deploying it as a personal assistant, it thinks of things that i don't think of, and that's the part that kind of blows my mind the most. i feel like it's been making a lot of the things that i've been putting together so much more insightful. i mean, my, i start up called be my eyes integrated into software that describes the world to visually impaired users. if you're a blind use, you, when you open the app until today, you know, we only have the option of calling a volunteer and doing a video called what you could do now is you, you will use the same app. instead of calling them on tier. you click a button to then go into the new feature, the virtual launch here. you have a bad pastor in your kitchen and you want to know which kind is it. and what's the cooking time, mike? so you take a photo and it will come back and say you need to cook at 9 to 11 minutes, whatever it's s t p t for may be ahead at the moment, but it's not alone. by do,

the chinese tech giant rolled out a box called ernie. mid journey is already used by architect to generate photo realistic images from text pumps. all this is making some creative humans for read . the society of illustrators published a statement against the use of a i generated art in competitions. the u. s. copyright office denied protection to a comic book illustrated by a i and a coding hub is suing several a companies for plagiarism. the question now is for how long will the judges be able to tell the difference calling baker algebra? the me again, the headlines on al jazeera, the international criminal court in the hague, is issued an arrest warrant for the russian president vladimir putin. the icpc said it's in connection with the forcible deportation of ukrainian children. the kremlin,

called the move. outrages. voting is underway and nigeria as governorship and state assembly races. the delayed vote comes weeks after a disputed presidential election. the ruling party hopes to regain lost ground in key areas. the former pockets, signing prime minister mon con, has just arrived at a court in islamic to face corruption charges. meanwhile, police have entered his residence in the city of the hor, and they beat up his supporters. about $5000.00 extra police have been called to islamic, and parts of the capital have been field off. global banking stocks have suffered a fresh sell off despite big us lender supporting their smaller rival 1st republic bank. us president joe biden has called on congress and post tougher punishments on bank executives. the united kingdom interior minister isn't want to discuss a deal on migration. 12 bravo men will meet president polk gum. a rwanda agreed to

receive tens of thousands of migrants from the u. k. as part of a $146000000.00 deal last year. the turk, as president jeff taper to one, says he will now support finland's base to join nato. the announcement came after he met the finished president sally, in any sto in ankara on friday. those are the latest headlines on al jazeera coming up next. it's counting the calls. thanks for watching. bye bye. for now. talk the law will the law with, with neither side, willing to negotiate is the ukraine war becoming a forever war? is america's global leadership, increasingly fragile? what will us politics look like? as we had to the presidential elections of 2024, the quizzical look of us politics, the bottom line with

hello, i'm molly inside. this is counting the cost on al jazeera, your weekly look at the world of business and economics. this week, persons financed minister wants to boost the countries economic growth and he's tapping into the nations vanishing workforce to do that, but will as budget plan help solve the problem. also this week president biden has said that the u. s. banking system is safe bought. he's vowed taco regulations banks, who's to blame for the collapse of the silicon valley bank, and could s v b's failure force a rethink on interest rates. plus australia's deal to buy nuclear submarines is the country's largest single investment ever in defense capabilities. but is the agreement with the u. s. on u. k. worth every sentence? ah, the british economy is still as a worse state than it was before the pandemic. one of the reasons they are more

than half a 1000000 british workers who have vanished from the u. k workforce since the outbreak of coven 19, despite unemployment being at historic lows. now the collapse in productivity has been crippling blow to the struggling british economy. guessing britain's last employees back to work was the centerpiece of the british finance ministers budget plan. jonah hall has more on this. britain's finance minister called it a budget for growth. that's not the shock measures. jeremy hunts predecessor used last autumn. thompson. 2 2 but policies instead intended to restore stability and faith in government. after a period of political and economic turmoil. today we faced the future with extraordinary potential. the well bank said that a whole big european countries we are the best place to do business. among the

measures announced were a series of low tax investment zones to boost productivity in traditionally undefended parts of the country. like here in the west midlands they were plans to tackle a post covert post breaks it skills shortage including help to fun childcare. so baton press parents can rejoined the labor market and enticements to get some of the more than 8000000 over fifty's who left the job market back to work. you are a retired g p. what would it take to entice you back to it? oh, my peer group of all retired qualify from boss back in 1982. there's nothing that we should go back to work now because i think, you know, there's a point in time that you've done your bit. you've done your best and when you start losing enjoyment in the job which is sitting will happen in the last 4 or 5 years with continual changes in the unit. just as feeling of most of us are sort of done a bit and got bent out and move on. i think he's trying to go in the right

direction. how successfully it's going to be. it's another thing, a question that economists say, it's too soon to answer. i think it's very important for the government to address the late the, the labor shortages by all means. but to actually look at where the biggest unemployment rate is. and at the moment, the biggest unemployment rate is not in the over 50. it certainly is between in the 6 to 24 years old. and i haven't seen anything too that the government has done for them. in the short term, of course, the high cost of living remains. britain is most pressing economic problem. and while jeremy hunt did offer more help on energy and fuel costs, in the hope that inflation falls dramatically by the end of the year, more significant items like tax cuts on likely to appear until closer to the election. this in the meantime, this budget cannot he raise the fact that economic pain is sent to continue with

the i m f, noting the britain will be the worst performing g 7 economy this year. joe, to hold al jazeera in the west meetings. joining me now from london is grace lorden . she's the director of the inclusion initiative and an associate professor of the london school of economics. many, thanks for your time. grace the salt with a you case that vanishing workforce. why have so many people they're not returned to work now that cove is over, especially given the cost of living crisis. thank you, molly for having me on. i really, i really appreciate it. so i guess is kind of 3 groups that have been the focus of jeremy hans budget. the 1st are women who have young children. the 2nd are people who have disabilities. and the 3rd are people who are over the age of 50. and i think if we take the groups of people who over 50 and the group disabilities, the numbers of individuals who haven't come back to work have risen after cove. it the exact reason for that is unknown. i think that the hunch budget is assuming

that it's down to pensions so that people who are over 50, for example, have done cost benefit analysis and made an assessment that it's actually worth their wild more to stay at home versus going to work. and the budget tries to tackle, thus, i think for people who have disabilities, again, it's looking to see what is the type of work that's actually available to them. in the u. k, there tends to be work that is quite well paid and worked as quite poorly paid. and if you find yourself in the bracket where you are quite 40 paid, and if you are managing it's going to say it may actually be in your best interest . both in terms of income and well being to stay home. and again, the budget tries to tackle us and are these the rights sectors of the workforce to focus on in terms of the government they, it in the budget doesn't look at the 18 to 25 year old mock at all. well, i think the answer to that is, is, is yes and no. so i think if we think if we take the pressures that are currently on the health and education services tackling the over fifty's is a really good way to go. because it means that people, for example,

who already are in work consultants, nurses coming to the end of their career, might decide to do extra shifts because they're not going over the pension threshold. it also means that people who've decided to come out to the workforce because they've already saved so much pension and have a negative effect them to work might actually coming back into the workforce. but i think the answer is no for sectors like accommodation, food services, on construction, where it's unlikely the group, so they've targeted individuals over 50 people with disabilities. and am mothers of young children are going to fill the gaps in those sectors. so i think it's yes for those the fall under public service, for private sectors that are struggling to fill employment gaps at the moment, i think the answer is no. to what extent can bringing migrant workers in help? the you case labor situation from my perspective migrant workers would solve a lot of the problems that we're seeing in the construction and you know, in the, in the hotel and, and retail sectors. and again, this is something that obviously falls outside jeremy hom stream and but it in the budget. but does feel like that 2nd piece of the puzzle. it feels like he's really

taco public service. but where there's these large gaps, construction and in, in hotels, migration will be and relaxing the migration laws to allow more people to enter the u. k. would be one way to fit our skills shortage. i think the other thing with highlighting is that even those people that are in work in the u. k are pretty unhappy. we've seen thousands of people go on strike over, pay the high cost of living. what did the budget do to address their concerns? the budget doesn't really do anything to address their concerns. and in fact, i know that the m has been a statement put out on behalf of the unions representing some of the n h s. that basically says that they understand that the over fifty's initiatives will help to kind of plug shifts, but it does nothing to plug the, the gap and pay the people are actually looking for, you know, a lot of our nurses are underpaid. a lot of our teachers are underpaid within the public health services, and it doesn't really tackle that problem. so at the moment bargaining is happening . it looks like the bargaining would be somewhat successful,

probably not getting people what they want and where that money is going to come from is not addressed in this budget. the chancellor said this was a growth budget. a person of course the any g 7 economy yet to regain its pre pandemic size. do you think the chancellor has done enough to boost economic growth? look, i think that's good things in this budget. i think some of the focus is on carbon capture quantum computing. i think the tax breaks for and d r already good things. i would prefer it's something more kind of straightforward done to incentivize companies within the u. k. and particularly looking at the corporation tax, one of the benefits that britain has have of coming out of bricks is that they can actually lower the corporation tax like arlene for example, and then choosing not to do it and doing something with capital rebates feels to me like a missed opportunity for jeremy hunt. i think it really comes back to skills. i think if we want to have growth, we need to be investing in skills. we need to be investing in the right skills. and at the moment within the u. k,

we spend an incredible amount sending individuals to university a skills that they're choosing aren't necessarily the ones that are being demanded in the labor force. so i would love to see a focus on incentives for younger people and older people to study the skills that are needed in the economy, both in the university setting and also in the further education setting. really good to talk to you. grace lorden, direct of the inclusion initiative and an associate professor london school of economics. thank you for your time. thank you so much. the silicon valley bank with america 16th largest bank and a lender to some of the biggest names in the technology world. but in a stunning 48 hours, s the base fortunes turned its become the largest bank to collapse since the 2008 financial crisis, sending shock waves across the world. now, many consumers were concerned about their deposits and the security of the banking system. after the southern shut down,

president joe biden had to address the situation and reassure deposited that them money was safe leave because of the actions that are regular is already taken. every american should feel confident, the deposits will be there, if and when they need them. second, the management of these banks will be fired. if the bank is taken over by f d, i see the people running the bank should not work there anymore. 3rd, investors in the banks will not be protected. they knowingly took a risk and when the risk didn't pay off, investors lose their money. that's how capitalism works. and for it, there are important questions of how these bank gotten to the circumstance in the 1st place. now the federal deposit insurance corporation, also known as the f d i. c took over silicon valley bank. after failing to find a buyer regulated transfer the bank assets to a special bridge bank, the crisis management. they also closed new york by the signature bank. after

mounting pressure, the fed then announced a new bank term funding program to help banks borrow when facing emergency situations. buy stocks have seen a lot of volatility after s v. b 's collapse, especially smaller banks. on march, 13th, fast republic says, fell. what ping 62 percent. several days later, a credit swish has dropped in all time low after its biggest investor said it couldn't provide any more financial assistance than italian banks like unit credit saw dash as drop as well. businesses in the us move that deposits from small to bigger banks, executive say that was the biggest movement off deposits in more than a decade. so what went wrong out silicon valley bank? well, during the pandemic, the tech sector enjoyed when full profits and deposited them with s. v. be the bank that took that money and invested in bonds or treasury bills. but then of course,

inflation hit hard and the fed raise interest rates from virtually 0 to more than 4 and a half percent in the past year. when rates rise bond prices for this course, s b b portfolio to lose significant value. at the same time, businesses began to withdraw cash to keep that operations running off to start up funding flowed as phoebe didn't have enough cash on hand. so it's sold it's bonds. as a huge loss, investors became worried about the bank health, causing a run on the bank to talk about these issues in more detail. let's bring in he roberts. he is the director of research and analytics at kwan inside in london. thank you for your time, sir. now, given the measures taken to protect banks off to the 2008 financial crisis, why were the problems at s b be not spotted any earlier? yeah, i think that's a very good question. i suspect this one has going to be parked for the very near term, at least because the 1st wave of any crisis is really about. wow, this is

a 5 point tonight is about putting the fire out. and the recriminations can start and later that the 1st order effect is to ensure there's no systemic risk, no bank run and that's what authorities are going to concentrate on 1st up. but i think the question is entirely valid, and that will be a lot of questions asked about regulators. it does seem that in the case of s f e b, that it was poor management. concentration of deposit poll strategy in terms of the, the assets side of the balance sheet. and question should be asked about why this was spotted. and what is the connection then between what happened to s p b and what is happening at credit suisse. because my understanding is those are 2 completely different issues. i agree to be from a kind of micro company specific perspective. they are completely independent,

no doubt about that. but there is a common threat and it comes from macro. and the colon thread is the derive the aggressive rise and interest rates that we've seen from the fed in the states from the c, b in europe. and the common thread there is to fight against inflation. and what happens for the last 12 months, plus inflation is become the overriding enemy. the fed, the c, b will be hiking rates aggressively bad as pushed up short term interest rates. which means that deposit is able to put their money in money market fund. us treasury, or a government bond in europe that yields the same and is backed by a sovereign a country. so there's pressure for deposits. and secondly, rising interest rates has hurt the assets that the banks have owned. treasury bonds, mortgage bonds, government bonds in general. so kind of been hit by a double whammy, but to go back to your question, the common thread is the tightening of monetary policy to fight inflation from

global central banks. i understand with when it comes to s b b, i mean that's reasonably small bank when you compare it to credit suisse. if credit suisse goes, goes down, all we talking lehman scale here, potentially. i think it was, it was in the european context because the banking sector, so intertwined and credits research. so integrity within the european banking sector. even if it is a bad bank that has got had the scandals and to some degree brought on itself. i don't think your 30 is can afford to get credit suisse knock on effect would be too broad and it would be, as you say, a kind of lehman asked movement. but i think, you know, you know, big lesson from 2008, 2009 was if central banks feel like they have to act, they do have the wherewithal to do so. you know, think about to drag, ease and do whatever it takes moment. and to be fancy authorities, no, just the s n b credit suisse. i've acted very quickly. if you look at how quickly

the f d i c stepped in to cover the on insure depositors. my s. phoebe to 30 have responded pretty quickly in terms of the 1st off effects, at least. absolutely, they have very quick to act. but despite that, with still thing turmoil in the financial markets, why is that? i think your last question is bang on the money is because if the failure of unknown income rumsfeld speak be the the unknown unknowns, we know the, all these banks had the same exposure to same basic business mode. and therefore, the same problems are i'm in terms of attracting deposits on the front end and in terms of the asset mix, they hold further out what we don't know is which banks have employed to right hedges to protect themselves. we don't know what you're facing. the big deposit, right? we know the beneficiaries deposit flying to the to the, to fail banks. the g s i b is that known in the states globally, systematically important. so there's some stuff we know, but it's the,

the fair of over how many other s v b are out there. i still propelling things here. i just, most basic, remember, markets are driven by greed and fair. and when we're in a band markets, it's the fair that dominates, and it's the fair of which banks are hiding is the issue that's driving things and really anything that can stop it. all the authorities providing an effective back stop, which they've certainly done at least the 1st stop. and then in pure market psychology, little bit agreed to come back when you look at some of these distress levels and say, well, know what, i'm quite fancy to the school, to the upside herron and the long, please come back. so those 2 intertwined forces. i think we'll probably dictate when we can start to think about a bottom, we talked about the impact, the rising interest rates have had on bank balances. do you think where as a point that things perhaps are so bad in the financial markets that central banks

should actually be thinking about still paying interest rates from going up any farther? on the one hand, yes, when the facts change, you have to adjust accordingly. and there's no doubt that what's happening with the banks is going to impact their ability to make new loans. so therefore, it is going to be a tightening of credit conditions and that will sort of through to the real economy . so there is very real danger that the, the tomo in financial markets will spill over into real economy to employment, to companies. so in that regard, you have to think get bank central banks and stop and take notice. but you have to remember what's different. this time is inflation. inflation is not coming down at the pace that people hoped. and that's the reason that the fed and the c b hiking rates in the 1st place. so trying to marry the, the needs of financial stability that the need to fight inflation is an incredibly tough off. my own personal view would be that they probably still deliver

a height probably any $25.00 for the c, b probably only $25.00 for the fed next week. and that they then try and separate out what's called my pro credential. i all the lending facilities in the back. so i was trying to see if i can direct towards the banks to ensure that credit remains ok. and you can see that the, the money market continue to operate as the fascinating to talk to you. he robert starts for such an analytics at kwan inside speaking to us from london. thank you so much for your time. aah! australia wants to operate and build nuclear powered submarines and it's just embarked on one of its most expensive military projects and decades. the countries deal with the united states and britain to acquire the vessels will cost up to $245000000000.00 us dollars over the next decades. now this would make australia,

the 7th country in the world with access to such technology. joining the ranks of the us, russia, china, the u. k. france and india. now, under the deal, australia will receive 3 u. s. virginia class nuclear power submarines from the u. s. within the next 10 years. and it also has an option to buy to move the price tag involves the cost of building the submarines as well as the needed infrastructure and training. now russia and china have already criticized the oak, is packed, saying that it threatens nuclear, non proliferation and could even lead to a new arms race. or joining me now in doha is alex, go topless, alex is out there is defense, and it's a good to see you alex, the money we are talking about here, ease, i'm watering. can the australian government afford this very good question and is touching go, we're talking about a quarter of a trillion dollars over

a period of about 25 years. now. australia is about 13 in terms of g, d, p $1.00 trillion per year. and it's currently spends about $30000000.00 on defense per per year. now it's doable. but if you have a look at the budget, the way it breaks down. so we spend 6 percent on defense, some percent on education, 16 on health and 35 percent on social services. so when you have a multi generational deal like this evolving 3 countries that the australian taxpayer is going to have to foot, their invariably will be overruns, cost overruns, the price will expand, and it's going to be the taxpayer that has to foot the bill and that is going to be the real issue here, and of course with australia having a high turnover of prime ministers. who's to say if the deal is actually going to get to its end. and invariably, the army will lose money. the airforce will lose money. and of course low hanging fruit. so with social services and health that seem to be cut in during these times

. so why invest all this money on submarines? first of all, it boosts australia is combat power dramatically. this is one of the biggest. i'm jumps in military technology, australia's ever really experienced. it gives the navy a huge reach your, your bunch of tree and military thinking is constrained by your geography. now, obviously, australia being an island on the edge of the pacific, it needs long range. everything long range missiles were winch aircraft, and of course a fleet the can actually take the fight the enemy. now the irony is here that the enemy, even though it's never mentioned, is presumed to be china. and international relations with china have been declining regionally and also with australia. however, china is australia's biggest partner in terms of trade by an order of magnitude more than the next 3 combined. so it's a useful thing, it's a powerful thing,

but it will only be needed will only be useful in terms of a war. and we don't know when that's coming and it's not just about buying the submarines as it it's, it's whether australia actually has a capacity at to develop the summaries. yes, very much so, and this is gonna be the issue here. you are effectively creating an entirely new industry. now, australia has a great, an industrial base as a is leaders in artificial intelligence, early as a solar par technology. and it has a fairly small but robust defense, an industrial sector. but you took not creating, 1st of all, you have to revamp the ports at perth to be able to allow the visiting virginia class summaries from america. then you have to be able to supply an outfit and maintain your own. a fleet of fir, over virginia class submarines the some of the most high lead complicated machines

on the planet. and then you're gonna have to build your own, which is going to be a hybrid of australian american british technology that hasn't even been designed yet. so all that's gonna have to be done in australia, over the course of the next 25 years, while china already come out and criticize this, move a steel, they have warned that a could trigger some sort of arms raised. is that a real concern? those races already there. now it's a chicken and egg situation. she's in ping as always, being concerned with china, being able to protect its own interests, obviously being a global power. therefore, it needs to have a global reach, which is only reasonable on many of the pals and do exactly the same thing. but of course, this is made china's naples nurse. japan is going through a reopen program, south korea's going to it's the same. and also the philippines and australia now is following suit. so the ohms races already own alex, really good to talk to you. our defense analyst alex caterpillar speaking to us

there. and that is our show for this week. get in touch with us by tweeting me at mullins, i ain't ease the hash tag a j, c t c. when you do, or course can drop as an email, counting the colstat out, is there a dot net e's r address? and there's more for your line out. is there a dot com slash ctc that will take you straight to our website, which has individual reports, links, an entire episode to begin to catch up on that? is it it for this edition of counting the cost? i'm marleen site from the whole team. thanks for joining us. the news on how to sarah coming up next ah

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