A capacity to produce as much as the worlds leading producer in goodness. Yeah. But they need help to get there. How much it res al jazeera. Okay. Ah, it says as a 0, lets get around. Um, now the top stories, at least a 129 people have been killed in stampede football match in indonesia supported from the losing side. Stone. The pitch and security responded with tear gas. Lea say most of the victims fight off the trying to flee for the exits. All the police had already taken preventive action before finally firing the tear gas because the supporters were already attacking the police, acting violently and burning vehicles. After police fired the tear gas, they all ran in the same direction. To exit gates 10 and 12, causing a massive jam. During the jam, people were running out of oxygen. The Russian DefenseMinistry Says is withdrawn of its troops from the town of lyman in the done, yet screeching to avoid being surrounded by ukrainian forces. Lyman served as a logistics and transport hub for russian forces. State of emergencies been declared in bikini fossil a day after the country, 2nd military coup in 8 months on saturday to support to set fire to the French Embassy in the capital. It is the French Military of sheltering, asked the president all on read amoeba. But france denies that democratic elections in chat have been delay for up to 2 years. A National Forum set up by the ruling military jointer extended the transition period for democracy. It also rude that john to leader mohammed. It was debbie, it know, would be eligible to run for president when elections are held. Lesson campaigning in brazil has ended ahead of sundays vote. Current president , jail bought sonata held a final motorcycle rally in sao paolo pinion post suggests that former left his present lewis in as your lunar da silva has a big lead and his rival wrapped up his campaign in sao paulo noon, the silver promised to bring back social spending programs, thousands of people have protested across the u. K. Demanding action to tackle the countrys cost of living crisis. The protests come on the day big rises in Energy Prices come into effect. Those are the headlights. This is a region that is rapidly developing, but its one also that is afflicted by conflict. Political upheaval, we try to balance this story, the good, the bad, the adam and eve, the people who allow us into their lives, dignity, intimacy, asked to tell their story. Ah, i hello, im rob madison. This is counting the cost on all the 0. You weekly, look at the world of business and economics this week. The u. K. Is governments introduced, big tax cuts to try to boost economic growth. But the International Monetary fund is wanting, the measures could stokes soaring inflation. So whats next for the british economy . Also this week, Central Banks around the world are raising Interest Rates. Theyre trying to attain inflation. But that could come at a high cost for the worlds economy. Plus from bollywood to natalie would. Why 2 of the worlds biggest Film Industries are struggling . Ah, but his prime ministers batting big on a fiscal policy that includes the biggest tax cuts in the u. K. In half a century, its all going to be funded by borrowing less trust is determined to plan is gonna kick start the british economy. But a critic say its a reckless gamble, man. The plans seem to have back fired already the pounds fall into record lows. Financial markets have gone into turmoil in a re, a public criticism of a leading Global Economy. The International Monetary fund is wanting. The plan could increase and equality in the u. K. With a i m f is urging the British Government to change its mind. The collapse in the pound has been followed by a surge in the u. K. Borrowing costs, britons now paying more than the rates paid by european economies, which are heavily in deb such as italy and greece. The bank of england says it would buy government bonds in an emergency to halt a bond market crash. It has also signal to could raise Interest Rates in response to the slump and the value of the pound. Millions of british homeowners and i braced for big rises in mortgage payments. He barkers been gauging public reaction to the new budget. A reports from the british time of graves and it is by any stretch of the imagination, a huge economic gamble on the one hand, slashing peoples taxes on the other massively ramping up borrowing. But will it all mean as people hope that everybody in the United Kingdom will have a little bit more money in that pocket to spend on bolstering the economy . Or will it simply mean as the opposition maintain, that the rich will get much, much richer . The plans include cutting, National Insurance corporation tax, the tax on buying property, spending tens of billions of dollars on showing up the energy sector. So the peoples bills dont go through the roof. And also controversially on lifting a cap on bank as bonuses. Im in the town of graves and about 30 kilometers or so from london is neither particularly rich nor particularly deprive, but it could be doing much, much better. Its got a huge concentration of independent businesses. Many of these owners are looking for the economic space to breathe. Hopefully it will help because, you know, you were in difficult times at my mom every once in a being cant really cant put them on a just to, you know, pay the bills to fade on the table. So any sit will actually seen shops, light to mind, for example, an is, is difficult. But if you look up then high street, you can see all the shops are slowly sand to go. And if we all goes in there isnt anybody 30 little bits money that they can then go spend and big shops that theyre going to make their money out of. And the banks even got money gone through the bank. Youre not gonna, theyre not going to make money anyway, alex, so youre saying that the economy needs to be driven, not just from the top, but from the bottom and the middle to, i think it is denisa. So saw the bottom work up. The trick, say is that years of austerity, the pandemic. And now of course, the highest inflation in 40 years. And most certainly the highest amongst g 7 countries. Mean people are very, very reluctant to part with their cash. Battling this economic downturn for the government will most certainly be an uphill struggle in the months and years to come or to discuss all of this, im drawing from london by offi sterling, the Research Director and chief economist at new economics foundation. Think tank off. Thank you. Very much indeed for being with us within a few hours of this policy being revealed, it was already being criticized by investors. The list appears to be getting longer. Is this likely to work how much like gamble is this particularly financially for those trust . Well, i think the unfortunate thing here and actually ive been guilty of this myself in the past, is that it really isnt a gamble in so far as we actually know how this is going to turn out, that there were warnings before the budget that this would cause you know, or uncertainty at best in market because when you announced billions of pounds, a Government Spending the not a company that even with an Economic Forecast or a plan of how to pay for the market, stop to wonder or you credible. And that was predictable. And weve not seen that play out, but actually probably an even deeper level. This isnt a gamble because the u. K. A spent 10 years now the best part of a decade. Certainly prior to coven 19 doing exactly the same thing. You know, cutting taxes for business is a private individuals taken away the benefits, the richest, fastest net one out than everyone else. And because weve been doing that for decade, we know how it ends and ends in stagnant earnings growth. The u. K. Still got lower average re learnings done it had in 2008. It ends in crumbling public services. You know, we have grossly under resource education hospitals. People have to wait hours for an ambulance, they have to wait potentially weeks for g. P appointment. And it ends in stagnant Life Expectancy there, there has been this very blunt warning thats come from the i m f in using language that it usually only uses for emerging markets as an indication of just how concerned the i m f is about this. Yeah, i mean, you know, im not to reach the point of view on these things, but it is striking that theyve chosen to comment on the u. K. Economy in this way. And its just another indicator that the u. S. Bending acquired rapid pace, its institutional and political credibility. And you know, you see that now with government ministers coming out and talking about government ministers and Government Supporters and government outright is coming out and talking about financial institution. Beyond that, now the left wing economic bastions. When of course it was quite the opposite a few years ago. Theres almost now no one left. The government hasnt accused of being left way. I think the only thought of the homes that credibility you can govern, has got to borrow billions of dollars in order to be able to pay for this. Its openly admitted that how difficult is it going to be able to talk to the funders . What kind of structure could it possibly use that is going to allow for the tax cuts and other elements of this policy . Because its not just about tax cuts that is going to make this work. Well actually entry point to government is desperate. Of course not to borrow in dollars. So you can describe the amount of, or in one of the currency. We like that to be very keen to make sure the borrowing is issued in pounds and captain pounds as much as possible because that means they can keep control to some extent of the economic effects. But in essence, boring like this has to be painful in one of 3 ways. You can either leave that as an increase in that and work to make sure that pilot, that full time gradually as a portion of the overall economy. And you can raise taxes to pay or to speed up the process by which fools relative to the economy, or you can do the same in terms of cutting public spending. Governor has to do one of those 3 things. And it looks like at the moment that the 1st of those letting it fall naturally is, is increasingly problematic, specially well as my forecast, governments dont leave attorney while markets dont believe that a viable plan. So that does then leave us the remaining to discover certainty. Its about to raise taxes. In fact, you know, the whole point of this budget was to cut taxes. So you are left with a final portability which is a cut and public service. And the government has already told department to prepare for efficiency savings. Now the extent to its possible the political economics is its hard to tell you, take a decade of cut public spending. It looks at the government is about to test. So the i m f is warning against it. Were seeing an increasingly long list of investors who are very cautious about this. Even the bank of england says its going to have to step in, in order to try to fossil if you like, some of the why they describe it the excesses the way that this is going to pan out. Is this policy actually going to be able to be put in place when there is so much negativity against it . And there are so Many Organizations who are prepared to work against it. I think the government is struggling toward coming up against that pressure in the end, its political pressure that will shape this. There is no sort of constitutional mechanism to prevent electric government from doing what it wants to do, of them losing Political Support and to less to see that plan. But i think its quite important to, im just reflect on the reason why is different institutions, both both in the u. K on abroad are worried about this. And its quite a market because in many, in terms of the economics, if you cut taxes, that is, that is refinery. That means it should increase inflation because increases money in spending in the economy. That tends to mean Interest Rates can rise, which should actually mean that the pound get stronger. What weve actually seen is the pound crushing as a result of this is the inverse of what the economic object should kelly. And the reason for that is because the u. K is paying a premium if you like, for competency and in competency premium when market dont buy literally the idea that these tax cuts are going to lead to higher at growth in g d p. And therefore, theyre selling pounds not buying pounds, and you pay investors that are investing abroad not at home, leading to collapse in the currency. You mentioned that the u. K. Government was determined to keep the borrowing in pounds. But what is the rest . Do you think that whatever future economically the britain is facing, could spill over into all the markets around the world . What kind of influence do you think that could have is having an effect already . Weve seen that over effects and on market outside the u. K. Most notably in the us and so its, it, it is certainly a bad things, the Global Economy and itll become a drag on the Global Economy, the worse it gets. But it is certainly not a crisis. The global. Com in the way that it is a crisis locally in the u. K. And for our neighbors. Office darling. Thank you very much indeed for being with us. Many thanks. Ah, you guys, new fiscal policy comes as Central Banks around the world are sharply increasing Interest Rates to curb inflation from washington to jakarta. And nearly every major bank is making borrowing more expensive to try to cool down prices the most widespread tightening. The Monetary Policy on record is raising fears about possible harm to the Global Economy. The u. S. Federal reserve has been by far the most significant player in this shifting Global Economic policy making. Its raised its Interest Rate by 3 quarters of a point for the 3rd time last week, and signaling the more large rate hikes are to come. The european Central Banks expected to continue increasing rates in october b. C. B is now seen taking its own Interest Rate to almost 3 percent next year from 0. 75 percent. Now, the 1st National Bank carried out the biggest height ever to key lending rate, ending several years of negative Interest Rates in switzerland, indonesia, taiwan, the philippines and the south africa are also among the countries where rates have been lifted. But unlike the rest of the world, china has cut Interest Rates twice this year. Inflation in the country is far lower than in the u. S. And other countries, or the dollar serves to a new to decade high after the Federal Reserve raised Interest Rates last week. Its mainly against europes single currency, the euro, which fall below parity with the green back for the 1st time since 20 o 2, the dollar is up more than 19 percent against a basket of foreign currencies. Japans the latest to have taken direct action in Foreign Exchange markets to shore up currencies. Well, joining me not from boston, massachusetts is james mccann. James is deputy chief economist at aberdeen standard investments. Faith good to have you with us now. Central banks around the world. Use Interest Rates, regular to control inflation, but its unusual to see them doing it almost in synchronization. How do you think this is going to play out . Well, i think it just creates more headwinds for the Global Economy. I think when you have this coordinated or perhaps know who they are, but least synchronized tightening policy. I think you get ripple effects that the not just through individual economies but 3 more broadly. You know, i think absolutely. Thats why were expecting growth to slow very significant to 2023 because i think some of these tightening cycles are seeing in places like the us in europe. A range of emerging markets to as they try to match what theyre seeing in developed market Financial Conditions. And i think those are already so the headwinds, global growth. And i think the risk is that in aggregate even more so. And if i understand correctly, one of the things that the Central Banks are constantly working against is time scale. Because although they make these announcements, the actual, the trickle down effect. If youre like, all of the kind of tightening and controls that they put in place isnt really seen for months. And yet of course, theyre trying to deal with an inflationary situation, which is a media and what kind of problems does that cause . I mean, its extraordinarily difficult, the Central Banks, especially when the fall in a long way behind the can they feel that they need to go really quickly and the some are urgency behind this tightening. So they need to adjust rates rapidly. The difficulty is, as you mentioned, theyre not going to see the full effect of that for a long period of time, potentially 6 to 12 to 18 months. And so in some ways that flying blind, they can look at leading indicators of activity in, you know, especially in Interest Rate, sensitive sectors like the housing market, like durable goods, etc. But the difficulty really is to Central Banks. They know they need to get policy typed, you know, the need to slow the economy, but they dont really know in real time when thats happened. So i think the risk to that me is that they deliver a degree of tightening. And actually, what we see is growing much more than the into 2020 for a lot of the inflationary situations were finding at the moment are down to things like the war in ukraine and delays and supply chains as a result of that. But also, of course, from the pandemic, none of which is under the control of the Central Banks. Is this really the best way for the banks to be able to deal with this when those elements are things that they simply cant influence . Luke, theres no doubt that Central Banks have had so helpful shocks in the form of as she closed Energy Prices in the form of the price is in the form of disruptions to Global Supply chains. But really, i think when they look at their own economies, that really face the you know, really concerning imbalances, you know, the u. S. Labor market. And so metrics is never look, its tight, and its generating a lot of wage crashes. So, you know, absolutely some of these, you know, crops, transit tree is the way we spoke about it last year. But some of these international actors, the making back strokes harder. But i think when they look closer to home, they do see economies of post code that i showed huge in balances and those balances are creating inflation. And i think they, they realize that they have to act to slow growth at the very least, to try and bring those in balance is back into order. But i think that is going to be a toss that took us without maybe to slow so much that you move into a session, the inflationary pressures that were talking about, of course, are not all over the globe were seen growth slowing down in china and europe as well, again, how difficult does that make it for Central Banks around the world to try to, to carry out this balancing act in the face of different lab marcus, moving at different rates. Do raise a degree of dislocation going on here. And we know, for instance, china is a great example of an economy, some of our economies in east asia as well as showing this characteristic in which youve not these inflation precious recovery for cobra hasnt, hasnt be robust. And we know the best feel free to be a disruptions from, from, from their cobra policy is able to keep a lid on cases in the country. And so theyre not seeing the same degree of inflation pressures because theyre not seeing strong growth and strong recovery either, so that their policy is moving to cyclically and in so examples to kind of come to where theyre looking timing, thats creating quite a lot of pressure on exchange rates, this is policy does just start to pick or not generate, its its own issue. So i do think youre getting this degree of global divergence. I think the pressure is in general towards weak growth, but its creating, you know, strain, but unity for vessels that oppose but strange dynamics. They get a pretty large and extended moves in currencies. And i think that creating narrow headaches, especially big export countries. But so be trading nations like china and the Central Banks around the world obviously worked independently of each other. But the driving currency in the world is of course the us dollar. Its certainly one of the top few. So what am significant does it have the fan how the fed reacts to this . Because really, it seems as though irrespective of what other Central Banks do, its done to the us to really drive this dollar just plays a Critical Role in setting Global Financial condition. Its, its role as a result currency just, its now even though the u. S. A company is north of itself and i action that got given the role, but its all the patient, the Global Financial system. So theres no doubt that the feds policy is, is critical in having an impact on, on Financial Conditions across a range of markets, particularly emerging markets. Thats one of the reasons why we do feel that if the u. S. Economy goes to the recession next year, as we, as we think. And thats driven by significant tightening cycle. Then that leaves a lot countries, hon, both through that type Financial Condition selected by that stronger dollar prize us Interest Rates and also banned by the jacks. Are we a u. S. Impulse, a driver to get c u. S. A u s. Consumer i t c u s. Is really Critical Illness and still place its a saturate Global Financial conditions to some extent. At least good, happy with the sometime in the costumes. Mccann, thank you very much indeed. And keep indian movie revenues have risen every year for a decade, reaching around 2000000000. 00 in 20. 19, before the pandemic started, but most recent releases have bombed at the box office. Im bollywood. Domination of the indian Film Industry appears to be uncertain. Producers are taking a novel approach to attract people back to the cinema. As poverty, metallic reports from new delhi moviegoers are in for a treat. Its National Cinema jane. India ticket prices have been slashed to less than a dollar, many shows or so it out properly. I got this be a good read and then giving hopkins and betsy puppy. So its really nice that i dont have to put them on the way that id like to spend home as amount of money to actually go answered in here. Does the water in the cinema often called bollywood is in crisis. One estimate suggest 90 percent of films released in the past 4 months have bombed at the box office. Good, luckily, schwarzenegger, the food, but Lansing Gentile was one of the most anticipated movies of the year, adapted from forrest gump it. Stars one of indias most popular stars, armor con, poor attendance, forced theatres to cancel. Hundreds of shows in the cinema is a multi 1000000000. 00 industry and one of india soft powers. It struggles a part of a global phenomenon. The pandemic has changed how and where we watch movies. Many people are also cutting back on entertainment expenses because of inflation. Meanwhile, streaming sites have enjoyed an increase in subscribers. Theres also a growing competition from regional and global cinema. So those people who were used to bess peebles fed up in the movies are now watching movies and domain that are going well. Yeah, them are watching french and spanish shows and phones and therefore there is a certainly broadening off piece that has happened and sudden movies which will meet in a bree by living scenario for a certain type of audience that audiences change. No. Yeah. Oh, this chart topping song and recently married couple created a buzz around for master. The super hero felt is rooted in indian my thought a g. It open to mix reviews, but back here does what it promised. So what happened is they are wisconsin spectacle and there was origin story kind of thing. And, you know, i think a lot of children were very interested in, you know, dog though the coolness of a d. C, marvel, or dc universe where there was a lot of special effects and all that kind of stuff. So there are different curiosity about what we produce. As a filmmakers need to take creative risks. Several big budget firms are releasing soon. The industry hobbs, these will return some of the shine to the silver screen. Very well nigeria is the worlds 2nd largest producer of movies, but normally would, as its known, lacks the resources to compete with hollywood and bollywood. Im an interest looks at the challenges facing the sector this low by your firm is expected to be released on streaming platforms in less than a month. And with good reviews, it may make it into the city mas worldwide. It was producing a budget of 10000. 00, but the director says it took a lot of convincing to raise even that relatively small amount. Lisa, lisa says that there is other fund the fund is right. Dont concluded gilbert unless i normally would use a 2nd biggest Film Industry in the world. It chance out an estimated 801000 movies a year from make a say, a lack of funding is holding back the industry despite the number of productions fuel banks and businesses are willing to invest in the sector. And that means paul, inferior comment, and law pay for crews. In 4 years, sandra conseula has appeared in 50 firms, many of them in the lead role. Despite her success, she doesnt earn enough. When the pay is not enough, your leg or clone. How is this going to be enough to take care of me, my well being, and all of that for the most important thing to have is the passion to break even wasnt easy. Nothing would movie struggle to make a name for themselves in international market, dominated by hollywood blockbusters and lavish followed productions. So distributors like chick is, is ok, provide platform, st. Naval low budget firms to reach as many viewers as possible. Its promise and its some sin. Thats awesome, thats good. Millennial stotts in is not really really darby boats. Those ug been there for a long time. The actually cautioned Industry Leaders say improving quality originality will help nigeria compete with the best in the world . As long as we do things that are indigenous, you bought the ecology, bringing the equipments. Yes, fine. But let the stories continue to be home groom there is little Government Support for the sector, even though it contributes 3 percent to niger as an old gross domestic product. Until more money is invested in of grading equipment, no loued friends will have to make due with original story lines and promising talent, but in fia production, i and that is our show but this week. But remember, you can get in touch with us via twitter, use the hash tag angie seat and see you do our job as an email. Our address is counting the cost at al jazeera dot net, but theres more for you online at al jazeera dot com slash c t c. Thats gonna take you straight to our page, which has individual reports, links, an entire episodes, be new to catch up on. Thats it for this edition of counting the cost. Im rob matheson from the whole team. Thanks for joining us. The news in august here is next. A British Political Party at boy with labor party is a criminal conspiracy against its members. Newly obtained documents reveal members silenced, suspended, and full staff. My god, this is unbelievable. Free speech was shot down an exclusive investigation. The labor files hog one on al jazeera ah al jazeera. With all