Google Speech-to-Text API Automatic Transcription (Chirp). Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:00transformation that's happening now also offers us a glimpse of where it's
00:00:04heading. well
00:00:05of that's it for
00:00:06of this edition of nexttech from Shanchi province in China. I'm
00:00:09Adijana
00:00:11of and we'll see you next
00:00:11time.
00:01:47Joel Flynn has been reporting, correspondent Joel Flynn has been near the front
00:01:51lines at this report, correspondent Joel Flin continues TRT World
00:01:54special coverage our correspondent of report, what is the
00:02:07last few days you've witnessed some concerning acts of
00:02:10violence. tell us what you found, the pause before a
00:02:14screen, the look that can't be made into
00:02:16words.
00:02:59hi. You're watching money talks with me, Reagan TV, we're coming
00:03:02up on the program, global central banks take different paths to
00:03:06of address a fresh energy driven inflation shock with the US
00:03:09of Federal Reserve and Bank of Japan hiking rates, while the bank of England
00:03:13will steady and we'll explore the mountain fairs, pushing top
00:03:17AI industry executives to call for deliberate slowdown in the global
00:03:21artificial intelligence arms
00:03:23race.
00:03:32Well, you may have noticed it's been a busy week for central bankers around the
00:03:35world, policy makers are grappling with the new inf inflation
00:03:38shock as the one
00:03:40of Iran pushes energy prices higher and threatens to keep inflation
00:03:43elevated. Washington to Tokyo and London, three major
00:03:47central banks have taken different approaches, but all face the same question,
00:03:51how far should they go to contain inflation without putting too much
00:03:55pressure on their economies. In the US, the federal
00:03:58reserve raised. rates by 25 basis points, taking
00:04:02of its benchmark
00:04:03to range of 3.75 to 4%.
00:04:07was the Fed's first hike in more than three years as officials said,
00:04:11inflation is proving more persistent than expected. most
00:04:15fed policy makers now forecast at least one more quarter
00:04:18point hike this year with rates projected to remain
00:04:22elevated through 2027. the bank of Japan
00:04:26also raised rates by 25
00:04:28of basis of points taking its benchmark. to
00:04:301.25%, the highest level in
00:04:34of 31 years. the move marks another step away from decades of ultra
00:04:38low rates as policymakers face persistent inflation
00:04:41in a weak
00:04:43of yen. the currency
00:04:44of weakened further against the dollar after the decision as markets
00:04:47questioned, how quickly the bank will tighten
00:04:50further? and in the UK, the bank of england took
00:04:54a different route, keeping its key rate at 3.75%,
00:04:57but three policy makers called for a quarter point hike as
00:05:01inflation climbed to 3.1% in August to mid higher energy
00:05:05prices. The bank expects inflation to rise further in the coming months
00:05:09and has left the door open to further tightening.
00:05:15All right, from on this, we're joined by Guido Kutsi, he's a professor of
00:05:19macroeconomics at the University of St. Gallant in
00:05:22Switzerland, professor, it's good to see you, um,
00:05:26so good to see you, no one, as you know, likes the our word,
00:05:29but could the combination of higher rates
00:05:32and an energy shock push major
00:05:35economies towards
00:05:37recession? That's a possibility,
00:05:41even though it's not. necessity uh, because higher
00:05:44energy costs reduce the purchasing power of
00:05:47consumers, increase firm's costs and
00:05:51higher interest rates, we reduce the consumption demand
00:05:55and investment demand, so operating on both sides,
00:05:59supply and demand on the contraction, this
00:06:03may exert some recessionary forces,
00:06:07obviously it depends how long this will
00:06:10persist, we've seen markets rise
00:06:14after horkish messages from central banks, but shouldn't
00:06:18higher rates normally be negative for equities
00:06:22or is there something else supporting the markets right now?
00:06:25that's correct, actually higher interest rates should reduce the
00:06:29present discounted value of future corporate profits,
00:06:33so this should reduce equity evaluations.
00:06:36however, the the
00:06:39increase in the interest rate doesn't come as a surprise. it was
00:06:43factored in in by the markets, so what really
00:06:47matters for the markets at the moment the announcement is
00:06:51whether the increase, the race hike is higher than
00:06:55they had expected, and if this tightening is going to
00:06:58last, so if if central banks are really determined
00:07:01to to increase even further in the
00:07:05future, this will imply that if this doesn't
00:07:08happen um, if they see the bank uh
00:07:12central banks tighdening a little accommodating,
00:07:16then they will revise expectations more
00:07:19optimistically, and the stock valuations will
00:07:23not will not go down,
00:07:27and currencies can even appreciate. professor, how much the
00:07:30recent inflation pressure can um central banks
00:07:34actually control when it's been driven by higher energy
00:07:38prices? well, central banks
00:07:42cannot, cannot control the the source, the the
00:07:45reason for the inflation, they cannot produce more
00:07:49oil, okay, they can reduce the
00:07:52transmission channel from energy prices
00:07:56to wages, to prices of different goods,
00:08:00so it is the second order effects that they try to
00:08:04control, so they if they make sure that
00:08:08inflation doesn't become eentrenched in the
00:08:11economy uh but this implies that if they tighten too
00:08:14much, they may depress the economy too much without achieving the
00:08:18result on the supply side, and if they tighten to to
00:08:22little they may um facilitate the
00:08:26entrenchment of inflation expectations
00:08:29and fail to curb demand
00:08:33enough, so it is quite difficult actually, it is much easier for
00:08:36central banks to react to
00:08:40shocks that are or... demand originated, so
00:08:43demand shocks rather than supply shocks. before i let you go
00:08:47professor, let's just go to Asia for second, so the the yen
00:08:51weakened even after the bank of Japan raised its
00:08:55rates, what does that tell us about how current markets
00:08:59of viewing the boj's policy
00:09:02path? well, this is a paradox, of
00:09:06course, the yenn depreciating after rate hike
00:09:09seems strange, however, if you look at the data more care. we will see
00:09:13that in the at the beginning the months of September
00:09:17the yen actually appreciated because markets were
00:09:21expecting a commitment by the bank of
00:09:24Japan of tightening monetary policy,
00:09:27then when when the mild increase in interest rate
00:09:31seddled for this plus 1.25%
00:09:35they realized the tidy was not so high and also after
00:09:39weather speech and the the composition. the
00:09:43committee details were
00:09:46released, the markets realized that the bank of japan is not committed
00:09:50to tide and monetary policy, also we can see that at the moment the
00:09:54real interest rate with with an
00:09:58official rate of 1.5 25% and inflation
00:10:02expectations probably anchored around 2%, the real
00:10:06interest rate is effectively negative in Japan, so it's a minus
00:10:080.75%, meaning markets are real
00:10:13that the the bank is not seriously attacking
00:10:16inflations and and tiding monetary policy, this is why they
00:10:20for the future expected probably
00:10:23you know
00:10:24some some... accommodative stance leading to a
00:10:28higher differential with other countries, for example the
00:10:32United States and and the depreciation
00:10:36the yen, so markets react on on on surprises, on
00:10:39expectations, on commitments and and I think this totally
00:10:43explains what has happened in Japan. the professor appreciate your time,
00:10:47hope we find yourself an affordable weekend, thank you, so you might have heard
00:10:51all those die warnings about artificial intelligence, will some industry?
00:10:55Insiders say it could take control of much the internet within months, while
00:10:58others want it could pose a threat to humanity within a
00:11:02decade,
00:11:03and as the US and China race for AI dominance, there is a growing pushing Washington to
00:11:07put new safeguards in place, but with President Donald Trump
00:11:11resisting tighter regulation, how quickly can Congress
00:11:14act, and erosion
00:11:16reports. Steve Bannon is a
00:11:20former member of President Trump's inner circle who went to jail to
00:11:24protect him. Bernie Sanders is a U.S. senator who voted to
00:11:28convict President Trump, but this week they agree on
00:11:31one fear, that AI, left unchecked, will
00:11:35race past human intelligence. This
00:11:38technology will escape human
00:11:41control with potentially
00:11:44catastrophic consequences. To slow down the
00:11:48pace so that we can understand exactly what's
00:11:52going on, at this so-called. pro-human
00:11:55assembly on Tuesday, speakers talked about the need for Congress to step
00:11:59in. Among the bipartisan ideas being floated a
00:12:03so-called AI kill switch bill. The biggest AI
00:12:07companies would be required to have the ability to slow AI
00:12:11down, cut off user access or stop it all
00:12:14together. Another idea embedding independent
00:12:17third-party overseers inside AI
00:12:21companies. And so we need to be thinking about not just the kill switch right, but
00:12:25authority to push that kill switch, once we actually do investigate or
00:12:28what is the protocol for investigating once you kill the kill switch, then who has the authority to
00:12:32restart it? what does that look like? and we haven't been having those conversations. christina
00:12:36podnar advises companies on their AI capabilities. she's
00:12:40optimistic that America's closest AI competitor,
00:12:43China, is capable of working with the US on
00:12:47safety, just as they do aviation. we fly planes
00:12:51every day in and out of countries around the globe, and guess what, all the...
00:12:55governments to cooperate together, we have international standards around aviation, but it didn't
00:12:59happen by circumstance, it happened because lot these entities and governments and private
00:13:03sector organizations got together, work together on standards to ensure that safety
00:13:07could happen, but President Trump is calling AI fears a
00:13:10hoax, a conspiracy to help China win the AI
00:13:14race, and that AI safety protocols would stifle
00:13:18AI innovation, and there is some skepticism that the sudden
00:13:21warnings coming from AI leaders themselves might be a bit
00:13:25self-serving, this is where governance needs to come in, and this is why I would say like, hey,
00:13:29you're sounding the alarm today, but you didn't actually think about that possibility, six
00:13:33months ago,
00:13:34so where is all of this coming from? for years, congress was
00:13:37helpless trying to make changes to social media to make it less
00:13:41dangerous for kids. it took a lawsuit just last month to make
00:13:45that happen. so now, with AI, congress is inviting the top
00:13:49leaders of AI companies to testify trying to make those
00:13:52changes sooner rather than later. Andy
00:13:56Rosegen, TRT World. Huawei unveals a new chip
00:14:00technology, open AI rules out of public listing and king childs
00:14:03ages tech leaders to act before it's too late. as a weekly AI
00:14:07roundup, the
00:14:08Tulai Calion has nederolo.
00:14:12chips capital and cortion here is this week's AI news in free
00:14:16moves. herway has announced new chip
00:14:19technology to challenge Nvidia highlighting China's Zeroween AI
00:14:23gap with the US. "the news comes days before an expected
00:14:27meeting between presidents Donald Trump and GG Pink. The
00:14:31Chinese Technology company says it will launch two new AI chips
00:14:35in 2027 and it could eventually connect as
00:14:39many as 1 million processors. Open AI Sam Oltman
00:14:42says a public listing is off the table for this year. The
00:14:46company is sitting on 122 billion dollars in committed
00:14:50capital, but Oldman says with safety concerns mountain
00:14:54now. isn't the time to go public. Oltman also says AI
00:14:58companies may soon agree to slow down. I think you
00:15:02also see
00:15:05um a real fear that some these companies or some companies
00:15:09developing AI could get too much power and be able to
00:15:13sort of exert undo influence on the economy, push a world
00:15:17view out on people. And I think the world is right to be afraid of
00:15:21this. The AI slow down debate continues in the UK.
00:15:25as king charles warns tech
00:15:27bosses about the existential dangers of AI, the king meets leaders from
00:15:31nvidia, google deep mind, open ai and untrophic in
00:15:35Scotland, although the meeting
00:15:37is a... expected to produce any binding agreements, the peller
00:15:41says the discussions could help shape the future of AI.
00:15:44those who have created these technologies are now
00:15:48increasingly warning that AI risks developing
00:15:52darker capacities, perhaps even to take
00:15:56life. surely then we need sufficient
00:16:00means of control before it is all too late. and that's all
00:16:03from London. thanks for watching, see you next time.
00:16:09from this, we are joined by Abdul Wahab, AUP. Abdul Wahab, it's good to see you,
00:16:13my friend, how are you doing? Yeah, thanks, how about you? Not
00:16:16good, particularly with this AI that's been the top of
00:16:20everyone's tongue for the past month, two months
00:16:23also, why is this debate over slowing
00:16:27AI development, because that's a lot in the news recently, suddenly
00:16:31becomes so serious, yeah, Rigan, it's suddenly
00:16:35become a really serious as you say, because coming from within
00:16:38the AI companies that are creating this
00:16:42AI, so recently we have dozens of resignation top
00:16:45tier scientist and researchers from both from all actually
00:16:49from entropic, open
00:16:50ai and google's deep mind, which
00:16:53are warning that the because they are
00:16:57from within they can see the pace, they can see the trajectory
00:17:01of uh development of AI in four or five years and
00:17:05they come out say that if we continue with this level, with
00:17:09this pace of development, in five years,
00:17:12AI is really going to take over um,
00:17:16most the things that we have today, probably
00:17:20it comes because as we moving from uh generative
00:17:23AI chatbots into agentic AI where
00:17:27agents are able to uh autonomously to act
00:17:30in first in the realm of of internet of
00:17:34digital world, but soon why is this a bad thing?
00:17:38is it a bad thing? it is, because that's why everybody of
00:17:42us has a digital identity with our accounts online,
00:17:46and all our electricity, water systems,
00:17:49financial system, business, whatever, everything is online,
00:17:53so with the development of this agentic AI and
00:17:57autonomously function these agents, actually
00:18:00they might soon rather than later take over all
00:18:04this system, so this is why they have resigned.
00:18:08and they want to pay this level of AI, so the
00:18:12rules, independent auditors,
00:18:15governments and overview from the rivals
00:18:19at the same time, so before releasing any new system, any
00:18:22new model, they have to go through rigorous and
00:18:26restricted control before
00:18:30opening
00:18:31to to public, so these concerns about specifically about the autonomous AI,
00:18:35the ones that can govern itself, we've had open
00:18:38AI executive founders, ceos coming on and saying, yes we need
00:18:42to slow down the pace of AI development, but these are at
00:18:46the top the AI food chain, why can't they just slow down the AI
00:18:49themselves? uh, it's difficult, because more than
00:18:53two trillion dollars have already been commissioned in AI buildout,
00:18:57and about 3 trillion others are already projected to be
00:19:01invested by not only these companies, but but by a
00:19:04broader like max7 and even ments across the
00:19:08world, so this is on one hand, on the other, most
00:19:12probably these CEOs, like
00:19:16amonde of antropic or sam altman of
00:19:20of open AI, so they see this agentic AI
00:19:23taking over really fast and it it moving faster than the
00:19:27regulations can uh basically follow them, and the
00:19:30responsibility that anything could go wrong very
00:19:34soon, probably they feel that and they see and they
00:19:38want probably to share this responsibility now by calling to pay
00:19:42for pacing of AI. do see that the the whole thing is
00:19:45leading towards this uh this aspect. presumably
00:19:49these AI executives have kill switch, an off button, turn
00:19:53the AI off. might be being my naive, but are they calling
00:19:57for more global rules around AI, because the us
00:20:01can control the US, other countries that are invested in AI are
00:20:05completely different story, yeah, they can't control. for those countries, yeah, here
00:20:09are three elements are very crucial, first one
00:20:11is i just mentioned before, the the huge amount of money spent
00:20:15on build out and commissioned already, the second one
00:20:18is competition between the the
00:20:22rivals, let's say anthropic, open ai, x
00:20:25ai, google's deep mind and the rest,
00:20:29and the third layer is the china aspect, and just yesterday
00:20:33huawei and just said that we are not going to pay down because we
00:20:37have strong regulations uh that uh make
00:20:40sure that we follow and the we we continue
00:20:44to with full speed developing the AI, so this is
00:20:48the huge, the biggest challenge of... all how we can make it
00:20:52uh come together stays the next week as we know is united nations general assembly will be one
00:20:56the key sessions will be on AI
00:20:58so but just in the brick of
00:21:01that UN general assembly like session
00:21:05having all these discrepances and different stances between US and
00:21:09China on AI it shows that we are far
00:21:13from coming up together in the past we have
00:21:16successful actually stories of coming together for example with the
00:21:20nuclear proliferation act, so we managed the Soviet
00:21:24Union with the U.S.
00:21:26or with biological weaponry or chemical
00:21:29weapons, the the usage them has been constrained somehow, we have
00:21:33good records the countries coming together to solve this
00:21:37solution. I do think, if truly sincere, the
00:21:41countries can still come up again and at least
00:21:45create a framework where safety, security and
00:21:49human dignity... is going to be at the forefront, they're going to have to, right? the UN
00:21:53is going to have to take control of this. um, we obviously going to need more than five minutes
00:21:56to talk about this, but thank you so much. all right, from AI
00:22:00to chips. yes, belgium is the world's biggest export
00:22:04of frozen french fries, but extreme heat and drought are leaving
00:22:08farmers with potatoes that are too small. this
00:22:11reports, weather extremes could soon make your fries much harder to come
00:22:15by. the damage becomes
00:22:18clear the moment. you dig into the soil. potatoes that
00:22:22should easily fill a farmer's hand are coming out
00:22:26barely the size of ping-pong balls and with the main
00:22:29harvest just weeks away, time is running out for
00:22:33these crops to catch up. you can
00:22:37see the soil is extremely dry, it dries in solid blocks and that's
00:22:41how dry it is, and we can barely get the potatoes out the ground, and
00:22:45you can see they're really small for this time the year. normally this should be at least
00:22:49four times this side. At the moment we can't make fries with these potatoes
00:22:52and with the conditions that are being forecast, the way that they're
00:22:56predicting, it's not looking good. In eastern Belgium,
00:23:00the Komen family farms around 5 square kilometers of
00:23:03potatoes every year, but this season has
00:23:07brought a difficult combination of weather. Heavy rain and
00:23:11storms earlier in the season weakened the soil. Then came
00:23:15weeks of extreme heat and drought, leaving the ground
00:23:19compacted. and making it harder for potatoes to
00:23:22develop, the timing is particularly difficult
00:23:26because growers and processors agree volumes and prices
00:23:30before the harvest, those contracts still need to be
00:23:34honored. normally you always have potatoes like
00:23:37this, like this, like this too, that as
00:23:41well. this you always have, it depends on how the potatoes
00:23:45turborize. when you plant, there are years when there's
00:23:49a lot of turbo. ization, which means you have lot of
00:23:52potatoes, so they're small, but you have kilos
00:23:56them, and when they tuberize less, you get
00:23:59more of this size. To cushion the
00:24:03blow, farmers are turning to refrigerated stocks saved from
00:24:07last year's bumper harvest, but emergency stocks
00:24:11will only go so far, and the pressure is
00:24:15already being felt further down the
00:24:17chain. What's best is a long
00:24:20potato and above all a big potato, that's what's best,
00:24:24but right now with the seasons varying so widely, it's hard to find
00:24:28the perfect potato for fries. The
00:24:32flavor may not be lost, but efficiency certainly
00:24:36is. Smaller potatoes mean shorter fries
00:24:39and higher processing costs across the
00:24:42industry, and if the weather keeps working
00:24:46against farmers, those iconic long belgian.
00:24:50could soon be in much shorter supply around the
00:24:54world. Elias
00:24:57avju, trt
00:24:59world. we take a look at these figs. they may look small, but turkish
00:25:03figs have a big footprint in global trade. the warm climate and
00:25:06fertile soil of en province provide ideal conditions
00:25:10for growing the fruit are helping the country maintain its position as the world's
00:25:14leading supply of dried fakes and reports from the heart the
00:25:18harvest. On the sun-drenched slopes
00:25:22of Eiden, Tukia is growing one the world's most in-demand
00:25:26fruits, figs. They are prised for their exceptional
00:25:30sweetness, then skin and rich honey-like flavor.
00:25:33Much the crop is dried, creating a major industry around the
00:25:37fruit that also goes into products like Turkish Delights, jam and
00:25:41even oil. We've harvested the figs and
00:25:45laid them out for suntring. We brought them under a covered area here and now we
00:25:49are sorting them.
00:26:02exports quality between. figs, why? the climate, the
00:26:06mountain, the region offers some the best conditions
00:26:09combined to provide the best quality dried
00:26:13figs. tokia exports to more than 100 countries, that
00:26:17includes Germany, America and France, and demand is on
00:26:21the rise, this is adding to Tukia's local investments and local
00:26:25employment opportunities. Turkia currently
00:26:28supplies up to 75% of global dried
00:26:32January fig and mid May, the country shipped $134
00:26:36million worth of dried figs. The new season for exports begins
00:26:40in late September. Last year, Tudke exported
00:26:4255,000 tons of dried figs. This year, the number is
00:26:46expected to be above $60,000. Idan's
00:26:50weather and geographical conditions are different from other
00:26:54regions. That's why the Sary Lops Pig, the highest quality
00:26:58fig in Turkey and the world is grown right here in
00:27:01Eiden. whole families depend on figs, since the
00:27:05harvest is once year, everyone relies on this income. people cover all
00:27:08their expenses with these figs, for their children, weddings,
00:27:12every need. that's why they're so beneficial for our
00:27:16region. farmers in iden are
00:27:19working hard to pick these figs one a time, hoping to
00:27:23fill every rack. with the summer season almost over, these
00:27:27next batches will help keep farms like these running through the winter
00:27:31months.
00:27:37well that's all from money talks for now from me and the whole team here
00:27:40and
00:29:22This is a drill. I repeat, this is a
00:29:25drill.
00:29:30So sometimes hiding might be the best choice. "Sometimes running might be the best
00:29:34choice, sometimes you're going to have no choice but to defend yourself. I don't
00:29:38feel safe at school, nobody feel safe. I
00:29:41think that some the teachers should have pistol or something hidden
00:29:45in the classroom to protect the students.
00:29:48I don't want to have to carry a gun, I don't want to have to have a
00:29:52bulletproof vest, but the times in which we live are
00:29:56dictating that. Storyteller, the bad guy
00:30:00on TRT World."
00:30:16Iran security chief says the US has been given seven
00:30:20conditions for restarting talks, as Donald Trump
00:30:23considers his next move in the standoff. Well,
00:30:27he's due to meet golf leaders in New York on the sidelines the UN
00:30:31General Assembly. shipping disruption goes on in the street of
00:30:34Hamos. Hello and welcome to TRT World Life from
00:30:38Istanbul. You're with me Katie Pilby. Also ahead on the program for you.
00:30:42A refinery near Moscow ablazed after hundreds of
00:30:46Ukrainian drones lotched at the Russian capital on the
00:30:50final day of parliamentary elections. And weeks after a
00:30:54far right party scored its first regional election victory since World
00:30:57War Two. German voters are going to the polls in
00:31:00Berlin.