this area lies along the east asian fly away for my great re water bird species. some of them endangered. and it's teeming with new arrivals right now on their summer migration. north kept body one antonio with these much flux, are not an infant 3 sorana. our focus should be to preserve them for future generations. so we can enjoy the benefits they provide in the natural benefits the tower enjoyed along the shores and also far beyond them. robert bride al jazeera, shannon county, south korea. ah, so this is out there. these are the top stories and money's constitutional court has named the colonel who led a military coup this week, as the inter president kind of see me go to, has promised to hold elections as planned early didn't. yes. in democratic republic of congo, tens of thousands of people seeking shelter from

a possible 2nd volcanic eruption. and they're running low on food and water last week and i are going go, ruptured, killing dozens, and destroying like a web is that the russian site in gamma. this is devastating for people in gamer, it's not an easy place to get by it. certainly a lot of money moving around here. it's a nexus of the mineral trade for the region and not draw a lot of people to the city, but there are very few formal jobs and there were very few public service is very little support from the government. it's very much a hand to mouth existence. so if people is homes, education certificates, id is their possession, savings, whatever they may have had in their house for the property destroyed under this river of lava. it's very devastating and date a new variance of code 19 has reportedly been detected in vietnam. the health minister says it's a hybrid of the indian and u. k. mutations of bars and spreads quickly by air. petnum had successfully

contained infections for most of last year, but is now battling a new wave neighborhood in the southern chinese city of going, joe has been locked down after spike in cove cases. people in the one districts have been ordered to stay at home market schools and entertainment venues have also been closed. organizes of an annual vigilant hong kong to commemorate china's $989.00 credit donald pro democracy protests of last appeal to hold this year's event. on thursday, hong kong by the june, the 4th event, tomorrow the gentleman square cried down. it is the 2nd year that the police have been the ruddy citing terrain of ours restrictions. all right, you stayed with the headlines here and here we got more news coming up right off to counting. the cost talked to al jazeera. we can, the army were attacking ringo, and now they're attacking everyone and me on my do you regret words like that? we listen absolutely. nigeria with a woman present,

it would be great. we meet with global news makers and talk about the stories that matter on al jazeera. ah, hello, i'm adrian again. this is counting the cost on i was just here, are you look at the world of business and economics this week, india, the 6th biggest economy and the pharmacy to the world's pump behind the numbers. the cracks, the pandemic has laid beth it's economic frailties. despite its vaccine diplomacy and hopes that it would lies to become a bull want to china, but india is rising at it isn't afraid of flexing it's muscle. not happy with oak tanks, production constraints, new delhi, as on the hunt for new supplies, and financing for destruction of forest, china, pause, billions overseas. last saving and expanding its own forests. ah,

the fastest growing economy has been gearing up to overtake its full colonial power . britain to rank as the world's 5th biggest, on somebody level said was a huge matter of pride for india, which is part of the g 20 rich club, a rising power. the west's counter to neighboring china. india is the pharmacy of the world and it was going to supply much needed vaccine as to the world health organization from baton to paraguay vaccines were a tool for diplomacy, but a deadly 2nd corona virus. wave is revealed. cracks in india is growth story. as family is desperately sought, hospital beds, medicines and oxygen. government hubris was found wanting a percentage of g d p. it has the 2nd lowest spend on health care amongst g 20 nations. and this is how the data over the last 2 decades snacks up. now this is india and it's 2 neighbors, pakistan, a bangladesh. it clearly shows that it's out spending its neighbors as a percentage of gdp. but if you bring in china another nation with

a 1000000000 plus population and vastly bigger economy, you can see that india is well below china's spending. now, bringing the world and both countries a spending less than half of the world's average. now india was in the throes of a prolong, slow down even before the pandemic struck more than 230000000 people fell into poverty last year. and the poorest 20 percent of household saw the entire income vanish in april and may as business ground to a halt. but despite that prime minister, andrew moody managed to address selection rallies and march 150000000 voters to the polls. those rallies, including religious gatherings of thought, have contributed to a record number of corona, virus, deaths. much of modi's failure in economics from scrapping widely held currency notes to the bungled roll out of tax changes have largely been forgiven, but rocketing cobit cases and deaths may finally be denting his popularity. people

have taken a social media question, billions being spent on a sprawling new parliament complex and changes to central delhi, the $2700000000.00 vanity project should be ready for 2024, just as moody faces reelection for a 3rd time time for some analysis i'm delighted to say johnny guess my skype from singapore is sherlyn shaw, senior india economist, a capital economics. welcome to counting the cost. prime minister moody last year was quick to call for a lockdown. less so the 2nd time around. and yet much of the heavy lifting of getting on top of this crisis has been left to state governments. what do you think of his leadership? well, i think the, i think the economic toll from last year it suddenly played a role in terms of, in terms of how the government approached the surgeon far as cases this year they were, i think another key difference was, is

a little bit more knowledge about the virus, so it was probably felt that state governments could react to borrow situation, but more localized locked down. and that would require most of the leadership from the, from the state level rather than from the relevant from the central government. so i think all of that probably meant 2 things. one is that restrictions were much more. busy localized and targeted the downside, i guess you could argue is that they took longer to be imposed than may have been ideal, which has meant that. but initially at least the cases jump very far. but there are least signs now, but the latest wave is being brought under control. india is one of the world's

biggest economies. for the pandemic, i think we'd agree, has really shown the cracks. is there going to be a reckoning? is that going to have to be more spending on health care? an infrastructure? does india have the financial head room for another massive budget like the one we saw in february? so in principle, yes, i mean the risk of a public debt crisis in india is to be honest, it's quite low. if you look at to look at the public at levels, then i mean they are very high about 90 percent of g d p which is i even buy emerging market standards especially i buy mitigation but most of that is held with itself. most of it is denominated in local currency, so if the government felt that it was in the interest, you know, supporting the economy to unleash the fiscal stimulus, then i don't necessarily see any,

any particularly big constraints. and i think the trust of the markets as well if markets felt that the stimulus was going to be a want to, you know, supports household and support funds to get through this crisis. whether we actually see that materialize, i think, is a slightly a slight separate question. you know, the virus case is now beginning to drop because i shop the that has coincided with a turning point. and i should say in terms of some of the activity indicators the look at. so the might be a sense that actually the worst is now over, in which case the need for a very, very big stimulus package, or additional stimulus package, maybe less press now than it was, you know, you know, a month ago. what does that, the real time data tell us about the state of india is economy right now,

and the lack of, of vaccines going to hold back the recovery. so the real time data, the 1st thing that they show one thing that really stands out is that the, the impact from the latest wave of virus cases. but it was the timing of is pretty much more limited than last year. so look at things like the ability things like use of public transport, even things like traffic congestion, that was, they were dropped, but we need to the extent that they did to it last year. national lockdown. one of the point that stands out is that the restriction have been much more targeted. so if you look at electricity demand, for example, in india, it's held up much better this year than it did last year. now that's because 40 percent of electricity comes from comes from industry, which is largely in kept open even amongst the latest surgeon virus cases.

so the economic impact has been much less severe. now the cases are, begins drop. we are beginning to see some turning points in those in those data. so there's been a slight pick up, for example, in the use of public transport, things like railway passenger numbers of edge congestion levels seem to be acting upside as well. so what that suggests to me is the voluntary social distancing maybe the problem. now that was a couple of weeks ago. but what i think it's interesting is what happens from here . you know, lessons learned about rapid reopening from last year. and then subsequent surgeon virus cases, i think the state governments would be much more cautious in their approach to reopening economy. so although the, the economic damages been much less severe than last year,

i think that the recovery might prove to be a bit more gradual. is what shall i really go to talk to you many thanks today for being with us. thank you. well, let's stay with india and the theme that being a rising power a month or so before the 2nd co way of india was flexing its economic mites. india's oil minister and drug product called oil purchases, a weapon for his country. and when opec extended the production constant april, india's refiners ready plans to cause import from saudi arabia by about a quarter, according to royces, for don, understandably, sees high oil prices as a threat to india economic recovery. the international energy agencies forecast that india is consumption will double, and it's oil import bill billy triple from 2019 level stable than $250000000000.00 by 2040. so what's going on as the 2nd biggest asian importer after china is india

using it, it can make clouds to diversify its oil supply. it. joining us now via skype from london is which now and some cross energy analyst at energy aspects could tell you with a set richard, it's totally understandable. i suppose that india feels it's economic growth. could be crypt by rising oil prices. it's anger seems to be aimed particularly at saudi arabia. how easy would it be for india to see other sources of oil? well, certainly we've seen india already look, try and diversify its being, buying more oil in particular from the u. s. in recent years. and it will look at region for latin america and africa to give it to mix and a range of options that apply to reduce its dependence on the key middle east and export it. but i think given how much indian needs to it, import, and given where it's located to geographically be very, very difficult for it to, you know, reduce or cat entirely its reliance on, you know, even one of the big, at least in countries, less like all of them so it's,

it's kind of partial effort and it's i think as. ready much about signaling and trying to encourage saudi arabia know, pick to do what they can to increase supply and keep prices under control. and while india is not happy with saudi arabia at the moment, saudi arabia is investing in indian oil refineries. yes, i think for, for saudi arabia, this is a long standing strategy, not to india, but in all of its major markets in asia. it know that by putting the money into refinery projects, it can lock in long term demand for its crude export. ready and it can give itself a competitive advantage. one of the things that saudi arabia doesn't want to do is compete with the royal export to buy discounting price. instead, it wants to be reliable and it wants to have secure long term relationships. so kind of wants to always be there a price, you know, a supplier that you pay

a premium for. i'm having stakes in refinery to help fit. maintain that position. is india bluffing here or have there been genuine efforts to diversify and find other sources of hydrocarbons? i think some of this is certainly more rhetoric than reality. we've seen some statements in recent months that would imply a dramatic shift away from saudi in middle east and oil. i think what we're seeing in reality in the numbers is once you take account of the short. ready term demand disruptions and import disruption caused b c by the crisis going on in india, but also about hurricanes and so on. we're not seeing. ready that dramatic shift in the actual volume slowing. so i think some of this is just about trying to get these statements out and influence saudi arabia, stinking opec thinking we've got the group meeting regularly every month in vienna . i will not in the interactive actually,

but making decisions about how much supply to produce. and i think the big goal here for india is to encourage opec to put more. ready barrels into the market, so the price increases are kept under control. or if you are, you know, ideally for india, price is actually full. but of course, just to muddy the waters further. iran a long time supply of oil to india could come back online. if a deal is reached in vienna over its, its duking ambitions. exactly. and those are meetings happening in vienna right now . and a deal could bring a 1000000 and a half additional barrel of iranian exports to the market pretty quickly. you know, 3 to 6 months, we think, and a lot of that supply and maybe half a 1000000 barrels a day, would probably go between the a that's how much of it importing probably around in the past. so india, refiners have be limiting their purchases or commitment on the term contract to buy from other middle east in country to leave space in the hopes that they're going to

be competitively priced. iranian oil are available in the 2nd. i hope that's a bit of a gamble because they can only actually follow that range oil if and when us sanctions or ease. and while the talk seem to be going well, we haven't got to deal. ready yet and even when we get deal. ready announced that will be a delay before sanctions relief would kick in. so the refiners hoping that's gonna come quickly. oh, pack into saudi arabia. they are watching. and they know that it influences that strategy. and it would create more competition in effect out this year, or in 2022, depending on when exactly right. and, you know, we'll stop coming back richard. it's been great talking to you on counting the cost many facts indeed for being with us. i in the us, the political battle continues. have a president joe biden, this decision to raise the minimum wage last month piping, signed an executive order, little increase it to $15.00 an hour for federal contractors,

making it part of his corona virus release package. but his opponent say that his policies a crippling attempt to revive the economy. l 0 is my cannot reports for washington . a d c restaurant set to reopen like thousands of small businesses around the country attempting to reset in the wake of the pen demik the minimum wages one such as dallas on t hoping for new beginnings as manage for restaurants recently reopened off to being shut and then sold as cobra, $900.00 raged. i'm very excited. i like being with people, but some are struggling to find enough workers to get the businesses going. and the drop in employment figures last month was seized on as evidence that the increased benefit payments removed an incentive to seek employment. democrats insisted on extending increased unemployment benefits to september of this year. and now we're seeing the result report suggests that many people are declining to return to work

because they can make more money staying home and drawing unemployment benefits. the argument in congress to that president biden is using the pandemic to force through his stated desire to increase the minimum wage nationwide. i think about sending things in my dash let's raise the minimum wage to $15.00. no one, no one working 40 hours away. no one working 40 hours we should live below the poverty line. the senate rejected an attempt to make a permanent $15.00 minimum. as part of the pandemic really full, a democrats crossing the floor to join republican members in voting against the motion introduced by independence sen than he saunders. so let us be clear,

and i don't think there's any debate about this. there ain't nobody in america, not in the north, south, east, the west who can survive on $7.25 in our federal minimum age. you can't make it 9 bucks. you can't make it on $12.00 an hour. that federal wage minimum was introduced by president obama in 2009. it only changed when president biden signed an executive order, raising the hourly wage paid to federal contractors. a drop in the ocean compared to instituting $15.00 an hour on a nationwide basis. the white house insists the pandemic benefits and the why the minimum wage issue are not connected. it also maintains that pandemic benefits are not the cause of dropping employment rates. insisting that many are still reluctant to risk public exposure and saying that the process of reinstating a stable workforce will take time whatever the reason there's no rush of

job seekers in the restaurant business at least say a little bit of a slow trickle. certainly, you know, it's probably always kind of difficult to hire and in the restaurant industry, but probably more difficult. now we're probably considering hiring people that we might not have considered hiring in the past year last worked as a shift in this hotel before being sent home in march last year, increased unemployment benefits. she received matched her previous wage off roughly $15.00 an hour and she is adamant people should not accept anything less. a terrible argument that i think that people are saying that you shouldn't, you know, you should be able, you should want to go back to work. but it's also saying you should go back to work with less and nobody should have the cell for that. underlying the debate about a minimum wage is the burning hope that things will get better at the time of empty

chairs and empty tables is past. one of the positive side effects of the panoramic has been the 4 in carbon emissions. 6.4 percent decline or 2300000000 tons is roughly double japan's yearly emissions against the backdrop. it may surprise you that the rate at which forests have been lost in asia, africa, and latin america has been pretty alarming. forest loss alerts have increased by 77 percent compared to the average from 2017 to 20. 19, according to w, w. f. germany. and despite china's ambitions to be a leader in the fight for climate change, its banks with a 2nd largest financial is of companies involved in deforestation. between january 2016 and april 2020 chinese financial institutions provided about $15000000000.00 in loans. that puts forests at risk chinese financial institutions

a distant 2nd though to brazilian banks, which provided more than $50000000000.00. well, joining us now, the vice guy from london has tom pick and campaign director for forrest and finance of the rain forest action network, which compiled those not this tom good to have with us. so china's president, cheese and ping has played up the country's role in sustainable development. yet, as we were hearing a moment ago, the country's banks are providing funding. the companies that put forests at risk, what's going on? well, like most countries, china is balancing the range of priorities, including security, objective, economic development, and global commitments on climate and by diversity. while these are caused complex issues, there is also a simple fact that chinese bang and b in national banking sector as a whole, continue to drive climate change before a station and right violation by lending indiscriminately at the client's in the agri business in life. so connected to the core station and yet china is increasing

and yet china is increasing its own stock. it's for a stock by $14.00 and a half 1000000000 cubic meters were intends to buy the year 2030. so is it a goodie or a bevy here? well, china made them impressive gains in terms of domestic reforestation and combating haitian, but china needs to urgently address global impact through it in the commodities like timber soil be from palm oil and the financing that the company's involved in producing and trading base commodities, which unfortunately routinely length the recitation, then right? so if china ever the part of the problem here is the fact that china just seems to be more willing than anyone else to make loans, to buy influence in poor parts of the world. well, dear politics does, of course come into the equip asian, but that's not unique to china. cost us and european countries pioneered the use of financial leverage influence to extract resources. and it's not just driven by

national interest. i think incentives, there are complex and bank client relationships very from region to region and commodity commodity. the chinese banks do have policies in place to restrict funding to companies that cause environmental damage. but, but something's obviously going wrong here because they're not being implemented. why? that's right, many chinese bank clients have very poor environments and social formats, which really there may china guidelines for the best men. and if they stand at the going to be mad, the signal needs to become more strongly from the central government laws. laws needs to be need to be strengthened. sanctions may be introduced against bank continue to lend the companies. but again, this problem is not just about chinese banks, major international banks. well, they continue to finance clients known to be linked to be so there is an ironman damage and social violation of the i don't say that while bank motive to maximize

profit is not surprising. what is surprising is the failure of financial sector regulators. if we're going to meet the global collar just about i am then government must instruct thanks to ship capital away from fossil fuel expansion and before station and then to renewables and sustainable communities control systems. something to do the right thing is simply not working right now. with the banks reflecting this issue by announcing climate august 30 years from now, which huge loopholes built in and just signed the wrong. the alarm bell that the world is like $1.00 degree warming. ready thresholds within the next, why did we simply don't need more 2050 target, some bank we need action now to edge and to important and to base the trust you bank and as far as the chinese money is concerned, if that money being loan, mostly the chinese companies who are operating abroad, well, the data shows that the money is going predominantly to chinese companies,

but also to other firms with the strategic control and interest connected processing operations that in china, of the $15000000000.00 us dollars, we recorded $68.00 sentence, those loans when south east asia are authoration 900 percent base and, and around 13 percent, brazil, most of that money appears to be going to southeast asia what for and is it being used for illegal logging? well, tiny thing, blending se, stager is mostly going into 3 fact is palm oil rubber and paper with the largest share. that being the paper factor that goes to into of, into major giant, controversial poking paper. a cma pro is that the has very strong length. and the family very strongly to be chinese banking divided them with billions. ready of dollars in credit on the players and mil relate to infrastructure. but

these 2 pope groups had disastrous. the impact on in nature as far as they continue to be involved in hundreds of complex with local communities. and the indonesian government implicated the fruits in being connected to the annual fire and have crisis which has been an environmental disaster across asia. tom, it's been really good to talk to you and counting the cost. many thanks. date for being with us. thank you. and that's our show. busy for this week, if you'd like to comment on anything that you've seen, you can get in touch with us. you can try me on a 2nd. on twitter, please use the hash tag h a c t c. what do you do? or you can drop us a line counting the cost of houses here, dot net is our email address. as always, there's plenty more few online, but i'll just here a dot com slash the t. c. that takes you straight to our page, and you'll find the episodes for you to catch up on. but that's it for this edition of counting the correspond. adrian again, from the whole team here and them all. thanks for being with us. the news on here

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i . this is al jazeera ah hello, i'm fully back people. this is the news. our on al jazeera coming up in the next 60 minutes, he led to cooper in less than a year. now molly's constitutional court has named colonel as me go. as the new entering president where live in go my in democratic republic of congo, where years of another volcanic eruption has led to a mass exit as forcing tens of thousands from their home. also this hour the remains of more than $200.00 indigenous children are found on the side of a former boarding school in canada.