Google Speech-to-Text API Automatic Transcription (Chirp). Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:00us with them, we travel a long way to and from the center, it's
00:00:04of challenging with kidney disease cases projected to hit
00:00:08nearly 5 million by 2030. don't patients coming
00:00:12to hospitals like this are burdened with the rising cost of
00:00:16dialysis with many also struggling to access the
00:00:19equipment they need. new initiative in Moranga
00:00:23County called renal roads aims to bring treatment closer to
00:00:27people using specialized mobile. trucks: the
00:00:31country needs to come up with innovative ways of
00:00:34reaching to these who are far to
00:00:38of reach patients and that's where we've come up with the
00:00:41innovative mobile dialysis truck,
00:00:44especially in Moranga County to reach to those people who are deep in the
00:00:48village and who may not be able to access
00:00:52of hemodialysis. for Sahara and hundreds of others living
00:00:56outside major towns, the hope is: for
00:01:00treatment closer to home or one day a
00:01:04cure. Isadin Haji, TRT
00:01:07of World, Mujia County, Kenya.
00:01:11That is all the news for now, but before we go, we're going to leave you with some heartwarming pictures of
00:01:15Istanbul's ferry residence.
00:01:17of Today is International Cat Day. Anyone who's ever been to Istanbul will
00:01:21no, they are widely regarded as a defining symbol
00:01:24of the city's unique charm. We even have them in our news room and very
00:01:27occasionally here in the studio, so Moneytal. is coming up next, but
00:01:31first let's see the
00:01:32cats.
00:01:52of
00:02:39of
00:03:00The U.S. economy shared 23,000 jobs in July, massively
00:03:04missing forecasts, while Beijing is cracking down
00:03:07a its richest citizens offshore wealth as a
00:03:10of property slum train state revenues, and the
00:03:13of Reserve Bank of India raises over 40 billion dollars from his
00:03:16diaspora to defend the tumbling roopy. Hello, I'm Tayber Eiden and you're
00:03:20watching Funny
00:03:21Talks.
00:03:31Global stocks are staging a comeback this week after a week of July
00:03:35with hopes of easing US Iran tensions, boosting risk appetite and
00:03:39falling oil prices helping ease inflation fits. Markets around the
00:03:43world kicked off the new month a positive note. That's after U.S. President
00:03:47Donald Trump held off on what he called a planned powerful
00:03:50attack on Iran and signaled a willingness to
00:03:53negotiate, but the rally has been uneven. South Korean
00:03:57shares posted their seventh straight.
00:04:00of weekly loss as sharp swings in chips
00:04:02of stocks kept sentiment fragile. Meanwhile, hopes of peace in the Middle
00:04:06East pushed inflation
00:04:08in expectations lower, giving Gold its best weeks since January. Bullion
00:04:12a climbed around 5%, remaining comfortably above the key
00:04:16$400 an ounce
00:04:18of level. Let's get more on this now with Naim Assam, he's chief
00:04:21investment officer at Z. Capital markets. Welcome back to
00:04:25Money Talks. Naim, now tech stocks have somewhat recovered from July's
00:04:29a route, but South Korean stocks are still very much under
00:04:33pressure, why is that? Sure, thanks very
00:04:37much for having me as always, like I think that story is very much
00:04:41related to AI, and the story is very much related to
00:04:44KPEX, the story is very much related to the
00:04:47of amount of debt that these particular companies are sitting on,
00:04:51and more importantly, smart investors
00:04:55of understand one thing, and that is that this formal
00:04:58about these. companies driving the growth
00:05:02expectations, the valuations to a
00:05:06maturic high, the highest levels, the insane levels, the
00:05:10bubble levels that we have seen, can actually bring
00:05:13a lot of lot of
00:05:17crisis for the entire market because you have
00:05:20the same AI companies producing open source
00:05:24technologies from China and
00:05:28if China begins to dump those open sources have
00:05:32which have the same amount of power and
00:05:36analysis on the on the market then market will
00:05:39once again go back and then it will evaluate. whether
00:05:43anthropic, open AI and rest of this
00:05:46particular LLMs have
00:05:50actually those particular values under which where we are
00:05:53today, and lastly the most important thing
00:05:57is the KPEX investments that these companies continue to make, so
00:06:01there is huge amount of a concern around that one as well.
00:06:05meanwile, us jobs date to have just been released with non-farm pay rolls
00:06:09decreasing by 23,00 last month. to
00:06:13what markets had been pricing in of increase of
00:06:1680,000, so what does this tell us about the current health
00:06:20the US economy? that's the reality
00:06:24check, it's simple as that, nothing more that one can add,
00:06:27because now anyone here was thinking that the federal reserve is going to
00:06:31interest rate uh really have to hide somewhere, because
00:06:35this is not the place where the federal reserve can actually increase interest rate when the job market
00:06:39is in absolutely died condition. when you have
00:06:43US GDP also confirming that there is a actual
00:06:47slowdown in the economy, but you have the US
00:06:50president sitting in the president office and really claiming all the
00:06:54victories and the record highs for the US stock market, which he can still
00:06:58continue to do that, in fact he will actually do that even more. the reason
00:07:02for that is because now the fed is being pushed into a corner
00:07:06under very tight condition where they cannot have any solution for
00:07:09inflation and inflation date. which hasn't
00:07:13fully reflected the surge in oil prices that we have
00:07:17seen, inflation data which still hasn't fully
00:07:20accomplish how that US Iran
00:07:23work situation is really going to be resolved and
00:07:27if that is going to lost that is a completely different animal all
00:07:30together, so for now that particular data has two
00:07:34different fingerprints
00:07:36on them, number one is the AI print which is clearly telling that the companies are cutting
00:07:39back, they are adopting AI, they are pushing some of those
00:07:43lower skills uh or the repetitive skills to AI models
00:07:47and then that has been the result, we have heard that even in the earning
00:07:51calls for lot these particular companies as well, but inflation
00:07:55expectations with respect to rate hike
00:07:59expectations had a really huge reality check
00:08:02today. naim aslam, chief investment officer at
00:08:06z capital markets, thank you very much indeed. years of slowing
00:08:10growth and a prolonged property slump have left China's public
00:08:14finances under strain. Now Beijing is launching a global tags
00:08:17crackdown on offshore assets owned by the country's wealthiest
00:08:21citizens. Chinese banks have been ordered to examine the offshore
00:08:25holdings of wealthy clients. Investigators are
00:08:29tracing capital gains on property, stocks and
00:08:32cryptocurrencies reaching as far back as
00:08:342000. Beijing is also closing key loop
00:08:38hole. New rules impose a 20% tax on income.
00:08:42From offshore trusts and insurance policies, experts say it
00:08:46brings a China closer to taxing residents on their
00:08:50worldwide income. Immigration lawyers say wealthier Chinese are
00:08:54now fast tracking plans to move their money and themselves
00:08:57overseas. After Chinese media reported the new
00:09:01tags, shares in Asia focused Insurer prudential fell as much
00:09:05as 13% in London and HSBC dropped to
00:09:09more than 6% before partially recovering.
00:09:13The push comes as state revenues have stalled revenue
00:09:17from land sales, once a cornerstone of local government
00:09:20finances has plunged by half since it's 2021
00:09:24peak. As result, budget revenue has largely
00:09:27platewed since the pandemic, slipping 1.7%
00:09:31most recently, forcing Beijing to look elsewhere for
00:09:35cash. Amit Kumar is a research analyst
00:09:39at the Taxishila Institution's jew strategy program. He says
00:09:43the move is part of China's march pledge to pursue more active fiscal
00:09:47policies after the economy entered
00:09:49deflation. The way I see it is, it's a
00:09:53wide and extensive tax collection effort to raise revenue.
00:09:57Now if you remember in March this year, during the two sessions of Chine
00:10:00leadership, they said that they want to adopt a proactive
00:10:04fiscal policy and expansionary maconomic strategy, which would
00:10:08include both ball string counter and cross cyclical adjustment.
00:10:13but you need to also remember that this came against the backdrop of
00:10:1711 consecutive quarters of deflation, so the question really
00:10:20was where to the Chinese get the get the money from now, as you
00:10:24pointed out, pressing the problem was that revenue is a percentage of
00:10:28GDP has itself dropped by huge margin,
00:10:32so for for instance
00:10:33in 2019 it was somewhere around 21%, it has come down to about
00:10:3616.5%, and
00:10:39that itself is a larger reflection of dropping tax as a percentage
00:10:42of GDP, which again in
00:10:46again, the numbers are somewhere around the one that we used to see
00:10:50during 2000,
00:10:52so the china's tax to
00:10:53GDP collection is somewhere where... right now is equal to what it
00:10:57was back in 2000 right, so that's a clear problem
00:11:00and therefore you saw the leadership acknowledge that seriousness the issue and overall tax
00:11:04burden has
00:11:06to be kept appropriate level and the pointed out that taxation policies
00:11:10and income generated from business operations, capitals property,
00:11:13they need to be targeted, but as to your question as to whether this will
00:11:17have an impact or not i think in isolation not so
00:11:21much, but if it's a wider effort it might you might see some
00:11:25changes, but it still is, it will still not be enough to
00:11:29make up for the shortfall that you now see in their annual
00:11:32budget reports, the economy will have have to pick
00:11:36up for these changes to show up right, these mind
00:11:40adjustments into economic on taxation policy and
00:11:44taxing the wealthier class would itself not make a big
00:11:47tent and would not make a big difference to the problem that the chinese are
00:11:51facing right now, meanwile china has retaliated.
00:11:55against the latest US tariffs announced by President Donald Trump two weeks
00:11:58ago, it's imposing export controls on US made drone and
00:12:02sanctioning six other companies, saying the US has harmed
00:12:06China's legitiment rights and economic interests. Emra Boz has the
00:12:10story. Traffic here a
00:12:14US port continues as usual, but shipments from China
00:12:18may soon become less frequent. That's after Beijing announced
00:12:22retaliatory measures, just days after the US imposed fresh
00:12:25duties on China and 59 other countries. The US says
00:12:29the countries on the list are those accused of violating labor laws
00:12:33for China's officials to step too
00:12:36far. China's position on
00:12:40China US economic and trade issues is consistent
00:12:43and clear. We oppose all forms of unilateral
00:12:47tariff measures, tariff wars and trade wars are not in the
00:12:51interests of any party, but China has now imposed.
00:12:55more export controls than US drones, their components, and related
00:12:58technology. They've also imposed counter measures on six US
00:13:02businesses, including biotech company applied DNA sciences
00:13:06and geoscience research firm Stratom reservoir. China
00:13:09says those on the list support US sanctions related to
00:13:13Shinjang. They've also said Washington is willfully seeking to
00:13:16suppress Chinese companies. Last year, the US-China
00:13:20tariff war continued escalate month by month, what began
00:13:24as baseline tariffs. of 20% each incrementally got
00:13:27higher. the US began with a tariff in February which it
00:13:31described as punishment for fentinal flow into the US with
00:13:35China responding on US agricultural goods. the peak the tariff war
00:13:38was in April with Trump announcing what he called liberation day,
00:13:42hitting China's goods with 125%.
00:13:46China then counted, imposing 125%
00:13:49duties on all US imports. eventually on May
00:13:5314th, both nations in Geneva to reduce
00:13:56reciprocal surcharges. Washington is yet to respond to this
00:14:00latest Chinese move, but there are fears of another tit for tat
00:14:04escalation. Emer Bors, TRT
00:14:07World. The Reserve Bank of India has raised billions of
00:14:11dollars from its citizens living abroad in just eight weeks
00:14:15in order to prop up the sliding roopy. It comes after the government
00:14:19announced a campaign in June to lure foreign exchange from
00:14:23its overseas citizens. "the call to action has raised
00:14:27$40.8 billion dollars. the rupy has been a
00:14:30downward trend with rising oil costts swelling India's import
00:14:34bill. there has been a heavy and continuous demand for dollars as
00:14:38importers have converted the rupee into US dollars to pay for
00:14:42crude. the rupee has weakened by 6%
00:14:46against the US dollar this year, making it one of Asia's worst
00:14:50performing currencies. analysts say the country is on track for
00:14:53its third straight..." fiscal year of a balance of payments
00:14:57deficit with imports rising more than
00:15:00exports. on Wednesday, the Reserve Bank of India held interest
00:15:03rates at 5.25%, and by holding
00:15:07them steady officials signaled measures to attract capital and
00:15:11support group. one them is through swap
00:15:14auctions, that's where two currencies are exchanged
00:15:18simultaneously, a specific date with an agreement to
00:15:22reverse the transaction a pre-agreed. state in the
00:15:25future, the method helped attract over $4 billion dollars into
00:15:29the central bank's foreign
00:15:31reserves. swaran sing
00:15:34is a professor of international relations at jawahar. Nehru
00:15:38University, he explains how the move is propping up the value the
00:15:42rupee, so fundamentally it's using the foreign
00:15:46currency of non-resident Indians, which is in
00:15:50terms of an interest arbitrage money which comes
00:15:53into India, which fundamentally means a staggering or
00:15:57postponing that repayment liability to
00:16:01ensure stability in Indian
00:16:04currency, but this is also uh possible
00:16:08because India now has about 34
00:16:11million overseas people of Indian
00:16:14origin and non-resident Indians
00:16:17abroad who have shown enormous interest in Indian
00:16:20economy which is growing fairly
00:16:24rapidly. In fact, if you look at the Gulf
00:16:28crisis, how they have impacted much the
00:16:32economies that are dependent on gulf oil,
00:16:35particularly the free floating. import dependent currencies
00:16:39of South Korean One or Japanese
00:16:43yen or Indian rupee, they have been impacted, also
00:16:46growth rate are impacted in these countries. I understand that growth
00:16:50rate in Japan is burst impacted between 0.6 to
00:16:540.9%. South Korea is hovering around
00:16:572.6%, but their currency is facing
00:17:00depreciation lowest in last 17 years, so also
00:17:04India. In fact, Chinese growth rate is now at 4. 4%
00:17:08and in that comparison, India's growth rate of
00:17:116.3% is what makes a non-resident
00:17:15Indians have that confidence in putting that money
00:17:19when Reserve Bank of India, which
00:17:21is central bank of India calls for such kind
00:17:25of a unusual way of raising money, it's a stop
00:17:28gap arrangement, it's not something that can sustain by
00:17:32itself, but good sign is that India has about nearly
00:17:36700 billion. dollars of foreign exchange reserves that gives it
00:17:40certain confidence, but fundamentally the lesson lies
00:17:44that the Gulf crisis must come to an end and at
00:17:47home India will have to also deal with the
00:17:50inflation, balance of payments, current account deficit
00:17:54issues, it's a it's a stop cap arrangement which has worked
00:17:58fine, but it can't sustain, it is only buying time to to the
00:18:02government of India to deal with more substantial issues. the United
00:18:06States is calling on Kosovo to join its liquified natural gas
00:18:10project in the Balkans, but Kosovo remains the only country in
00:18:14the region yet to give final answer. As the government looks for
00:18:18ways to limit infrastructure costs, pressure is growing for a quick
00:18:22decision a project seen as more than just an energy
00:18:26issue. Haris Ademi has
00:18:27more. Kosovo is at the
00:18:31center of geopolitical competition between United
00:18:35States and Russia. so a Trump
00:18:38administration plan aims to reshape the Balkan energy
00:18:42roots by building a network to bring American
00:18:45liquified natural gas into Europe as an alternative to
00:18:49Russian supplies. Albania, Croatia and Bosnia and
00:18:52Herzegovina have already signed multi-billion dollar deals
00:18:56tied to the plan. Kosovo is the only country in the
00:19:00region yet to clarify its position. Prishtina
00:19:04says it's considering the plan but seeks lower costs.
00:19:08Vlora Pipeline in Albania, an idea not backed by
00:19:12the US. Kosova
00:19:14via the would like to be part of this initiative through a
00:19:17partnership with Republic of Albania, more specifically
00:19:21the energy hub that is planned in Viora where
00:19:25LNG is imported
00:19:28and electricity is produced. This
00:19:31way, because Kosova has no gas infrastructure,
00:19:35this enables us to be... part the project and to make
00:19:39use the US LNG in our energy
00:19:42security and in our energy mix a way
00:19:46that does not require the construction of
00:19:50new infrastructure and skills from scratch.
00:19:54Some critics say Kosovo should respond to the US call
00:19:58without conditions, arguing the issue goes beyond
00:20:01energy and signals a long-term partnership with
00:20:05America. This is clear job. political choice if we
00:20:08refuse the LNG gas or not, this is not a technical
00:20:12debate of gas and coal, this is a geopolitical,
00:20:16strategic decision which Kosovo has to take, we have to make
00:20:20decision as soon as possible and not become a strategically
00:20:23isolated island. Beyond the economic
00:20:27benefits, the American Chamber of Commerce says the LNG
00:20:31project could also strengthen Kosovo's national
00:20:34security. We import lot of energy. and
00:20:37sometimes maybe the the exact source of that particular energy that we
00:20:41import in the country is unknown or might have linkages
00:20:45to Russia as well, it's a matter of national defense, national
00:20:49security. and more importantly again
00:20:52of taking the right side in these current
00:20:56geopolitical developments. Kosovo generates most of its
00:21:00electricity from coal and relies heavily on
00:21:03imports, particularly during winter. According
00:21:07to data, Kosovo has spent nearly $850
00:21:11million dollars importing energy from neighboring
00:21:15countries, but it doesn't buy directly from
00:21:18Moscow. Kosovo. now faces an important
00:21:21strategic choice with the decision still pending, the
00:21:25question is whether Prishtina will act quickly or
00:21:29risk losing its chance to join the project.
00:21:32Harisa Demi, TRT World, Prishtina,
00:21:36Kosovo. Recent drone attacks on logistics
00:21:40hubs used by Russia's largest online retailer wildbreez
00:21:44have disrupted operations and forced the company to redirect
00:21:47shipments. The company is now expand. its logistics network
00:21:51into neighboring Kazakhstan, but analysts say thousands
00:21:55of small businesses that depend its warehouses could also take
00:21:59a hit. Dasha chanishova reports from
00:22:01Moscow. For thousands of small
00:22:05businesses, online shops are the sensor their entire operation,
00:22:09from warehousing and logistics to deliveries. Maxim Papov sells a wide
00:22:13range of goods through Wildburies, which is widely seen as Russia's answer to
00:22:16Amazon. He says drone attacks have exposed. how vulnerable
00:22:20small businesses can be when they depend heavily a single logistics
00:22:24network, although he expects the company to
00:22:27recover. we are lucky that we
00:22:30stored only a small share of our goods at marketplace
00:22:33warehouses. we know how to adapt, plus we don't have heavy
00:22:37credit burden, that will help us lot. those who had 80 to
00:22:4190% their goods destroyed and bought that inventory with
00:22:45borrowed money are in very difficult situation. for
00:22:48many businesses even brief disruption can create serious cash flow
00:22:52problems with inventory trapped inside damaged warehouses, sales
00:22:56stop while storage fees, supplier payments and other operating
00:23:00costs continue to fill up. small and
00:23:04medium-sized businesses could suffer the most because their
00:23:07entire business model depends on infantry
00:23:10turnover. many bought their goods using borrowed money
00:23:14and if they can't maintain the sales volumes they originally
00:23:18planned, they
00:23:19may struggle to... repay those loans, the impact extends beyond
00:23:23salaries: re-rooted shipments mean thousands of independently
00:23:26operated pickup points are seeing fewer deliveries and lower customer
00:23:30traffic, but there are now plans to build additional warehouses in neighboring
00:23:34Kazakhstan and Belarus and strengthen security to make supply
00:23:38chains more resilient. this could affect the range of
00:23:42products available on the marketplaces and push up prices for some
00:23:45goods, but it won't fundamentally change the platform economy. online
00:23:50marketplaces remain Russia's dominant retail sales
00:23:53channel, and so we're more likely to see
00:23:57redistribution of sales than a collapse the system.
00:24:00Analys say Russia's well established trade links with China could help
00:24:04replace many low cost imported goods, limiting longer term
00:24:08disruption for consumers. Recent drone strikes come a time when
00:24:12companies are already facing high borrowing costs and higher taxes,
00:24:16so any prolong disruption could add further pressure to one of frutest.
00:24:25weeks of extreme heat and dry weather have left two of Europe's most
00:24:29important rivers facing severe water shortages with economic
00:24:33consequences for industries ranging from german chemicals to
00:24:37italian ceramics to has
00:24:40more. Europe's Ryan rivers are becoming a
00:24:44growing business risk. In Germany
00:24:47the Riina has fallen to any year record loss after. weeks of dry
00:24:50weather, stretching 1,230 km
00:24:54across western Europe is Germany's main commercial artery,
00:24:58carrying hundreds of millions of tons of coal, crude oil
00:25:02and grain every year, but falling water levels mean
00:25:06vessels can carry only a fraction their usual
00:25:09cargo. With normal water levels a rhine barge
00:25:13can carry around 500 containers. Currently that capacity is down
00:25:16to just 20%, meaning only 100 containers. that leaves
00:25:20400 containers sitting idle somewhere, while the 100 that can be
00:25:24transported become much more expensive to ship. in Italy,
00:25:28the poor river is also running low. the poor plain
00:25:32is one of Europe's most concentrated manufacturing regions
00:25:36and italy's agricultural backbone. water
00:25:40shortages here don't just hurt farms, they hit factories
00:25:43too. thesetia, one the po's main tributaries,
00:25:47runs through the heart of Italy's water intensity. ceramics
00:25:50industry, manufacturers rely heavily on water to
00:25:54grind raw materials and clean
00:25:56equipment. geographic concentration, that is the
00:26:00industrial cluster effect, is
00:26:02the most most important characteristic of ceramic manufacturing, over
00:26:0690% of tile production is concentrated within 20 square
00:26:10kilometers, enabling companies to form synergies in water
00:26:13recycling, waste recycling and technology research and
00:26:17development, but the machinery, textiles and
00:26:20pharmaceuticals have different water quality requirements and the
00:26:24cost of new equipment remains a financial barrier for
00:26:27smaller companies. water recycling systems and waste water
00:26:31treatment equipment. are not widely adopted among small and
00:26:35medium enterprises because they require significant capital
00:26:39investment, infrastructure investment and sufficient construction
00:26:42space. two rivers, two countries, one shared
00:26:46problem, europe's drout is turning water shortages into direct
00:26:50economic costs. as extreme weather becomes more
00:26:54common, investing in alternative transport and water recycling
00:26:58systems is becoming business necessity,
00:27:02to TRT World: President Xavier Mile's
00:27:05economic overhaul in Argentina has hit another major road
00:27:09block. Clashes erupted outside the Senate as thousands
00:27:13protested a controversial private property bill aimed at
00:27:17attracting investment. The legislation would streamline
00:27:20evictions, change rural land use rules and make it
00:27:23harder for the state to seiz private property. The government
00:27:27has already dropped a provision that would have eased the foreign land
00:27:31purchases, but opponents say the bill could still put
00:27:35too much of argentina's land in private
00:27:38hands. today we are here because what the
00:27:42government and the sell outs to accompany them intend is to hand over our
00:27:45country and to sell our country. what they want with the slov is for
00:27:49Argentina to stop belonging to Argentines. they want any state or
00:27:53person to be able to come to Argentina and buy land and when we say by
00:27:57land we mean by our resources, by the vulture, by our hills, by
00:28:01everything. absolutely.
00:28:10Argentina is not for sale and we as argentinas are
00:28:14present here in the rain to fight
00:28:16a sold government, a government that wants to sell our homeland to the
00:28:20highest bider, not to whoever has the best money, not to
00:28:23whoever has the most money, our homeland should not be handed
00:28:27over to any foreign power.
00:28:31I'm here because we have. to defend not just the land, but
00:28:34everything. i'm a special education teacher, they made terrible cuts to
00:28:38disability services and it's not just about
00:28:41disability, it's about people's
00:28:43salaries. well, that is all from money
00:28:47talks for now, from me and the whole team here in Istanbul, thanks for
00:28:50watching.
00:30:09United in their defense, Turkia, Saudi Arabia and Pakistan
00:30:13sign new collective security
00:30:15pact. Hi there, warm welcome to TRT
00:30:19World, live from Istanbul, with me, Neil Harvey, also ahead this
00:30:22hour. Iran's foreign minister says his country is very
00:30:26close to reaching an accord with a man a new shipping breath through the straight of
00:30:29hormouse. Russian strikes
00:30:33killed three people, including a child around the capital. Kiev as president
00:30:37Zelensky meets his Serbian counterpart on his first official
00:30:41visit to Belgrade. And Colombia's
00:30:44new right-wing president is sworn in and immediately banked with a one
00:30:48billion dollar security pledge from the
00:30:50US.