sightings have also been on the rise widened berg says an improvement in water quality may be bringing them closer to shore. and the increase in death may simply be the result of more wales looking for food near one of the world's busiest shipping ports. kristin salumi al jazeera new york ah parts africa check up. the headlines here on the al jazeera, another ceasefire agreement in saddam has faulted the 4th one since a violent power struggle began. the sudanese army and the rapid support forces, power, miniature group of fighting in the streets. even morgan as more from cartoon from the very 1st minutes of the ceasefire, which was supposed to start at around 6 p. m. local time. that's around 16 at g m t . we were able to hear heavy artillery fire around the vicinity of the general command of the army as well as around the vicinity of their presidential palace and

the central parts of the capital tomb. we also heard from several residents in various residential neighborhoods around the capital in the city of on demand in northern parts of the capital. that they were able to hear intense, a heavy artillery being fired. and this is in the 1st few hours of the fighting thousands of people in saddam not fleeing the capital seeking safety in other parts of the country. at least 270 have been killed and thousands injured in 5 days are fighting. more than 70 people have died in a stampede that broke out during a charity a handout in yemen. capital people in somehow had gathered to receive financial help and food over crowding. then led to a crush authorities 5 shots to disperse the crowd, which witnesses say hit a nearby generator, causing an explosion. after months of lobbying ukraine as the sea dispersed, us made patriot missile system. the cranes, defense minister says the delivery will make it skies more secure with the ability to defend itself against russian as strikes. patriots can target a prop and missile that distance is up to 150 kilometers. and you cranes,

prosecutor general, and a several witnesses testified before the u. s. congress saying they have evidence of almost 80000 war crimes committed by russian troops. united nations plants to hold talks to disgust, granting recognition draft janice downs taliban. the un deputy secret general says engagement could lead to holding the group accountable for its actions. an elderly man in the us state of missouri has pleaded not guilty to shooting a black teenager. andrew lesta is charged with the 1st degree of sold and armed criminal action. prosecutor say he shot ralphie all in the head and nom, after the 16 year old went to his house by mistake. so those are the headlines and his continues go down to 0 after counting the cost asian. thanks for watching bye. for now, what happens in new york has implications all around the world to make these stories resonate requires talking to everyday people,

the mayor of the city. and i said in doing way with the current view that was said wanted to get everybody off. it's international perspective with the human side moving way in and then pulling back out again. ah, [000:00:00;00] with hello, i'm adrian said again, and this is counting the cost on al jazeera, your weekly look at the world of business and economics. this week won't lead us a pushing for fundamental reform of the world. bank ha, banga is poised to be the institutions new president in the coming weeks. will biden's pick, fix it. also this week from a global short and short glut, samsung is cutting production of semiconductors. of the profits plunged by 96

percent. plus by cheerios cashed crunches. slowly easing the government's attempt to promote a cashless society as her businesses and the economy. ah, the many ac as the world bank says that its main goals have been to fight poverty and promote global prosperity. but now a growing number of world leaders are pushing for what they call a 21st century overhaul of the institution to address global warming. that's being led by the leader of one of the world's smallest nations, the prime minister of barbados, be a motley. the job of leading that reform is now almost sucking to full to ha banga . he's the 1st indian ball nominee to the role of world bank president. banga is currently serving as vice chairman of the private equity firm. general atlantic way sits on the advisory board of its 3 and a half $1000000000.00 climate fund. he has more than 30 years of business experience having served in various roles at mastercard and the boards of the

american red cross among of us. banker has also worked with the white house as co chair of the partnership for central america and initiative aimed at increasing private sector investment in the region to try to stem the flow of migrants to the u. s. he was nominated by president joe biden in february. there were no other publicly declared candidates when nominations closed in late march, while the vice president is traditionally at american nominated by the united states, the organizations largest chair, hold up. if officially approved by the world bank sports directors, banker will replace david malpass who's stepping down nearly a year before his 5 year term was due to expire. now pass was publicly rebuked by the white house after he said, he didn't know if fossil fuels would driving climate change remarks for which he later apologized. we're revamping the institution was top of the agenda at the world bank and international monetary funds. spring meetings this week,

the bank has set out its own vision for transformation and to increase its lending capacity in response to cause for action from the united states and other nations. barbarian prime minister mia motley, proposed a large scale reform of the global financial architecture known as the bridge town initiative. last here, joining us not from washington. d. c. a. scott morris. he is the director of u. s. development policy initiative and senior fellow at the center for global development. i scott, good to have you with us. what do you make of the the proposed reforms sofa and an are they really necessary? so i think the reform that the world bank are certainly necessary and driving this is a desire to full desire really to me, what are really pressing development needs across the developing world. alongside a drafting the climate finance agenda. the world bank is, is seen as the leading institution to provide all of this sort of financing. and

yet in terms of its current capacity it's, it's really not up to the task. so i think the desire for the reform is there and the case for for end is there at the moment. of course, at the center of these reforms will be a j banga. is he the right man for the job? i think he's certainly an interesting pick and i think what it demonstrates this is the u. s. nominee or the world bank presidency. there are no other challenges. so we fully expect that he will be the next president. and i think what he demonstrates the desire of the u. s. and presumably other shareholders to have someone who can steer a large organization, 15000 employees and really deliver. ringback financing, so he is not a climate advocate per se. he doesn't come from the n g o community. he's a business man. he has experience running a large company and a, and he has experience with the numbers. and i think that's really where the focus

is right now. how do we deliver much bigger financing numbers to me? climate needs to meet pressing development needs for these countries. can bank a do that within existing resources, especially as, as the us at the moment is resisting any capital increase to add to the banks coffers? well, i think the challenge as we speak this week and the governors of the bank of mad as you say, they really are only considering measures that would attempt to stretch existing capital. and i think this is inevitably going to be a disappointment. so far you can go and impact what they have offered so far in their discussions are very modest increases and certainly not up to the level of ambition of their own rhetoric. so i think almost an effort so far in their discussions are very modest increases and certainly not up to the level of

ambition of their own rhetoric. so i think almost inevitably they will be considering new capital down the road. i think it would be better if they are already having that kind of discussion today but, but it hasn't been the case so far, and i think that's a disappointment. many poor nations are concerned that if the bank changes its focus towards climate change and away from its empty poverty mission, they may suffer or they right to be concerned. but i think, you know, i think there are 2 aspects to their concerns. one is, is money going to be taken away from them for a different group of countries where the climate needs are more pressing. so the poor countries, they're not the sorts of big emissions. those tend to be the wealthier developing countries. so those poor countries do have concerns about how big the pie is going to be. and you know, this comes back to the over of overall financing issue. if it's

a bigger pot of money that can allay their concerns. the other concern i think they have is in their own program and with the world bank, they don't want to be overly constrained about how they use the money. and by the way, for the most part, they are borrowing this money. it is on favorable terms, but they do have to pay it back. so they rightly have wrong views about how, how they are, how they are using it, and how constrained they might be and using it. so if they, if their priority is education or health, they don't necessarily want to be steered away from those programs in favor of clean energy. for example, the bank in it loading to these countries is stretching its, its own resources, loosening those restrictions to provide more money to low income countries to, to, to fight climate change could be problematic, could lead, i mean, can it do so without affecting its top tier credit ratings, i think they're being, if anything,

they're being really cautious and sensitive to the credit rating. i think there is, by now there is, there's a pretty clear consensus among the banks. owner is the, the shareholder countries that they do want to protect that credit ranges, the sterling triple a credit rating. and as a result, i think these measures that seem to stretch the balance sheet are very models and there's obviously a trade off there. i think they've already made their decision about which way they want to lean, which does take us back to the importance of fresh capital that there's only so far there. they are willing to go to test the risk tolerance of their shareholders and anything close to jeopardize aaa as clearly off the table. at this point. this reform was proposed by or inspired by the prime minister of bob bate osby and motley. and she wants the world bank to pursue an expansionist reform

agenda. did you think her plans will be fully adopted? i think the desire to match the ambition of her plans. i think in the details we don't, we won't necessarily see all that. she has been talking about which by the way, extend beyond the world bank, it includes the mouth. so i think there are different elements of her plans. but in terms of where we are today, i have to say frankly, i don't think the world bank is there yet in delivering that level of ambition. good till she's got manufactured due to being with us, like lesser. ah, an increase in demand electronics during corona virus lockdown triggered a shortage of semiconductors, which are important element of tablets, smart phones and of course, cars, but sales have dropped since restrictions were lifted. many manufacturers are now struggling with a surplus in supply and dropping

a demand. the world's biggest ship make a samsung as joint its competitors. in cutting production, the company has flagged a 96 percent reduction in costly operating profit, the lowest in 14 years. the chip biggest decision is a rare move after resisting pressure to reduce production. just last month, samsung announced that it plans to invest billions of dollars over 20 years to develop a mega said he conduct the hub in south korea. joining us from seattle city in washington state is alex care, pre research fellow at behind. rick, foundation and lecturer at the n u. s. business. cool. good to have you with us, alex. what do you make of samsung's announcement? how significant is it? well, e, it's very important because it reflects much broader trends and you mentioned them in your introduction and, and that is that a cove id a really produced a surgeon demand because of the demand for extra laptops and, and cell phones and wireless technology and so forth. and as we come out of the,

that the coven stretch in the global economy, we are seeing that, that demand has gone down. there's, there's been on the flip side, a glut of chips. and, and you know, we have other companies cutting production. um, so yeah, at some point we're going to see the, the price of ships stabilize as production is cut in. as you know, prices are normalized. i think that'll probably happen in the next. ah, maybe 8 months or so. ah, we'll, we'll see how, but there are other factors contributing to this as well. you have the ukraine war ah, which has injected uncertainty. and of course with sanctions, i'm applying to dual use goods which of which, you know, we know semiconductors are part of that, that, that zone of goods in the economy if you will. and then of course,

there's inflation. ah, you know, as consumers look to, ah, to figure out how to, how to cope with rising costs in food in energy, they're spending less on consumer electronics. ah, so, so, so again, i think this is, this is part of a perfect storm in the global economy. ah, that, you know, barring any kind of catastrophic events in the next 812 months, i think wal, will probably pan out. he said that the prices will eventually stabilize. is that gonna be enough to, to, to clear the, the glut of how long before that happens? yeah, so, so the, you know, the glut when we look at the, the, um, the range, if you will, of chips that are out in the market now. ah, in we, in a week we put them in different categories or buckets, m e o, many of them are, as i said, tied to consumer electronics. but i think as an,

as electric vehicles are begin to come on line. as you see, you know, green infrastructure projects are in the united states in the e u at, you know, as we see those beginning to, to get more traction. there will be more demand for certain sectors of legacy chips . ah, that will, you know? number one, they'll get soaked up. they'll, they'll get, they'll get used up whatever's on supply. but then there will be this evolution in the market place. ah, with chips that will apply to these very specific in mysteries. i mentioned electric vehicles. there's medical technologies, there's other types of clean tack. ah, and i think as, as we move forward again barring any kind of catastrophic events in the global economy, these knishes within these new industries are going to begin to, to demand

a steady supply of these chips. and right now there's no equal librium in the markets. you know, there's a lot of uncertainty and, you know, we've had, we've got this glut, but eventually that's gonna work itself out. what, what are the implications of all of this for the, the us semiconductor manufacturing industry in particular, after joe biden announced that the chips act, which was meant to boost production in the us. so, so the chips act is a mid to a long term sort of glide pattern, if you will. ah, we can expect a lot of government stimulus. so regardless of what the market's doing, because there are geopolitical incentives behind ships. ah, there are a climate change incentives, there are reasons to regionalize and localize, not just chips in the u. s. but you know, chips in europe,

ships in korea and so on. ah, it is, there are reasons to continue to localize regionalize and so the markets are not going to operate purely on, you know, market dynamics. there's going to be a lot of industrial policy. there's going to be a lot of ainslee in economic stimuli if you will. and so we can expect that to play a role in the united states, you know, in the chip market. the other thing that is going to play out in the chip market everywhere, and that's going to will ultimately affect productivity. is a, a dearth if you will, there of, of talent, right there just simply aren't enough engineers ah, or anywhere in the world to, of you know, to, to meet the, the demand of 2030, where we're going to see the chip industry, you know, being worth a trillion dollars on it, and there's just so much demand everywhere. so that's going to be

a major factor that's going to play into the, the markets. and so we're gonna have to consider all of that 3rd foot alex rigor to talk to you on counting the cost by the facts date of being with us occasion, my pleasure. a redesign of nigerian currency, as well as a recall of old bank notes as triggered a cash shortage in africa's largest economy. the situation is slowly improving now that the central bank has extended the deadline to stop using the old notes until the end of the year. but for many in rural areas where digital payment services just aren't reliable and fewer than half the people there have a bank account, the changes are still causing chaos. victoria gating be reports. he ma blame for government for the near collapse of his business, with not enough new bank notes in circulation. he struggling to find buyers for his goods. but they did a yard yog idea of armada that you all would a. it's difficult to feed my family as we speak. i only have $0.50 in the shop. i

don't even have enough to give the shop assistant money to catch a bus home. in october, last year, nigeria central bank announced the re design of the highest denominations of its currency, the niagara introducing more security features the bank than to more than 3 quarters of the bank notes out of circulation to discourage their youth. 06 months on and some nigerians is still killing at banks for the new notes to ensure they don't lose their savings. but there has been some relief since the supreme court ordered the central bank to put the old notes back into circulation until the end of the year. the supreme court order, i think it's going to bring is bringing relief manager as we can see now that and as being, you know, easy access to ash in different parts of the country. even though i'm in some places there still a bit over to you. well, i think over time, you know, in the next couple of months we should see it is where things will improve an

estimated 100000000 nigerians like access to banking services which is worsening. the problem. most of them live in rural areas. they stand to lew som or all of their savings when the deadline expires. and economists say, if that happens, it'll lead to more hardship in a country where 60 percent of the population lives in poverty. once economy's experience in this, it simply means that the economy can collapse at any time. and then before you ginger people to production again, it will take up because that trust or government and its policies is no longer there. despite the central banks extension, the cash crunch continues and it's causing economic pain to millions of nigerians and small businesses. victoria gay to be for counting the cost. joining us out from london, rosier. com, who is the managing director,

chief economist of africa and middle east global research at stand a chart of bank could tell you with a set, rosie, what is the situation in nigeria right now has, has this cash crisis eased at all? well, what we've seen since the supreme court ruling that the old notes will continue to be legal tender until the end of the year has been a slight, even of depression that had been experienced earlier wrong. but we shouldn't imagine the things that necessarily come back to know the cbs and the central bank of nigeria had hoped that this would kick stops the whole process as much deeper financially inclusion the adoption of digital channels for money transfer. and in the christmas, the for rather ambitious time table being out wide, many more of the old notes have been destroyed, the new notes being printed. so in that sense, although the has been some easing of the precious,

it's by no means back to the situation of an ira notes exchange. why were the new notes introduced in the 1st place? i thought my jury was trying to prepare for a cashless society. well, nigeria has long had ambitions to try to reduce the reliance on cash. it is very expensive in it as to the informality of economic activity, which in itself gives rise to a host of different economic issues. nigeria has one of the lowest rates of revenue mobilization, but it's the amount that it's able to collect in taxes as a percentage of its g d, p. as a proportion of all of the economic that takes place. and a lot of that stems from the economic informality of the country. but it's very difficult to formalize the informal economy, especially with this reliance and cash. so in a sense, the move towards

a more cashless society. it has been tried, attempted in the past. the home was that this would help a great deal with the formalization of the economy. there are also concerns of coal surround the legality of a lot of the transactions that take place in a largely cash based economy. whether this has to do with transactions over the parallel foreign exchange market to nigeria rather than through official channels. whether it could be directly linked to the incidence of crime and the incidence of kidnapping in the country. there are many good reasons over the long term. the nigeria to move away from its significant reliance and cash in favor of the channels. however, the, if you this time around was probably the scale of the ambition, the very, very short timeline provided for these changes to take place full, the new narrative exchange to happen. all of us must have tinted people's

confidence in the countries banking and financial system. america trust be restored . what would it take? well, it came, it is very difficult time for nigeria because it compounded a number of economic difficulties. the people already how to contend with this was a time with very little availability of fuel fuel which is widely subsidized. nigeria was not necessarily available at the subsidized price. people having to face high rates, if inflation of over 20 percent, driven by food inflation and then compounded by additional fuel inflation. because fuel was not available at the subsidized price. when you lay on the significant economic hardship, the extensive, the cache crunch that people experience simply because they were not able to obtain the new notes in time to replace the old nose, the pace of rich,

the old nodes who being withdrawn from the economy far exceeded the availability of the new notes. so timing had a lot to do with it. this was not ideal given that there were other challenges being faced in the economy. but also again, the very short time frame provided to try to oversee this rather ambitious exercise in an economy you perhaps close to 200000000 people will soon find out what the next senses. but of course, the reach of the banking system, the ability of ordinary people to approach facts, to be able to obtain the noun, ira notes, which have been in short supply. anyway, the miscalculation perhaps was the amount that would be needed to be able to ease transaction activity in an economy like nigeria. still, despite all episodes, largely dependent on cash, i'm wonderful of the same for the president elect and his plans to revamp nigerian

economy. there isn't expectation that come june 2023. we're not too far away. the fuel subsidy, if you will, have to be addressed. whether it's done all in one go or whether it's done through a gradual removal of the subsidy, we'll have to wait to see. but of course, looking at the economic backdrop, looking at the kind of challenges that people have faced in the run up to the subsidy removal, is going to be a very important part of this. if it comes in the context of an already inflationary environments, where a lot of pricing of imported goods tend to reflect what's happening on the parallel fx mortgage and nigeria, if it happens against the back, oh, the persistence is max of the cash shawl changed into id with the ease of transactions in nigeria, that's not ideal, but no one doubts that the fuel subsidy removal is reformed. that nigeria needs the new administration,

the incoming administration has pledged that it will adhere to its removal of our whole the expectation mother. read that back. you'll subsidy will go rosette. really good. talk to you on counting the cost money. thanks again for being with us . thank you. and that's our show for this way. get in touch with us. if you'd like to comment on anything that you've seen, you can treat me. i'm at a finnegan. please use the hash tag, ha, ctc. when you do or you can drop us a line, counted the cost of al jazeera dot net is all e mail address. as always, there's plenty more for you online at al jazeera dot com slash ctc. that takes you straight to our page and there you'll find individual reports links and in time episodes fee to capture them. but that isn't for this edition of counting the cost on adrian finnegan for the whole team. thanks. v willis. the news on al jazeera is next. ah

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