tv Counting the Cost Al Jazeera April 13, 2024 2:30am-3:00am AST
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cartridge, these families to finally discussed their costs. in the hope of sparing youth youngstown by breaking the cycle into generational trauma. my father knew and died a witness documentary on which is the era, the hello the nora, kyle. this is counting the cost on out to 0, your weekly look at the world of business and economics this week. oil prices, i've had 7 months high off the middle east, pensions and intensifies will. this might continue. and how will that affect the global fight against in place and promising to end? yes, a financial turmoils and bump way has launched a new currency backed by gold. when it help stabilize the economy and
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hit by costs the boy costs in the middle east of the war on garza mcdonalds is now buying back of it, says wally restaurant the oil prices are at the highest level in on some central bank. so keeping a close eye on the markets for the 1st time since october. brent crude, that's the international benchmark. talk $90.00 a barrel last week that preston's the rise in gasoline prices in the us and elsewhere, we're igniting phase of the installation. the increase in prices has been driven in part by ju political tensions in the middle east. supplies shocks off to several output costs by opec and its allies also pushing up prices as well. the grids of major oil producers started slashing production in late 2022. saudi arabia is leading the latest round of costs bosses not alone. russia to wait on the united
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arab emirates of also agreed to lower the output from april to june. the goal to level global supply and increase demand. oil prices average around $80.00 a barrel in 2023. the i m f says saudi arabia. nice price has to be above that figure to balance as bunch. it was a significant spitefully, no type of 7th, a tax, but eventually price is leveled off again despite the ongoing costs. now oil prices hitting the highest levels in months as around $90.00 a barrel. now some on the list expect oil prices decline even further at around a $100.00 by september. when oil prices go up, so to just the cost of, of the commodities and that compose a problem both for us present joe biden as a families struggling to make ends meet. well, let's get stuck into this with male atkinson in london. he's an independent energy list and the full ahead of the oil industry and market division of the
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international energy agency going to be speaking to you. now. first of all, we do need to mention that the time of recording this program, there's a lot of speculation that there will be an eminent yvonne attack on israel. so how is that family affecting oil prices? the more yes, there is a great deal to do, but it goes speculation. there's no question of that. but my personal view of this based on been based on following me least to politics and extra effect, an oil for many years is very unlikely that a ron is going to carry out any kind of operation which is so enormous is that it would be considered as an actual, iran tends to play a long game, and well, there's no doubt the attentions of rupture do not following these really attacking syria. so far, at least, we have not actually seen any material reductions in oil supply since the october 7th attacks. and since the most recent, right, you know,
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for tensions but between the us new route. but how broadly due to physical tensions play into the oil prices. because it's not just in the middle east, that offense, a hot new boost to go in the will in ukraine. yes, of course. and initially following the russian invasion of ukraine, we saw a very, very law spiking oil prices, which has a material impact on global economies in 2022. but he never took re, things shuffled out of the true picture stops 3 much unable those sanctions have been imposed against russia. and we know how the g 7 price cap, the actual flu is avoided for russia. of not mid of not decline massively. it's not, there's not really the crime very much. i told they just moved from one market to another. so jim politics is always the fact that the october, the 7th attacks usead lead to a short time spike. we're seeing some tension. now we just put a new round of the us, so the tension is always that, but it is very, very difficult to fall into 5. how much of that means in terms of dollars
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a barrel on the product you? so then of course that brings us to the other key fact to which is supply. and we see solid, the driving production costs to keep the prices high. all the other opec countries following suit. so the rate here is leading the cops as you quite rightly suggest i would come to such as the $90.00. edwards, i'm not actually fulfilling all of the bring with that. so they subscribe to bottom broadly speaking the ok plus a live study started your rate the the opec mounted is plus russia. oh, broadly speaking, keep enough oil off the markets which take it into consideration along with the other factors in the market, such as defined a supply from other countries means that there's a perception the oil market is tightening. and that's one of the reasons why we're seeing price is higher than we've been used to. and, and we've built this so if you have a meeting in june of ministers from opec plus how much leverage to other countries
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like the us and canada have of these production costs when we come to some sort of have an average cost. but so what we're expecting in the costs of 2024 is the production produced by companies in the united states will continue to grow the prime of production from kind of that will continue to grow as little production from brazil and also from guy on it. and it's expected of my account kind of to, for 2020 full. i would think that the impact countries will not be pushing more back into the market. initially. they'll want to see how, how strong the prices remain and how long before they take any, any decisions. so increase price is a palm power result of high oil prices. this is how it's directly affected in one way to the consumer. this of course spells trouble, doesn't it in an election yet for the us present, joe biden?
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yes, and we already have to go back to use to 2022, where we have a very similar situation where the market type in doubt. poppy, of course, due to the destruction following the russian invasion of ukraine. and of course, during 2022, the united states participated with all the countries and a very significant drawing down a strategic model stops partly intended to protect us consumers a pump in the run up to the midst of questions. and you can argue that the steps united states talk did have an impact, but now we're in the presidential election year, and it's pretty obvious that the price is named remained a relative behind. it was possibly even got a big i, the us president will come wondering, know, most domestic political pressure to do something about that. and that could mean another reduction in the united states, the ged petroleum reserve. it could mean diplomatic pressure on the side here, ranger and all of us to increase that production. so it's a very tricky,
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political position for violence would be in and, but we have been here before. i just lost the deal briefly if you kind of how oil price wise is likely to complicate efforts by central banks to cut interest rates. well, in your introduction, you refer to the fact that higher oil prices do feed into and consumer pricing just the oil is such an important component of many industries and by the inductor like to this is. so, you know, we have a situation where the face of the how the central banks will be looking very closely and commodity prices. and, uh, you know, we're seeing in the united states that there's a very hot jump market. we're seeing a lot of job creation. and i would think that the elevated or morally rated world prices aren't going to get into effect in particular cost assumptions. and they may well postpone any our interest rate reductions that they might have been planning. okay, they'll atkinson in london,
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thanks so much for joining us. here on counting the cost. thank you. now, gold has been on a roll in the past 2 months, hitching a series of records. the precious mouthful rece mold in $2300.00 per ounce last week. rising by mold and 12 percent this year. now the increase in price is driven mainly by china's gold buying spree. central banks mostly in emerging markets, are also buying up dodge amounts of gold in 2008. and bob weigh printed the now infamous $100.00 trillion dollar bank note installation was at 500000000000 percent back then. this is and bob way dollar and lost nearly 80 percent of its value. in response to central bank is introduced a new currency called some public gold or zinc box by gold. it's aimed at stabilizing the economy and bringing down prices. but what it, what hi, latasha reports from her. all right,
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these do tend to say some customers are no longer accepting these installation backgrounds. they're waiting for the bobby's new car and see the notes to hit the streets at the end of april. that means people are stuck with cash that will soon become useless. i know this is the last wish day. this is not a good, you know what did a good, but not wish. eventually, those are in huntington woods. the country central bank governor says the music notes will be best buy gold reserves and foreign currencies does equal to places and bobby, and dollar that his last 3 quarters of its value so far the see a public reaction, the box and you currency is mixed. but some of the bobby's optimistic, i think it's a good news. which government has done to kept the inflation rate. i think it's going to be for the better, but we haven't seen it in take collision yet. the lobbies have a history of mistrust with the central bank. many people and businesses preferred
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to use foreign currencies for transactions. for example, fuel is sold in us dollars. the easiest way of trying to build confidence, broken confidence, is from government to make sure that's good to cost services and the goods which i've had in the market should be paid in is it? and that way, no one will reject it because it is what they say that they have a value weight is going to be accepted. the, the government says over printing will not be allowed to happen again. but people have heard that before the above his car and she has changed several times over the years. here are some of the original notes from 1980 when the country gained independence from britain and over the years because of the can on begin stability, anti inflation, the notes of change in design and in value. these are the ones people are using now, and these nose will eventually be replaced by this big note when they come in to circulation in place for teams and bobby,
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and hope to use the car and see what stabilized or they can do is wait and see if it works well, several countries have launch new currencies in recent years. venezuela introduced new boulevard next back in 2021. at the height of a dia, financial crisis, they featured 6 fuel zeroes, intended to ease cash transactions, a bookkeeping the following year. and i jerry a launch new narrow bills to help manage inflation and limit money laundering impacts donna's looking through the same it times to gradually introduce bank notes to enhance security and prevent counterfeits to well joining us now from the little while and then pop way is prospect ship them. all right, he's a development economist, i'm senior research for the labor and economic development research institute for the public good to have you with us. the think it was introduced to you know, the days ago it wasn't that don't seem to have had quite a cale takes thoughts with many,
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appealing not to be ready for the switch. what are your feelings about this new current? say, well, i think i may, it's a, it's, it's a new start. it's a, it from a new got been a and say, we all costs us the optimistic that said it quote, probably as solve the problems of unsustainable growth in my mind to supply was that seek is going to be linked to the reserves of gold in united states throughout the country, it's so it's not going to implies that increase is, is seek minus apply. yes, to be supported by an increase in the supply of the board reserves or united states dollars. and the central bank is also a schwab, the nation. that's a from now on, there would be no more pass. this is called activities. so this, uh, a activity is that the central bank is been doing in the past, but that's not true. it is no central our big king effective it is. so we are
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hoping that if they're able to go up the top in terms of cutting it big on that and also even on the are these it say, oh, by the facility for the government, i think that's who dale to contribute to stability. okay. in terms of what i think, what i mean, this is simple boy 6 attempts to have a functional local currency. why does it keep collapsing? what is it the house of the problem? the problem is been the crony kind pollution. so as in bob good is being a fixed it by 20, by inflation a for the grid up parts of the last it to a decade. us in the coney kind position is been as it is out of fed my legal discipline in terms of our all we manage all month. the system is, or there has been unsustainable growth in the money supp line, which is closed excess demand in the economy day by pushing up the price as
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a basic goods and savings if situation is what makes a lot that recall so much money choosing tool fuel goods, so i think that's been the crux of the meta and a lot in our ability to control a sustainable growth in mind. stoplight and also to keep public spending with then that billable resources are the trouble is that money's and bob wins. don't trust the central bank to have a cannot make discipline that trust that it's not going to print accessed money again. so it seems that most people, reggie, it's sticking to the us dollar. the challenge i think is a city of trust and confidence deficits. not just in the local currency, but also in the key economic institutions. in particular, the central bank, the following is a 5 and for us and fix a we have suffered from 3 bottles or episodes or 5 infliction in the past. so i'm guessing that is pick the day, the confidential if you're going to be agent, say in the central bank and also in the local currency itself. so why should this
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currency be any different? and i think, you know, the fact that say we are linking money to supply which is in which has been a major problem and we have no leaking that's minus upright. so the reason that we have plenty, if that's good to help, to lead me to a minus up like brook n o save and to limit and how much is actually provided to the central bank through the all by dr. positivity. so once we're able to deal with that problem of unsustainable growth in mind, it's upright, doc should help to provide some type. it's popular decision in terms of the exchange rate, which has been the kids i, the, or the, or the, or the i inflation. a lot of people will be watching. i'm waiting to say if that happens, prospectors and borrow money. thanks indeed for joining us. now the un it says to don's civil war has closed, the world's largest displacement crisis since fighting for account between the army
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and the time of 2 rapids support forces. nearly a year ago, millions of people have been forced from their homes. most of them shows of food and hundreds of thousands have fled to neighboring countries. malcolm lab reports from a transit comp himself to john's bought a town of rank. every morning, selma adam sends her granddaughter to maya to try and sell some of the few remaining items of clothing. there aren't many buyers in this transit camp in south see don golden hall familia. and people have arrived here in the last year. things to don civil war. most everyone struggling to get by the sale means to minus somebody will eat today. they said fighting and see times capital cost 2 months ago to my father died soon after arriving here and left selma to look off to her grandchildren. the money to use it and i got a phone kind of to you. what is the current after we arrived here?
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we took my son to the hospital. he'd been in for months without any treatment. and he became lost on the johnny of to 5 days in the hospital. he died. i was told to come here and register 6 months ago. there was no market here. many of the traders themselves have to flee the fighting, and they set up stands to sell food to the growing population of displaced people. but everything here is from seed on the onions a grown, the lentils rise old, transported here, and because of the war, the price is just keep going down. the south to them is economy depends on, you know, the neighbor exposing its will. i'm for imposing manufactured products here in the town of rank. don't keep taught spring goods from the buddha. all the possessions of those on the run such as estimate c times economies contract to buy about hoff since the war began. that's a problem for those countries. these going to be
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a continuation of discrimination on destitution in votes. so don, i swear i consult so that we made rece relapsing back into see one way out to them . i said he's out of that of everybody economy, which has consequences on the ability of the government to run a fast, but also in the ability of society to quite exist. many of the displaced people arriving here originate from south suite on the set civil war here. yes. before went to cost team seeking jobs. some come from ponce's south seat on that still have arms conflicts. other barriers have suffered, consecutive years of flooding, collecting fine with the salaries one a few ways people can afford food in the camp. everyone has fed one country that is no longer safe under life than another where it's increasingly hard to survive. the war on garza has caused more than $18000000000.00 in damages to critical
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infrastructure. the scale of devastation across the strip is unprecedented. reports by the world bank of the united nations says most of the destruction has been to housing units, health centers and education facilities. it's one of the most detailed financial assessments. yet. the report shows the damage equals move ins, 97 percent of economic output from the field supplied west bank and gaza in 2022. the widespread destruction is also complicating a delivery with more than 90 percent of main roads hits and communication significantly limited to consume is protesting against the wall. on garza, with the wallets several western brands are paying the price of boycott. sorry for that to save support. to israel, amongst them mcdonalds, which has been criticized for offering free meals to israeli soldiers. that's his box boy cuts in the middle east, malaysia, indonesia and from some adult is buying back. it's the 2 year old is really fun
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sized pulling a slum in global sales on mcdonald says is reached to deal with franchise a alone yell to baton $225.00 restaurants. but the financial times have not being disclosed all the west and brands, including starbucks. i've also seen boy called campaigns. the chain of coffee shop says lang of thousands of employees the plays and it's brought to is across them. at least the push as part of a launch, a boy investment and sanctions, or b b s. campaign that targets as well. funds the brands since 2005 to what to any is now from ramallah in the occupied. westbank is somebody i'll book me . she's an assistant professor in economics, a busy university and a campaign of for the pdf may have been great to have you with us somewhere and took the boy codes really impact mcdonald's that much. and will this move to bias is riley punches, make any difference. and reports from donald say no to that to basically it's
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a say is targets have not been met. so they had been the projection of the 515 series targets for the 4th quarter, 2023. and they only managed to get to old point 7, a growth rate. so, and yes, a, the blankets have been an effective. and so it seems at the sales. and that the news, all the mcdonald's that have been hit, the stop prize and assign them to independence. company, mcdonalds has moved to a buyback the fence josie, in it pretty cents, and in move to try and save the brand a twin and have an inbox in terms of the stuffing the white glove. if mcdonalds, actually it goes all the way to and with the strong and that is a, the market. so,
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and we do not expect the blankets to stop by the fact that is the parent company, mcdonalds, just boots back there in the franchisee in, in, inside. okay, a pdf, the movement that you'll come panting with, it's been around for a number of years. how have you seen it grow? and since, as well as long casa, is, has good one. the substantially there has been a lot of the boy called. so either is there any companies or companies and that are involved in the supporting subclass? the colonialism. so the campaign has a, has been marketing fine because it's american is in woodbine individuals, the civil society organizations and companies and so on can actually continue with the, in the process of ending colonialism and the genocide. oh god. so how does basically expose in space the rest of the world and the dead for the poles of the wall,
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then it companies, it can nomic markets have been they seem to this ethical is and so we have been seeing get a growth in terms of investments from companies in terms of positive voice calls in terms of the economic sports. boy, how concerned are you though with companies being on fairly targeted because mcdonnell says, but it's this made by what's it cause of this information campaign that it's taken sides in this conflict? how's it's taking sides it's franchise and is that it has big inside? yes, it has. it's been supporting and soldiers that that have been committing genocide. so this is a blog, is a very blog is situation of taking sides. and of course i am. those
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has called into that switch, this with it's, it's franchises around the world, and therefore it is responsible for and in a way, making sure that it's name is not implicated or a complicit in the process of supporting the crimes. and this is why i think about the world's has made this move all at purchasing back . it's a franchise the in is uh yes, i do not think it's enough. and i don't think the board books will stop just because the management of the franchise decides the franchise of change. okay, can you call me back the jump in a of somebody i because playing the boy taught does have an impact on brands. boosting mcdonalds, reacting to it already, but it also has an impact on thousands of workers who lose that job. so how do you reconcile that? and this is always the question that's been targeted. the boy thoughts in the south
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african case in the indian case in all the cases with colonial is doing well this is the apartheid was, is this the to boy glove? and we do believe, i mean this is what the city pro is, but you also think it's relevant to our times and no cause would it be able to actually make up for these and phone and mark to national companies locally. so, and in all cases, these jobs last will be actually met by local companies to be springing up and, and providing these jobs. now this is veronica nomics perspective, but strongly political ethical perspective. and i think in the fight against the colonial is in subject put on you to them a part time racism has a cost. and this call is, is ethical in the sense that we cannot really accept forms of oppression because
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we do not want to lose our jobs for us is by this thing is and this was also the case in south africa and we have, it always said you know, board quotes all eh, go to come up with these that's model calm palestinian work is a, i'm not an issue for palestinian somebody at all, but my great to speak to thanks very much for joining us. that from ramallah. thank you. and this is all show for this week to get in touch with us on x, fully known as twice a day. use the hash tag h h c t c. when you do on top of an e mail counseling, the costs at all just there at dot net is addressed. and that's more of you online at out 0 dot com slash c t c. that'll take you straight to our page by the individual reports links and, and try episodes the to catch up the thought set for this vision of counting the
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cost. i'm nor a kyle and from the full team. thanks for joining us. news analysis era is that the in thailand, defamation is a criminal offense. critics, a powerful people, a using the quotes to silence with the lowest 101 east investigate. so allocations, that defamation case is being used to bring to mutation and concealing corruption. speaking up in time, 9 o 20. 1 of the biggest elections of 2024 in the general election will administer now render movies be taking increases through across the country. how will economic uncertainty and use some employment suede boots as in key states, and will the media be able to cover the vote sweetie unfairly? on going coverage, the, in the selections on out is the era. after
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a 10 year journey, in which it has become the most important translation award from, i'm into the outer big language world wide. shea come out award for translation, and international understanding. announce is the opening of the nomination period for the year 2024 starting march 1st. to may. 30 fast nominations are made on the award official website, w, w, w dot h t a dot q a forward slash e m u wells to caught a duty and a growth viewing for p use a code to contribute to improving the lives of thousands of our projects except the cost and we strive to ensure it reaches its deserving recipients. visit the cost on red crescent, and remember to copy revise wells and increase the systems cost on ridgecrest.
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the it has a lot of launches more than 50 rockets into northern israel. will have an update from southern level, the other ones are in jordan, this is obviously a red light from the wholesale coming. yes, president joe biden says he expects it wrong to talk as well the sooner than later . and wants to run against israel is accused of the liberty targeting and injuring 3 journalists and the to say about refugee camp in central garza.
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