an economic burden on a problem. let it when we came here 7 years ago, we brought nothing with us. how we escaped walker since then it have been a day struggle that we are not comfortable. and now there is uncertainty for many of those who have made this country home. santa hud, their ashes, eda stumble, bracey sooner has visited ukraine for the 1st time since becoming britain's prime minister. he met president vladimir lensky in the capital cave, so not pledged his government's continued support, including an air defense aid package worth $60000000.00. we will stand with you until ukraine has won the peace and security it needs and deserve. and then we will stand with you as you rebuild your great country. and i look forward to hosting a reconstruction conference in london next summer by then let us hope that we have ended this barbarous war and secured a just peace. ah,

richard of the headlines here on al jazeera, the sun is rising here and go home the 1st day of the 1st ever football world cup in the middle east. more than a 1000000 fans are expected to cheer on their teams in the country over the next 4 weeks. the 1st game on sunday is the team house, nation keta and equity. after long delay in negotiations had lasted late into the night, leaders at the cop 27 climate summit have unveiled a draft proposal they back to fund that would require wealthy nations to compensate vulnerable ones for the loss. damage caused by climate change or also trying to agree on a target to limit global warming. some members want to keep the goal at 1.5 degrees celsius. your friends, i implore you to adopt the draft decisions that her present to you. the world is watching, i call on us all to rise to the expectations of trusted to us by the global

community, and especially by those who are most vulnerable and yet have contributed the least to climate change. malaysia is facing a hung parliament after a general election delivered no clear winner. opposition leader unwise. abraham says his coalition has enough support to form a government. his rival, former premier, weird in yes in has also claim when the turkish defense ministry says it's conducted air raid operations. and parts of northern syria and iraq took here says it's part of a cross border operation against the kurdish p k. k. they're being blamed for bombing and istanbul a week ago, a group has denied any involvement. richard sooner has visited ukraine for the 1st time since becoming britain's prime minister. he met president vladimir zalinski in a capital cave, soon that pleasures governments continued support. for my years president donald trump as a twitter page, again, the company's owner,

ellen musk says he's reinstating trump to the social media platform. announcement came soon after an online poll showed a narrow majority. it wanted trump back, but he's not committed to returning to the platform. well, those were the headlines. the muse continues here on al jazeera, after counting the cost and we leave you with these pictures out of doha where the world cup will kick off in just a few hours time. ah ah i

hello, i'm rob matheson, this is time to the cost on al jazeera, your weekly look at the world of business and economics this week it's been called criptos lehman brothers moment. and the collapse of the f t. x empire has shaken the crypto currency market. so can the crisis be confined on, on investors losing trust in crypto? also this week, a tech industry layoffs for he is reviving memories of the stock market crash 22 years ago. but why are firms cutting down jobs and his at the end of the pandemic boom plus will the. busy one in ukraine help or hinder world wide efforts to shift from fossil fuels to renewable energy f d x has been considered one of the safest and most reliable exchanges of a free feeling crypto currency industry,

which wants to bring tokens into the financial mainstream. but some bank min free example collapsed almost over night, highlighting the extreme volatility of the virtual currencies. the downfall has sent shock waves across the market and raised questions over its viability. he's apologized, but that hasn't helped more than 1000000 creditors who are potentially now out of pocket. when the company was valued at $32000000000.00 us dollars in january. but by mid november, it was filing a bankruptcy protection. after failing to secure a rescue from wyvil exchanges, f t x is now under criminal investigation in the bahamas. u. s. federal prosecutors . they're also looking into the case. the crisis is brought back memories of the collapse of lehman brothers. that's when the downfall the investment bank sparked the 20 o 8 financial crisis. the ripple effects of f t x is collapse, have been felt throughout a struggling crypto currency market. billions of dollars have been withdrawn from exchanges and the prices of several digital coins have dipped. bitcoin fell to

around 16 and a half $1000.00. it had reached a peak of more than $68000.00 in 2021. entire markets. capitalization now stands at $900000000000.00 that's done from 3 trillion just one year ago. and that follows a series of setbacks for the trip to currency industry. earlier in made the stable coin tedder, us deep crashed and broke. it's $1.00 to $1.00 peg with a dollar. almost a month later, the landing platform celsius paused withdrawals, blaming extreme market conditions. then came the bankruptcies, including one bite, 3 arrows capital. one of the most prominent crypto hedge funds in the world. johnny us from berlin is john us, good os. he's chairman of the digital utah association, that the d. e. a and head of digital assets and currencies. at a tonic, sir, good, have you were this the collapse of f t x has seems to have sent shock waves through the industry. why was f t x so important?

so if people today want to buy crypt occurring, if they do go buy a trip to exchange and f t x month, one of the largest with, you know, millions of users with a $1000000000.00 trading volume every day, right? so they were one of the key players. and what basically happens in the end is that f t export taking on very risky position. so they basically took them on your object lines and also the group to acid, to operate into leveraged leverage business, which the turn out to fail, right, to turn out to provide substantial and just you know, 2 weeks ago the industry feared that something might going on with f t x and lead to the situation that more and more players withdrew their money. right. which basically brought them into the situation. that liquidity, you know, the community wasn't there and which ultimately led to bankruptcy, filing's of extra, when we go, what about the people who didn't take their money out? what happens to their cash? basically this remains to be seen, right?

so it's in the bankruptcy process. now, so we don't know how much of the money people back off of that. and so this remains to be seen. this will definitely be, you know, a step back for the crypto exchange space and, well, you know, ought to leads to a way for probably more regulation into space. because this was also one of the key issues that f t x was not regulated. understand. i wanted to ask you about that because one would think that this is going to get significant leverage to those who want to see more transparency. and perhaps more importantly, want to see more regulation. this is on the short term of course development about active, horrible, right. so lots of people lost money. lots of investors lost money. but i think on the long run that can also be like a charge for crypto because it doesn't change anything off the fundamentals of a trip to buy. so the f t x phase will pay it what the governance issue of f t x. right? so horrible risk management, very big legit positions that also the regulatory, regulatory get your message. so we don't need regulation. we also do need more kind

of a lot of regulation because it's not sufficient if one countries regulating because then energy can just move to other countries and those i think what we do need right now. and also, what we will see over the next years to come as a learning of the case. i don't understand particularly very much about cryptic currency. it's, it's a very complex situation. and to those people like me, it would seem that this is based essentially on trust. it is on a trust that the system is actually going to work when you get system situations like this. obviously, that trust gets undermined. how far do you think the ripple effects of this are going to go? why are other exchanges going to be affected by this? so in the short term, i think they could be, the other exchanges are affected. we don't know yet. right? so the tuition is so complicated, we don't know what, what ripple effects will come out here. but i think what's really important to understand it is really not, you know, big when, if the room be cooked are not to blame here, right? it's extra blame that the company to blame. so the kind of analogy i would like to

give the buyer to come bankrupt, we didn't say docs are a bad thing, right. recess basically, you know, one company company, it made a horrible mistake, right? we need to act, which we do you and might be off the regulation. but i think that it's really important that doesn't change any of the continental crypto, but of course show us that we need more regulation and we also needed cos proper risk measures governance methods inside these very, you know, important a large group to exchange companies as well to happy to see the setbacks in the market, particularly over the last year, i mean, the market capitalization just being done from 3 trillion just one year ago to 9 $100000000000.00. why is it being such a challenging year overall for crypto currencies? yeah, so we do see that we are now in our, in the market for one year as you mentioned. and we thought, you know, that mark was kind of sterilizing and now, and i think the markets are going down which i think is a logical the development. what we shouldn't forget is that this development is not

specific to crypto, right? it's specific to all kind of risky asset classes. so we have seen that declines in terms of text off, for example, that within the past year also declined in a similar size as crypto. so i think the main reason why the typical course are, you know, general macro economic reasons. we do see the interest increases in the u. s. that, that basically down the private off that most of the risky at the. but of course, and we do with the also crypto specific development. you know, we have seen her, i do not read half a year ago now to see f t x. but generally, i would say that if the macroeconomic situations about, you know, interest rate high, high inflation or the recession, that developments that are driving down the price of, you know, not a group of a channel of risk. they, the big money course is to be made in those risky as those risky efforts that you were talking about earlier. those risky investments which down in this case f, d x. but others, one would imagine,

will be taking similar risks. there is going to be a lot of pushback if there is an urgency, a sense of urgency to bring in regulation and so on. isn't it? yeah, i think it kind of is right. and then there's also why i mean, you know, what was located in the bomb up, they all had an entity, but there was no regulatory standard. and what i would basically cost $1.00 regarding like more regulation, s be currently be in the you in the european union. they're the marketing group to as regulation. currently negotiated, which is also about, you know, exactly regulating these things. and i think this is what we need, not sure in the you, in more countries and also on a level that is basically that, you know, kind of globally coordinated even this is of course, from a political level. it's definitely, you know, quite a challenge in terms of investment. so you think that investors are going to be a lot more cautious when it comes to the companies in which they invest. as you say, it's not necessarily the crypt currency itself. that is the problem. it is the management that is the problem executive management, but the government,

the both of the risk management we've, even after the bankruptcy filing some money kind of disappeared which, which of course cannot be the case for such last company. and then the 3 god, right. and i hope that investors not completely, you know, basically don't enter the base again because they are fund a mental use case. it's about crypto that are really interesting. that basic, you know, bring the grip to can basically to the fact that they include people to the financial sector, financial inclusion and you know, it's, it's, it doesn't change any on the fundamental. and this is, i think something one should consider. and my also investors should be that way because he's been market other markets where, you know, basically basically stuff is being built. and i think this is also by people shouldn't shy of april trip them out. but of course on a regulatory side, there is definitely the needs tracked really good to get your thoughts on. this is janice ross, thank you so much for being with us and counting the gas. thank you very much for having me. the f t x, bankruptcy caps

a series of challenges faced by tech companies industry founders of the morning about a looming recession. for months they've been telling their employees to expect tough times ahead. tech giants have long been hailed as employment havens with high salaries. but now some are making the van move of cutting thousands of jobs, while others are slowing hiring or stopping it altogether. matter which owns facebook. instagram on what's up is laying off more than 11000 employees from its worldwide had kind of 87000 twitter has cut about half a stuff amazon times to cut jobs to and the list of companies trimming the workforce is growing. it's not just in the us tech start ups in asia and africa have been cutting their stuff to met a chief executive mark zuckerberg blaming the company's rapid expansion and said he's got it wrong. invested millions of dollars in the so called met averse, pitching it as a virtual reality future in which people will work exercise and go to conses,

tech found or say the layoffs are partly because they just hire too many people, all twitches new on them in a mosque says his freshly acquired company could face bankruptcy. while joining us from oxford is a very little theater. he's a professor, the oxford internet institute is also also of the book cloud. empires, how digital platforms are overtaking the state and how we can regain control. and we thank you very much indeed for being with us. what's changing in the market that's forcing these lay offs, the tech companies. so one reason is obviously the overreach during the pandemic. so some extent, to some extent, what we're seeing now is a correction amazon, for instance, a set that they simply hide to many people. they're expecting the good times to continue. and now that because human demand is going down and now they are having to lay off. but another reason is the macroeconomic situation rising interest rates and this is not unrelated to each other. publicly listed companies are not able to

raise money from the market at such favorable terms anymore. and startups that are easy funded or finding it much harder to raise funds from b c. so in order to extend their runway and make sure that they make it through to the other side of the looming recession, they're having to cut costs. how much of this is also done to misjudgment by on the part of the management? you said, of course about that they the over hiring during the time demick. but we are used to hearing people like l on mosque amongst talk about make pronouncements about the state of the tech industry in the state of the tech and the world. i'm almost getting it right most of the time, but this seems to be a significant misstep. what's going on? yes, sir, it is significant. this is the 1st time christ met our facebook is laying off significant numbers of people in the history off the companies. so that is really

a sort of reckoning of the sort. and you can say that with met suddenly mister zocker berg, he bet the farm on the idea of madame verse, he needed to discover a new vision for his company. the facebook run into a lot of trouble around social media manipulation and so on. and so he bet the farm on the idea that in the future people will be interacting with b r goggles in math and birth. and that is proving to be a very costly and vision. and personally, i'm very skeptical about it as i think are many investors. and so partly, bribes problems relate to his, let's say, i don't want to say yet misjudgment, because the jury is out there. this is very risky bet. and then as for mister musk, twitter and he paid 44000000000 for a company that was not profitable. and he came out with at least one idea for

increasing revenues, which was to start charging or verification. and it turned out rather predictably, some would say that in fact, that was a value destroying proposition because it decreased trust in the platform and therefore decreased advertiser or appetite. so now he's left with trying to cut costs instead to bring revenues and costs seem to balance and hands massive lay offs of twitter. you mentioned the influence of investors there. and of course, that is key because with regard to be the rise of interest rates that you mentioned as well, of course, investors are going to try and find a safe haven for their cash as often as they possibly can. and when the fed, as interest has raised interest rate, that's chase people into more secure investments that maybe in some way had an influence. and whether or not they're going to continue the investment in and check companies. does that mean that we are seeing a temporary change in levels of invest with tech companies or do you think this is

precision something longer term? well, suddenly, if the if and to the extent that the interest rates come down again, then you would expect to see reallocation and portfolios towards attack and other stocks, but on the topic of investment, i think it's also relevant to note that asked t x. the trouble crypto exchange was a big investor in a lot of web 3, encrypt those startups in africa, for instance. and those start out may now be finding themselves in trouble. a lot of crypt though and web 3 startups also stored their funds on s t s. and now they're unable to access those funds and reportedly at least one african startup has had to start laying off people because of this. so the sort of crash crypto lehman brothers moment is also contributing to the tech lamps, especially in africa. it seems it always seems certainly to those of us outside the

industry that the tech industry was a safe haven for jobs. and almost for many people, at least are guaranteed path to secure employment and decent salaries are when we again seeing some sort of change in the profile of that. are people going to be more cautious in entering the tech industry? do you think? well, let's put this into perspective. so man is laying off something like 11000 people. right. but they hired just this year, 15000 people. so by no means does this mean that tack employment is over or tech no longer provides jobs or even provides good jobs? but it, it does mean that perhaps the honeymoon period is over and people have to think of tag jobs a bit more like they think of any other jobs that there is ellis risk of getting laid off. and the company is not your family at the company. will let you go when you are no longer needed. venetta venetta, we appreciate your being with us and i'll just in

a thank you very much indeed. thank you very much. it was a pleasure rob united nations secretary general says the world is on a highway to climate hell. carbon emissions from fossil fuels will hit a record high this year, and scientists a warning. it's going to make it harder to limit global warming to $1.00 degrees celsius and prevent the more dangerous impacts of extreme whether they want a quick shift to renewable energy to steal the world out of climate crisis. that would require an annual investment or more than 4 trillion dollars in clean energy by 2030 to save the planet. but the was leading energy agency expects around half of that amount to be spent every year. however, the international energy agency or i. e. a predicts the world wide demand for every type of fossil fuel is going to peak in the near future with a i. e. a also says the energy crisis caused by russia's invasion of ukraine could accelerate the transition to green energy. so will it what

a discussed that i'm joined now from coventry in the u. k, by michael bradshaw, the professor of global energy at warrick business school. so very good to be have you with us. thank you very much indeed. do you think that the war in ukraine is going to have an influence on the speed at which the world moves towards away from fossil fuels, towards renewable energy? yes, i think i'm doubtful. it will. but clearly in europe, there is a strong determination to accelerate the transition, but the questions really are more, more glue, global in scope. you know, what will happen elsewhere in the world. now they say, well, good for, you know, for the wealthy economies, you've got the, the ability to fund last capital investments to say they're going to accelerate transition. but at the moment, some of their actions are making it even more difficult for emerging to developing economies. and they may just have to rely on coal where and what it is, there are other economies who could actually afford to be making the transition more quickly, or perhaps in a bigger scale, but don't appear to be doing so as well. have to realize that this is very much

a long term project, which is really in its very early stages. so i think we've, you know, we point to, to some economies which are preparing for a well beyond fossil fuels. interestingly, i think some of the fossil fuel ex, walking countries, particularly in the gulf, has strategies to diversify their economies and, and prepare for net 0 future. i think from many, the depressing matter is really about energy secure at the energy affordability. and worrying about the colonization is really a high on their agenda. so i think, i think there is a question of, of, in this sort of poly crisis that we talk about at the moment, there are other matters which are far more pressing. so i think it's probably a case by case basis europe is talking about reviving nuclear plants and that, that is something clearly that other countries are looking at as well for obvious reasons because of the limitations and fossil fuel deliveries from russia. for example, gas, of course,

is that has been taking the headlines to what extent is the interest in nuclear energy precipitate? do you think that there is enough bits? there are enough studies being done into the viability, the wider viability of nuclear energy, or people just being pushed because they're looking for an alternative to fossil fuels. i think there was a lively debate about the role of nuclear and the low carbon transition, even before the current crisis. i think for some countries that you know, it is a way of delivering a large amount of low carbon electricity. some, some economies have that and want to replace it as ages would be the case of the u . k. france, for example, me post food machine. some countries decided they were moving away from nikki and actually the case in germany. i think the majority of the unique population being built in the world are being built outside of europe, and then they're being built in places like china and russia. i mean, i think the other thing to remember, of course, is at russia. he's a major player in civil need or energy, both as a supplier of, of, of nuclear technology, but also cereals with an e could a sector. so it may be

a case of out of the frying pan into the fire. if you find yourself actually then being more reliant on, on countries like russia to supply you. and the other thing i'd say is that there's also the emergence of a small scale, multi to reactors, is alternative to the very large, very expensive nuclear pass stations that take decades to build and cost no multiple billions of dollars. and i think that's very much something, you know, in the u. k, for example, your government is trying to look at. and it's also an issue in the united states to build, not smaller. and you can react as it can be built more quickly. and on a modular basis, and therefore less expensive than you can as part of the mix and maybe looking at a different type of nuclear in the future. i mean, scientists been wanting, it's going to be hard to limit the increase in temperatures to the 1.5 degrees celsius limit that has been talked about. and, and yet that we're doing quite an investment of about 4 trillion dollars to be made by about 2030. but so far, apparently only half of that has been spent. i'll be reaching

a point where the governments have been showing some sort of initiative in there in order to, to base basically demonstrate they're doing something. but there might be a weakness of it if you like that they, that they might reach a point where they're not prepared to make the level of investment that is really needed. it's not just about government. obviously, there are, there are variations in the nature of economies around the world, and there are many economies where the government, the state controls the economy and they can make a long term investment in the long term commitments elsewhere. you know, it's a question really of, of government providing the context and trying to encourage the private sector to make necessary investments. i think many, many, many governments are making the right noises. they may have upgraded their own dcs winning the cult framework. they have an ambitious plans to achieve at 0 and we're really meeting that crunch point where plans are not enough. i think there are plenty of paper transitions out there. but what we need to see is, is actually real money getting behind developing new technologies projects. but

also investing at scale in the current technologies that we have the i is always telling, especially we have the technologies today to achievement 0. it's a matter of investment. so unfortunately, against the backdrop of a current crisis, energy crisis through crisis cost of living crisis. and the potential of a global recession, you know, money is hard to find. so i think there really does need to be an open conversation or frank conversation about the role that government must play. but how the government can actually in many and says free up that far that, that, that's private investment and also foreign investment. how do we get money into the developing and emerging economies as well? i think the time for talking and promises is over. we really stop got to start to deliver and it may be the getting behind the transition is a way in which government support the economy and individuals and companies out of the current crisis, like bradshaw's professional global energy at water business school and

u. k. so we appreciate your time. thank you very much indeed. thank you. i'm that is our show for this week, but remember, you can get in touch with us via twitter news, the hash tag h a see to see if you do or thompson. email address is current to the cost side. algebra dot net. but there's more for you online that dollars a year dot com slash ctc. that's going to take you straight to a page, which is individual reports. links an entire episode to catch up on. but that's it . but this edition of times of the cost on robots and the whole team. thanks for joining us. the news news. oh, take off. i tell the final whistle will bring you extensive coverage throughout the world come action from all of the games. the joy and the hall

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