illustrator is here of the rule of law in the countries democracy seriously in danger. incentive us thousands plus people in jails trust because they voice the wrong opinions or just because that supporting somebody whom the government is not happy with. we've never had that. here. people have been shot by our armed forces with absolutely no investigation security forces or keep a close watch of this demonstration. it was initially banned by authorities and then allowed a comes on the heels of these a riots falling like yourselves. decisions of the lazy elections. well, there is division among the political class and the political candidates over when this election should take place. many senegalese here say that the political crisis has united them in their efforts to protect democracy in their country. nicholas hawk alger 0. the car police in the hague use tig,

s to disperse rival every tree in protest as it were. confrontations between between government, supporters and opponents outside the cities. opera house. the protest is tried to break into the building, smashing its windows, and also sit a civil vehicles on file. i'll tell you now with thousands of people have gathered on the streets of aaa to celebrate the 13th anniversary since the revolution, the tough old small market dauphin libyans have also gathered in several cities across the country, like china has more from tripling moder square in the heart of the triple 8. this is where thousands of people are here to commemorate the 13th anniversary of the libyan revolution, the top of long time leader and walmart, give duffy in 2011. now, libya has been involved in conflict in political division since the people are here celebrating. still,

i always talk to you and this is what they had to say. the february 17th resolution means change from the dictate to ship to democratic and civil state. it was necessary and came up to decades of oppression and injustice. today means so much to the libyan people because despite the conflict, the political decisions, the difficult economic situation, all these people celebrating is evidence that the revolution will continue. and we will succeed. in spite of the problems that libyans are facing today, they say they will continue to celebrate the anniversary of the revolution. mounts right now, i'll just 0, triple 8. so from 8 till mccrae for the moments the news continues here on al jazeera. after counting the cost, which is coming up next to the the most direct way for her to get into the brain is by and hailing back in my

game to get tucked up all the time. so bringing them nozzle up to your mouth. yeah, and i would go through how many times do you think you'd be interested in? oh, my 100. and so why you were spring? did it ever occurred to that? what your spring might hurt you? here is i have plans for people. so who do you hold responsible for? what's happened to the alarm? adrian said again, this is counting the cost on al jazeera. you'll ricky, look at the world of business and economics. this week is rails for us to have

a credit rating downgrade, and a negative outlook for the economy on cost is straining the nation's finance cost of this week. commercial real estates in the us as faltering the unfolding crisis is in regional banks as far away as japan and germany plus nations across the world of testing a full day work week. that doesn't really increase productivity and improve work life balance. the massive ministry spending a drop in revenues and a depleted workforce. israel is borrowing heavily to fund a tool on garza and it's not on track to run one of its wide is budget deficits this century worried about the fiscal and political risks. moody's as low as well as credit raising for the 1st time. now that will likely make it more expensive for the nation to borrow money. the agencies also full cost of negative outlook for the economy. opening the door for a further downgrade is miles from smith's to us,

slammed a decision as a political manifesto. but is it? rory challenge reports from occupied east jerusalem, or within a stone's throw of jerusalem's old city. the jerusalem hotel has in 2 or 3 good times and bad since the 1940s. it's old. well, the palestinian chum appeals to the tourists who usually flocked to experience these ancient cities unique history. yet since october, the 7th, most rooms have lain empty, is cancellations, rolled in hands to monce plummeted. we immediately lost 50 percent and as time passes, losing more no, we are running at 30 percent of what we used to have before the end of the kind of situation continues. it might be kind of even even worse, right? it is fall from the only one to have noticed that the war is bad for business here . so last we can move to is one of the 3 international credit. racing agencies

downgraded is rails credit rating from a $1.00 to $82.00. now that still invested grade is not junk, but it shows the strain that this boys putting on as well as economy justifying the move. moody sites, the ongoing military conflicts with how much it's off them off and why the consequences materially res, political risk for israel as well as we can. it's executive and legislative institutions and it's fiscal strength for the foreseeable future. israel has never experience writing down grades before the moodies decision was a double whammy. not just a reduced rating, but a negative outlook to which means another downgrade could be coming. is around the central bank estimates the wall costs to $69000000000.00 i've 82023220. 25. borrowing is going up to me. a record levels. the countries 2024 budget comes with a deficit of 6.6 percent of g. d p only the co video of 2020 was higher. still the

market response sofa is being told her and the interest rate for these variables have increased. ok, even before the rating we're going down and this is netra, but is l. um, because it's a bit industrially very, very strong country. the fundamentals themselves haven't been hurt much, far, right? finance. i'm gonna save bets. it out. smart, rich slammed. moody's downright is politicized. prime minister benjamin netanyahu insists is roused. credit racing will bounce back with the was and but no one knows when that will be or what will follow to a better time. some invest is like riots, tourist might choose to stay away, roll retrans, houses, era for counting the cost occupied east jerusalem. joining us not from london, danielle bang, keep that l is associate professor of finance at queen mary university of london. one, welcome to dante, what do you make of this decision by movies to downgrade is really officials to say that it's not consistent with metro economical. fiscal figures to the primary,

the primary reasons why moody dominated the uh, these really uh, these are 80 uh ranking is due to political risks and you're wanting to cut rates which are likely to persist even after the conflict ends up. so the piece of situation is projected to be the to do it. i think uh, in fact, almost a god bless the how the, how the call to goes. so what are the, the financial repercussions of moody's decision, especially on invest as well as the investment grade. so usually you'll see a substantial increase in interest rates when, when, you know, gets, gets out of the investment straight investment, grades, and ranges. uh so certainly the borrowing costs will increase but not dramatically . but really what is most easiest to pronounce that if the fiscal situation, the, the, the budget, the budget is such that the setup 6.6 percent the g d p moving forward. and this is

compared to a 2.5 percent the was projected to be pre conflict. so is really the 1st consideration and that includes the borrowing that worries, movies, and can and, and the market street, you say that the borrowing costs are going to rise, but not dramatically, but they'll be a drag on the economy. went the especially if the war goes on is as well. a risk of default in any way. no default, i think is a stretch, but certainly if he's got that the nation, the, the direct uh, and then gotten a cost is being estimated by the bank reserve to be around 13 percent of the gdp. that's a huge cost and it's going to definitely take control on the economy moving forward . in fact, mode is talks about persistent risks that are going to drive the economy. uh well before what? even after the conflict of us, we hood is really the government officials of, of to food bodies downgrade. but all of the credit ratings agency is gonna follow

suit. oh, that's usually the case, but it's not like event. uh, it really depends. uh typically does these raping agency, they have similar models within the motto. so uh that is the, is that you know, that i likely that's, that they audibly follow, but it's not necessarily give them the as rarely federation of business organization is on the tennessee based micro center for political economics of joint plate, full cost of the war is going to contribute to the pleasure of what some $30000.00 small and medium sized businesses and in various sectors of do you think that's going to be increasing internal pressure on the government to, to, to sort this out to the end. this will as businesses go, boss, people lose that jobs, their incomes definitely, that wouldn't be internet price. or any fact if you look at the modest decision a lot of the political risk is, is actually what is going to be of the government up to the complex. and that's possible clear. uh, so definitely that would be into the pressure bar. you know,

if you look at the pools, this seems to be that, you know, huge support from the population to devote out for the moment. so i'm not seeing to enough pressure for the foreseeable future as a key factor here. first of all, what's your end? anytime soon, how quickly what as well as economy recover in the past, it's recovered, but it's relied heavily on it's on its tech sector, but that has taken a hit of lights to absolutely absolutely thought him is to be seeing how the conflict ends when the contract ends and under which single status is because there's always a chance that there's going to be escalation up north with the has the law these, what was the, you know, the, it didn't is always a non 0 trust. there's gonna be a regional conflict. so it's far from clear how the economy kind of call the ethical but, and how. so all of those are you the seventy's, which is part of the reason why move is gave, gave

a down. great. what are you making for language that most easiest as well? it, it highlights of the lack of, of a long term solution to, to the war. and it specifically emphasized these ready governments rejection of diplomatic proposal spearheaded by a, by the us for dealing with the, the, off them off of the what i mean. what do you make of, of the fact that mr. bodies as being that political, if you like, and it's, and it statement i don't see that as a political statement. i see that as you know, saves me based on facts and political risk plays a huge role for the economy. i mean that's, that's so for everyone, and especially if you are in the, in a conflict. so it's not, it's not a political statement is really just stating the fact that these huge political risk, that it's going to take a full on the economy for a variety of reasons that acting on that i. and that seems to be a little way out. so i don't see that as political statement is, is just stating facts as far as i'm concerned, the countries dealing at the moment with a depletion workforce to farm workers have left us define on palestinian work is

made. it's costing a heck of a lot just to keep things taking a long at the moment. economy wise, isn't it? absolutely. if you look at the government, deb rachel is speaking, it's 67 percent. and that was, you know, compared to 55 percent projected before. so we're really talking about 1215 percent of the gdp into years. so that's the huge cost and is as soon as possible, clear how that can recover from this. certainly in the short term. uh, even assuming that the conflict, the conflict ends and so good to talk to you, profess so many things to be done, you know, for being with us. i'm not counting the cost. thanks for having me. well, this real sage relentless bombing and ground operations of up ended old man of life in gaza. international monetary fund warrants of the palestinian economy is facing a green future. the organization says the economic activity and the strip has dropped 80 percent from october through december. and it's the document of terry and situation unlimited deliveries and the occupied westbank is in sped eva

activity. that is down some 22 percent. a number of factors are contributing to this, including israel's withdrawal of what permits of the withholding of palestinian tax revenues. payroll fast food john mcdonald says that it's missed it's quarterly sales target for the 1st time in any 4 years. the company's blaming the decline on israel is war in gaza at a boy called by customers in the middle east sales growth in the region. china and india felt fall short of expectations reaching only not point 7 percent of the us brands, including starbucks and k, f. c. it also slash the annual sales full cost of the now the time that it may be over, but the remote workers haven't fully returned to offices buildings across the u. s . a n t, and the value of commercial real estate is fully well borrowing costs increasing. that's causing problems for landlords who rely heavily on debt. now that lenders,

the banks of worried about the impact of bad loans on the balance sheets, the past week has brought concerns of amounting losses on lending to the commercial property. set up a revived memories of last year's banking crisis when 3 american regional lenders collapsed. but how much of banks in other countries? a risk? let's explain it all in the us. banks have approximately $2.00 trillion dollars in commercial real estate loans out. according to goldman sachs, small and mid sized banks are responsible for around 80 percent of these loans. analysts say that building $2.00 trillion dollars of the debt is due to mature in the next 5 years. and that's raising concerns about the banks ability to recruit funds there. last week, new york community bank cool reported a unexpected loss of $252000000.00 in the 4th quarter. that's a significant downtown from its performance in 2022. but the crisis isn't confined

just to the us banks in japan and switzerland a feeling the strain. well, real estate land up p d b in germany says that it's preparing for the most severe dropping commercial property values. in 15 years. the situation embarrassed the 2008 financial crisis and there are concerns, but it could spiral out of control. but us officials say the problem is manageable . what are you hoping believe or not end up being is systemic risk because of the banking system. the exposure of the largest banks is, is quite low, but there may be smaller banks that are stressed by these developments. joining us not from london, which i think all richard is a senior investment analyst avalon, the based financial institution ambrose, the capital good time you with this richard. so are we in a crisis or not? right now, almost a year ago, we saw the collapse of s b, b is, is this a different situation?

it is much different. the regulators have been much cover of the past year, and it's regarding the medium sized bank, if you'd call them your commercial bank. this service go back to the medium sized bank with assets all over 100 billions. and this is one of the reasons for the crisis of confidence and assets to take measures to sharp is capital. and that helps us investors along with the unexpected loss. but i'm saying that while we need to monitor the exposures of commercial banks to commercial real estate, particularly in the large cities, we're not nearly a point where we should be protecting a crisis dressing yet certainly nothing like last year. okay. but is it a problem of the short term fix, or is this something that's going to keep bubbling away, nagging away for some time, yet it will continue powerfully because the us banking system is already on consolidated. there are course, the top 4 or 5 banks which dominate the country system. but there are literally

hundreds of large regional community bank spread trapped ignited states, whereas all in a row, just because of the nature of the banking bottles, their assets being very large relative to the capital. and that's a confidence crisis occurred as the deposits if we write quickly by today, i think the regulators have done a good job of preventing wide scale panic, which could have happened after the so what kind of belly bank crisis of last year with shop quite on timely and started with the credit suisse prices. yeah. as you say, well banking these days. i mean it is, it's banking is a global affair that they're all interconnected. as we said, there are banks in japan, in switzerland, in germany. that, that of that of feeling the strain but you, you say that there's no risk of contagion. you don't think this isn't that apply to control a reckless. this is one of the blessings on disguise. if we could say this about the troubles for the new york bank and that it's wild very large,

it's very heavily connected to the new york police on market. but it's not very involved in the also bias market and it's not connected to naturally or internationally. by contrast to the bank, such as bank of america is a very broad natural presence because have brought it to a natural presence. so if there were this type of unexpected loss of more significant rise and expectations of all the losses that a purchase internet internationally connected, i think we would have to be very, we're not in this case, at least not yet. or i do interest rates, play any pos and, and what, and what's happening right now to some extent finance much different last year the, the fact of interest rates was to cause bosses on the polio. and bank such as silicon valley bank or s b b, or as at present it is more of a traditional impact of rising interest rates. meaning it's more difficult for the

bars to a back of loans. but i would also stress that data losses on n y, c, b colors have been quite small. by contrast, the warning about the possibility of large choices in the future should investors be worried about about what's happening right now. i don't think trust yet, largely because the market concerned has been limited to one thing i think in a time like this investment would be for an over the balance sheets of every bank and it's pampered. and to the extent that this is probably a underwriting agency, sometimes as well, and they haven't found any polls elsewhere. in addition, it's real estate and what has become for the a commercial real estate buffalo. so the banks and non bank and national institutions. they do seem to be talking to risk, but they largely tend to be in the separate business districts of the mattress

cities. and while that doesn't work for them, the, the risk that seems to be at the levels which should encourage investors to be worth more broadly in the us, but lower the rest of the world. but i would also add that there are these risk elsewhere jiggling countries such as sleeping germany. and it's possible that those risks the way to contagion, although i don't think we're there yet either. okay, richard, stay with the 2nd. i just want to ask you a question about something related, but completely different, really? 16 percent of america millennial has lived with parents in 2022. how that trans it's been on the rise for the past 2 decades. one of the reasons not to move out is finding rent a lot more expensive, but it was a few years ago. but the us still lacks far behind countries like malta, with 70 percent of adults younger than 35, still live at home with the parents, at least they did in 2022. so richard, why millennial was staying at home and not moving out a how is that going to impact the property market that it will have

a material impact over the long term? as you said, in my youngest countries is quite traditional, it's also fine. traditional southern europe for children to live with the parents for quite a long time. i think it will have a big impact on a change and the relationship model and how the economy falls over time in terms of the house for me and the rest of this friday and things like that. i think though it is inevitable, is out of surprises. arisen overtime and interest rates as well when interest rates were lower than when it was rifle to the point has is but with the combination both of my interest rates in house and guys it's just become impossible. but over time they will reach us. they will raise their savings and they will be able to. ready join the house and landeros. it's called the new k. i think it's for the most part, just a matter of investment. richard, it's been raining, good to talk to you on counting the cost. many thanks. indeed for being with us. i can not bosses want their employees to walk out of course somewhere because they,

they can actually achieve more by working spots. but how about working fuel days with the same workload and getting paid the same salary? well, advocates of the full day work weeks a could increase work of productivity and improve work life balance. that principle has been put to the test in different countries around the world. germany, for example, is the latest nation to explore it in an experiment that will last for 6 months. the country already has one of the shortest average working weeks in europe. but companies have been struggling with the shortage of skilled labor of the nations of embrace the idea with belgium, the 1st country in europe to legislate for a full day week. joining us from oakland and using the vendor bonds. he's the founder of the full day week global, which is conducting the largest ever trials in different countries, including the u. k, to us south africa, and germany godaddy with a center. so is the full day working week, the future of what, what are the advantages of it?

a good evening, adrian. well, yes, i think the advantages appointments, generally, not only do you get an improvement in productivity, indeed a trial in america. so revenues increase by about 30 percent across the code that was going through the trial. but critically you also get benefits the flow for him to the employees. yeah, so with my boss, but actually translates to actually the connection with the company engaged in schools, for example, seem to go up about 20 percent on average. and companies that introduced to reduce the last week. okay, everything has a balance. so i bo critics argue that it creates more stress, it impacts creativity. it's difficult to measure productivity, and it's not a clickable to, to all industries a comp it on every right. what do you make of us to? i wish i had a dollar where everybody said, well, you know, it impacts productivity. the answer is most companies don't measure productivity is

what they do is they use the times of, sorry for productivity at the hospital proposition is i thing we call the 100 a 100 percent 80 percent time providing we get 100 percent productivity. and that also extends to customer service. now what we see on average is companies that excuse fits, that productivity overall goes off about $0.25. we also find teamwork creativity. schools go stress levels markedly. draw a match primarily because people are learning how to look smart rather than just sick leave. andrew costa, jo, but economy. something like $28000000000.20. a does a 4 day working weekend practically the tool. absolutely it does. we see again across all the products,

it's been quite consistent. it from south africa to the us to the u. k. to straighten the city. actually draw spine top in some instances, up to 60 percent. so it's not was translated into the government, the economy, you know, there is a 14000000000 your boost the economy of it's a similar statistic and date in the united states. so what we see is the people's stall play taking cloud sick days. now some of that because the sick, the, some of that of course is that doing home actually on the excuses. we're sick. all right? so when you can substitute that for planned the next, if you makes a big difference without all right, productivity as you say, is likely to go up or, or that's what they experiment show. does that mean that the, the bottom line is affected to the prophets rise in line? absolutely, in us, we find in our own company, we've now been doing this for about 6 years. we are twice as productive one of the

capital bases in terms of revenue. as on nearest competitor, it does make a difference. i mean is extremely sustained and values regardless of the industry that you are in. presumably, andrew, all of this mean means that the big the economy overall is much more dynamic. absolutely, because if you think about it, it's not just the economy, just the output, which you're guessing what the trip. but you might actually go time to do cycle more time to upscale. use a very critical become the countries that are thinking about how they react to be impact today. not, i'm actually you get back to family to each more times than children that goal. so the flows through to back to education while we see this is something where every when you start to focus on the length of time and productivity,

rather than just sticking with a 5 day week, which is a construct. oh, you know, the, uh, the 20th century repetitive model actually strict fascination andrew manufacturing . they've really enjoyed that. thanks for being with us on counting the cost. thank you. and that's our show for this week. if you would like to comment on anything that you've said you can get in touch with us, i'm at a synagogue on x. try to remember to use the hash tag h a c t c. when you to contact us, you could also drop us a line caution. the cost of i'll just say or don't that is our email address. as always, most people for you online at out is there a dot com slash dtc. that takes you straight to a page and day you'll find individual reports, links at a time episode seems to catch up. but that's it for this edition of counting the cost. i'm adrian instead of going from the whole team here at the thanks for being with us. the news on al jazeera is next

the latest news as it break. some of those we need aid may be able to access that in parcels to them that are safe and where there is no fighting with detailed coverage, with home scripts of training here on an island that symbolizes sweden's rustic change in military policy. from around the world, the security forces are not protecting the people, but rather the president and his decisions to the lady elect. this ship is home to survivors of losses. earthquakes, inter keeps a floating hotel, its features, rooms, a dining hall and entertainment facilities. social workers offer lessons to president, still recovering from there or 24 to 5 year olds. good note is scared of entering the building after the earthquake destroyed her home. luckily, we have the sea and we are leaving on a ship to build a small world. hey,

we our family and eventually they have something to look forward to. the nearest parts reopened, giving many here for the life is the most returning to normal. their playing nothing. but the trauma is never far away. the israeli strikes of central and southern guns are killing at least $66.00 palestinians in the last 24 hours. the i'm told mccrae this is that will do 0 live from doha. also coming up between displacements and surveys in the 1st situation in the cause of truth is worsening. we report from central counts of the communal kitchens of struggling to give palestinians one military.