is widespread trafficking wage the code on the black people's diving death on land . it's a legs we goes a force to work in c food processing units, obligations. china denied one. 0, one east investigating some china slaves fiction. oh no. just the revealing eco friendly solutions to come back to our planet on o, g 0, the hello honey, bulk of this discounts of the costs. the mileage is 0. the weekly, they'll cause a lot of business and economics. this week breaks is expanding and it's cloud looks to be growing. the bulk of developing economies wants to come to balance west and lead institutions, but kind of reshape the financial world. or the one surprised spot in china is

economy. the real estate site to is now tracking down its growth aging has taken major steps to stabilize the market for will they would take jobs upcoming nuclear . we look at why companies are increasingly tough, again to atomic energy to power that they just sent us the names to become a counterbalance to the west and lead weld order. and the voice of the global south bricks almost doubled at size in 2024. and this economic and political influence is expanding. the group of emerging economies represent hauff, the world's population. i'm more than a quote to of global g d. p. breaks largely wants to reduce global reliance on the us dollar. among the top pledges of this year's summit and russia, boosting financial supplements and local currencies, and examining the establishment of a roy able to the swift international payment system. while briggs has big plans

for further expansion, critics say the differences between members could place limits on what it can achieve. usually a shop of oliver. how's this does that? among the most important topics on the agenda of between to 24 brick summit in the russian city of cuz on the saw the expansion of the group on the creation of a new payment system within this framework. really showing your intro to for miss nicole increasing transactions in local currencies, makes it possible to reduce debt repayments increase the financial independence of bricks, countries having to minimize the geopolitical risk. freeing economic development from politics as much as possible. brazil says crazy, new banking system will help reduce commercial costs automated to make a new port. vanessa brooks, new development bank, will establish credit lines and local currencies, which will reduce transaction costs for small and medium sized enterprises. the lines now includes 9 countries. this yeah, brazil, russia, india,

china and south africa. welcome to ron egypt, e c o, p a, and the united arab emirates, as new members, brakes represents a significant markets combined. the population of its members states is more than 3 times that of the g 7 countries. and it accounts for modem such as 5 percent of global g, d p, compared to the setup percent held by the ju 7 ranks countries of rich and natural resources from coal, oil and gas gold diamonds, and let us minerals and efficient rush office, alternative transport rates, such as the unc 6 theories to increase profits. iran has proposed in your network for energy, transportation, and russia has offered to set up a great exchange which present patients as will help create that and predictable price indicators for rule materials. foyce paul, china expressed a waiting list just shrink from the global sales call, which under the sun found the show we have taken the right path of building relations. but between great powers on the principles of non alignment on

confrontation and not against the countries go with the participation countries, residents to coordinate the efforts to create a multi polar world. the will, the brakes, and the global economy look set to grow. you an extra 5 all of a cuz on oh to 0 for counting the cost. so what is breaks? well, in the early 2, thousands, brazil, russia, india, and china or break were identified as a leading group of emerging economies. those nations got together and how that 1st summer's in 2009 south africa joined a year later turning brick into bricks in 2020 full of the group on the went a massive expansion around the united that remember, etc. if you ever in egypt became members of sadie, arabia is in the process of joining laser talented, took yale also seeking to join the blog and now makes up more than a closer off the global economy and consists of daily hoff of the world's population. compare that to the g 7 group of advanced economies. they make up 44

percent of the world economy. just 10 percent of its people. the block is made financial cooperation, a major priority. the new development bank is funded almost $33000000000.00 in loans since 2015 and trade between member states a so small the 50 percent since 2017 member states are exploring ways to move away from the us dollar and trade more in local currencies. well, joining us now from john, his bag is gustavo to come, although he's a senior of a such are in the south african institute of international affairs. i probably will welcome to counting the cost. so let me start by addressing back all important summit. and because i'm in russia, the 16th brick summit and the optics were rather interesting love them, it puts in the heart of it all, it seems to suggest that isn't as isolated globally as perhaps many western powers hoped he would be. absolutely, thank you very much for the invitation and i think for i should for a large degree,

they hosting a great summer, june 2024, provided them this space to showcase that they're not as isolated. are they still able to engage with a number of countries in the world and it is something to pay normal for countries to do? i think for other countries that are members of brakes, like joining true to different initiatives that ok and this weekend cause some of them is a, is a much more important space for them to find better ways in which they can engage with these fragments of global order and reduce menu of the fractions that are becoming more and more common waiters in terms of the ability to trade or whether is in terms of the or on ability to present a coordinated voice ending to national institutions like that. i a master while bank and increase it you saw was the one security council as well, with an interesting message regarding security council reform. this wasn't the coast, the 1st summit sense of expansion of the bricks organize ation. i wonder whether or

not whether you think it's likely to so division or it will strengthen it. what can i say sion having so many new countries clamoring at the door to become members? very important question, and i think the summit this year really helped us to get a better understanding how the new members are adjusting and adapting to display informal group of countries. that is brakes to a certain degree. i think it all comes back to one of the cool mechanisms that breaks kind of is used to make decisions. that is true consensus. historically we've already seen with the original 5 brakes. members, that's these idea that they have to agree to disagree at all times is an important space for that you'd prioritize and identify what is really important for them. so just certain degree, i think with the addition of new countries, really forces breaks to find those minimum common denominators which to one on the

one hand it makes them to become a bit less revolutionary in terms of the decisions that they make. but on the other side, it allows really, for countries that have different economies, limited complementarity and often bits of arrivals between themselves to find those areas in which they would like to engage. and so have breaks is a voice for them to really support uh their comment, objectives and to a certain degree. what it means is the wonder is severe disagreements between brakes members. the idol will take that issue completely out of the agenda or the you to the no way that provides those diversity of voices to actually be presented as a common position. given the bricks, countries account for almost half the world's population. i wonder if the organization increasingly sees itself as a rifle to the likes of the g 7 o sees that instead of perhaps working in power though,

i would say and if we look into the cause, undeclared ration that was announced yesterday. if we look into the language that was utilized, it's a language that folks have all the complementarity between different for. so we see very early in the declaration breaks countries talking about this in trial. it's yours, off, they're all of the g 20. what i do believe is that increase, you re gonna start to look into this triangulation of use between g 20 a, the center with number of rigs, kansas. i also g, g, 20 members. briggs under one side in the g 7 at the order. and i think there is an opportunity in terms of global governance in the future. we need to acknowledge that the 3 groups as informal and as a diverse, as they are the play a major role in terms of managing, of international economic and financial governance in terms of voices of different sets of countries. and that dialogue between those 3 in a box,

the fact that it's very difficult to do on a day to day basis, but it doesn't make it less important. we need to see them less as rival, but as complex regroup. things that are looking for very similar uh, decisions to be made from different perspectives and tell us about the brakes, deepening financial corporation. because as i mentioned in the introduction, that seems to be on a mission, at least to perhaps couple the dollars global supremacy in international markets, is not the underlying aim or is it about strengthening economic ties within the group itself or both? i think the result in this misconception that when breaks and presents 14 about finding the local currencies, that they are necessarily talking about the process of delights ation. to a certain degree, there was a complements of issues that are important for brakes. members of this moment that makes international trade very risky and to assess and degree many of those optics

is to a certain degree to increase their financial transactions between groups. members, brakes is not afraid. lock buddy, please little extensive training for structure. so what are we looking to the decisions that were made this year, whether is in terms of the brakes for across the board or payment system, they had already being requested in the johannesburg summit's of 2023, across the board of settlement discussions that won't be a go into each is a re, insurance based what receipt here is to provide brakes members and the ability to better trade with one another and not necessarily to replace the us building and all of their transactions. but that's what shows in degree provides cheaper, foster and more reliable payments of systems in some specific trading situations. and particularly one breaks countries of training with one another. and of course, that is very much linked to the level of self countries like some of the african

old results that see themselves right in the middle of this global geo political disputes. for them, they would like to have more options for countries that have been affected by sanctions. and the inability, like in the case of russia to trade via swift, this is not an alternative for that. this is the only option or the main option today, listening to the moments. and i'm saying this because it's important to also notice the different brakes members listening to those discussions at different levels of different objectives. and that tends to temper to a large degree. how much and how foster breaks is able to make some of those decisions. okay, gustavo coronado senior research or the south african institute of international affairs. thanks for joining us and comes in the cost of fascinating discussion. real estate once accounted for more than a quarter of china's economic activity, but the sector has spiraled since 2020 waltman regulates, has cranked down on the firms that have taken on high levels of dead tens of millions of housing units. and that vacant either because the unfinished well i'm

sold, the market collapse has taken a bice out of the wealth. i'm confidence of chinese household has been blamed for holding the nation's economy back. china has recently announced a new round of measures to stabilize the housing sector. have the overall economy, but well the stimulus plan work, since the amount of reports of the population of the chinese city of han has doubled in recent decades, new residence house and a sea of skyscrapers stretching out across the horizon. but there's more here than meets the eye. many of these buildings aren't fully occupied. others are only partially built for aspiring homeowners. prices are coming down, but many are reluctant to take the plunge emil beyond shore should people don't want to go into decades of that just to buy a house, especially for young people who don't get paid as much. so i'm not thinking about buying a house at the moment and i can't afford to do so. it's not just homeowners who

were concerned about that. construction companies, people, china, is building boom by borrowing trillions of dollars with demand low and interest rates, rising. many are now in deep trouble. the housing market surged in the past 2 decades growing to make up 25 percent of g d. p. construction firms were carrying massive debt and the government sold this as a systemic danger. regulators cracked down in 2020. that led many companies to default, and countless construction projects were left unfinished. the ever grand, the company, the center of china is real estate crisis collapse in january with the depth of more than $300000000000.00. in september it's chairman resurfaced in detention cap and the southern city of tion. john. but these kinds of punishments may be too little, too late for a vital part of the economy, but now seems so insecure. nonetheless, some economists are confident, new technology can pick up the slack on top of what's a committee. and so i think the real estate problem me with honda is not

particularly serious coupled with the rapid development of new industries. i think hines, really, the issue is controllable. but honestly, the real estate sector stuff have quite a lot of problems here. putting out the government is taking action to control the crisis. it's made a white list of projects eligible to receive more financing to ensure unfair construction gets completed. that list is being expanded as looking to increase bank loans, those projects to more than $500000000000.00 by the end of the year. it's also cut benchmark lending rates by 25 basis points. even with this, the mass caused by china's real estate crisis may take a long time to fully unravel. bins monahan, l to 0 for counting the cost. joining us now from the aging is david mine, he's a political economist, founder and chairman of mine, china investment management, a viable and welcome to accounting the costs. so the chinese authorities recently

pumped half a $1000000000.00 into the ailing property sector, including lowering the key lending rates. a raft of, of the other measures as well combined. well, any of this make a difference? do you think it would make a difference? um, but it really concept with the other phones that has been implemented and they actually coming up daily. so there's a, a raft would come and they relate generally to encouraging the consumer to have confidence. there was a major change now coming to the stock exchange. john, his capital markets will be more attractive to domestic and that is the 07 international investments. i think the government's realizing that it can't depend again on the property sick. there was a did. so it went to allow the real estate sick to, to be as high as it was in terms of comprising the gd, be of china, and certainly g d, p growth. so i think it's been a political move to try and cut funding to some of the more unstable vehemence in

the system. i should've got to use beforehand, but they did it. and i also think the stimulus is probably 8 months later that it should have been, but not some place. so there was a change. i think people are beginning to realize that the government is acting in a positive way. and that's really good. it's about confidence. i understand the property ownership in china or is perhaps the highest the well some estimated to be somewhere around 90 percent. it's catapulted a huge numbers of chinese people into the middle class. i wonder, given all of this turbulence, what happens to be aspirational pumps of chinese society, the aspiring middle class as a now facing difficulties in the short a long time? i think that's right. i think those with us it's, and of course, the reason this such a high we should of homeownership in china is that a generation ago, a generation and a half ago, essentially, millions of houses were as well gifted by companies to their employees and states

all the prizes passed over the apartments they owed to the occupants for very low prices. so you have a home get a ration of people who didn't have to safe to buy a house in the same way as other children. but the children have gone because of the one child family this um they say there's 5 ones, the 4 grand parents and the spouse. so those cash for people to the middle class, they still acquire houses. so the issue is when the confident says you've identified and the people with s, it's the we estimate that the chinese middle class is about 400 immediately, 400000000 people. there are still $900000000.00 people in china, but in addition to $300.00 a month, this dam expirations that matter most and they're working and struggling to improve their lives. and the play the way that china restructured. they are becoming the ised very quickly. they moving from towns to cities. so the energy of people coming

in from a low base of society is also going to set a lot of this exist housing capacity. so these, the dynamics i still have right much behind the engine of the chinese economy just as they have been in the previous re dictates, such as typical time. but it's been resolved naturally as we speak by these market . and demographic forces. what you see is the, the water impacts on china's role, the economy, and also the global economy. these ripples on the housing market, surely affecting other sectors of chinese society. i didn't the, the very well connected global market to that's true because the construction sector. it's a huge problem. building materials of the sale of costs, you know, you, you buy your product. but generally, i knew some of that was at the fringes of these cities, and they were paying them for the structure to be able to park cause they've got

good read systems. and as long as people are getting into those departments, then of course cost sales are up so it has wide verification. it also means that because of the chinese helps of say so much, it was a 40 percent savings, right? the highest of the. well, here they are all sitting on the cash, and the trick is to try and give them the confidence, make them less afraid of the issues they face and all that h. or generally she's cost of education for the kids. the, the cost of, of health care beyond the base sick that is provided by the state. so to gives people confidence to spend that also means you've got to improve the welfare system of china. that's why people are sitting on cash. so many areas which the government needs to be acting at what's to resolve the issue of confidence and then in a sense, purchasing and investing in real estate is a product of them recovery of confidence. it's not really a real estate crisis in itself. it's

a confidence crisis. david bond political economies founder and chairman of on china investment management grades and have you encountered the cost you cut off the official intelligence query consumes up to $10.00 times the energy off the google search. goldman sachs expects power demand from data centers to grow 160 percent by 2030 type jobs investing heavily in a i n o dash shooting for nuclear energy to reduce their emissions a meet climate targets. suppose of atomic power, say it is a low carbon and available around the clock on light wind. and so i bought critics a large ponds, a costly and take a long time to build companies and governments. and now looking to small will modular actors as a cheaper and faster alternative. microsoft has agreed to pay an energy company to reopen the shots of prima either nuclear power plant in the us state of pennsylvania. last week, amazon and google site, they were buying power from developers of small much of the reactors for essentials

. that technology has not yet been commercialized. but experts say it could be easier to build the launch and use that reactive. joining us now from paris has pulled off min founder and shot off new clerk consulting group affordable and welcome to counting the costs. especially while tech companies increasingly turning to new cut. it's it to a certain extent, it's difficult to understand. i mean, the key sort of this is where we are with, with power, 86 percent or new power generation capacity in 2023 worldwide. put down was renew with nuclear nowhere. so the wind and battery amounts to about 95 percent or power capacity waiting to be connected to the grid with nuclear about maybe one percent. so there's an issue as to why big tech, which likes these kind of uh, resolutions. all of a sudden, you know, amazon,

google, microsoft rolled announced they, they quite like the idea of us amongst the problem with this model. so rather like the problems with a nuclear, basically uh they will actually in development logically announced redevelopment, early development. not in construction. the possible put on of, of one as a mon, i mean in terms of generation will be about 2035, which seems to be too late for our climate, for energy to miles. so in a sense, it could be a way for big tech to magic away the consumption power consumption problems with an estimate of concept in order to kick the problem down the road for a decade or more. so i think as well as potentially combining different uh,

sources of energy, whether it be renewable is alone with the nuclear power as well as a little bit too soon to be putting too many eggs in one killer basket. yeah. well, i guess um, but the problem with youtube is the voice seems to be very light and very costly. uh, you know, the largest s m a in america was new scale. and that shit trucks are lost. you that easier from nuclear in the front. so, you know, the largest nuclear power has scrapped its own a similar design and will restart to gain. so it is the main problem with nuclear, whether it's some or large, it's time and cost. and as we've seen with constructions worldwide, the costs always seem to run and the times always seem to you don't get meanwhile, renewables, a pushing down costs,

quantities of power on time and on cost. so essentially the problem is uh will you to each a lot of the pod see in the box cost of nuclear. and that's not simply construction, but also let's not get to waste, which is not result to a certain extent, really task pushing to, you know, take a lot of the funding, the money that we need in a, uh, increasing the size of the world for a z z energy pump, the energy construction that we know will work just basically renewables, some of the hydro, just them of interconnection to modified management and storage. so you're suggesting very clearly that it is always cost efficient, that it could take an awful lot of time to, to set up these on patients. maybe a little bit as a moments. nevertheless, some countries with the capital and where with a whole and labor at least to push forward companies like china appear to be

leading the race. we know also the tech has been trying to build reactors. we don't know how successful those attempts have been so far. but clearly the genie is out of the bustle of the race has begun to be 1st when it comes to building something efficient and successful now. well, if you look at the china is due to construction versus trying to renew the construction, does the capacity to renew the chinese renew it? renewable construction is just is, is just of to, it's just a huge me seems to be great, but it's new to construction. so there's a lot of flown for nuclear with it's i some of the rest of it. but there are significant problems. i mean the key problem this time, one likes nuclear, one not to keep up with his tongue. nuclear will take up to mid twenties, thirties, late twenty's, thirty's to put down just one. react to um, now this is far too late. well, i direct line that will uh,

energy issues. so that's the key problem with nukes, and this one puts aside all the other problems of cost of waste and also the other kinds of issues that in increasing unstable well, as we seen was a risk of the seem to be kinds of questions associated with the security of nuclear power plant power i've pulled off, been found to ensure of consulting grapes, great to have you and catch the cost. thank a show for this week. get in touch with us on the x need to use the hash tag, h 8 dash c to see when you do or drop us an e mail accounts and the costs of them say with don't that's is our address for that small for you online and i would just say, or don't come to, to take you straight to a page or size individual reports and extend the episodes for you to catch up more more insight into prints, which are previous episode is a new world economic board. a much better sense for this edition of

types of the cost on the pocket for the whole team here. thanks for joining us. the news is next on my for now the our oceans are under swift. by a for roasting fishing industry government, people are thinking of bring deep sea trolling back global eating off the choices. these eco systems are going to suffer more and more with climate change and we need to adapt. now marine conservationists are in a desperate race against time. the ocean provides services for us that we require as humanity during the last show. oh no, just being a journalist is a privilege i get to the heart of the story. amplified the voices of those who have been found out by the noise is a 4 is my driving force is what pushes me to take risks.

facing the trying to find that challenge. and the huge responsibility we keep politicians and decision makers in check. so the devastating human cost of their decisions working at the 0 enables me to make the other voices relevant to so that there's more that unites us than divides us the meeting of minds, the tragedy for me, of a democratic solve effort. there. it's how quickly we sort of adopted the very told re global, know the intertwining of money and politics campaigner andrew find state and photographer shock you do on, on active is on the crisis in concert. what is happening today is happening on our watch and years from now. they will be people asking, how did you let it happen? studio will be on scripted part one. on notice of

the colleges. the of the another master card, northern gauze, or at least $45.00 honest demands are killed in 2 separate, just really strikes. one thing to hear, the hello i'm down during this is all just a run life and don't lose that are coming up. the optim off in his ready right on one of the last functioning hospitals in northern because of the world health organization says it's really troops to try and 44 health workers as well as ministry launch. the weight of air strikes and very southern sub.