ah ah ah ah, this is al jazeera and these are the top stories out there. john le sharina blackledge has been laid to rest and occupied eastern islam. 3 days after israel forces shot and killed her thousands gathered for her funeral on friday, the shrines funeral procession was disrupted when israeli forces a tact morn is carrying her casket as to what widespread condemnation, but

a muted response from the u. s. m on con, is near the hospital where israel forces attacks the mornings. there's only really one word that anybody is using certainly palestinian is using amazon. devastated, devastated. though sri and r block layers of fuel was not a dignified one. that it was actually are fraught with violence from the israeli forces. those pictures that we've seen from the hospital not far away from where i'm standing right now. just stop by hill over there. where are mourners? the pallbearers were actually attacked as they carried sharon's casket out into the court yard of the hostile them where she left the hospital. at that stage they were in the courtyard, and these railey forces moved in g 7 foreign ministers and meeting for a final day in northern germany. ukraine's representative has been holding talks to discuss further action to help keep the increased pressure on moscow. ukraine has

started his 1st war crimes trial off the conflict. the government is prosecuting a russian soldier. the 21 year old sergeant is accused of shooting a 62 year old civilian through an open call window. if convicted, he faces life in prison, texas president trench of type odo on says he opposes sweden, finan joining nato because they host what he calls terrorist organizations. you made the comments a day off to fin and said it would apply to join the block and suite and said it may follow suit. turkey is criticized european countries in the past for how they handle organizations like the kurdish p k, k and y, p g at least 27 people have died in a fire that broke out in a building in india's capital beliefs in new delhi say more than 40 people are in hospital and dozens of others have been rescued. was the headlines the use will continue here on al jazeera right after counting the cost, see soon, bye bye. talk to al jazeera, we are. what is the time table in your mind?

when do you think the you are, can be also russian gas. we listen when i've seen and played football with these refugees. i look at them and then patrick this morning, we meet with global news makers. i'm talk about the story stuck about on out. you see i hello, i'm fully back to bo, this is counting the cost on al jazeera. you look at the world of business and economics this week, a remarkable return to power for the marcos family in the philippines. but how will for john martha's junior type all the countries financial problems, and can he revitalize economy? also this week president joe biden says, fighting inflation is his top domestic y o t. and the federal reserve has imposed

the highest rate hikes in more than 2 decades to tackle the problem. so we'll price is cooling down, and india is worse power crisis in 6 years. why is electricity getting increasingly rare for many indians? and what can be done to keep the lights on? ah, thank you very much for joining. as the philippines has been battered by the pandemic and a deep recession now after more than 2 years of lockdown, so people are returning to their everyday lives. the economy is expected to outpace that of its neighbors, but they are serious challenges to achieving a robust recovery. inflation is rising and government debt is high. all eyes are now on the new president's economic policies for design, marco's junior, the son and namesake of a controversial former president, is set to lead the country for the next 6 years. that would mark return of his family to power 36 years after they were ousted by

a popular revolution. their supporters say the period saw a lot of progress on the infrastructure level. critics accuse them of corruption and a government commission is still running after billions worth of ill gotten wealth, allegedly accumulated by the macos. sammy la macos is running made for vice president, is sarah deterred a copy of the daughter of the outgoing liter rodrigo to 30, and many of her supporters have voted to see a continuation of her father's policies. let's have a look at how the economy fed during to tear to his rule. the philippines economy contracted by 9.5 percent in 2020, largely due to pandemic restrictions. but the g. d. p grew by 5.6 percent last year . public debt stood at 61 percent of gross domestic production at the end of 2021. not ringing, alarm bells yet, but hardly a comfortable starting point. headline inflation or the rate of increase in basic

of in prices of basic commodities. accelerated to 4.9 percent last month. that's the highest since december of 2018. the countries unemployment rate stood at 5.8 percent. while the figures down from earlier months under employment or the number of people with jobs who are looking for more hours of work to make ends meet, rose to 15.8 percent. and the number of filipinos living in poverty has now risen to over 26. 1000000 just under 25 percent of the population. michael says, given very few policy details on the campaign trail, but he plans to continue to test is build builds build signature infrastructure program is also about to create more jobs, revitalized economy, and is considering subsidies to tame oil prices. so what's next for the philippines economy? to discuss that m joined by alex homes with an emerging markets economy specialized

in emerging asia and capital economy. he's joining us from singapore. thank you very much, alex of being with us. so is marcos juniors election? good news or bad news for the philippines economy? it's not really how it will turn out because we don't know huge amounts about what his policy for miss and the things that he briefly mentioned. it is going to be hard for him to shake off the fears about that system interruption. given the family connections. he's commitment to voters indeed have been very vague, his promise to lower the prices of race it goods, building infrastructure as well, and steering the philippines out of the economic slowdown caused by the pandemic. but how specifically easy going to do this? what do you think should be his top priority? well, i think infrastructure is a good focus. the philippines has some of the worst infrastructure in the region,

and many advantages it, by making it hard place to do business logistical performances of getting things across the country or ought to ship on. which means that haven't been able to develop a competitive manufacturing and export sector to the same extent as to some of its neighbors. so that's many a good place to concentrate and other good concentrate would be the overall business environment site, say things like investor friendly policies and political stability. the government have made some progress on this. so basically a before foreign direct investment goes. so there's plenty of time to go and pay things being on infrastructure he's expected to to complete. detect is bills, bill billed infrastructure works, which were delayed by the pandemic. of course. do you think that can help him show

tangible results? i mean, has that infrastructure been plan been a success in the 1st place? yeah, i mean one thing, one side effect, we saw a section try prior to the break with that a perhaps try to, to go a little bit to boss. it was a big spike and it says, have capital goods you know, to, to supply the infrastructure drive, but that, so the current account tested why didn't quite considerably anyway heavily on inflation. so buckets will have to be careful and he doesn't get it too fast. and, and, and try to build too much too quickly. otherwise, it's going to create frictions in the economy and, and maybe cause problems with the current account. right? and marcus will inherit a huge amount of debt, more he, from the previous administration. how much will that limit his room, you think to take on more debt to financial government projects or support growth?

well, you know, the philippines come be completely carefree about that, but it's still a relatively risky market for investors. and it doesn't completely barring but the level of debt harvey is actually comparable to other emerging markets nor behind. so as long as market doesn't run massively wide estimates. and we think that the fiscal. ready will remain sustainable countries. i'm sure the philippines alex, what about the relationship with china? will he like to take a pursue investments with china? because detached is overtures to beijing had somewhat mixed results. yeah, i mean that leaving aside the kind of private comes of, of going china for investment and, and other business links. i mean,

it's not necessarily a given the china where before coming with investment, the future from 2016, 17, when to a power is very different. now, china has wrote back a lot of it's for an investment trace to the belt road initiative is, has been robot quite a lot and it's dealing with it. keep crisis of its own outbreaks is not necessarily the case that the china would be willing to, to lend money with conditions to the philippines. so focusing on china, my field results. right. and also a great relationship with china would come. the cost of props has been closed with the u. s. am, which could have been type of great links with indeed, and surveys have shown that filipinos are somewhat still very mistrustful of

beijing, if not china. what about securing other foreign investments given his some is complicated pass. i mean, do you think for an investors will want to engage with it? yeah, i mean it's, as i mentioned earlier, it's, it's all about improving the business environment. so improving the laws and an ease of. ready business and printing, if structure and political stability. i suppose that the, the part where macos is perhaps weakest on the political stability, given the hangups that is attached to his, his name and the fact that his vice president is the daughter of the current president. investors are going to so we can send that, you know, about poor governance. thank you so much for your insight. thank you. alex holmes, joining us there from singapore. ah, now faced with sewing prices and an expanding job market,

the u. s. federal reserve has announced the highest increase in interest rates in more than 2 decades. the central bank games to handle inflation by cooling the economy and make its grown of iris recovery more sustainable. but it's feared the feds decision to increase borrowing costs could trigger a recession. us present, joe biden has reiterated his support for the feds efforts and set out his plans to tackle rising prices. o family struggle to pay their bills. some corporate corporate executives are on earnings calls with investors on wall street sharing their record profits and explain how were using this period of inflation to cover the rise in prices far beyond what they need to do to cover their costs and all the time. they're not even paying for, for sure. taxes in the 1st place. you want to bring down inflation. let's make sure the wealthiest corporations pay their fair share. all the federal reserve said it

was lifting its benchmark interest rates by half a percentage point to a range of 0.75 percent to one percent after a smaller rise in march, and with us inflation at a 40 year high, more hikes are expected inflation in the u. s. slowed last month for the 1st time since august. prices still increase, but at a slower pace, the consumer price index was up. 8.3 percent, a decrease from the 8.5 recorded in march. besides, interest rates rises, the fed aims to scale back for huge injection of monetary stimulus pumped into the economy. it plans to reduce its 9 trillion dollar balance sheet by shrinking its portfolio of treasury's and agency mortgage backed securities. the federal reserves latest moves are likely to pushed a dollar further up. the u. s. dollar index has reached the highest level in 20 years, but the u. s. gross domestic product shrunk at a 1.4 percent annual pace in the 1st 3 months of this year. the 1st drop since the

2nd quarter of 2020. the move by the bank in charge of the world's largest economy will make it more expensive for people and businesses to borrow gulf states who's currencies are tied to the dollar have responded to the fed with interest rate rises of their own. that's while central banks in several countries are tightening boring costs in an effort to cushion businesses and consumers from inflation. or joining us now to talk more about this from london is richard siegel who's a research unless with the london based financial institution, ambrosia capital. thank you very much for being with us, richard. so present biden, we heard this week, blame the runaway prices on republican tax and economic proposals. they in turn have blamed him whose white, who is to blame or what is to blame for, for the rising cost of living in the u. s. i would say some of each, but also neither. there are writing factor including writing and quantity prices,

supply chain and balances. the recovery of permanent pen demik which was faster than expected, but also balances in the labor market. along with the fiscal stimulus, which was popular among both parties, it's really the task for the better reserve and b u. s. government to adjust monetary policy so that supply and demand come into balance. but also fiscal policies oriented in the future to provide more stability in terms of market and business expectations. biden said he couldn't predict how long these inflated prices would be a fact of american life. tell us more about the plan. he announced this week will these policies how p think i think will to some extent, but really what the country needs. we're just looking at in placement alone is to look at the current parts of the index which are rising sharply. these include

energy, not surprisingly, that will sort itself out by itself, but partly that's out of the control u. s. government officials. but it's also areas such as housing which are pricing by more than 5 percent per year. and they are, the government can take steps to improve the supply of housing in order to address that balance. there are a lot of small things that the government can do, but there isn't any magic, but in these all will take a long time, because it's really, inflation has become entrenched. no magic bullet, you say richard. the federal reserve has high interest rates, as we've seen, and his strongest move to tame these spies in prices. but some of said that this is too little, too late. would you agree with that? i was on that point. i would say it's too late, but not too little in terms of timing. i think the that is behind the cur. although not significantly, perhaps 3 or 6 months. which in the grand scheme of things is not that significant

. however, by claiming inflation that which was seen last year in early this year was in their words, transitory. they led everyone to believe that things would be under control very quickly. and by moving to late, it doesn't really affect the economy that much. but it effects expectations a lot. they've created a lot of volatility in terms of expectations, but also market volatility. and this makes it much more difficult for corporations to raise money. and the volatility also hurts consumer confidence. right. what about the rising dollar? how does that benefit the economy? could that help decrease the inflation pressure? it helps a little because he can temper impact of the rise and in order to model the prices . but it doesn't help that much. because what economists call pass through in the u . s. is very low, just because the u. s. is such a vast economy itself,

but it doesn't have that much. and on the other hand, to concurrent the gross biggers, because of wage to calling exports and rising in parts. and that was the major recent g, d, p. contract isn't the 1st quarter because you mentioned the, the word richard recession is being bandied around a lot. is the u. s. at risk of a recession just 2 years after emerging from one there is always a risk. i don't think you can rule out completely, but there is already so much stimulus in the economy already. real interest rates will remain sharply negative in real terms for a number of years to come. the labor force participation rate is rising and the strength of the dollar will encourage consumption. so i don't think the recession on an out right basis is likely. however, we are in per period of slow growth, right? wish to extend, we'll help. so inflation over time. if not very quickly,

can the federal reserve you think engineer soft landing the markets don't seem convinced about that. i wouldn't say a soc landing is very likely. on the other hand, if we are to avoid a recession, it's inflation is just gradually that i think there's a pretty strong chance that isn't necessarily stop. it might just be a bumpy landing without a crash. richard, how will the measures taken by the us, the world's largest economy, affect other countries, especially emerging markets? that's why i am more worried. a lot of these countries and we picked up any of them . we could pick an denisia, we could pick egypt, we could present mexico the rice in us range, but also the uncertainties that the bed in decision where they are raised by 50

basis points will be raised by 75 basis points. causes a lot of volatility and their markets in their exchange rates, but also makes it much more difficult for companies in those countries as well as the governments to raise money abroad. and that volatility can lead to a lot of generally revised expectations, goes on businesses and consumers and lead to long las hoarding ross much. thank you so much for your insight. richard richard siegel is a reach research on this with the london based financial institution, ambrosia capital. thank you for joining us on counting the cost now as temperature, sword to an old time high in india. so did the demand for electricity. but due to the countries worse power crisis in 6 years, air conditioners machines and lights have been switched off for long hours during the day. the main reason for the shortage, not enough coal. the fossil fuel accounts for more than 70 percent of the country's

electricity generation. and india is the world's 2nd largest producer and consumer of coal. but socks are said to be critically know in $108.00 of it's $173.00 power plants. imports are becoming more and affordable as the war in ukraine drives the prices of coal and natural gas. up joining us now to talk more about the power crisis in india is a vi boutique garg who's in new delhi. she's in the lead energy economies at the institute for energy comics and financial analysis. thank you very much for joining us v booty. so coal shortages and high temperatures are largely to blame for this crisis in india, but avi, other underlying factors here support from high temperature and glory shortages, you know, would be the key on the line fact. does that add to the call transportation has been at the bought the neck to why and that has been called with call in there. but trig availability for coal transportation has been a constrain. second, b,

i would say, follow up if you have not been maintaining enough cold stock out there in the wind . the requirement is for them to maintain for about $24.00 days or a minimum of 2 weeks of supply a bit. and but most of the nines in the last one, it has be maintaining only gold star for $9.00 to $10.00 days. and this has led to a bit of a panic situation. and one of the reasons for them to, you know, have less school at their end is because the distribution companies to whom they said, oh, he will be immense to the developed. but this kind of impacts derek. cash flow of and then the developers find it difficult to make payments. well, corporate from call it another reason why the shortage could have be met to imports but imported gold guys out in all time high. it's about $3.00 to $4.00 times higher than the prices prevailing. back and this makes them boarded goals, ready?

expensive distribution companies have been waiting, you know, buying expensive course. so what's the government plan for to fix this top pile problem images need? the government is kind of trying to avoid the crisis by damping up domestic production, as well as asking captive density to generate that maximum in the month of april 2020. do alone. you know, colon daddy's about it's production by $27.00 both and however, the off take increase was only $6.00. and then one of the reasons the highlighted boards that i never ability upgrade quarter government has also opened up 20 close mines for the private sector. but the government is reviewing, it's trying to get back to the public sector that they can like nbc, i think in charge of them. the booking. what about? what about renewable energy? what about renewable energy? can india, we in itself off call? i would say enough setup, huge targets for the 1000000000 due by trade,

deeper be and med 0 by 2070. and while and there has a big cold feed and it will continue for some time. but what we need to see is that we don't build any more non, apart from one which are already on the construction, investing in the no g choices for 2 to 3 years and they didn't get involved limited financial resources because any investment, you know, and i said at any stage of value chain by the even it's school mining will log investment for at least another 25 years or even more so which is not decided but right. what it needs to do is, in order to meet it's increasing demand, you know, more and more reasonable needs to be added. and if you'll see renewable prices out, in fact deflationary and the cold prices are in place, you on the right, you've told me you could be more sustainable, right? you've told us about what india needs to do. i guess what we want to find out now is what impacts these power cuts have had on businesses and the indian economy as

well. all those consumers, whether it's industries, agricultural or residential consumers are all getting impacted. but the demand for industrial production just started picking up that they impact the forward 90 and now their production is getting impacted that schedule father outages, they by impacting the g to be of the country. also, you know, there is bell bed laws as residential, that you are facing the heat by having to spend time in this monitoring heat. we have about borrow. thank you so much for talking to us about this v boutique arg, from the institute of for energy economics. and financial analysis in new delhi. thank you for your time. nan iconic painting of hollywood actress marilyn monroe by andy warhol, has smashed records after selling for a $195000000.00, making it the most expensive piece of 20th century art ever sold. the proceeds will be donated to a foundation that supports children's health and education programs. victoria gate

and b has a story. andy will hold portrait of marilyn monroe, was expected to shatter records for contemporary art. the sale at christie's auction house in new york attracted international interest. the painting, short sage blue marilyn is worn in a series, and the 1st to be auctioned off in nearly 25 years. bidding started at a $100000000.00 and it sold in less than 4 minutes to a u. s. aunt dealer, 170000000000 photo wall is selling her usa wild centreville. adult with taxes and fees included. the final points came to a $195000000.00. the proceeds will be donated to charity. if you think about, you know, will whole price is the will record was at a $103000000.00 for the silver car crash. this almost doubled it. and again, 20th century works of art, american works of art. it's the highest price ever paid. a close to $200000000.00.

ah, let it sink in. it's quite something will hold created the famous silk screen image of monroe, following the death of the actress after she took an overdose of sleeping pills in 1962. 60 years later, the public is still fascinated by her life and death. and perhaps no other painting has ever been so well poised to capitalize on post pandemic pent up demand, to see and purchase art, victoria, gate, and beef accounting the coast. and that is our show for this week. get in touch with us by 20 me at 40 by a j e, and do use the hashtag a j. see to see when you do or drop us an email. counting the cost at al jazeera dot net is our address. but there's plenty more for you online at al jazeera dot com slash ctc. that will take you straight to our page, which has individual reports, links, any tie happy. so it's very new to catch up on that is it for this edition of

counting the cost? i'm fully backbone from the whole team here in doha. thanks for joining us. the news on al jazeera is next leave us trying out, raising land is shrinking in some roots long used by wildlife for migration. have been blocked by human settlements. to deal with all these, kenya needs more money for conservation. and with a corona virus pandemic keeping many visitors awake. revenue from torrison isn't enough. here at the embassy national talk, an annual ceremony has been launched the whole creation than individuals pay $5000.00 yes, dollars to name. and if it's the aim this year is to raise $1000000.00. much of it for conservation initiatives. how and why did it become so obsessed?

with this law, we were giving them a tool to hold corrupt individuals in human rights, abusers accountable. they're going to rip this deal apart if they take the white house of 2025. what is the world hearing while we're talking about pi american today, you'll weekly take on us politics and society. that's the bottom line with this is al jazeera. ah hello, i'm adrian finnegan. this is louise. i'll live from doha, coming up in the next 60 minutes. we regret the intrusion to what should have been a peaceful procession. a muted response from the white house falling short or condemnation after, as the israeli attack on mourners. during the funeral for al jazeera journalist shall be an ugly tension, remains high as the anniversary of israel's.