malaysian prime minister ismael sovereign jacobo has dissolved parliament paving the way for national elections to be held in the coming weeks. israel says the election commission will announce the date. shorty. halls were not due to be held until next september, but it smells faced pressure to call elections from his own party. young mam williams. 3 ty, ones, president has won china. that armed confrontation is absolutely not an option. so i in van was speaking in the capital tie, paid during the islands national day, china's foreign ministry said in response, it would never leave any space for tie one's independence. tensions between the 2 have been hi, following a visit by u. s. host speaker nancy pelosi in august. ah, this is out as you, these are the top stories are russian missile strikes have been reported across several cities in ukraine, including the capital key. the state emergency services says at least 11 people

have been killed and many more have been injured without the utopians took lena, bundled nevada was, it is impossible not to respond this morning. a mess of strikes took place on air, sea, and land against energy and military targets against ukraine, lose him. if such attempts by ukraine continue, they will be harsh responses. what was that when you, when the attacks are being represented by russia as a response to ukraine's alleged attack on the couch bridge in crimea. john italia, supports from the scene lawfulness. ella had the up from this boat. we can see the damage to the coach bridge. some of it, as used by cars is now submerged, and fire damage can be seen on the other section used by trains. repairs have been carried out under tight security, including the russian coast guard traffic slowing again. although it is restricted, the nobel prize for economics has been awarded to 3 people for research on banks and financial crises. then bernanke and douglas diamond and philip died. vague,

won the 2022 award. the un high commissioner for refugees is wanting, armed conflict, human rights abuses and global warming of forced a record number of people to flee their homes. 100000000 people are now displaced. north korea's leaders says it's latest to miss i launches, went away to test the ability of its nuclear weapons, to wipe out american and south korean targets. kim's allan also acknowledged plans to conduct more tests. kim said the launches were in response to joint naval drills between the u. s. and south korean, malaysian prime minister ismael sabri yar called has dissolved parliament paving the way for national elections to be held in the coming weeks. a smells as the election commission will announce the date shortly. the polls were not due to be held until next september, but it smells faced pressure to call elections from his own party. tie one's president has warned china that armed confrontation is absolutely not an option. cy,

england was speaking in the capital tie pain during the islands national day. china's father ministry, he said in response, it would never leave any space for tie one's independence. tensions between the 2 have been hi, following a visit by u. s. house speaker nancy pelosi in august, a landslide in venezuela has killed at least $25.00 people and more than 50 are missing the area received a months worth of rain in 8 hours. those are the headlines been use continuous here and i'll just you know, after counting the cost by ah, ah ah, ah

hello and has them speaker this is counting the cost on agency or your weekly look at the world of business and economics this week a big you turn on promised tax cuts for the top owners in the u. k. but is the british government's reversal enough to limit the financial damage and has the prime minister lost her credibility? also this week, hurricane e, and joins a list of destructive and very costly storms is the world spending enough to mitigate or adapt to climate change and boeing's, vice president tells us how the company's planes can reduce that carbon footprint. the well, just a few days ago, britain's new prime minister was confident she would be able to kick start economic

growth by cutting taxes. yet the country is still on course for recession. the face with market term all and criticism from within her own conservative party list trust was forced to scrap plans to remove the 45 percent top income tax rate. on high honors, the u turn is being seen as a humiliating about face. that leaves trust is economic policy and premier ship in crisis. the dean, bob reports from london. i have 3 priorities for our economy, gross gross. on the policy conference, it opens against the backdrop of intense market. on eas, liz trustees pro growth tax cutting many budget, had lead briefly to a slump in the value of the pound, and instantly made thousands of mortgages more expensive with expectations, the bank of england would have to raise interest rates foster. then at the 11th

hour chance in a quasi quartet was told he'd have to reverse plans to scrap the 45 percent income tax rate for top harness. i know the plan would forward only 10 days ago has caused a little turbulence. i get it, i get it. that may well have been nervous. laughter as the opposition labor party opened up a big a lead in opinion polls delivering the main investors in the city a sale, waiting on crucial information, including the assessment already done by the office for budget responsibility, the government independent economic forecaster. and there's another group of people who might want their say on all of this over in westminster. it was only when the prime minister realized she was facing a mutiny from conservative members of parliament over the top tax rate that she ordered the u turn. crosses position has always been that growth drives things so successfully that you don't need to explain how you fund your tax cuts because a ha, a lower rate will give a higher yield with more grace. people aren't broadly speaking,

accepting that at the moment. and they're looking for an understanding on the government balance sheet as to where cuts are going to be made, of course, and he comes to public spending could prove hugely controversial. the government's refusal to commit to raising welfare payments in line with inflation has prompted open descent from some cabinet members. one think tanks as the many budget is regressive. as most of the gaines go to richer households and will struggle to achieve it stated, aim, the tax cuts that the government has proposed aren't looking like they're gonna achieve at the growth targets that the government is, is setting out for itself. it would have to increase great by quite a substantial amount for them to even pay for themselves. and in terms of the, at the spending cut that automatically going to reduce g d p for, for the u. k. so it looks like the job of selling this new low tax, economic vision has really only just started nadine barber for counting the cost london were jonas now from london is below half east chief executive of the macro.

hi, thanks for being with us. so why was this so poorly received by the markets and then the subsequent you turn, is that gonna be enough to calm the markets? yeah, that's a great question. i mean, one big reason why the u. k. many big budget was so poorly received, was number one, the size of the desk is fairly large, the tax cuts. and then before that there was the energy subsidy with the introduction of price caps in the u. k. so the amount of borrowing the u. k. government is having to do is very large compared to what you had announced in the previous administration. so one was the, the scale of the desk did. but also it was the way the u. k. was going to fund that deaf fit, which was to issue bonds, but particularly issue bonds at the shorter 10 or off the cut, the $12.00 parts of the curve which one particularly liquid. and so they seem to be a lack of chord nation with the management office in terms of the way the

government would issue bonds. and that really sets a set, a bad tone for the straight markets in the u. k. which over the past week or so have experience significant volatility then on the, on the do turn. to some extent it does potentially help the administration in so far as it removes one of the politically toxic parts off the mini budget. but at the same time it has it in utah and so other parts of the conservative party can smell blood. and so they may challenge the parts of the lives. trust is program which could introduce much more uncertainty about what the government can actually do going forward. and will people on the lowest income still pick up the bulk of the, of the costs of the costs and, and what about middle class families? everything from mortgage to, to food is getting more expensive now and you can absolutely so on balance, the measures are regressive, which means that people at the lower end will suffer,

will get the least amount bent, that will suffer more than people who have more income and not apply to lower economic classes as well as middle class as well. and as you write, you points out the, the thing that really hit people ha, is the increase in interest rate. so people's mortgage is when they reset their mortgages, most people and you have to go to your fixed mortgage rates and many of them will start to reset over the next 12 months. they'll be in for shock them. monthly payments could double or triple even in many, many cases. so this is really quite a big shot to, to the system. express, especially people's expenses. and the bank of england, this is, is not going to keep intervening for, for too much longer. they are expected to, to, to raise interest rates. but what does all of this mean going forward then? yeah, the bank begins in a tough degeneration because on the one hand, they had committed to stock buying government bonds. but obviously last week they had to buy government bond to the people lies the u. k. in straight markets. so

that's one chatting is they face because they're having to do things contradict another policy that same time as you rightly points out they. they have committed to raising interest rates to reduce inflation. now the issue here is that the market so expect them to raise interest rates very significantly, up to maybe 5 percent. so even 5 hopson by next year. that's more than the bank. said that they are willing to increase in rates by but inflation is very high in the u. k. now, of course, because the u. k. has this angie price cap, that means the patient could come down a bit. but on balance bank, thank the gland is in the top situation of having to raise rates at a time where people's people's household bills are going up. and this, these plans by the, the british government have been dubbed trust nomics and it's modeled on reaganomics, which is of course, a reference to the u. s. president's tax cuts in the 1980. the idea being that

these tax cuts would create more wealth in the economy and thereby lead to higher tax revenues. does. does that work? i mean, has it ever really work? that's a good question. i mean, there's a big debate around all of this. i mean, in general, it seems like the effects are much weaker than people think. so that will trickle down economics that the, the historic evidence is quite weak, that it does work. what does tend to work more so called supply side reforms. and this is something that's part of trust economics, which is to reduce regulations, reduce red, say make it easy for business to operate in the u. k. so that is something that lives proper ministration is engaging in other potentially could be positive in the long run. so there is a silver lining, and all of this, the question is whether she has the will and the buy in from a policy to be able to push through those reforms in the coming few years. so, i mean, you, i know you mentioned the sort of political implications of this has that has the prime minister, lost her credibility. you think what,

what does this mean for the long term and for the conservative party, i think there's been a big loss of credibility. one basic example is the fact that many of the, these announcements were not discussed with the rest of the cabinet. so the rest of the cabinet are starting to speak again, blue cross in public, which is a very bad sign. public polling shows that lives cross is the least popular, tory leader for in modern times. so she's lost a lot of credibility with the public, but also within her party, said as there's already talk that there could be another leadership challenge which introduces additional uncertainty. so the next month also is gonna be critical for this cross to try to get over this negative and tried to stabilize her position. so it's a very precarious situation that she's been right now. and the next 45 weeks are going to be critical to see whether she'll be able to regain a credibility and push through her program. will add half ease in london nicely

with us. great, thank you. the, the united states has gone through $332.00 climate related disasters in the past 40 years that have cost, at least a $1000000000.00, and they're happening more often. now. hurricane ian is the latest and it's estimated that could cost up to a $100000000000.00 in damage and economic losses. that makes it one of the costliest storms in us history. president joe biden's recent climate law is providing only $37000000000.00 a year over a decade. kristen salumi reports from new york, tallying up the losses from hurricane ian has only just begun. our roof is in the back of the house. for these retirees, seeing the damage to their homes and neighborhood was overwhelming. there's no words for it. it's like holy cow, what a mess. the south west coast of florida took the brunt of wind and storm surge,

but the impact of the heavy rainfall was felt further inland and up the united states. eastern coast experts say whether storms is one impact of climate change. the majority of the cost, as well as the lives lost as a result of hurricanes and tropical cycle, and comes from flooding. it comes from storm surge. it comes from the rainfall. one of the costliest storms in u. s. history superstore. miss sandy wasn't even a hurricane by the time i got here in new york, and yet here's where did the most damage. $82000000000.00 and flooding an infrastructure costs some early estimates for hurricane in are approaching that. more than 40000 utility workers were dispatched to florida alone to help restore pat power water mains and roads have also suffered extensive damage. not to mention bridges. the governor said 800 of them were in need of assessment. president biden declared a disaster in florida. paving the way for federal assistance for infrastructure as

well as individuals. it me, the federal government provide individual assistance of $37900.00 for home repairs and other $37900.00 for loss property for everything from automobile to last wedding with several health care facilities damaged and forced to evacuate health impacts and related costs will take years to fully understand and has gone in the flash while the human cost remain. incalculable. kristen salumi for counting the cost new york, oregon and also knocked out pow across all of cuba and devastated some of the countries most important tobacco farms. several other nations experienced extreme weather conditions last month, including pakistan, where the worst floods in the country's history left a 3rd of its people under water. the un secretary general antonia good parish

accused the wolves 20 riches countries of not doing enough to stop the planet from overheating and developing countries are calling on rich nations to pay the losses . the climate change has inflicted on the world's poorest people. well, joining us now for munich is dr. miranda shaw as chair of environmental and climate policy at the technical university of munich. thanks for being with us, doctor. let me ask you 1st off, the damage for this is estimated cost up to $100000000000.00. how is that going to be paid for? who's going to pay for it? it's an extremely expensive storm that is going to cost the insurance companies as well as private individuals and eventually also the state huge amounts of money. it's, it's something that all of us will have to chip into all of these kinds of big storms or storms that need to be paid for by multiple individuals. but the reality is this money that's money that many people don't pass. and the un secretary general

antonio parish has said the hurricane ian shows that no economy in the world is, is immune from the climate crisis. is this $370000000000.00? that's the, the government there is providing under this new climate, or is that going to be enough to tackle the problem? you know, there's so much work that needs to be done with building infrastructure in north america. the united states in particular, which just hasn't invested enough, whether it's in the electric grid system and bridges and roads. and then a new technologies like the renewable energy field or electric automobile that, that alone is going to require most of that money. and when we look at climate adaptation, the reality that we have rising sea levels that we have storms that are expected to increase in intensity. so what we saw here with, with ian is likely to become something that's much more regular, much more often really damaging storms. there's going to be

a lot more money that needs to be invested into rethinking how we build, where we build and bringing nature back in, in order to protect coastlines, better in the past, we've been building, and i say we, i mean all around the world, we've been building right along the coast, we've been building an areas where it requires deforestation taking away the mangrove forests and it's up south east asia and the florida keys, where you see people building on sandbanks. it's really something that needs to be reconsidered because climate change is going to mean we're going to have higher seas are going to have more storm surges. we're going to have more intense rainfalls. and this is unfortunately only the beginning of the, of a really serious problem. yet let's talk about the energy crisis. the current energy crisis right now, which is afflicting much of the world. and how that's hampering efforts to to,

to combat is, is that hampering efforts to combat global china climate change or would it perhaps accelerate the transition to renewable energy? yes, we really need to wake up and start thinking about how we can win our cells away. and rapidly from fossil fuels and build out alternatives. energy efficiency is still a real potential. there's still a lot of energy saving potential, which is the cheapest way to deal with a crisis. but then also to invest in renewable energy, which are much cheaper than they used to be. you can, you can put photovoltaics on the school buildings on the roof tops offshore. wind, which provides a fairly steady kinds of wind. we're seeing big improvements with the heat pumps and the potential to heat and cool with, with using kind of a geothermal energy system. so there's

a lot of potentials here and we're seeing booming trends in the industry. but there's a long ways to go. and egypt is pushing for loss or damage. converse compensation at the top of the un time. it's somebody agenda. it is hosting the next climate summit. do you expect any progress there? and will countries ever live up to this 100000000000 dollar pledge on, on adaptation and mitigation? well, certainly the developing countries that have contributed least to the climate change problem are the ones that are going to most seriously feel the branch of these extreme storms. you know, whether it's the floods or the droughts or extreme temperatures. these are the areas that are also least able to cope with these extremes. and so i think there is something to this question of compensation on dealing with the damages that they are facing. denmark is actually signed up in the 1st country to pay for some of

this damage. so it's is setting a new marker for the rest of the world. but we haven't seen real problems getting countries to, to actually pay up the commitments have been made politically on paper. but in reality, the funds are only flowing in part. and i think this is an area where we need to rethink also how we cooperate with the developing world. we need to bring in insights from not only the north, but also from the south and thinking about what are the right approaches to adaptation. how can we make sure that food security is still there for, for areas that are being hit by drop or salad is ation of soils. we need to think about how we build differently in developing countries to deal with, with monson rains that are going to become more extreme. i'm so there's, there's

a lot of work to be done, but also a lot of potential. but it's true, the question of who's going to pay for this is very big on the agenda. and unfortunately that's going to be a very difficult challenge to, to get through right now, because we're all suffering from the energy crisis and opec oil embargo right now. obviously the russian war and the ukraine is doing crazy things to energy prices around the world. and in this kind of political context, i fear it's going to be a challenging uphill battle in the next car in egypt. dr. miranda roy us in munich, thanks will be with us. thank you so much. now, commercial air travel is making a come back from the pandemic after months during which it was virtually grounded. that's led to an increase in demand for you planes to steer the industries recovery . airplane deliveries and commercial services could be worth more than 10 trillion

dollars over the next 20 years. but manufacturers are also under pressure to cut their carbon emissions to save the planet. i just saw some of been javin spoke with michael, also the vice president of american plain make a boeing he started by asking about the industries outlook well, we've ation as you had a really tough 3 years because of it, but is coming out globally much faster than people expected, not starting with local flights and national flights and regional flights. but even international flights are picking up really very, very fast. and this part of the world is actually come back faster than many other parts of the world in terms of being back to 2019 capacity. so it's quite exciting how that industry is picked up. you are, we're a long term asana. we make a 20 year forward projection and we're pretty much sticking to where it was before . so we're talking about the wealth, the doubling,

but 240041000 new airplanes being bought over that 20 year period of this industry has a huge future. and the whole of your region is part of that future because it's a key part of the world for the russian fleet has been quite big in the past. but if you look for that 20 year period, actually only a 1000 play and just over the 1000 planes were in the forward look for russia itself. when as soon as the war started, we cut out everything we do in russia. we had quite a bit of ration in russia, and there is nothing that now we've even stopped chosen to stop taking titanium from russia. not everybody has done boeing, decided for good reason that we would not do that. one of the major concerns about sustainability and sustainable fuel is that it isn't the silver bullet that people would like to see it. there is an issue with transporting it. there are that many people who are producing it, even when it is being produced. the price is quite high,

so the 2050 carbon neutrality target is it achievable? is it real and how is going going to help? there are for begin limits to this 1st, the best thing you can do is buy a new play with whichever company come in $25.00 in common reduction on a plane that replaces no pain. the 2nd thing that we're working on is digital technology to help the fly more efficiently and avoid separately. my dad thought you can save about 10 percent that way. of the 3rd and this is the big new area for us, is to get those fleets flying with sustainable asian fuel and then build that beyond 2050. we're looking at new technologies, electric plains, where does hydrogen fit into this? but that won't change the fleet that's coming now. it's the st will ation fuel, which will help do that. and particularly for a place like cutting because here you have very long whole passengers. and 80

percent of c o 2 output come from the lung whole flight. and we do it ourselves all the time. and you can do it 100 percent in a demonstration. but in practice, it's not, you know, make because the price is several times higher than conventional fuel. so how do we get that change? it's partly scale of production. and you're right. it has to be around the world. i mean, not in every country, but in, in those regions. and each region will have its own way of producing the technology . there is a question of getting scale at a price that works for the industry. and we're, we're, let's talk about boeing going forward. how is bullying going to sustain its growth? is a gun going to come from? technology is going to come from the evaluation sector in the commercial part, or is it going to be the military hardware and solutions that boeing provides? i think it all 3 of the, i mean we roughly 6040 is the commercial of a for the,

for the defense side of our business, but built into that a big and growing factor call service. so on both commercial and defense side, we're helping sustain airplane. through the life of the cars, running the plains, birth, all of big, big growth area. i mean my job is to see how we can become even more global as a company. we already coakley level, but i see big growth, for example, in the commercial feel in asia, middle east and asia, big markets over the next 2020 years. and all of that is growth. we're very excited about it as we come out of probably the 3 hardest years in the nation history in terms of commercial flights because of it. and that is our show for this week. remember, you can get in touch with us by switching me at adams, and do use the hash tag a j, c t c. when you do top us an email counting the costs that al jazeera thought net is our address. there's more few online. that's just

a dot com slash ctc. that'll take you straight to our page, which has individual report links. and in time episodes for you to catch up on that is it for the tradition of counting the cost has them seek it from the whole team here. thanks for joining us. the news on al jazeera is next. the ah ah, ah, ah

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