deadlines at banks and other creditors, more than 1500000 home buyers waiting for their property to be completed by the fab . holding their breath. katrina, you. l 20. aging. heard of wandering infants in southern china, has finally reached its traditional habitat after more than a year of roaming across the country. the animals left fer original home near the southern border with laos and yet more in march. last year, instruct, hundreds of kilometers passed through populated areas and cost. 3 major rivers and emergency response was launched to monitor the heard, but now or 14 animals, a safe in new non province. ah. so again, i'm fully battle with the headlines on al jazeera israeli forces of arrested for of the 6 palestinian prisoners with kate, from a maximum security facility on monday, one of those recaptured is zachary, as of a d, here is

a high profile figure. in fact, as doing 2 more prisoners remain at launch and new york times investigation has revealed. the u. s. may have mistaken the target and aid work in a jones strike at kill 10 people in afghanistan capital in august. the us military has said it was targeting eyesore. charlotte bellis has moved from couple in that joint strike. the pentagon said that it hit i for bombers who were planning an eminent attack on the airport. we know that civilians were killed in that but now this investigation has, has you. cctv footage has talked to more than a dozen of the targets family members and colleagues and found out that he was actually a worker for us aid organization. they also showed that he was loading canisters of water into the car and not explosion. explosives, as the painter gone, had seeds. and they are also teaching that there was a secondary explosion, which is what the pentagon used to prove that they knew that they were explosive in the calf commemorations will begin in the coming hours in the us to march 20 years

since 911 attacks. i remember in ceremony was, has at the pentagon on friday to honor the victims in the 3000 people were killed in new york, washington and, and yet, and republican party leaders in the usa. they're planning legal action against the biden administration in response to a new cove in 1900 mandate for vaccinations that covers federal employees and large parts of the private sector. and voice from the west africa grew becca last have health talks with ami leaders who stage a coup in guinea. the delegation also met the post president of the day and is demanding his release the african union as suspended guinea after last weekend school. and shares in china's ever grant the most indebted property company in the world have fallen again after suffering to credit downgrades in a week. their fears the company could default. those are the headlines on al jazeera. next, it's counting the costs there with this. getting close to the people most affected

by those in power is often dangerous, but it's absolutely vital stories to tell. lots of society in this area. we pushed as far forward as we can to the front line. now the smell of death is overpowering . a lot of the stories that we cover all highly complex, so it's very important that we make them as understandable as we can do as many people as possible no matter how much they know about a given crisis or issue as algebra correspondence, that's what we strive to do i lose hello money by this is counting the cost on al jazeera. you look up a wealth of business and economics this week. remember bricks. they were meant to

transform the global economic order, with the exception of china, brazil, russia, india. and then later on south africa been a disappointment. we'll take a look at why and question how long before emerging countries can realistic i think playing that north atlantic older. also this week, zambia, the 1st african country to default on its debt. in the panoramic era, bought a new president has invested clamoring for debt, even as he warned they could be a big hole in the finances than originally and ship shortages could not millions of dollars from auto make a style. and that's not the only challenge they face. we talk to the chairman of dame la about das, disrupting the most industry. ah, 2 decades ago, the investment bank, goldman sachs, came up with an acronym that was supposed to shift the economic balance of power

bricks. that is brazil, russia, india, and china would over time come to dominate the rankings of the world's richest economies. there was good reason to be optimistic, big growing countries which collectively represented 45 percent of the world's population. the leaders began to hold regular meetings. they started $100000000000.00 development bank. they even invited south africa to join the club to complete that acronym. but 20 years on the group has really failed to live up to its those expectations. well, most of them take a look at this just on g d p basis. china has stormed ahead with cumulative growth of almost a 1000 percent since 2001 that's almost double the gains india has made. and you can see south africa that lagging way behind the others, brazil, russia. now this is growth. during the pandemic, china managed to make a strong recovery, 2.3 percent to the good in the, on the other hand, had

a terrible pandemic in so many ways. everyone else on the list offered to. and finally, this chart, these are the top 12 economies back in 2001. china is ranked at number 6, brazil fits at 11. you can't see india and russia, but they all in the top 20. and this is the top 12 in 2020, china's jumped 5 places. now the 2nd biggest economy in the world, india climbs up to fix place while brazil drops out of the top 10. so let's go through the brit countries in a little more detail in the 1st of all. and even jim o'neil, the economist who coined that bricks acronym, has acknowledged it have no simply disappointed in recent years after a series of missteps by prime minister nor in de mody, he abolished the most commonly used bank notes, failed and has promised to create $10000000.00 jobs a year, and any hopes of creating

a 5 trillion dollar economy could be pushed back by the pandemic. the knock on effects of covet, have seen millions of people in the middle class drunk back into poverty, brazil and russia, while they are far too dependent on the wells commodity cycle for their development . both missed grace targets in the last 10 years, with russia's troubles compounded by sanctions over the annexation of crimea. and his interference in the us elections. and finally, the south africa, the addition to the bricks, while on the 9 years of president jacob zoom as rule, i'm a $13000000000.00 was allegedly looted from the state. his imprisonment and not cooperating with the corruption inquiry has led to riots. but already there was so much anger in a country where unemployment sounds out of record 34.4 percent. ok, so let's get into all of this with edward gloss. scott from london at was the

emerging markets economist at aberdeen standard investments. welcome to count, take the cost that jim o'neil has joked in recent times that maybe rather than breaks, he should have coined the term ex, with the right to highlights the growth potential of these nations. i think he was obviously in the 2 thousands the book economies i think did live up to those lofty expectations, rapid growth, structural reforms over the past decade service. it's been very disappointed in the past decade pump joint, who tried to buy crises. obviously we had china evaluation fairs, crises in brazil, in russia, so it's not been a great last decade for sure. so what went wrong from priscilla and russia? why haven't they hit their full potential? i think it's a combination of things over the external backdrop has become much less favorable. commodity prices have have collapsed and they've rebounded more recently, but they're structurally much lower now. of course, domestically that they have had problems as well. so in brazil there's big

corruption scandals, hippe hippe areas, presidents. and of course in most you've had you had sanctions which are really crippled the economy and financial markets to where they ever really a proper block because they didn't meet regularly. they set up an infrastructure bank, but it also feels like they were kind of thrown together. yeah, i mean, i think they are, they are still meeting regularly or annually at the conference, but i think i know these meeting tend to generate very few headlines and very little substance. so i think it's more than the kind of big sat piece. and another case where, where be the major event there are many craig, much of a major substance. so what are your thoughts on china now going forward? is it just going to continue on this trajectory of continuous growth? but there is 22 main questions from china. really, one is kinda near to one. and one longer term was of course as,

as with most ems still grappling with with cove it and in particular is 0 cobra approach. the crisis is really common on the scrutiny so that there is a question mark about how paul is to make a move forward with, with the coven policy, and whether they, what they relax, that policy. and then the 2nd one is just more generally kind of the extent to which structural growth is slowing. you know, always seeing, we've seen very weak growth numbers and over the past few quarters, how much about cyclical? how much that's true. and if it is to show how to policymakers actually start to talk to really boost growth from her post cobit, what about time is push the common prosperity? that's not the trillions of the valley of stocks. yeah, i mean, i think i think this, this, this column prosperity go lives in so many policies. and that kind of come along scientist for one of the main challenges for china is obviously up to had to

regulate to means it's crazy. massive ripples and financial markets, and the key question as always, with china's policymakers is, how did a structural growth and how do they, how do they kind of limit the funds for one abilities that may be growing on the surface while also trying to trying to be found, i'm preventing kind of moral hazard and the why the financial system. what is interesting is that all 4 original nations also were led by populace leaders. now clearly some countries have suffered. but what does that tell us? well, i think it tells us the pop populace can popular has good size and but size under the external environment populous problem can be good hanging in the word, there's nothing inherently thought about having popular policies. the problem is that when the external backdrop becomes unfavorable, when you have extra macro vulnerabilities, then populists can often create funds for market volatility because they continue

to continue to use popular policies can exacerbate these economic vulnerability. so i think it's all about the context and turning to india. what do you make of movies handling of the pandemic? how he lived up to expectations, because he hasn't delivered on his promise to create those 10000000 jobs yet. yeah, i think obviously covert has, has, you know, to say the least span or the works of promise i think mode is handling the pandemic has, has been weak, but not necessarily any weaker than policymakers elsewhere. you know, looking, looking at boston are, for example, in brazil, i think the key, the key task now for the government is to really ramp vaccination race. because places like brazil and, and china have really done quite well on the back nation campaigns in india. and also south africa has have really struggled on that for that. that is the key task promoting his government at the moment. and we're good to talk to you at gloss up

speaking to us from london. edward is the emerging market economist at aberdeen standard investment. the news el salvador has become the 1st country in the well to adopt bitcoin as legal, tender. the president has declared that the future for the country, but economists a warning that using v volatile and unregulated crypto currency is a risk. john holman reports from a launch a stuffing town where bitcoin pilot projects could forecast what's ahead. this is where some of those big coin experiment began. it was on site a small surf with 3 years ago and anonymous stoner, a local people, digital it with the crypto currency. now the country is expanding the experiment nationwide. and so with those about to become the 1st country in the world to use bitcoin as legal, tender, it will run. it's another option alongside the current currency, us dollar. we travel 12 on tape to find out how the pilot program is gone and what

it could mean for the rest of the country. we found plenty of, infuse, just like 70 percent of people in el salvador doesn't have a bank account. he's big coin. well, it's a way for him to put some money aside there, but i have a low income. i don't move much money a little i have, i spend on food. so with bitcoin, i can save up and that's the big coin is going up in value. he's seen it's more savings, great to the problem is the big point swings down as well at times. heavily. other people here are set up with that. is it easy? it's tough because it's unstable. for example, if you take a surf class and pay with bitcoin, i can accept it. the next day it goes down and there are losses for me. it's the same for the bar, the shop everywhere. and imagine that volatility nationwide, and one of the poorest countries in the americas, it can make the government's decision, seemed like a blind bet. a recent survey shows many people here might not take that back to 3rd

say they don't want to be paid in bitcoin. and the facilities, the government hardly putting together for the new currency might not convince them where you want to cash out your big quizzes the actual dollars. you have to use one of these special atm and the governments as a setting up to 100 of these across the country. so let's see. do this. ok, and then the money should come out. the only ticket here is that these actually charge about 5 percent of commission to do the service that's already been enough to put of someone else on why not just use dollars. one group who might see the benefits of the system, commission, or know a criminals who will see an unregulated state sanctioned currency. that has been one of the advantages of bitcoin as deanna and emitting, but for regulators. that's one of the risks. so the worry is that el salvador turns

into a fiscal paradise for those who want to launder money from drugs or corruption. the president has been emphasizing the positives big coins will bring jobs, financial inclusion, and investment. he says, especially as el salvador will be the 1st to use it. the question is, will the country become a trailblazer will simply sink your home and how does it say el salvador? let's move on the now, which became the 1st country in africa to default on its debt g to the pandemic, zombie as problems pre date, the pandemic. and a lot of that has to do with dependence on copper prices, tanked and africa. the 2nd biggest copy exposure found it difficult to meet its payments. and the government's been spending more money than it's been collecting in revenues. but in the last 2 weeks or so that b as currency in bond markets have been on a tier. and that has a lot to do with the election of hockey and h l. m. as the country's new president,

his finance minister hopes to strike a deal with the international monetary fund for a loan. well, zombie, i have debts of about $12700000000.00. the international monetary fund could provide $1300000000.00 in loans, but they are long term problems. the currency, the quote ger has depreciated 344 percent in the last decade, which is sent inflation to almost 25 percent the highest into decades. gregory smith is with us now. skype from london, a former, well, bank economist in zambia, an author of the book where credit is due, how africans debt can be a benefit, not a burden. and he, thanks for joining us on counting the cost, mr. smith. so where did it all go wrong for zambia? is this another case of the resources, cuss design, be an economy? it's been under real pressure the last 5 years and hasn't shaved as much as its

potential would suggest. so wouldn't say it's all gone wrong, but there's a big mess and a lot of effort needed to turn the economy around. and it's true that the ambient economy is very dependent on copper. but the notion of the resource comes to me sort of spells a sense of doom. and i'm an inevitability of challenge. but i think the ability of zambia to produce copper is also a huge opportunity. and as the world moves to net 0, we're going to need a lot of copper. and so i think zambia can work with the resources it has and produce much better economic outcomes for assistance. while the currency in bond markets are clearly liking what they're hearing from the new president, are they getting ahead of themselves? with the results of the election? there was a huge boost in confidence and both the zambian quite a rallied as did the 3 bonds ambia has that trade on global markets. and since then the euphoria has tape it a little bit. and i think wall b, and i think this is sensible because anyone buying those bonds knows that they're

in d for the interest is being paid and what investors doing, they're looking at the price of the bonds versus what they think that will recovered. and eventual restructuring. so i think the next bit of confidence would come if the government couldn't get the right people in. and we've seen some announcements of the cabinet so far and they look good. but then next is the policies these ministers come up with the, the national budget bill set the, the fiscal saying for next year. and then from that we can work out whether they might get the support at the international monetary funds. the new president has warned as possible, more debts than have been declared. how worried you about those? yes, i'm always worried about that. i analyze debts in many different countries. and in my book i write about how it's very difficult to define debt. there are many different measures and it's, it's, it's a complex matter in one countries measure is different to another. and i think the

different states that some people are arguing over what, what that is dispersed actually has been paid and what is contracted. so when you get the numbers from the ministry of finance, you get one number. but if you add up all the different projects you've read about in the newspaper, you might get another number. and the other difficulty is what, what to include in the the nash debt view includes state and enterprises like electricity, utilities and things like that. and if, for example, in zambia, those have huge assets like hydro, electric dams but also debts. and it's a decision whether you put that on the government balance sheets or not. but then what we've seen over the last few months is the government, the form of government that was voted out just now, or hugely on domestic market between april and june and the run up the election despite already being in the full and other debts. so that's a huge mass to unravel. there is always a tail risk of hidden debt as we very tragically so remote. but that remains a tail risk and for many countries. but i think the biggest problem with that

stocks is working with what definition is each person using and tends to in, in order to reconcile the numbers properly. now, when this resources and africa, we often find china is trying to influence, to paraphrase your book. a benefit or burden. there's all sorts of chinese engagement in africa in trade and business in diplomacy and also a huge scale off of lending. china has been lending to zambia since the 70s. it started with a very large railway that would link zambia copper mines to doris alarm on, on the nation coast. and so we got a long history of this, but it had scaled up massively in the last 10 years. and that's why it's a whole chapter of my book is dedicated to china's lending and it pops up all the way through in the different chapters. and i think when i look at chinese landing, i've lived in zambia and travelled around the country. i see some wonderful projects at one end, some, some dams that will produce electricity and in carbon free way. and at the other

end of the spectrum barrel, there were roads to nowhere and there are expensive projects. so it's very difficult because there are many different chinese lenders, many different chinese types of loans. china is also evolving as a lender. it starting to provide relief. it was doing that before the kobe pandemic . can you see kenya and then go. and since the pandemic it has been providing debt suspension for china is also changing as a lambda gregory smith, really interesting to get your thoughts, gregory a former well bang economist in zambia. thank you. finally, this week you might have heard about a global shortage of semiconductors. the chips which operate all sorts of electrical products, while as a result comic is sounds lose billions of dollars in sales this year is estimated. $3900000.00 cars will not be made or that's almost 5 percent of global production, which will wipe out sales of a $110000000000.00. even so, the flashy car shows have started up again though even they are evolving as simmons

. when to look at some notice in munich, 2 years without a show when now europe's biggest comic germany takes center state asian gentlemen. the id lies lots of razzmatazz and not a gas guzzler insight. here attempt to come and nerves of around 808000 german workers, dependent on the car industry was the outgoing german chancellor. on this up when we want to pick up where we left off and allow the economy to really catch up again, this can already be seen in the motor industry. even if some supply bottlenecks are costing shadows at the moment. those shadows take some of the shine off, electric car sales. the weakest link isn't range anxiety, your recharge infrastructure. it's the chip many millions of desperately needed semiconductor microchips to be exact. it's serial. i mean, there are manufacturers that had to stop certain production lines because they're

missing out some c p o that they have to build into the car. and this will go on for a couple of months. while the motor industry itself is doing really well, the shows to promoted have crashed. cancellations, because of coven have cost organizes more than $40000000000.00. even before the pandemic, the shows were losing money. so now, although at 1st sight you might not realize it, there are changes. it's shiny, it's new, futuristic, contemporary. but you might be forgiven for thinking. this is a ca show. the organizers say no. make over is underway. corporate consultants have dropped the word car from the events name. it's now and the ability show. and the consultants have come up with what they think. a catchy questions. what will move on next steps? maybe this or thomas bus, or for those of us old enough to remember the bubble car. this one has its own

brain. all electric motorcycles, power pedal bikes. another question, why are we here? well, many big names from the united states and elsewhere didn't show up to answer that. the electric car is secure, the road ahead is green, but for the mobility show, the future may not be as smooth run. andrew simmons al jazeera munich. well, in addition to that report from andrew, all economics editor abbot ali had the chance to speech the chairman of daimler, better known as basically mercedes. he art or le cologne. yes. about among other things, the electorate challenges from the lies of tesla and china's near. we are accelerating our past towards full electrification and indeed by the end of this decade, we want to put the company in a position where we can go all electric, where market conditions allow. and already at the middle of this decade,

every new vehicle architecture from mercedes benz will be electric only. and on the path to the diamond hole in the next 5 years will invest more than 70000000000 euros in these transforming technologies to make it happen. you mentioned the electric architecture and there are going to be a lot less moving parts, particularly in the engine. what will that mean for jobs? there will be a change in profile on some jobs throughout this transformation this decade. and in the next decade, where some of the jobs that we know on the power train side on the combustion production will decrease. whereas we have job increases for the electrified power train or in totally different areas. such a software where we are currently hiring thousands of software engineers, the pandemic has really hurt supply chains in particular, semiconductors. when will the bottom that clear up?

and what does that mean for production? code 19 has been a real stress test on many supply chains, including the semiconductors which is affecting us. now. you could maybe look at it as a traffic jam on the motorway. everybody stops and it takes a while before all the car. so moving again, we hope and believe that this quarter 3 represents the trough of the impact and we can gradually start getting back up again in q 4 towards more normal production levels. do you think the use desire to produce more chips in europe is realistic and beneficial. would have helped join the pandemic strategically. that is the right decision. but this here we're talking about something kind of threat 25 or beyond what you can't do and foresee, and this is where you have to live with a certain level of uncertainty. the recent shutdowns have been because of cobra. what tests affected are supposed to shut down in malaysia? if you have a panoramic where you have to shut down a piece of production,

i don't know how you would plan for it. do you have the battery capacity to deliver your ro lights? treat cause we have source with our partners up until the year 2025 may be beyond 2025. now we are accelerated strategy in 2 electrification with 200 gigawatt hours needed by the end of the decades. going fully electric were upping the ante and were discussing with our partners how we can increase the cell production footprint for us around the world. as well as working on a european initiative in this regard as well on the colonies, chief exec to mercedes. thank you for your time. thank you for having me. that is all shy for this week, but i want to know what you think and what you want to see on the sweet o d a me money on. if you're tweeting the, please use the hash tag a j or an email, maria thing counting the call that out there at dot net. all right,

and there's always more online at al serra dot com slash accounting the call. i'll take you straight to our home page, all our previous episodes are up to catch up. but that is it for me, this position of counting the cost money bite from the whole team for turning up beneath. and i'll just, they're coming up next use how many nukes has too many new america had in many ways driven the arms race parties are much more like the british parties. there are fewer regulation to own a tiger than there are to own a dog. how can this be happening? we take on us politics and society, and that's the bottom line. i can unlock my phone with my face. you can access your bank account with your voice. unique algorithmic measurements of us that are revolutionizing the process of identification, biometrics, a, fall from person,

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hear from africans who live changed forever following the.