rather erase linked to military interests, erase links to political and military christy. But it was so linked to many financial interests and adventure full of hardships, dangers, and death 3 years, and that would change the world forever. But jillions journey around the world starts september 7th on d, w. Ah, as russia invasion of ukraine reaches the 6th month mark, we look out whether russias economy has paid enough of a price for its aggression. Also on the show, a 30000000000 dollar deal to help the chip maker intel compete with its asian rivals. We get more from our correspondent on wall street and taking your commute to the cloud. Well, show you a prototype of a flying taxi, whose maker se, is nearly ready for take off. This is the w business. Im janelle de malott on welcome. As russias invasion of ukraine passes the half year mark, the damage wrought by moscow has been incalculable. Western powers had hoped the effect those sanctions would push russia to change its course. 6 months later, its worth asking if the kremlin has been hit hard enough. The main life preserver for the russian economy has been energy prices. After februarys invasion of ukraine, the cost of fossil fuels spiked and that cushioned russia against the intended impact of western sanctions. But even though high prices have helped keep russian coffers, fuller than expected, economy is forecasted to contract by more than 4 percent this year. The russian government is trying to shield average citizens from the impact of the sanctions. For example, the state has raised pensions and the minimum wage by 10 percent major employers like number one lender spare bank, and the gas giant gas prom raised salaries in july and emergency capital controls helped strengthen the ruble by more than 25 percent this year. While russia has been able to stave off economic collapse so far, inflation could weigh heavily on the economy and Consumer Sentiment official figures, a show. The cost of consumer goods is up almost 11 percent so far in 2022. As winter approaches in the northern hemisphere, the Current Energy crisis could lead to more tit for tat responses between russia and europe. For a more im joined by maxim nearon off professor finance at the i e. Business school in madrid. Maxime, lets pick off where that report left off. How does an ever escalating economic war between russia and europe look like . Ah, rational economy is much worse than is 6 months in goal are thump in the thirtys, audi innovative, but shape like called the morphine. The see, the decline in production was saw 10 times Airline Industry is so basically in debt because all International Flights are stopped. And what is no spare parts for airlines and international 2 isms and our shop. Hm. All industries bought on xerox and economy of us not damaged enough for putting to stop the war. And one of the main reason i saw a set up put in continuous to receive for future all and gust revenue, especially from the unit been union. So he went to the russian economy, its much worse than 6 months ago. Its still not so bad in germs so far as the beauty of the peninsula. But surely a lot of this damage will be lasting and will be very difficult to come back from. Wouldnt you agree . Ah, yes until 14 and his vision was who power is. Hell be in post bull odd to grow or he went to restore or per year february estate of the economy. Because russia voss kept all from the International Trade and to lot of factories sat heavily dependent on the initial plate like pretty much in every campaigns evolve like german l. So very much dependent on International Faith ausa that the difference is that i show the people that he doesnt have almost any on technology on its own. So its very dependent on the plate. But again, the issue is that it was cars, but its not enough. So indigo, a lot of people compare russian economy and or Fashion Society of is the west. If ones a west, you have inflation of 10 percent. And ah, gas price and drainage a price by 30. 00 or 40 percent. People who really scare than people demand from politicians loosen a society is not im hands are so its like it doesnt leaf in their democratic role. So put in for us much more power to press Threshold Society by declining in the authentic light, live by 1020 percent results that hes cove major are major out is eastern. So this is a different so i think people in the west all were estimated there. Im threshold went i, russian, people start to revolt against them. I put in the fair a lot of this was unpredictable. Thank you. Maxine, theyre enough professor of finance at the i. E Business School in madrid. Thank you for your insights today. Intel corporation and Canadas Brookfield Asset Management have agreed to jointly fund up to 30000000000. 00 for the us chip makers, arizona factories that will help intel bring more of its chip production on shore. Brookfield will invest up to half of the toil to take a 49 percent stake in the project. But intel will retain operating control of its 2 factories that make advance chips in arizona. Turning now to our correspondent teddy austro and new york study. The aim here is to retake market share, especially from the asian ship manufacturers. Will this allow intel to do that . Bo, this short answer to now is probably not. Yes, this is quite big for intel, which is angling of course, to be a top manufacturer of some of the most high tech sunday conductor chips, which those spots are taken by many asian manufacturers. Specifically, t s am see anti one and samsung. Now intel, at the same time, is likely going to get a large slice of the pie that pie being a trip spill that was passed in congress. Thats 50000000000. 00 going into domestic manufacturing and research. But were gonna talk about state funding. We have to talk about state funding in asia and places like taiwan in korea, which ive been spending big for years and are going to continue spending big. So it may be hard for intel to catch up so quickly. They probably need many more years as well as many more billions of dollars. So it sounds like intel is still outgunned in this respect, but especially supply chain disruptions have also given intel a rough time, are all these big plans at least indicative of a bit of a reversal unfortunate for intel . Well, its pretty unclear right now. Not only for intel, but for the entire industry, were looking at both chip shortages as well as ship gloves, trip shortages for the auto industry, for example, caused by supply chain disruption. But also were looking at gloves where inventories cant be sold down and this is hurting manufacturers as well. There appears to be demand falling for items like phones for gaming console for p cs. All this requires trips now, intel certainly got hit by this trend. The day posted earnings recently that were way lower than expected. Really shocking walls. And now they said that it would cut Capital Spending by billions of dollars. So for the entire sector, it appears that the boats are rocking and its not clear where the wind will blow lots of sailing metaphors from teddy austro. Thank you so much escaping the regular gridlock on the road by just flying over it. There are those who believe taxis will soon take to the skies. Among them are people at the german company, lilian, which has come up with a prototype. It can carry 6 passengers and the pilot and has a range of more than 200 kilometers. Take a look. This is atlas test center in spain, a very special aircraft is about to take off phoenix to the prototype of the flying taxis of the future that is developed under High Pressure by german company. Lilian. The startup is in competition with 100 other developers worldwide, all of which seek to be one step ahead in the approval process. Yet if lucas go be that a no use, every flight is a new chapter. You know, we say the test flying is like testing the boundaries also next limiting. And then the next one also has to be ready. Lets take a step back. 32. Again. Its lifted. Were to leave by 36 electric rotters like a june in the air. Liams founder daniel v gunned promises that his flying taxis would already be commercially operational in 3 years. One by lit 6 passengers and a range of more than 200 kilometers. Thats how these flying docs is aimed to compete with cars and chains, especially in urban areas. Its been into no, im an engineer. I understand the physics behind this aircraft is to you when i stand next to it. Ill see it flying and i hear how quiet it is. And the way the whole team built it to operate safely. Even for me, its like a miracle. This is luke talks issues with the time. Another miracle william needs is to achieve the ambitious goal of making more than 5000000000 euros worth of seals in just a few years. Daniel, vigour, and has been heavily criticized due to these kinds of promises. Investors ran away from lilian in droves and the initial Public Offering in the stock market was a disaster. But that hasnt damned v gans ambition on so long twisting and miss you on our long term vision is that we want to make regional flights a sustainable light as well as making them accessible to as many people as possible with the electricity and the electric Propulsion Technology is especially well suited to this purpose because it lowers the cost and both maintenance and the initial purchase, compared to a kerosene powered aircraft i talking to on shuffle. The prototype has successfully completed around 30 dest flights in spin, and its software is still being adjusted. In the beginning, only particularly val declines would be able to travel by this kind of air taxi. But wiegand is not alone. Independent traffic experts say the skys the limit for more electric aircrafts boys to miracles. A 75000000. 00 super yacht linked to a russian steel 1000000000 her has been auctioned in gibraltar. Its the 1st sale of its kind since the russian invasion of ukraine. The luxury yacht was impounded by Gibraltar Authorities in march after us bank, j. P. Morgan said its alleged owner dmitri pump janskis own a lot of money. His assets were frozen by the u. K. And the e. U after the invasion. Thats our show for march. I count d, w dot com slash business, and the d. W. News you to channel. Thank you so much for watching images that have been etched into memory. An unleashed moment gives free rain to its hatred and everything for the 30th anniversary on the rostock riots and their legacy. How could it come to this, the biggest racist attack in postwar, germany, foreigners, out, close up next on dw, the 77 percent for Young Africans studying and northern cyprus. Sounds like a dream of any who do are ostracized, because of everyday racism, including when theyre looking for a place to live, you will find a place thats life full and you reach out to the agent in that person with taxi . Is it . No, i think it was 77 percent with 60 minutes on w o. Enjoying the view. Sh. Come take a look at this tv highlight school every week in your inbox. Subscribe now. Ah, on this day its been 6 months since russia started for us to talk on the summer and main, but on you crate. We are here. We talked to people on the ground with to politicians. We said light events and their consequences. 6 months, but ive changed ukraine on the world. On all platforms brought to by g w. The zonen blooming house is an ordinary upon a block in the city of rostock, in 1992. It was the scene of one of the worst outbreaks of racial violence in germanys post where history
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