what some kind of model actually at the center of the catastrophe. the, i'm sure you have on this, you can get my quotes from this video under the rubble of a 6 door building and come on, my gosh, southern to get her family was trapped alongside her. we still for united keeping mission for to us have final wish that the money she had raised for a family in need be paid out. if she died we get to fuck my husband and tool they are cents survived last year is devastating grass quakes. but 12 year old bill on was killed and now they live in a new house with quick was a certain foundations provided by the government. but my says, her grief hasn't east las vegas to drag a bit higher in the past year is gone by so quickly like a dream. usually we wouldn't stay away from our children for a day. now. we've been separated from us on forever. we have good living conditions

. the government gave us this house, furniture and everything. of course, many people helped out as well. but are we truly happy? we, on, with 30000 businesses, nearly 175000 people, worked here before the disaster. lots here, so it was quick, kill 12000 people, didn't call him on my gosh, and demons nearly 70 percent of the buildings. many of those who survived moved to a nearby town now. slowly but surely. the cities regaining his reputation as a commercial and industrial ha. okay. she had been a barber all his life. when his shop was damaged. he tried working in the other cities, but didn't stay long. his says his heart was always in come on my eyes. he moved back and we built this shop with his own money, along with his neighbors. he's helping others in this all to install this or the buffer that we would 5 or 6 people working at the body shop that clients will

construction workers during the day. there was nothing to wait so, so wide on toilet in a restaurant. i don't think anyone should leave people like us have revived the city. if you find you had everything, you have the government move quickly to provide housing to the hundreds of thousands of families who lost their homes and the quakes. but it's a major initiative and authority say it will take time. despite the challenges, people like a sketch are determined to do they fit to restore the community. so united coastal l to zeta caught them up. my gosh, took care of it for me. carry johnston my call, big seals on. yeah. even around 30 minutes with more of the page continues here off the counting, the cost savings. the once every 14, more than 200000000 institutions will have the challenge to host one of the largest

selection it history from the 3 candidates. all they choose to be the next president's and how this impacts the future of the country. the race to lead into these special coverage on l. g 0. the hello, i'm adrian said again, and this is counting the cost on how to 0. your weekly look at the world of business, a digital mics this week slowing gross fleeing foreign investors and a property jobs order to liquidate china us economy has faced a suicide. fax. 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 that you know, could be at risk plus. so cold poly employment is on the rise to take a look at why employees are increasingly working. hold on one job, 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 economies 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 fled the stock market last week. the situation could get even worse off to the nations biggest property, develop a ever ground, was order to liquidate image and can but reports. it's been 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 ruled that the chinese company must go into liquidation. hold on, hold on,

hold on one sec. i don't get one comes on. a 1st mission is restructuring business . we will keep the 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 showing this largest home builder default to donate step $300000000000.00 marketing the beginning of joint as property market crisis. company has been working on a restructuring plan, but with no tangible results. judge linda chan has roop 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 join these economy and i suspect that the chinese government will manage this liquidation process very carefully. and why that does that cause major problems for the chinese economy. in other words, it's not. i a layman mine, it's like we saw it back in 2009, but that's partly because epa 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 economies suffering to last year. join is g. d p grew by 5.2 percent. the slowest and 3 decades excluding the curve at 19 is consumers spending is done, causing prices to trump and make join one of the few countries threatened with deflation on for an investment fell by 8 percent. most economists don't think old will have a knock on effect worldwide, but others fear the worst is yet to come for the 2nd largest economy in the world image and kinda, which is 0 for counting the cost. joining us not from hong kong as alysia garcia editor chief economist for asian pacific at but texas bank could tell you with this, what is yeah. 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 from chinese companies issuing the 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 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 very likely this means that any new invest 3, try the trying to get them thinking of buying it. check these bonds in 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 maintenance. 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, and where the rock bottom is. how do we now finally, joshua boss of 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 out of the doldrums, because if the check needs to come is highly eh, intervene or in, in state i have 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. the 9th is either because at the end of the day the, the, the, those were all the china that are i in the may not the contract and weight. but that doesn't mean there's no consequences from this the best they need months. and

this is mostly deflation, because then we have said sectors pushing down stream prices, iron or cement, etc. and that is having it towed on the trend is a huge over capacity. inflation will be a major problem if it's not, if it doesn't get sold. so in that regard, yet it is, this crisis is costly or most of this in mind, maybe the most economic indicators right now pointing in the wrong direction. is china's economy in serious trouble? yes, 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 right. 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 the discovery for just desperately needed. it might view. all of these things are not happening. so the cracks are getting bigger, 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 inside. 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 in 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 if with a lack of any big stimulus package, what do you make of the steps taken so fast to revive growth and, and what does it take to revive an economy like china is which is which is huge.

a yes, split 4 inch. so i actually do agree with that being the survey. finally, 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 very profitable in terms of return on the under assets. and 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 signal for those or still there with capital. so this is why they're in a way to catch 2222. they need lower rates, but on the other of the other hand they, they want to keep the cost the lead china. and this is why 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 the you, what rate should the rest of us be? what rate an investors? did you say or dispute will they, will they trust ever putting the money into china again? or is, is john china now set for ups a almost a death spiral? a loop of low confidence. well i want it 1st, the full answer, the question, the following way. a, do you trust the japanese? because or maybe you to maybe after 35 years of deflation, a pressures you're ready to go in for everyone else. go into japan like japan and so 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 match the impression in japan. so to buy, so cheap now compared to what it was in the eighty's early 9. so these are the that, but this is judy piece also has more because you know, and no growth, no, no inflation. i don't think china would be asked to be asked about because china is big amount of power globally on the past. 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 convergence with the us with the develop. will we celebrate that come though, 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 you maybe do insert done 35 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 them like a truck, big country, the consumer consumer land, less than the us side is consumers would never them too much, much of the us consumer provides these lower, but it big market. oh, so it's, i'm not sure market my to our market, not a growth market. that's where china city ok alysia really good to talk to you on counting the cost many thanks to the for being with us us. thank you 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 giant'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 or among the companies flashing jobs. the move comes as tech dry and supporting billions of dollars. it's also official intelligence. 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 consumer habits in the wake of the corona virus pandemic. well, the last not limited to the tech sector, citigroup 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 a pink slip, nearly a dozen main stream organizations, including prominent newspapers, reducing the stuff numbers. joining us now from london is called benedict free director of 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. stocks are rallying,

the tech sector is driving 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 exceptionally 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 attending their ballast. and as a consequence, we are seeing these layoffs and the also, as you mentioned, the heavily impacting, smaller companies. and as venture capital, firms are 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 the timing that bells the businesses, they exist to make money. do they really need to get rid of the stuff these people?

and is this going to be contagious? so we're going to see it across multiple sites. that's not just the tech sector. as i think the effects of interest rates on employment are going to be seen across 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. i'm not the business analyst, but i do think that they are and the credit quite a mess of pressure from investors to improving 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 it said artificial intelligence is changing the business model. in many companies, in particular, firms that's being very reliant on collaborative advertising for revenues. and not 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 tract forms and changes in the way that people can see news and entertainment. but i think in addition to that, they are, is now creating a profit store as it becomes easier for outside us to generate content with the health, which activity 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 heavily. and as of that business model is gradual being undermined by gender to be i as well. uh, 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 feds latest decision and its impact on the economy?

so i think that most of the impacts from rising interest rates have already at been seen, but they're a good question. marks over down a t v i and its impact on living markets going forward. and i think we are learning 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 in response as a, i am changes the way corporations look, that will be layoffs going forward. but there will also be new job opportunities. emoji really good to talk to you so on catching the cost 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 trend is now known as poly employment is no longer driven solely by

financial needs. exploring different career pops is another reason why employees work too full time job, civil tediously. and despite the stress involved and double jumping, 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 workers well than doubled over the past 2 years. 60 percent of party workers, a women 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 what some employees have had to say to write down the united states without expensive. everything is especially for college students. i think people feel like they have no choice, for example, on some of those guidance 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 comfortable, especially as a woman, you feel like you need to take the extra 10 steps. i've had multiple jobs, have multiple jobs cluster this year. i'm a little bit more stable, so i have a regular job now i was sort of the start founder. so at that point it was like i needed to have multiple in concerns because there was so you know, both tyler, fluctuating for the republican, you know, a few weeks where average more than a $100.00 for it's um, but it also gave me a lot of freedom and so it's, it's kind of like a page of constructs like you get to kind of offset of lots, but then again at the expensive we're familiar with the hard in. 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 dr. shashi, cora vanessa. 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's right. it's clearly it hasn't been, as i said, because of the cost of living much it inflation, but always buying the analyzing millions of ship. what goes is that this trend is currently being pushed by young generations that work goods well need to experiment in your career as a means by taking multiple jobs in multiple industries. so that is a very interesting trend that is recently a, the other thing to them is that you have to label the notion of live on the very part of the younger people. i think the experience of the a c and, and,

but depending as many young people realize the job career path, i'm not as stable and secure as the bottom. it was always the eldest at. and so young people tend to take it on multiple jobs sort of as an insurance base that gives losing one go well, so maintaining another and that's it. and we have see a lot of places and this hides the labor. it's not good. 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? offensively, most pronounced in developing countries. contents. part of it is inflation, but also rising cost pressure, as you can appreciate. high proportion of young people continue to your rate and increasing the housing in affordability as driven them in boxes. a multiple jobs to make any makes it in need of a whole we find a huge that's been is most i did in places like australia where there's p housing

costs pressure and there's a 30 year hide in the share. what? because taking a multiple jobs, are we seeing whizzing decade or higher the us and then you can labor 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 are certainly, but some employers are not able to provide a more reliable work. goes full employees, efficient to ship work industries like hospitality, retail. and the notion of a reliable workout is, is, is, is more planning on a weekly basis and was particularly young who is looking for most of your screen. something huh. uh. taking on multiple jobs uh to me and to manage those income flows. uh, certainly, uh, invoice labeled to plan for the employees on, 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 a multiple job. and why is the trend more common among women than men should. so if you think about it in the game, what the economy has been a phone for people with extra long colors. but women, typically young women in the family responsibilities have to juggle the voice. media family needs while ensuring a reliable stream of income and what color's the best way to do that is frequently not through taking on a gate. was bunting on multiple reliable should what of jobs to avoid jobs? sometimes fascinating talk to it's been really good to talk to you on counting the cost many thanks indeed 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 sitting in the please try to remember to use the hash tag h a c t c. when you to contact us by x, you could also to office on line counting the cost of l just 0. don't net is our email address. as always type email for you online at, aus is 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 message. 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 0 is next. the white, sandy beaches and clear to close both this, this is the multi of the world knows and loves the island of. and gilly is a smaller waste. next to the capital, one of the most densely populated citizen, the world, just off the coast, a new project to try and remedied pillows subject to the sea for

a highway leading towards now, just to send bulk will be a new call, get pulled in residential blocks judging sam bits kills micro organisms find sustaining marine environments. it's a tricky balancing act for the government of the country that's 99 percent of the voltage vulnerable to rising sea level. the dive is head say the judging has already had a devastating impact brief to in this area of law 70 percent of the carl coverage. the residents of feeling guilty are already taking action to protect the brief carl's come back to promote groups and replanted off the coast. it's phone from i do the only thing they can do to protect their environment in the race to expand the

the or the us secretary of state says there is space for an agreement on does the but israel's prime minister insist that it's x on the strip will not stop the serial then it's good to have you with it. this is alice's life and also coming up the israel continue their strikes on southern guns as some of them hitting near

a camp in the process of displaced the color scheme. and 3 people are killed in a drone, striking back the us says it was target.