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tv   Counting the Cost  Al Jazeera  June 18, 2022 12:30pm-1:01pm AST

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installation gives you a slice of what's on the minds of more varied types of artists in new york. then you could possibly get anywhere else. i almost thought as a metaphor for the way that i was feeling pose anti maker during the panoramic. and for many of the artist corona virus loc towns weighed heavily with matthew tom soft sculpture is derived from a painting. he saw the met years ago. i work in the communications department at the metropolitan museum of our pam, you know, are responsible for telling the stories, have other great artists of our time. people tell a story of ourselves and our, my peers. it's really been fantastic. working amid ancient artifacts has been an inspiration for supervising technician saturday. unless if you're an artist, it's like having a big encyclopedia, you know, i could go look on my lunch break and get what i want from the collection for this . and especially, i think i took some pictures while i was working on in one of the galleries and we have a few tigers and sphinx because i work in egypt and department. the exhibit is
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a sign of appreciation for the meds, employees and a fresh approach to art from an age old institution. kristen salumi al jazeera new york. ah ha, again, i'm fully battle with the headlines on al jazeera, at least 2 people have been killed in afghanistan capital after an explosion at a seek temple. dozens were trapped in the complex in campbell, where gun trier and grenades were used. it's the latest in a string of attacks targeting minority groups in afghanistan. somali as government says that 70 algebra fighters, including 3 foreigners, have been killed after the army foils. what it says was an attempt to terror attack tamales, information minister says a man who was intending to conduct a suicide attack has been arrested. is really as trying to have had several
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locations in garza, the army says it targeted what it caused military sites. the strikes come after israel says it shot down a projectile fired from the gaza strip towards the city of osh colon human. our side has more from garza, several air strikes have been ah, targeting different military post siri in the gaza strip in different areas. mainly in the central of the gaza strip and in the north of the gaza strip at the rate this time we're the most intense in the past few months. these really arm you said the d is erase. had come here, response to our missile. that was last from the gaza strip towards ash cologne. ah, oh, very late or last night. and these early raids that happen early this morning . where in retaliation of that missile heavy rain has been beach, devastating floods in lance lives in bangladesh, killing at least 25 people. the storm has also left 4000000 people stranded. at
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least one person has been killed in a fire, a factory in shanghai. it broke out at a petrochemical plant in the early hours of saturday morning, local media, se is found a control and police in brazil say human remains found in the amazon lane. foy said, those of missing british journalist dom philips, have yet to identify are the remains sought to belong to indigenous expert, bruno perrera. investigators say a suspect in custody has confessed to killing both men. those are the headlines next fits counting the cost. this is a region that is rapidly developing, but it's one also that is afflicted by conflict. political lupsi world. we've tried to balance these stories, the good, the bad, the ugly, and he's the people who allow us into their lives. dignity into mine is he asked me to tell their stories. ah,
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with hello, i'm telling you, navigate. this is counting the cost on al jazeera, your weekly looked at the world of business and economics this week, saving china's economy. the government has announced a 33 points, the mules planned to boost economic growth. is it enough to correct damage caused by covered locked downs or is a slow down around the corner. also this week, the contentious northern ireland protocol, the u. k. plans to scrap parts of the post wrecks at trade deal with you, but kind of do so. and how will businesses be affected and the tourism industry has had a strong start to the year despite raising prices. but is this recovery sustainable or for the war ukraine hamper the rebound and global travel? ah,
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it's been the biggest source of global economic growth for the past 20 years, and china has long defied prediction that would soon hit a wall, but strict covered locked downs, a crackdown on tech companies and a real estate slump are challenging the world's 2nd largest economies expansion, so many financial institutions predict growth will fall, well, sort of beijing's target of around 5 and a half percent this year for the 1st time in decades. so paging has announced a $33.00 point stimulus package in an attempt to boost economic growth. the measures include loans for small businesses and airlines, cheap mortgages for 1st time home buyers and subsidies to help people buy electric cars and laptops. the panels include big spending on infrastructure, and china has turned to state on policy banks to provide more than $120000000000.00 and funding for the projects. well, official data on industrial production, retail sales on fixed investment revealed the economy slowed sharply in april. but
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the chinese economy showed signs of partial recovery last month. industrial output increased 0.7 percent. that's slightly higher than expected. retail sales remained weak and the government is persisting with a 0 cobit strategy despite its impact on businesses. as katrina, you reports beijing authorities say their racing against time to contain a ferocious resurgence of corbett 19 less than a week after the capitol east virus restrictions. hundreds of new cases have been identified. all linked to this nightclub, heaven supermarket. it's business license has been suspended, and the owners are under investigation. they turned on tulsa jol, balise, have a launcher criminal investigation into the bar, or the role of people in charge of the bar. on suspect interference was every domain prevention and several other people have been charged with breaking
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corporate rules, including 3 men who ignored orders to isolate at home. the cluster has spread to 14 of beijing, 16 districts, and prompted mass testing in the largest cha young. the reopening of schools has been delayed heaven supermarket, but it's located here and suddenly turn in area of beijing known for its my life, restaurants and shopping. these businesses had just reopened when this new cluster was found. and now hundreds of them have had to close their doors again until further notice. dozens of cases have also been recorded in shanghai, forcing tens of thousands of people back in doors. the commercial center emerged from strict 2 men looked down at the beginning of june. new economic data shows china's 0 tolerance approach to the pandemic is continuing to take a toll in may industrial output rows 0.7 percent compared to the same month last year. and property sales improved slightly, but retail sales fell 6.7 percent with uncertainty weighing heavily on consumer
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spending. it is so incredibly susceptible to our faltering the moment. there is even a slight, a bully number quoted outbreak or covert scare, even that i think consumption is going to remain under severe pressure. and that is of biggest economic challenge to the party right now. i've been writing back is going to take a lot of effort in those need of meet drastically different policy than the one that we have in place. analysts say, as long as china's leaders refused to live with the virus sustained, economic recovery will be difficult, leaving business owners anxious knowing they could be one cov, 19 case away from closing their doors. to discuss all of this, i'm joy now from hong kong by jacques. you is the chief investment officer for greater china at credit suisse jack, welcome to the program. thanks for joining us. so do you think us 3 points? stimulus package announced by china is actually enough to bring the economy back on
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track. a will be one of the major supportive factors that will bring the call me back on track. what we, when we look at this for the free chemist packages, the most important one is being the special purposeful assurances and where we calculate the amount balls that need the issue, which will be $1.00 trillion run them be in the month of june versus in the last 5 months, about $1.00 trillion that's been issued in a single one month, you issuing about 80 percent, what we seen the last 5 months. and that money will have to be deployed. busy into work by the end of august. and when we count and compare this with the stimulus back in 2008, where the announce for 20 and ram and be true in a global type of crisis. the monthly spending is even higher than that for 20, and that will spend over $25.00 a month. so we are quite optimistic about the infrastructure that to be built for
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these money. and also on top of these, freddie free measures is the balancing of say, will cold it with the economy that has been changing on the ground. and also because the regulation cracked, i'm just posting currently are all supportive factors for china's growth momentum going forward. all right, hang on a 2nd, run down right below, right, let's drill down. drill down on some of these are some of these points that you raise. so let's look at the infrastructure spending that you mentioned 2008 just a moment ago. so by increasing infrastructure, spending this time around, china is in fact using the same tools that pull the through the financial crisis a few years ago in 2008. are they effective now as they are, as they were then they were quite effective in bringing economy back ah, into a growth charge. it's re, you know, trying to have the free major pillows of growth infrastructure. real estate consumption,
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industrial in general. and infrastructure has always been effective in stimulating the growth momentum. and i guess also bring constructions, workers back to work. and we think this time around, it will give us very good confidence that infrastructure build up in the coming years. all we're likely lead to us. we are celebration abroad from the 2nd half, i mean, alongside the next few years, obviously in a short term. that is good news. in the medium term. now we have looking at the titian of local governments. when they got this money, how are you going to spend it? where are you going to build infrastructure and would be building infrastructure that's very useful for the economy. all ones that may have lowered your tendency, and that's where the medium, the long term question will come in. right? now, think point markets, we should be happy with this. let me ask you how china is going to pay for the new stimulus stimulus. and does this in fact mean more debt for the country?
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well, a lot of the stimulus is going to come out from special purpose phones and china's fiscal deficit this year. according to icon, it's calculation. it's going to reach 12 percent. and this is comparable to 2020, where they were briefly below 12 percent for the full year. and we think that was the deficit number stephanie holly. but the fact that a currencies is seeing continuous inflow demand for chinese domestic central government bonds have been quite strong. of the currency is unlikely to be effected by this, the fissions along. we also note that the banks have been holding back, lend things in recent weeks. because of uncertainty economy and their, the banks actually flooded with law of liquidity. so we think that the banks will take most of the issue interest, and they will be the purpose of an investment. and we don't think that deficits issue is going to be a problem, at least not in the near future or china. what do you make of the fact that there
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are no cash handouts that are included in this package? so in turn, how are consumers going to benefit from this plan? well, i mean the analysis in addition to the fiscal stimulus packages, which would definitely bring the construction workers back to work, the engineering companies back to work. and as they, some of them may have lost his job during the rest, they slow down. and so that is a positive for the consumers. they're secondly, beyond the special postpone announcements, there were numerous we bates that's been announced on patrick, based on fees on some of the tax duties, and also offer more specifically on calls of car purchases have been again, given a major tax rebates or in the recent announcement and therefore, we are seeing that the sector are getting benefits off of setting the same car for cheaper price just wasn't the pace a month ago. so we've seen the consumers there will benefit,
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i guess you're right. china is heading out cash. what impact this china of current covered policy have on this package? now what's happening on the ground is you have one person infected in the building . the building may be locked down, but the estates and another 30 buildings will not be locked down. so people in most buildings are able to go to work. so trying to have adjusted civil call the policy and therefore is the new what we so called the dynamics hero policy. and in this way, we will be able to see supply chain recovery in china and the economic mental of economy will be maintained. thank you so much, jack you for speaking to us from hong kong. the, the northern ireland protocol is a good arrangement with the minimum possible bureaucratic consequences. those were the exact words of the british prime minister when he negotiated the deal more than 2 years ago. today, boris johnson says he wants to fix the agreement because
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a damage trade with the rest of the united kingdom. johnson's government has now introduced legislation that would unilaterally override parts of the post breakfast protocol with the e. u. well, the new bill aims to remove most checks on trading goods from great britain to northern ireland at iris seaports. goods destined to stay in northern ireland would pass through a green channel with no checks, while those intended for the irish republic would be in the red lane. i would continue to be subject to checks of the legislation would also end the oversight role of the european court of justice. now the northern ireland protocol was the compromise between johnson under european union to avoid a hard border between northern ireland and the republic of ireland. after the u. k, left the you and a does so by keeping northern ireland in the single market. while there are checks on goods entering from the rest of the u. k, that's effectively created an iris c border with inspections and document checks
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conducted. northern ireland ports, it was also agreed northern ireland would keep following new customs rules and applies each law on value added tax critic say the protocol is causing difficulty for businesses, but supporters say having unique access to both the u. k, and you market is benefiting them. and johnson's conservative governments, as the protocol endangers the 1998 good friday peace corps, which put an end to decades of sectarian violence on the island of ireland. pro british unionist and northern ireland. se trade checks created as a result of the protocol, cuts them off from the rest of the u. k. they're refusing to join a power sure, and governments in belfast with the nationalist and fain unless the protocol is rewritten that you has launched legal action against the u. k. over its failure to implement parts of the post breakfast deal. it agreed with the block? well, joining me now from dublin as john grey john as the co founder and director general
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of the british irish chamber of commerce. good to happy with us, john mclean. thanks so much for your time, so that you can justifying the bill under the quote doctrine of necessity. do you think that's persuasive enough for the you? i think we're in a poor place now. the cascade of events over the production of this new piece of said, threatened legislation on his threatens legislation, even even if it's passed, it will still have to get through a lot of hoops and it may never be actually applied, but it is an important threat. and it, it is a great worry now for businesses throughout great britain and ireland, but not just businesses for the communities that they serve to the jobs that they create and, and invest further in the use of the word necessity is illegal. s legalistic term, obviously leaving lots of room for interpretation and calibration. the reality is
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that the greater number of businesses and communities served by those businesses have been getting on with at the implementation of the protocol. i'll be at with some wrinkles, but every new regime, every new formulation of business rules does take time to adjust and there are ample mechanisms in place to make those adjustments. here's the thing. i mean, there have been complaints about excessive time consuming, as well as and expensive inspections at ports because of the protocol. do you think that this new legislation, if it goes ahead, if it passes, will it make it easier for traders while know as presented it, it creates of a very troublesome place for traders now on, on both islands and indeed beyond because the level of uncertainty has been increased not reduced. the proposed mechanisms now involving things like traders having to make a choice. and ultimately, their consumers ending up being selected to consume products that are made to
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a british standard on the one hand or as a total alternative products made to european standard. on the other hand, the reality is the standards of the same. but the provision that things could vary and that effectively suppliers need to choose which regime and regulations they follow as extremely troublesome for business as his own workable for business and the nature of trade on these islands. john, you know, for the benefit of our international viewers, ollander, if you can just give us a little bit of context and tell us why the protocol has really been a source of tension. since it was signed, people who are upset by the protocol are basically 2 groups from the trade point to view exporters from great britain and to northern ireland, who have been exporting for a lifetime and understand to be so are not inclined to take the workload of filling in declarations that now have to be completed to simply trade across the
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i received from england into northern ireland. that's an understandable frustration . but the fact that it has to be done at all is annoying, genuinely, some people in northern ireland who say, well, we never had a burden on our suppliers before. and this is a problem now because some of them are saying they don't want to supply us anymore . in reality, most traders have, have found workarounds and alternative sources of supply and they are getting on with trade. but it is understandable that there is what we call an identity politics issue. there is a cohort. a minority bought a relevant cohort who have a if you like, identity politics. objection to the notion that they can't trade without formality in the way that they did previously with great britain. there is one area, in fact, just 2 areas that would solve most of this. one of the issues of most of the
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compliance issues here around the food sector. there are, there are some of those in engineering and such like, but the biggest issue is in food because it's a, it's about food safety, human health and animal welfare. and the standards for that are extremely high across both islands and beyond. the issue could be solved about the need for checks on the if you like, compliance and the safety of food products, food imports, food exports from these islands. and you know, the supply chain issues, things like animal feed, as well as animal welfare and its own rice and things like animal and medicines. so the entire supply chain is very secure. the signing of a veterinary agreement between the 2 nations with the blessing of the you would take away 99 percent of those. all right, let me just jump in there john. just very briefly, if you may, i mean looking ahead, what do you think? what happens you expect the trade war with, with the you? i can't rule that out. i certainly hope it doesn't happen because it would bark an
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escalation from which it would be very difficult to roll back. but there is no doubt about us, the threatening of this new legislation by really a minority faction in westminster has raised the stakes. and it is understandable that having signed an agreement and now saying we want to go and go away from our own agreement, that the e u. the other counterparts of that agreement will say, well, that's not a, an in consequential matter. and that there will be sanctions on the east side, and that is a dangerous state of affairs. it could escalate dangerously very fast. we need to get back to the negotiating table on the, at the, the 2nd formulation that i mentioned is a thing called the joint committee which is already pre exists and needs to be activated to deal with these practical issues and take it out of the political store, all right, thank you so much on the ground for speaking to us from dublin. thank you. japan reopened. it stores to travelers. the u. s. drops proven 1900 test requirements for airline passengers and restrictions or east around the world. travel was finally
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getting a taste of come back after 2 years of industry. devastation brought on by the pandemic destinations around the world. have welcome nearly 3 times as many arrivals in the 1st 3 months of this year compared to the same period in 2021. and the world tourism organizations as a global arrivals have increased by a 130 percent in january compared to the same period last year. destinations worldwide. welcome to an estimated 117000000 international arrivals, compared to 41000000 and the 1st quarter of last year. and tourism saw a 182 percent year on your increase between january and march europe in the americas. let the recovery europe welcomed almost 4 times as many arrivals as the 1st 3 months of 2021. while the americas arrivals more than doubled in that same period. so people are so eager to travel that they're buying flights and booking
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hotel rooms, even at very high prices. a return economy costs ticket between hong kong and london for example. and kathy pacific airways, at the end of this month, is more than 5 times the cost before the times that make, for example, while marriott hotel chain says that over memorial day weekend, the company's revenue per available rule was up about 25 percent and 2022, compared to 2019. let's discuss all of this. i'm joined by caroline bremner. caroline is the senior head of travel research at your a monitor international. she's joining us from scotlands capital at ambrose. welcome to the program caroline. so what do you think is driving the rebound in the travel and tourism sector is despite that raising prices of tickets and hotel rooms that i've just been talking about? well, i think, as you mentioned, and it's very much driven by consumer demand, and that's being very pen talk during the pandemic. so we had 2 and a half years where, you know, consumers were confined to their houses that were under travel, benz restrictions,
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and only very recently have government started easing back on those. and currently there's $46.00 countries around the world that have no restrictions, the tall according to the end of the cio. right? so let's just talk a little bit about the high cost of traveling our, because we are seeing escalating costs. and these costs are being passed on to the travelers anyway, that can be avoided at all. well, what we have seen is, you know, global inflation doubling since january of this year. so this is, you know, very worrying for consumers as well as businesses and, you know, we've had the shock of the war in ukraine that is causing, you know, inflation. we've got, you know, disconnects with the supply chain, energy prices and food prices rising. so yes, at some point, you know, companies can't keep absorbing those costs and they do need to pass them on to
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consumers. and so yes, as we mentioned, there's very high airline ticket prices. but at the same time, there's so much time top demand because consumers spent 2 and a half years without being able to travel internationally. and so, you know, you've got this such a really strong demand surge. and the problem is that, you know, the industry itself is not able to meet that. because, you know, during the pandemic, they had to lay off workers and, you know, so now we've got a situation where their staff shortages and the supply isn't able to meet that very strong demand. interesting. ok, and a look. i mean, you your outline a bunch of challenges. you talk about the ukraine war from for one inflation was the 2nd one. and this issue of staff shortages. do you think that all of this is going to undermine confidence in the global travel market going forward? well, when and the warm ukraine started in the 24th of february,
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yes. and this increased the levels of volatility in the global economy. and of course, it has caused, you know, further valuable volatility, especially in eastern europe. well, there hasn't been that sort of long term sustained dropping interest in demand. and you know, there were fears at the beginning that the americans would be put off from coming to europe. but actually the very latest data from the national travel and tourism office shows growth and 700 percent from america to europe. and of course, within europe there are no restrictions in place for very few. and so that means that, you know, there's very strong inter regional european demand. so you know, that, that demand is such a localized at the moment. and of course, you know, that the war in ukraine is, is challenging. but at the same time, it's not having this sustained, long term impact on,
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on overall demand for travel. so when do you expect a sort of full recovery for the industry? and do you think this is going to be a bumper? you're well with that diet, that 2022 is going to be a stellar year traveling tourism. we really are seeing that this is the year that the re bind is really going to take place. and you know, your monitor, we're protecting, you know, growth of 84 percent for the full year oversee and that the level of decline that we sold during the peak of the pandemic. you know, we saw the industry collapsed by 75 percent and then there was only minimal growth of about one percent last year in terms of international term and spending. so the recovery itself to those pre crisis levels is going to take at least 8 to 9 years. but so we really are looking at a long drawn night period of return to recovery and to reach those peak levels
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that we enjoyed beforehand. ok, thank you. so much caroline brunner for joining us from edinburgh. thank you, natasha for the sweet. get in touch with us by treating me as genuine a. g. d is the hash tag a j c t c. when you do, you can also drop us an email counting the cost that al jazeera dot net is our address. that there is more for you online at al jazeera dot com slash c t c. that will take you straight to our page, which has individual reports, links, an entire episodes for you to catch up on. that's it for this edition of counting the cost. i'm danny navigator from the whole team. thanks for joining us. the news on al jazeera is next during the colonization of africa, thousands of artifacts were removed by the major european powers. so double that, the french occupation gradually removed a lot of works. a new 3 part series tells the story of the struggle by african
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countries to reclaim that priceless heritage. but it didn't happen overnight. we were robbed over time restitution african stolen out. coming soon on al jazeera, i've worked out their english since it's lordship, as a principal presenter and as a correspondent with any breaking the story we want to hear from those people who would normally not get that voice is heard on an international news channels. one moment i'll be very proud of was when we covered the napoleon wake of 2015 at the terrible natural disaster on the story that needs to be told from the hall of the affected area to be then to tell the people story was very important of the time ah.


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