go so i go along going to take out the title for the 2nd side. nobody wants to rest . i don't want tourist, i want the next one. i want the next success and i want the next title. of course we are. we are sad congratulate chelsea and we have to learn from days we will learn from the future. but the session this, the season was exception. 50 funds might disagree the chance to be back inside the stadium, also the chance to experience the pain, as well as the pleasure of supporting their football team pool reef al jazeera, puerto. ah, this is al jazeera, these are all top stories with african leaders, a scrambling to respond to the political crisis, and molly, on the colonel behind a military coup this week was named the new interim president. see me going to says hale attend emergency talks with west african needed on sunday. nicholas huck has

more from molly's capital. bama came he will absolutely attend this meeting. it gives legitimacy and credence to this latest move made by following the constitutional court that confirmed that he has been you, president of molly. but before attending this meeting, surely he'll also announce, and you prime minister, he's asked the, the opposition, the end 5 movement, the civil society movement that was behind the protest movement that led to the downfall of the president of our work, our k times august to, to to, to find a prime minister in tens of thousands of people have rallied across brazil to condemn the president's handling at the corona virus. pandemic demonstrates is called for the impeachment of general scenario, who's been criticized for repeatedly down playing the risk of coven. 19 brazil has reported more than 16000000 cove in 1900 cases. and 450000 tasks. schools and universities in 16 provinces. enough garrison have closed for 2 weeks

to cut the spread of the virus huffmans 240000 cases and 18 deaths on friday. and the country's biggest surgeon a single day with testing severely limited as concerned the true figure is much higher. neutral as in eastern democratic republic of congo, feeling fears of a 2nd volcanic eruption. tens of thousands of people have said the city of goma dozens were killed when africa was most active volcano, they were gone. go erupt it last week. and chelsea happy man says he one mill and force her to win the champions league for the 2nd time. i have that scoring his 1st ever champions. me go to give chelsea the wind. thousands of english fans travelled portugal to watch the game of the current virus restrictions were relax. those headlines. i'll be back with more news here on al jazeera. that's after counting the cost. me we understand the different

minority subconscious across the world. are you taking out era or bringing the news and current affairs? ah, there news news. hello, i'm adrian again. this is counting the cost on i was a theory. you'll 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 want to china. but india is rising, but it isn't afraid of flexing its muscle not happy with opec's production constraints, new delhi, as on the hunt for new supplies,

and financing for destruction of forest, china, pause, billions overseas saving and expanding its own forests. ah, the fastest growing economy has been gearing up to overtake its former colonial power britain to rank as the world's 5th biggest on somebody level of state was a huge matter of pride for india, which is part of the g 20 rich club, a rising power. the west's counter, the neighboring china india is the pharmacy to the world, and it was going to supply much needed vaccines. the world health organization for me to talk to power g y vaccines were a tool for diplomacy, but a deadly 2nd corona virus wave is revealed. cracks in india's growth story, as family is desperately sought, hospital beds, medicines and oxygen. government hubris was found wanting as 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 practiced on a bangladesh. it clearly shows that it's outs 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 spending now bring in the world, and both countries spending less than half of the world average. now india was in the throes of a prolong, slow down even before the pandemic struck more than 230000000 people sell it to 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 in ramadi 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 and economics from scrapping widely held currency

notes to the bungalow roll out of tax changes of largely been forgiven, but rocket encoded cases and deaths may finally be denting his popularity. people have taken a social media to 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 and delighted to say joining us, my skype from singapore is sherlyn shaw, senior india economist at capital economics. welcome to counting. the cost primitive 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 there 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 with more localized lot downs 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 has probably meant 2 things. one is that restrictions were much more 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 initially at least the cases jump very far.

but there are at least signs now, but the latest wave is being brought on the 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 flow? in principal? yes, i mean, the risk of a public debt crisis in india is to be honest, it's quite low. if you look at just looking at 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 but most of that is held within india itself. most of it is denominated in local currency. so if the government felt that it was in the interests you know,

supporting the economy to unleash the fiscal stimulus, then i don't necessarily see any, any particularly big constraints. and i think good the trust of the markets as well . if markets felt that the stimulus was going to be a want to support households and support thumbs to get through this crisis. whether we actually see that materialize, i think, is a slightly a slightly separate question. you know, the virus cases are now beginning to drop because i sharply that has coincided with a turning point, i should say in terms of some of the activity indicators the we 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 an additional stimulus package,

maybe less pressing 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's economy right now, and the lack 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 restrictions 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 other point that stands out is that the restriction just how much more targeted. so if you look at an 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 up 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 in port after china is india using it, economic clouds to diversify its oil supply. it johnny has not via skype from london is which it balances cross energy analyst at energy aspects could have 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 it in the already looked 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 india needs to it, import and given where it's located, geographically it be very,

very difficult for it to, you know, reduce or cut entirely its reliance on. even one of the big, at least in countries, less low, all of them. so it's, it's a kind of partial effort, and it's, i think, is much about signaling and trying to encourage saudi arabia no peck 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. well, 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. ready refinery projects, it can lock. ready in long term demand for its crude export and it can give itself a competitive advantage. one of the things. ready 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 it 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 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 disruptions caused obesity by the crisis going on in india, but also the hurricanes and so on. we're not seeing 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, indiana. i will not in the actually bachelor but making decisions about how much supply to produce. and i think the big goal here for india is to encourage jo packs to put more 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 the 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 it's, it's duca ambitions. exactly. in those, 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 dea, that's how much it was importing probably around in the past. so indian refiners

have been 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 health, yet that's a bit of a gamble because they can only actually volume rainy and oil, if and when us sanctions are ease. and while the talk seem to be going, well, we haven't got a deal yet. and even when we get deal announced that will be a delay before sanctions relief with kicking. so the refiners hoping that's going to come quickly for opec into saudi arabia. they are watching and they know that it influences that strategy. and it would create more competition in effect now this year or in 2022, depending on when exactly right. you know, we'll stop coming back richard. it's been great talking to you on the cost many facts indeed for being with us. i in the us, the political battle continues. have a president, jo biden's,

decisions raised the minimum wage last month's pipe and 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 you de la santee, hoping for new beginnings as manage off a restaurant 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 by didn't, is using the pandemic to pull through his state to 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. b, u. s. 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, bernie sanders. 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 or 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. the book here 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 of 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 should be able, you should want to go back to work. but it's also thing 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 pandemic has been the 4 in carbon emissions. 6.4 percent decline or 2300000000 tons is roughly double japan's yearly emissions against that 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 had increased by 77 percent compared to the average from 2017 to 2019, according to w, w. f. germany. and despite china's ambitions to be a leader in the fight for climate change, its banks were the 2nd largest financials of companies involved in deforestation.

between january 2016 at april 2020 chinese financial institutions provided about $15000000000.00 in loans. that puts forests at risk chinese financial institutions a distant 2nd though to the 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 be 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 some impressive gains in terms of domestic reforestation and combating haitian, but china needs to urgently address global impact through its import. the commodities like timber soil, be from palm oil and the financing of the companies involved in producing and trading base commodities, which unfortunately retain a length the recitation. then right? so if china ever the part of the problem here is that 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 pioneer 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 see best men. if they stand the going to be match the signal need to become more strongly from the central government laws. lower needs to be need to be strengthened. sanctions may be introduced against bank would continue to lend the companies. but again, this problem is not just about chinese banks, major international banks. well though they continue to finance clients known to be

willing to be serious environment of 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 tyler just about i am then government must instruct thanks to shift capital away from fossil fuel expansion and before a station and into 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 chinese companies, but also the 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 around 13 percent most of that money appears to be going to southeast asia. what for and is it being used for illegal logging? well, tiny bang, blending se stager is mostly going into 3 fact is palm oil rubber and paper with the largest share of that being the paper factor that goes to 2 into major giant, controversial token paper agency. and april is that the has very strong length and the family of varies from linked to the chinese bank and divided them with

billions. ready of dollars in credit on the boston players and mill relates infrastructure. but these 2 pope groups have had a disastrous 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 groups in being connected to the annual fire and have crisis which has been an environmental disaster. asia, tom, it's been really good to talk to you on 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 treat me on a 2nd. on twitter, please use the hash tag a j, c t c. when 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 of you online that i'll just hear a dot com slash c t c. that takes you straight to our page and you'll find episodes

for you to catch up on. but that's it for this edition of counting the cost on a tree and again, for the whole team here and them all. thanks for being with us. the news on al jazeera is next i bitcoin block chain and crypto currency, disruptive technology join with me and introducing a bill to outlaw crypto currency, all the way to a fair, a financial system with big, open for software because we don't want money developing a government award winning filmmaker toast and huffman looks at all sides of the complex crypto. crypto bit going look, changed in the internet on our sarah a weekly critique of the story. picking the headlines, the news media have been left to sort through nick messaging on a quite complex story from mainstream to street journal is been main objective,

is to get me to send it to the wall to show them what's going on. exposing real world threats to activity, often they return to moscow and neck and tunnel. the people were arrested. the listening post covers the way the news is covered on a jazz ah, west african leaders summon molly's interim. precedent for crisis talks on the coup with an acoustic ah, hello, there are kyle, this is alex. is there a live from dough? also coming up, the 10s of thousands take to the streets of brazil cooling for the president to resign over his response to corona virus.