Transcripts For ALJAZ Counting 20240704

Chad for tox. Theres years june to maintains its open to talks and solving regional disputes, triggered by the crew and prosecutors in the us state of georgia, have proposed a march start date for the trial against former president donald trump. Trump and 18 of his associates have been charged for racketeering and voter fraud for allegedly trying to overturn the 2020 president ial Election Results of the haitian gang leader. Known as barbecue is valued to fight any International Arm force that commits abuses. He says he supports the United Nations call for a foreign force, if it targets corrupt politicians, and promote security to ukraine says a container ship has set off from the black sea port of odessa. The Hong Kong Flagged vessel had been trapped in the ports since russia launched its invasion last year. Is the 1st commercial shift to leave the ports since a grain export deal with russia collapse last month. And this comes hours after russian Drones Target and grain silos and warehouses on ukrainian port on the danube river. The governor of the odessa region says the area was hit twice and overnight attacks the river ports are the main export route for ukrainian grain after the collapse of the black sea deal. And officials in hawaii as malley island have named the 1st victims of the devastating wildfires that level the town of love hina, at least a 107. 00 people are now confirmed dead. That number is expected to rise in the coming days. Canine teams from other states of arrived to help the Task Force Search for more victims or than a 1000 are still missing. Those the headlines counting the cost is next. Stay with us. As temperatures hit their highest on record, environmental leaders will gather in canada to discuss International Action to come back to Climate Change on the world to meet the 2013 goals set out to end pollution and most of biodiversity. The 7th assembly of the global environments facility on noticing of the hello im adrian fund. Again, this is causing the cost on al jazeera, your weekly look at the world of business and economics. This makes Central Banks a holding gold, increasingly moving that resolves back homes boulevard for the precious metal. Continue. Also this week, 5 of a posts on his ex platform on must have told employees treated unfairly by that bosses that hes got that fax plus the textile industry is often called the backbone of pakistans economy. The sector is bearing the front of the nations financial crisis. It is precious, often serves as a safe haven, a hedge against Economic Uncertainty and investment favorite for its divinity, traitors, investors, and governments of often looked at gold in times of market volatility. 2022 was an exceptional year for the yellow metal to mon reached its highest level, and most of the decade, Central Banks globally port, staggering 70000000000. 00 worth of gold. Thats the most in 73 years of now it seems the world is looking again to gold as a hedge against uncertainty. For months, banks have been selling off the gold stocks. Now the bank buying again, the World Gold Council says the purchase isnt the 1st half of this year with the highest on record, the biggest bias, the peoples bank of china, turkey, india, and the e. You also ramped up that gold was of, as well. Russia has been stock piling gold for the past year as it tries to circumvent the impact of western sanctions. So why do Central Banks like gold . Well, the metal holds its value during economic turmoil on like currencies or bones. Its price actually tends to rise when the value of the us dollar falls, that encourages Central Banks to stockpile gold, to diversify the reserves away from full a tile currencies. Hedging against inflation is another reason why Central Banks forwarded. The metal has limited supply, attends to preserve purchasing power against rising prices. Really one 5th of all the gold ever mind is held by Central Banks. The us has the biggest reserves. Many central bank, sol, tons of it. During the cobit 19 pandemic, the shore opposite our economies to go reserves the captain underground volts are stored with the Central Banks of broad including the us. Federal was of the bank of england joining us not from single boy as nicholas gonzales, who is managing director at the metals focus. Hes a global Precious Metals expert. The time he with us, because it was russias invasion of ukraine and the subsequent sanctions that triggered last he is gold rush. Whats behind this years pilot the gold. Oh, you know, i think its in many ways a continuation what weve been seeing for the last couple of years really price of the crisis. Um, the expectation, especially the early part of the year, the expectation that the Federal Reserve would be forced to cut the rates uh a lot sooner than the reality has proven it to be the case. Thats what drove the price of back of up to 2000. 00, announced and look more generally. The gold has basically proven its metal, and a lot of investors are looking to it does a diverse safire and Central Banks have been continuing to buy will be its not us uh, aggressive yeah, last year. How theyre still in the bid. Are there any particular countries that are leading this, this ross whos buying more gold than, than anyone else . Well look, i mean, uh, naturally, uh, the country is that big in terms of reserve managers, the countries that have been over the last decades really buying gold, developing nations, the nations of have dont have legacy Gold Holdings as a result of being part of the Gold Standard china, russia, the key have been being buyers. Although tech, you know, this year its a key high and fucked on that seller. Uh, recently for various reasons. But yeah, so some of the european east European Countries have been buyers and the last decade, but yeah. Basically, countries that for lack of a better word, need to add the reserves because theyre not already overweight. Like western ones are because what, what are the implications of the, of this for that for the greenback that the, the us dollar, the reserve currency, the world. Theres no doubt that there is a Big Organization underway, and in fact, its been going on for quite a quite, quite a long time. Its not just kind of the aster mine, so the war and ukraine and the freezing of the rest of the Central Bank Assets dollar eyes ations has been going on since the early 2 thousands us banks have many diversifying against the facts to reserve currency. I think its a bit premature to stop making long term projection us or id say it seems to me if it can sway me. And i think gold is also um, you know its, its part of that move, but i think its a little bit um, we cant really look at the goal. Does the principal driving forces despite all right. But it took to what extent the, uh, the, the, the trend towards Rising Interest Rates across the world, playing into this, this, this appetite for gold. Well, and perversely, the goal depends to a gold, gold tends to lose out when Interest Rates are rising, right . Because effectively higher Interest Rates mean a higher risk free or a higher cost will carry. So why buy gold . Which yields 0 or best . If you basis points when you can 9 started by treasures that give you 4 or 5 percent returns. Having said this, we seen the dramatic change in the reasoning or the way the uh, the aptitudes of institutional investors. Theyre a little less sensitive to that and a lot more keen on the gold. Surely because of its having proven in the last 16 years. And um, uh, numerous crisis that weve seen, weve gone through that its a very solid and uh, successful. Thats the fire. Alright, thank us. Ill be back with you in just a moment. A growing number of nations are repressed, creating that gold off to a freeze on russian for an assets. Separately. Venezuelas government has recently lost an appeal to gain control of nearly 2000000. 00 in gold. Held in the cape, the bank of england refused to release them as well as assets, citing doubts over the legitimacy of president nicholas. My daughter is winning 2018 nations gold resolves, fell by any 12 percent in the 1st half of the year. Down to 61 tons, a Nicholas Rochas gold was stored very much at home. Of the Central Banks though, a pretty one they dont they because as we can see in the case of dennis, whether its its easy to freeze gold assets that are held abroad. Yeah, of course, look um, traditionally, um, as a central bank you would want to keep as much gold as um and then the big chunk of your gold reserving long because thats where you could basically mobilize a blended out. Or if you wanted to sell it, it would be a lot easier to sell it then when you were, if you were adding 2 years as it would be a lot easier to just add to your local london account. But as very id pointed out, the importance of having a piece of portion of your reserves home or away from the potential interference wolf, western governments weston powers. Ease is, you know, hes become very apparent and i think the freezing of russian central, the rest of the Central Banks assets in the aftermath of a people, the ukrainian and then the invasion for you pray has, you know, api 5 be and then okay. Alright. Okay, and what about your, what about venezuela, nick or some of that . What are the chances of of venezuela unlocking its assets, its gold assets held abroad in the near future where it doesnt look very likely. Right. I mean, uh the, the bank of england is not budging. And you know, frankly, so, so why were unlikely to see massive sales from the venezuelan central bankers as you very right. The point that out about more than half of its holdings are now effectively looked away and cannot be touched. Okay, lets get back to the weather in the future twins. Yeah, yeah, im ready. Lets get back to the market. Here. You mentioned the price is a hovering around bought 2000. 00. Announce right now how, how much further do you think . Right . No, its, uh its, its not close. Its 8191900. The 8th above 2000. Okay. I remember you. All right, thats fine. But i, we go, we set to see those highest again, any time in the near future. And were not about giving Financial Advice on this program but, but show the likes of me and anyone watching me thinking about investing in gold right now. Yeah, look im, we are as a very i to point it out. Were not there to give investment advice. So what we can say is that we can see investors are still interested in gold. Um, a, you know, even though the persistence of high Interest Rates is a head wind for the price and we could see lower prices, its, you know, because without the possibility we still see very strong interest in gold in that full 1st, very healthy, very important support the price because its been great to talk to you on terms of the costs manufacturing, dave for being with us. Thank you, adrian. All the best. The sound, the iconic blue bird logo is going to is now re branded as x ito mosque is no stranger to making use. This time for outlining his vision for the platform for the notice towards up part of his plans include making the social media sites a haven for free speech. In a recent announcement, the building at off at the foot, the bill for uses to suit their bosses. If they think theyve been treated unfairly for posting on x, and he says theres no limits to those funds despite plunging advertising revenues, which is the risk victoria case can be reports. This is what is the worlds most use social media platforms. Now its building at own that, you know, musk says ex, formerly known as twitter, will pay the legal bills of uses has been treated quote on fairly by employees because of posting or liking something on the site. So whats behind this announcement at the time when his social media site is struggling . This is trying to attract attention to his copays. So what he always does, which is the purpose of the without actually necessarily having any, any intent, sorta think of following through on it because uh, the actual logistical indications of how you would do this. Uh, just uh, as well, you know, mosque boot twisted last year for 44000000000. 00 to him or followed after he fired hoff the workforce. Since his takeover the company has lost hofords advertising revenue. In july, the logo changed mosque said it was part of his vision to use the app for multiple purposes, including audio, video chatting and payments from a brand or business point of view. Its completely irrational. Its probably the final strikes in the complete unwinding of twitter and likely going to be good for you on last because now people will be talking about his expiration. Not how much money hes going to be losing on twitter. A must cause referred to acts as the so called everything app, powered by Artificial Intelligence pushing it, place it ages so called soup apps. We checked in china is one of the regions biggest platforms. Its used as a one stop app for millions of uses. Daily needs will be own. Just messaging mosque is also facing competition from an old. The 3 bulk of bugs met the owner of facebook launched arrival platform last month. Cold threats. Musk says monthly uses of ex reach would equal to high of more than 540000000 in july. He says there will be no limit to funding uses legal bills. Victoria gave some be for counting the cost. What does this cost of this . Joining us now from the lynn is fredericka comp time out. Whos a tech expert, a tech policy expert. Good teddy with us for 30. If look, is it on bucks serious here . Should bosses be worried or is this just a publicity stunt . Thats real, easy this so what it is, its a publicity stunt. You dont last has provided no details whatsoever about what sandy treated means. You didnt provide any information for how people can get in touch. I think this is a distraction from the real and Serious Problems that the companies facing. Yeah, i mean, im talking about the serious problem and how on earth could, could he fund this . I mean it, theres no way that he can pay Legal Expenses which could lead to millions and millions if enough people came forward. Exactly. I think it doesnt even mirror in a more detailed discussion. Its a, its a distraction, some of that to the, the fist find that he announced, but you know, on us and its a distraction from the problems that the company is facing. People are leaving on math. A study has shown that the majority of americans for were on twitter, have sort of reduce their activity or thinking about leaving in the last 12 months. So thats a real serious problem that the company is facing. And then the other one is, since, you know, im asked, took over harassment, incitement to violence have skyrocketed on the platform. And thats a problem for a company that wants to be a trusted public town square the center for countering digital fates published Research Showing that hate speech and this information have been spreading like wildfire on the platform on the mosques ownership. I mean, he does have a, a serious image problem right now it doesnt take with, with x fully notice twitter. I think its a bit more um, its a bit more than an image problem. So things havent been rosie at the Company Formerly known as twitter for a long time. Since years organizations Like Amnesty International of the london based jill glitch has documented how, especially women of color, queer people are disproportionately affected by violence and online hate. So this is a longstanding problem. Now what you know must catch them is one of the 1st things he did when taking over the company was significantly reducing the trust and safety teams. He eliminated the essex team and he also reduced the human rights team. So these are, this is a very clear signal, and now were seeing the consequences looks as more isnt a problem and drives people off the platform. And the drives advertise this a way to doesnt mean that, i mean however you looking at this, this rebranding this, this takeover has been a disaster in business terms. Hasnt come ex, fully. You notice theresa. Now thats catchy. Is that kind of survival of this . At that, thats a very, very difficult question to answer, but you definitely buy this. Is this about much more than than human rights. Its about business. No advertise once to advertise next to election into fear and incitement to violence. This isnt good for brands and weve seen brands leaving the platform. Now were seeing people leaving the platform. I think there are 2 issues here at the root cause. One of them is a real misunderstanding on the side of mosque. What freedom of expression actually means. And then the 2nd one is a gamble, so the gamble is that 1st of all people want and everything app. So an app that you can use for right chairs for payments. And then the 2nd gamble is that people will trust x. The competing, formerly known as twitter, to be that everything brand, and this is a really, really big gamble that im not sure its gonna work out. Yeah. You. So youre not sure its gonna work out, but this is a little nice. Quit with. Were talking about here at the moment, everything looks disastrous and this, this plan for an everything up to an x into, into a. We traps if you like. Uh, that does a bit of everything. I mean, one of the challenges in 5 years time of, of you and i turn it around and having to, well say, well, we got that wrong. I used really well. I think what hes missing in the equation is that people need to trust an app that they want to use for everything and was harassment. And its still a social Media Company down. And as a social Media Company, its not meeting their responsibility. And as a result, people dont feel safe, people dont have trust. And if you want to be the app for everything, you definitely need people and advertisers to trust you. In the meantime, over a mess of course, monk, a book as large freights, which is a kind of a twitter is not there yet. Its lacking many of the features, but the twitter has how much of, how much of a fresh is that to what ex, fully notice as twist. I mean, its clearly as correct. They all kinds of correct in the form of a ton of tips like mastodon, but also blue skies take talk, has also launched a tank based sort of communication. So theres lots of competition happening at the moment. So yes, its a threat, but i think lets not forget what twitter really was. Twitter really was the town square. Its when movements like black lives matter, me to all the merge. And i think um with this fragmentation that were seeing now, it will be a charter for any of these apps to be this sort of place, the town square, where were having these kinds of debates. Whats your gut feeling . Are we witnessing the death flows of, of, of a ones fine social media platform here . Or will ex, somehow manage to, to, to reinvent itself . If x wants to x wants to reinvent himself as a product that has more features, but its neglecting the core responsibilities better social media platform simply have to take on. And i think if it will not work out, the reason that people no longer feels safe and then people dont trust the app. Im going to contribute to its doubtful for there is a great tool to on counting the cost many thanks and they, for being with us. Of course, any time i can start is of course, one of the was leading tech style produces it, supplies everything from genes to towels tobias mainly in the us and europe. But the industry, which accounts for the 60 percent of exports has been hit hard by the economic crisis. Manufacturers of shut down or no longer running at full capacity. Ill just here as im expand reports, the city of fi, its all about is famous for its factories, but many struggling to stay open. The price of electricity has increased, making it more expensive to run machinery, and the collapse of pug stones currency makes and pulsing rule materials very difficult. Now, what are their dozens of practice . The closing . How does all of our cars are becoming job less even going to have the money to give our next bill . That is our isnt does, is that this looks like the graveyard of the machinery. And the reason is, is that our gomez is they are one of the shows we are busy in the game of fall, but everyone in the city has felt the impact of the crisis. Does it get paid or . Yes, but the other when i yeah. Where are we supposed to go . How are we to send the children to school and feed them . We can only work if this work. The politicians are sticking around politics. No one cares about his work because pakistan has lots of poverty and unemployment because of this industry. So many of us get what and run our household, especially important for women because the onto the left of opportunities. Generally, the if recently agree to 3000000000. 00 buy allowed with pucks down government bus, one of the conditions is an ins to energy subsidies. Business leaders are urging the government to protect the textile industries. They say the success or failure of pucks down the economy could hinge on us alex bid for accounting. The cost are joining us, not from karachi and pakistan is yourself and for real cause an economist and director of research at chase securities. So to have you with a set yourself up, the tex dot industries was purely down to the economic crisis or all of the factors that play. Uh, okay, so it is the excited of a large part of 5 years under the front of me. It makes up 8 and a half percent of g d, b, its 60 percent, all progress on the exports. The fox of the prices that are, that are going to head to take started sector and that are parts that are not going to have it over the next size across as much. For example, Interest Rates have gone from 6 percent as many people the same. So thats a very big load on the income statement, all excited company, and its very difficult to survive at such high Interest Rates that can you what happened is that because if i miss been listen, uh, theyre going to have to increase the electricity. That is what price that makes it very difficult for some of the excited folks to so i on the other hand, what happened is that theres been significant guaranteed evaluation, which has started to kind of be an experience on the south side, much as it makes understanding good site, the cheaper so so, so it, so makes it back us. The other thing that happened in the last year was in board ban. So even though that was guaranteed evaluation, they started farms in the last year when any unable to import machinery unable to replace sparks. So they were so as of the next event, a to quite a few issues in the last year. Uh, the industry has captured some customers and the customer, they cool with that usually used to me as orders and by medicine. So i know, but because go ahead and shut down there with that partner. If any forms are able to get some customers from the study, but now because of higher data, its getting ready for them to retain those customers. As you said, that the test conditions imposed on practiced on by the, the i m, f for the foot for that load on our rippling out of one across the economy at affecting everyone in society. What does the government need to do to keep business moving to incentivize businesses to keep the production levels up . Oh see, i think the currency, the valuation that has happened over the last year and over the last year and before that is what is going to have big starting exporters become cheaper manufacturers on the board. But along with that, the government also has been okay. Interesting, which already hired i dont wish to start calling from february. And if the Interest Rates would start coming down with february next year, the important thing that theyre going to look at right now is fixing the power sector and reducing the testing the sector, which will allow this to like the, the stock coming back down again. A source of passed and transmission and distribution loss is always a big issue in progress time and the government has to fix that, so that status and then become lower. The other thing that ill mention, look, i ran fairly minimum wages in the minimum wage in countries that progress on your next tires and other industries compete with like a so the, the store. So the minimum wage is annalynn, stockton, the odd, make or no make progress on significantly more expensive than others. One of the reasons why are you going to have some people high a minimum wage is because 5, you some types of research to 1. 00 price thats higher than the intellectual. Right . So whats the outlook use of the people of pakistan who was suffering a great deal at the moment economically . Is this short term pain for, for the price of times, just around the corner . You mentioned february being a key date. The government and the policy makers, they need to stick to a Floating Exchange rate, which can absolve any shocks that come into the economy. The, ill look with very positive on the outlook and i think the worst is known behind. And now we know the situation should gradually start improving the values. There has been massive evaluation. The unified civic senior does finally below a 100 and its been down for july and august. All has been posting based small consequences and with the funding exceeded in height or the external account situation could remain resolved for late. This was great to talk to you on counting the cost Manufacturing Day for being with us. Thank you for waiting on that. As i show for this week, if youd like to comments on anything that youve seen, you can text me on the platform formerly known as twitter. Im at a citizen. Try to remember to use the hash tag a j c t c. What do you do . All you can drop us a live email us at the counter. The cost of the houses here dont match. Thats probably more for you online at i was 0 dot com slash ctc. That takes you straight to our page, and then youll find individual reports links at a time episode, steve account shopping. That is it for this edition of capturing the costs. Im adrian instead of going for the whole team here in bo, thanks for being with us. The news on alpha 0 is next the inspirational winning. We wanted to gather the largest number of young women and showed that entire nearing performers was the 1st to male zits of painting. Jordan to senior when celebrates all females and taking traditional outage in the new direction. They go on stage, its motivates other girls to join citizen. So jordan and egypt, pun, outages here the for more than 60 people trying to migrate from send a gal drown off the cape verde island. The hello. Im kimberly healthcare. This is algy 0 live from dell ha. Also coming up, prosecutors in the us state of georgia. I propose a march start date for donald trump