again, the next 12 months is expected to deliver record high temperatures and critic, so fridays funding announcement doesn't address the key issue of global warming, and it's more about protecting tourism. job is more and everything we're covering, right? yeah. al jazeera dot com is analysis of it takes you behind the headlines and also blogs my correspondence on the ground. and of course, you can watch us on live streaming as well. ah, so just a quick recap of the headlines this our now and if crane's present as urge west not to panic over the likelihood of a russian invasion, which she said is damaging his country's economy, despite the huge build up of russian troops. now ukraine, pardon me? as a landscape that he does not consider the situation now any more tense and before. earlier russian president jim approached and said he does not want the situation to

escalate blame in the us and nato for concerns. for his part, nato secretary general warm that russian aggression could come in different forms such as a cyber attack, attempted coup or sabotage, who is just not the replaced and as we're grateful to the united states for their ongoing support for our sovereignty. but i am the president of ukraine and i'm based here and i think i know the details more than any other. we do understand what the risks are. it's important that the president should know the situation from me, not the intermediaries. we do not see a bigger escalation. yes, the troop numbers have gone up, but i was talking, but the same thing in 2021. when there were drills in the russian federation, there was a big build up. we were supported by the us europeans called on russia to pull back . i don't think the situation is more intense than that time in early 2021. there was no such coverage of ukraine at that time. a group, so say nearly 4 and 10 people in if you're, if his tegra region is suffering from an extreme lack of food,

you as well food program. so they do almost a 1000 families in the region and found 3 courses using coping strategies like cutting the number of meals they eat, it says no 8 convoys been able to reach take rice in the middle of december fighting started 15 months ago between the european military and to grind forces, the conflict has killed thousands of people and displaced millions across northern ethiopia. and became fossa has been suspended by the west african block eco, was often monday's coo, but it stopped short of new sanctions at least until representatives whole talks with the new military gentle on saturday. take off has been condemned by a regional leaders who fear there could be further destabilization of the country. gent, anita paul, only de amoeba says it only be a returned to constitutional order on the conditions of right low that lines this out. that's it for myself and the team here in london, counting the cost is coming out next. the latest

news they're leaving extremely hot and for 10 years they was the victims of not just most told in wonder project with detailed coverage warnings that only grown and fractions filling power large partial for fires. a polygon daft here from around the world on house people, years of living on the street actually accelerates the aging process. ah, i hello, i'm molly inside. this is counting the cost on al jazeera, your weekly look at the world of business. i'm economics this week,

stalks have got off to the west stock since 2016 with tech sector and crypto currencies most affected critics. a u. s. markets are in a bubble that could bust any time, but are they and how would this affect the global economy? also this week global fe, prizes hit their highest levels in over a decade and families are forced to scrimp. aladin a table will government's be able to bring down the rising cost of basic items. and as opec re opens, a tops african supplies are struggling to pump more cat nigeria as long awaited reform of its oil sex. a help the country catch up. we find out from the countries petroleum, minnesota, ah, investing in financial markets is like a roller coaster on your never quite the same off to the right. a wise man said it often feels like that now even more so. last year. stocks hate high after high despite the pandemic, but now in the face of rising inflation and

a globe supply chain crisis. the foss running bull market has suffered a wave of while trading, and some fare is now entering into bear territory. let's take a look at the numbers. you are stalks have suffered there worse days since march of 2020, dragging down all the major indices. the s and p 500, which is a proxy for u. s. retirement and college savings accounts will that has fallen more than 10 percent below it's january 3rd. reco closed back in 2020 the tech heavy. nasdaq on the performed major benchmarks. it fell further into a corruption in the 1st weeks of january, sinking more than 16 percent from its own record high of november 19th last year. european traders are also nervous. the stalks europe $600.00 regional share index, close 3.8 percent lower on january 24th. it's biggest, one day for since june of 2020,

an asian markets racked up some losses to that's included to pounds benchmark nick a south korea's cosby and china shine. guy composite. some industries have since come all fellows, but trading remains volatile. so what does this all mean, and what does it tell us about investors sentiment? obviously, technology has been the worst performing sector that's after a boom period during the pandemic. among the casualties are some of the most popular companies like tesla, netflix, microsoft, and amazon. the s and peace best performing sectors in the early days of the year have been energy financial services, and consumer staples away from the stock market. risky assets are also being dumped . bitcoin recently dropped more than 8 percent wiping out nearly half of the value of the record high, reached in november. or part of the bull run market has a lot to do with fed policies and the flood of easy money during the pandemic. but

that's changing now. sentiment and company earnings play a key role to in invest a confidence. but there are the factors to be added to the mix among them jr. political tensions. so taking all these factors into consideration there's lot going on and to impact all of that. i'm joined now by my offline who's a chief market analyst at every trade. many thanks for joining the program. what do you think's been driving the volatility markets? the fear, thanks. for having me, i mean there are number of factors which traders are considering when they want, when they're thinking of backing rescue acid. firstly, obviously, if the general storms among central banks are vitally close to control. ready inflation now because these banks, they're wanting to tackle inflation. the only way to do that is to reverse the monetary policy that they put in place to bought off the challenges, oppose by corporate 19. so basically we're looking at

a landscape which is going to give us something out there as a highly of a hawkish monetary policy. so basically, and it was made of higher interest rate, now traded that k with the fact that yes, we will have a higher interest rate. but them major club is they do not want to see or will be or excessive hawkish monetary policy. because that could really hurt or killed economic growth that we have seen over the last number of quarters. and the fact that you are talking about do they also apply to the asian markets because we've seen falls that to. but over in the asian markets, of course, the chief concern is on the con, supply chain issues. and if you look at the p, b, or c, p. c has a slightly difference at different stance in relation to the bank of england, bank of canada, the federal reserve, the e. c, b,

b are still lowering the criteria for landing for, for bearings. so we do, we still have a more sort of an easy monetary policy with respect to the p d. c, because they're still, they're still want to, to be used to the normal activity, of course, or the central bank wants to do that as well. but inflation, is it a cheap or a primary concern for the p b. c. supply chain issues. and rising energy parts is our major concern. ok, when you look at how to hi stocks have actually gone in the long run over a period of time. the recent falls don't seem so much. so all this, talk of a bad market. are we over egging the issues? well, by definition a band market is when market retrace is 10 percent from its recent fine. so if you look at the us indices, the key, the down, the nurse tag, in fact, the nasdaq is down more than 10 percent from its recent high. so yes, we are in

a bad market with respect. but if you look at the markets, quite fashion for the last number of days, we didn't we, we close back some of those losses. but today, traders are still very much trying to digest the new message which came out from the federal reserve and bit of a surprise in that particular messages that he has. now, the federal reserve is not only going to increase interest, right? and let me say that actually this is going to been aggressive interest rate high, but they're also going to shrink the balance sheet. and that is a once again has triggered that risk off trade and possibly pushing the markets further deep in the bad territory. what about talk of a stock market bubble that's about to bust? well, leg valuations are racial, especially when we go in the tech space space. and we are seeing more intensive sol off for the nasdaq index in comparison to the s and p 500 index,

which it represents the overall sentiment among the market. because after all, you're talking about the top $500.00 companies or even the dow jones industrial average, the top 30 industrial stocks over the years. so if you compare the 3 different indices, you do see more sell off in the tack and that's primarily because of evaluations. being too rich, you talked about inflation being a big issue and the worry of interest rates going up in the u. s. and elsewhere explained was why high interest rates impacts stock market, particularly technology stocks, which you've been referring to. primarily because the input cost is too high. and that's which is your margin, your profit margin, and especially for the tech sector. given the fact that we have already seen quite a number of issues with the supply chain and still some factors that close deliveries are not of the we don't know. may look at the recent full costs from test leverage came out last night. they still very much indicating to supply chain

issues, record profit, but still warnings on supply chain issues. and when you joined that with a higher energy prices which are very much feeding into the manufacturing, then the issue becomes a lot more apparent. and then why these companies are really getting sold. if you are a long term investor in the stock market, how worried should you be if, if invest was asking you advise, what would you be saying to them? first of all, we don't really give advice. you have to match up on risk profile according to what your goals up. but the general comment tase. yes, i can carry the, the mark is do backers, losses and we do see hire high, high lose the detonate, the very definition of trend. now given the fact that the half seat, a very decent salad and the technical,

they indicate that markets are certainly oversold. this is a perfect time for one to prepare the shopping list and start buying as the market is still going down. because over the next week or 2, we are still going to get a lot of earnings or in the united face. that means higher volatility in the stock market. and that is going to bring more opportunities. so big names, big tech names because pack has always been the sector which kind of right out of this particular st on fast as it comes out of this door to faster than any other sector. so again, keep an eye on, on, on these particular sectors. one example is look at netflix analyst, they were expecting and number which was completely bulky. if you look at the fundamentals of the company from netflix, they are not only going into entertainment, but now they're also leaping into the gaming industry. the fundamentals are strong

. the stock is down more than 30 percent year to date. the future is still very much our la seems to be very optimistic for netflix. that is a great opportunity. same goes for tesla, same for neil or reagan, the new upcoming companies within the electric vehicle space. i think that is the opportunity where investors should be very much looking at or even in europe if you're talking about how about walks login. because we're that the in europe now, especially in london, you are out of every $10.00 cost, $6.00 cars, a hybrid. that is the trend where you want to really bank or really interesting to get your perspective name offline chief market. i'm list ever train your phone, me around the world. inflation is by seeing am where it hurts most fear prices his a 10 year high last year. and that's put up the cost of the weekly shown for families that every supermarket and grocery store. meat and fruits have become

luxury items and families of being forced to make tough decisions about their diets . and the cost isn't expected to fall any time soon if anything is going to increase further, but perhaps at a more moderate pace, the international monetary fund estimates rises of around $4.00 and a half percent this year. united nation says world food prices jumped 28 percent in 2021. before easing slightly in december. the food and agricultural organization says its vegetable oil price index reached an all time high. increasing 65.8 percent from 2020. meanwhile, the serial price index reached its highest annual level since 2012 rising 27.2 percent. but the biggest gainers were mays are 44 percent on wheat. gaining just over 31 percent. the sugar price index rose 29.8 percent

reaching its highest level since 2016. the dairy price index averaged 16.9 percent higher than in 2020 the mate price index was broadly stable in december, but rose 12.7 percent through the year as a whole. well they f a o says soaring speed prices, a hitting low income household hard and poor populations. and countries that are reliant on imports are particularly at risk. it's fee that the high cost of food could fuel unrest in some parts of the world, like middle east and north africa. and the growing concerns about a hunger crisis in countries affected by conflict and drought on top of the rising cost of living. when it all appears to be bleak, let's get more into the global food situation now with maxima, color the chief economist, assistant director general of the economic and social development department at the un food and agriculture organization. he joins us from rome. thank you for your

time. why are we seeing the sustained rise in feed prices, et cetera, raises the 1st one, is a significant demand, the strong demand by large with the importers and the year 2021. so a strong international demand, particularly by large emerging economy. at the same time, we have been observing significant increase in transportation costs, particularly for container shipments. the 3rd cause of this is a high price as far as control inputs and not only 30 license which is something that is happening in the last month. and these are linkage between the energy sector and the for the lights of sector as a presence of energy go up there for the laser price. it will also go up there for 3 on each link to energy prices and oil prices, which as they increase the crates of demand for biofuels. and the input for biofuels comes from staple commodities. and it's also being used for i'm finally honest to god. reason is adverse weather and we have seen i'm far what i will weather in the last month,

which cough affected some key producing countries. and this includes, let me know whether phenomena which went on i was 2022. i presented 21. so there are all these drivers that are behind the prices that we are observing today. okay, we'll talk about the weather impact in a minute. first, let's talk about energy prices in fertilizer prices, which are high and continue to remain high. what is this going to mean going forward for fee price as well? we continue to see the impact on production as a result. you know, the license price is cost recent substantially and higher during the last big period of $22008.00. and these higher for the laser prices in turn reflecting higher energy gas prices and export restrictions, and your political pensions with the high up prices and also the problems of what i really do to them. so for sure, as the prices of energy we go up, what we knowing historical relationships is that the for the lights are prices will also increase and go deeper. and it will become even worse. if we have a,

it's export restrictions, which some countries are starting to put in place. so this is pretty worrisome because what it means is that they put as regions won't be able to access it because of the cars would be higher. and i thought of that that could be affecting a planting, and it could be affecting the harvest a for the following. you tell us a bit more about climate change and how it's impacted fee prices in different parts of the world. we need to, to, to understand that in terms of, of what happens of climate use needs to we need to be clear from dell, said that when we talk about changes over the past few months, we mean climate variability are extreme weather events, not slow onset climate change, and these extreme weather events do indeed become more frequent and i get really also more c b. if you didn't, the went up that the, you can see some was the 3rd most active on record and you can such as either what taking a heavy toll on crop production. they also destroy transportation and processing infrastructure, which is extreme events become more frequent drop deals are expected to become more

valuable. i'm price will i be, of course, will be a consequence of this. but we need to understand that farmers and direct sector used to go with this extreme weather events in the chart. and now if we move now to climate change a, which is as low onset, potentially possibly very small increasing temperature, particularly in higher latitudes. so for example, temperatures increases up already the black sea drain suppliers like russia and ukraine, and racing drains on all its production. these likely to continue as long as these temperatures increase and remain contained. by contrast, potentially very negative effects. in the mean region, what precipitation is likely to be coming sufficient to produce food to staples such as barely or wheat. and similarly, subsaharan, africa may yield school decline by over 30 percent means on africa. by 2013, i mean south asia, we can see over 10 percent lower yields of mains, right? i mean it, so the effects will be at the union among the different units of their work. but

one thing for sure that these long trained increase in temperature or increasing extreme events in the long term, as i mentioned before, will be that we will also have more uncertainty in direct sector and more about as well. and that's, that's more uncertainty is something that we need to prepare and we need to increase resilience of congress to be able to prepare to these potential changes in the long term because of climate change. so what is the solution? so one way to do that is for example, the 2 great mechanisms of insurance which will have control to go better. we have been seen significant innovation in the, in the, in the weather insurance sector for every culture. but it still is far from what it should be developed, country subsidized substantially entrance entrance, but developing countries don't have those resources. so there we need to develop market oriented solutions. i'm for that we need, we need to get information on whether on whether trains so that the range runs. companies can estimate better the loss function and can produce

a service off the insurance index or not. the index that could great be provided at a lower cost for these economy still able to afford. that's one way. the 2nd way is to work with science and technology and try to innovate and try to figure out how we can better management met, their manage that water. so that in situations of lack of what they're oriented, divisions of excess of what their nice countries can go better in the middle and long term with potential potential changes. and the 3rd element is trying to better know what would be the significant changes that will be expected in the future. so the farmers can be ready to be able to change what they produce and how they produce to be able to cope with these in the longer term max market at color. many, thanks for your time and your expertise. chief economist, assistant director general of the economic and social development department, the un food and agriculture organization. thank you. thank you. and oil prices are rising to reaching a 7 year high at more than $88.00

a barrel. that's another reason for storing inflation. major oil producing countries of promise to increase production shortfalls. in countries such as nigeria raise questions about whether apple increases can be enough to satisfy demand. now nigeria is africa leading will produce the sector continues to struggle with many challenges. and as recently introduced a long way to reform the petroleum industry act, to try and boost the sector. it's also planned to lift fuel subsidies, which cost the country up to $7000000000.00 a year in revenue before the moment that's been put on hold. so what change could the new legislation bring to the country? come all found, maria, off the nigerian minister petroleum to me. praise silver. this other questions earlier? that's really the core of what you expect to lead this. yeah, the passage of the last year marks for us it new or rising.

believe that day it's going to drive a lot of development in the shuttle. but in addition to that, a lot from the well, the refineries right now in the country and rehabilitation, i would believe that a lot of movement will actually on production, we know that they're not going to find out who will be delivering this year. but at least we are hoping to find out, especially it would be delivered also also a question had the pipeline project is also on their own projects that we're going to win to contribute to growth in be in the sector this year. so it's actually the regions with optimism, it's all very good for the sector clearly and there's going to be a lot of investment in the sector. i think what people certainly, and nigeria wants to know, as will they see the effects, will the economy benefit?

will it trickle down, pardon the pricing to the every day nigerian person what we expect that you will always get the people, i mean that the president, it's all about the people off. that's why, you know, for example, when the issues around that deregulation, not actually a product that does quite slow to doing it, because if that negatively. the hope is that when a lot of vision investments are much jim, it will be the production right to the people and also have to ease the price of the $9.00 area where we also expect that overall, if you're going to put the economic growth, for example, if we were to produce a lot of petroleum products from nigeria, we believe that there's going to be able to bring down the price of product. but to

call me on my mind generally about the people really right. and that's important because as i understand it and gere actually wants to stop scrapping or scaling back fuel subsidies, not any country where i have seen that happen. there has been some sort of pushback and it's even developed into, into further anger against the government. is it, is it a risk doing that as well? yes, we'll bear with me let discussion with day livable unions are we expect that push box? usually? that's why we're making it very grateful. we are also expecting to give an alternative. we're looking at was a blue shield given i are not punitive to the people. for example, if be a mis prices go, we believe that if we introduce a lot of fuel there, which is what we'll gosh, are which are the people can afford. it will help to her is the baby born in the people i know. so we also know that they learn results in significant

increase in their, in personally expanded. so, i mean, without people to well, so looking at some politic measures to take all that just to learn. sure, dr. be fixed on the people to minimize as much as possible minister the wider nigerian economy. i want to ask you about that because we are talking a lot at the moment about inflation. it's been recognized as a problem. as a lot of places the united states are turkey has been talking about it as well. i see inflation hit 18 percent in march last year. food inflation in nigeria, 23 percent as well. that's not good news. and i wonder what nigeria is doing to, to, to manage the situation manager is doing everything for granted to ensure actor would be down there. inflation, the inflation drive us with know that especially in a district or i be shocked by offer a better known product issue or not the diverse or the energy crisis. so maybe by

software products is a dive off inflation as well. and that's why in the sector we are tried to where should that we could bounce ah, be the price of oh, of products are but you know, productively people while ensuring that we are fully supplied. ah, that's what we're doing for now. where should actor we will to inflation under control. and so we really appreciate your time today. thank you for joining us and alters here. thank you. and that is our shows this week, but i want to know what you think and what you want to see on the say, tweet or deann me at mullins side on if you're tweeting them, please use the hash. psych ha ccc. or if emails, moyer thing counting the cost out there at dot net east address. but there's more for you online al jazeera dot com slash ctc. that will take you straight to our page, which has individual reports, links, an anti episodes to catch up. that is it for this edition accounting,

the cost i moline site from the whole team. thanks for joining us, denise. on out as eric ah, the story of zimbabwe, in her words, history is always told from the perspective of the great man, whether it's david livingston, all robot mcgarvey. my responsibility is to tell them, well when story in a way that it hasn't fully been told before, the ordinary everyday life was involved with is that people, i'm writing about patina, kappa, out of darkness my zimbabwe on al jazeera. the corona virus has been indiscriminately selected as victims. it's devastating effects of plague, every corner of the globe, transcending class creed and color. but in britain,

a disproportionately high percentage of the fallen have been black or brown skinned . the big picture traces the economic disparities and institutional racism that has seen united kingdom fail, its citizens. britain's true colors, part one on al jazeera. ah. conflict is not inevitable. the pentagon says there's still room for diplomacy despite the russian troops build up on ukraine's buddha ah, hello on darned jordan. this is al jazeera ally from dough also coming up west africa is main. regional block suspends the membership of bikini faces after this

week's military coup, but stopped short of imposing sanctions. after a year of talks, argentina and the.