well there may have other something they're not running around and you know they already had that but she doesn't tolerate them or funding that in america so i think you need to do some reflection about. the vote in argentina sets a precedent in a region that has some of the toughest loss against abortion in the world but this movement of women's groups has spread throughout the region and has become a force for change. and to see that when a site is. kind of again the headlines on al-jazeera u.s. president donald trump is defending hasn't ministrations roll out of cover $1000.00 back scenes blaming states for the slower than promised distribution and communism or infections variant of the virus has now been identified in colorado and california where brunell's is a los angeles with more gov gavin newsome in a conversation online that was broadcast on line with dr anthony foxx he said that

officials here at confirmed the 1st case of this new variant in southern california now he didn't give a lot more information about the patient or the condition that the patient may be in dr fox you for his part said that this was no surprise that it was pretty much inevitable that the new strain would be popping up all around the country as it has been around the world u.s. senate majority leader mitch mcconnell has rejected a bill to increase pandemic relief checks from $600.00 to $2000.00 earlier this week the house of representatives voted to increase the 8 payments a demand from president donald trump. health regulators in the u.k. have approved a vaccine developed by oxford university and astra zeneca more than 50000 infections were recorded there for a 2nd day and millions more are moving into the toughest here off restrictions.

local media reporting saudi led air strikes on the capital sanaa it comes just hours after 26 people were killed in a blast of the airport and that attack happened shortly after members if yemen's newly inaugurated government returned from saudi arabia united nations secretary general antonio terraces asked for a new u.n. monitoring team to be set up on base the inserts the libyan city has been devastated by recent fighting and efforts to out the islamic state in 2016 un brokered cease fire between the governments of national corps on the warlords. under threats that's due to going attacks by have to troops europe today with the headlines on al jazeera more news at the top of the hour after counting the costs. mass protests the government's put on we see. this.

past week full of journalists on the front lines. committed to reporting the facts police officers pointing guns at us safe from hong kong fact and fiction the truth is it anyway on al-jazeera. this is counting the cost on al-jazeera your weekly look at the world of business and economics this week predatory lender and hidden debts china loans more money to the world than the richest $32.00 nations what does the world china and what does beijing get when you don't pay our. was this man really responsible for

a one trillion dollar loss on wall street or was he a convenient scapegoat for taking on big investors. and the story of the world over migrant workers stranded in thailand without jobs and no money for rent or food. the world's 20 largest economies agreed to give $76.00 of the poorest a debt repayment holiday but china has yet to publicly offer any support at a time many nations need the extra financial headroom to tackle the coronavirus pandemic beijing has been rapidly rolling out its belt and road initiatives to build infrastructure and increase its influence in mostly developing nations its land jass has come a huge cost for many of the $138.00 nations that have signed up to the program you may remember sri lanka couldn't keep up with payments on the port and eventually had to hand over the facility on a 100 year lease many nations have been rethinking their involvement amid

accusations china was over pricing road and rail links. trying to understand just how much money beijing has lent the world has been a challenge for many but the kill in situ for the world economy has managed to cut through the opaque lending practices it says between 2 $12017.00 the world's debt obligations to china rose from $500000000000.00 to a staggering 5 trillion dollars that's about 6 percent of the world's economic output most of that has been bought on international debt markets beijing and its subsidiaries have lent $1.00 trillion dollars directly to $150.00 nations that makes china the world's biggest creditor overtaking the i.m.f. and even world bank or beijing has also made unreported loans worth $200000000000.00 which is wiring as other investors and international lenders can't make accurate investment decisions over recent years washington has grown reluctant

to bail out nations time to china's initiatives through the i.m.f. and world bank let's bring in the author of that report 1st of christoph trash good to have you with us 1st of all want kind of lend is beijing is it fair to describe it as private trying. i wouldn't use that word i think. obviously where china can we characterise in 3 main ways 1st it states driven meaning that the government entities who are almost all of the and then being overseas 2nd it is all. meaning that china and its entities only do not share details on where it lands and what terms and 3rd is as a market the. spike that's being a state lender the loan term slow caruthers private law and

yet the streets are comparatively higher maturity is a comparatively short this is u.s. dollar debt and there are strings attached for example collateral clauses that would guarantee china repayment in case of a default for example by our oil or copper export proceeds. do some of those details difficult widely from what other world powers might offer for example and what you make of beijing's line that really at the heart of all of this is a lot of resistance from other world powers who don't want to see china take its rightful place on the world stage. so i would say what china is doing at the moment is very reminiscent of what rising powers a done in the past so i don't see many differences there to the rise of say the u.k. in the 19th century or the rise of the us in the 20th century. those rising powers extend their footprint globally by trade by us finance and by the military and

china is doing just the same so it's no surprise that china is extending more and more the low ones and it's a great economic and financial the rest of the world especially emerging markets so is taking money from beijing more of a problem then compared to taking money from other institutions if not other world powers know the world bank. so i wouldn't call it a problem i would say the it's but it's a very different deal that you get from from say a loan by the world bank of china china usually lens as part of a package where you might get an infrastructure. construction project that is financed by by a chinese loans and implemented by chinese for chinese workers and the terms there are market oriented right so that they have risk that there are to be high interest

rates whereas the world bank does not offer these package deals that in my request political conditions but the interest rates are usually low and the lending is concessional so maturity is along as well these are laws that are easier to back them than the ones that china or i well in addition to that there is the concern over china's hidden debt why is that an issue. it is an issue because for a risk pricing say i'm going bester and i want to buy sovereign bonds over the african nations then $1.00 of the fundamental things i want to know is whether you know what the debts stop looks like and how much debt is coming due in the coming years and that information is lacking for many countries with regard to the large chinese debts so market risk pricing of sovereign bonds is impaired by the lack of transparency in our view and also 'd sustainability analysis mako risk analysis

they want to judge the likelihood of a financial distress fault then i need to know what how the debts and the debt you are looks like and that information is that king for the chinese and that's a major problem is the situation compounded by china's holdings of german euro bonds u.s. treasuries except for. i would say that's a bit of a different story so. i mean there's also not much transparency with regard to the holdings of china's central bank so we don't know how much exactly of advanced countries that they have been you know purchasing in the past but that's a very different set up because those are market based instruments and germany knows very well you know how much debt it has it has sold to the market which was then purchased at secondary market by chinese entities. that the real problem is with the developing country loans that are not picked up by you know any market

based institutions say they fall to the cracks the rating agencies are bloomberg won't have them you know basically there is no way to get this information whereas for sovereign bonds of the bronze countries there's much more point have the chinese been willing to renegotiate a debt to forgive debt. so in the past they have done so in multiple cases more than 100 cases in fact. but the approach was case by case so they would really go she ate with individual debtor countries they did not take part in these coordinated effort to finish the tips which other government lenders took part in are the i.m.f. the world bank took part in china it was kind of a side did its own deals and most of these deals were actually maturity extensions so a you know if you keep lengthening of the debt. maturity but not actual debt forgiveness like we've seen for the paris but governments so it remains

to be seen whether you know they will change that approach and be part of the more global coordinated initiative and whether they will agree to face value that right balance that's to be the question of these debts in dollars because there's a question if they if they are how they've been able to remain hidden and avoid u.s. scrutiny. so they on u.s. dollars think that the u.s. government you know has not. to my knowledge at least tracked these these many confuse themselves or what scrutiny has come from the academic side so they have been very important attempts by teams in the united states 8 or size cari where researchers have invested a years and years of putting together all these lending information on chinese activities and loans abroad. and that has you know added

a lot of transparency in our study goes in that same direction in trying to shed light in this very on this very well park. lending activity that china is engaging in and given the large volume that's very important so scrutiny has has really come from the economic side all right thanks so much for your. professor christophe thank you very much. a 2nd the raimi an all time has entered venezuelan waters carrying much needed fuel the united states has imposed sanctions on both countries and says it's more the situation venezuela and iran have warned washington not to interfere with deliveries stories about reports. the iranian oil tanker fortune is quoted by the venezuelan military in the caribbean sea it's just one of the 5 tankers carrying over 1500000 liters of gasoline it's heading towards

the refinery in the state of qatar a war. president says he's country has a right to import gasoline to the miniature we have the right to trade freely in the seas of the world in the skies of the world between us between iran and venezuela to exchange products to buy a product promise to sell products to us but not everyone agrees especially the united states washington has already imposed sanctions on both countries and is considering new ones gasoline is cars in venezuela due to a near complete breakdown of its refining network years of mismanagement and lack of investment have had a devastating effect into what once was one of the biggest oil exporters in the world the venezuelan government imposed a strict lockdown almost 2 months ago to deter the spread of call that 19 most gas stations in caracas are closed and in the ones that are open people have to line up

for hours in the whole maze they come here every month and it takes us one night i came at 5 and i have to stay until the next day i only get 20 liters. gasoline from iran will only last for a while it won't change anything there are political reasons. nick we depend on the author riches to give us gas and letters move it will last only for a few months. iran has become a strategic partner for venezuela see as well chavis came to power in the past months many relied on companies like russia's haase nafta for gasoline but the situation has changed in the past year iran if not the n.h.l.'s were. rosneft stop being interested in venezuela mostly because of the sanctions it has to do with strategic decisions they will have to invest lots of money and there are so many troubles in venezuela that people are not attracted to iran is a desperate measure for a country that has been collapsing for years and desperate measure that will give

their government some area in the months ahead but that won't solve the endemic troubles venezuela is facing today now in may the 6th 2010 an unexplained glitch rattled the s. and p. $500.00 temporarily wiping one trillion dollars off its value it's fair to say that to this day no one has been able to figure out what exactly went wrong almost 5 years later u.s. authorities and finally caught up with the man they blame for triggering the crash of a time 36 year old live in this day trading out of his parents' west london home are known to his family he had amassed a $70000000.00 fortune the arrest was met with incredulity while most insiders thought high frequency trading and the rise of algorithms were to blame. well my next guest financial journalist and author liam vaughan has written a book called flash crash he's examined the claims the window was sentenced in

january to a year in the home detention why let's serve bring in then mr von why don't we start by asking you what you thought of him so even dissing surround is a kind of a fascinating character he grew up in a fairly modest house in hands loaches below the heathrow flight half he was about as far removed from the kind of world of high finance will she is as you can get he got his breaking trading by applying to an ad for in a newspaper which literally said wanted futures traders he started out of what was then called a trading arcade where basically there is a fund one of the traders to see if they could make it buying and selling financial futures as a say a long way from the likes of j.p. morgan or the world quite finance but never was just an incredibly gifted trader a real natural in the job and he had amazing mental arithmetic skills.

focus that there was some extreme that he would literally train for hours and hours at a time without a break. and he also had this amazing ability to completely disregard the value of money. so he would bet increasingly large sums without really caring too much either way whether he won or lost and those combination of characteristics combined you know to to allow him to be extremely successful well how did he make his money there was it all down to long hours and intelligence and ability to read the markets or something else. yes my book sort of tracks the journey of nav from those of humble beginnings where he starts working in this arcade with all the other young kind of one of these really and he progresses very quickly his specific style of trading is not try and predict which

way you know interest rates are going to move or whether a company's line to do well and he focused on a very short term started trading which is known scalping which is really just about looking at alders coming into leaving the market and trying to use that data to predict which way the market is about to lose on a very very short basis and so nerves kind of sense of actually beautifully very well suited to that style of trading and so you made ahead of our money doing that the between 2003 when he started in 2009 he made 15000000 pounds a lot of that in his bedroom in his parents' house and hands that the way the book is interesting and where the subject matter starts to become really fascinating is that in around 2007 or 2008 the market started to be increasingly infiltrated by a new type of market participant known as high frequency traders the which are

essentially kind of autonomous preprogramed robots that reacts up fresh information incredibly quickly and these robots essentially squee each human beings like now they're out of the market. and they kind of twist of fate where the story turns is that rather than quitting which is what a number of plays. you know pay group did now have made a fateful decision that he would fight back and he built his own machine he called it the nav trend and what it did is it fire falls orders into the market and then quickly cancel them but in doing so he would trip the algorithms about which way the market was about to move and he would capitalize on that short term move. and it was a bit of a pass as a thing or was any of that illegal. well yes and that was the only downfall in the whole thing it was illegal i mean one of the discussions in the book is at what point does it become illegal the rules around what he was doing which is known as

the thing came into force in 2011. you know your eagle eyed viewers will note that the flash crash happened in 2010 so there was some argument made that you know what he was doing wasn't illegal at the time but he was also charged with fraud so yes it was but i think what made nab such a compelling character is that lots of people believed that the marketplace that he was operating in was itself increasingly kind of dominated by entities that the used nefarious practices. and you know there's a famous book by michael lewis who flash boys which goes into that and the controversies around high frequency trading so now have argued not just when he was arrested that's rats career that he was operating in a rude market and therefore he was doing was a form of fighting back and he would have gotten as you were sized it was going to be my next point that what does the evidence show were bigger firms doing exactly

the same thing he was or something very similar anyway at the time i mean it you know is if you want to question in terms of sleuthing. a number of high frequency trading firms have been charged you supposing since nabs arrest so that so that is a fair point but what i think the traders do is often closer to the you know is within the line of the law but if you were to explain it to other people you would argue that it may be. a. you know ethically it raises other questions so for example high frequency traders will look for alters coming into the market by say a very large pension fund and they were used to typical analysis in high speed computers to determine which way the market's about to move and then jump ahead of it so what ends up happening is that that pension fund will desolately worst price in trading and you know critics will say that doesn't actually provide any social

good and is actually a form of front running the activity firms themselves would argue actually it provides a service to the market and provides liquidity and you know as many it's legal but it's certainly a moral gray or even if it's not a legal one. side of the moral gray area when we are this is the argument that big trading houses have employed similar if not the same tactics but they get a gentle slap on the wrist because when you know when they've got wayward traders on their boats because they have great influence because they have the argument goes cushy relationships with the markets because markets regulate themselves so any truth to that i mean it's definitely true the largest trading houses have great relationships with the regulators you know for example who moves on stuffing themselves only came in in 2011 some of the biggest advocates for those rules with the high frequency trading firms and the reason for that is because if they can't

predict which way the market's going to move actually than a hard late shoot amounts of money that they're used to making and then you have someone like now have you literally you know is operating in his bedroom is playing markets like a computer games but no access to lawyers or compliance offices. you know and there's a sort shoosh gulf between those 22 things the only thing i would say is that now have didn't necessarily always make life easy point self so for example when the regulators started kind of snooping around what he was doing so he had this kind of slightly. lower tarion street which maybe didn't help his cause in the end or or what happened to the vendors money in the end that's really a story in itself isn't there. yes so one of the twists and turns of the book and now into story is that he was a quiet you know humble guy didn't really spend any of the money that he murdered

and in fact the parents didn't even know what he was doing. $70000000.00 when the f.b.i. turned up and when he was taken to prison he's by a reset at $5000000.00 pounds which should have been an easy something to get his hands on base and she moaned. but unfortunately he had intrusted his money to a kind of literally so-called investment advisers and when nash lawyers started running them up and trying to get hold of the money to get him out of prison it quickly materialized that the money wasn't available to him. and you know there was this great irony i guess that this guy who was accused of being a criminal mastermind was potentially himself the victim of so much more unscrupulous investment types so incredible story is there thanks so much for coming in and sharing your insights about the story about the vendor thank you so much time ends 4000000 migrant workers are more vulnerable than ever after recent

layoffs due to the covert 19 pandemic with most borders closed thousands of stranded and relying on handouts scott highly reports from some would suck on. about an hour south of bangkok a summit site called the hub for thailand's seafood industry and home to the largest population of migrant workers in the country primarily from e.m.r. . up now because of the covert 1000 shutdown many are without jobs and are relying on food handouts to prevent the spread of a virus thailand sealed it borders with neighboring countries back in march stranding tens of thousands of migrant workers mostly without any assistance from the thai government. mom momo had been a garment factory worker here for 9 years she lost her job when the shutdown started to take hold any. the a combination am i don't know this crisis is probably the worst one that i've experienced there are no jobs in the market and i couldn't find work i haven't paid

my rent for the past 2 months she only has another few weeks to pay what she owes before she and her family are kicked out they want to go home to mandalay and man mark but can't the average daily salary for my coworkers here in some 2nd province is only $10.00 that goes for those who are working on fishing boats the factory workers now there's growing concern that jobs like this could become a few are once thailand fully reopened for business too tony gallic lies says thousands of workers have called her migrant worker rights network seeking help from the organisation has been providing food bags for families but to talk to any admits even if the migrants are able to get to their home countries they'll end up coming back to thailand once there's work she says they'll return even more vulnerable than before the pandemic. i'm worried that the workers will be forced to work for longer hours for a small low wage they're quite vulnerable unlike us who have more rights and more power i think fewer will be employed but. the thai government has opened

a selected border checkpoints for a limited number of workers to return home each day but many don't have the money to travel. a few fortunate ones are able to get some work but most remain stuck on land facing mounting debt they will have to be paid back when they do finally find a job. and that's our show for this week but remember you can get in touch with us via twitter use the hash tag a j c.d.c. when you do or drop us an e-mail account of the cost of al jazeera dot net is our address there's more for you on live at al-jazeera dot com slash c t c that'll take you straight to our page which has individual reports links and the entire episode for you to catch up on. that's it for this edition of counting the cost time sammy's a ban from the whole tune here thanks for joining us the news and al-jazeera is next.

american people have finally focused on what out here is i see it because all or all become more dangerous the world is looking at us mixture of sadness and. with the election behind us the republican party. still weakly take on us politics and society that the bottom on this case city has become a major issue the demand is going straight up and the supply is going straight down turning an essential natural resource into a commodity traded for profit just because your life doesn't mean it's going to be priced what about the guy that can afford it that guy's teles water. al-jazeera

examines the social financial and environmental impact of water privatized sation loads of water on al-jazeera. fan. california and colorado are hit by a new variant of cover 19 as president donald trump claims individual u.s. states are failing to meet vaccine goals and regulators in the u.k. approved the emergency use of the oxford astra zeneca vaccine boasting hopes that countries may soon get help in fighting over going to. be watching al-jazeera life from a headquarters in doha i'm dating navigator also coming up.