life vision can happen in a different level by the same time when you really talk about countries who need to find funds and most people basis, please open different doors. crickets, next new frontier, it could be, be a lympics, possibly as early as the los angeles games in 2028. the international olympic embassy is missing in india next month. and it's likely the crickets inclusion will be on the agenda. the are see president thomas back a spoken of his infusions and about the idea because it brings with it hundreds of millions of potential tvs use in asia. you might otherwise already have a fleecing interest in the olympics. cricket looks to be a strongly tough a. so hit in showing a pretty small crowd in evidence for this final and along with could body cricket is one of the only schools by china has decided not to entertainment. these asian games on the richardson allergies era hung up the

this is out of there are these, your top stories, rains as to if it's soldiers, have been killed in a hurry, the attack and sell them and saudi arabia near the border with yemen. sony raven, which has been pushing for a ceased fine, young men is cooling at a provocation by the herd fees and is threatening to respond last week. saudi and who he officials held a round of tools in riyadh saudi arabia said some progress was made during the tools, but they didn't give the detail launch numbers. if this on them seekers are continuing to cross into the us from mexico. maybe 9000 people arrived on saturday alone in may of el paso, in the space of texas as the board of city is now as breaking point. direct castro has moved from eagle past in texas, and once they arrive here, they often times feel elated to have a ride on us soil, but they can't actually climb up the banks because of this, this is all raise or wire point here by the state of texas as sort of

a spinal deterrent, telling these asylum seekers. sure, you might have made it on to us territory, but the us isn't going to make it easy for them to get up here where they can speak with border patrol agents to file those asylum claims. salvatore is hosting senior diplomats from china and japan for talks on 3 way corporation, the tools to seen as an attempt to ease beijing's concern, servants, neighbors growing defense times with washington, a possible resumption of regional tri, natural summit says also on the table and the us is hosting the summit of need is from the pacific and have been to count to china is influence in the region, climate change, economic growth and sustainable development on the agenda you as president joe biden says, he's working with congress on a plan to invest $200000000.00 into the pacific on a nation's coming up next, counting the cost, the story of love, patience,

and pay. what forces me to live in the account is my love for him. i'll just beautiful old fellows. this trouble over a couple, trying to get there and said helpful. public opinion can, can be for the next 2 months should made drink. go out or do anything. just say, shut t let com, the price of loss. oh no, just the raw. the why money in, sorry, this is counting the cost on al jazeera, your weekly look at the weld of business and economics. this week have interest rates. people may just central bank signal, a pause in the most aggressive monastery tightening policy in decades. where does

that leave the bikes against inflation? we'll say this week, the philippines is one of the fastest growing economies, an agent, but inflation remains one of his biggest challenges. we hear from the nation extra finance. plus, moving out of a job to celebrate the promotion. we find out why some work is quit just off to being rewarded for that performance. kinda make errors supply bottlenecks, the full out of the war and ukraine. and of course, in energy crisis, countries across the world have been hit by multiple crises that i've sent the price of soaring food, electricity, even the internet to all become more expensive. central banks globally rushed to increase interest rates and homeless synchronize move in order to attain inflation . now, often moving 18 months of the most aggressive monetary policy, timing and decades gotten this him,

the message could be nearing its peak. the u. s. federal reserve has decided to hold interest rates and its latest meeting. the bank of england has also paused its rate hype, solved us, the price slowed down, and prices. european central bank has also a signal to hold some monastery tightening up to hiking rates or rac hold. hi, a full percent. 9 major central bank raise rates by combined 3915 basis points in this cycle alone. japan is an outlaw at the global measure. so how do interest rates work and how do they affect people? hiking rates makes it more expensive to borrow money. it discourages people from taking out loans. consumers then have less money to spend, which reduces demand as low as prices. interest rates affect everything from call loans to housing debt. first time home buyers with a mortgage, for example, could see their monthly payments increase if they rise. companies would that also

have to pay more on the investment credit demand for workers could decrease. i'm salaries, go down almost. oh, economic sexes are affected by any slow down in consumer spending. it hubs, economic growth and could to nations into recession. central banks often aimed to raise rates to tame inflation, but without hurting their economies. to discuss all this on join now from london by fray a, b, mush freya is the chief economist, a global data lumber. thank you so much for your time frame. i want to start with the us where and it's latest policy move, the fed decided to hold rate study. what are the signals specifically that the fed is looking for at what point will they know? they've got inflation on the control? well, if inflation comes down and stays down for a long period of time, and that will be a kind of a pretty good indicates of a i think that's, that's unlikely. um in the, in the car in full cost. so if you, if you have to sort of take issue with some part of the,

of the economic projections that they put out, they've got fault how foster braced, and they've previously expected. they've got unemployment a little bit less than they previously expected. and only a top shot from where we are just now. and yet they've got this continuation of inflation slowing opiate gradually in the short term. i think there's enough full um for policy makers to kind of latch on to with regards to the trajectory of inflation to, to be confident that that's sort of doing the right thing and to continue with this kind of pausing um highest, highest along the rest of it but the, the, that the sniffing, peddling recently, the problem is that if you go gross economic price continuing act, or only marginally below trend, then the likelihood is that you see see, underlying inflation rate trends starting to re accelerate. and i actually think that's not a story for right now, but that might be something that's nice to kind of rear its head towards it into, into further into, into next year. for now, i think that, that kind of reasonably uncomfortable. okay, and let's, let's turn now to europe. the ac is also

a signal to pause in raising interest rates. it's a different story, isn't it? between the u. s. and you can expand on that. yeah, it's very different. so what, while the us is still living without legacy of, of kind of excessive stimulus, in hindsight with, with the kind of the wealth that created the wealth in the european case, especially if you take into account the kind of erosion may affect stove inflation is gone so there's no longer any cushion either in the, your area or in the u. k. and that means that the policy policy effect, so i'm going to feed through a lot more rapidly, particularly in the case of the u. k. y the, the structure of the mortgage market is kind of conducive to um, to the, the interest rate rises feeding through quite rapidly to uh, to the mortgage market. um, so for, so you are one could almost say that they've, they've already gone to fall. and i think what we're seeing in the inflation data coming through is evidence that the, you're verifying central bank and the bank of and then we're fighting a very different type of inflation that was much more about kind of spillover

effects from us stimulus. there's much more about kind of the cost through all the, the effects of the russian invasion of ukraine on, um, on, on energy prices. and that type of inflation is the type of inflation that is, is kind of much more likely to sorts itself out than the type of inflation that the fed has been fighting to which the fed actually contributed by its kind of excessive stimulus alongside the, the excess of stimulus, fiscal stimulus in the us. okay. and briefly freya, this constant touring and throwing will, they wouldn't say, is this constant, and on se, se is never what's gonna happen next of interest rates. how does that uncertainty feed down to the amount on the street? yeah it's, it's very difficult. i mean, living it in the you take when there's, there's perhaps the most obvious impacts of that on, on mortgage rates. the, the u. k. fixes interest rates in, in maine, but actually in reality it's significant of 2 o 2 years, 3 years, 5 years. so,

so much more of the impact of, of higher interest rates. and in the u. k. case the, the generations that we've seen in the, in the guilt market feeds through to, um the, the person on the street. we haven't really seen much of it. the impact of that. yeah. and the bank of england itself still thinks the, the, the, the bulk of the, the, the, the, the damage from the tightening of, of interest rates has still to fee through. so we're still probably to see that in the, in the u. k. case and it comes to will gradually in other places. okay. for us, stay with us because i want to come back to you because the 1st day i want to talk a little bit about oil prices, which on now on track to read a $100.00 a barrel for the 1st time this year. well, price is of course a critical as we know to price is of goods and services because they impact not only the price of fuel, but also of course transportation and production costs. and they talk the list of inflation risks at 60 percent wage growth is another one, a major contribution to inflation at 20 percent. and of course,

trying as the coupling from global trade has also had an impact on inflation. so back to you for what price is such a headache all night for the central bank is what is your full full full costs for global oil prices and their impact on inflation? i'm not convinced that there's a great deal of staying power in the momentum that we're seeing with with them, with oil prices at the moment. i think there been a kind of conjunction of facts as the host uh, surprised and as a result of that, inventories have gotten quite low. if you that the main one that's kind of on the tilt about and, and somewhat surprising is the china is the model for oil. despite the very weak economic backdrop has been relatively, was in. and there's a lot of kind of micro reasons for that. with regards to what they're doing them in the petrochemical sector. i'm not sure that that continues. i'm also not sure the, the kind of the, the, the, the, the, the, the push from opec further with regards to the supply side is going to be

sustainable. the one that's more of a question is, is what happens to russian output because the russian economy has been kind of surprisingly strongly that allows them to be a little bit more aggressive with what they do on, on production. but looking at the kind of get them on back charl and i think oil prices do eventually we're about to that demand. that back truck. we're still expecting across you are a very weak outcome. and continuation of the slow down in, in the mon, vice, in the case of the us in terms of how the policy makers react to that. i think we're going to be much more back to the kind of the old playbook because of them you don't worth responding to a supply side show everything in the eye of the installation stool. people are much more worried about those, those oil price shots feeding through into 2nd round effects. if you're an environment where inflation is coming down, the whole would be and perhaps it has told me that the discipline, so my pop for the hope would be that the, the central bank is don't react to the as aggressively against that cost to push type of inflation, but is the result of, of,

of oil price gains because it destroys demand by itself. and briefly, freya, uh we, one of the biggest concerns when it came to this aggressive interest rate, hiking in, in, by the us, europe, in elsewhere is recession of course. is that still a real possibility? or is it a different picture in the us of the okay, i think is different between the us and the and the u. k, the u. k. as i said, it's much more exposed to the rise of interest rates in the u. k. the new k position, the, the, the debt servicing cost, as a result of the rise and interest rates is much, much worse than elsewhere. about 2.5 percent of gdp in the us it's, it's much lower because of how long the fix is on. on mortgage rates. we do start to see credit card delinquencies moving off a little bit, even in the us space. and that could be a little bit of a leading indicator for kind of more stress to come. and we should know also the, the, the credit impulse. so the change in the change in credit which is is correlated

with g p a g p growth is actually coincidently coordinates of g d p growth and has tons negative recently as a result of the slow down in credit grace as, as the, the, the, the hikes for interest rates be true and looking at the 2nd round effects of the, of the banking, many banking crisis that we saw on here in the year. so going to see rhetoric we, we should have continued slow down in the us, but we are in an unpleasant, unprecedented times with regards to that kind of stock of wealth being so far above trend and be sensitizing the economy to the effect. so of monetary policy for right, so very much waste and see really good to talk to you for it. the most chief economist of global data at the ts law. thank you for your time. thank you. the in 2022. the philippines recorded its strongest economic growth in move in for 2 years. rising food and rice prices are a big challenge for the presidents. high inflation has dented further down mall

because junior's approval ratings in april. but he remains fault. peter and monks his 1st year in office with improving business sentiments. out there was a summer been debate, spoke to the secretary of finance benjamin york. know, he began by asking what is driving the nations growth thesis as a result of our investment in the previous administration as well. we were interrupted by the, the coffee crisis. so but, but right now we have, we have fully recovered and we are, we are on the on high go subject to be again before the call, the crisis we were growing defeated. this was charlie with around 6 percent on an average scale. but we did not spend so much on the, on infrastructure. so that became the, the focus of the previous administration, which we are continuing this time with a twist. we are involved being more private sector participation in, in the,

in our decide to keep up with our high flying cl neighbors. so you talk about growth and obviously you've got to still very high, but looking at the last quarter. mm hm. if you look at quarter and quarter notes, it says shrunk. for the 1st time and since 2011, i believe you're still at 4.2 percent growth. so are you still confident that you know those big targets like 8 percent and more than 7.5 percent of the chief a little by the end of the year and how are invest is going to see this this year. our target is 6 to 7 percent, so we're still meeting the lower end of the target 6 percent. all we have to do is grow by 6.6 percent in the 2nd half of the year. but we are on, on your question what, why are we so still optimistic that that we can rely on 6.5 to 8 percent for the next 5 years it's, it's because there are new growth a yes. my name was close in the previous administration. mining,

unless you know mining allow is uh, is a fast growing sector. so we open mining. i think the resume will be back up to the fund that we can. so, and that's another sector. and as of course, the philippines is not affected too much by the global headwinds, because our growth is basically domestic domestic driven. 3 have a population of 115 a 1000000, mostly young, age and age is 25 and they consume a lot. so the, so we're back in that consumption, let's talk about another sector where present focus has a envisage that he will achieve. so sustainability as a by 5, but the next 5 years is agriculture. that's, that's right. but you do see that, you know, the current prices are for ice foot instances where you have to take corrective measures, the shortages that you've seen for, i mean triggered etc. how, where is this heading to woods and what steps do you think in the next 5 years?

you're going to be taking to make sure that this doesn't happen? that's, that's a good point. uh how, how difficult you're in the previous administration was practically not a factor in growth. it was in and out the procession 0 growth. and so the focus on that because it is very timely. and so the president himself has assumed the, the secretary issue for all of your culture because he's, he feels that that's really very important. so that's another growth sector. now this sharp increase in rice is a combination of non competitive behavior of some bad players in the, in the market. and also because globally, the price of fertilizer has come out and the price of food in general has gone up as a result of the russian not invasion of great. so some analysts believe that the if good targets continue to be met, philippines is going to be

a trillion dollar economy in the next decade or so. are you sure that you're going to be able to achieve it? and if you were to list 4 or 5 areas which are going to help propel philippines to that, what would they be? and are they actually realistic? howard, our part of our plan is to, to make the philippines an upper middle income country. by the end of the study. it's hard to talk about what happened software system. and that's, you know, depress that, that's a fix to fix. got 6 years. it's got to do everything he has to do within that period. so we'll, we'll keep investing in the essential infrastructure, take care of our people and make sure that they are, they, they, we, the malware, young population gets the night to education, to healthcare, make them productive workforce. and that's all we can do. okay. we can have problems beyond 19202022 believe you now where agriculture has become one of the fastest growing sectors as it's once

thriving, natural gas industry is on the decline. economist save countries. tar lands have a stablish farming is a major drive as far as future economic growth fence and monahan has more. cattle ranching is booming and central bolivia. it's part of the major ship to agriculture. the many hope will save the economy. because i'd be able to some of my every year we are exporting more and more livestock products like me to know. it has grown foss pulled over the last 15 years. and that is because we have been well positioned to do sort of the new emphasis on farming is going avoid left by the decline of natural gas hydrocarbon exports fuel olivia's economic miracle at the turn of the century. then president, even morales use it for social spending, lifted millions out of poverty, but with production, no plummeting, alternatives are needed. in the past, howard, i'm in the past, libya was

a net energy, ex, border gas was its main export product. nowadays, the entire sector is in decline, and we are increasingly importing diesel and gasoline. but the farming boom may come at a cost, as far as in bolivia are being uprooted, faster than nearly anywhere else in the world. nearly 4000 square kilometers in 2022 alone, much of it to make room for ranches and sweeping farms. last month, south american nations failed to agree on a common policy on ending deforestation by 2030 livia is believed to be one of the holdouts. the amazon rain forest plays a vital role in store and carbon generating rain, full, encompassing the effects of climate change deliveries, agricultural exports are finding hungry markets in china, and the u. it's relieving worries about the economy and the post pandemic era. even if at the same time, it creates new concerns on how to manage the environmental pull out. been demanded

for accounting would cost. conventional wisdom says rewarding employees for that performance increases that motivation and their commitment to the jobs. and companies of often use promotions as a tool to retain x and fullness. but if you think that would necessarily prevent workers from designing. thank you again. a new study shows that recognition could actually back $580.00 p was such and such, you found 29 percent of workers quit the jobs within a month after that 1st promotion. the payroll provided estimates only 18 percent of employees would have left. how they know been promoted, but then analyzed world history is of more than one point. 2000000 american work is between 20192022. that is during the global credit of ours pandemic to from preston in the united kingdom on join. now by adrian writes, adrian is the direct to the institute for such into organizations what unemployment at the university of central blankenship. thank you so much for your time. adrian.

were you surprised by these findings? what could drive where? cuz to resign a months off to getting a promotion. well firstly, i'd say that these findings were usually surprising. we most know that it's a small section to provide them up every day. 4.5 percent of the way for them included within these findings. but in terms of what's driving work is to to lead about the promotion is many different boxes, 1st of all. and it may simply, it can be a case of promotion coming to solve it. see right there where people list those about their options and decided to lead alongside things like links and social media, laptop options and job choose. these are coming up all the time and people are engaged in the platform. it really does have an opportunity to see them, certainly right below impulsively impossible, impulsively for organizations to reflect some. and it's how different fans off the poles and individuals as they approach promotion and get promotion. so for example,

is that a good training? is that adequate pay at all work is feeling supported and, and these sorts of things may prompt people to lead balances up, if it securely and publish it for that and that personal circumstances. and do you think this also applies to just a certain type of work, a certain level of a hierarchy, they may be within the organization as well? does this is this across the board? well, i think there's 2 ways announcement not question. i think there's a big and information from organizations like mackenzie saying, repeat what, i'm ok, so look for different types of work and i think around faulty design and develop nations 1st set of the workforce. ok, there are options in equifax move if necessary, but it will save you right. looking at the organizations and the nice for the industries inside those boxes of the report findings to found that like pays with flows. there's a low paid industries and more prominent in terms of people moving on. and there's

the social high skills to choose information technology. nice those things. so if, if the organization doesn't matter, but again, it was saying that our organizations supporting people with promotions didn't provide adequate skills and training to provide that quote type. and it's hobby, surprising with low paid organizations, perhaps not getting not quite right. right. so promotion on its own, it's just not good enough. absolutely. yeah. think we have to look at sites. so that was this, the organizations have in place. so for example, and while the other benefits the organizations put in place alongside promotion, as all science privacy isn't the best thing for people. often promoters is the competency in the current job and not necessarily competency the promotion in states of physics medicine and is leaving and so was and diesel leads the concepts and saves the satisfaction of the websites and also it's not good for the organization. so organizations need to think about how jobs strategy,

how long is your business strategy? and so make sure that people, when the optimize it assess, will dispose of it in that role. or you can just stay with me for a moment because i want to tell the audience a little bit about what's happening with wages. a 36 percent pay rise was among the main demand spot, auto workers who went on strike in the united states last week. unions of also cold for a 32 hour work week with no pay cuts and coals for sure. so working hours, a part of the shift in workplace trends off to the global pandemic. many countries have conducted that full day work week trials last year. the biggest was in the united kingdom. let's go back to adrian now. so how much do working hours play into overall job satisfaction or working hours so basically play significant. i mean there's real job satisfaction. we get, we kind of have to look at the real thoughts of the process of what makes good

quality jobs are things like pain benefits constructs work, life balance is 1000000, posting, job design and the nature of where, but also things like employee, voice and health and wellbeing and but work life balance and the, and the time that people spending way is updates the key. usually impulse. and i'm always saying, hey, with the introduction of different technologies and those sorts of things is it is a call that people set to bring casually about how much the ways to try and get the best of what life balance and effects the deal for employees which is with nice and things like that for the day we can be a win win space organizations on the employees we saw or of course, with the pin that make as the power return to the worker. is that still the case now all a couple of years down the line? well, i think, and one of the things is really important isn't about labels ability. and i think that and individuals do i still have opportunities. we do have quite

a strong labor market scale, which means organizations have to be back to that attracts and talents and making sure that we're not sell it. and also making sure things are in place within the organization. and that can be conventional the individuals that happy in the workforce in terms of sizing the power back. i think that there's always this in this, this situation between whether organizations have more power over the way or whether where it has more power. but i think the time that we do see a shift, and that shift is continuing, particularly when it comes to strong lead markets and people have a lot choice and opportunity. adrian writes direct to the institute for such into organizations. was that from the university central link to sure, thank you. thank you. um that is all sorry for this week. get in touch with us on x full name known as switched out at my name's side to use the hash tag a j c cc. when you do call, she could just sit e mail counseling. acosta out is there at dot net is the address on those multi

online or out? is there a dot com slash teaching student that will takes you straight to a page which has individual reports, links, and taught episodes the to catch up on that is that for this edition of counting a cost, i'm elaine site from the whole team. thanks for joining us. nice on out as they're coming up next. the teva on algae 0 trying to host the asian games with athletes from across the region competing and celebrating sports. rigorous debate, unflinching questions upfront cut through the headlines to challenge conventional wisdom. u. k. prime minister assume that it's expected to address these 1st party conferences leader with the general election looming. and a waiver of strikes being housed the broke house premier of a new series, exploring the implications of us and to avoid talking to the 1st amendment,

right. which is in liberia, to the pope's kind of incumbent president george way overcome corruption allegations and keep the temp job up. tell you back on 20, the i'm not inside and i won't hear top stories on al jazeera behind says to if it's soldiers have been killed in a hurry. the attack in southern saudi arabia near the border with the m and behind is one of the countries and the sandy leg coalition that has full to hear things in yemen since 2015. saudi arabia, which has been pushing for a ceasefire in yemen, is cooling at a provocation by the who sees and is threatening to respond. i mean, last week, saudi and who the officials held around of torques in riyadh. saudi arabia said

some progress was made during the 2 weeks without giving any further detail. abdul aziz, oh gosh and is a saudi was such an analyst.