tv Counting the Cost Al Jazeera February 7, 2024 8:30am-9:00am AST
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name al jazeera washington jury, and the us state of michigan has convicted a woman of manslaughter for buying her son, a gun that he then used in a school shooting. jennifer crumbly became the 1st parents in the us to go on trial for a school shooting carried out by their child or husband will be facing a separate trial. the shooting in 2021 resulted in the depths of 4 students and the shooter who was 15 at the time is now serving a life 2nd start to take. here. we find politicians in ukraine could vote on new legislation as soon as wednesday, which would increase the ranks of its army. that is, as the full scale war with russia approaches its 2nd diversity. new measures would include lowering the draft age and forcing young men who left the country to register for possible. call up rob mcbride reports from keith with his country in a deadlock war and the need of recruits 55 year old to be kyla has decided to put on a uniform and pick up a gun. another as well. the time has come. they need to end these. the young people
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don't fully understand the times it'll come to. he's joining the, as of volunteers, a unit known for its far right views and out for nationalism that says it has no problem. attracting new recruits. we need to communicate with people not to intimidate them. everyone would have to fight sooner or later. so there has to be a, these are for her. but nationally, ukraine seems to be suffering will fatigue when the full scale war broke out, tens of thousands of man equally volunteered to find. but 2 years on with the growing realization that it won't be over any time soon. that in few as the, as him has faded and many of those 1st volunteers still on the front lines are simply exhausted. the legislation is being debated. that would reportedly swell the ranks of the military by up to half a 1000000. but that would still mean so just saving now not being discharged for 3
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years. and many families who regularly hold street protests believes that some fact we want the mobilization after 18 months. there are some of us who carry the burden of this war. well, there are others here at home. we're getting used to the war and ignoring it with russia still managing to find ways of new recruits. but it's the salts. there's a growing feeling from these protestors that husbands and sons will be lucky to make it home again. rob mcbride, i'll just say era keith. okay, that doesn't for me. so then you, for now, i'll be back in the top of the hour with a full round up of world news counting. the cost is next month. and i paid buckets on the door, the general election on february the 8th with its former later on von and president, many buckets on is that asking if the boys will be free and they're without the
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data for the latest development and details analysis. the hello, i'm adrian said again, and this is counting the cost on al jazeera. you'll recall we looked at the world of business and economics this week, slowing gross fleeing foreign investors and a property jobs order to liquidate china us economy has faced the fluids set packs . is it in serious from most of this week, from tech companies to media, american science of slash thousands of jobs and systems of the other workers for you? they now could be at risk plus, so called poli employment is on the rise. we'll take a look at why employees are increasingly working. hold on one job.
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the china was expected to experience a rip roaring recovery offered lifted strict code at 19 restrictions bought almost a year off the measures ended. the chinese economy seems to be stumbling. prices are full and exports and imports of plummeted. unemployment has risen and the real estate crisis has deepened. the sentiment is so bad. the foreign investors flip the stock market last week. the situation could get even worse off to the nation's biggest property, develop a ever ground, was order to liquidate image in ken, but reports it's being described as a nate in the coffin for the world's most invested property. develop a f, a grand and another place to join us loving economy. a quote in hong kong is rule that the chinese company must go into liquidation. hold on, hold on one sec, i don't get one comes on. a 1st mission is restructuring business. we will keep the
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value of have a gland in order to increase the ability of the credit to an stakeholder to pay the debt. it's been 2 years since china is the largest home builder default to donate step $300000000000.00 marketing the beginning of joint as property market crisis. the company, it's been working on a restructuring plan, but with no tangible results. judge linda chan has ruled enough is enough. the china is not always recognized hong kong readings. the problem, the liquidator in hong kong would have any offshore liquid data is they have no enforcement rides on shore in china. so all they can do is try to attempt to grab assets and sell assets that are optional. but the majority of the value in this case is on shore in china. already closing fees and uncertainty is high significant . the company clash is to the trouble joined these economy and i suspect that the chinese government will manage this liquidation process very carefully and why that
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doesn't cause major problems for the chinese economy. in other words, it's not. i a layman mine, it's like we saw a back in 2009, but that's partly because advert ground was already considered as good as bankrupt on the property crisis is already in full swing. this is just for the evidence of a large property bottle. in china and, you know, evergreen's collapse was in many ways a consequence of that. it was when they using cut down on landing to property developers in 2020 slash 2021. that ever grand. really go into serious trouble from the ninety's until 2020 property developers could access large bank loans to fund developments. but when the cash flows stopped advert, grand and other property developers headed for collapse. it's estimated there are millions of people who have paid up front for homes, but the yet to move in on the rest of the economy is suffering to last year. join
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is g, d p grew by 5.2 percent. the slowest and 3 decades excluding the curve of 19 is consumers spending is done, causing prices to trump and make showing up. one of the few countries threatened with deflation on foreign investment fell by 8 percent. most economists don't think all that will have a knock on effect worldwide, but others fear the worst is yet to come for the 2nd largest economy in the world imaging kinda which is 0 for counting the cost. joining us not from hong kong as alysia garcia, editor chief economist for asian pacific at the texas bank. good. have you with us for this year? what's been the full out then on the chinese economy of this liquidation or the against the ground? so i think the biggest impact of this liquidation will be on a phone call as well as on chinese companies. extreme day overseas made mostly in talking to in dollar. why? because i just don't think that the chinese sports are going to affect the whole
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quote to cease assets or the offshore credit. why? because it is very likely that they, we prefer these, i'm finished units, which are more than a 1000000 only forever grounded to be finished. with the percent of, of the ground, with whatever absence they are left. so thinking that for an investors are going to get this assets is basically like this means that any new invest 3, try the trying to get them thinking of buying. it took me spoons a dollar, we think twice, because basically now it's obvious that they cannot see if the, that most of the assets are on in the mainland. and that's going to increase the cost of funding in dollar for chinese companies overseas. we've talked about this on the program many times before about about the property crisis and an on where the rock bottom is. we now finally,
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joshua boss and why has the chinese government been able to pull the sector out of the doldrums? well, in terms of the prices, if you know real estate prices financial crisis, where all of the doldrums, because is that that needs to come is highly eh, intervene or in, in states has including the bike and sector. so it is in a way and this comes up and folks, the money can lovely. this is why we've not seen it for that price is, by the way, we didn't see it in japan in the ninety's either because at the end of the day the, the, the, those were all the china that are i in the may not the congress and weight, uh, but that doesn't mean there's no consequences from this the best they'd be months. this is mostly deflation because the yes it's like there's pushing down stream prices, iron or cement, etc. and that is having it towed on the trend is
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a huge over capacity. inflation will be a major problem if it's not, if it doesn't get sold. so in that regard, yes it is. this crisis is costly, or most of this it might have maybe the most economic indicators right now pointing in the wrong direction. is china's economy in serious trouble. so i would actually start by saying that everything's been just 24. it would be much worth the base. so it's really a modeling through the situation. is not a price is i explain why it is just very difficult. the price is inside. however, the cracks behind the structure the celebration are not being repaired. the court repaired them with before the huge opening up of the chinese economy. perhaps even discovery for just desperately needed. it might view. all of these things are not happening. so the cracks are getting bigger,
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but they're not big enough for the building to full. so we we still seats no growth, maybe slightly lower, but not a recession or or it prices in child. alyssa, i'll be back with you or just the 2nd chinese leaders of single concerns over the economy by taking measures aimed at reviving growth and studying markets. they include a decision by the central bank to slash the amount of cash, but banks are required to hold and reserve which could provide long term liquidity as the economy. china is also typed in stock market. bruce, as the government tries to hold a deepening settle full list, 6 trillion dollars has been wiped off the chinese and hong kong stock market since 2021. let's see. it was the lack of any big stimulus package. what do you make of the steps taken so far as to revive growth and, and what does it take to revive an economy like china is which is which is huge. yes, good. so, and so i actually do agree with the recovery finally,
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make sure even rates because as i said, i worry about the placing in china, so that was the bbc and cut. but the reason why the piece is not cutting rapidly is that they really worry about offers. so the interest rate differential when, if it is very important, that these basic outflows go into the door, which is vague profit. ringback in terms of return on the, on dollar assets on the bbc cuts, now it's basically incidentally more of this exit of capital. and we the weakening r a b, which is a bad thing now for those or still there, we've got to. so this is why they're in a way to catch 2222. they need lower rates. but the other of the other hand they, they want to keep the cost the lead china. and this is white tennis, very key, more than ever to receive for an investment, more than ever would need to realize that this is a charm offensive that we'll see. but so far it hasn't worked. let's say you say
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you're worried, should the rest of us be worried on investors as you say, or dispute will they, will they trust ever putting the money into china? a again, o is, is john china now set for a, almost a death spiral, a loop of low confidence? well, i would it 1st the full answer, the question, the following way a, do you trust the japanese? because as maybe you to maybe after, for the 5 years, so deflection a pressures are ready to go. it's like everyone is going to japan like japan. it's a cheap so. yeah, but again, it's cheaper, it goes through it very, it's very been in place in the french over there. well, a good reasons me basically mentioned orientation in japan. so to buy, so cheap now compared to what it was in the eighty's early 9. so these have that,
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but this is judy be thought it was more because you know, and number of no, no inflation. i don't think china would be asked to be as to that. and because china is the big amount of power globally on the test, literally nearly 30 percent of the bundle talk to market share, defend, and never go there. so i don't think it would be a spot of japan. but a, i do seen that china from rapid conversions with the us, with the develop will we decelerate that comes, or just at some point? we still, but the good news is that china, by that time mean by the times that number of the same of the us pulse can be doing 3135, it 10. i would have $25000.00 per capita. it'd be that huge market already, but even bigger we'd, we'd rather rich. so basically if escaping the middle of the truck, big country, the consumer consumer land less than the us,
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consumers would never them too much, much of the us consumer provides these lower. but it big market, so it's, i'm not sure market the key to our market, not a global market. that's where china city. ok alicia really good to talk to you on counting the cost. many thanks to the for being with us. are you the very different story in the us, the economy that grew faster than expected, and stocks hit record highest. the market riley was mainly driven by the tech sector. but despite ranking in big profits tech, john's, a downsizing nearly 100 tech firm. so together laid off almost $25000.00 employees that's interest the 1st month of the year. and it's occurring not only in big companies, but in smaller stuff ups to across a range of roles. meta, amazon, microsoft, google, tick, tock, and sales force are among the company splashing jobs. the move comes this tech try and supporting billions of dollars. it's artificial intelligence,
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more than 260000 layoffs were recorded in the industry last year, according to layoff store f, y i data, the jump comes back then we're in response to tough economic conditions and changes in consume habits in the wake of the corona, virus pandemic. well, the last not limited to the tech sector city group bank said last month it was causing 10 percent of its workforce. several retail companies are cutting jobs in order to lower costs. and many journalists began the new year with the pink slip, nearly a dozen main stream organizations, including prominent newspapers, reducing the stuff numbers. joining us now from london is called benedict for a director of the future of work at the oxford mountain school at oxford university . good to have you with us. so as we said, the us economy is booming stock. so rallying the tech sector is striving and you have thousands of workers being laid off. what's going on? i think what's happening is that we've seen the period where money has been ex
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agentless sheep, and this is changing now with interest rates, pricing. and what that means is that the author period where companies have expanded, their operations invested high to more people than now type ending their ballast. and as a consequence, we're seeing these layoffs and also, as we mentioned uh, heavily impacting, smaller companies as venture capital firms becoming more risk of us and then you high interest rates and environment. and i think that is the sort of driving force behind these laid off. okay, you say that typing that bells the businesses, they exist to make money. do they really need to, to get rid of the stuff, these people? and is this going to be contagious? so be going to see it across multiple sect as not just the tech sector. as i think the effects of interest rates on employment are going to be seen across
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a variety of sectors. but remember, the tech sector expanded particularly rapidly in the leading up at to these a rising interest rate. so i think the impact is going to be more significant and in the tech sector, whether they need to do it or not. and i'm not the business analyst, but i do think that they are and quite a massive pressure from investors to improve in profit profitability. okay, so it could be an investor driven, but the other question i want to ask is that to what extent is a i replacing people. so artificial intelligence is going to have a huge impact on the labor market go forward. but i don't think we've seen the much of outright replacement from a i yet. i think what's happening gradually though, instead, artificial intelligence is changing the business model. in many companies, in particular, firms that's been very reliant on collaborative advertising for avenues and not
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seeing those revenues being challenged to large degree by technology is lock chat, tippett, t, m. and i think the big question marks of it, to what extent people will continue to search and, and the web at to find new send information. and depending on the impact and on the web traffic in particular, and the impact of companies, advertising revenues and kind of can be quite significant. so we talked about the media sector also laying off jobs and very different reasons i assume from the tech sector. i mean is a, i something to do with what's going on in the media industry that the business models need to adapt and change. so the media industry has been on the pressure for some time now. the to large degree because of rising competition from the types of
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pat forms and changes in the way that people can see news and entertainment. but i think in addition to that, they are as now creating a profit store as it becomes easier for outside us to generate content with the health or chat deputy. as we use organizations that can become leader as a result of generativity i and obviously many media companies uh, companies rely on advertising, advertising reb, revenues very handily. and as that business model is gradual, being undermined by gender to v. i. s. well, the layoffs in the media industry have been particularly mess. what does this tell us about the us labor market right now, particularly off to the fed, but latest decision then its impact on the economy? so i think that most of the impact from rising interest rates have already
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at been seen, but they're a good question marks over janet t v. i and its impact on living markets going forward. and i think we are much at the cost of a transformation, which is very similar to the one electricity head on the us economy. and as companies change their business models and response as a, i am changes the way corporations look, the will be layoffs going forward. but there will also be new job opportunities. emoji really good to talk to you. so i'm counting the costs many. thanks. and thanks for being with us. my pleasure. now the practice of working more than one job to make ends meet is nothing new, but the trends now known as poly employment is no longer driven solely by financial needs. exploring different career paths is another reason why employees worked to full time job civil tan easily. and despite the stress involved and double jumping,
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not to mention the lack of sleep poly work is on the rise. a new study by workforce management. i'm scheduling platform deputy found probably employed shift for it because more than doubled over the past 2 years, 60 percent of probably worked as a women and disproportionately young the so they found the one in 5 generations, the workers engaged in poly employment. the vast majority of double shopping though, took place in the hospitality sector, health care and retail, others where the trend is common. so why do people take on board them one job and how does that affect the price balance? we'll put that question to our guest shortly. but 1st, let's see if what some employees have had to say right now in the united states with how expensive everything is, especially for college students. i think people feel like they have no choice. for example, i'm some of those get an answer in the summer, but i'm thinking, oh, maybe i should get another side also another job because i'm gonna be in new york city and your city is an expensive place. so i think that people are put in positions where they feel like in order for me to feel secure and safe and
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comfortable, especially as a woman, you feel like you need to take the extra 10 steps. i've had multiple jobs, i have multiple jobs cluster. this year i'm a little bit more stable so i have a regular don't know. uh, i was sort of a start founder. so at that point it was like i needed to have multiple in concerns because there was so you know, both totally fluctuating for there were probably some, you know, a few weeks for average more than a 100 hours reach. um, but it also gave me a lot of freedom in this area. it's just kind of like a page of constructs like you, you get to kind of offset of lots but then again at the expensive we're familiar with the hard. and so it's sort of templates the script because maybe it's being too positive, but i can imagine it being nice to have several different jobs. what i like about my job is there's a lot of variety. so it could be nice not to do the same thing the whole time to do different things. or i try to use not for melvin and australia is dumped
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a sheet quarter of an essay. he's a chief economist at the geographic, a global city planning consultancy. good to have you with us. i'm probably employment. it's on the rise. the and it's not just people making ends meet now, is it that is right. it's clearly it hasn't been as i said because of the cost of living much it inflation. but what we found and analyzing millions of should work hours is that this trend is currently being pushed by young generation, say what goods? well, the experimenting your career as a means by taking multiple jobs in multiple industries. so that's a very interesting trend that is recently a, the best thing to them is that you have the people, the notion of live on very part of the throne of the younger people. i think the experience of the se, and, and the pending as many young people realize the job 3 months, i'm not as stable and secure as they thought it was always the eldest. and so young
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people tend to take a multiple job sort of as an insurance rates because losing one go well. so maintaining another and that's it. and we have to take a lot of place and this hides the labor. it's your market. all right? on, on comes with the cost we, we like to look at the global picture, is this trend more pronounced in, in certain countries than others? certainly both are now in developing countries. contents. part of it is in place, but those are rising cost pressure as you can appreciate. a high proportion of young people continue to your rate and increasing the housing in affordability, has driven them in part to take all multiple jobs to make it and make certain needs a whole. we find a huge that's been is most find it in places like australia where there's the housing cost pression and there's a 30 year hide in the share. and what, because taking on multiple jobs are we seeing the same decade or higher the us and
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then you kaylee markets as well. of our employee is concerned about this, about this trend. the fact that but somebody might be coming to work for them having already finished a shift elsewhere. i mean that that's going to impact impact productivity has missed certainly. but some of the boys are not able to provide a more reliable look, goes full employees, especially in ship with industries like hospitality, retail. and the notion of our reliable work hours is, is, is more planning on a weekly basis. and was particularly young who is looking for most of the georgia streams of income. i'm taping on multiple jobs to me and to manage those income flows. certainly employees were able to plan for the employees on flexibility, structures and reliability of what colors. i think they, they would find a way to, to manage those, those workers that are taking
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a multiple job. and why is the trend more common among women, the men should. so if you think about a, the economy has been a bonus of people with extra work hours. but women and particularly young women in these family responsibilities have to juggle the voice media family needs while ensuring a reliable stream of income in what colors. the best way to do that is frequently not through taking on a gate was by taking on multiple reliable should level jobs to avoid jobs. sometimes fascinating talk to it's been really good to talk to you on counting the cost manufacturing date for being with us. thank you, and that's our show for this week. if you'd like to comment on anything that you've seen, you can get in touch with us on the x. i'm at a thinking that please try to remember to use the hash tag h a c t c. when you to contact us why i asked, you could also drop us
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a line counting the cost i'll just, you know, don't met is our email address. as always type email for you online at our 0 dot com slash ctc. that takes you straight to the page that you'll find individual reports, links at a time episode, speed to catch up on the bus it. so this edition of counting the cost on a tree instead of going from the whole team here. and so how, thanks for being with us, the news on i was just, the euro is next. this is the 1st one they saw that we see 3 of the victims themselves long before there's a disconnect between what we are witnessing on social media versus what we're seeing on mainstream. it is always an attempt to frame at to side of them, but there is no 2 sides to this. the western media does have a western bias who understand what they are looking to get out and raise. the listening post covers how the news is covered. say operating current safety relates,
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and it was the fear that you might be left behind. delving into the dark side to reveal how tuesday constance to fear to exploit and manipulate to journey powerful force featuring 1st time testimonies from those with skate their narratives. and the lessons that should be here. you get the right person in charge of an insane script. the script becomes believable. a fucking lips made the end of fear on a jersey asking questions. were you ever warrens about the health effects of our no understanding the reality reporting from the action? the hospital with fear this gentleman isn't just behind me. hundreds of people have seen it back to a to is an in depth coverage thailand states it's future of fossil fuels. nope, renewable. i'll just use teams on the bring you closer to the heart of the story.
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the of the overnight there strikes russia in southern gaza where nearly 2000000 displaced palestinians have fled the pennsylvania. it's good to have you with us. this is alice's your life from the also coming up in the program, the us secretary of state arrives in israel. the broker what he calls an enduring and to the guns of war acute hunger and the gaza strip.
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