Withdrawal from the International Criminal court the pullout takes effect on friday a year after it notified the United Nations intention to leave it follows accusations that the core focus too much on africa. Withdrawal doesnt affect ongoing. Those are your headlines counting the cost is next. To zero. Every. Hello im sam is a than this is counting the past an aljazeera weekly look at the world of business and economics this week out of pocket and out of patience italys rich northern regions vote make a break from rome. Also this week china enshrines the president s political philosophy into the constitution or will it mean for the nations pocket book plus cashing out traders get ready to say goodbye to Hong Kong Stock Exchange as computers take their jobs. Millions of citizens in two of italys wealthy northern regions of voted to take more control over their own Economic Affairs echoing recent developments in catalonia lombardi and venator have shown their on happiness at their tax money being used to pay for services in poorer parts of the country the result of the ballots were nonbinding do say an awful lot about the desire to break away from rome Officials Say around five and a half Million People headed to the polls to have their say in the referendum and final count showed ninety five percent of voters in lombardy said yes to greater autonomy and this number rose to ninety eight percent in the veneto region the referendum was organized by the Northern LeaguePolitical Party it wants to cut the gap between taxes sent to rome and the value of state services they get in return citizens feel hard done by the Lombardy Region says its short for comes in as around sixty four billion dollars which it says is the highest in italy for nato claims it shortfall comes in at eighteen billion dollars so whats next for italy as the two richest regions try to take back power from rome well joining us now from london is Russell Jones russell is an economist and partner at the well and consulting and independent economics Advisory Firm thanks for joining us today so what do you make of the Economic Impact of the lombardy inventor referendums are they going to overburden the Italian Economy. Well right now what were seeing is the Italian Economy doing quite well as is the eurozone economy but this is a reminder the surface both in italy and in europe there are a number of fault lines both politically and economically it is a reminder that the populist pressures the pressures for regionalism still remain pretty strong beneath the surface does it represent a danger in the short term to National Unity initially when i i think probably not but there is a fear that this could be the thin end of a wage if you like and over the course of the next few years you could see this kind of development continue to gather impetus to gather momentum but there is still a bit of a struggle its not a challenge when it comes to the debt to g. D. P. Ratio for the economy thats correct its really has a very high debt burden on the good news latterly is that the economy has started to grow again and we should also remember that the Italian Government does run a fairly large primary Budget Surplus as well so the combination of growth and that primary surplus means that at least for the moment that debt burden is likely to come down rather than to expand the problem for italy comes as it does for a number of peripheral economies in the eurozone the problem comes when theres next a recession when that g. D. P. Growth dissipates disappears and once again i think you would see the Financial Markets focus on those countries like italy that have a very high level of sovereign liabilities and we talk about some of these movements for greater autonomy is it all about the bottom line the money that is fueling and driving these movements well said in the a town. In case the northern part of the economy is responsible for about thirty percent of g. D. P. And the states that it held to the referenda feel that theyre not getting their fair share of influence and of tax revenues so i think there is a sense that this is this is economic the Northern League which has long been a mouthpiece for greater autonomy for the northern parts of italy certainly see these votes as an opportunity to to expand their influence so yes i think economics is a very big part of it. Whether were talking about autonomy movements separatist movements referendums is this going to take a toll not only in the european project but in european markets as time goes on. I think for the moment as i said i think the Economic Situation is is pretty positive for europe i mean finally the cyclical position of the european economy and that certainly includes italy as well is is in good shape the problem is that a lot of the underlying fault lines and structural issues that europe has still have not been addressed the process of structural reform has slowed down a lot the question you have to watch is whether structural reform will progress in that area is actually consistent with a situation where you have these populist movements well you asked the questions let me turn it around and say that was going to be my next point is can any of those structural reform challenges really be addressed now given the sort of political environment that you are explaining that well on the one hand there is a hope that a combination of mrs merkel in germany and mr maccarone in france can put their Heads Together and forge some progress on those reform policies on the other hand i think the problem with that is that the still a reluctance to swallow any unpleasant meds and around the periphery a lot of people are looking at what happened in greece and all saying do we really want to go down that direction there is a a great sense of reform fatigue across the euro area i think personally that mrs merkel that mr macro on are going to have a very very difficult job in accelerating this process of reform my sense would be that when the next down to comes and it surely will come at some stage over the next few years that a lot of the underlying issues which europe has suffered from for many years for decades will once again reassert themselves all right Russell Jones then thanks for your thoughts. Thank you hes now officially the most powerful leader china has had in more than forty years the Ruling Communist Party voted to add president xi jinping is name and ideology to the constitution that puts him on the same level as mousy dong it also suggests she will influence policy including fiscal policy in china for decades to come will be talking to an economist about this shortly but first our correspondent Andrew Thomas been to lying to her to find out more about president shes Humble Beginnings when she paying waved in liang jaya her in the early one nine hundred seventy s. It was a rural village where people lived in caves and in poverty now people ride in on electric shuttle buses most villagers have left their home turned into an open air Tribute Museum honoring the man whos now president. Some very young tell a sanitized version of the she story what he learned here what he did here and how loved he was visitors see the bed in which those flea infested she is said to have slept they hear how he built dams and duck worlds most groups are brought here by communist Party Workers and photographed in front of cheese wise words. Choosing ping was born the son of a Senior Communist Party member in beijing but in one thousand nine hundred nine his father fell out of favor the family was banished by chairman mao during the cultural revolution at fifteen she was sent to remotely angle her he spent seven years farming in fertile land living and working alongside some of the poorest people in china they were his formative years she became a leader of the local branch of the communist party hed go on to more senior roles all over china until becoming president five years ago she never forgot her returning for a visit to years ago the village has become an important part of who he is the president with the common touch i am happy and excited this is where uncle she started his long march all his hard work began here the official she story one of hard work honesty innovation and empathy means the president sounds authentic when he demands those qualities of Party Members and of the chinese at large this is essential thing park extension of the shooting ping brand what these people have come to see for themselves is the setting for a story that hundreds of millions of Chinese People are reading about daily in state media and learning about in schools at the entrance to the enjoy her workers are expanding the car park and building a grant ticket whole two and a half thousand people already visit every day but a lot more expected for many years to come. Joining us now from hong kong is alex wolff alex is the senior merging markets economist with the u. K. Based handed Life Investments good to have you with us so as we know china is set soon to become the Worlds Largest economy whats driving the Chinese Development miracle as some call it. Well its change over time but in one word the short answer is reform theyve sustain a very high rates of growth over a long period of time through progressive Reform Efforts that go back to dunk shoppings reform and opening when he unlocked avenues of productivity through agriculture reform so we reform and opening up to Foreign Direct Investment of course that change post post crisis when they relied more on on debt specially credit fueled investment and so very much investment driven at the moment and thats why youre seeing increasing levels of debt with it with structurally lower growth rates will come to the debt in the second but can the long run of growth that you mentioned continue looking forward if i get you to dabble into a crystal ball a little bit. No i dont think its not possible i think it one of the things that one of those that has sustained growth over this long period time of course has been demographics have as well theyve benefited from whats called a Demographic Dividend where theyve had increasingly a larger labor share of the population that also has fueled growth but now chinas facing a much different demographic situation where demographics are increasingly going to be a drag and so its going to be very difficult if anything next to impossible to sustain the rates of growth that theyre targeting especially their target through twenty twenty with the with with declining labor share labor share of the population and so the only way to really sustain high rates of growth is through is through increases in increasing productivity and theyll have to increase productivity theyll have to launch very Structural Reforms that are will be quite difficult i think in their system you mentioned a moment ago debt. Warning its being neglected what can president xi do about. Well theres a lot of theres a long list of things he can do and this list is relatively well known in fact they themselves published a list of what they think they can and should do back in two thousand and thirteen in what was known as the third plenum document that discussed s. O. U. Reform so reform of state owned enterprises labor reform in terms of who go read householders stations on land reform opening up sectors to Foreign Investment into private Sector Investment things that can unlock productivity growth but also reform the relationship between the state and private sector so just creating a even level Playing Field where the most productive firms can succeed and the least productive firms can fail and leave the market but in fact that theyre trending in the opposite direction and a lot of what they talked about in the work report at the Party Congress was reforming the role between the private the state but in fact it wasnt reducing the role of state it was increasing the role of the state and so this is i think will make it very difficult to achieve the growth rates that theyre targeting especially if if you would expect is as i do that productivity growth will likely not not bounce back without the without the reform trajectory that they need or i alex will thanks so much thank you to it it says it could be on course to finally turn its first ever quarterly profit the social Media Network has lost over two billion dollars since it started in two thousand and six and has struggled since it went public in two thousand and thirteen three hundred thirty Million People who use the service kobe still has taken another hit in the fraud scandal its lost an important industrial standard certification to some of its products japans Third Largest steelmaker recently came under fire after reporting fake quality inspections at least five hundred companies the thought to be affected by the dots of fraud. Seen its global sales climbed six percent in the last quarter topping analyst. Its chief executive Steve Easterbrook has been credited with winning customers back after the company suffered years of decline well hes now investing in tech to ramp up Home Delivery and mobile paid services along with shaking up the menus. Taking selfies might not be everyones fault today especially for those of us who are a little camera shy but you might want to work out what your best angle is banks may soon want our faces as well as our fingerprints and voices to verify who we are is set to launch a platform that allows banks to integrate various types of biometrics into approving credit card applications and payments so the common counting the cost end of an arrow why traders at hong kongs last stock market floor are saying bye bye to the bad. The wall street crash began this week eighty eight years ago a stark comparison to today in the u. S. Stock prices of more than tripled since two thousand and nine but many investors are wondering if the current upbeat sentiment can last this Political Uncertainty and warnings of fiscal tightening by Central Banks including the fed chris is salumi has more from new york. With a Nuclear Armed north korea making threats International Trade deals on hold and involving door after white house staff u. S. Politics have been anything but predictable under the tramp administration. Nevertheless stock prices have been steadily climbing recently passing twenty three thousand for the first time defying conventional wisdom that the market craves stability. Since President Donald Trump selection the Dow Jones Industrial average has shot up twenty six percent and shows little sign of slowing there are some signs of some cracks in some of the most of the forecasts were generally still looks like we have further run particularly because markets are a little bit. Fixated on what so far has been a strong earnings season and some positive notes about possible tax reductions the market also continues to benefit from low Interest Rates and a policy of quantitative easing that started under president barack obama seven years ago starting the market on its current upward climb but if history is any guide this child wont last forever. And whether its the stock market selloff that led to the Great Depression in one nine hundred twenty nine. Or black monday in one nine hundred eighty seven the superstitious point out that the greatest market drops have taken place in october some warn that safeguards meant to stop such slides not kept pace with modern technology do i think that Something Like that can happen again i mean anythings possible i think that with the advent of Computer Technology and the speed at which that technology is transfer on the market i think its very possible i think it would be a very quick move for now however with the possibility of tax cuts on the horizon the market continues to skyrocket vester is hold on tight for the ride. Well joining me now from london is yan Lambert Global head of Financial Market research at the netherlands based bank good to have you with us so you know whats going on with the u. S. Equity market then how is it defying all of this i would say gravity of Political Uncertainty you know currently it is indeed defying that i think is a couple of things really playing out at the moment obviously corporate earnings so far this season has been pretty strong and that helps on top of that the markets been very pleased with the pushback against regulation sort of deregulation sort of angle that the trunk government have in ho