independent films do with more wards, but sooner audience says for hollywood produces say, the idea that that lou visa driving down is nonsense despite the theatrics festivals like cad, a still the place, the smallest toys with a different pace. charlie angela al jazeera can. ah, this is al jazeera, these are the top stories, the u. s. a. sizes confident finland and sweden will be accepted into nato. took his objected, enjoining, accusing the nordic countries of harbouring what it calls terrorists, swedish and finish leaders will meet the u. s. president on thursday. russia's defense minister has released footage of hundreds of ukrainian fighters, surrendering and mario polls absolve styles. steel plant. moscow says the troops have been taken to a formal penal connolly in russian controlled territory, but their fate is unclear. ukraine is suggesting a prisoner swap,

while russia once some of them branded terrorists a palestinian mourner at the funeral of veteran al jazeera journalist, sharina arb lockley, has been arrested by israeli forces or more. abo hebert is attacked by israeli police as he carry trainings, coffin, and occupied east jerusalem last week is going to be held until at least next sunday. and a landmark agreement is ending years of legal action by female soccer players in the u. s. over gender discrimination in an unprecedented move in the global game, the prize money will be shared in both the world cups played by men and women. those are the headlines. the news is going to continue here on august year after counting the cost good by. ah no, not a full

with an honest image with a view to what he said, what the hell that the put up with a shooting, avita, philistine frank assessments. what are the political risks?

robotic russian, oil gas for western leaders will sanctions on russian never generic sports, possibly for social informed opinions. france is not abandoning to fight against via the still reserved media debt. going to be arching problem nisha and from char critical debate, could china actually help in russia's invasion of ukraine in depth analysis of the days global headlines inside story on al jazeera. ah, [000:00:00;00] with hello, i'm 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

wilford's on 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. why? alrighty? and the federal reserve has imposed the highest rate hikes in more than 2 decades to tackle the problem. so we'll price is cone down. and india's 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? 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 are

now on the new president economic policies for a jan, marco's junior, the son and name sake of a controversial former 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 marcos family law. marcos is running made for vice president, is sarah deterred a copy of the daughter of the outgoing leader, rodrigo 30, 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 deterred to his rule. the phil scenes 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. marcos has given very few policy details on the campaign trail, but he plans to continue to take 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 i'm joined by alex holmes, who is an 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 huge amounts low. hm. or his policy platform is and then the, the things that you, you briefly mentioned um, but 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 voters indeed have been very vague. his promise to lower the price is gonna raise the goods building infrastructure as well, and steering the philippines out of 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 the 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 types of concentrate would be the overall environment sites or 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 things, being our own infrastructure. he's expected to, to complete detectives, build build build 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 thunder lake. was that a perhaps try 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 them 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 maybe cause problems with the current account, right? and macos will inherit a huge amount of debt, one 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, if it'd be, come be completely free about that. but it's still a relatively risky market for investors, and it does not complete the barring, but the level of that entirety is actually comparable to other emerging market. no . so as long as markets doesn't run massively wide destinies. and we think that the fiscal. ready will remain sustainable for greg countries and she's 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 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 type a case, power is very different. now china has wrote back a lot of it for an investment. traces about 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 then money with conditions to the philippines. so focusing on china might be results, right. and also,

a great relationship with china would come at the cost of props as has been closed with the us, which the philippines habits. 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 sam 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 doing business and printing in structure and political stability. i suppose that 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 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 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 we're using this period of inflation to cover the rise and 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 rate 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 us 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. of 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 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 was 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 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 the u. s. government to adjust monetary policy so that supply and demand come into balance. but also so that is good 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 it will to some extent, but really what the country needs clear. just look 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 its own, but currently 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 long time because of the inflation has become entrenched. no magic bullet you say richard, the federal reserve has high interest rates as we've seen, and it's 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 or 6 months, which in the grand scheme of things is not that significant. however, by claiming inflation that which was seen last year, 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 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 polity also hurts consumer confidence. right. what about the rising dollar? how does that benefit the economy? could that help decrease the patient pressure? it helps

a little because he can temperate 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. again, it's hell, but it doesn't have that much. and on the other hand, concurrent the gross biggers, because of ways to calling exports and rising in parts. and that was the major reason. pdp contract isn't 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 it 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 is for 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 to slow gradually. and i think there's a pretty strong chance that isn't necessarily soft. it might just be 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 and denisia, we could pick egypt, we could present mexico the rice in us range, but also the uncertainties that the bad indecision 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 a lot of young rudely revise. such limitations goes on businesses and consumers and lead to lawless 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 countries 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 the booty gog? who's in you 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 t on the line fact. does that add to the cold transportation has been at the bought the mic. wind there has been call with call in there, but trig availability for coal transportation has been a can stream. second me, i would say a 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. and then, but most of the pop 9 in the last one that had to be maintaining on equal stock for $9.00 to $10.00 days. and this has led to a bit of a panic situation. 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 developers this into and kind of impacts their cash flow of. and then that if not that's 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. so 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, by an expensive bala. so what's the government plan for to fix this top pile problem? images me, 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 2022 alone. you know, colon daddy's about its production by 27 both. and however, the off take increase was only 6, wasn't one of the reasons the highlighted was the ability to operate quarter government has also opened up 20 close mines for the private sector for 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 awful? i would say enough setup, huge targets for in a 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 know g choices for 2 to 3 years and they can 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 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 up that they impact the forward 90. and now their production is getting him back at that scheduled father outages. they buy impacting the g to be of the country. also, you know, there's belt bear laws as residential that you are facing the heat by having to spend time in this monitoring heat wave. the bout borrow. thank you so much for talking to us about this liberal t guard 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 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's sold in less than 4 minutes to a us aren't dealer $170000000.00 photo wall is selling here. usa one, 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 hold prices the will record was at

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 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 by a j e, and do use the hashtag a j. see to see when maiden or drop us an email. counting the cost at al jazeera

dot net is 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 reports, 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 ah a weekend stories of resilience and courage. i get younger piano, right, with where there's a lot of like he's one of the bottom. i got your little boy,

them kind of tradition and dedication, but it was, i was little more go about with short documentary sky african filmmakers on the white 9 and the book make it africa direct on al jazeera ah, the u. s. as it backs finland and sweden joining nato, but tucking threatens to block them. ah, robinson, this is all just here alive from doha. also coming up, the report from the ukranian city destroyed in russia's offensive for people as selling everything to survive. wall street closer nearly 4 percent down, driven by rising inflation as the modern ukraine helps push up world wide food from