spread to emanuel macros possibility of trying to form a majority in the national assembly. ah, hello there. this is al jazeera and these are the headlines. more than 260 ukranian fighters have been evacuated from marian poll after a deal is reached between here and moscow. they've been taken to a medical center and the russian control town of never as us. it could become part, imprison us, one, please. so dickie jim, gracie, we schools, thanks to the actions of the ukrainian military, the international committee of the red cross and the you in we hope that we will be able to save the lives of our guys, the us severely wounded soldiers among them. that being given care, i want to stress that ukraine needs ukrainian heroes alive. that's our principles. i think that any reasonable person will understand these words. the work continues

to return al, guys, home. and this work requires delicacy and time of day, a lot of north korean leader kim jong on has called, says health officials, irresponsible as they struggle to contain a coven 19 outbreak. 6 new deaths and a father, 270000 people, showing fever like symptoms were reported on tuesday. dozens of people have been injured at a funeral and occupy, destroyed them after israeli police attacked mourners and 23 year old man who is injured during the storming of alex a most compound last month died on saturday. a heat wave is sweeping through northern india, with temperatures hitting a record 50 degrees celsius and parts of the capitol, new delhi, millions of lives, and livelihoods of being affected officials warm. the heat could cause health problems for the vulnerable, including infants, the elderly, and people with chronic diseases. this is the 5th heat wave in the capital since march. and in pakistan, unprecedented temperatures have led to water and electricity shortages. residents

have been added to remain indoors during the hottest hours of the day. doesn't have died so far. the family of the victims of the laces mass shooting in the u. s. renewing calls for restrictions on gun ownership. 10 people died in buffalo on saturday. and what's been described as a racially motivated attack. it's one of nearly $200.00 mass shootings this year in the us. the u. s. as testing hypersonic weapons, which can travel at 5 times the speed of sound, the air force as a b 52 bomber successfully launched a weapon off the southern coast of california on saturday. well, those are the headlines. there'll be much more news for you here on al jazeera after counting, the cost to stay with us. trust in authority is at an all time low. you want to shop for him, hateful distrust. this is a baffle about what a truth actually is o g 0 investigative unit, pulls back the curtain and reveals how fear,

suspicion and conspiracy theories of become the 2 of the powerful were in a dangerous and dangerous territory. one's di. what happens now that we've literally diverge that they will be how democracy does the truth illusion on i just either with 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 marco's family in the philippines. but how will for john martha's junior title, 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 president's economic policies for design, marco's junior, the son and namesake of a controversial form. a president is set 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 macos. sammy la macos is running made for vice president, a sarah detective copier, the daughter of the outgoing leader, rodrigo tirty, and many of her supporters have voted to see a continuation of her father's policies. well, let's have a look at how the economy fed during the ted 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 t at is billed billed billed 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 i'm joined by alex holmes, who they emerging market economies,

specialize in emerging asia and capital economics. he's joining us from singapore. thank you very much. alex of being with us. so is marcos junior's election? good news or bad news for the philippines economy? it's, it's hard to say really how it will turn out because we don't know, he came out slow ham or his policy platform is and the, the things that you, you briefly mentioned um, but it, it is going to be hard for him to shake off the fears about nepotism and corruption, given his family connections. he is commitment to vote, as indeed have been very vague, his promise to lower the prices of grace it goods building infrastructure as well, and searing the philippines out of the the economy slow down 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, i making it hard place to do business, logistical performance of, 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, bills 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 to undertake with that a perhaps try to, to go a little bit too fast. 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 anyways, heavily on inflation. so, because we'll have to be careful, and he doesn't get it too fast and, and, and try to build too much to quickly. otherwise, it's going to create frictions in the economy and, and maybe cause problems 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 of debt, but it's still a relatively risky market for investors. and it does not complete the barring, but the level of debt being harvey is actually comparable to other emerging market . no. so as long as market doesn't run massively wide estimates, we think that the fiscal. ready will remain sustainable for greg countries and should the philippines alex, what about the relationship with china? will he like to take a pursue investments with china? because detaches 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 count power is very different. now, china has wrote back a lot of it's for an investment trace to about a road initiative is, has been robot quite a lot and it's dealing with it keep crises of its own kind of it. outbreaks is not necessarily the case. the china would be willing to, to lend money with conditions to the philippines. so focusing on china, the old results. right. and. ringback a great relationship with china would come, the cost of props has been closed with the u. s. which could have been type of great links 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 means the. ready business and printing in structure and political stability. i suppose the the part where marcos is perhaps weakest on the political stability. given 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 still be concerned about poor 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 rising, 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 and prices far beyond what they need to do to cover their costs and all this time. we'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 decreased 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 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 variety of factors including rising and quantity prices,

supply chain, and balances. the recovery approach 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 to the 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 help, he think? i think will to some extent, but really what the country needs it. we're just look at inflation allowance is to look at the current. 4 part of the index which are rising most 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 and 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 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 too late, but not too little in terms of timing. i think the that is behind the cur, although not significantly, perhaps 3 to 6 months. which in the grand scheme of things is not that significant

. however, by claiming the inflation that which was seen last year and really this year was you and your words, transitory. they lead everyone to believe that things would be under control very quickly. and by moving to way, 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 polity 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 it can temper 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 u. s. is very low just because the

u. s. the structure of after economy again, it's hell, but it doesn't have that much. and on the other hand, it can hurt the growth figures because of leads to calling exports and rising in parts. and that was the major reason p d, p contract in the 1st quarter because you mentioned the, the word richard recession is being banned is 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 out right basis is likely. however, we are in per period of slow growth, right. which to that extent 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 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 indonesia, we could pick up. we could personally mexico the rice in us rates, but also the uncertainties that the bad decision will be 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 a lot of down rudely revise. such limitations goes from businesses and consumers in lee to lot less hoarding restaurant. 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 a countries electricity generation. and india is the world's 2nd largest producer

and consumer of coal. but socks is 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 v booty gog. who's in you deli, she's india, lead energy economies at the institute for energy comics and financial analysis. thank you very much for joining us. v booty. so call shortages and high temperatures are largely to blame for this crisis in india. but avi, other underlying factors here support from high temperature and course shortages, you know, would be the t on the line fact. does that add to the call transportation has been at the bought the neck to why it has the goal 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 to 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 would 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, calling about its production by $27.00 both and however the off taken grease 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 in a 1000000000 due by trade,

deeper be and med 0 by 2070. and while and there has a big cold lead 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 know g choices for 2 to 3 years in been limited financial resources because any investment, you know, as i said at any stage of value chain, but even it's school mining will lock investment for at least another 25 to 30 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 see 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 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 up that they impact the forward 90. and now their production is getting impact that scheduled father outages. they buy impacting the g to be of the country. also, you know, this belt bear laws as residential, that you are facing the heat by having to spend time in this monitoring heat wave. the bout bower. thank you so much for talking to us about this liberal t garg from the institute of for energy economics. and financial analysis in new delhi. thank you for your time. non 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 aren't 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, maryland 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 whole price is the will record, was a $103000000.00 for the silver car crash. this almost doubled it. and again, 20th century, i 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 did or drop us an email. counting the cost at al jazeera dot net east our address, but as plenty more for you online at al jazeera dot com slash ctc, that will take you straight to our page, which has individual report links, any tie episode for you to catch up on that is it for this edition of counting the

cost, i'm fully back low from the whole team here in doha, thanks for joining us. the news on al jazeera is next blue i was raised in france. these are my grandparents. these are my parents. and this is mean fighting both isis and of the 1st of a 2 part epic tale of a remarkable family. the father, the son and the jihad. part one on al jazeera. ah

alger 0. great with oh. hello there. i miss darcy attainder. how with the headlines here, if you on al jazeera, more than 260 ukranian fighters have been evacuated from maria paul, after a deal was reached between cuban moscow. they've been taken to a medical center and the russian controlled town of never as office can. they could become part of a prisoner swap. so dicky, g migration, we schools, thanks to the actions of the ukrainian military, the international committee of the red cross. and the un we hope that we will be able to save the lives of our guys the us of v.