to make prior reservations, and you can travel freely as you want, yelling his army in 2023. hong kong will be more prosperous and exciting with a more vibrant market and a more joyful society that would entail spanish foreign fashion design. a pack, or a bon, known as the own form to read the of sixty's fashion because of his radical designs, has died at the age of 88 romano, whose real name was francesco renee deck, where vo was brought up in france after his family. fred, the spanish civil war, and he founded his paris fashion house in 1966. he was when i am for his space age metallic designs, while also launching a highly successful room to perfumes. after a 3 dec a career, the fame decade career, the famously eccentric man steadfast in 1999. with our minds of our top story, some al jazeera,

the united states has taken immediate diplomatic action over the presence of a chinese surveillance balloon above us soil, which it says is a clear violation of its sovereignty. the u. s. secretary of state cancelling a planned visit to beijing. china said it's a civilian balloon, not being used for surveillance. and my call today with director wong ye, i made clear that the presence of this surveillance balloon in u. s. aerospace is a clear violation of you, a sovereignty and international law that it's an irresponsible act. and that the p r c decision to take this action on the my planned visit is detrimental to the substitute discussions that we were prepared to have. i told a director wong that the united states remains committed to diplomatic engagement with china, and that i plan to visit beijing when conditions allow. in the meantime, the united states will continue to maintain open lines of communication with china, including to address this ongoing incident cranium present. laudermill zalinski has urged western allies to supply his military with long range missiles. he's hosting

a summit of european union leaders in keith were they've also discuss ukraine's membership application to the blog. european union announced price caps for russian oil products. premium products such as diesel, have been kept at a $100.00 per barrel while discounted products. a cap of $45.00. the head of the roman catholic church has appealed to sales sedans. needless to and years of bloodshed who plans. this is on the historic visit with the leaders of the anglican church and the church of scotland to south sudan. the 1st visit of its kind since independence in 2011, more than 400 thousands of died in a civil war that started 2 years later, the christian leaders urged present solver, keir and his bits arrival we at my char, to turn their backs on violence and corruption, palestinian man shots in the occupied westbank on friday has died of his wounds. the palestinian red crescent said abdulla callaway was shot by israeli gun fire

threading. media said that he tried to grab a soldier's gun. israeli forces have killed 36 palestinians in the occupied westbank since the beginning of 2023, and 8 of them. children. those who top stories you're up to date, do stay with us though counting the cost is coming up. next we will see you very soon or by the latest news as it breaks. bullshit, forties are about a kilometer in that direction or in the military gear. now we detail coverage where israel has the pallet affinity of calling me on the verge of collapse towards jackie. from around the world with the responded reward of sojourn we but not dropped against increasing the age of retirement, but also grants were continuing cost of living crisis. ah,

i hello on the clock. this is counted the cost and al jazeera. you'll look at the world of business and economics this week. europe's population is aging, and france is among many nations struggling to keep retirement schemes afloat. so should workers were taught much older and who put the pension bill? also this week, rising interest rates as straining the budgets of countries already in debts. egypt and pakistan are among nations butterball to default. will they implement much needed reforms? and india's business tycoon, go to a donnie last billions off to fraud planes by u. s. investment firm, we explore what's next. the donnie empire. ah, said europeans are living longer as a continents population grows older, the number of people who contribute to retirement schemes shrinks. and that is

pushing many countries to reform their pension systems to balance the books in france or proposed bill has proven hugely unpopular. the government says it increasingly retirement age is vital to prevent the system from going bankrupt. but unions and left wing politicians, they're not convinced the control receive over the reform centers on raising the retirement age by 2 years to 64 by 2030. the bill would also increase the minimum number of years that people must pay into the system to get a full pension from $42.00 to $43.00 is it also includes an increase in the minimum pension to around $1300.00 a month and allows those who begin work yet younger ages to retire earlier, when more than a 1000000 people took to the streets for the 2nd nationwide strike against the pension reforms forming the social welfare system is a man or micron signature policy, and he's defended his plan as essential. we spoke to joe, all a taxi driver. nearing retirement in pers. business was on his own. i am 70 years

old. i've been driving taxis for 42 years and if all goes well, i'll be retiring in 2 months. however, you also thought i work 11 hours a day. sometimes i tried to the saturday morning as well, but it's not always easy if you want family time. i'm young on i was happy working with the taxi driver. i organized the hours to suite me. i didn't think about my retirement or see about but the things changed with the pandemic and the crises that follow it. we had days with barely 20 percent of our usual turnover. she all, i did the calculations i'm a patient will be about a $1000.00 a month. my wife and i are going to struggle to make it to the end of the month. she get several, $320.00 off. so we want the children. so she didn't work much, and when she did, she was miserable. she was exploited more than anything else. so i'm very clearly basket. i feel sick to my stomach because now more and more i am confronted with

real life. i am approaching retirement and it feels like it's solving for nothing. some people who i am skirt by they say to myself, fortunately there are these reforms and they will increase pain shoes to $1300.50. i have to say, i am almost happy because for me that's an extra $270.00, which is something. but then to make people work for longer, these owners, obviously everyone knows that if you have to, you do it. but you have to be physically able, you have to be strong and he's not easy. it all depends on the job. and many job psychologically or emotionally, dis, 3 you did, and then you need to find or keep a job. if you're already 5055, your salt is difficult to find work. so i'd almost 70 can't imagine you go to the recruiters and when you tell them your age, they say sir, it's time to start working. and i think they're right is time to stop. although i

did, and i will in fact, frances retirement ages, among the lowest in europe, the country spent around 14 percent of g. d. p on state pensions in 2019 bart. it is italy who has the most generous system, spending almost 16 percent of his gdp on pensions. and that followed by greece, which plans to increase pensions this year for the 1st time. and more than a decade, germany spends almost 10 percent of its g d, p on pension, and it's among nations lifting the retirement age to $67.00. the u. k is reportedly lifting it to 68. iceland spends the smallest amount on retirees in europe at 2.9 percent of g d p. yet it is ranked among the top 3 systems. well, joining me now from paris as if he bit vista, who is the director of the economic research department at ostrom asset management . philip, welcome to the show. at the 1st thing, even if france raises the retirement age to 64,

that still lower than many developed economies say why such up rule why it's a, it's a very complicated situation. and for us, you know, the question is, why do in your retirement reform now, or we have had the bond to make where the surgeon position. and so it's a very, it's probably not a good moment to do that. though the 1st rhythm, the soon reason is that there is a strong political, a reason for that because the opinion on my court, i was logged about charity at the national company. and it's her way to meet its power. uncertain as a reform that will take place probably is her probably not when, as til in a way for people who will retire rapidly or will

or will have to to, to fund postpone the mozy edge of retirement. so if you are 60 while, if you are 55, you have to work longer. not usually in the retirement reform. it takes time for, for drains, then it's due to changes creation. so that's, or the reason such, make the year such earn right with the currents in france, right. the thing is, money has got to come from somewhere, isn't it? because if you look at the c, d says that france has very high expected years of life in retirement at ranks 2nd in men at 23 and a half years. and 3rd and women at 27 point one years. and that's compared across the continent. and someone has to pay for that, the money has to come from somewhere that people need to keep working longer than many people agree on reducing to land. so from the retirement period and working longer, but and so there is no really,

there is no discussion there on the 3rd of the sport. there is $22.00 discussion. one is why do we doing it now? the 2nd is, does a former retirement re fall as it was bought a 2014 i just ticket base in 2020. 0, can we manage as is to reforms of former one, which here which will continue on probably we like to write a new one as complicated says, what's your answer to that? what's the solution? what should the government, the solution is to probably love doing it clearly. now it's not necessary to do it now. even for, for budget reasons, for budget bounce reasons, it necessity now as the question is on wish permit or do we, do we play on, you know, in retirements, kim, you howigger a 3 parameters the number of sure of contribution as

a neighbor of the pension for retirees as the level of contribution that's for the 3 parameters. and the question is how to, to, to mix all of them. the government says that lifting retirement will help at racy employment rate. that's going to be good thing. we have to demonstrate that it has not been shown everywhere. the world is complicated. no, in france, people above 50 years or other very low employment rates are for many reasons to change. and we have, we have to which is free form. we have to have a god to make how this improvement dreadful, the people, edge above 55 will increase die. nothing about that. so that's a very well situation of the re full since to be not put any

compared to do you know, as you start to wait, we are not sure that the situation is a 0 or willing to all of the reform have been worked on. definitely so that so that's why it's complicated. and one final thing it struck me is this reading 3 isn't some facts beforehand that we talked about. iceland, 3 percent, just 3 percent of g d p spent on pensions yet is among the best games in the world . how do they make that what they're countries like iceland, lighter than mog, this a very specific retirement scheme in tears. 5 that see it's very small countries, lots of diversified as the price. so it's easier to abby, we're kind of consensus on the different to a puppy. aches and the retirement is one of of it on c. so it took a kind of put it to agreement or we can have, you know, small country,

not in large countries like france o, f innovation, appreciate that. thank you. thank you ah occurrences sinking to record, lowes dwindling foreign reserves and ballooning debt. like many developing nations, the economic crises in egypt and pakistan have been aggravated by the war ukraine, but other factors have also had an impact among them. the role of military run enterprises in the economy and investments and big and costly infrastructure projects. egypt has a population of more than 100000000 people, one 3rd of them live in poverty. they can't even afford basic foods like eggs and cooking oil, which have doubled in price. the country impose import restrictions and banks limited foreign currency withdrawals to try and conserve scarce dollars. paxton is also struggling with rising inflation, and it's facing an acute balance of payments crisis with less than 3 weeks worth of

import cover in it's a foreign reserves. egypt and pakistan have both resorted to the international monetary fund to help ease their financial problems. cairo committed to reducing the military's role in the economy as part of the $3000000000.00 i m f package. it also agree to move to a flexible currency exchange rate and slow down public investment in national projects. pakistan has also taken steps to revive its stalled $7000000000.00 fund. among them is easing control on the currency and hiking up petrol and diesel prices . okay, from garage young join, not by act. as ive sallied an assistant professor of economics at how the university that i missed, i felt welcome to the program at 1st. tell us more about pakistan, an egypt situation, the similarities and how they've reached this point. well, thank you for having me on the show. next. they can amik crisis in egypt and pakistan has many similarities. first of all,

both crises came about in the immediate aftermath of the cities between russia and ukraine. and you might remember that this crisis led to a commodities super cycle. in the case of egypt, there was a massive capital flight of about $20000000000.00. and then egypt was importing very expensive because it's one of it's actually the biggest cedar important in the world. and those prices went up in the immediate aftermath of the russia, you can conflict in the case of pakistan, elevated oil prices lead to a classic balance of payments crisis. and initially, pakistan tried to deal with it by praising imports, but very soon both countries are forced to turn back to the i m f for a system so that the i m f could assist them in stabilizing that on them. so the efforts that both countries have now made to try and minimize the risk. well, they work well. yes. and no. the efforts that were made by egypt pragmatically,

by turning to friends the out of countries that order in about $13.00 to $15000000000.00 into the egyptian office. initially it worked. but later on, it did not work because they then had to turn to the m as in the case of pakistan. again, pakistan tried to freeze the exchange rate so as to get a handle well, what important inflation. but they realized that because of this policy decision and because of the overall political instability and pakistan in flaws basically right up. and they were also forced to turn to the i m f for assistance when it comes to the valuations. why was it necessary to do that and how hard was that for people on the street? well, the basic reason has to do with the conditions of the i m. s. that requires exchanged aid in both egypt and pakistan to be determined by market forces. and

yes, it has been extremely painful for people. common people in the case of pockets on inflation is already topping out at 28 percent, which is highest in 50 years. mind you. in the case of egypt, inflation is stopping out at 25 percent. if we look back at the case of pakistan, this massive inflation highest and 50 is also was large. this country has seen in history pakistani on the miscalculate, this is going to push an extra 20000000 people into poverty. so this is going to bring about a lot of issues in terms of social unrest, more political instability, and regulation. egypt has committed to reducing the military's role in the economy . will that happen? will it work? well, the i m f has asked specifically for the egyptian state or the military owned businesses to you know, to extricate themselves only to strategic sectors. i think this is not going to

work in the short term or the medium term because when it comes to egypt, almost 2 thirds of the g d. p is connected with state or military on businesses. and this creates a number of different problems for egypt. for instance, it mitigates against innovation and growth. many private sector businesses don't want to compete with military owned businesses because these businesses have thanks and the quarter doors above us. so this, like i said, mitigates against innovation and growth. if egypt were somehow to, you know, get it, get its military out of its economy only by a few percentage points. i think that would open up the space for and to put no ship for innovation and for more growth. since it would give that the private sector more opportunity to get involved in both countries. right. that's right. so in the case of pakistan, i mean, which is somewhat similar to you know,

miller trees footprint. it's also very expensive in pakistan. the military on serial breakfast cereal, factories and fertilizer factories. but the military's economic footprint in pakistan is not as expensive as it is egypt. of course, they have been criticisms for or on the miller trees business connections or being bake. and for the fact that they allegedly pay less tax. so the situation is somewhat similar between egypt and pakistan in terms of the military or the state footprint when it comes to the economy. similarity also in the way that both countries pull billions of dollars into making projects. it does that kind of investment work? i think that's more true in the case of egypt where you know, this passive amount of money on billions of dollars have been paid, have been bored into various vanity projects in the last 10 years. so any where

from a new administrative capital to cities in the desert, what this has done is that this has not brought actual foreign direct investment, which would have created jobs. and would have been a more sustainable source of hard currency. as opposed to that what, what, what this does is that the brings about a classic balance of payments problem and mitigates against growth. as i mentioned previously to you. as far as egypt is concerned, human rights watch is one that the i m f deal. i will leave a 1000000 the economic rights. millions unprotected. do you think that's right? that is the case. i think that that is definitely going to these the i m f. petition allergies are definitely going to push more people into poverty just like and, but just on pockets money for them as such. calculated that almost $20000000.00 people are going to be pushed additional $20000000.00 people are going to be pushed into poverty. so i think this is

a very serious situation. this is going to create political unrest in both egypt and buckets. at least in the case of pakistan, the i m f has been somewhat supportive of this man's name welfare program or social safety program, which is the benefit of some support programs. all right, we'll have to leave it there or does i so appreciate, i think thank here. now in the is a dining group has built a fortune with investments across ports, airports, renewable energy, and other industries. but the business empire has recently lost billions of dollars in stock market value. it's founder, go to madonna slipped from a list of 10 of the wealth, wealthiest after fraud allegations against his companies by a u. s. investment firm. the tumbling value of a dining group is fair to have broader implications for indian markets. fall outcomes after hindenberg, research released a report accusing the tiny group of engaging in decades of so called brazen stock manipulation and accounting fraud. the firm dismissed the report as malicious and

accused hindenburg of a calculated attack. the american firm says that a don is extensive rebuttal of its report, ignored, important delegations, and was obligated by nationalism. let's take this on to discuss all of this. i'm joined now by the pankey man who is an associate professor of economics or a page in global university and director for new economics studies said the pension mahan, welcome to the program. at 1st up a donnie is a big, significant company in india. what happens here is a big deal, isn't it? yes, absolutely. nick and a, one of the key things we need to know is that, and on he has been the boss to boy. india is bay aggressive of ballistic with iran body lily from ear drainage, wendy. i mean, his company's profits of sort like no other company, even the lawn mosque of death. laura jeff bezos of amazon have never seen the neck, would go up at this piece. and on his neck,

what was somewhere around 9320000000 in september 2019. and this increase to 160000000000 september 2022. so it's a remarkable rise for any business person in india on asia. he is the founder of one of the largest ot operator in india, and more importantly, his business as getting right into the money government is big agenda on infra investment spending any of the highways boards, including for the infrastructure investment, you've seen the government making across most of in logistical investment. okay. well it's hugely significant clearly. so what are the implications of this, and is there a danger of broader financial contagion? i think looking at what we see right now, we do see that as a business of defense from the stock market really responding in something that

happened with the last week. i wouldn't be on the side of caution by saying that the not the stock market trends. why don't they have gone missing with what's happened to the stock market share value collapse and probably the f b not going to look at a provider financially contagion. one needs to be very mindful of what's happening with businesses that are connected and have less money to be valued. i think that's a lot of the problem is really live and but the information be how i think the next few weeks of a like finding an insurance companies and so forth. absolutely, absolutely. because the boarding strategy for these are the group in the last 2 years, particularly as been looking beyond domestic bass. they've been having fun with these mostly in the form of bonds. and the band bending in india has been

restricted, locked in a 3 years. so there's a lot of exposure in going back to it, but more importantly, and this is where the end of the picture really becomes important. the group has short says, not on the phones stop doing cash, but donnie should focus on international buyers. so whatever happens with the positions exposure, donnie group for external international ones would have gamification on the company and in been stock market. now as you mentioned, the dani is closely associated with their end remote east india elementary and see how the prime minister handled with so so far not really heard the minister of course, and much of the government ministration. and the popular mainstream media has not created picked up on the news. i've the same time. what you would really see is that the movie line as being delivered to the government's business strategy in the

last 9 years, the line so. so i was just be, we'll be back to withdraw, that is the prime minister's on state. and one of the things that need to be more importantly linked is the on the gothic linkages and grande, a brockridge that you generated on structure on which most of all these book and policy push has been pivoted. so my sense is that the government may want the opposition. you may expect that to happen, a full independent examination to say b and maybe even a panel to look at the negations, put forward by hand in both at the same time. also look at the boy, didn't banks with that, and i think the senator by because i want to be put in an inquiry and this would be be downing or venting out or is that force finally to punch you briefly if you would, what do you make of the allegations and why do you see this heading? there are 2 reasons. one is donny was to be the writers

in pushing for private investment across sectors. in india. anything happening to the company is big data on the government's own policy agenda investment. the other thing, the underlying indicators, if you were to see a private investment in india, domestic and foreign has been paid by 9. you know that the government is not fee because the private investment really pickup. and when you have a big company like a donnie's piecing a stock market collapse in the show that you'd like to really have seen in the last week. this will discourage many foreign investors to portfolio investment to put that kind of money in india. this is, of course, a lot that has to do with the external situations also, but the circumstances are not going back then. so far we shall see how it all unfolds depends. you man, appreciate that. thank you. so there is,

i'll show for this week if you'd like to comment on anything you've seen, you can treat me nick clock al john, please use the hash tag a j c from c, or just drop as an e mail counting the cost algebra dot net is our address, but there's more one line of course. so delta, georgia, dot com slash ctc that will take you straight to our page, which has individual reports, links in, in the new to catch up. so that is it for this edition and kind of the cost. i'm a clock from the whole team here. thanks for joining us. the news on algebra is coming up. the ah

african story from african perspective. i'm the marine biologist, a business when short documentary from african he'll make. i'm going to do this from south africa, ethiopia. and nigeria, we been to go over some stuff in this class. she saw this as my, and my old on africa direct on al jazeera. ah, secretary of state, anthony blink, and postponed his trip to beijing. as a chinese, the veterans balloon continues to float across us as space.