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centered around the width. java province. the tremors were felt as far away as the capital carter local media report say at least 160 people have died. the governor of west java says more than 1700 homes the damaged jessica washington was listening to the briefing. he also noted that there are still many places that are yet to be evacuated, and those evacuations will continue to morrow. some of the challenging circumstances that cruise on the ground face now include road blocks, communications issues, disruption to electricity as well. and also dealing with the aftermath of several land slides, he did note that more heavy equipment will come tomorrow and that we should expect the death toll will rise. as crews are able to reach some of the victims that they are currently unable to. turkey as president says he is considering launching a ground military operation in northern syria. after several rockets landed in the

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hello, i'm wrong. office of 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 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 pan demick boom plus will the. busy one, you train 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 wheeling crypto currency industry,

which wants to bring tokens into the financial mainstream. but sam, bagman freed them, park 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 for 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 of the investment bank sparked the 20 o 8 financial crisis. the ripple effects of f t x is collapsed, 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. nally 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 by 3 arrows capital. one of the most prominent crypto hedge funds in the world. johnny has from berlin is john as good as he's chairman of the digital utah association. that's the d. e a. and head of digital assets and currencies at a turn act. so good to have you with us. 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 so by 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 happened in the end of that f t export taking on very risky position. so they basically took the money off the client and also the group to acid, to operate into leveraged leverage business, which in 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 literally to the situation that more and more players withdrew their money. right. which basically brought them into the situation. that liquidity, you know, the grid and he wasn't there and which ultimately led to bankruptcy, filing's of actually just when we go, and 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 are back of the essence. and so this remains to be seen that this will definitely be, you know, a step back for the crypto exchange space. and we'll, you know, also leads to a waiver, 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 child for crypto because it doesn't change anything off the fundamentals of a crypto. so the f t x failed failed. what? a governance issue of f t x, right? so horrible risk management, big legit positions and also the regulatory regulatory gap you mentioned. 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 entities can 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 is really not, you know, big when, if the room be cooked are not to blame here, right? it's extra blame. it's a company to blame,

so the kind of analogy i would like to give this when buyer can become 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 also need to act which we do you and might be off the regulation. but i think that it's really important that it doesn't change any of the continental crypto. but of course show us that we need more regulation and we also costs proper risk measures. government method inside these very, you know, important a large group to exchange companies as well, and having a series of 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 $900000000000.00. why is it been such a challenging year overall for crypto currencies? yes, so we do see that we are now in a, in the market for one year, as you mentioned. and we thought, you know, that mark was kind of 7 lising and now, and i think the markets are going down, which i think is a logical development. what we shouldn't forget is that this development is not

specific to crypto, right? it's specific to kind of risky as a class. so we have seen that declines in terms of tex dot, for example, that within the past year also declined in a similar size as crypto. so i think the main reason why the technical course are, you know, general macroeconomic reasons we do see the interest increases in the u. s. that, that basically down the private office was that most of the risky as of but of course, and we do with the also crypto specific development. you know, we have seen her and we're not crash half a year ago. we now does the f t x, but generally i would say that it's the macroeconomic situations about, you know, interest rate, high high inflation or the recession. every developments that are driving down the price of, you know, not a trip to, but general of risk. they the big money course to be made in those risky after those risky efforts that you were talking about earlier. those risky investments which down in this case f t 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 the right and also why i mean we have checks what was located in the bomb up. they all had an entity, but there was no regulatory standard. and what i would basically car one regarding like more regulation, s b 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 just in the you, in more countries and also on a level that is basically, you know, kind of globally coordinated even though 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 horrible risk management we've, even after the bankruptcy filing some money kind of disappeared. which of which got cannot be the case for such last not, not companies. and in that regard. right. and i hope that investors not completely, you know, basically don't enter the base again because they are on the mental use case. it's about crypto that are really interesting. that basic, you know, bring the crypto can basically the 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 shouldn't that way because he's been market other markets where, you know, basically basically stuff is being built. and i think this is also why people shouldn't shy of april trip them out. but of course on a regulatory side, there is definitely the need strict, really good to get your thoughts on. this is janice ross, thank you so much for being with us and counting the cos. thank you very much for having me. the f t x, bankruptcy chaps,

a series of challenges faced by tech companies industry founders of the morning about a looming recession. for months they've been selling their employees to expect tough times ahead. tech giants have long been hailed his employment havens with high salaries. but now some are making the van move of trotting thousands of jobs, while others are slowing hiring or stopping it altogether. matter which owns facebook. instagram on what's up is i 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 u. s. tech start ups in asia and africa have been cutting their stuff to meta chief executive. mazacco was blaming the company's rapid expansion and said he's got it wrong. invested billions of dollars in the so called met of us pitching it as a virtual reality future in which people will work exercise and go to concerts.

tech fund received a layoff of partly because they just hired too many people on twitter. you want to, you know, must says his freshly acquired company could face bankruptcy. or joining us from oxford is a really little theater. he's a professor, the oxford internet institute is also author of the book cloud. empires, how digital platforms are overtaking the state and how we can regain control. 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 the consumer demand is going down. and now they're having to lay off. but another reason is the macro economic situation rising interest rates. these are not unrelated to each other. publicly listed companies are not able to

raise money from the market that such favorable terms. any more and startups that are funded or finding it much harder to raise funds from b c. so in order to extend the 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 a misjudgment by on the part of the management? you said, of course, about that the, the older hiring during the pandemic. 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 and almost getting it right most of the time. but this seems to be a significant misstep. what's going on? yes, so it is significant. this is the 1st time frame that met our facebook is laying off significant numbers of people in the history off the company. so that is really a sort of reckoning of the sort and you can say that with met suddenly mr. zocker

berg, he bet the farm on the idea of madame ers, that he needed to discover a new vision for his company, the facebook around 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 would 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, brooks problems relate to his let's say i don't want to say yet misjudgment, because the jury is out there got to, there's very risky bet. and then as for mister musk, twitter, he paid a 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 for verification. and it turned out rather predictably, some would say that in fact, that was the value of destroying proposition because it decreased trust in the platform and therefore decrease to advertise or advertise. 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. with the fed as interest has raised interest rates that chase people into more secure investments that maybe in some way had an influence in whether or not they're going to continue the investment in and check companies. does that mean that we are seeing a temporary see change in levels of invest with tech companies or do you think this

is pre stating 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 s 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 criptos lehman brothers moment is also contributing to the tech labs, 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 people are 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 the tech 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 tech jobs a bit more like they think of any other jobs. there is a risk of getting laid off and the company is not your family. the company will let you go when you are no longer needed, very little better. we appreciate you being with us and i'll just, you know,

thank you very much indeed. thank you very much. it was a pleasure rob the united nations secretary general says the world is on a highway to climate hell. company missions from fossil fuels will hit a record high this year, and scientists, a warning is 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 steer the world out of climate crisis that would require an annual investment or more than 4 trillion dollars and keen energy by 2030 to save the planet. but it was leading energy agency expects around half of that amount to be spent every year. however, the international energy agency, or a predicts the worldwide 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 to accelerate the trans to green energy. so will it,

but to discuss that i'm joined now from coventry in the u. k. by michael broad shown the professor of global energy at warwick business school. so i good to be, have you with us. thank you very much indeed. do you think that the water ukraine is going to have an influence on the speed at which the world moves towards away from fossil fuel, them towards renewable energy? yes, i think i'm definitely will. you know, clearly in europe there is a strong determination to accelerate the transition. but the question is really more global in scope. you know, what will happen elsewhere in the world now? well, good for, you know, for the wealthy economies who got the, the ability to fund las 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 the developing economies. and they may just have to rely on coal. where in the, 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, 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 export in countries, particularly in the gulf half strategies to diversify their economies and, and prepare for net 0 future. i think for many that in the pressing matter is really about energy security, 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 white availability of nuclear energy, or are people just being pushed because they're looking for an alternative to fossil fuels. and i think there was a lively debate about the role of nuclear in a 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, post ashima, 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 for the nicu sector. so you, it may be

a case of out of the frying pan into the fire if you find yourself, actually them being more relying on, on countries like russia to supply your new killer. the other thing i'd say is that there's also the emergence of a small scale multi to reactors as an 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, you say government is trying to look at. and it's also an issue in united states to build not smaller nuclear reactors. it can be built more quickly and on a modular basis and therefore less expensive. so you can as part of the mix and may be 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 be 1.5 degree 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 upon the only half of that has been spent, are we reaching

a point where the governments have been showing some sort of initiative in there in order to, to basically demonstrate they're doing something. but there might be a weakness of it if you like, 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 governments. obviously there are, there are variations in nature of economies around the world, and there are many economies where the government, the state controls the economy and they can make long term investments 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've, they have upgraded their n d c with the cop framework. they have an ambitious plans to achievement 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, play 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, food crisis, cost of living crisis, and the potential of a global recession. the 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 it's 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 of 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. mike approaches professor of global energy at water business

school and u. k. so we appreciate your time. thank you very much. indeed, thank you. and that is our show for this week, but remember, you can get in touch with a via twitter 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 at delta 0 dot com slash ctc. that's going to take you straight to a page, which is individual reports linked an entire episode for you to catch up on it. but this edition of tons of the cost on rob matheson the whole team. thanks for joining us. the news news ah. and

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