full in fulton, drama, q j is the woman in charge of keeping the fee for the jo chang, university team. i other just to the pays uh like a west, tooth floor or west to be fast. the something i always see is that when someone is wrong is running out of his energy. the encouragement from the other teammates well, encourage her to hotel and even more power inside of his heart. so why don't we shoot your opinion competed in conic racing of the 2008 spacing olympics? she now coaches all can new disciplines at the university, including drug and bugs. it's making, it stood ation games of parents. and y'all, thing says the school says right to have emissions. so one day feature at the olympics. couple days it's on board attached isn't joseph transits. i think drag and boat racing is no saying the chinese it belongs to the whole world. it's become

very fashionable. i know that abroad there are many young people taking it up, so it was an athlete who wants to talk to me and, and pick games i believe at jacobite to come to come and pick events from what some of them have a global score built on showing as h and past, that's the coolest drug and the racing part was to stay on on the richardson, l g. sarah, i'm jo, the image of the headlines now here without the presence of mexico is quoting for a meeting of foreign ministers from 10 countries across latin america to discuss the migration, the right code number of migrant subbing. crossing into the united states from mexico. funerals are being held in northern iraq or at least 95 people have been killed in dozens injured after fiber account. at a wedding. 9 people have been arrested. the top of us senator and his wife pleaded

not guilty and the new york court, i'll spring in, don't you don't drive your charges. prosecute. you say bob menendez on his spouse, accepted thousands of dollars from the street, new jersey businessman to secretly help the gyptian government. an american soldier who crossed into north korea is back in the us custody of to be expelled into china for the 3 year old travis king, run across the board of themselves, career in july. why don't they got a tool? he said to have confessed to legally intruding into the country and a group of young people taking $32.00 european countries to quote, to force them to do more to tackle climate change youngsters to the case. european court of human rights following deadly while 5 and 2017. they say that human rights are already being violated due to the impacts of climate change. well, those, all the headlines one use here on the i'll just here that's off to counting the cost. last year,

part of the sun experienced one of the worst floods in the country's history. veney rule communities are still waiting for help. hundreds of people on the outskirts of the city of may have had been living under open skies for a year in last year's floods. this road behind me, those fields, the entire area that stretches in this direction was completely submerged. many of the homes and buildings that were destroyed are still rubble. and parts of this district have started to flood once again the the hello, i'm not inside. this is counting the cost on al jazeera,

your weekly look at the wealth of business and economics. this week have interest rates. pete may just central bank signal, a pause in the most aggressive monastery tightening policy in decades. where does not lead the bikes against installation. 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. pandemic era supply buffle next, the full allows us to warn you, crane, and of course, and energy crisis. countries across the world have been hit by multiple crises that have sent the price of soaring food, electricity, even the internet to become more expensive. central banks globally rushed to increase interest rates and then no more synchronize move in order to obtain

inflation. now off to move in 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 was. a has decided to hold interest rates and its latest meeting. the bank of england has also paused its right hype, solved us, the price slowed down, and prices. european central bank has also a signal to hold some moments retaining of the hiking rates or rankled high. a full percent 9 major central banks raise rates by combine 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? a hocking rights 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 car

loans to housing debt. first time home buyers with a mortgage, for example, could see their monthly payments increase if they rise. companies would then also have to pay more on the investment credit demand for workers could decrease on salaries, go down almost. oh, economic sexes are affected by any slow down and consumers spending it huts, economic growth, and could, to nations into recession. central banks often aim 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 current 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, um, that the sniffing, peddling recently, the problem is that if you go grace 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 um towards into,

instead of farther into, into next year. for now i think that that kind of reasonably comfortable. 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 are, 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 and 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, you're working central bank and the bank of america. and 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 in the you take what there's, there's perhaps the most obvious impacts of that on, on mortgage rates from the,

the u. k. fixes interest rates 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, the person on the street. we haven't really seen much of it being types 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 more 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 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 that kind of put them on bacterial 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 and bryce in the cases 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, um you don't worth responding to a supply side show everything in the eye of the inflation storm. people with 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, and elsewhere is recession. of course, is that still a real possibility or is it a different picture and the rest 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 from 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 waiting to see really good to talk to you for the most chief economist of global data at the ts law. thank you for your time. thank you. the in 2022. the philippines recorded. it's the

strongest economic growth in move in 40 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 binge of a spoke to the secretary of finance benjamin york know he began by asking what is driving the nation's growth. this is as a result of our investment in the previous administration. 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 a high growth projector. 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 the, in our decide to keep up with our high flying cl neighbors. so you talk about growth and obviously you growth is still very high, but looking at the last quarter. mm hm. if you look at quarter and quarter note, 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 still meet 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 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, my name is obviously this is a fast growing sector. so we're open mining. i think the reason 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 bulk us 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 of rice, for instance,

where you have to take corrective measures, the shortages that you've seen for onions triggered etc. how, where is this heading towards 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. how, how do we call ch, are in the previous administration? was practically not a factor in growth. it was seen in the procession 0 growth. and so the focus on every culture is very timely. and so the president himself has assumed the, the secretary issue form of your culture because he's, he feels that that's really very important. so that's another growth sector. now this chuck increase in rice is a combination of non competitive behavior. 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 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. busy or 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 and oper, 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 yes to do within that time period. so we'll, we'll keep investing in then 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 health care, make them productive workforce. and that's all we can do. ok,

we can have problems beyond 19 of 2020, 22. 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 neat 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 present, even morales use it for social spending, the lifted millions out of poverty,

but with production now 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 of the 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 storing carbon, generating rain, full and combat thing. 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, create new concerns on how to manage the environmental pull out, been demanded for accounting, we 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 work is from resigning. thank you. again. a new study shows that recognition could actually back fire atp 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 have a know been promoted. but then i realize job histories of more than 1200000 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. we surprised by these findings will contrive where, cuz to resign a months off to getting a promotion. well firstly, i'd say with 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. putting same save. what's driving work is to lee 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 truancies are coming up all the time. and people are engaged in the platform. it really does have an opportunity to see them. so lead or below impulsively impossible, impulsively for organizations to reflect. so,

and it's how different fans off the whole thing, 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 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 and honestly 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 nature of the

industries inside those boxes of the report findings to found that light pace with flows. there's a low paid industries and more prominent in terms of people moving on. and that is the social high scale. since your information technology, nice those things. so if, if the organization doesn't matter, but again, it is, we're saying that our organizations supporting people with promotions, to, to provide adequate skills and training to provide i think that's a cool type. and it's hobby, surprisingly it's a low paid organization, perhaps not getting not quite right. right. so promotion on it. so, and it's just not good enough. absolutely. yeah. i 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 sides, privacy isn't the best thing for people, often promoters, it's 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, and 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. aiden, 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 because we're 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 weight. 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, would be introduction of different technologies. and those sorts of things is it is a call that people set to bring casually about how much the way 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 that is very important is about labeling 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 the rates have not solid. 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 of the way or whether where it has more power. but i think the time that we do speech shift and that shift is continuing, particularly when it comes to strong lead marcus and people have a lot choice and opportunity. adrian writes a direct to the institute for such into organizations. was that from the university central link to sure, thank you. thank you. and that is all sorry for this week. get in touch with us on x fool me known as switched out at my name's side to use the hash tag

a j c. c. c. when he to call, she could talk sit email counting, the cost that out is there at dot net is addressed as multi online at al serra dot com slash teaching student that will take you straight to a page which has individual reports, links and taught episodes. the to catch up on that is that this edition of counting a cost. i'm molly, insight from the whole team. thanks for joining us. nice on out as they're coming up next, the, the the

to the teams to the republican, the presidential candidates were about to take the stage for the 2nd debate. but this one noticeable absence on holland fisher and michigan were donald trump, the just to arrive to speak to a former and come car workers just 24 hours after to bite and join strikers on the picket line. the other one carried.