Transcripts For ALJAZ Counting 20240704

When those items surprised i have holes and test stops egypt fully, like billions of dollars and loans, important investments. Will they help shore the economy and fit points as well . Whats behind the searching twice of the digital coins and is the crypto cards, the industry . It cant come by, the person slipped into a session late last year. Many people as businesses struggling with a high cost of living, the concept of policy is bustling for its electrical future against a bleak economic backdrop. The Spring Budget of 2024 was seen as an opportunity for trump the jeremy hunt to offer the data some sweetness. Concepts of government has training labor in the polls, but is a 2nd tax caught in full months enough to shift the political dial. Well. Well get to that with a guest in just a moment. First, this report from harris, posted in london, is the to britains government. Conservatives trading by double digits in the poles. This months budget needed to be a Momentum Shift to a vote getter. From april. The 6th employee, National Insurance, will be cost by another to be from 10 percent to 8 percent. Headline measure was a Costume National insurance contributions estimated to save the average employee nearly 600. 00 a year paid for by co opting in opposition. Labor costs and policy and doing a tax break to those domiciled to tax purposes. Outside of the u. K. Is the Prime Minister went to so that the voters analysis showed the overall tax burden already at its highest rate since world war 2 would continue to grow. When post budget po, so late, but extended sleep, i guess it wasnt unexpected. That was something. So if i place things as a child benefit, i am can take tory but my friend at that time and i need to get out now by the news just if it, if somebody can speak to is using to promote yourself during the difficult on for the challenges that face and the government. Theres also being criticism from the governments fiscal watch talk to, im clear on potentially competing commitments to increase some public spending while reducing taxes and the size of the national debt. We know theyve got most plans for a National Insurance. We know the governments plans for your Energy Taxation in 5 years time. Im but what we know about governments plans for spending on Public Services runs out often march of next year by march next year. The most observe is expect the conservatives to be out of power. Labor is projected to win a comfortable majority. Even in office though labor will have constraints, especially now. The conservatives have spent money. Labor was intending to spend elsewhere on this National Insurance cost, which is 1. 00 left leading think tank says its time. A bold reproach was taken by the borrowing or raising tax to investments attached to the but you cannot come your way out for christ as a, as to what we need and said is for them to spend that way out of the crisis. And there were ways to achieve that so long as they type books themselves in with arbitrary fiscal rules. Posted just the National Health service and the cost of living top though does concerns. Territory labor will look to occupy when the campaign profit gets on the way. Are you close it out to 0 . If accounting, the cost london as well. Joining us now from london is for the night. Shes chief economist at global data. Nothing but great. Have you with us here on cancelling the costs for it . So what do you make of this budget . Weve got a 2nd cut in months to National Insurance types of paid by workers, but how much the difference when it actually make to work . Cuz to the economy and, and ultimately to the conservatives. Well, in this stage, inflation is coming down. So really income suit should start to improve um, but that has been a very tight position for a walk us for, for some time now. And so the tax cuts in the, in a way health, but to me its a, its a, its looking in the wrong direction. Its this whole budget has been um, dominated as the previous budgets in recent years by this discussion of, of a fiscal rules which seems really more of a full cycle to me. But then thats, thats a, a constraint that the government has as almost on necessarily imposed on itself. Not to say that there shouldnt be any kind of, uh, physical rules and management. But the type of fiscal focusing on im trying to bring down jet that to be uh over a 5 year period. Oh, by a 5 year period. Its a, its a sort of the wrong stopping place instead of focusing on, on trying to bring down that to g d p. The question should be okay, well, how can we improve g d p instead of instead of being handed, this sort of fiscal heading home, which, which the government has spent on kind of National Insurance contribution costs and, and some, some improvement attempts to improve productivity in the in the, in a, just the question should be kind of, can we, can we go farther than just trying to, to, to rehash these, these, these, these attempts to, to improve productivity and, and look at the side of the, the, the, the real spending per capita is still going to be fully in the factory when there is already a dying needful is spending in injustice outside dictation across across the board. And that would actually create the type of environment in which businesses could, could flourish the just to jump into use of say, agree with the list and how is report that we should well, but some should be spending more rather than costing back, despite the spiraling that the government should have got itself into this, this northeast of the social feeling prophecy, which is almost institutionalized at this stage. And the bank of england is a part of that as well. Where by the, the offices budget responsibility will head and hands the government a we brace full cost and then the government will say, oh, well we need to do something to, to constrain the deficit in that context valve, of them recognizing but there is spending but that needs to be done most obviously within, within the Health Sector because theyre, theyre a 6400000 people that are waiting for, for treatments and the number of long term sick people that count well in the government is that fluid having to pay the wells bad theyll all these people, his, his ways and very, very rapidly over the course of the costs the past few years. So. So making that spending to res per capita investment in, in health care, which, which makes, makes absolutely sense. And its a complete full so called to me to, to, to failed to meet that spencer. Weve got a general election coming up some point this. Yeah. Do think the condo position policy, the lay the policy with many projects will get into power. Well take that approach to the economy. I think given the, the recent history, the worry is the, the, the kind of the shop that was sent through markets by the, the, the attempt of trust them costs and to transition in a, in a completely inept way, in my opinion, to a, to a gross policy rather than at that focus policy, that as has now put the policy makers on the back foot. And then now worrying about, you know, they have to be physically sensible again and, and, and trying to, to, to stick to these, these fiscal rules of before late. They get sense of how it is. You mean that thats, thats the direction that is going to, to unfold. Uh, it seems unlikely that theyll, that will come out and kind of say anything that we would roll that by in that sense. But i think my expectation is given, given the sort of the clear spending that needs to be done. The then might be some transition in the nature of physical rules. For instance, taking investment out of that kind of fiscal rule of over can a 5 year period so that the government can make necessary investments affect without feeling is getting up against it. So just briefly for a, for are we still the u. K. Economy growing by 0. 2 percent in january, that was off to a, it sank into a 2nd recession at the end of last year. Is it turning a corner . Is the outlet looking price a that lead the leading and the cases for a kind of a 3 to 6 months outlook look back to for the u. K and actually across across europe. So, and thats, thats a positive sign, especially inflation is, is coming down relatively quickly, but wage growth is, has remained a reasonably kind of sticky and it will, it will probably start to, to, to decelerate, wage or wages will probably start to, to be separate. But what that leaves us with is the part of the cycle where well wage price stops to, to, to come through. And essentially, the part of the cycle way of the walking population walk is actually get the share of, of the, of the pi a, of the policy and of over the past cycle. Thats, that tends to be in a kind of a capitalist to call me when that happens. So thats, thats a, thats, thats a kind of a, a positive. The negative, unfortunately is the policy you still fault. You type a base in terms of, of the school and in terms of monetary policy. And so thats a drag against that happiness by a burgundy to speak to you. Thanks so much for taking the time to join us here on counting the cost. The soaring inflation and a severe shortage of foreign currency, all hits in egypt. Economic crisis has been lessons by the will on garza. Im the middle east nation has come place to defaulting on it. Thats if it doesnt make fun, not for reforms to attract investors. So the government has delivered its biggest of a height and Interest Rates and allowed its currency to float. These measures have released more than 40000000000. 00 and investments and loans from the United Arab Emirates and the instructional monetary fund, as well could be on the way to engage some beautiful the chips and pound just had a problem. So we use in not many egyptians wanted, they prefer to have us dollars. Many believe that currency is a lot more stable. But digits, reserves of dollars, have them running out. And the gap between official black Market Exchange rates has been huge. Now the government is allowing the egyptian pound to trade freely on the Foreign Exchange market. Its part of a deal with the International Monetary fund to lend egypt around 8000000000. 00. Observer safety regulation has been made possible in part by a recent announcement by the u. A e to invest the 35000000. 00 developing the russel hit by peninsula on egypt, mediterranean coast, and the book, and then we could, might have an approximate rate to 45. 00 to 50. 00 egyptian pounds to the dollar after getting money for the last ill take my project as well as funds from the am, if im the u. P in union, now we can achieve a Flexible Exchange rate determined by demand. Egypt as devalued its currency 3 times since 2022 bought has maintained controls to fix its Exchange Rate is decision is the 1st time the currency will be determined by the free markets. Its a Long Time Coming of egypt shall depos anticipate is and investors have been putting pressure on the government to actually do this. To narrow the divergence between the official and black market rates. Within minutes of the announcement, the jeep sion pound sign against the us dollar to a record low. Many egyptian say its making life unbearable. Is everything in our life link to the us dollar. What happened to the egyptian pound is worthless now . A 10000. 00 egyptian pound salary is no longer enough for family in a month. In egypt, economic crisis made was by the korean of ours pandemic and russias invasion of ukraine has been further exacerbated by the war. Wrong cause of say much. So the mass has agreed to accelerate the learning process. The most direct feedback is from the switch canal they use to collect 700000000. 00 per month from revenues. Now traffic is down by 5560 percent bring the egyptian pound may be welcomed by international investors. But addictions are likely to face more hardship, at least in the short term. Victoria gates and b l g 0. So counting the cost. Well, heres a quick look at all the countries that i m. F has approved loans for in the past year, packets to ongoing 3000000000 dollars that help prevent the country defaulting on its thats have been swearing, inflation. 2900000000. 00 went to shoreline cause to rescue is bosses economy. The government implemented spending, got some tax hikes to secure enough support. And earlier this year, the line ethically, to 84700000000. 00 line for auction tina, and facing that has reached a 160 percent and 40 percent of the population are living in poverty. Well, lets go now to egypt and speak to that enough. Uh, he is a professor of economics at kyra denial. University is great to have you with us. They are mess 8000000000 and all the names of egypt. Its huge. Why has it and the u. A been so quick to aid egypt potential recovery to a good day and thank you. Thank you very much for having me with the show and 1st of old and, and we have to repeat the what, what has been repeated in the media that it has to be to, to, to fame and to meet the fans because of what is happening in the region, and its very important to see it from this a lens. Were using this lens because, you know, egypt is a very important to the user and for the stability. And also to counter some of the integrations to europe and the 2 other part of the, of the, the why cheat. And they made it to the union. And also because egypt is suffering now a more than ever, especially after a, because scathing crises, its that sort of thing from the corporate 19 and then to creating a russian war. And now the guys a, a has at work is this, is this going to be the rescue thats gonna save it so oh, is it still at risk of failing . Yeah, of course we, we, we dont have actually the risk of failure. We had a problem was and issues we stick with the tea and was wanting to retire, think was wanted to retire, think at least fiscal a certainty that we are looking forward. Actually, we can continue in the hyper installation, which is the 1st enemy to the people. After containing the hyper installation, we can restore that remittance isnt going to restore the cash flow as you capital flows from a wrote. Most of the cash flows are a very essential and for the, for these options economy actually our and ratio, our savings issue of saving graces from 6 to 8 percent of the to be and it is, it is not enough to sustain any a growth, obviously, to beat from 6 to 8 percent and dissipated so unless we feel these gap was a foreign investments, like hopefully for the nice the invest me. So i look at not in that order or any health, plenty. And we cannot survive a we such as their doings and such a new challenge. Now the agent for the 1st time has had a pound valued by the free market at low school than 60 percent of that value within hours of flotation. That was disastrous for many people in egypt. What is the likelihood of it stabilizing . Well, actually, i cannot call it a freeflow think we cannot have officials even though to intrude thinking self said some countries, a luxury, the general tab at the fruitful conclusion. We can be lucky if we have the soft fix editing and the software and its liquidity in order to be solved in order to have to have some flexibility. So when, whenever we receive a good but we, we have good buffers to defend. Uh, the uh, new rate and we can have such an evaluation and evaluation. This time was very important because you know, the gap between the part of the market and do for sure. Great. It was a huge. And so, so we had to go this way and also to, to, to counter to be a foreign currency crunch, which was, am i going to get it was actually and passed through to the installation in a very a and a bad way. You know, and most of our inputs a auto strategic so we dont have any elastic inputs. We dont have any in the 60 didnt, was it inputs the 75 percent us, but theres a goods and are all materials and, and actually we import like the what we export. Thats why we have this is a chronic disease. This is a disease that we, we must look at the differences between different so its actually external and internal difference. It, Everything Else is out of symptoms to be a cut and to crunch. And even the hyper installation, it is a, they are old a symptoms through this for the, a very specific a disease that we old load, the big elephant into root, which is a the differences between differences. We keep feeling these differences at, by having a mega projects by having the White Elephant projects. And we kept a few example for long, and we kept a few of them actually by having the external dec reaching 165. 00, a 1000000000 years dollars. So were became very near to a sullivans issue. We didnt tap before. Okay. Me such a sense of egyptians living in poverty. It is a huge number. How long will they stop feeling . Some of the benefits of these are phones and i believe they were suffering from the hyper and pollution very badly so we can monitor each i think, and the loose and controlled relative deals and control on the us dollar. When a try to a tackle both sides of the installation, the supply side dripping and the demand side demand side by absorbing the excess liquidity and the supply side by every link interested of goods. As i said, we had the backlog of goods in the porch that we cannot afford to to get into is out the to update was done. So the shortage of Income Office at began reflecting directly and passed through dice lead to inflation and having the and installation reaching adults like 40 percent a year. And this is the form of what they appreciated what i mean. So yeah, so, and i believe that in the short term and see what they might suffer even more because of the, you know, some, some goods where in posted in a, in a, with using the old and controlled great and searching for adults. But now it will move a little bit. Yeah, so this is, this may be all set up a little bit by having a more comment that is available in the market. So that the, uh, the market step lives again, was some sort of competition. Competition that makes price is a little bit low, but, and thats what we do have to leave it that, but great to speak to. Thanks for joining us. Thank you. To know young people in south africa or a bearing, the brunt of the countrys highest Unemployment Rate on record. 40 percent of people under the age of 34 hours of work. Wait a minute, has moved from the north, West Province one and 3. So the africans are unemployed and those between the ages of 15 and city full make up 40 percent of those without jobs. Thats 4600000 people. Club on the, on the or milwaukee and hes friends live in, grew up in the township of my philosophy in the northwest provence. If not had steady work for us. I was, i q has who has, who has thought it definitely with a bit of a key question to you in the offline for me. So i kind of understand a bit of coding and software development. But finding employment has been quite difficult. I think the last thing i meant i had was sometime last year for me. So if i have to leave for me, so its difficult for me because i dont know if if i may. So i dont want to clarify this. I bet. Find out something to have me this moment pushing me tease according to the world bank so that africa is one of the highest levels of any quality in the world. With more than half of the population living in poverty and the worsening economies making their lives even more difficult, the ruling Power Outages crumbling, infrastructure and corruption of negatively affected investment and economic growth. This is, i mean election. Yeah, for south africa doing its manifesto, launch the governing African National congress, promised to create 2 and a half 1000000 jobs over the next 5 years. Critics say, despite being in power for 3 decades, they and see hasnt managed the economy effectively. And even more people are now on employed. The government is encouraging people to open their own businesses, especially those living in rural and outside of an area is meant to do. But tyler says hes been trying to stuff his own business, but hasnt had much luck. No help from government officials. Others blamed governments they use. Its not easy to get, find these things because the collapses to just just you on the whole. So thats a little big challenge. While these young men say they need to on an income to support themselves and their families, they say daily work is just as important for the dignity to meet them in a ultra 0 for counting the costs north was province of africa. Bitcoin lost more than 60 percent of its value in 2022. The crypto currency market shrunk by move into trillion dollars. Thats yeah. The bullets how bits claimed was pronounced dead by many observers. Bonds, the king of crypto is once again, winning over invest as breaking earlier records when the industry was booming last week just to kind of say its a high of move in 72000. 00 is previous record was just on to 69000. 00 and november 2021. Price is crushed to below 202022. 00 of to several major Crypto Companies went bankrupt to. Well, joining us out from dubai is jameel asked mad a chief analyst at c a g t secret. Thats an online trading brokerage that great to have you with is a bit quite a, quite the journey as it does. But more about why weve had this research and its now at this time, its very hard. We go for successive days. The board iceberg now broken subject 3000. 00 us dollars as of the past 24 hours. Ready generally speaking, a couple of papers very much back and get over the price shop. We more than double the price over the past 6 months and essentially is 2 different types of like that. Number one back, the products finally get approved. That was what left the ready to start in october. So im a big going was a friday just about 30000 list on is that the product, some of us as securities regulates that. That essentially meant the institutional money. Ready is 1st serious invest the money i bank covered so it was fastened to not be attracted to. Its a conversation that was a major drawn. Secondly, we have all of that, which isnt kind of good stuff. But that set to 2nd base and the one that seen is reduce and the market cornered was by going to be. Im so gratian and then you have a supply and demand. Buy to play right now, a subsidy is a buyers market. So the less demand, the most of my do you have a big one and the less finding out if this happened to state base, thats what was it pushing prices as well. Ok. I said that the big coin was originally created to bypass existing financial institutions. And yet now we have the arrival of Institutional Investors helping to fuel its rise. The best complete address, the big code used to be seen as a millennial investors. Some somebody used to be saying this for generation, see what youre seeing now, what the institutional money these are the real awesome my interest in other real financial buyers that donate the financial last stage. Not because very much saying that weve been here for 10 years. Also, were still with the number here, but with the people. And thats what you see, what the institution sum of money. And just because the groups are currencies that will bring it up in flies in dollars just and the best one on the Exchange Trader from products that is, is very serious products. And that shows the institutional money, which is fine for the major bunch of last. They are now starting to lean into groups of guns as well. So the list excitement surrounding that point. Is it a good idea for the average investor to put the money into it . If you look at the china, the china, they say a picture says 1000 words by treating balances by is not true. But of course you have to say to be every day, personal history of the everyday person that you never invest, anything more, the group exemption, but thats loose because on the, remind me bring what you saw as the very point in 2023. We had this in 2021, the one whos more than 61 percent of our company, the bottom joining bunch of interest that was the korea. Ready ready about of 2021, and there was more than a game in 3022 for for that right, that resumed into 2 legs, the boss and from sprint. So as well, any investments, any type of investment as like as well, what comes up might come down and what investments, as mentioned maybe the, the price directions are right now. Yes. Really for the price and even more than 20000. 00 less dollars, i would just the price wont change while fleeting now the signals that suffice into the market. But of course the seasons change. Indeed, they do have pads to put in what youve had to lose great advice to mail. Ive met many thanks for joining us on counting the cost and that is also for this week. But remember, you can always get in touch with this fine with that is the hash tag h a c t c. When eating adults, an e mail comes in the cost of the out. Is there a dot net . Is our address on this pension, or for you online at al serra dot com full slash ctc. Thatll take you straight to our page with individual reports, links, and all the episodes fee to catch up on the flat set from us at counting the cost for now. Im nora kyle and from the whole team here, thanks for joining us. The news on al jazeera is net salvation is being used as a what the, the only way to stop the homecoming station is to allow you, then people are surrounding it. Sparks go with the flow are just hard to break it and show us the level of difficulty because of the shortage of human materials aid. We have no blankets, no food, and no room to. I prefer the desk to this humiliation. Moore is not killed us yet. It seems that we will die of hunger and cant find food. People say that theyre stuck between death, star bases and displacements, the in an increasingly complex world, its paramount to be direct capture water shed. International law is being b, this model on sort of discussions. The customer with the noise is real, operates under climate of absolute infinity. We challenge conventional wisdom. How does it affect you . How does that affect the community . A sense that message that antibiotic bigotry, that a sama fob. Yeah. But these are acceptable forms of, of hate. Upfront one out to 02 weeks ago, the government of tried to now was to hike in the price of fuel, was made to it, declared an emergency in areas of food and nutrition. The United Nations listed chide is one of the worlds most insecure countries in terms of food supply, mainly due to the impact of climate change. The world foot program size, the food in these warehouses. It has 4017 percent of Child Support the nation. Thats 2900000 people for depend on the toner supplies. Its for, for flushed out, especially now the agents is popular to or no money to help. The another day of israels carnage in garza, dozens of palestinians are killed when their phones came under attack in the north and central parts district the youre watching out a 0 life or my headquarters in delphi, im getting you. Navigate is also coming up. The doctors reporting that they no longer see normal size baby, the realities pricing cause as children were a man made, simon is taking me become positive. What the un says is now as well. Largest displacement crisis. We report from selves to dawn where the us