samir hussein reporting — pocketbooks. samir hussein reporting for— pocketbooks.ussein reporting for us. _ pocketbooks. samir hussein reporting for us. i _ pocketbooks. samir hussein reporting for us. i want - pocketbooks. samir hussein reporting for us. i want to i reporting for us. i want to turn your attention to australia because later today the central bank will make its latest decision on the cost of borrowing. the reserve bank of australia has hiked rates ten times in a row to stem sky high inflation in the country. earlier, i spoke with a man who told me what he expected from the rba today.— the rba today. well, we think the rba today. well, we think the are the rba today. well, we think they are going _ the rba today. well, we think they are going to _ the rba today. well, we think they are going to stay - the rba today. well, we think they are going to stay on - the rba today. well, we think| they are going to stay on hold, and, clearly, inflation is still a problem in australia, but the way that we are looking at it right now is that inflation is coming

that question. igrate correspondent, samir hussein, about that question-— that question. long in an era of really low _ that question. we spent so long in an era of really low interest - that question. we spent so long in an era of really low interest rates, | an era of really low interest rates, but now that inflation is raging right around the world, and do something that a lot of countries are contending with, you do have to start raising those interest rates. of course, that does open ourselves of course, that does open ourselves up of course, that does open ourselves up to potential risks. i put that question to the managing director of the international monetary fund. igrate the international monetary fund. we are seeing multiple kinds of stresses. we are in an environment where _ stresses. we are in an environment where inflation is still too high. it is where inflation is still too high. it is well— where inflation is still too high. it is well above central bank targets, _ it is well above central bank targets, which is why they are raising — targets, which is wh

economy is running out of steam so let's get the thoughts of steam so let's get the thoughts of samir husseinour north american business correspondence standing by new york and that is the question, isn't it. is this just a temporary blip or are we on a longer term slowdown? because we have talked a lot about the us avoiding recession. this will be welcome news. they can certainly not. this demonstrates the us economy is certainly losing some of the momentum but if you look closely at the numbers in terms of what really has slowed down quite a bit we can see that the housing sector has slowed down quite a bit and we are saying that business investment to slow down quite a bit. both of those things and both of those sectors are really influenced by interest rates and we know that interest rates since the beginning of last year have gone up in the united states by this 5% so when it is more expensive to borrow people are going to be investing in housing —— people are not going to be investing in housing and businesses are not going to be boring money to invest in their companies so that doesn't

samir hussein there. 25 years after it started selling products in india apple has finally launched itshysical retail store in the country. the boss tim cook inaugurated the store and financial capital moved a much fanfare. a second store will also be launched a second store will also be launched in new delhi on thursday. but why is apple opening stores now and why are they a big deal? our business correspondent explains. apple says hello goodbye. —— mumbai. amongst huge crowds and selfies and loyalists. the apple india story is 25 years old selling a range of products to thousands of its licensed premium resellers. but why is its story lodge such a big deal? it signals a shift in how apple views india. now a strategic market for the texturing. because of a growing customer base and boost from local manufacturing. apple has always been an aspirational brand. but out of reach for most indians. even now, i thoughts make up just 4% of the overall smartphone sales. comparing it to i% smartphone sales. comparing it to i% in smartphone sales. comparing it to i% in 2019 smartphone sales. compa

let's head to samir hussein outside the world bank for us and in dc. has anything been agreed?d in dc. has anything been aareed? , ., for us and in dc. has anything been aareed? , . ., ., , , ., agreed? they have already started these conversations, _ agreed? they have already started these conversations, they - agreed? they have already started these conversations, they have - agreed? they have already started l these conversations, they have been ongoing for quite a while but they had quite an important meeting regarding debt restructuring and what we mean by debt restructuring as they are looking at ways for lower income countries that are really being crushed under the amount of debt from previous loans that they have received from more developed countries and from the imf and the world bank, and so what are some of the ideas you can do? things like what you would normally do to refinance your own home, he would refinance your own home, he would refinance by going to the bank and getting a better interest rate —— you would refinance. so they are trying to apply those ideas