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tv   Counting the Cost  Al Jazeera  May 26, 2022 2:30am-3:00am AST

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you remember, we spoke about afghanistan for months, that in spite of that, those other crisis, they pair frankly, off the radar screen. and off most of the news, they must not be forgotten. there's a 1000000 people in those caps. and that's a lot of people and there's a 100000000 refugees and displaced. we have passed that awful mark for the 1st time since we are recording this figures just a few days ago. and all these crises be they here in asia, in africa, in the middle east, in latin america, they have to have also attention. they cannot be forgotten because people suffer anywhere because of humanitarian crises, whether they ukrainians or other nationalities. and we cannot let the school rescue teams are searching for dozens of people who are missing after an overcrowded boat sank off the coasted. chin is here. the vessel went down near the cities. fax,
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24 people to be rescued. but one person has died and at least 76 others are unaccounted for. the boats for saving from the libyan city of the water when it comes sized. ah, so this is out there. these are the top stories in the shock and anger in the turn of you validate in texas after teenager open fire, killing 19 children, and 2 teachers on tuesday across united states are widespread calls for tougher gun control. yes, present, joe biden has again said he's sick and tired to of gun carnage in the country. he's called on politicians to stand up the powerful farms lobby and save lives. biden plans to travel to the the weekend. i was in pakistan that prime minister in run collins arrived in the capital of the convoy of thousands orders for a major rally earlier, please 5 against these battles against the supporters. interior minister says
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nearly 1700 people been arrested. pre russian troops of long shells towards as of other than that, which contain instructions on how to surrender. thousands of people are believed to be trapped in the city. as russian forces advance from 3 sides. all right, yup. state headlines. you got more news coming up here on out 0. right after counting the cost me? ah no, no, no, no, no, no, no, no, no, no, this is i don't need to be here with you the mac, and i'm just gonna put them to me. i can also mentioned you can just, you know, the, the training you, can you open the home and ya today and we're
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going to be, will be set up. will be sent to me . i'm a lot of different from other possible give me yeah. when i know, i mean, i mean, i shooting a lot of oh, space or sets for one of the most significant electrons in columbia recent history . and maybe there are hungry there and say, i've turned back his other mostly conservative rule. well, columbia elect through left in toward a 1st time, and it's $31.00 of the story of the 0 and
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i flew, i'm fully back to bo, this is counting the cost on al jazeera. you look at the world of business and economics this week. it's been dubbed the crypto went to a recent meltdown in the digital point value has hosp panic among investors. so what's behind the slum? and can the tokens make a strong come back? also this week apple loses its title of the world's most valuable company to saudi energy giant. aramco that says global soft mock is suffered and worst, weakly losing streaks in c, 2008 financial crisis and a golf men. so, tightening their grip on food supplies, india has joined
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a list of countries banning grain exports. so how could that affect spices and can trade protectionism be avoided? ah, thank you for joining us. wild swings are common with crypto currencies, but not many would have predicted stable coins that are talented as secure good crash. the unexpected fall in prices has sent the crypto world into meltdown as investors went in to what's been compared to a traditional run on the banks. bitcoin, which its lowest points since 2020, and more than $500000000000.00 have been knocked half of the sectors trillion dollar total market value. the points later recovered some ground. but investor sentiments remains volatile. the plunge in the crypto currency was driven by the collapse of stable coins which are tied to the value of traditional affects. often the u. s. dollar with a $1.00 to $1.00 peg that in practice means it should not fluctuate in price. tara luna has lost almost its entire value and that had
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a knock on effect. on its sister stable coin the tara u. s. d, talking to a low of around $0.20. tara was ranked among the 10 most valuable crypto currencies and peaks at almost 120 dollars last month. trevor, the biggest stable coin and one whose developers say is backed by dollar assets, also fell to $0.95. now the sell off has driven the prices of other crypto currencies down bitcoin. the largest crypto currency by total market value fell as low as $26000.00 down 60 percent from it speak of almost $70000.00. in november, the digital coin was back at around $30000.00 in the past 10 days, several other digital coins regained some of the losses to the rebound comes as crypto currency has seen more than one trillion dollars in value vanish in the past 6 months. but the cell of did not stop as salvatore's push into crypto currencies. the country's government added more than $15000000.00 worth of bit coins to its
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balance sheet as a currency traded at its lowest point in 6 months. it is l. salvatore's largest coin purchase since it became the 1st country to adopt bitcoin as legal tender alongside the us dollar. at salvatore's bet on bitcoin has already led to losses. that equal the cash trap. nations next interest payment to bondholders, while for more on the future of the digital coins, i'm joined now by name. i slam a chief market unless said of a trade, he joins us from london, and i am thank you so much for being on counting the cost. a digital currency is plunging, is not something uncommon. we've seen this before, but is it different this time and what is behind this crib till currency crash? thanks for having me. as always, i think you're hitting the nail on the head by saying that this is not uncommon. run by a completely different beasts. it can fall as much as 80 percent promise,
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recent of all families full time prize. and if and then the next metal month, if not least, we could see new or time. now what is behind the time? we've already seen the prices. what struggling to lead to the upside in now, when that was really taken by, we had this massive explosion around what should we say, this stable point of the stable point, space rich and best in the market. and really and i mean it's interest and we saw the seller. now the crash was driven by stable coins. what caused stable coin to the crash and how stable is stable coins in the end? yeah, show. i think we need to define stable points very clearly and bear with me while i explain everything in the normal currency. well, she's
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a regulated market. we have something called time, which means that you can only allowed to take certain amount of money on if there's an immense canopy in a market in the crypto. well, we do not have that. this is a major retreat stable and the currency which is regulated by central banks. so what happened with that was past the msm because of a one grade. i'm taking a massive trade and the algorithm which was supposed to maintain tagged out of luck . now the bank runs it enormous amount of tre, this began to be trauma. and that led to this space. now name a fable coins. i'm stable then what's crypt? toes safe space? if you will. you see again, i would not i them and stable the cap. have a read. the peg is still very much maintained. now remember,
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we during the oil prices in your ration ration, the saudi came monday in men's pressure because of ours. but again, i mean, that's f b i currency, which has been that are age is important for very long time. so i think the point is still very much in using dusty, which will continue to do both. i many amateur investors took to buying songs and digital currency during the pandemic, of course, because, and they made my money because the values were generally rising. what's been the impact on them? some said they could lose their houses and i've lost a life. savings is, is that right? it is immensely important for any restaurant trigger to in rest only or they can afford to lose. if you are in your house on an industrial she's
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already known, or if you're not doing yourself a favor. it's all about 40 adaptation. putting that right, edging strategies in your portfolio and then taking on moving makers, you know, took them all up to 80 percent and when the 50 percent 30 percent, you don't want to deploy all of your capital. reserve cash for your liquid cheese because that will only continue to increase more as the price for try to not name. now the us treasury secretary has asked for more regulation. lawmakers in other countries all to asking for more regulation. do you think that will solve the problem? like the regulation is say it's in the good fine because look at the coin base new particular bought. so all money is not back
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on the situation that we wanted to re in. we want to have that back up from the record, from parking my capital exchange at any change, no matter where it needs to be regulated. let's talk about a salvador now the 1st nation in the world to declare bitcoin as legal, tender. this was, of course, remarkable milestone for the crypto industry, but in hindsight, do you think this was a good decision for el salvador itself? like it's an adoption. and we've seen companies, we've seen hedge funds, we've now seen countries and re consistently see more countries joining back. i think it's going to be only a bit in a few weeks when it something major coming out of russia as we get many in the right direction. all right, name one last question, if i may, i mean, what does the future look like for crypto currencies?
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their fear is that the dot com bubble bursts of the early 2 thousands could be about to repeat. do you share that concert sticker? so let's look at the dot com to thousands of bubble bus, where was amazon, where it was ebay was microsoft, where it was in. so where it was in the any of these companies where we are going to see same significant almond. i'm laying out over here is law from my own personal view. i would be glad to see the courses bring nor because i am not certain because the only we mentor me is more likely to happen to be honest on. all right, be and move lou grimacing more fast news in the in a bit on classes especially if crushed breaks. anything below 5020. okay. i am i slam. thank you very much for the moment. i do stay with us for the
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fall in crypto currencies is part of a broader pullback from risky assets. global stocks sank for 6 weeks in a row as a threat of a u. s. recession added to fears of investors already spooked by soaring inflation . corona vice locked down in china and russia invasion of ukraine as much as 11 trillion dollars have been wiped from the markets during the worst. losing streaks in c, 2008 financial crisis. tech and growth stocks have suffered particularly steep losses . while retail shares lead the declines in us talks, which recorded the biggest daily drops since the early months of the cone of irish pandemic last week. european and asian songs have recorded losses as well. even acids considered faith like gold and bonds flit. but a recent analysis from bank of america shows outflows from stock funds have been relatively stable. the bank estimates that for every $100.00 invested into the
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stock market since the thought of last year. only $4.00 have been pulled out while $61.00 for every $100.00 invested were pulled out during the call. the 19 stock market sell off of 2020. it was even worse during the financial crisis of 2008. investors redeemed a $113.00 for every $100.00. they invested an example of investor sentiment. an online survey found more than half of american respondents worry about a market crash and almost 80 percent expect volatility to continue in the market. this year, the survey of more than 1000 people was conducted by aliens, lives, quarterly market receptions in march. meanwhile, the tech giant, apple has lost its position as the world's most valuable company, to saudi arabia's oil and gas producer, aramco the tech giant stock market valuation stood at $2.00 trillion dollars. aramco was valued at 2 point food for 2 trillion dollars,
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and the energy company has posted its highest profits since it's 2019 live thing with a jump of more than 80 percent in earnings back to name our slam. once again, name is the worst over for global stock market, or will there be a mass exodus of investors leading to a prolonged bear market? this is really intriguing question. i'm gonna answer vance by looking at 2 major fundamental factors that are very much pinning this particular possibly, presley is inflation and it's pete doesn't really seem like it, especially when we start to focus on the ongoing conflict between the ukraine and russia and the spread the air potential of that conflict escalating. secondly, on those corporate restrictions completely out of question. well, not ready. so to answer that particular question,
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look at where inflation is heading. because that is very much going to determine if a bad market or the current sell off of the fear in the market are over until and unless inflation continues to outpaced expectations, consumers spending continues to remain pushed and disposable income doesn't see any increment. i don't say the fundamentals are going to point to anything which under which we will see a riley pulling the market yet. market certainly don't like uncertainty. how much is it fake? you know, if the war in ukraine goes on in prolongs in the u. s. faces the threat of a recession, relic i think, is only a matter of time when rubles, the commodity crosses around the world. we've seen quote, white is the new merging prices is going to be very much agriculture, sophomore bottles. we have seen restrictions coming from countries like india,
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which isn't even a major player when it comes to export of a wheat or look where the cost prices have gone, and both ukraine and russia, they are major grain producers. any escalation of further tensions, especially in the launch of what is happening with feminine sweden, is only going to make this matter more. so i think interactive should take more or just at the same spot, 318 your list or because there are enormous bargains out there as well. yeah. well let's talk about what people should be doing. i mean, criptos talks and even gold has slid. is it time to buy the day, or is it time to pile up cash? i mean, what about people stating for their retirement plan? for example, what should they do? so i think this is a game and goes back to our conversation asset allocation, diversification hedging bit any or once a year. so i think given where the point is,
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like the u. s. stock indices down over 20 percent 20 dollars. i rated the question that you need to have your pocket ready shopping, gets ready. what, what do you want to buy? now, how much would you want to do that? depends on once risk, right, and we've seen name investors, flea risky assets. where are they going to, are they ditching technology for energy? i mean, we've seen a romco take over apple as the most valuable company this week. i think that's a very shorts and trends. what is happening and i've been very vocal around it. i think right now if the message is just a break and then now all 5 or energy prices are likely to remain waste purely political tensions and compet. nothing wrong asked for change. it's still been c'mon, the chop is up, back on 6. easy. know?
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you know, my slam. thank you very much for talking to us on counting the cost. thank you. bye . panic, buying strips, groceries, shelves. during the pandemic now supplies are getting scarce, as governments increasingly both export restrictions. the new wave of trade barriers has been unleashed by the war in ukraine and sanctions that followed. sourcing grain has become harder and several countries are under pressure to secure their food salts. and keep costs in check for their people. the price of wheat has recently surged to a new record after india band effects ford citing threats of food security. the decision comes as india, the world's 2nd largest suite, producer deals with a severe heat wave that could effect output the u. s. as the band could worse and food shortages globally. washington, several global development banks and the world bank have pledged billions of dollars to address the problem. at least 20 countries have impose restrictions on
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food export since the invasion of ukraine covering around 17 percent of calories traded globally. they include indonesia, which as prompt, crucial palm oil shipments. turkey, russia and ukraine also banned the sails of grains fertilizers, beef, and other supplies. the trade restrictions come as global food prices rose to their highest ever levels in march. while from sydney, i'm joined now by tim hawk at a professor and chief economist at the institute for public policy and governance at the university of technology sydney. tim, thank you so much for being with us. on counting the cost global buyers were banking on india for wheat supplies, and the indian government had said it would help avert a global crisis. why did it backtrack? obama of somebody did make the big off at once, the rushing you crying conflict occurred. unfortunately, india experienced temperatures of over $45.00 degrees celsius at a minimum and that's really its capacity to provide the extra supplies
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but promise. so they really. ready really, really turn the corner and done a bit of excellent. but it's not just in the, i mean, several governments have have in both trade restrictions. what's, what's going to be the impact of these bands on, on food supplies in africa and parts of asia. now you're quite right. busy turkey, india are put restrictions on their exports quite a bit of a nature response and mains that countries like astronomy, providing weight not only to indonesia and planes and. ready traditional trading partners in it, i ship and also into yemen in the middle east and to africa. and you've got countries like turkey, nigeria, indonesia as through the biggest import. ready weight in the world and astrology is now pulling that gap because of the situation. ready new crime and what impact has that had on, on prices?
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well, it's added to the restrictions that we're seeing with global supply chain. so it's only at a huge commodity price shock. very, very difficult tool. the countries in africa and the middle east, it has a large number of consumers, very reasonable process. so we've heard the w t o chief and goes the country. well, i warn about food protectionism. what can the w t o do? if anything about the restrictions, can it help secure supplies for, for vulnerable countries? they can't supply countries and all they can do. ready urge the companies don't become protection that don't turn the bank on that. ready us treasury secretary jetta. ready the tariffs down in the us with respect to china. so what i can do is urge the country don't return to protectionism and make the situation
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a lot worse really using their moral curve or of the pulpit, but they can't do anything. ready legally, to stop per countries hanging onto their own food. so w to, we can't do anything legally, but we've heard the u. s. government say that it would help. will that be enough? well, certainly the, the major major agricultural pow's for free trade and ellicott for in the, in the w t o. so certainly i think the us. ready a good lead by reducing the. ready culture. ready protectionism the same thing bring time is for i mean they used to say. ready they use subsidies, you can central accounts from problems around the world. business club twice is laid by example that could certainly help developed. ready countries in africa and middle east to full time, full importance were ready suffering from 2 years of pandemic supply chain shocks. and now those problems of being exacerbated by increasing food supply protectionism
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. as we, as we talked about, do you think hunger crisis can still be averted? i think probably we're in for another gfc. busy not a global financial crosses, but a global food crosses. i think the action by india innovation. ready or i would have caused this crisis at a normal year, but when you take out your crime. ready with ukrainian farmers walking off the tractors and picking up guns to fight russia. that puts an incredible shock on the world's applied weight and bali advise and countries like australia and canada. and i can tell you that can to some of that care but not totally. so the rest of your crime crosses has a lot to be a lot of a lot to answer for, not just in terms, but she minutes here in cost a new crime. but it's impact of having on energy and indeed on food on food process and the hungry the will to market. thank you very much for talking to a thank you for being on counting the cos. thank you very me. on the,
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so now mcdonald's is leaving russia altogether and selling its restaurants after more than 30 years. the chain cited the humanitarian crisis and unpredictable operating environment caused by the war in ukraine. mcdonalds followed other western companies and temporarily shut down its restaurants in russia. in march, shortly after the war began, the fossil giant will take a significant ride off from exiting russia, of up to $1400000000.00. the chain had more than $800.00 restaurants in russia and almost a 100 in ukraine, which accounted for 9 percent of the company's revenue last year. present joe biden has announced steps to ease a nation wide shortage of baby formula that has left parents scrambling to feed their children. they include invoking the defense production act, which requires supplies to direct ingredients used in baby formula to key manufacturers. first reopening the largest domestic manufacturing plant and
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increasing imports. heidi's jo, castro reports from washington. i love you albert. 4 year old albert butler wears a backpack filled with a specialty formula that slowly feeds him 22 hours a day. his mother just butler says, this is what her son with special needs must have to grow. it was super critical when he was an infant, and this is like the only thing that he could tolerate. and was it kind of the 1st time we signing gross out of him? that all was on this formula. but store shells in the united states are running out of infant toddler formula. the tracking firm data, assembly reports, there's 43 percent less of it. nationwide, pandemic supply chain problems started the trouble in a factory closure. michigan made it worse. abbot nutrition maker of the popular similar brand halted production after several babies got sick and 2 died after
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drinking possibly contaminated formula. the government investigated and found no further danger, but the company says it will be weeks before production resumes. butler has taken extraordinary measures to find formula for her son. even fly across the country to buy it from a woman she met online only to be scammed. she never showed, and eventually as parents say, walking out of a store with baby formula can now feel like walking out with a goal. the forwarding has become a concern with stores now limiting how many they sell to each parents. it's important to remember that for babies on for me, this is the only food option. there is no substitute. and i think we have to probably me evaluate what critical infrastructure really means. critics have
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blamed the white house for failing to help her. now parents are making due by turning to food banks or just feeding their children less, less all worked together because these are babies. you know, they got to eat for parents, there is no more urgent need than this nutrition for their hungry children. and that is our show for this week, get in touch with us by tweeting me actually bought a jackie and do use the hashtag a j. see to see when you do all drop us an email. counting the calls that al jazeera dot net is our address. that is more for you online at al jazeera dot com slash ctc. that will take you straight to our page, which as individual reports, link setting, tie episodes for you to catch up on. and that is 6 for this edition of counting the call stumped for the battery bowl from the whole team. here in doha, thank you for joining us. the news on al jazeera is next. ah
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ah ah, i was raised in france. these are my grandparents. these are my parents, and this is mean fighting both isis and of the 2nd of a 2 part epic tale of a remarkable family. the father, the son and the jihad. cartoon on al jazeera, we understand the differences and similarities of cultures the.


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