the show its own space but know it seems on useful energy. but the stellar typical hockey metro system became a boss joke to for the city's residents with trains running once more. 5 of the stations now accommodates purpose built schools. children feel safe here and this go with they have the chance of communicating that it is teachers and classmates is good for they associated ization to help children adapt counselors are assigned to each clause. while the teachers do their best to keep spiritual tutors and the teachers, they do play with them, they have a gaming. and so we try to make as much fun for them as is as we can here as these moaning clauses. and there's still a feeling, it's a bit of an adventure. it's better than learning online at home, says valera, in fact, it's pretty cool for her friend, paulina, it's the food, especially the book as in hot dogs. the metro system now has about as many schools

as it can support it's operating and shift to allow as many children as possible to attend. and that's a growing realization that as long as schools above ground us residents by rushing strikes and showing then cod keys will need to continue looking to build on the ground outside the city on the sides of a closed college. a school of the future is taking shape. a giant bunker of a structure able to accommodate 400 children and stuff with everything needed to divide, sealed off from the outside world for up to 3 weeks if necessary. a glimpse into a somewhat disturbing subterranean existence t. but boy, see, i don't want such a future. i want my children to study as i studied as my parents and grandparents studies, not on the ground, but for crowd of kids children and the parents, the apparent acceptance of this reality. as long as they have such

a neighbor in russia, public broad, i'll just say era, kind of give you credit soccer. we have government issued back to work orders to most 8000 resident, jumped as a warrant of the job. training doctors are protesting plans to boost medical student admissions, nearly 9000 hand in their resignations. but these haven't been accepted. the vice health minister has criticized the doctors for prioritizing their rights over patients' lives. that's it for me for an hour. i'll be back in around 30 minutes time, but will today's news off the account of the costs that you've done so much in the, the rights organizations filed a civil suit against the dutch states saying supply is around with spear parts for f. 355 projects makes the netherlands complicit. impossible war crimes in gaza. then that lens has house the repeal distribution center for f. $35.00 spare parts

from where it's also supplies is were out in 2022 and exported spear parts worth $2400000.00 to the country with the escalation of the war. and guys at this number is now predicted to be much higher. for the 1st time, the court has ordered the country to stop sending weapons to issue out. the verdict is seen as a severe blow to the dutch government to add onto that stopping its contribution to the ex. $35.00 program would jeopardize its fights with us and it's, well, i must have specific areas. economic impacts in this product to judge argued that political and economic interests. com be more important than the protection of civilian lives during the war. the

alarm adrian said again, this is counting the cost on al jazeera. you'll ricky, look at the world of business and economics. this rate is rails for us to have a credit rating downgrade and a negative outlook for the economy on cost is straining the nation's finance cost of this week. commercial real estate and the u. s. is faltering, the unfolding crisis is in regional banks as far away as japan and germany plus nations across the world of testing a full day work week. that doesn't really increase productivity and improve work life balance. the massive ministry spending a drop in revenues and a depleted workforce. israel is borrowing heavily to fund a tool on gaza and it's now on track to $11.00 of it's why this budget deficits this century worried about the fiscal and political risks. moody's as low as well as credit raising for the 1st time. now that will likely make it more expensive for

the nation to borrow money. the agencies also full cost of negative outlook for the economy, opening the door for a further downgrade, as well as finance minister slammed the decision as a political manifesto. but is it really challenges reports from occupied east jerusalem? within a stone's throw of jerusalem's old city, the jerusalem hotel, his interior. 3 good times and bad since the 1940s. it's old. well palestinian chum appeals to the tourists who usually flocked to experience this ancient cities unique history. yet since october, the 7th, most rooms have lain empty, is cancellations, rolled in ends to mon plummeted. we immediately lost 50 percent. and as time passes, losing more now we are running at 30 percent of what we used to have before the end of the kind of situation continues. it might become even even worse. right?

it is fall from the only one to have noticed that the war is bad for business here . the last we can move to is one of the 3 international credit. racing agencies downgraded is rails credit rating from a one to 8 to now that still invested great is not junk, but it shows the strain to this voice putting on as far as the economy justifying the move. moody sites, the ongoing military conflicts with how much it's off them off and why the consequences materially res, political risk for israel, as well as we can, its executive and legislative institutions and its fiscal strength for the foreseeable future. israel has never experience writing down grades before the moodies decision was a double whammy. not just a reduced rate thing, but a negative outlook to which means another downgrade could be coming. is around the central bank estimates the will cost at $69000000000.00. i have 820232025. borrowing is going up to the a record levels. the countries 2024 budget comes with

a deficit of 6.6 percent of g. d p only the current video to 2020 was higher. still the market response sofa is being told her and the interest rate for is rarely bones have increased. ok, even before the rating we're going down. and this is netra. but isabel, because it's a bit industrially very, very strong country. the fundamentals themselves haven't been hurt much, far right financed. many said bets it outs much. rich slammed moody's downgrade is politicized. prime minister benjamin netanyahu in system is rouse credit, racing will bounce back with the was and but no one knows when that will be or what will follow to a better time. some invest is like riots, tourist might choose to stay away, roll retrans, houses, era for counting the cost occupied east jerusalem. joining us not from london, danielle, bang,

keep that ill is associate professor of finance at queen mary university of london . will welcome to dante, what do you make of this decision by movies to downgrade is really officials to say that it's not consistent with micro economical fiscal figures to the primary, the primary reasons why moody dominated the uh, these really uh they start 80 uh ranking is due to political risks and you're wanting to cut rates, which are likely to persist even after the conflict ends up. so the fiscal situation is projected to be the to do. they think, in fact, almost a god bless the how the, how the comp that goes. so what are the, the financial repercussions of moody's decision, especially on invest as well as the investment grade. so usually you'll see a substantial increase in interest rates when, when, you know, gets, gets out of the investment straight investment, grades, and ranges. uh so uh,

certainly the borrowing cost with increase but not dramatically, but really what is most easiest to pronounce that the, the, the fiscal situation, the, the, the budget, the budget is such that the setup 6.6 percent the g d p moving forward. and this is compared to a 2.5 percent the was projected to be pre conflict. so is really the 1st consideration and that includes the borrowing that worries, movies, and can and, and the market street, you say that the borrowing costs are going to rise, but not dramatically, but they'll be a drag on the economy. went the especially if the war goes on is as well. a risk of default in any way. no default, i think is a stretch, but certainly if he's got the nation, the, the direct uh, and then gotten a cost is being estimated by the bank reserve to be around 13 percent of the gdp. that's a huge cost and it's going to definitely take control on the economy moving forward . in fact, mode is talks about persistent freaks that are gonna drive the economy uh well

before. what? even after the conflict of us we heard is really government officials of, of to food bodies downgrade. but all of the credit ratings agency is gonna follow suit. oh, that's usually the case, but it's not a given. uh, it really depends. uh typically does these raping agency, they have similar models within the motto. so uh there is that is that, you know, the idea that, that the items would follow, but it's not necessarily give them the is where the federation of business organization is on the tennessee based micro center for political economics of joint plate for cost of the war is going to contribute to the pleasure of what some $30000.00 small and medium sized businesses and in various sectors of do you think there's going to be increasing internal pressure on the government to, to, to sort this out to the end as well as businesses go boss, people lose the jobs their incomes definitely that we'd be internet price or any fact if you look at the modest decisions a lot of the political risk is,

is actually what is going to be of the government top of the complex. and that's possible, clear. uh, so definitely that would be into the pressure bar. you know, if you look at the pools, this seems to be that, you know, huge support from the population to devote out front at the moment. so i'm not seeing the pressure for the foreseeable future as a key factor here. first of all, what's your end anytime soon? how quickly what as well as economy recover in the past, it's recovered, but it's relied heavily on it's on it's the tech sector, but that has taken a hit of late to the absolutely, absolutely thought him is to be seeing how the conflict ends when the contract ends and under which single status is because there's always a chest that there's going to be escalation up north with the has the law these, what was the, you know, the didn't is always they known 0 trust is going to be able to get a call today uh so um is fox to clear how the economy kind of call the ethical but,

and how. so all of those are you just said with these, which is part of the reason why moved is gave, gave a downgrade. what are you making for language? step mode is yours as well. it, it highlights of the lack of, of a long term solution to the war. and it specifically emphasized these ready governments rejection of diplomatic proposal spearheaded by, by the us, of dealing with the, the, off the mouth of the what i mean. what do you make of, of the fact that mr. bodies as being that political, if you like it, it's in its statement. i don't see that as a political statement. i see that as you know, saves me based on facts and political risk plays a huge role for the economy. i mean that's, that's true for everyone. and especially if you are not in a conflict, so it's not, it's not a political statement is really just stating the fact that these huge political risk that is going to take a full on the economy for a variety of reasons that acting on that i. and that seems to be a little way out. so i don't see that as political statement is,

is just stating facts as far as i'm concerned, the countries dealing at the moment with a depletion workforce to farm workers have left us the buying on palestinian workers. and it is costing a heck of a lot just to keep things taking a long at the moment. economy wise, isn't it? absolutely. if you look at the government, deb rachel is speaking, it's 67 percent. and that was, you know, compared to 55 percent projected before. so we're really talking about 1215 percent of the gdp into years. so that's the huge cost and is as soon as possible theater, how that can recover from this. certainly in the short term uh, even assuming that the conflict, the conflict ends and so good to talk to you profess so many things being done, you know, for being with us. i'm not counting the cost. thanks for having me. elizabeth sage, relentless bombing and ground operations of offended old matter of life in gaza. the international monetary fund was that the palestinian economy is facing a green few chips. the organization says the economic activity and the strip has

dropped 80 percent from october through december. and it's the document of terry and situation unlimited deliveries and the occupied westbank is in sped eva activity. that is down some 22 percent. a number of factors are contributing to this, including israel's withdrawal of what permits of the withholding of palestinian tax revenues. meanwhile, fast food john mcdonald says that it's missed its course of the sales target for the 1st time in nearly 4 years. the company's blaming the decline on israel is war in gaza at a boy called by customers in the middle east sales growth in the region. china and india felt fall short of expectations reaching only not point 7 percent of the us brands, including starbucks and k of see it also slash the annual sales, full cost of the kind of the time that it may be over the remote workers haven't fully returned offices buildings across the u. s. a

. m t, and the value of commercial real estate is fully well borrowing costs increasing. that's causing problems for landlords who rely heavily on debt. now that lenders, the banks of worried about the impact of bank loans on the balance sheets, the past week is bought, concerns of amounting losses on lending to the commercial property. set up a revived memories of last year's banking crisis. when 3 american regional lenders collapsed. but how much of banks in other countries, a risk? let's explain it all in the us, banks have approximately $2.00 trillion dollars in commercial real estate loans. and according to goldman sachs, small and mid sized banks are responsible for around 80 percent of these loans. analysts say that building $2.00 trillion dollars that is due to mature in the next 5 years. and that's raising concerns about the banks ability to recruit funds. so last week,

new york community bank co reported an unexpected loss of $252000000.00 in the 4th quarter. that's a significant downtown from its performance in 2022. but the prices isn't confined just to the us banks in japan and switzerland a feeling the strain. well, real estate land up p d b in germany says that it's preparing for the most severe dropping commercial property values. in 15 years. the situation embarrassed the 2008 financial crisis, and there are concerns that it could spiral out of control bus us officials say the problem is manageable. what are you hoping believe it will not end up being is systemic risk because of the banking system. the exposure of the largest banks is, is quite low, but there may be smaller banks that are stressed by these developments. joining us now from london, which i think i'll richard, is a senior investment analyst avalon, the based financial institution ambrose, the capital, good time

e with us richard. so we had a crisis or not right now, almost a year ago, we saw the collapse of s b b is. is this a different situation? it is much different. um, the regulators have been marked cover of the past year just regarding the medium sized bank. if you could call on your commercial bank, this service real bad could medium sized bank with assets all over 100000000000. and this is one of the reasons for the crisis of confidence. and then it asked it to take mattress to charge is capital, and i talked to split investors along with the unexpected loss. but i would say that while we need to monitor the exposures of commercial banks to commercial real estate, particularly in the large cities, we're not nearly a point where we should be predicament crisis dressing yet certainly nothing like last year. okay. but is it a problem with a short term fix, or is this something that's going to keep bubbling away, nagging away for some time, yet it will continue powerfully because the us banking system is already on

consolidated. there are course, the top 4 or 5 banks which dominate the country system. but there are literally hundreds of large regional community bank spread. chapter nighted states where very goal in a row, just because of the nature of the banking bottles, their assets being very large relative to the capital. and that's a confidence crisis occurred as the deposits. if we write quickly by today, i think the regulators have done a good job of preventing y scale parenting, which could have happened after the so kind of the same price as of last year with shop quite. i'm timely and started with the credit suisse crisis. yeah. as you say, well banking these days, i mean it is, it's banking is a global affair that they're all interconnected. as we said, there are banks in japan and switzerland and germany that, that of that of feeling the strain. but you do say that there's no risk of contagion. you don't think this isn't. that applies to control

a reckless. this is one of the blessings i'm to skies. if we could say this about the troubles for the new york bank, and that it's that while very large, it's very heavily connected to the new york police on market. but it's not very involved in the also bias market, and it's not connected to naturally or internationally. by contrast to the bank, such as bank of america is a very broad natural presence across a broad international presence. so if there were this type of unexpected loss of or significant rise and expectations about the loss, is that a bank which has sent you an extra internationally connected? i think we would have to be very, we're not in this case, at least not yet. or i do interest rates, play any pos in what and what's happening right now to some extent. but it's much different last year at the affective interest rates for us to cause bosses on the polio. and bank such as silicon valley bank or s b b, or as it present,

it is more of a traditional impact of rising interest rates. meaning it's more difficult for the bars to a back of loans. but i would also stress that data losses on n y, c, b colors have been quite small. by contrast that warning about the possibility of large boxes in the future should investors be worried about about what's happening right now? i don't think trust yet, largely because the market concern has been limited to one thing i think in a time like this investment would be for an over the balance sheets of every bank and it's pampered. and to the extent that this is probably a underwriting agency, sometimes as well, and they haven't found any holes elsewhere, in addition, has real estate and was become for the a commercial real estate buffalo. so the banks and non bank and actual institutions

. they do seem to be pockets of risk, but they largely tend to be in the separate business districts of the mattress cities. and while that doesn't work for them, the rest of it seems to be at the levels which should encourage investors to be worth more broadly. in the us, but lower the rest of the world. but i would also that, that there are these risk elsewhere jiggling type research is leaving germany. and it's possible that those risks away to contention. although i don't think we're there yet either. okay, richard, stay with the 2nd. i just wanna ask you a question about something related but completely different. really? 16 percent of american millennials lived with the parents in 2022. how that trend has been on the rise for the past 2 decades. one of the reasons not to move out is finding rent a lot more expensive, but it was a few years ago. but the us still lacks far behind countries like malta, where 70 percent of adults younger than $35.00. still live at home with the parents,

at least they did in 2022. so richard y millennial was staying at home and not moving out a how is that going to impact property market? it will have a material impact on the lot of trauma. as you said, and my youngest congress is quite traditional, it's also quite traditional southern europe for children to live with the parents for quite a long time. i think it will have a big impact on a change and the relationship model and how the economy falls over time in terms of the house for me and residents for me and things like that. i think though it is inevitable, those prices have risen overtime and interest rates as well when interest rates were lower than what it was, we're able to look for houses. but with the combination, both the pi interest rates in house and guys it's just becoming possible. but over time they will, they trust they will raise their savings and they will be able to. ready join the house and laterals is called the new k. i think it's for the most part, just

a matter of investment. richard, it's been raining, good to talk to you on counting the cost. many thanks. indeed for being with us. i can not bosses want their employees to work hard to cost somewhere because they, they can actually achieve more by working spots. but how about working fuel days with the same workload and getting paid the same salary? well, advocates of the full day work weeks, a could increase, work up productivity and improve work life balance. that principle has been put to the test in different countries around the world. germany, for example, this religious nation to explore it in an experiment that will last for 6 months. the country already has one of the shortest average working weeks in europe. but companies have been struggling with a shortage of skilled labor of the nations of embrace the idea with belgium, the 1st country in europe to legislate for a full day week. joining us from oakland and usually lives andrew bonds. he's the founder of the full day week global, which is conducting the largest ever trials in different countries,

including the u. k, to us, south africa, and germany. good teddy with a center. so is the full day working week. the future of look what are the advantages of it? oh, good evening. i do. well yes, i think the advantages appointments generally, not only do you get an improvement in productivity in the trial in america, revenues increase by about 30 percent across the co who was going to the truck. but critically, you also get benefits the flow for him to the employees. yeah, so with my boss, but actually translates to actually the connection with the company engaged in schools, for example, seemed to go up about 20 percent on average. and companies that introduced to reduce that last week. okay, everything has a balance. so i bo, critics argue that it creates more stress. it impacts creativity. it's difficult to measure productivity, and it's not a clickable to, to all industries

a comp it on every right. what do you make of us to, i wish i had a dollar where everybody said, well, you know, it impacts productivity. the answer is most companies don't measure productivity is what they do is they use the times of, sorry for productivity. at the hospital proposition is a thing we call the 100 a 100 percent pay 80 percent time providing we get 100 percent productivity and that also extends to customer service. now what we see on average is companies that excuse fits, that productivity overall goes off of mount $0.25. we also find teen look, creativity schools go stress levels markedly. draw a match primarily because people are learning how to look smart rather than just land sick leave. andrew cost the job, it economy something like $28000000000.20

a dozen for day working weekend. practically the tool. absolutely it does. we see again across all the products, it's been quite consistent in from south africa to the us to the u. k. to straighten the city, actually draw spine cost in some instances up to 60 percent. so it's not, was translated into the government, the economy, you know, there is a 14000000000 your goods to the economy of, it's a similar statistic indeed in the united states. so what we see is the people's stall quite taking cloud sick days. now some of that because the sick, the, some of that of course is that they're doing home actually on the excuses. we're sick. all right? so when you can substitute that for plan the next, if you makes a big difference without all right, productivity as you say, is likely to go up or, or that's what they experiment show. does that mean that the,

the bottom line is affected to the prophets rise in line? absolutely, it does. we find in our own company we've now been doing this for about 6 years. we are twice as productive one of the capital bases in terms of revenue. as on nearest competitor, it does make a difference. i mean is extremely sustained and values regardless of the industry that you are a presumably andrew of this main main is that the big the economy overall is much more dynamic. absolutely, because if you think about it, it's not just the economy, just the output, but you're guessing what the trip but you might actually go time to do cycle more time to upscale. use a very critical become the countries that are thinking about how they react to the impact to then i actually you get back to family to each more time spent. children, the whole service flows through to better education. while we see this is something

where every when you start to focus on the length of time and productivity, rather than just sticking with a 5 day week, which is a construct. oh, you know, the early 20th century repetitive man actually. st. fascinating. andrew manufacturing, they've really enjoyed that. thanks for being with us on counting the cost. 20. that's. i'll show for this week. if you would like to comment on anything that you've seen, you can get in touch with us. i'm at a synagogue on x. try to remember to use the hash tag h a c t c. when you to contact us, you could also drop us a line caution the cost without a 0 don't that is our email address. as always, most people for you online at our 0 dot com slash dtc. that takes you straight to a page and day you'll find individual reports. links at a time episode seems to catch up. but that's it for this edition of counting the

cost. i'm adrian instead of going from the whole team here. it, though, thanks for being with us. the news on al jazeera is next the latest news as it breaks. some of those who need a may be able to access it and parts of to them that are safe and way. there is no fighting with detailed coverage. the conscripts, the training here on an island that symbolizes sweden's, drastic change in military policy. from around the world. the security forces are not protecting the people, but rather the president and his decision to delay the elect or an unsettled time of 1st takes on the biggest cities of context to what is happening now. it is as cool. thanks. 3 question, question 5, upfront on how to 0,

the we know it means that the situation they will deteriorate further and more people risk of dying of hunger, desperation and northern gauze, off the food i did. it was a pause because it's too dangerous. the other one down, jordan, this is obviously are a lie from dough. so coming out is there any minute trick continues to attack garza from both sides while the us blocks us security council resolution on a ceasefire for the full time. the tragedy at a hospital in southern guns that with dozens of premature babies are being kept alive. but some amount of.