and so the vision this population has been discussed as part of design, is project one back for well over a 100 years on heard voices. people have been paid by the fall of this bombing connect with our community and talking to conversations you will find elsewhere. young people are not looking for a hand, but they're not backed up by a system that supports the streams on out just the or on the, although i'm adrian said again, this is counting the costs from 0 to 0. your weekly look at the world of business and economics, this week, fears of a recession of the us, of spot to bowler, tennessee, and global markets. to that work against the democratic presidential candidates for court coming to harris and went over voters on the economy. europe may have whether

it's an energy crisis, but despite sanction in some european nations are still buying washington oil and gas. we'll take a look at the line and go in nigeria over a cost of living crisis. but of the president's economic reforms to blame. well, they help the economy in the long run. the unemployment in the u. s. is of its highest level in nearly 3 years of the world's largest economy. looks in danger of falling into a recession. the data has spoke to global markets and called into question the economic record of the pipeline harris administration, vice president campbell harris, the democratic presidential candidate may now find it harder to pitch her economic plans. she's going to pay the full months to sway versus who trust her rival republican donald trump. more on the economy. harris has kicked off her campaign, promising to strengthen the middle class. i'm gonna come by and pledges, so can she when on the economy. we'll discuss that with august in just

a few moments, but 1st, victoria kate can be reports. a democratic presidential candidate comma harris has a different vision for the future of the united states to that, to pay a republic. some rival, donald trump, including on the economy. together we fight to build a nation where every person has affordable health care, where every worker is paid fairly and where every senior can retire with dignity. all of this is to say building up, the middle class will be a defining goal of my presidency. but recent economic data suggest the us economy may be headed for recession. the unemployment rate res, last month to 4.3 percent. the highest level since 2021. wage gray slate. a manufacturing activity slumped under harris bite and policies. we now have the

highest unemployment rate in 3 years. just came out yesterday. steve, i was surprised. there's enough, as with terrible, empowers wednesday selection. you will quickly have a tamela economic crash. you're gonna have a crush. thompson who's wanting me to hire, sent it to a j. defend say that's fighting for working class americans. they blame the bite inherited ministration for supporting economic policies that have caused too many hardships for too many americans, for too long, for my rack to afghanistan from the financial crisis to the great recession, from open borders to stagnating wages. the people who govern this country have failed and failed again. it's, i mean you need is a full use of trump when to help working people, and that's throwing that supports behind. harris truck understands nothing about the auto industry. he understands nothing about auto workers. he's all talk, he loves to have a few talking points but, but at the end of the day,

when he had the chance to do something for auto workers, he did nothing. when he was president, nothing we is holding suggest. this will be a tight race that move h is the lease a dfcs role financially, if trump gets back into the white house, unless safety is of the u. s. recession a more likely to disadvantage harris, and that she can convince they to she's the best person to turn the economy around . victoria, item b, l, g 0, accounting, the cost. well, here's the look at what the economic data says. the unemployment rate rose to 4.3 percent in july, the highest level since 2021. while the labor market cool, more than expected. adding just 114000 jobs wage growth slowed with average hourly pay. rising 3.6 percent over the last 12 months, job growth was concentrated in just a handful of sectors, including health, social assistance, and construction. the days following fall short of the $175000.00 jobs full cost

since stopped markets tumbling. all the economic data suggested that the economy was losing momentum. manufacturing activities fell to an 8 month flow in july bots . president joe biden says the economy is still making progress. it expanded at an annual rate of 2.8 percent in the 2nd quarter of the year. and of course being the world's largest economy in terms of g d. p. a slow down to the us affects us all, wherever we live and walk. joining us not from london, but i'll have his chief executive of the macro hi. allow. good to have you with us . is the us headed for a recession? i think right now i would say no, but things could change right quickly as close to be so that very full like the market reports that you mentioned. however, when you look at other data points, for example, we recently had what's called the i sam services that you set, which, which is the survey, all the companies and the services back to the us. and that actually increased over

the previous month. also, when you look at coastal income on a, on a broader basis, that is not fully, which is a sign that we're not in a recession. so right now my uh, you know, mike based cases, i don't think we all fit it into a recession site over the next 3 to 6 months, but things could change very quickly and we do have to be sensitive to the data that we're seeing unfold. so all voters in pre election posted right now, right to say they trust from more on the economy than harris. well, in general, you tend to find the public, tends to support republicans on the economy. both the democrats has to be true across many decades, even before trump. uh so in general, that often tends to be the case in terms of whether a trump will or the democrats could close the recession. my senses neither side will necessarily be the crucial factor about tipping the us into recession. instead, it'll be much more about the dynamics of what the fed does. does the fed cut rates

to help stabilize the economy? do companies, top back spending or notes and, and these things are out out to be hands off what we're seeing on the electrical side right now. how's the stipend too slow to cut interest rates? what you expect, perhaps an emergency cup before september, or at the very least a signal that they intend to come in september or well, i think already they have at the last press conference at the recent fmc meeting, they did seem to suggest that they will talk in september, the question now for markets is whether that will be a 25 basis points. cox or 50 basis points caught, oh, what, as you say, it will be an emergency caught. my sense at the moment is that i think that they will not do an emergency taught. instead, i think they would like to be taught in september. and now how large that cut will be, i think, will depend more on the economic data. then say what we're seeing in financial markets because we have seen in recent years, at the coupling between performance,

allstate, the markets and performance of the economy. so i think it's all about whether we see another week later, market reports in the coming few months. if we do, then that increases the chances of a much larger cost in september, we'll talk some more about that in just a little bit, but suspect to come with a harris to do. we know what her plans, economic policies will be, or it will just be a continuation of the, the, the by from the harris economic policies a it's a great question and so far she hasn't reset box about the economic policy a call from so general statements about trying to lift up the middle class and someone which our general token points that we see. but in such a specific policy, she's not all to trace it anything right now, she will likely to collect those at the democratic national convention the dnc. um uh, but more generally if you look at the tone of the election year and so far,

she seems to be focusing much more on the tone and culture and optimism rather than be too specific about policy. so it's not clear whether she will necessarily optically to clear policy agenda. so for now, it seems like that she could continue the binding policies that we've seen in early years. and, and at this stage we don't really know whether she will deviate from that much. but if the numbers continue to go against, sort of unemployment continues to rise. that's. that's not going to be good for her . electro prospects is. yeah, absolutely. um, you know that she has a, some of the challenge here because we, we've had a period of inflation which led to level approval ratings for the democrats providing when he was the time to do it for the democrats, just as inflation slowly we think of rising unemployment, so it seems like come all this has a big challenge here because she could have all due that they defeated inflation.

but just as that's happening, unemployment is rising. so this will be big challenge. and so it passes for this reason that she may not necessarily focus as much on the economy instead, she also because on other issues, whether it's female, reproductive rights, whether it's democracy, whether it's a general principles of freedom and so on. so, so i think uh, the economy will be a hard platform for her to run on the line. i'll be back with you in just a moment. so she is of a shop slow down to the american economy, triggered a global stock market to settle equities have now for the most part, bounce back. but the market remains of all the time indices across the us. asia and europe fell sharply of affairs that the us federal reserve had been too slow to cut the interest rates and respond to science of a weakening economy. drop it, a stocks were hit by the largest losses, a rates of interest rates. hypo ret, one in japan, is also believed to have played a role in that. below is the stock market volatility set to continue. i think at

this stage, one common rule it out. we have seen very weeks removes of the last week. also. i typically, when you see such large moves, they do continue for some period a had that we may not necessarily see as large moves as we've seen over the past week. one challenge we have right now is we all in the, in the summer months up in northern hemisphere where you tend to see that there's less active changes in investments in the market, which tends to result in outsides, moves in market. so that's also exacerbating a lot of the moves we're seeing at the moment. all right, uh, we have seen some bubbles before me in markets. so for example, we've had a mini, i bubble in the us. we've also had a municipal japan bubble in indicate and also the un terry trade and all of these bubbles are unwinding at the moment. and it's hard to know exactly when those bubble, the 1st single best bubbles will end. uh, but uh, you know,

we do think that we can, you know, we're not out of the woods yet, but i'll, as always, grace talked to you on counting the cost manufacturing day for being with us. thank you. the nobel peace prize laureates. mohammed unice has been chosen to lead bangladesh as interim go from the dental elections to help the economists from the bank is the choice of student protest as to forced private associate casino to resign and flee the country known as the bank because of the pool unice has been credited with lifting millions of people out of policy, will discuss what his appointment means to the nation and a future edition of counting the cost. russia's oil is still flowing into the european union. the crane wants to limit pass displaced functions on russian energy company lou coil forcing it to stop delivering oil through a pipeline that process. it's tara trades with a few european nations that are still buying it, hungary, slovakia, and the check for public wanted an exception to an a you panel of russian oil imports following moscow's invasion of ukraine in 2022,

the hon. gary and as will back in government say that keeps move, puts the energy security risk of a vast a european commission to intervene. but the commission is offering them to find alternatives to russian energy supply as well. the 3 countries receive crude oil via the bruce, the pipeline which stops in russia and then splits into the golden line. one is through the roof to poland and germany. the southern line runs through ukraine refineries. in slovakia, hungary and the czech republic, it's remained operational through more than 2 years of war. together the countries imported nearly $3000000000.00 worth of oil from russia. in the 1st 6 months of this year, hungary relies on russia for around 70 percent of its oil imports, new coil accounts for hoff that figure out from just a bit to open a long time pushing ally has rejected the use proposal to import oil via pipeline in croatia he says bask,

would be too expensive. let's say that hunger is oil imports dropped by a sudden july compared to the previous month following ukraine decision to banned russian oil passing through its territory. but the uses but by the hungary. slovakia, all the czech republic face and immediate risk to supplies. joining us not from brussels histories of fallen cheese, the director of the center for russia, europe and asia studies at a city a fellow at the chicago council on global affairs. good to have you with us on the account you the cost of these sanctions are they actually going to affect the amount of oil but gets to these countries that say that they need it so much? well, 2 points here. first of all there's some analysts have been pointing out that it's not really you credit that's blocking this right now. it's trans nest that it's not sending the crude oil. so that's one aspect of this. and the other is that both

to hungry and slovakia have had 2 years to get their act together to diversify and they haven't in fact hungry has more time increased their reliance on russian energy by 50 percent. so this wrinkles the european commission, all the other member states, was painful, but they managed to do it, but hungry and so like you have not done that. in fact, hungry is trying to use the 2014 agreement free trade agreement between ukraine and the u. as a way to get out of jail. it's hard for you in order to to extend the car about even further. so every other country has managed to improve their energy diversification away from russell, but hungry is actually increased by 50 percent of the question has to be why other than the alternative supplies available? tom green, a pretty hungry land lot and uh they, the premiums carefully chose look oil because that is weird, a substantial amount of the he

a gary and source their energy. there are some workarounds. people are looking at maybe to go through conflicts, dawn, or come up with a different way to transmit the energy through ukraine, which i think during the war might be difficult to do. but as the previous episode had mentioned, that croatia has offered to send energy to hungry through the address of pipeline from croatia and the foreign minister peters. here to has said this is too costly. but of course grace, you would charge transit fees that are less than what russia is charging. and the other issue is that the refineries in hungry, it's a state owned company, m a well there they are organized to only refine the heavy urals crude that come through there. so it would be costly for them to reset the refineries now and will, is making a lot of money. and so the hon. gearing policy on this is to have winning file

taxes. so they're not a, so the state on it company is actually feeling the covers of hungry, of the, or by government, but they don't have any money to actually improve the refinery so that it could actually refine other crude. so this is kind of a bad policy creation by the, or by government. it's very short term thinking. what about russia? does any of this actually hot russia or has it now found alternative bios, but it's oil as well. oil is fungible. so the, the agreement for the, you was to have a price cap. and of course, uh, once you come up with these types of, uh, rules and regulations, everyone looks for a way to get around them. so russia has created a great leads of so companies, these ships that are very kind of dodgy, that people don't want to use anymore, and they operate in a grey zone. they are breaking sanctions, but india has substantially increased their purchases of russia include,

for example, before the war and ukraine. it was about one percent of their energy mix. now it's at 20 percent, so they've really increased it substantially. china has also increased of buying russian energy. so the other, a substantial discount. so this is way for russia to keep their friends close. and also, since oil gets on the market, no matter what some indian diplomats have said, what we're really helping you, you're because we're actually buying rushing crude and then they refine it and then they send it back to europe. so it keeps the price of oil a reasonable around the world. this is the indian narrative. never the less. there is some drilling strains in what's happening with india and china. of course, what about gas? has europe successfully managed to weed itself all fresh and gas? i guess there's 2 ways, so tight gas coming into europe, which was not sanctioned. nevertheless, all the member states had a bit of

a shock when, when russia turned off, the tap that never happened during the soviet period. and so they realized they needed to diversify and diversify rapidly to avoid any more price stocks. so they help increase their storage capacity. and it's amazing how award can focus people's minds. germany was pretty much a huge, impressive example. they had been talking about it, but then they actually got it done so quickly. the built l. n g of floating terminals, and many of the much of the gas is russian l. n g. but l n g liquefied natural gas is an international market. so that just prevents the ability of russia to turn off the top unexpectedly so they can buy from katara, they can buy from russia, they can buy from the us. they have multiple buyers including norway as well. so this increases their energy security. really go to torture through somebody effective date for being with us on capturing the costs. thank you. nearly 40

percent of nigerians live at extreme policy inflation, which is at a 20 h e. a high means that many of them can't afford to buy food. many nigerians blame president bullets a new boys, economic reforms for their living conditions. they've taken to the streets to protest against his policies. despite government attempts to prevent them to do both sides of the measures which include the valuing the currency of removing fuel subsidies, a necessary to revive the economy of address reports from level jo. like most nigeria is the jealous work multiple jobs to keep up with. nigeria is run inflation. yep. they say it's not enough to be benito for comedy or for you've been a $5000.00 there. cool. cool. can you for the whole d. o, probably part of the cool last probably for the, the there about these, the,

it's a little longer. i'd be like that because jesse killed me to date you that seem 5000 . there are many i did in families can't afford even that. what oldest $1000.00 stick to the streets, to protest against the rising cost of living in africa's most populous country. they demand the reverse of government economic reform policies that have been in place since last year. the policies that you have carried out in the last one year, 3 months. oh, well, i'm not to administration. i used it for most of my g. s. foot by $105.00 to $3.00 medium ideas are leaving. what is some awesome? most of that mission of the 10 day project select routine, awesome. and then you can always shut down in ready state of the process of the government and also suspension of duty on some important 4 items. it also released

graves to help the most vulnerable and i did is what part is organize of say, these bring on the temper or their one state subsidy for petroleum to be reinstated, the removal of which they say take good rump and inflation. that demand, they say is no negotiating. now do you guys like with that to them for the we have movie themes and stuff off of weights. so the subsidy that was removed showed vertical and you put under for the pump. right? once pumped down, got you got it. now i did, as president said, this po subsidy was not sustainable. the economies say the damage inflicted upon the kind of you by days of funding part is passive. but the reforms necessary for growing. i believe this policy is going to walk. i believe we should give them more time and i believe is going to benefit all of us if we give more time than i did. and president is called for dialogue, but purchased, organized as one that unless that key demands that met,

that will continue to be out on the street, which could be more pain and loss for an already practice, the economy. property, priest, i'll just data for counted the cost of joining us not from london is rosie or com, who is the managing director and chief economist of africa and middle east global research at the stand a chance at the bank. good to have you with us on counting the cost again. a just how bad is the economic situation in by jerry at right now on off the protest is to moans legitimate. so there are 2 things to this. no one would doubt that with food inflation above 40 percent here in the inflation itself. headline inflation as a multi yeah. hi. the people are going through a great deal if economic difficulty. however, it would be very fluid to pinpoints responsibility for the current situation just to the re phones or to pinpoint that on the reforms that were meant to improve the

situation. nigeria has, in fact, in recent months, reinstated to the feel subsidy, despite bold intentions to remove it entirely up the outset, the feel subsidy is most affordable that has been fx liberalization. this was something that many, many nigerians had called full prior to the elections of loft. yeah. of course it takes a while to stabilize everything. and it's the full out from those initial reforms that protest says some protesters have been demonstrating against. but as was mentioned earlier in the program, the refills are aimed at improving the situation. the reforms, the aimed at stabilizing the economy and stabilizing the price levels. the difficulty is that they do take some time to have more effect, but we'll try to boost policies. actually work all day, the white policy is from nigeria. okay. short term pain for long term gain,

but all they go to walk. there is absolutely no question. that's a great consensus amongst economists, but these policies are much needed in nigeria, the field subsidy, as it used to exist, the fuel subsidy that's has crept backend simply on affordable in the country. what even today, over 60 percent of the revenue collected by the federal government expense and that's it is foreign exchange liberalization, has helped to alleviate the shortage of foreign exchange over time. this is something that should lend itself to price stability. it has been something of a bumpy wiley to nigeria simply because there was so much that had gone wrong with policy prior to the enact minutes if these reforms. but there are very few economists out there. if anyone who would say there is

a way forward for nigeria with the absence of these reforms, it is simply not a choice facing by the economy. very briefly, a to boost that's. but he's heard the protest, us loud and clear. but what's he going to do about it? do you, do you expect him to falter? i mean, or is he can, is going to stay from to so the government has already instituted a plan to deal with food and security. there are plans for governments to gets involved alongside the private sector and the importation of food, the lowering of terrace removal of some import tariffs. some food items will no doubt help and we should stop to see the impact of that over the coming weeks. already there were signs, but inflation is no longer rising at the same monthly pace as we had seen earlier in the year. and that's a lot less of a difference between the official and the power level exchange rates. now, in effect, which we've seen in the recent pulse to stabilize ation of the exchange rate. so

the show thompson is these reforms all working, but it's probably not happening soon. enough to make a difference to the grades of population, brought him bread to talk to you again on counting the cost. thanks for being with us. a judge in the us as role that google broke empty trust laws to illegally crush competition and maintain a monopoly of online search. the land lock decision marks the 1st major success for us so far as he's taking a mate. the dominance a big tech, google's parent company, alphabet, the said that it's popularity stems from the overwhelming desire of consumers to use its search engine. and that's all show for this week. if you'd like to comment on anything you've saved, get in touch, i'm a fan to get an on x, please use the hash tag h a c t c. what do you do? or you can drop us a line counting the cost out of 0 dot net as an email address,

as always, us plenty of, of you on lineup elder 0 dot com slash ctc. that takes you straight to a page that you'll find individual reports, links out entire programs for you to capture. but that's it for this edition of counting the cost i made for you instead of going from the team here though. huh. thanks for being with us. the news on al jazeera is the, the in depth analysis of the face. headline, what strategic purpose do you think this assassination serves? israel informed opinions, people who have been 18 years. i've seen that they have to give it a chance to best to be a bold critical debate. russia has decided that the war ukraine as a defensive war inside story. how will it change the security relationship between both come on out jersey around hodge. i mean to be, is israel and obstacles piece? i think that the move in the f one is government with this,

this part that you say getting less so late? thought provoking odds. the e, you made weapons being used in guns. no guns should be used in an offensive way. that's our facing realities you're running. mean, what does he bring to the table? hard from being president, joe, could we do it or something we can uptake the fact that he was suddenly present as not the need for the fact that he had the story on talk to how does era the

safe them even come in as an international insight corruption, excellence award, denominator here on now the these are these price on the city of calling eunice and gaza can at least 20 full palestinians. women and children are amongst the dead, the color. so robin watching of civilized headquarters here and also coming up as a tax on cause a continue israel confirms that will join ceasefire talks on thursday mediated by the us, egypt and consul, ukraine's on. besides is pushing deep into the task region,

russia use it. spite suggests to push the advancing forces back and thailand is once again plunged into political.