what will be the exact impact of the reopening, but that may be at the it's another point of entry and, but let's be honest, the shape of the economy at the moment it's, it's pretty bad. there's a lot of inflation. when you go to the supermarket here, yes, they are on the shelves, but the reality is that the purchasing power of many, many is decreasing. so the situation is pretty bleak, but hopefully with the reopening of commercial flights. and we hope that it will lead to even more other good news. ah, it is good to have with us. hello, adrian. here in the headlines and i was 0, a special collaboration services been held in bethlehem for the al jazeera journalist, shirley, and our claim. judge leaders in the hospital officials in occupied east jerusalem of condemned is ready for system for attacking mourners at a funeral procession on friday. the video has also been released showing the moment

that is ready for storm st. joseph hospital, where surely and i blacklist body had been laying. officials say that forces pushed past a pregnant woman and a disabled patient preliminary results from sunday's parliamentary election and lebanon shall major gains for the lebanese forces party, which is a kristian group aligned with saudi arabia. vote was the 1st since the bay report exclusion and collapse of the countries economy said a 100 reports now for bay roof. this is a parliamentary democracy, but the reality is it's consensual democracy. if none of the communities a work together, if one community feels that they are marginalized, set out or under attack, by the others, then there will be no national unity and there will be no peace. and this country has seen a civil war. it has seemed bouts of violence ever since. so if these different political forces don't come together and work together, then we're not going to see political stability. and of course,

economic stability. so people are concerned soldiers defending ukraine, 2nd largest city hall. keith said that they've reached the border with worship. the defense ministry shed a video of celebrations at a border. marco sweden has announced that they will join finland and formerly applied for nato membership. the decision marks of major policy change for the swedes. you've avoided any military alliance as for the last 200 years, troy anchors prime minister says his country will run out of fuel in just one more day. he says, that's when i can eat $75000000.00 over the next few days to pay for essential imports. french private as to john cas, texas, had that in his resignation to president of manuel mac chrome. the booth was anticipated and cleared the way for cabinet overhaul. a cron has just announced that he will appoint labor minister elizabeth born to the post others the headless bonnie's fiance's era. after counting the cost next ah

ah, i flew, 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 toggle the countries financial problems and can he revitalized 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 coming 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 locked downs, 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 a now on the new president economic policies for a john, marco's junior, the son and namesake of a controversial former president. he said to leave the country for the next 6 years, that would mark the 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 marcos sammy. now marcos is running, made for vice president, is sarah deterred a copy of the daughter of the outgoing liter, rodrigo 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 detailed 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 at 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 figure is 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 26000000, just under 25 percent of the population. michael says, given very few policy details on the campaign trail, but he plans to continue to target is build builds build signature infrastructure program is also vowed 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, joined by alex homes with an emerging markets economies,

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 how they really, how it will turn out because we don't know huge amounts about or his policy for ms . and the things that he briefly mentioned. but it is going to be hard for him to shake off the fears about that system incorruption. given his family connections, he's commitment to voters indeed have been very vague, his promise to lower the prices of tracy goods, building infrastructure as well, and steering the philippines out of the the economic slowdown caused by the pandemic. but how specifically is he 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 country or to ship them. 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 places 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 reform, foreign direct investment rules, and there's plenty of time to go and pay if things are on infrastructure. he's expected to, to complete. detect is bills billed. 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 handling was that a perhaps tried to go a little bit too fast. it was a big spike and he says, have kept to goods you know, to, to supply the infrastructure drive, but that, so the current account tested why didn't quite considerably anyway heavily on pushing in inflation. so, buckets will have to be careful, and he doesn't go too fast and, and, and try to build too much too quickly. otherwise, it's going to create frictions in the economy and, and may be caught up with the current account, right? and macos 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 free about that, but, and it's still relatively risky market for investors and it doesn't complete the barring. but the level of debt being harvey is actually comparable to other emerging markets nor behind. so as long as market doesn't run massively wide estimates, we think that. ready will remain sustainable for greg countries. i'm sure the philippines alex, what about the relationship with china? will he like to take a pursue investments with china? because the text is overtures to beijing had somewhat mixed results. yeah, i mean that leaving aside the kind of private comes of going to 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 change that the belt road initiative is, has been robot quite a lot and it's dealing with it. keep crises of its own outbreaks is not necessarily the case that the china would be willing to to then money with conditions to the philippines. so focusing on china, my field results. right. and also a great relationship with china would come at the cost of props as close pas with the us, which could have been tablets. great indeed, and surveys have shown that filipinos are somewhat so 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 in structure and political stability. i suppose the, the part where macos is perhaps weakest on the political stability. given that the hangups 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 port governance. thank you so much for your insight. thank you. alex holmes, joining us there from singapore. ah, now faced with sawing 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 price. o family struggle to pay their bills. some corporate corporate executives are on our news calls with investors on wall street sharing their record profits and explain how were using this period of inflation to cover the rise and prices far beyond what they need to do to cover their costs. and all this 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. on 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 small arise 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 is portfolio of treasury's and agency mortgage backed securities. the federal reserves latest moves are likely to pushed a dollar further up. the rest 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 whose currencies are tied to the dollar have responded to the fed with interest rate rises of their own. that's why 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 analyst 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 party commodity

prices. supply chain and balances the recovery pandemic 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 u. s. government to adjust monetary policy so that supply and demand come into balance. but also so that 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. if we're just looking at inflation allowance 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 the vision, any magic, but in these all will take a lot of 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 moved 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 affects 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 the contemporary impact of the rise and in order to commodity prices. but it doesn't help that much, because what economists call pass through in the us is very low,

just because the us, the structure is after economy itself. but it doesn't have that much. and on the other can be concurrent the gross biggers, because of wage to calling exports and rising in parts. and that was the major recent p d. p. contract is in the 1st quarter because you mentioned the, the word richard recession is being bandied around a lot is the us 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 outright basis is likely. however, we are in per period of slow growth, right. which to extend will 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 us. 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 to slow gradually. and 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 and u. s. range would also be uncertainties that the bad decision with

a raised by 50 basis points will be raised by $75.00 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 lot to generally revise such limitations goes from 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 analyst 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 low 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 cool shortages, you know, would be the key on the line fact. does that add to the cold transportation has been at the bought the neck to wind. that has been cool with cool in there, but trig availability for coal transportation has been a can stream. second,

be 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 to be maintaining only goes stop for $9.00 to $10.00 days. and this has led to a bit of a panic situation. i'm 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, huge payments to the developer. this kind of impacts their cash flow of and then that if not that's find it difficult to make payments. well, corporate go from call it another reason why the shortage could have be met to imports, but important goals guys out in all time high. it's about 3 to 4 times higher than the prices prevailing, the u 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 sent 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 its production by $27.00 both and however, the off take increase was only 6 was and then one of the reasons the highlighted was the ability to operate 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 in the 1000000000 due by 20,

but the meds you know, 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 limited financial resources because any investment, you know, and i said at any stage of value chain, but even it's school mining will lock investment for at least another 25 years or even more so, which is not designed 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 exceed renewable prices out, in fact, deflationary and the coal prices, inflation are you on the right. you've told us to 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 costs 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 the impact the forward 90. and now their production is getting impacted that schedule father outages they by impacting the g d. p of the country. also, you know, there's bell bed laws as residential that you are facing the heat by having to spend time in this monitoring heat may have been bowed. barbara, thank you so much for talking to us about this video. t gog, from the institute of for energy economics in financial analysis in new delhi. thank you for your time. now, 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 gates

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 one 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, $170000000000.00 photo wall is selling her usa one, centreville adult with taxes and fees included. the final price came to a $195000000.00. the proceeds will be donated to charity. if you think about, you know, will hold prices 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 we'll whole 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 aunt victoria gate and be for counting the coast. and that is our show for this week. get in touch with us by 20 me at 40 bye a j e, and do use the hashtag a jacey to see when you did 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 at the. so it's for you to catch up on that. is it for this edition of

counting the cost? i'm fully back go from the whole team here in doha, thanks for joining us. the news on al jazeera is next ah, a struggles full of pleasure to santa rosa will credit both pick out a little undecided on the internet so that i'm, that goes with an intimate look my life in cuba. nicola, it, me for media and me, dallas hammock, diego filled me, was

a loony going to was on the year my cuba on al jazeera ah, investigating the use and abuse of power across the globe on al jazeera. ah, church leaders in occupied east jerusalem condemn is ready forces for attacking mourners. at the funeral procession of the al jazeera journalist chevy novel, actually a new security camera footage at the moment, but his writing forces stormed st. joseph hospital, where shaheen spotty had been lying. ah, oh, i'm adrian from again. this is al 0 alive from dough ha. also coming up. partial results are out in the lebanon's parliamentary election.