nations, um you said, and large gatherings bat, before the pandemic, hundreds of thousands of people with one here, the 10 part to celebrate the loony. yes, there would be, dragon doff is market stores anti music. but for the 3rd year in a row, the eye clinic festival teaching will work over the holidays and plans to celebrate quietly with colleagues. but despite her disappointment at not going home, she says it's better than spending the festival under quarantine. katrina, you out a 0 meeting. ah, your george 0 me sell robert. reminder of our top stories. the un secretary of state will continue talks with russia's foreign minister on tuesday about the crisis in ukraine. the un security counselors meant to discuss the issue, russia and the u. s. have blamed each other, but escalating the tension. russian military and intelligence services are

spreading this information through state on media and proxy sites. and they are attempting without any factual basis to paint ukraine and western countries as the aggressors to fabricate a pretext for attack. claudia could choose other girls because i would like to put a question to our u. s. colleagues, to show where did you get that figure of a 100000 troops that are deployed as you state on the russia, ukrainian water with us. louis that is not the case cuz we've never cited that figure. like we've never confirmed that figure to produce a new boy. you met with douglas wardweb, you see that you've got it. it's difficult to explain why our colleagues from the u . s. and a number of other countries are actively pumping ukraine with weapons and ammunitions . and talk about this with great pride other women. now the u. s. is designated qatar as a major non nato ally. it follows amazing between president joe biden and cut awesome air shake to mean been hammered. al tiny in washington dc. they discussed issues including iran, gas supplies, to europe, and the situation in afghanistan. mammals,

military has arrested dozens of people to prevent protests on the 1st anniversary of its qu, opponents of calling for a nation wide strife. more than 1500 people have been killed and thousands arrested since the takeover. u. k prime minister boris johnson has apologized after inquiry into government events during lockdown. we found that they were serious failures in leadership and judgment. the report says some events should not have been allowed to happen. became events. those military gentle is promising to restore parts of the constitution. after talks with regional leaders, it's announced that the tenant kennel, paul, our lead ambia will serve as transitional presidents. the african union has suspended the countries membership until reforms are implemented in follow their stories on our website. it out there a dot com is updated throughout the day that the more news in half now will be. but next, it's counting the cost to stay with us. a coming of age story in the community fighting to preserve the heritage in an ever changing world. thing on an ancient

ritual to future generations. in award winning documentary, i'll just say, well, follow the group of young men on their right to pass the tally in the forest ivory the sacred wood analogies era. 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 worst dog 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, we global 3 prizes hit their highest levels in over a decade and families of forced to scrimp out. but then the table will governments be able to bring down the rising cost of basic items. and as opec reopens attempts african supplies are struggling to pump more cat, my jury is long awaited reform of its oil sex or help the country catch up. we find out from the countries petroleum minister, 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 hit high after high despite the pandemic, but now in the face of rising inflation and a global supply chain crisis, the foss running bull market house suffered a wave of while trading and some fear it's now entering into bear territory. let's

take a look at the numbers. you are stalks have suffered the 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 regional share index closed 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 they are all 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 unpack all of that, i'm joined now by name asked lamb, who is a chief market analyst at ever trade? many, thanks for joining the program. what do you think's been driving the volatility markets? this yes, thanks for having me. i think there are a number of factors wish traders are considering when they want the one they're thinking of backing race gear acids. firstly, obviously is the general sterns among central banks around the globe to control inflation. now because these banks they wanted to tackle inflation, the only way to do that is to reverse the monetary policy that the put in place to lot of the challenges opposed by coven 19. so basically we are looking at a landscape which is going to give us something very, a highly of a hawkish monetary policy. so basically an environment of higher interest rate. now

trade as a k with the fact that yes, we will have in higher interest rate. but them major quam a's, they do not want to see overly 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 as you are talking about do they also apply to the asian markets because we've seen falls there 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 sorta from easy monetary policy with respect to the p d. c,

because they still, they still want to, to be used to the normal activity. of course, of the central bank wants to do that as well. but inflation is it achieve for a primary concern for the p b. c. supply chain issues. and rising energy prices are major concern. ok. when you look at how high stocks have actually gone in the long run over a period of time, the recent falls don't seem so much the oldest tool, griff, a bad market. we over egging the issues. well, by definition a band market is when market retrace is 10 percent from its recent high. so if you look at the us indices, the answer key, the down the sag. in fact, the nasdaq is 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 question 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 message is that now the federal reserve is not only going to increase interest. right? and let me say that actually this is going to be an aggressive interest rate high, but they're also going to shrink the balance sheet. and that is a once again has triggered the risk of trade and possibly pushing the markets further deep in the bare territory. what about talk of a stock market bubble that's about to bust? well leg validations are racial especially when we go in the tech space space. hence, 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 that 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. we don't know me look at the recent full costs from tesla which 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 investor was asking you advice, what would you be saying to them? first of all, we don't really give advice and you have to match your own risk profile according to what your goals up. but the general comment tase. yes, i concur with the the mark is do pull it back. there's a losses and we do see hire high, high lose the deck to meet the very definition of trend that given the fact that we have seen 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 space. that means high volatility in the stock market, and that is going to bring more opportunities. so big names, big cap names because pack has always been the sector which kind of right out of this particular st on fast as it comes out at this time to faster than any other sector. so again, keep an eye on, 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 look, 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, 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 and where it hurts most fear prices his a 10 year high last year. and that's put up the cost of the weekly shop for families at 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 rise is the for on for 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 agriculture organization says it's 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 of the biggest gainers were mayes up 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 meat 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 hissing 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 to color the chief economist, assistant director general of the economic and social development department at the us food and agriculture organization. he joins us from rome. thank you for your time. why are we seeing the sustained rise in feed prices? sarah 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 the control inputs are not abilene 30 license, which is something that is happening in the last months. and these are linkage between the energy sector and the for the lights of sector as the presence of any you go up there for the lighter price. it will also go up there for 3 on each link to energy prices and oil prices, which they increase. he creates a demand for biofuels, and the input for biofuels guns from staple commodities. and he's also being used for i'm finally on his truck for reason in adverse weather. and we have seen, i'm far what i will weather in the last month, which have affected some key producing countries. and these includes that means whether phenomena which went on i was 2022,

i presented $21.00. 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 we continue to see the impact on production as a result? different license prices cost reason, substantially, and higher during the last a big deal of 22008. and these higher for the laser prices in turn reflecting higher energy gas prices on export restrictions, and your political pensions with the high up prices and also the problems of what ability 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 could be affecting a blunting and 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 is needs to we need to be clear from dell, said that when we talk about changes over the past few months, we mean time availability are extreme weather events, not low 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 one up here i can see son was the 3rd most active on record. and here i kind such as either where taking a heavy toll on crop production, they also destroyed transportation and processing infrastructure, which is extreme events becoming more frequent crop deals are expected to become more valuable. i'm pretty well i will be of course will be a consequence of this, but we need to understand that farmers and directly across 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 be very small increasing temperature, particularly in higher latitudes. so for example, temperatures increases up already the black sea green suppliers like russia and ukraine, and racing drains on all its production. these likely to continue as long as the temperature increase under main contain, by contrast, potentially very negative effects. in the mean region where the precipitation is likely to be coming sufficient to produce enough food to staples such as barely or wheat. and similarly, subsaharan, africa may yield school decline by over 30 percent means on africa by 2030. and in south asia, we will see over 10 percent lower deals of mains, right? i mean it, so the effects will be at the union among the different regions of their work. but one thing for sure that these long trained increasing 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 of a l p. m. 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, private 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, we can information on whether i'm, whether it trains so that the range runs. companies can estimate better the loss function and can produce a service of insurance index or not the index that could great be provided at a lower cost for these economies to be 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, the water. so that in situations of lack of what they're oriented, regions of excess of what their nice countries can go better in the middle and long term with this 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 maxima to that 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 and countries such as

nigeria raise questions about whether output 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 awaited 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? kamala, santa maria, asked the nigerian minister petroleum to me, pray, silver. this and other questions area that's really are the call of what we're expecting properly. this year. the bus passage on to be a last year marks for us in newer horizon. believe that it's going to drive a lot of development in the shuttle. but in addition to that, there's

a lot of from b, o, well, the refineries right now in the country are under rehabilitation. i would believe that a lot a lot movement will happen in better shape or for actually on production. i will not, i will not, i'll do find out is, will be delivered this year, but at least we are hoping dr. down. good, joe finer especially will be delivered also also of course sure her a ticket man project is also on their normal ongoing projects that we believe is going to i'm going to contribute to a lot of growth in the district or this year. so it's actually the regional commission, 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 in nigeria want to know is will they see the effects? will the economy benefit? will it trickle down, pardon the phrasing to the everyday nigerian person why

we expect that you will always get down to the people. i mean that the president, it's all about the people of nigeria and that's why you know, for example, it wouldn't be issues around that deregulation actually for the present, just quite slow to doing it because you negatively. the hope is that when a lot of vision investments are much jim, it will be a production right to the people and also have to ease at the price of the manager. we are, we also want to contribute to the economy 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. when you come on my generally it's all about the people really. right? and that's important because as i understand it, nigeria 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 during that as well? yes, we'll bear with me let discussion with livable unions are we're spec back out push box. usually that's where we're making it very great. well, we are also expecting to give an alternative we're looking at was a blip job given i are not punitive to the people. for example, if they're missed prices go, we believe that if we produce a lot of fuel level, which is potash, which are the people can afford, it will have to is the baby born in all the people? i know so we also know that they learn results in significant increase in their, in personal expenditure or without people who were also looking at some palliative

measures to take all that just to ensure that there be for 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. nigeria is doing everything for granted. let us show doctor would be down there. inflation, the inflation drive us with know that especially in the district or i be shocked by offer a better known product issue or not the diverse or the energy crisis. the price of their products is a dive off inflation as well. and that's why in the sector will try to,

i should get down 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. we're sure that we, we will keep our inflation under control. and so we really appreciate your time today. thank you for joining us and i'll just here thank you. i'm that is our shows this week, but i want to know what you think and what you want to see on the so tweets or dia, me at mullins side on if you're tweeting them, please use the hash. psych ha ccc. or if emails, moyer thing counting the costs out there at dot net is our address. but there's more for you online at al jazeera dot com slash ctc. that will take you straight to our page, which has individual reports, links, am, and time episode speed to catch up. that is it for this edition accounting, the cost i moline site from the whole team. thanks for joining us. the news on our

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itself for the arrival of an estimated 11000 people kind of 0 tolerance corvette strategy. what and despite diplomatic boy clothes, which one is winter games, triumph will bring you the latest from dayton's 2022 winter olympics on al jazeera . ah, the watch y'all deserve me so horrible. in doha, reminder of our top new stories, the us and russia, are set for high level talks. a day after the 1st un security council meeting on truitt build up on ukraine's border, our diplomatic entered a james base report. so for new york, the security council heard 2 very different arguments about the situation in eastern europe. the u. s, which called this meeting, says the russian military build up around ukraine is the largest mobilization of troops in europe. in decades, rushes aggression to day.