european champions, rail madrid of all face al, hello, that saudi arabia, the final of the club world cup in morocco on saturday. i'll beat egypt ali for one in wednesday's 2nd. if not their last golden star, which time. and the richardson has been watching the reaction ah, this is out there in these, and the top store is now the death toll from monday's earthquakes into care and syria has passed. 12000 rescue operations are still ongoing. turkish present reject . taiwan has acknowledged shortcomings in his government's response, but insists it would have been impossible to prepare for such a disaster. bazaar littler overdone, on the 1st day we experienced some issues, but then on the 2nd day today, the situation is under control. control will never allow our citizens to be left on

the streets. we'll put our moscow people not give the provocateurs an opportunity and only pay attention to the statements coming from the disaster management. so 30 today is the time of unity and solidarity. now in syria, rescuers are facing a wide range of obstacles, including cold weather conditions, lack of equipment, and limited access. situation has been made worse by years of war and isolation. ukraine's present volume is the lensky is at the lease, se palace in paris, where he's been meeting french president myoma crohn. and the german chancellor of shawls ukrainian leader, has called on both countries to deliver attack jets and heavy weaponry. as soon as possible investigator. so there strong evidence rushes president vladimir putin approved supplying the missile system, used to shoot down a malaysia airlines plane in 2014 and age 17 was downed over eastern ukraine.

all 298 people on board were killed. earlier this year, a dutch court convicted to russians and the ukrainian rebel for their roles in the crash. russia has always denied involvement. local officials in the eastern democratic republic of congo, say peacekeepers have killed 8 civilians. offer an attack on the human convoy. it's act happened that there can you change the account for internally displaced people . net goma when delegation is cancel this trip in response. a heat wave in chillies south central region is threatening to further fan of forest fires. they've killed 26 people left thousands. i miss around 5600 firefighters of battling 81 blazes, which it's feared could reach the capital, santiago, columbia, and mexico sent personnel and equipment to control the fire and the death toll the land slide that hit southern peru has risen to 15. 2 people are still missing. i sent the nevada artist visiting the region to assess the damage rancho rains

battered through on sunday, prompting the deadly mud and rock slides for those all the headlines. news continues heron out here. us after counting the cost, stated lou, a, a with

wherever you go in the world, $1.00 airline goes to make it feel exceptional. katara always going places together with hello, i'm a clock. this is counter costs and al jazeera. you'll look at the, well, the business and economics this week. europe's population is aging, and france is among many nations struggling to keep retirement scheme to float. so should well, because we're taught much older and who put the pension bill also this week, rising interest rate to straining their budgets of countries already in debt. 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 don empire so europeans are living longer as a continents population grows. older, the number of people who contribute to retirement schemes shrinks. and as 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 to 43 years. 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. we're more than a 1000000 people took to the streets for the 2nd nationwide strike against the pension reforms. reforming the social welfare system is a man or micron signature policy, and he has defended his plan as essential. we spoke to joe old, a taxi driver, nearing retirement in paris. business was on these oh, i am 70 years old. i've been driving taxis for 42 years and if all goes well, i'll be retiring through a month. 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. im young, i was happy working as the taxi driver. i organized it hours to suit me with your i didn't think about my retirement or say, but the things changed with the pandemic and the crises that follow it. we had these with barely 20 per cent of for usual turnover,

t. all i did the calculations and my patient will be over the $1000.00 some on my wife and i are going to struggle to make it to the end of the month. she get several, $320.00. we wanted 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 curious, brisco, 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 all been for nothing. some people were, i am a skirt my. they say to myself, fortunately there are these reforms and they will increase pensions to $1300.50. i have to say, i am almost happy because for me that's an extra $270.00, which is something minimum of but then to make people work for longer is all loose . obviously, everyone knows that if you have to, you do it. but you have to be physically able, you have to be strong and is not easy. it all depends on the job. and many job

psychologically or emotionally destroy you. dish 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 stop working. and i think they are right. is time to stop. although i did of paula, it will in fact, frances retirement age is among the lowest in europe. the country spent around 14 percent of g. d. p on state pensions in 2019. but it is italy who has the most generous system, spending almost 16 percent of his g. d. p on pensions. and that's followed by greece, which plans to increase pensions this year for the 1st time. in 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 role? well, 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 reason, the soon reason is i as there is a strong political, a reason for that because the opinion on my core, i was logged about charity at the national company. and it's her way to me is power

uncertain as a reform that will take place? probably. it's probably not where i was killed in a way for people who will die rapidly or will or will have to postpone a moment the age of retirement. so if you are 60 while you are 55, you have to work longer. not usually in the retirement tree, all it takes time for, for drinks, then it's due to changes creation. so that's all the reasons such, make the year. so churn right with the currency in france, right? the thing is, money has got to come from somewhere, isn't it? because if you look at the c, d, 's says that france has very high expected years of life in retirement ranks. second, in men at $23.00 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 some was that people need to keep working longer than many people agree on the, on reducing to lag. so from the retirement period and working longer, but, and so there is no really, there is no discussion or on the visa. i'll just point 022, discussion one. is that why do we doing it now? and the 2nd is, does a former retirement re fall as it was bought a 2014. i've just taken baking 20. 20. 0, can we manage as is to reforms of former one which here which will continue and probably we like to write as a new one, as a complicated says, what's your answer to that? what's the solution? what should the government solution is to probably love doing it clearly now it's

not necessary that to do it now. even for for budget reasons, for budget bounce reasons, it's not necessity. now, as your question is, are on wish permit or do we, do we play on, you know, in retirements, can you hover a 3 parameters, the number of your contribution as a neighbor of the pension for retirement as a 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 her time in age will help at racy employment rate. that's going to be a 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 are we, we have to which is free. so we have to have a god to make how this improvement dreadful, the people, edge above 55 will increase diagnosing 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, are all well into 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 their country like iceland, lighter than mog, this a very specific retirement scheme in tears 5 that it's very small

countries, lots of devout to find a price. so it's easier to abby or kind of consensus on the different to a puppy. aches and the retirement is one of, of it. and so it 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 imposed import restrictions and banks limited foreign currency withdrawals to try and conserve scarce dollars. pakistan 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 easy control on the currency and hiking up petrol and diesel prices. okay, from garage young join, not by act us ive sally's,

an assistant professor of economics at have the university that i missed. i felt welcome to the program at 1st tell us more about pakistan in egypt. situation the similarities and how they've reached this point. well, thank you for having me on the show. next. economic 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 commodities super cycles. in the case of egypt, there was a massive capital flight for about $20000000000.00. and then egypt was importing very expensive wheat because it's one of it's actually the biggest cedar important in the ward. and those prices went up in the immediate aftermath of the russia, you can conflict in the case of pakistan. it elevated oil prices lead to a classic balance of payments prices,

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 assistance so that the m f could assist them in stabilizing that economy. 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 countries that ford in about $13.00 to $15000000000.00 to be gyptian office. initially it worked, but later on it did not work because they then had to turn to the i m as in the case of pakistan. again, pakistan tried to freeze the exchange rate so as to get a handle or what important inflation. but they realized that because of this policy decision and because of the overall political instability in pakistan in flows basically right up. and they were also forced to turn to the i m f for assistance

when it comes to the evaluations. 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 partis 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 ponder miscalculated, 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 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. so that 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, serial factories and fertilizer factories. but the military's economic footprint and 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. does that kind of investment work? i think that's more true in the case of egypt where you know, this massive 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 buckets. tiny bottom is stuff 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. for outcomes, after hindenburg research released a report accusing the tiny group of engaging in decades of so called brazen stock manipulation and accounting fraud. the firm dismiss, the report is malicious and accused hindenberg of a calculated attack. the american firm says that a don is extensive rebuttal of its report, ignored important allegations 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 peach in global university and director for new economics studies said to punch 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 an attorney has been the boss to boy

india's bay aggressive militia with iran body lily from ear 2020. i mean, his company's profits of sort like no other company. even the lawn mask of gas, 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 in september 2022. so it's a remarkable rise for any business person in india, artesia. he is the founder of one of the largest ot operator in india, and more importantly, his business as billing 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 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? what's happened to the stock market share value collapse and probably the, you're not going to look at a provider financial contagion. one needs to be mindful of what's happening with businesses that are connected and have less money to be go. 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 life. so finding an insurance companies and so forth. absolutely, absolutely. because the boarding strategy for these are the group and the last 2 years, particularly as been looking beyond domestic bass. they've been dropping funds from these mostly in the form of bonds. and the balance funding in india has been restricted, locked in 3 years. so there's a lot of exposure in getting back to a group, but more importantly, and this is where the end of the picture really becomes important. the group has short says, not on the phones, so i'm doing cash. but donnie shows focus on international box. so whatever happens with the positions exposure, donnie group, external international one, would have gamification on the company and in the stock market. now, as you mentioned, donnie is closely associated with their end remote is india elementary and see how

the prime minister handled with so so far we've not really heard the prime minister dawn of course, and much of the government ministration. and the popular mainstream media has not been picked up on the news at the same time. what he would really be is that the automobile lines as being delivered to the government pro 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 is the on the gothic linkages and brandy of properties that you generated on structure on which most of all these book and policy push has been pivoting. so my sense is that the government may want the opposite. you may expect that to happen, independent examination to say b, and maybe even a panel to look at the negations,

put forward by hand in both. and at the same time. also look at the boy up in the back to go. i think the senator by cuz i want to be put in an inquiry and this would be downing or benting. i mean, for the gap that floats finally to punch in briefly. if you would, what do you make of the allegations and why do you see this heading? there are 2 reasons. one is a donnie 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 policy agenda investment. the other thing is the underlying indicators. if you were to see a private investment in india, domestic and foreign has been made by 9, you know that the government does not see competitive private investment really pick up. and when you have a big company like a donnie's piecing a stock market collapse in the show that you'd like to be seen in the last week.

this will discourage many foreign investors to portfolio investment to put that kind of money in india, which is of course, a lot that has to do with the external situations also, but the not 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 tweak, make net clock al john's, please use the hash tag a j c from the c will just drop as an e mail counting because algebra dot net is our address as morphy one line of course, that out to joe dot com slash ctc. that will take you straight to our page, which has individual reports linked an entire episode. new to catch up. so that is it for this edition of 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 ah a race against time a 3 days after 2 earthquakes struck tucker and syria. a desperate search for survivors continues. on despite fading odds to rescue as free an entire family from the rubble with their bare hands, it.