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tv   News  Al Jazeera  June 15, 2022 10:00pm-10:31pm AST

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sharpest u. s. interest rate rise since 1994. the federal reserve steps in to cab rising inflation. ah. lauren taylor, this is al jazeera life in london, also coming up with us inflation being driven by the soaring cost of petrol. president joe biden sends a letter to all produces, demanding on says israel agreed to send more gas to the european union by an agent as a block tries to reduce its reliance on russian gas and thousands running in eastern democratic republic of congo, accusing the rondon government of supporting the m 23 revelry. hello, the u. s. federal reserve has raised interest rates by point 75 percent. the biggest
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increase in almost 3 decades is hope the move will curb soaring inflation and bring down consumer prices, which are at 40 year highs. a chair, the central bank, jerome pow, described the current economic climate as extraordinarily challenging and uncertain, and indicated further hikes are likely we anticipate that ongoing rate increases will be appropriate. the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy. clearly, today's $75.00 basis point increase is an unusually large one and i do not expect moves of this size to be common. from the perspective of today, either a 50 basis point or a 75 basis point increase seems most likely at our next meeting. we will, however, make our decisions, meeting by meeting and will continue to communicate our thinking as clearly as we can. i shall, castro is outside the federal reserve in washington. d. c joins us live. i think
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that we can do this and what is the federal reserve hoping to achieve? right, this is a very aggressive move. as you were saying, this is the highest 1. 1 time rate hike in 28 years in the u. s. and the goal here is to react to the alarming rate of inflation that we saw in a report just last week. now at 6.8 percent, a historic high in the us federal board chair reserve board chair jerome. how will also called these extraordinarily challenging and uncertain time for the u. s. economy. now, he has quite the challenge ahead of him. he's trying to cool down this roaring hot economy, i've raising that interest rate to lower the amount of money that's available in this economy. but he has to do so on the board has to do so without sugar ring a recession. there are some fear of that happening possibly next year, even in the u. s. according to some economists,
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how will did not predict that. he said that he and among the boards releasing the economic projection for the next 3 years in the us finding that by 2024 around then is when the u. s. economy may fall down to a healthier level where unemployment rate and the inflation rate, or at the target levels at the federal reserve was an aside from those long term risks. you mentioned, how will this in the short term affect consumers? right, so the increased interest rate means it's going to be more expensive to borrow money for anyone who needs it. that may be potential home buyers to small business owners. and that is intended to slow down that type of economic activity. the house, the house buying market, as well as for small businesses. so that is likely to be in effect. we see. but the most immediate result that the fed is looking for decrease the inflation rate. and that is something that every american can attest to hit their
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pocket book. then you just go to the gas station. if you go to the grocery store, the average price of one gallon regular gas here is now more than $5.00 a gallon, which is again a historic high across the board. americans are feeling that pain complaining about it. the bite administration may be in hot water because of that, and both, both his administration and here, the independent federal reserve are taking measures to try to bring down that inflation costs are. these are cash and thank you very much. indeed. that's bringing robert scott know he's a senior economist. i mean you can make policy institute jones as far as skype from rockville. maryland. thanks very much indeed for being with us. so what's your assessment of the, of the impact of arrived like this one in the states? well, unfortunately, i'm afraid this is try trying to use a cannon to, to, to head off a fly in the economy. really dealing with today is
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a consequence simply of russians invasion of the ukraine. it's resulted in restrictions in russia, oil exports and gas exports is cut off the exports of grain for russia in the ukraine. and this is disrupting food and energy markets. and those are the principal causes of arise and consumer prices that were announced in the past week or 2. so this is the problem. it's not with economy being driven by excessive demand. it's not excessively hot. wages are back to beginning to slow down growth and major is actually be celebrated since the 1st of the year. so it's not clear what they hope to achieve with these dramatic rate increases. it's much more about politics and economics at this point. the anticipated and they said to ongoing rises will be appropriate and what, what are the risks of a series of right rises causing a recession as a nation. have done
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a story. i think historically it's been shown that that is because something like 18 of the past 20 recessions and they frequently engage in over tightening most recently in 90. sorry, 2018. they raise interest rates sharply up to 2 and a half percent in the economy stumbled, and they had to correct overnight and lower rates again. and i think 3 even greater risk of doing that today. they've announced a plan to increase rates to almost 3 percent by the end of this year, and 4 percent next year. well, in excess of what they did in 2018. and i mentioned that possibly issue of jobs that you have in the past before this meeting talked about the kind of labor market imbalance. you don't wish to twice as many job openings as they were unemployed workers in april. for example, that doesn't, doesn't, doesn't rate have any effect on, on that side of things. you think? well, it's going to reduce the demand for workers in the construction. first of all,
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i think it's going to have a big impact on, on the home sales, both especially new home sales, car sales, anything that depends on interest rates. and so that will effect the demand for labor. on the other hand, were still, i think because on board 500000 jobs or as many as 3 and a half 1000000 to been count below the employment levels that prevail before the cobra research began every month it seems of so more workers come back into the labor market and most of the new jobs are workers to we're not taking jobs or previous month. so the, despite the increased demand for labor, most of those demands are being met by increased supply. if not resulting in higher wages. that's what you would see if the labor market really were type. thank you very much. robert scott, then i'm sure i meant to rate rise risk when i said rate cut just a minute ago, but thank you very much indeed for joining. thank. thank you. yes, present,
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joe biden is urging oil companies to take action against soaring petrol prices in a letter sent 2 major refiners by and said they needed to produce more petrol and diesel and should work with his administration to address the crisis consumer prices in the u. s. reached 40 year, highest driven by shortage in oil supplies. i didn't accuse major produces including actual mobile and chevron of profiteering. let's go straight to our white house correspondent. kimberly how kit kimbrell was the toner, the center. to turn the letter was pretty strongly worded. accusatory is really the word that comes to mind. this is a president that is blaming the top 7 oil producers in the united states of essentially price gouging, of exploiting consumers for corporate games at a time when consumers are hard hit and struggling due to inflation. really,
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this is a problem that is multifaceted, not only is there a drop in production in terms of the oil refining. but what we also see is an increase in demand, given the fact that many workers are coming back online after the pandemic. and they're simply hasn't been this ability to bring the refining back of the capacity as quickly as american workers are coming back. the other problem and all of this is, of course was western sanctions on russian oil. it's a smaller piece of the pie compared to europe, for example, but the united states is not imported russian or oil due to the russian invasion of ukraine. so there are a lot of factors, but it's the oil producers who are blaming jo biden's administration and his policies for this problem. they argue that joe biden put in place some aggressive climate change policies before there was the infrastructure to replace the
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traditional fossil fuels. they also argue that there has been a cancellation of leasing it for rather the purpose for drilling on federal lands and also that there is the cancellation of what soon as the keystone pipeline, that allowed for oil supply to come from canada to the gulf of mexico. to be refined and this is compounding the problem, so there's a lot of finger pointing going on, not a lot of solutions. that's why the us president has sent this letter. and in fact, he's even directed his energy secretary to call an emergency meeting to try and get these people together in one room to come up with some solutions. kimberly, how can thank you very much. indeed. european union assigned an energy deal with israel and egypt. the e u is working to reduce its reliance on russian gas because of the conflict and ukraine. under the deal, israel is to send more of its natural gas to egyptian ports for processing before sending it on to europe. and smith reports from western islam. israel sits on about
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0 point one percent of global gas reserves, not much, but the european union is looking everywhere it can to reduce its reliance on russian gas. so egypt already taking in 26 percent of israel's gas production will start liquefying more at its 2 mediterranean plants. it'll trim just a few percent of the 40 percent of gas, the e u bies from russia. but if it's a quick fix, it's not going to store the whole thing. i mean, if you look at the stack up in the system on, it's radian digits i, it's something like 678 percent of what we are receiving. so it's, it is a small step, but we need other steps. we didn't know exploration, mitchell, more infrastructure could be bit. israel had frozen gas exploration as it tried to meet renewable energy targets. but the search for alternatives to russian fuel. as off of these railey government to lucrative an opportunity to turn down, the
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e. u is also committed to moving away from fossil fuels. at the signing ceremony in cairo, the e u commission president suggested there was long term interest in partnering with countries to its south and east. it is for us, very important also to look forward into the new forms of energy. and these are, of course, the renewable energies. and here i must say you are in a very lucky position. as you have the resources that are necessary for renewable energy in abundance, the sun, the wind. so these will be the energies of the future and the demand will be enormous. israel gas is sent to cairo through the arab gas pipeline. it was designed to pump gas the other way from egypt to jordan, syria, and lebanon. but egypt uses its own gas. now the domestic needs, egypt wants to become a regional hub for the gas trade. and israel can help that happen. but it'll be
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a couple of years before your a p and start using significant amounts of israeli gas as there are challenges and increasing production capacity to cope with the new demand. bernard smith, al jazeera western, still to come on out his era. the battle ever breaks it flies again. europe takes legal action against new k ditches. a difficult trade deal in the shadow was no such ukraine's missing people begins some authors of the fighting hunt for friends and family. ah hi there. thanks for joining in spain is bacon. in the heats most of the country under heat warnings, in some spots, temperatures are surpassing 40 degrees. not quite there for madrid or seville,
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your temperature ranging from 38 to 39. but think of this as a conveyor belt of heat. it's now spreading further toward the north in france and britain. so london got a high 28 paris at 30 check this out. here's your 3 day forecast. you shoot up to 38 degrees on saturday. you could set a new temperature record for the month of june. there is some rain to be found and we've got lively downpours from the czech republic stretching into austria. so this will play both prague anviana on thursday. and we know there's been some flooding in on korean, still getting pelted with rain for that western side of turkey. we know this is capable of producing flooding, especially when it falls over the higher ground, as it will on thursday. off to africa we go, we've got storms lighting up across the gulf of guinea, stretching from nigeria right through to see are the own. so free towns got a high point, 7 degrees and much calmer and south africa after a pair of cold friends marched across over the course of the weekend. but some chilly air. it's so hot, tang johannesburg,
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12 degrees. and here's what your can wake up to on friday, dark the blue, the lower the temperature, johannesburg just to degrees stay warm. ah, ah, ah al jazeera, when ever use all, ah, al jazeera, ah, ah all, ah, ah, ah,
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ah, i want to shut the door, is you and i was there at the u. s. federal reserve has announced an interest rate lies a point 75 percent to try to cub soaring, inflation increases the largest seen in almost 3 decades. with the central bank describing the current economic climate as extraordinarily challenging and uncertain. us president has written to major oil companies urging them to take action against storing petrol prices. just hit 40 year highs to find an accused refiners of profit hearing and said they need to work with his administration. and the european union assigned an energy agreement with israel and egypt. the block looks for tentative to russian supplies. the deal would allow israel to send its natural gas to egypt processing before it's exported to europe. european union is not to a string of legal challenges against
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u. k. over its moose to scrap part of the post breakfast trade deal. the e u and u. k agreed, there would be no new checks on goods crossing the border between northern ireland and the republic of ireland and you member. but the arrangements been destroyed, disrupted trade between northern ireland and mainland britain. setting the province apart from the rest of the u. k. his banker reports from london. if he saw the battle over breaks, it was done and dusted. think again, because a thorny detail and the tray deal signed 18 months ago has come back to haunt all involved with the british government plan to unilaterally scrap the know of an island protocol, infuriating brussels. this is illegal. that is why the commission has they decided to take legal action against the united kingdom for not complying with significant parts of the protocol on islands northern islands sun in the u. k. angus grows across the floor of parliament over the government's apparent,
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disregard of international law, unknown. a threat to the trade war with our european friends, triggered by a law breaking prime minister. he talks about a trade rule. he talks about, he talks about a trade. well, what could be more foolish, mrs. bigger than a project of actually visitors, trade barriers? i wouldn't call to deny little the line and protocol is designed to prevent a hard border between northern ireland department of the u. k. and the republic of ireland and e. u. member that arrangements protected by the good friday agreement that entered 30 years of sectarian violence in the north. but instead it effectively created a border in the irish sea with goods imported from mainland britain, subject checks, and going unionists and others who want the province to be a seamless part of the rest of the u. k. the british government hopes it's bill will be a quick fix. it's hoping under the changes to allow goods destined solely for northern ireland to avoid all checks other goods going to the republic of ireland
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launched the e. you would go down a separate channel, wet checks would take place. the problem is the border between northern ireland and the republic of island is open and porous, making it near impossible to know what goods are going, where the u. k. government argues the problems arising from the protocol justify scrapping the plan. the youth firmly disagrees challenging the u. k for failing to implement checks on goods entering northern ireland. failing to share trade data with the e u and failing to establish inspection, post support the case could go all the way up to the european court of justice with the u. k. possibly facing a hefty fine at if the british government's proposed bill becomes law. the you could pull several retaliatory leavers such as ending tariff free trade going in both directions. suspending fishing rice or even ending 90 day visa, free travel for brit heading to the u. the u. k. yet it's european neighbors. all
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righty at odds after the european court of human rights intervened to stop britain deporting migrants to wander, leading to calls from some british m piece to ditch the human rights convention altogether. the e u says the doors open for dialogue without it em sued. this dispute seems almost certain to deepen the fuck out 0 london. thousands of people in easton democratic republic of congo have been rally against rolanda and its president polka county. her test is in the city of goma accusing the ruined and government of supporting the n. 23 rebel group. a claim to galle has repeatedly denied it comes just days after and $23.00 fighters seized a key town on the border with uganda. the rebels say they're fighting to protect the minority truancy ethnic group. andrew and as president is of tootsie descent, women $25000.00 congolese have fled since and $23.00 launched renewed offensive
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last month. and can web has more from nairobi, the protest, this is now left, the 3 of the regional capital gains off the pre fired tig them and they started marching at sunrise. they went toward the border with rwanda. some of them holding pictures of random president who could come a saying that they wanted to cross the border go and deal with gummy. they say that they're tired of decades of rwandan military aggression in the democratic republic of congo. the latest violence in the group. and $23.00 attacked several towns and villages in recent month 2 days ago, took control of the town of a gonna, which is on the border with neighboring uganda. everyone that denied being behind the violence that the commonly government doesn't believe them. they said, wonder is orchestrating it and certainly those people on the street to go my don't believe rwanda denials of involvement either within the 1990s that wonder when you
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got the invaded eastern congo. and they've been accused of meddling backing on groups and loosing minerals ever since. certainly in recent months, relationships between congress, government and the rwandan government has to be a local who comes at a time when in the u. k. in around the world, people are just facing whether or not there is a safe place to send asylum seekers. but according to people, anything, congo? the government. rwanda makes eastern congress, not a safe place for them at all. the united nations refugee agency says russia is invasion of ukraine as force about a 3rd of the population to leave their homes. thousands of those who escape the fighting and now searching for their friends and relatives who are missing and feared dead cha, strapped to reports from keith, julia and ludmilla escaped the russian bombardment of mary awful. on march the 19th,
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over the next few days, they risk their lives 3 times driving back into the city, breathing, bullets, shells, and air strikes in a desperate attempt to find the father of their family. 61 year old alexander phillip ankle. they said he never made it out so you know, so it's, it is when we were driving there were russians on one side, ukrainians on the other and they were shooting, says yula, yet we were in the middle. it was terrifying those up. but we were determined to get dad. when you started up. the family used to live near the as of steel plant were an estimated 2500 ukranian soldiers and civilians were trapped for weeks. as the fighting intensified, they fled to a basement under a block of flats in the city center. on the day they escaped, the shilling was intense, and alexander never made it from the basement to the waiting civilian car. we were sure he knew we would come back for him, says ludmilla at over, and he would wait for us in the basement. or
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a few days later they returned to where they had last seen alexander at them. either we saw all the buildings were burns and destroyed, says ludmilla. and there was no one there. ludmilla and julius story is not uncommon. the united nations estimates that russia's invasion has forced more than 12000000 people to flee their homes. the ukrainian government says thousands of them are searching for friends and loved ones, missing fear dead. and her chance of nicole was a psychologist, volunteering at a center, helping some of the 10s of thousands of people from mary opal who fled to the ukrainian control side. or chill a year to day i had a lady whose husband was killed in front of her and she asked, why did i survive? she like so many is deeply disturbed, constantly breaking down and refusing to accept what has happened was families who come to the center to receive food parcels. once every 2 weeks. children play while
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their parents register until their stories to volunteers. andre used to work at the as of style plant, as a lathe operator, he says he left many friends behind mother support anymore. so i think they are more sympathetic to the occupiers. yet they don't, they call me and when are you coming back? but i will never return with russians in control. anastasio was a social worker in mary a little before the war. she struggles to hold back, her tears said, i be upset wholly here. then we all lost friends. they're gone forever. in my case, it would have been death or captivity because i refuse to work under the occupiers . i don't know if i will ever see my city again. the ukrainian government accuses russia, forcing tens of thousands of people from mariel into russia and accusation. russia denies. eula and louis miller say, their only hope is that all examined is still alive. cha, stratford al jazeera keith and is there a media network continues to demand
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a rapid, independent, and transparent investigation into the killing of its journalist in the occupied westbank. sharing of work lay was shot in the head by his reading forces washrooms on assignment. in janine, on the day of her funeral israeli forces stormed the procession and started beating mourners almost causing pul barris to drop her casket, didn't stop. thousands of palestinians were marching through occupied east jerusalem to take part in her funeral and burial. members of the international community have condemned her killing and continue to call for an investigation of work and was without a 0 for 25 years. covering the story of these reading compassion, she was known as the voice of pastime. made neither of ecuador, indigenous peoples movement has been released after his arrest cause uproar in the latin american nation. o. busy supporters cheered as looney does isa whooped fried his spearheaded ongoing protest
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against the government's economic policies and the rising cost of fuel. the affairs his arrest could make an explosive situation even worse. and once you premised accused of killing 10 black people in the u. s. city of buffalo last month has been charged with federal hate crimes. 18 year old peyton genderin could face the death penalty of convicted, has been held without bail since his arrest. after the attack, new york's governor signed bills and strengthening the states gun laws included, raising the age for buying semi automatic rifles to $21.00 officials at yellowstone national park say the pox northern portion will remain closed for a substantial amount of time ordering unprecedented funding or entrances into yellowstone, a car, a shot, and 10000 visitors have been evacuated. that soft, a heavy rain and snow from melting glass is caused,
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major damage to the park in america's north west. just as the us some a holiday season begins. as a bank has more well treacherous conditions in yellowstone park, which spends parts of the western you estates of wyoming, montana, and idaho roads have been washed away. homes are destroyed for the 1st time in 3 decades, authorities had no choice but to close the park. 10000 visitors have been evacuated . we've completed 10 operations for rescues, and also to air rescues. we've had extensive operations up and down the austin river valley, out of residences and, and places throughout the county. by some estimates the region received 2 months of raining just 3 days. the yellowstone river has burst its banks with water levels 4 meters deep in some parts. but it's not just heavy rains. water from melting places
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has added to the floods. nearby towns in montana also submerged. now she's got about 4 feet in her basement in there's about 2 feet in the covering the entire street in front of her house. just, you know, rollin as fast as the river is. we even sa, a side by side like a 4 wheeler go floating sideways down the street. this was mainstream. about $4000000.00 people visit yellowstone park every year. all entrances on thy closed and authorities appealing for help from agencies. i sat bake of g 0. europe is being hit by a major heat wave that is not expected to pick until the end of the week. temperatures in the french capital paris forecast hit 37 degrees celsius by saturday. at 13 degrees above average high for the month of june. some parts of france's southwest will exceed 40 degrees, which could trigger a public health, red alert inter just say these events will become more common as a direct result of climate change.


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