CCTV Weekly Script 06/11/22

— This is the script for CNBC’s People of the Week for China’s CCTV on November 6, 2022.

We kick off this week’s People of the Week with South Korean President Yoon Suk-yeol.

The Itaewon stampede in South Korea has drawn a lot of attention. A total of more than 300 people have been killed and injured as a result of the stampede. The accident is the most serious public security incident in Korea since the sinking of the passenger ship “Seok-etsu” in 2014. The tragedy may pose a great challenge to President Yoon Seok-yeon’s administration.

According to a Gallup poll conducted in South Korea before the disaster, President Yoon Seok-yeol received a 30 percent approval rating, much lower than the 51 percent he received upon taking office in May. In light of the recent tragedy, his popularity is likely to suffer even more. In the opinion of some political analysts, Yoon Seok-yeol’s party will expect him to take prompt and appropriate action to address the incident; any minor mistakes are likely to be exaggerated, presenting the current administration as incompetent. In the aftermath of the tragedy, Yoon Seok-yeol acknowledged that South Korea lacks research on crowd management control. Furthermore, he directed officials to develop effective crowd control methods that involve the use of high-tech technologies such as drones.

In this week’s Brazilian elections, Luiz Inácio Lula da Silva, the candidate of the Brazilian Labor Party, won the election. Starting January 1, 2023, the 77-year-old veteran of Brazilian politics will officially begin his third term as president.

However, this time Lula has won by a narrow margin of only 0.9%. The current Brazilian president, Jair Bolsonaro, in his first public statements after the defeat, has not admitted defeat, but has simply promised to respect the Constitution, which is the transfer of power on January 1, 2019.

Having left office in 2008, Lula is returning to a country whose economy has not fully recovered from the pandemic, as well as a country where poverty prevails. In his campaign, Lula promised measures such as raising the minimum wage and exempting income tax, which some analysts estimate will cost at least 140 billion Brazilian reais. However, during the Bolsonaro administration, the Brazilian government’s debt reached 90% of its GDP. Additionally, Bolsonaro has implemented policies that have severely damaged the ecology of the world’s largest rainforest, the Amazon rainforest. As a result, Lula’s idea of ​​”saving the Amazon rainforest and making Brazil a leader in global climate negotiations” has attracted considerable attention.

Next, focus on the President of Turkey, Recep Tayyip Erdoğan. Statistical data released by the Turkish Statistical Institute on November 3 indicates that the country’s inflation rate in October soared to 85.5 percent, a 24-year high due to persistently rising food prices and energy. It is logical that with high inflation, the central bank should tighten monetary policy, that is, raise interest rates. However, Turkey’s central bank, at the behest of President Recep Tayyip Erdoğan, is doing the opposite.

Recep Tayyip Erdoğan believes that high borrowing costs will increase inflation, while lower borrowing costs will help reduce inflation. Over the past three months, the Turkish central bank has cut interest rates by as much as 150 basis points, with the most recent cut coming on the 20th of last month. In addition, the central bank indicated in a published statement that it may continue to lower interest rates in November.

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