gillian, bulgarians left their homes to seek better living standards overseas, like the owner of this bar and restaurant running a successful business in spain. his customers look on their former home now as a distant place with big problems called what are those boys? all of the countries are having difficulties just now and this is because of the work. there is a crisis in every country, not gas. bavaria is not good if i'm honest and back home, many people are just worried about the number leaving bulgaria. it's also those they leave behind. their imagination is much more connected with the bass, them with the future. ah, and this is something that bulgarian politics will have to fight. they will have to create conditions for the youngsters to return. also, in order to make their parents and grandparents be buried,

that will give you situ again, there is a major gap between the young who want change and older people who look back fondly on the past. andrew simmons al jazeera sophia ah tucker chuck of the headlines here on the al jazeera, north korea has fought a ballistic missile over japan. it flew with an altitude of almost a 1000 kilometers at 17 times the speed of sound. the missile launched off north korea's east coast fell into the pacific. people in japan or want to take cover on some train services suspended the u. s. as it's consulting as allies on a robust response, lee was in tokyo, and so i've condemned the launch the work when he jo gourd took a video cut out, you know, the ballistic missile launch that flew over our country, is not only an issue for a craft vessel than we heard, it's also a serious and problematic action. this involves the safety of residents living in

the area where the missile flew over. we have strongly protested against north korea in the strongest terms, ultimately ukrainian forces of advanced and to russian occupied territory in the south raising their national flag in a newly we've taken vintage gains by key could threaten russian supply lines. so any of those have said not to day the offensive movement of our army and defenders continued. yet there are new liberated settlements and several regions. blue, fierce fighting continues in many areas on the front line, but more and more occupiers are trying to escape what the enemy army is suffering more and more losses. and there is a growing understanding that russia made a mistake by starting the war against ukraine. and russia's lower house of parliament is approved the annexation of 4 regions in ukraine. more than 400 deputies voted unanimously in favor, russian citizenship will be granted to all keep in the region, apply for a passport and take an oath to the constitution. it follows what ukraine and its allies called sham referendums and indonesian police chief and several top officers

have been psyched after saturday stadium stampede and the city of mar lang, at least a $125.00 people were killed in the disaster, including $32.00 children and the british pound is recovered, some of its value against the dollar after the u. k. government was forced into a dramatic you took the chancellor quasi quite eng says the decision was taken with humility and contrition. after financial markets were sent into a tailspin. well, those are the headlines. the news continues here now to 0 after counting the cost of stage. and thanks for watching either. ah, alger 0 rate with no, i

hello, i'm rob madison. this is counting the cost on al jazeera, your weekly look at the world of business and economics this week. the u. k. is government introduced big tax cuts to try to boost economic growth, but the international monetary fund is wanting. the measures could stokes soaring inflation. so what's next for the british economy? 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 ah, buttons 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 to plan is gonna kick stop the british economy. but a critic say it's a reckless gamble, man. the plans seem to have back fired already the pounds fall into record lows. financial markets have gone into turmoil in a re, a public criticism of a leading global economy. the international monetary fund is wanting. the 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 signaled 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 barkers 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? most 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 that 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 mom every once in a being half we can put them on a just to, you know, pay the bills to say to the table say. and he said, we actually raising shop slight to mind, for example, an east is difficult, but if you look up then high street, you can see all the shops are slowly sand to go. and if we will go in there isn't anybody 30 little bits money that they can then go spend and big shops that they're gonna make their money out of. and the banks even got money going through the bank . you're not gonna, they're not gonna make money anyway. alex, so you're saying that to the economy needs to be driven, not just from the top, but from the bottom and the middle to i think it is denisa, so sorry about my work up. the truth is that years of asperity 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 las trus? well, i think the unfortunate thing here and actually i've been guilty of this myself in the past, is that this 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 net one out than everyone else. and because we've been doing that for decade, we know how it ends and ends in stagnant earnings growth. the u. k still got lower average re learnings done it had in 2008. it ends in crumbling public services. you know, we have grossly under resourced education hospitals. people 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 and political 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, now the 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 could 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. so well actually entry point to government is desperate. of course not to borrow in dollars. so you can describe the amount of borrowing 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 depth 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 debt or to speed up the process by which fools relative to the economy, or you can do the same in terms of cutting public spending. govern has to do one of those 3 things. and it looked like at the moment that the 1st of those, letting it to full naturally is it is increasingly problematic,

specially well as my forecast, governments don't leave attorney while markets don't believe that a viable plan. so that does then leave us the remaining to discover certainty. it's about to raise taxes. in fact, you know, 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 the political economics is it's hard to tell that you take a decade of cut public spending. it looks at this 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 fossil if you like, some of it. but i said it's got the excesses 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, 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 wants to see that cloud. but i think it's quite important to, i'm just reflect on the reason why these different institutions, both both in the u. k on abroad are worried about this. and it's quite remarkable because in men, in terms of the economics, 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 the invertible object to 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 growth in g d p and therefore they're selling pounds not buying pounds and u. k, investors are investing abroad not at home, leading to claps in the currency. you mentioned that the 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 that over a fax and bond market outside the u. k. most notably in the u. s. 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, a global economy, the way that it is a crisis locally in the u. k. and for our neighbors. awfully selling,

thank you very much. indeed for being with us. many facts, ah, the u. k is new fiscal policy comes as central banks around the world, a shop the increasing interest rates to curb inflation from washington to jakarta, and nearly every major bank is making borrowing more expensive to try to cool down prices the most widespread tightening monetary policy on record is raising fears about possible harm to the global economy. the 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 fe cbw 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, taiwan, the philippines and the 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. well, 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 polity with a 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 show up currencies. well, joining me not from boston, massachusetts is james mccann. james is deputy chief economist at aberdeen standard investments. very good to have you with us now. 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 to the global economy. i think when you have this coordinated or perhaps, or they spindly, synchronize tightening policy, i think you get ripple effects that the not just through for individual economies, but 3 more broadly. you know, i think, absolutely. that's why we're expecting growth to slow very significant to 2023. because i think some of these tightening cycles are seeing places like the u. s. in europe and a range of emerging markets to as they try to match what they're seeing in developed market financial conditions. and i think those are already said the a headwind global growth. and i think the riskier 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,

they actually the trickle down effect. if you 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 media and what kind of problems does that cause? i mean it's, it's extraordinarily difficult to central banks, especially when the fall in a long way behind. and they feel that they need to go really quickly in the summer urgency behind this tightening. so they need to just straits rapidly. the difficulties, as you've 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 find blind, they can look at leading indicators of activity, especially an interest rate sensitive sexes like the housing market, lead turbo goods, etc. but the difficulty really isn't for banks, they know they need to get a policy type. and they know they need to slow the economy, but they don't really know in real time when that happens. so i think the risk to them is that they deliver a degree of tightening. and actually,

what we see is growth starting much more than they intended to 2023, a lot of the inflation and situations, but finding at the moment or down to things like the war and 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? luke, there's no doubt the central banks have had some helpful shocks in the form of energy prices in the photo who prices in the district global supply chains are 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 locked tight and it's generating more wage, precious. so, you know, the, some of these, you know, crafts, transitory is the way we spoke about it last year. but some of these international

shops hot up, but i think when they look closer to home, they do see a cover. these posts are showing 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 tough fast without maybe just so much that you move into recession, you know, the inflationary pressures that we're talking about. of course, are not all the globe. we're seeing growth slowing down in china and europe as well . again, how difficult does that make it for central banks around the world to try 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 the credit of an economy, some of our economies as well as showing the characteristics in which is knock off these inflation. precious recovery for cobra hasn't, hasn't be robust. and we know they're still suffering to be disruptions from, from,

from se cobra policy is they look to keep it laid on tribute cases in that country . and so they're not seeing the same degree of inflation crashes because they're not seeing strong growth and strong recovery either, so that their policy is moving counter cyclically. and so examples to kind of come to the timing of creating quite a lot of pressure on exchange rates. in this policy to, to talk to people that generates its own issues. so i do think, you know, you're getting this degree of global divergence. i think the pressure is in general towards growth, but it's creating a strain. but unity for vessels as opposed but, but strange dynamics, we get a pretty large extended moves in currencies. and i think that creating narrow headaches, especially big export countries. but so be trading nations like china and 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's all just plays a critical role in setting global financial condition. it's, it's role as a result. currency just gets it. now, even though the u. s. a company is north of itself and get action that got given the role, but the dollar plays assistance. so there's no doubt that the feds policy is, is critical in having an impact 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 in recession next year, as we, as we think too. and that's driven by a significant tightening cycle. then that leaves a lot of countries, hon, both through that finding a financial condition selected by that stronger dollar rising us interest rates. and also then by the drags on, we

a u. s. in a u. s. consumer i t c u. s. is really critical illness and still place it's a stature. a global financial condition is to some extent, at least good, happy with some times in the costumes. mccann, thank you very much. and dean 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 the box office. on 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. dane, 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 up funds and betsy puppy. so it's really nice that i don't have to put them on the way that i liked spend so much amount of money to actually go answered in here. does the waterloo, hindi cinema often called bollywood is in crisis. one estimate suggest 90 percent of films released in the past 4 months have bombed at the box office. which locally schwarzenegger the food, 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 are used to their stable fed up in the movies are now watching movies and domains that are going with them, 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 per master. the super hero fell. 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 our, you know, though 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 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 not only 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 can produce

a global solution why we normally would use a 2nd biggest film industry in the world. it chance out an estimated 801000 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 rule. 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 firms 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 logged in 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. well, let the stories continue to be home. groom there is a little government support for the sector, even though it contributes 3 percent to niger as an old gorse domestic product. until more money is invested in of grading equipment, no lute 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 a multi $1000000000.00 industry. but beyond the glitz and glamour ob, food struggling to survive, desperate to fulfill their emissions at a new lease for the journey to the highs and lows. so many dreams and aspirations

that does not lead the funeral bollywood dreams coming soon on our 0 witness inspiring films from around the world. they saw lots of the violin and killed the power is best. witness award winning voice is telling ground breaking stories. witness on al jazeera, when the news breaks, iraq, you more intense wildfires that the best case scenario is this when people need to be heard. and the story told, it was exciting to have this icon of the line be shown to everyone. with exclusive interviews, an in depth report approaches, awful damage being brought al jazeera has teens on the ground to bring you more award winning documentaries and lives ah.