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tv   [untitled]    September 13, 2021 7:30pm-8:01pm AST

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is the fact that he has water that with this incredible result of a novak going into this final jarvis should lead the head to head 53. now it's 5 water jug events that has been narrowed. and no, sorry, danny will med but has. busy produced the match in his life, they played it. the struggling open final this year was pretty straightforward to, to jock image and maybe to. busy learn from that experience. this was just the final of the majors and his 1st grand slam championship. ah, this is really, these are the top stories to you and it says more than a $1000000000.00 in aid has been pledged for galveston falling and international donor conference. secretary general until you have a chat, as it says off kinds of facing the collapse of the entire country. and it's important nations engage with the taliban. diplomatic editor james bays as more
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from the u. n. in geneva. the united nations is still seriously concerned about the situation in afghanistan. yes, the 2nd, she said he's been very pleased by the response of the international community. he came here to geneva for this flash appeal, saying that he wanted $606000000.00 for the next 4 months, and that's going to stop in new money. well, we know that lots of money has been pledged. what the us trying to work out is whether that some of the money is money that already been pledged by nations. whether it is that new money, but they are, i think, genuinely pleased by the response from the international community. natalie bennett has been holding talks in egypt walking. the 1st official visit by an israeli prime minister in a decade is not president of the father of cc and a resort city on the sinai peninsula. lebanon is said to receive a $1000000000.00 from the international monetary fund to help its struggling economy. countries, new cabinet, has been holding its 1st meeting since being appointed last week. billionaire,
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businessman and nancy mccarty took charge as prime minister. after 13 months of deadlock, dozens of angry investors have stunned the headquarters of a cash strapped chinese property developer. security guards formed a wall at the entrance. ever ground group were protested, shouted company workers. the group says it's facing unprecedented difficulties. flights and train services in china's largest city have been cancelled as a typhoon approaches. john 2 was blasting, winds of more than 150 kilometers an hour as it moved up the coast towards shanghai . schools, officers and shops have been shot. the dodge court has ruled over must employ its drivers on a permanent basis, and drivers are covered by the collective labor agreement for taxi transportation. the right handling service plans to appeal, arguing, drivers who use the app, are self employed entrepreneurs. those are the headlines coming up next and i'll
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just, you know, its counting the cost. goodbye. news . news. news. news. news . hello. i'm money inside. this is counting the cost on al jazeera, look up a wealth of business and economics this week, remember bricks. they were meant to transform the global economic order, with the exception of china, brazil, russia, india, and then later on south africa been a disappointment. we'll take
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a look at why and question how long before emerging countries can realistically think of playing that north atlantic older. also this week, zambia, the 1st african country to default on its debt. in the pandemic era, bought a new president has invested clamoring for debt, even as he warned they could be a big hole in the finances than originally and ship shortages could not millions of dollars from also make a sale. and that's not the only challenge they faith. we talk to the chairman of de la about das, disrupting the most industry ah, 2 decades ago, the investment bank, goldman. 1 sachs came up with an acronym that was supposed to shift the economic balance of power bricks that is brazil, russia, india, and china would over time come to dominate the rankings of the wells,
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which is economies. and was good reason to be optimistic, big growing countries which collectively represented 45 percent of the world's population. the leaders began to hold regular meetings. they started $100000000000.00 development bank. they even invited south africa to join the club to complete that acronym. bought 20 years on the group has really failed to live up to its author. expectations. well, most of them take a look at this just on g d p basis. china has stormed ahead with cumulative growth of almost a 1000 percent since 2001 that's almost double the gains india has made. and you can see south africa that lagging way behind the others, brazil and russia. now this is growth during the pandemic. china managed to make a strong recovery, 2.3 percent to the good in the, on the other hand, had a terrible pandemic in so many ways. everyone else on the list offered to i'm find
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me this chart. these are the top 12 economies back in 2001. china is ranked at number 6. brazil sits at 11. you can't see india and russia, but they all in the top 20. and this is the top 12 in 2020, china's jumped 5 places. now the 2nd biggest economy in the world, india climbs up to fix place while brazil drops out of the top 10. so let's go through the brit countries in a little more detail in the 1st of all. and even jim o'neil, the economist who coined that bricks acronym, has acknowledged it have notably disappointed in recent years after a series of missteps by prime minister nor in de modi. he abolished the most commonly used bank notes, failed in his promise to create 10000000 jobs a year. and any hopes of creating a 5 trillion dollar economy could be pushed back by the pandemic. the knock on effects of covert have seen millions of people in the middle class drunk back into
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poverty, brazil and russia, while they are far too dependent on the wells commodity cycle for their development . both missed great targets in the last 10 years, with russia's troubles compounded by sanctions over the annexation of crimea, and its interference in the us elections. and finally, the south africa, the addition to the bricks, while on the 9 years of president jacob zoom as rule, i'm a $13000000000.00 was allegedly looted from the state. his imprisonment for not cooperating with the corruption inquiry has led to riots. but already there was so much anger in the country where unemployment sounds out of record 34.4 percent. ok, so let's get into all of this with edward gloss. scott, from london edwards, the emerging markets economist at aberdeen standard investments. welcome to county, the cost that jim o'neil has joked in recent times that may be rather than breaks.
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he should have coined the term ex was the right to highlights the growth potential of these nation. i think he was obviously in the 2 thousands. the book economies i think, did live up to those lofty expectations, rapid growth, structural reforms over the past decade service. it's been very disappointed in the past decade pump joint, who tried to buy crises. obviously we had china evaluation phase crises in brazil, in russia. so it's not been a great last decade for sure. so what went wrong from brazil in russia? why haven't they hit their full potential? i think it's a combination of things. over the external backdrop has become much less favorable . commodity prices have collapsed and they've rebounded more recently, but they're still truly much lower now. of course, domestically that they have had problems as well. so, and, but so those big corruption scandals hit hit various presidents. and then of course,
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in most you've had, you had sanctions which are really crippled the economy and financial markets to where they ever really a proper block. because they did meet regularly. they set up an infrastructure bank, but it also feels like they were kind of thrown together. yeah, i mean, i think they all, they'll still meeting regularly annually at the conference, but i think i know these me can tend to generate very few headlines and very little substance. i think it's more than the kind of big fat piece. and another case where, where the major event there many cried much of major substance. so what are your thoughts on china now going forward? is it just going to continue on this trajectory of continuous growth? but there is 22 main questions from china. really one is kinda near to one and one longer term was of course as, as with most ems still grappling with with cove it and in particular is 0 cobra
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approach. the crisis is really common on the scrutiny so that there is a question about how paul is to make his move forward with, with the cova policy and whether they, when they relax that policy. and then the 2nd one is just more generally kind of the extent to which structural growth is slowing. you know, always seeing, we've seen very weak growth numbers and over the past few quarters, how much about cyclical? how much that's true. and if it is to show how to policymakers actually start to talk to really boost growth from hair post cove it. what about time is push the common prosperity. that's not the trillions of the body of stocks. yeah, i mean, i think, i think this, this, this column prosperity go lives in so many policies. and that kind of come along scientist for one of the main challenges for china is obviously up to had to regulate humans and to craze massive ripples and financial markets. and the key question, as always with china's policymakers is, how did a structural growth and how do they,
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how do they kind of limit the funds for one abilities that may be growing on the surface, while also trying to trying to be found. i'm preventing kind of moral hazard and the why the financial system. what is interesting is that all 4 original nations also were led by populace leaders. now clearly some countries have suffered. but what does that tell us? well, think it tells us the populace can popular has good size and bad sides under the external environment. populous problem can be good hanging in the words, there's nothing inherently bad about having popular policies. the problem is that when the external backdrop becomes on favorable or when you have extra micro vulnerabilities, then populists can often create funds for market volatility because they continue to continue to be popular policies can exacerbate these economic abilities. so i think it's all about the context and turning to india. what do you make of modi's
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handling of the pandemic? how he lived up to expectations, because he hasn't delivered on his promise to create those 10000000 jobs yet? yeah, i think obviously colbert has, has, you know, to say the least phone will span, are the works of promise. i think mode is handling the pandemic has, has, has been weak, but not necessarily any weaker than policymakers elsewhere. you know, looking, looking at boston are, for example, in brazil, i think the key, the key task now for the government is to really ramp vaccination race. because places like brazilian and china have really done quite well on the vaccination campaigns in india and, and also south africa has have really struggled on that funds that, that is the key to promote in his government. at the moment. edward good to talk to edward gloss up speaking to us from london. edward is the emerging market economist at aberdeen standard investment. the
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news el salvador has become the 1st company in the well to adopt bitcoin as legal, tender. the president has declared that the future for the country, but economists a warning that using the volatile and unregulated crypto currency is a risk. john holman reports from a launch a stuffing town where bitcoin pilot project could full cost for head. this is where i saw with those big quint experiment again, it was on a small side with 3 years ago, an anonymous donor, a local people digital. well, it was a bit the crypto currency. now the country is expanding the experiment nationwide. and so with those about to become the 1st country in the world, to use big coin as legal tender, it will run. it's another option alongside the current currency, us solar. we travel twelves on tape to find out how the pilot program has gone. and what it could mean the rest of the country. we found plenty of. infuse just that
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each, like 70 percent of people in el salvador doesn't have a bank account. he's big coin. well, it's a way for him to put some money aside. but i have a low income, i don't move much money a little i have, i spend on food. so with bitcoin, i can save up and that's the big coins. growing up in value is seen as smooth savings going to the problem is the big point swings down as well at times heavily . other people here are set up with that as a p. c, it's tough because it's unstable. for example, if you take a surf class and pay with bitcoin, i can accept it. the next day it goes down and there are losses for me. it's the same for the bar, the shop everywhere. and imagine that volatility nationwide, one of the poorest countries in the americas, it can make the government's decision, seemed like a blind bet. a recent survey shows many people here might not take that, that 2 thirds say they don't want to be paid them bitcoin. and the facilities, the government hardly putting together the new currency,
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might not convince them where you want to cash out. your big question is the actual dollars. you have to use one of these special atm and the government is a setting up $200.00 of these across the country. so let's see. do this. ok, and then the money should come out. the only ticket here is that these actually charge about 5 percent of commission to do the service that's already been enough to put of some of those on why not just use dollars. one group who might see the benefits of the system, commission, or know a criminals who will see an unregulated state sanctioned currency. that has been one of the advantages of bitcoin as deanna emitted, but for regulators, that's one of the risks. so the worry is that el salvador turns into a fiscal paradise for those who want to launder money from drugs or corruption. the president has been emphasizing the positives big coins will bring jobs,
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financial inclusion, and investment. he says, especially as el salvador will be the 1st to use it. the question is, will the country become a trailblazer will simply sink john home and how does it say el salvador? let's move to zombie now, which became the 1st country in africa to default on its debt g to the pandemic, zombie as problems pre date, the pandemic. and a lot of that has to do with dependence on copper prices, tanked and africa. the 2nd biggest copy exposure found it difficult to meet as payments on the government's been spending more money than it's been collecting in revenues. but in the last 2 weeks or so that b as currency in bond markets have been on a tier. and that has a lot to do with the election of hockey and h l. m. as the country's new president, his finance minister hopes to strike a deal with the international monetary fund for loan was ambia, have debts of about $12700000000.00. the international monetary fund could provide
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$1300000000.00 in loans, but they are long term problems. the currency, the quote jer, has depreciated 344 percent in the last decade, which is sent inflation to almost 25 percent the highest into decades. gregory smith is with us now in sky from london, a former well, bank economist in zambia, an author of the book where credit is due, how africa's debt can be a benefit, not a burden. any thanks for joining us on counting the cost. mister smith said, where did it all go wrong for zambia? is this another case of the resources, cuss design, be an economy? it's been under real pressure the last 5 years and hasn't shaved as much as it's potentially suggest. so wouldn't say it's all gone wrong, but there's a big mess and a lot of effort needed to turn the economy around. and it's true that the zambian
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economy is very dependent on copper. but the notion of the resort curse to me sort of spells a sense of doom. and i'm an inevitability of challenge. but i think the ability of zambia to produce copper is also a huge opportunity. and as the world news to net 0, we're going to need a lot of copper. and so i think zambia can work with the resources it has and produce much better economic outcomes for assistance. while the currency in bond markets are clearly liking what they're hearing from the new president, are they getting ahead of themselves? with the result of the election, there was a huge boosting confidence and both the zambian quite so rallied as did the 3 bonds ambia has that trade on global markets. and since then, the euphoria has tapered a little bit. and i think wal b, i think this is sensible because anyone buying those bonds knows that they're in default the interest is being paid and what investors are doing. they're looking at
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the price of the bonds versus what they think they will recovered and eventual restructuring. so i think the next bit of competence would come if the government can get the right people in and we've seen some announcements of the cabinet so far and they look good. but then next is the policies. these ministers come up with the, the national budget bill set the, the fiscal saying for next year. and then from that we can work out whether they might get the support at the international monetary funds. the new president has warned as possible, more debts than have been declared. how worried you about those? yes, i'm always worried about that. i analyze debts in many different countries. and in my book i write about how it's very difficult to define debt. there are many different net measures and it's, it's, it's a complex matter in one countries measure is different to another. i think the different states that some people are arguing over what, what that is dispersed actually has been paid and what is contracted. so when you get the numbers from the ministry of finance,
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you get one number. but if you add up all the different projects you've read about in the newspaper, you might get another number. and the other difficulty is what, what to include in the. ready the nash, that view includes state and enterprises like electricity, utilities and things like that. and if, for example, in zambia, those have huge assets like hydro, electric dams but also debts. and it's a decision whether you put that on the government balance sheet or not. but then what we've seen over the last few months is the government, the form of government that was voted out just now, or hugely on domestic market between april and june and the run up the election despite already being in before that that's. so that's a huge mass to unravel. there is always a tail risk of hidden debt as we very tragic the so remote bake, but that remains a tail risk and for many countries. but i think the biggest problem with that stocks is working with what definition is each person using intends to in, in order to reconcile the numbers properly. now, one,
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this was sources and africa. we often find china is trying to influence to power phrase your book. a benefit or burden. there's all sorts of chinese engagement in africa in trade and business in diplomacy and also a huge scale off of lending. china has been lending to zambia since the 70s. it started with a very large railway that would link zambia copper mines to doris alarm on, on the nation coast. and so we got a long history of this, but it had scaled up massively in the last 10 years. and that's why it's a whole chapter of my book is dedicated to china's lending and it pops up all the way through in the different chapters. and i think when i look at chinese landing, i've lived in zambia and travelled around the country. i see some wonderful projects, one and some, some dams that will produce electricity and in a carbon free way. and at the other end of the spectrum barrel, there were roads to nowhere. and there are expensive projects. so it's very difficult because there are many different chinese lenders and many different
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chinese types of loans. china is also evolving as a lender. it starting to provide relief. it was doing that before the cobra pandemic, can you see kenya and in n gola. and since the pandemic has been providing debt suspension, their child is also changing as a lambda gregory smith, really interesting to get your thoughts, gregory a former well bang economist in zambia. thank you. finally this week you might have heard about a global. 2 shortage of semiconductors, the chips which operate all sorts of electrical products, while as a result comic his sounds lose billions of dollars in sales this year is estimated . $3900000.00 cars will not be made or that's almost 5 percent of global production, which will wipe out sales of a $110000000000.00. even so flashy car shows have started up again though even they are evolving as re simmons. when to look at some motors in munich, 2 years without the show. and now europe's biggest comma
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a germany takes center stage asian gentlemen. the id lies lots of razzmatazz and not a gas guzzler insight here, attempting to come and nerves of around $808000.00 german workers. dependent on the car industry was the outgoing german chancellor on discipline that we want to pick up where we left off and allow the economy to really catch up. again, this can already be seen in the motor industry, even if some supply bottlenecks. accosting shadow is at the moment, those shadows take some of the shine off, electric car sales. the weakest link isn't range anxiety, your recharge infrastructure. it's the chip many millions of desperately needed semiconductor microchips to be exact. it's serial. i mean, there are many factors that have to stop certain production lines because they're missing out on the p o that they have to built into the car. and this will go on
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for a couple of months. while the motor industry itself is doing really well, the shows to promoted have crashed, cancellations, because of covert have cost organizes more than $40000000000.00. even before the pandemic, the shows were losing money. so now, although at 1st sight you might not realize it, there are changes. it's shiny, it's new, futuristic, contemporary. but you might be forgiven for thinking. this is a ca show. the organizers say no. a make over is underway. corporate consultants have dropped the word car from the events name. it's now and the ability show. and the consultants have come up with what they think. a catchy questions. what will move those next food stamps may be this or thomas bus, or for those of us old enough to remember the bubble car. this one has its own brain. all electric motorcycles, power pedal bikes. another question,
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why are we here? well, many big names from the united states and elsewhere didn't show up to answer that. the electric car is secure, the road ahead is green, but for the mobility show, the future may not be as smooth run. andrew simmons al jazeera music. well, in addition to that report from andrew r economics editor and ali had the chance to speech the chairman of daimler, better known as basically mercedes. he art or le cologne. yes. about among other things, the electric challenges from the lies of tesla and china's me. we are accelerating our path towards full electrification and indeed by the end of this decade, we wanna put the company in a position where we can go all electric, where market conditions allow. and already at the middle of this decade, every new vehicle architecture from mercedes benz will be electric only. and on the path to the diamond s a hole in the next 5 years will invest more than 70000000000
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euro in these transforming technologies to make it happen. you mentioned the electric architecture and there are going to be a lot less moving parts, particularly in the engine. what will that mean for jobs? there will be a change in profile on some jobs throughout this transformation, this decade into the next decade. where some of the jobs that we know on the power train side on the combustion production will decrease. whereas we have job increases for the electrified power train or in totally different areas. such a software where we are currently hiring thousands of software engineers pandemic has really hurt supply chains in particular, semiconductors. when will the bottom that clear up? and what does that mean for production? code 19 has been a real stress test on many supply chains, including the semiconductors, which is affecting us. now,
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you could maybe look at it as a traffic jam on the motorway. everybody stops and it takes a while before all the car. so moving again, we hope and believe that this quarter 3 represents the trough of the impact and that we can gradually start getting back up again in q 4 towards more normal production levels. do you think the use desire to produce more chips in europe is realistic and beneficial. would have helped join the pandemic strategically. that is the right decision. but this here we're talking about something kind of 25 or beyond what you can do and foresee. and this is where you have to live with a certain level of uncertainty. the recent shutdowns have been because of cobra. what tests affected are supposed to shut down in malaysia. if you have the panoramic where you have to shut down a piece of production, i don't know how you would plan for it. do you have the battery capacity to deliver your road? i took
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a treat cause we have source with our partners up until the year 2025, maybe beyond 2025. now we are accelerated strategy in 2 electrification weighed 200 gigawatt hours needed by the end of the decades. going fully electric were upping the ante and were discussing with our partners how we can increase the cell production footprint for us around the world. as well as working on a european initiative in this regard as well on the calendar, the chief executive, mercedes, thank you for your time. thank you for having me. that is all shy for this week, but i want to know what you think and what you want to see on the sweet o d m a money. and if you're to the, please use the hash tag a j or emails. maria thing counting the cost that out there, don't net. all right, and there's always more online that out there, adult slash counting the cost. i'll take you straight to our home page. all our
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previous episodes are up in the cat. that is it for me, this edition of counting the cost money bite from the whole team. turning up the nissan, i'll just they're coming up next. use me . ah ah frank assessment where it is again freedom the press. welcome again. freedom of expression is a weapon against human right. in depth analysis of the days global headlines inside story on our jazeera, on air or online, be part of the debate or the people. the ocean is our identity and the source of
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well being. we are the, when no help, they get off the table. it says shooting. atmosphere. people are demoralized, they're exhausted and many health care workers are experiencing p t f. d like symptom. jump into this dream, and julian, uh, global community. if you're online on youtube right now, you can be part of this conversation as well. this stream announces era, ah, a plea to help. i've got to stand the un secretary general. it says more than $1000000000.00 has been placed in a ah madison. this is out of here, alive from bill hop. also coming up, natalie bennett, holds tolts with the l. c. c. in the 1st visit to egypt, divine israeli prime minister in a decade on new cabinets,
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meets for the 1st time as the i. m. f announces funds to give the crippled country of financial lifeline.

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