he was concerned that pushes partial mobilization, would cause the borders to clue. he made the decision to leave his hometown or staff in just a few hours or the browser. yes. and it took 23 hours to drive from tbilisi to here with my friends, from stuff up all to georgia. it took 27 hours. sometimes i had tried, sometimes people wanted to have a many russian tours and now extending their stays as a result. rental prices are skyrocketing, waterboard, uncle alex say, who move here last december says that changes have been dramatic. people, you know, become crazy because they can see that a lot of people come when they want to pay some amount and people just change prices every day. every week and it's awful, i think, and that is making it increasingly difficult for local people to find flat past year. it's changed a lot, especially the prices have increased. i would say by 5 times,

especially for rentals, most turkish people average tribute people can't afford to live here anymore. they've had to leave this city, especially since february the number of fractions with residents intro here has increased by more than 50 percent, unless the more any crane and soon appears to be a tough destination for russians who wants to get away for a while. however, the city is uncontrollable. real estate prices make it difficult for both locals and foreigners to survive. the non custodial al jazeera taya southern to kit i 0. these are the headlines this. our ukranian troops have encircled the russian occupied stronghold of layman in east and don't yet region. we have captured privileges near that city cave says the town could fall. lebanon's president has

received a u. s. mediated proposal to resolve a maritime border dispute with israel. the 2 countries have been holding talks on territorial waters in the mediterranean and the division of gas fields. thousands, a gathering in bagdad to mark the 3rd anniversary of major demonstrations against the government. the protest in 2019 were held to seek an end to rampant corruption and high unemployment. alhashan is in baghdad. 2 the main slogans dug are being raised over here. they want the, the rights of the mob fuses. they thought they want to let this establishment. this whole system collapse. one, once again, they are borrowing the same slogan that was used in the past during the arab spring . the people once the regime down on this has been a raised over here on several occasions today. for now, according to the organizers that are saying they're not expecting that on 75000

people could be in this script. and more cities across iran are hosting protests over the death of masa and maney in police custody. despite heavy crackdowns, police officers reported reportedly fire t gas at demonstrators in the city of advance and the southwest, dozens of people had been killed and hundreds of wasted since the unrest began. 2 weeks ago. those are the headlines. i am emily angry. the news continues here on al jazeera, after counting the cost to stay with us. which site is winning pay us or control? now, what does the new forever proxy war mean for america and nato? as long as americans keep consuming, prices are going to keep going up. why didn't joe biden see inflation coming? how did we get so much raw? the quizzical look us punitive. the bottom line with

hello, i'm rob madison. this is counting the cost on all 0. your weekly look at the world of business and economics this week. the u. k. is government's introduced, big tax cuts to try to boost economic growth, but the international monetary fund is wanting, the measures could stokes sawing inflation. so what's next for the british economy? and also this week, central banks around the world are raising interest rates. they're trying to attain inflation. but that could come at a high cost for the world's economy. plus from bollywood to natalie would. why 2 of the world's biggest film industries are struggling with britain's prime ministers batting big on a fiscal policy that includes the biggest tax cuts in the u. k. in half

a century. it's all going to be funded by borrowing less trust is determined. the plan is gonna kick start the british economy, but a critic say it's a reckless gamble, man. the plans seem to have backfired already. the pounds fallen to record lows. financial markets have gone into turmoil in a ray or public criticism of a leading global economy. the international monetary fund is wanting to plan, could increase and equality in the u. k. the i m f is urging the british government to change its mind. the collapse in the pound has been followed by a surge in the u. k. borrowing costs britain's now paying more than the rates paid by european economies, which are heavily in deb such as italy and greece. the bank of england says it would buy government bonds in an emergency to halt a bond market crash. it has also signal to could raise interest rates in response to the slump and the value of the pound. millions of british homeowners and i braced for big rises in mortgage payments. me voc has been gauging public reaction

to the new budget. a reports from the british time of graves end that is by any stretch of the imagination, a huge economic gamble on the one hand slashing people's taxes on the other massively ramping up borrowing. but will it all mean? let's people hope that everybody in the united kingdom will have a little bit more money in that pocket to spend on bolstering the economy. or will it simply mean as the opposition maintain, that the rich will get much much richer? the plans include cutting, national insurance corporation tax, a tax on buying property, spending tens of billions of dollars on showing up the energy sector. so the people's bills that go through the roof and also controversially on lifting a cap on bank as bonuses. i'm in the town of graves and about 30 kilometers or so from london, is neither particularly rich nor particularly deprive, but it could be doing much, much better. it's got a huge concentration of independent businesses. many of these owners are looking for the economic space to breathe. hopefully it will help because, you know,

you were in difficult times at my and then every once in a being half way, you can put them on a just to, you know, pay the bills to fade on the table. say any sit luxury seen shops, light to mind, for example, an east is difficult. if you look up then high street, you can see all the shops to slow the sand to go. and if we will go in there isn't anybody 30 little bits money that they can then go spending big shops that they're gonna make their money out of. and the banks even got money gone through the bank. you're not gonna, they're not going to make money anyway. alex, so you're saying that the economy needs to be driven, not just from the top from the bottom and the middle to, i think it is denisa. so saw the bottom work up. the truth is that years of sterility the pandemic. and now of course, the highest inflation in 40 years and most certainly the highest amongst g 7 countries. mean people are very, very reluctant to part with their cash battling this economic downturn for the government will most certainly be an uphill struggle in the months and years to

come. or to discuss all of this, i'm joined from london by office sterling, the research director and chief economist at new economics foundation. think tank off. thank you very much indeed for being with us. within a few hours of this policy being revealed, it was already being criticized by investors. the list appears to be getting longer . is this likely to work how much like gamble is this particularly financially for list truss? well, i think the unfortunate thing here and actually i've been guilty of this myself in the past, is that it's really isn't a gamble in so far as we actually know how this is going to turn out, that there were warnings before the budget that this would cause an uncertainty at best in market because when you announced billions of pounds, a government spending that the, not a company that even with an economic forecast or a plan of how to pay for it. the market start to wonder, are you credible?

that was predictable and without seeing the play out. but actually probably an even deeper level. this isn't a gamble because the u. k. a spent 10 years now the best part of a decade. certainly prior to coven 19 doing exactly the same thing. you know, cutting taxes for business is a private individuals taken away the benefits, the richest, fastest, everyone out, and everyone else. and because we've been doing that for decade, we know how it ends end ends in stagnant earnings growth. the u. k still got lower average real earnings than it had in 2008. it ends in crumbling public services. you know, we have grossly under resource education hospitals, people, i have to wait hours for an ambulance, they have to wait potentially weeks for g p appointment. and it ends in stagnant life expectancy. there, there has been this very blunt warning that's come from the i m f in using language that it usually only uses for emerging markets as an indication of just how

concerned the i m f is about this. yeah, i mean, you know, i'm not to reach the point of view on these things, but it is striking that they've chosen to comment on the economy in this way. and it's just another indicator that the u. s. bending acquired rapid pace, it's institutional, analytical credibility. and you know, you see that now with government ministers coming out and talking about government ministers and government supporters and government outright is coming out and talking about financial institution beyond that is now left wing economic bastions . when of course it was quite the opposite a few years ago. there's almost now no one left. the government hasn't accused of being left way. i think the only thought of homes that credibility, you can government go to borrow billions of dollars in order to be able to pay for this. it's openly admitted that how difficult is it going to be able to talk to the

funders? what kind of structure could it possibly use that is going to allow for the tax cuts and other elements of this policy? because it's not just about tax cuts, that's going to make this work. well actually entry point, this to government is desperate. of course not to borrow in dollars. so you can describe the amount of are in one of the currency. we like to be very keen to make sure the borrowing is issued in pounds and captain pounds as much as possible because that means they can keep control to some extent of the economic effects. but in essence, boring like this has to be painful in one of 3 ways. you can either leave that as an increase in that and work to make sure that pilot, that full time gradually as a portion of the overall economy. and you can raise taxes to pay that or to speed up the process by which fools relative economy or you can do the same in terms of cutting public spending. governor has to do one of those 3 things. and it looked like at the moment that the 1st of those left in the full naturally is in,

is increasingly problematic, specially well as my forecast, governments don't believe it's already while markets don't believe that's a viable plan. so that does then leave us the remaining tooth disturbance like it's about to raise taxes. in fact, the whole point of this budget was to cut taxes. so you are left with a final possibility which is a cut in public services. and the government has already told department to prepare for efficiency savings. now the extent to it's possible in the political economics is it's hard to tell that you take a decade of cut public spending, but it looks at the government is about to test. so the i m f is warning against it . we're seeing an increasingly long list of investors who are very cautious about this. even the bank of england says it's going to have to step in, in order to try to sparkle if you like, some of it. why say, describe it the excess is the way that this is going to pan out? is this policy actually going to be able to be put in place when there is so much

negativity against it? and there are so many organizations who are prepared to work against it. so i think the government is struggling toward coming up against that pressure. in the end, it's political pressure that will shape this. there is no sort of constitutional mechanism to prevent electric government from doing what it wants to do, of them losing political support and to lead to see that plan. but i think it's quite important to just reflect on the reason why is different institutions, both both in the u. k on abroad are worried about this. and it's quite remarkable because in men in any tend to be economic. so if you cut taxes, that is, that is refreshingly, that means it should increase inflation because increases money in spending in the economy. that tends to mean interest rates can rise, which should actually mean that the pound get stronger. what we've actually seen is

the pound crushing as a result of that as the investable logic should kelly. and the reason for that is because the u. k is paying a premium if you like, for competency and in competency premium when market don't buy literally, the idea of these tax cuts are going to lead to higher at growth in g d p. and therefore they're selling pounds not buying pounds. and you can best as, as are investing abroad not at home, leading to collapse in the currency. you mentioned that the u. k. government was determined to keep the borrowing in pounds. but what is the risk? do you think that whatever future economically the britain is facing, could spill over into all the markets around the world? what kind of influence do you think that could have is having an effect already? we've seen the labor effects in bond markets outside the u. k. most notably in the us and so it's, it, it is certainly a bad thing, the global economy and it will become a drag on the global economy, the worse it gets. but it is certainly not a crisis. the global. com in the way that it is a crisis local in the u. k. and for our neighbors office darling,

thank you very much. indeed for being with us. many facts. ah, you case, new fiscal policy comes as central banks around the world are sharply increasing interest rates to curb inflation from washington to jakarta. nearly every major bank is making borrowing more expensive to try to cool down prices the most widespread tightening. the monetary policy on record is raising fears about possible harm to the global economy. b, u. s. federal reserve has been by far the most significant player in this shifting global economic policy making. it's raised its interest rate by 3 quarters of a point for the 3rd time last week, and signaling the more large rate hikes are to come. the european central banks expected to continue increasing rates in october b. c. b is now seen taking its own interest rate to almost 3 percent next year from 0.75 percent. now,

the swiss national bank carried out the biggest height ever to its key lending rate, ending several years of negative interest rates in switzerland, indonesia tie one. the philippines and south africa are also among the countries where rates have been lifted. but unlike the rest of the world, china has cut interest rates twice this year. inflation in the country is far lower than in the u. s. and other countries will the dollars search to a new to decade high after the federal reserve raised interest rates last week? it's mainly against europe's single currency, the euro, which fall below parity with the green back for the 1st time since 20 o 2, the dollar is up more than 19 percent against a basket of foreign currencies. japan's the latest to have taken direct action in foreign exchange markets to shore up currencies. well, johnny may not from boston, massachusetts is james mccann. james is deputy chief economist at aberdeen standard investments. faith good to have you with us. no central banks around the world. the

use interest rates regular to control inflation, but it's unusual to see them doing it almost in synchronization. how do you think this is going to play out? well, i think it just creates more headwinds for the global economy. i think when you have this coordinated or perhaps not with me, but least synchronized tightening policy, i think you get ripple effects that the not just through individual economies but 3 more broadly. you know, i think absolutely. that's why we're expecting growth to slow, very significant moving to 2023 because i think some of these tightening cycles are seeing in places like the us in europe. a range of emerging markets to as they try to match what they're seeing in developed market financial conditions. and i think those will reach to the global growth. and i think the risk is that in aggregate even more so. and if i understand correctly, one of the things that the central banks are constantly working against is time scale. because although they make these announcements, the actual,

the trickle down effect. if you're like, all of the kind of tightening and controls that they put in place isn't really seen for months. and yet of course, they're trying to deal with an inflationary situation, which is a median. what kind of problems does that cause? i mean, it's extraordinarily difficult, the central banks, especially when the fall in a long way behind the can they feel that they need to go really quickly and the some are urgency behind this tightening. so they need to adjust rates rapidly. the difficulty is, as you mentioned, they're not going to see the full effect of that for a long period of time, potentially 6 to 12 to 18 months. and so in some ways that flying blind, they can look at leading indicators of activity in, you know, especially in interest rate, sensitive sectors like the housing market, like durable goods, etc. but the difficulty really is to central banks. they know they need to get policy typed, know they need to slow the economy, but they don't really know in real time when that happens. so i think the risk for them is that they deliver a degree of over tightening. and actually,

what we see is much more than they intended. it's a 2020 trip, a lot of inflation and situations, but finding at the moment are down to things like the war in ukraine and delays and supply chains as a result of that. but also, of course, from the pandemic, none of which is under the control of the central banks, is, is this really the best way for the banks to be able to deal with this when those elements are things that they simply can't influence? look, there's no doubt the central banks have had some helpful shocks in the form of energy prices in the form of food prices in the destruction, to global supply chains. but really, i think when they look at their own economies, that really face with the, you know, really concerning and balances, you know, the us labor market. and so metrics is never tight and it's generating more wage pressures. so, you know, absolutely some of these, you know, crafts, transitory is the way we spoke about it last year. but some of these international making. sure, honda, but i think when they look closer to home they do see

a car visa post. it shows huge and balances, and those balances are creating inflation. and i think they realize that they have to slow growth at the very least to try and bring those balances back into order. but i think that he's going to be a talk at talk fast without maybe so so much that sort of session the inflationary pressures that we're talking about, of course, are not all over the globe. were seen growth slowing down and in china and europe as well. again, how difficult does that make it for central banks around the world to try to, to, to carry out this balancing act in the face of different markets moving at different rates. there is a degree of dislocation going on here. and we know, for instance, trying to see credit economy, some of our economies, any feature as well. it's showing the characteristics in which is not these inflation precious recovery for cobra hasn't be robust. and we know the best feel free to be a disruptions from, from, from the 0 cobra policy is able to keep

a lid on cases in the country. and so they're not seeing the same degree of inflation pressures because they're not seeing strong growth and strong recovery either, so that their policy is moving to cyclically and in so examples japan is new to the timing of creating quite a lot of crash exchange rates. this is policy to start to pay for that generated it's an issue. so i do think you're getting this degree of global divergence. i think the pressure is in general to what we growth, but it's creating, you know, strain but unity suppressors, i suppose. but, but strange dynamics, we get a pretty large and extended moves in currencies. and i think that creating narrow headaches, especially big export countries. but i think trading nations like china and japan, the central banks around the world obviously worked independently of each other. but the driving currency in the world is of course the us dollar. it's certainly one of the top few. so what am significant does it have the fan how the fed

reacts to this? because really, it seems as though irrespective of what other central banks do, it's done to the us to really drive this. it all, it just plays a critical role in setting global financial condition. it's, it's role as currency just gets it. now, even though the u. s. company is north of itself and that got given the role that plays in the global financial system. so there's no doubt that the feds policy is, is critical in having an impact on, on financial conditions across a range of markets, particularly emerging markets. that's one of the reasons why we do feel that if the u. s. economy goes to refresh next year as we, as we think. and that's driven by significant tightening cycle. then that leaves a countries hon, both through that, i need financial conditions delivered by that strong dollar rise us interest rates . and also then by the jackson, we pay us important a driver tickets,

e u. s. a u s. consumer i t c u. s. is really critical illness and still place is a saturate global financial condition is to some extent, at least could have you whether some times in the costumes. mccann, thank you very much indeed. and keep indian movie revenues have risen every year for a decade, reaching around $2000000000.20. before the pandemic started. but most recent releases have bombed at the box office. i'm bollywood. domination of the indian film industry appears to be uncertain. producers are taking a novel approach to attract people back to the cinema. as poverty, metallic reports from new delhi moviegoers are in for a treat. it's national cinema jane. india ticket prices have been slashed to less than a dollar, many shows or so it out. could really i got this

a good read and then giving hopkins and betsy puppy. so it's really nice that i don't have to put them on the way that i'd like to spend so much amount of money to actually go answered in that. here does the waterloo, hindi cinema often called bollywood isn't crisis. one estimate for just 90 percent of films released in the past 4 months, have bombed at the box office, which locally shows eagerly. but lansing gentile was one of the most anticipated movies of the year adapted from forrest gump it. stars, one of india's most popular stars, armor con, poor attendance, forced theatres to cancel. hundreds of shows. in the cinema is a multi $1000000000.00 industry and one of india soft powers. it struggles a part of a global phenomenon. the pandemic has changed how and where we watch movies. many people are also cutting back on entertainment expenses because of inflation. meanwhile, streaming sites have enjoyed an increase in subscribers. there's also

a growing competition from regional and global cinema. so those people who were used to best people fed up in the movies and are watching movies and domain that are going by the album are watching french and spanish shows and phones. and therefore that is a certainly broadening off piece that has happened. and sudden movies which were made in a bree by naming scenario for a certain type of audience that audiences change. no. yeah. oh, this chart topping song and recently married couple created a buzz around for master. the super heat. awful is rooted in indian, my thought a g. it open to mixed reviews, but back here does what it promised. so what happened is they are wisconsin spectacle and there was origin story kind of thing. and, you know, i think a lot of children were very interested in, you know, the, the coolness of a, b, c, marvel, or dc universe where there's

a lot of special effects and all that kind of stuff. so there are different curiosity about the what we produce as a filmmaker's need to take creative ris, several big budget firms are releasing soon. the industry hope these will return some of the shine to the silver screen. very well. nigeria is the world's 2nd largest producer of movies, but normally would, as it's known, lacks the resources to compete with hollywood and bollywood. i'm an interest looks at the challenges facing the sector. this low budget firm is expected to be released on streaming platforms in less than a month and with good reviews, it may make it into the cinemas worldwide. it was producing a budget of $10000.00, but the director says it took a lot of convincing to raise even that relatively small amount. lisa, lisa says that there is other fund the fund is right. don't,

concluded guiltless english hardly. normally would you the 2nd biggest film industry in the world a chance out, an estimated 800 to 1000 movies a year for make a say, a lack of funding is holding back the industry. despite the number of productions fuel banks and businesses are willing to invest in the sector, and that means poorly feeder comment and low pay for crews. in 4 years, sandra ocwen's law has appeared in 50 forms, many of them in the lead role. despite her success, she doesn't earn enough. when the pay is not enough, your leg or clue. how is this going to be enough to take care of me, my well being, and all of that for the most important thing to have is a passion to break even wasn't easy. none would movie struggle to make a name for themselves in international market, dominated by hollywood blockbusters and lavish followed productions. so

distributors like chick is, is ok, provide platform, steve naval low budget films to reach as many viewers as possible. it's promise and it's some sin. that's awesome, that's good. millennial stotts in is not really really dub the boats. those ug been there for a long time. the actually cautioned industry leaders say improving quality originality will help nigeria compete with the best in the world? as long as we do things that are indigenous, you brody technology bringing the equipments. yes, fine. but let the stories continue to be home. groom there is little government support for the sector, even though it contributes 3 percent to digest annual gross domestic product. until more money is invested in of grading equipment, no loued friends will have to make due with original story lines and promising talent. but in fia productions i and that is our

show, but this week, but remember, you can get in touch with us via twitter, use the hashtag edgy sentences. you do our job as an email. our address is counting the cost at al jazeera dot net, but there's more for you online at al jazeera dot com slash c t c. that's going to take you straight to our page, which as individual reports, links, an entire episodes, be new to catch up on that said for this edition of counting the cost, i'm rob matheson from the whole team. thanks for joining us. the news in auxilary is next bosnia and herzegovina is going to the polls amid the disputes over election reforms that would enable people to vote along ethnic lines at all levels of government. right up to the presidency as opposed me and serves challenge state institutions in their escalating bid for succession and croats. warn of the

consequences if the focus held on the current law. what does the future hold for this fragile democracy? bosnia elections on a. jesse eda, in these turbulent times up front, returns for a new season, join me, mark them on hill as we take on the big issues from the state of democracy around the world to the struggles faced by the under representing. we will challenge the conventional wisdom. upfront one, out 0, indonesia your investment destination, the world's 10th largest economy is busy transforming, ready to beat your business, partner with a robust talent pool, politically and economically stable and strong policies. being the power house, indonesia is confirmed by the g. 20 presidency, bringing opportunities for you in vest indonesia now lou.