A nightmare. La, la la, la, hi, lair. I will not at all, this is the 1st time for me to travel abroad and to be on the plane. So i have mixed feelings of excitement thrill and fear. But it is also the 1st time for palestinian children to take part in this event. So i am excited to be the 1st to represent palestine. It is an unprecedented opportunity. Some left of i was a kid, i cant get on. I will invite the other teams to come and visit. If not, we will make friends. We will establish contacts and relationships and one day in the future when we will meet again. Ah, dont forget, check on the headlines here on al jazeera. At least 14 people have been killed after explosion shook several cities in ukraine, including this one in dundee. Pro keith says it wont be intimidated by way of russian muscles. Drugs the humans to run the u. S. And European Union in condemning the attacks ukraines ambassador to the un labeled russia a terrace state at the general assembly. Today, therese, russia held the capital city of ki if and many other ukrainian cities throughout the country with at least 80 for me. Styles in 2 dozen, you avis energy facilities, residential buildings, schools and universities, museums and crossroads in the city centers where among the targets that the Russian DefenseMinistry Later declared legitimate. But you, in refugee agency, says, armed conflict, human rights abuses and Global Warming of all forced or reco number of people to flee their homes, a 100000000 and now displaced. Illinois, asian says it may be forced to make severe cuts if it doesnt receive more funding. Japans lifted corona virus entry restrictions for foreigners as it tries to revive its tourism industry. Its in for some of the longest lasting measures since shutting its borders in 2020 the government, but under pressure from businesses to boost tourism. Haitians are rallying against International Military intervention. The government called for support to combat the rising influence of criminal gangs. One group gain control of the main fuel terminal, preventing the distribution of diesel and gasoline hate is facing a severe economic crisis with shortages of fuel and basic goods. So those are the headlines. It is continues here now to 0 after accounting, the cost stage. And thanks watching bye for now. The latest news as it breaks, its not just personal property, but also infrastructure that now need fixing front power lines to water. Main. Detailed coverage is off of your pricing. Listen. I know its very good, hard to think about from around the world at the peak season for 51000 records on for i hello on has them seeka . This is counting a cost on edge. Is it a, your weekly look at the world of business and economics this week, a big you turn on promised tax cuts for top earners in the u. K. But is the British Governments reversal enough to limit the financial damage . And has the Prime Minister lost her credibility also this week, Hurricane Ian joins a list of destructive and very costly storms is the world spending enough to mitigate or adapt to Climate Change. And boeings, Vice President tells us how the companys planes can reduce that carbon footprint. But just a few days ago, britains new Prime Minister was confident she would be able to kickstart Economic Growth by cutting taxes. Yet the country is still on course, for recession. The faced with market turmoil and criticism from within her own conservative party list trust was forced to scrap plans to remove the 45 percent top income tax rate. On high honors, the u turn is being seen as a humiliating about face. That leaves trust is Economic Policy and premier ship in crisis. Nadine bob reports from london. I have 3 priorities for our economy. Gross gross. On the policy conference, it opens against the backdrop of intense market on eas, liz trust is pro growth traps. Cutting many budget had led briefly to a slump in the value of the pound, and instantly made thousands of mortgages more expensive with expectations, the bank of england would have to raise Interest Rates foster. Then at the 11th hour chance in a quasi quartet was told hed have to reverse plans to scrap the 45 percent income tax rate for top harness. I know the plan, what forward only 10 days ago has caused a little turbulence. I get it. I get it that may well have been nervous. Laughter as the Opposition Labor Party opened up a big a lead in opinion polls delivering to my investors in the city of phil, waiting on crucial information, including the assessment already done by the office for budget responsibility. The governments independent economic forecaster and theres another group of people who might want their say on all of this over in westminster. It was only when the Prime Minister realized she was facing a mutiny from conservative members of parliament over the top tax rate that she ordered the u turn. Crosses position has always been that growth drives things so successfully that you dont need to explain how you fund your tax cuts, because a ha, a lower rate will give a higher yield with more grace. People arent broadly speaking, accepting that at the moment. And theyre looking for an understanding on the government Balance Sheet as to where cuts are going to be made. Of course, any cuts to public spending could prove hugely controversial. The governments refusal to commit to raising welfare payments in line with inflation has prompted open descent from some cabinet members. One think tank says the many budget is regressive. As most of the gaines go to richer households and will struggle to achieve it stated, aim, the tax cuts that the government has proposed arent looking like theyre gonna achieve at the growth targets that the government is, is setting out for itself. It would have to increase great by quite a substantial amount for them to even pay for themselves. And in terms of at the spending cut that automatically going to reduce g d p for, for the u. K. So it looks like the job of selling this new low tax, Economic Vision has really only just started nadine barber for counting the cost. London. Jonas now from london is below half ease chief executive of the macro. Hi, thanks for being with us. So why was this so poorly received by the markets and then the subsequent you turn is that going to be enough to calm the markets . Yeah, thats a great question. I mean, one big reason why the u. K. Many big budget was so poorly received, was number one, the size of the desk is fairly large, the tax cuts. And then before that there was the Energy Subsidy with the introduction of price caps in the you, k. So the amount of borrowing the government is having to do is very large compared to what it had announced in the previous administration. So what was the, the scale of the desk did, but also it was the way the u. K. Was going to fund that deaf fit, which was to issue bonds, but particularly issue bonds at the shorter 10 of the cut, the 12. 00 parts of the curve which one particularly liquid. And so they seem to be a lack of chord nation with the Management Office in terms of the way the government would issue bonds. And that really sets a set, a bad tone for the straight markets in the u. K. Which over the past week also has experience significant volatility then on the, on the do turn. To some extent it does potentially help the administration in so far as it removes one of the politically toxic parts off the mini budget. But at the same time it has it in utah and so other parts of the conservative party can smell blood. And so they may challenge other parts of this trust is program which could introduce much more uncertainty about what the government can actually do Going Forward. And will people on the lowest income still pick up the bulk of the, of the costs of the costs and, and what about middle class families . Everything from mortgage to, to food is getting more expensive now, and you can absolutely so on balance, the measures are regressive. Which means that people at the lower end will suffer, will get the least amount bent, that will suffer more than people who have more income and not apply to lower economic classes as well as middle class as well. And as you write, you points out the, the thing that really hit people, what is the increase in Interest Rate . So peoples mortgage is when they reset their mortgages, most people and you have to get to your fixed Mortgage Rates and many of them will start to reset over the next 12 months. Theyll be in for shock them. Monthly payments could double or triple even in many, many cases. So this is really quite a big shot to, to the system. Express, especially peoples expenses. And the bank of england is, is, is not going to keep intervening for, for too much longer. They are expected to, to, to raise Interest Rates. But what does all of this mean Going Forward then . Yeah, the bank begins in a tough situation because on the one hand, they committed to stock buying Government Bonds. But obviously last week they had to buy Government Bond to the people lies the u. K. In straight markets. So thats one shot and they face because theyre having to do things contradicts another policy of that same time as you rightly points out they, they have committed to raising Interest Rates to reduce inflation. Now the issue here is that the market so expect them to raise Interest Rates very significantly, up to maybe 5 percent. So even 5 hopson by next year. Thats more than the bank. Said that they are willing to increase in freight spy, but inflation is very high in the u. K. Now, of course, because the u. K. Has this energy priced cap, that means a place you could come down a bit. But on balance banking, thank the gland is in the top situation of having to raise rates at a time where peoples peoples Household Bills are getting up. And this, these plans by the, the British Government have been dubbed trust nomics. And its modeled on reaganomics, which is of course, a reference to the u. S. President s tax cuts in the 1980. The idea being that these tax cuts would create more wealth in the economy and thereby lead to higher tax revenues. Does. Does that work . I mean, has it ever really work . Thats a good question. I mean, theres a big debate around all of this. I mean, in general, it seems like the effects are much weaker than people think. So that will trickle down economics that the, the historic evidence is quite weak, that it does work. What does tend to work more so called supply side reforms. And this is something that part of trust economics, which is to reduce regulations, reduce red, say make it easier for business to operate in the u. K. So that is something that lives process ministration is engaging in that potentially could be positive in the long run. So there is a silver lining, and all of this, the question is whether she has the will and the buy in from a policy to be able to push through those reforms in the coming few years. So, i mean, you, i know you mentioned the sort of political implications of this has the, has the Prime Minister lost her credibility. You think what, what does this mean for the long term and for the conservative party, i think theres been a big loss of credibility. One basic example is the fact that many of these, these announcements were not discussed with the rest of the cabinet. So the rest of the cabinet are starting to speak against blue cross in public, which is a very bad sign. Public polling shows that lives cross is the least popular, tory leader for in modern times. So shes lost a lot of credibility with the public, but also within her party. So theres, theres already talk that there could be another leadership challenge which introduces additional uncertainty. So the next month or so, i was going to be critical for this cross to try to get over this negative and tried to stabilize her position. So its a very precarious situation that shes been right now, and the next 45 weeks are going to be critical to see whether shell be able to regain a credibility and push through her program. Will add half ease in london. Thanks will be with us. Great, thank you. The, the United States has gone through 332. 00 climate related disasters in the past 40 years that have cost, at least a 1000000000. 00, and theyre happening more often. Now. Hurricane ian is the latest and its estimated that could cost up to a 100000000000. 00 in damage and economic losses. That makes it one of the costly storms in us history. President joe bidens recent climate law is providing only 37000000000. 00 a year over a decade. Christmas salumi reports from new york, tallying up the losses from Hurricane Ian has only just begun. Our roof is in the back of the house. For these retirees, seeing the damage to their homes and neighborhood was overwhelming. Theres no words for it. Its like holy cow, what a mess. The south west coast of florida took the brunt of wind and storm surge, but the impact of the heavy rainfall was felt further inland and up the United States. Eastern coast experts say whether storms is one impact of Climate Change. The majority of the cost as well as the lives lost as a result of hurricanes and tropical cycling comes from flooding. It comes from storm surge. It comes from the rainfall. One of the costliest storms in u. S. History superstore. Miss sandy wasnt even a hurricane by the time i got here in new york, and yet heres where did the most damage. 82000000000. 00 and flooding an infrastructure costs some early estimates for hurricane in are approaching that. More than 40000 utility workers were dispatched to florida alone to help restore pat power. Water means and roads have also suffered extensive damage. Not to mention bridges. The governor said 800 of them were in need of assessment. President biden declared a disaster in florida paving the way for federal assistance for infrastructure as well as individuals. It me, the federal government provide individual assistance of 37900. 00 for home repairs and other 37900. 00 for loss property for anything from automobile to last wedding with several Health Care Facilities damaged and forced to evacuate Health Impacts and related costs will take years to fully understand and has gone into flash while the human cost remain. Incalculable. Kristin salumi for counting the cost new york, oregon and also knocked out pow across all of cuba and devastated some of the countries most important tobacco farms. Several other nations experienced extreme weather conditions last month, including pakistan, where the worst floods in the countrys history left a 3rd of its people under water. The un secretary general antonia good parish accused the wolves 20 riches countries of not doing enough to stop the planet from overheating and developing countries are calling on rich nations to pay the losses. The Climate Change has inflicted on the worlds poorest people. Well, joining us now from munich is dr. Miranda shaw as chair of environmental and Climate Policy at the Technical University of munich. Thanks for being with us, doctor. Let me ask you 1st off, the damage for this is estimated cost up to 100000000000. 00. How is that going to be paid for . Whos going to pay for it . Its a streaming, expensive storm that is going to cost the Insurance Companies as well as private individuals and eventually also the state huge amounts of money. Its, its something that all of us will have to chip into all of these kind of big storms or storms that need to be paid for by multiple individuals. But the reality is, the money thats money that many people dont pass. And the un secretary general, antonio good parish has said the hurricane he and shows that no economy in the world is, is immune from the climate crisis. Is this 370000000000. 00 that the, the government there is providing under this new climate noise that going to be enough to tackle the problem . Oh, you know, theres so much work that needs to be done with Building Infrastructure in north america, the United States in particular, which just hasnt invested enough, whether its in the electric grid system and bridges and roads. And then a new technologies like the Renewable Energy field or electric automobiles that, that alone is going to require most of that money. And when we look at climate adaptation, the reality that we have rising sea levels that we have storms that are expected to increase in intensity. So what we saw here with, with e n, as is likely to become something thats much more regular, much more often really damaging storms. Theres going to be a lot more money that needs to be invested into rethinking how we build, where we build and bringing nature back in, in order to protect coastlines, better in the past, weve been building, and i say we, i mean all around the world, weve been building right along the coast, weve been building an areas where it requires deforestation taking away the mangrove forests and it stops Southeast Asia or in the florida keys where you see people building on the sandbanks. Its really something that needs to be reconsidered because Climate Change is going to mean were going to have higher sees were going to have more storm surges. Were going to have more intense rainfalls. And this is, unfortun