happened in 2025. by then better roosts will be further tied into russia as always, whether or not people liked it, will re challenge. now to 0. worn everything we're covering right here, algebra dot com. you'll find up plenty of comment and analysis star as well. it takes you behind the headlines. ah, just a quick look at the top stories, the sound now and lebanon, finally has a new government. the country is still facing multiple crises. the new cabinet is led by prime minister designate the gym. g mccarty, lebanon's richest man. it was vowed to save the country though he will have to fix an economy that's in collapse. more than 80 percent of the population is now living in poverty with food and electricity, expensive and guess the government can't afford fuel to power generators, which means crippling shortage is threatening to shut down hospitals. bakeries and

the internet. is there any police say they've caught 2 of the 6 palestinian prisoners escaped from maximum security jail on monday they were captured on mount precipice. a christian holy sign in the city of nazareth for others still on the run after digging a hole. busy and breaking out of the prison high for the admiral sir is reporting in the israeli media. firstly, the names of the 2 men. they are young. oh, country and my food out of day, both for palestinians. i mean, she had the latter of those 2 reported to be the recently to the mastermind behind this escape. and these is really media report suggests that in the nazareth area they were spotted either or both looking for food and bins or asking local residents for food that is the reporting from the israeli media at least. and it was after that that is where the security forces moved in and arrested them. a

group of west african envoys of hell talks with guineas, new military rulers who are under increasing diplomatic pressure. the mission from the economic community of west african states met with the deposed president alpha conway as well, and they've demanded that he'd be released special forces soldiers behind the crusade, they ousted him because of widespread poverty and corruption on the united nations as condemn what it calls the taliban increasing the violent response to journalist and peaceful protest. as the statement comes a day off to to afghan report to say they were tortured by taliban forces for covering a protest. the un also warned against the use of fastens and whips on protest and live ammunition which killed several people counting the cost is the program coming up next tuesday with alger there. there will be more news from doha. after that for now. the taliban has taken control of f. kennesaw on 20 years. also it was supposed from power the country now faces

a new reality. how will that impact the people? it's events on falls in the world re f. stay with the latest news and analysis formats going on. no, i use hello. i'm mulling by this is counting the cost on al jazeera. you look up a wealth of business and economics this week. remember bricks, they were meant to transform the global economic order, with the exception of china, brazil, russia, india. and then later on south africa been a disappointment. we'll take a look at why and question how long before emerging countries can realistically think of playing that north atlantic older. also this week, zambia,

the 1st african country to default on its debt. in the panoramic era, bought a new president has invested clamoring for a debt, even as he warned they could be a big hole in the finances than originally and ship shortages could not millions of dollars from also make a sale. and that's not the only challenge they faith. we talk to the chairman of de la about das, disrupting the most industry. ah, 2 decades ago, the investment bank, goldman sachs, came up with an acronym that was supposed to shift the economic balance of power bricks. that is brazil, russia, india, and china would over time come to dominate the rankings of the wells, which is the economies that was good reason to be optimistic. big growing countries which collectively represented 45 percent of the world's population. the leaders began to hold regular meetings. they started $100000000000.00 development bank.

they even invited south africa to join the club to complete that acronym. bought 20 years on the group has really failed to live up to its author, expectations. well, most of them take a look at this just on g d p basis. china has stormed ahead with cumulative growth of almost a 1000 percent since 2001 that's almost double the gains india has made. and you can see south africa that lagging way behind the others, brazil, russia. now this is growth. during the pandemic, china managed to make a strong recovery, 2.3 percent to the good in the, on the other hand, had a terrible pandemic in so many ways. everyone else on the list offered to, i'm find me this chart. these are the top 12 economies back in 2001. china is ranked at number 6. brazil sits at 11. you can't see india and russia,

but they all in the top 20. and this is the top 12 in 2020, china's jumped 5 places. now the 2nd biggest economy in the world, india climbs up to fix place while brazil drops out of the top 10. so let's go through the brit countries in a little more detail in the 1st of all. and even jim o'neil, the economist who coined that bricks acronym, has acknowledged it have no simply disappointed in recent years. after theories of missteps, by prime minister nor in de moody, he abolished the most commonly used bank notes. failed in his promise to create $10000000.00 jobs a year. and any hopes of creating a 5 trillion dollar economy could be pushed back by the pandemic. the knock on effects of covet, have seen millions of people in the middle class drunk back into poverty, brazil and russia, while they are far too dependent on the wells commodity cycle for their development . both missed grace targets in the last 10 years,

with russia's troubles compounded by sanctions over the annexation of crimea. and his interference in the us elections. and finally, the south africa, the addition to the bricks, while on the 9 years of president jacob zoom as rule, i must, $13000000000.00 was allegedly looted from the state. his imprisonment for not cooperating with the corruption inquiry has led to riots. but already there was so much anger in the country where unemployment sounds out of record 34.4 percent. okay, so let's get into all of us with edward gloss up on sky from london edwards, the emerging markets economist at aberdeen standard investments. welcome to count, take the cost that jim o'neil has joked in recent times that may be rather than bricks. he should have coined the term ex was the right to highlight the growth potential of these nations. i think he was obviously in the 2 thousands the brick

economies i think, did live up to those lofty expectations, rapid growth, structural reforms, host over the past decade service. it's been very disappointed in the past decade, pumped join who traded by crises. obviously we had china evaluation phase crises in brazil in russia, so it's not been a great last decade for sure. so what went wrong for priscilla? russia? why haven't they hit their full potential? i think it's a combination of things over the external backdrop has become much less favorable. commodity prices have have collapsed and they've rebounded more recently, but they're structurally much lower now. of course, domestically that they have had problems as well. so and so those big corruption scandals that hit hit various presidents and then of course in most you've had, you've had sanctions which are really crippled the economy in financial markets to where they ever really a proper block. because they did meet regularly. they set up an infrastructure bank,

but it also feels like they were kind of thrown together. yeah, i mean, i think they all, they'll still meeting regularly or annually at the conference, but i think i know these me can tend to generate very few headlines and very little substance. so i think it's more than the kind of big fat piece and know the case where where be the major event there are many craig, much of a major substance. so what are your thoughts on china now going forward? is it just going to continue on this trajectory of continuous growth? but there is up to 2 main questions from china. really, one is kind of near to one and wanted longer term was of course, as, as with most ems is still grappling with with cove. it and in particular is 0 cobra approach. the crisis is really common under scrutiny so that there is a question mark about how paul is to make his move forward with, with the coven policy, and whether they, what they relax,

that policy. and then the 2nd one is just more generally kind of the extent to which structural growth is slowing. you know, always seeing, we've seen very weak growth numbers and over the past few quarters, how much about cyclical? how much that stuff through. and if it is to show how to policymakers actually start to talk to really boost growth from hair post cove it. what about time is push the common prosperity. that's not trillions of the valley of stocks. yeah, i mean, i think, i think this, this, this column prosperity, goal is so many policies and that kind of come along. scientists think one of the main challenges for china is obviously of the to regulate to means it's crazy. massive ripples and fines for markets. and the key question, as always with chinese policymakers is how did a structural growth and how do they, how do they kind of limit the funds for one abilities that may be growing on the surface while also trying to trying to be found. i'm preventing kind of moral hazard and why the financial system?

what is interesting is that all for original nations also were led by populace leaders. now clearly some countries have suffered. but what does that tell us? well, i think it tells us the pop populace can popular has good size and bad size under the external environment. populous problem can be good hanging in the word. there's nothing inherently bad about having popular policies. the problem is that when the external backdrop becomes on favorable or when you have extra micro vulnerabilities, then populists can often create funds for market volatility because they continue to continue to use populace policies can exacerbate these economic abilities. so i think it's all about the context and turning to india. what do you make of movies handling of the pandemic? how they lived up to expectations, because he hasn't delivered on his promise to create those 10000000 jobs yet. yeah,

i think obviously covert has, has, you know, to say the least span or the works of promise i think mode is handling the pandemic has, has been weak, but not necessarily any weaker than policymakers elsewhere. you know, looking, looking at boston are, for example, in brazil, i think the key, the key task now for the government is to really ramp vaccination race because places like brazil and, and china have really done quite well on the back nation campaigns in india. and i'm also south africa has really struggled on that for that. that is the key task promoting his government at the moment. and we're good to talk to you at gloss up speaking to us from london. edward is the emerging market economist at aberdeen standard investment. the news el salvador has become the 1st country in the well to adopt bitcoin as legal, tender. the president has declared that the future for the country, but economists

a warning that using the volatile and unregulated crypto currency is a risk. john holman reports from a launch a stuffing town where bitcoin pilot projects could forecast for head. this is where are some of those big coin experiment? the gun? it was on a small side with 3 years ago in anonymous donor, a local people digital. well, it was the crypto currency. now the country is expanding the experiment nationwide . and so with those about to become the 1st country in the world to use big coin as legal tender, it will run. it's another option alongside the current currency, us solar. we travel twelves on tape to find out how the pilot program is gone and what it could mean for the rest of the country. we found plenty of, infuse, just like 70 percent of people in el salvador doesn't have a bank account. he's big coin. well, it's a way for him to put some money aside there, but i have a low income. i don't move much money. the little i have,

i spend on food. so with bitcoin, i can save up and that's the big coins. growing up in value is seen as smooth savings. great to the problem is the big point swings down as well at times. heavily. other people here are set up with that. is it easy? it's tough because it's unstable. for example, if you take a surf class and pay with bitcoin, i can accept it. the next day it goes down and there are losses for me. it's the same for the bar, the shop everywhere. and imagine that volatility nationwide, and one of the poorest countries in the americas, it can make the government's decision, seemed like a blind bet. a recent survey shows many people here might not take that to 3rd say they don't want to be paid in big coin. and the facilities, the government hardly putting together for the new currency might not convince them when you want to cash out your bit quizzes, the actual dollars. you have to use one of these special atm and the governments as a setting up $200.00 of these across the country. so let's see. do this.

ok, and then the money should come out. the only ticket here is that these actually charge about 5 percent of commission to do the service that's already been enough to put of someone else on why not just use dollars. one group who might see the benefits of the system, commission, or know a criminals who will see an unregulated state sanction currency. that has been one of the advantages of bitcoin as deanna and emitting, but for regulators. that's one of the risks. so the worry is that el salvador turns into a fiscal paradise for those who want to launder money from drugs or corruption. the president has been emphasizing the positives big coins will bring jobs, financial inclusion, and investment. he says, especially as salvador will be the 1st to use it. the question is, will the country become a trailblazer will simply sink john home and how does it say el salvador?

let's move to zombie now, which became the 1st country in africa to default on its debt g to the pandemic, zombie as problems pre date, the pandemic. and a lot of that has to do with dependence on copper prices, tanked and africa. the 2nd biggest copy exposure found it difficult to meet its payments. and the government's been spending more money than it's been collecting in revenues. but in the last 2 weeks or so as currency in bond markets have been on a tier and that has a lot to do with the election of hockey and h l. m, as the country's new president, his finance minister hope to strike a deal with the international monetary fund for a loan was ambia have debts of about $12700000000.00. the international monetary fund could provide $1300000000.00 in loans, but they are long term problems. the currency,

the quote ger has depreciated 344 percent in the last decade, which is sent inflation to almost 25 percent the highest into decades. gregory smith is with us now. skype from london, a former, well, bank economist in zambia, an author of the book where credit is due, how africans debt can be a benefit, not a burden. and he, thanks for joining us on counting the cost. mr. smith. so where did it all go wrong for zambia? is this another case of the resources car design be an economy? it's been under real pressure the last 5 years and hasn't changed as much as it's potentially suggest. so wouldn't say it's all gone wrong, but there's a big mess and a lot of effort needed to turn the economy around. and it's true that the zambian economy is very dependent on copper. but the notion of the resort curse to me sort of spells a sense of doom. and i'm an inevitability of challenge. but i think the ability of

zambia to produce copper is also a huge opportunity. and as the world moves to net 0, we're going to need a lot of copper. and so i think zambia can work with the resources, it has and produce much better economic outcomes for citizens. while the currency and bond markets are clearly liking what they're hearing from the new president, are they getting ahead of themselves? with the result of the election, there was a huge boost in confidence and both the zambian quite a rallied as did the 3 bonds ambia has that trade on global markets. and since then the euphoria has tape it a little bit. and i think while the, i think this is sensible because anyone buying those bonds knows that they're in d for the interested in being paid and what investors are doing, they're looking at the price of the phones versus what they think they will recovered. and eventual restructuring. so i think the next bit of confidence would come if the government can get the right people. and we've seen some announcements

of the cabinet so far and they look good. but then next is the policies. these ministers come up with the, the national budget bill set the, the fiscal city for next year. and then from that we can work out whether they might get the support at the international monetary funds. the new president has warned as possible, more debts than have been declared. how worried you about those? yes, i'm always worried about that. i analyzed that so many different countries and in my book i writes about how it's very difficult to define debt. there are many different measures and it's, it's, it's a complex matter and one countries measure is different to another. i think the different states that some people are arguing over what, what that is dispersed actually has been paid and what is contracted. so when you get the numbers from the ministry of finance, you get one number. but if you add up all the different projects you've read about in the newspaper, you might get another number. and the other difficulty is where what to include in the. ready the nash debt view includes state and enterprises like electricity,

utilities, and things like that. and if, for example, in zambia, those have huge assets like hydro, electric dams but also debts. and it's a decision whether you put that on the government balance sheet or not. but then what we've seen over the last few months is the government, the form of government that was voted out just now, or hugely on domestic market between april and june and the run up the election despite already being in before that that's. so that's a huge mass to unravel. there is always a tail risk of hidden debt as we very tragic the story most m b, but that remains a tail risk and for many countries. but i think the biggest. ready problem with that stocks is working with what definition is each person using intends to in order to reconcile the numbers properly. now, one less resources in africa, we often find that china is trying to influence to power phrase your book, a benefit or burden. there's all sorts of chinese engagement in africa in trade,

in business, in diplomacy and also a huge scale off of lending chinese been lending to zambia since the 70s. it started with a very large railway that would link zambia copper mines to doris alarm on, on the engine a she coached. and so we got a long history of this, but it had scaled up massively in the last 10 years. and that's why it's a whole chapter of my book is dedicated to china's lending and it pops up all the way through in the different chapters. and i think when i look at chinese landing, i've lived in zambia and travelled around the country. i see some wonderful projects at one end, some, some dams that will produce electricity and in a carbon free way, and the other end of the spectrum barrel. there are roads to nowhere and there are expensive projects. so it's very difficult because there are many different chinese lenders and many different chinese types of loans. china is also evolving as a lender. it starting to provide relief. it was doing that before the covey pandemic can you see kenya and then go to and since the pandemic,

it has been providing debt suspension. the china is also changing as a lambda. gregory smith, really interesting to get your thoughts, gregory a former well bang economist in zambia. thank you. finally this week you might have heard about a global shortage of semi conductors. the chips which operate all sorts of electrical products while as a result comic his sounds lose billions of dollars in sales this year is estimated . $3900000.00 cars will not be made, or that's almost 5 percent of global production, which will wipe out sales of a $110000000000.00. even so the flashy car shows have started up again though even they are evolving. andrew simmons went to look at some notice in munich, 2 years without show when now europe's biggest comp make a germany takes center stage asian gentlemen. the idealized lots of razzmatazz and not a gas guzzler insight. here attempt to come a nurse of around 808000 german workers,

dependent on the car industry was the outgoing german chancellor on this upland and conduction on we want to pick up where we left off and allow the economy to really catch up again. this can already be seen in the motor industry, even if some supply bottlenecks are costing shadows at the moment. those shadows take some of the shine off electric car sales. the weakest link isn't range anxiety, your recharge infrastructure. it's the chip. many millions of desperately needed semiconductor microchips to be exact, it's serial. i mean, there are manufacturers that have to stop certain production lines because they're missing out on the p o that they have to built into the car. and this will go on for a couple of months while the motor industry itself is doing really well, the shows to promote it, have crashed, cancellations, because of covert have cost organizes more than $40000000000.00. even before the

pandemic, the shows were losing money. so now, although at 1st sight you might not realize it, there are changes. it's shiny, it's new, futuristic, contemporary. but you might be forgiven for thinking. this is a ca show. the organizers say no. a make over is underway. corporate consultants have dropped the word car from the events name. it's now a mobility show and the consultants have come up with what they think. a catchy questions. what will move those next, for instance, maybe this or thomas bus, or for those of us old enough to remember the bubble car. this one has its own brain. all electric motorcycles powered pedal bugs. another question, why are we here? well, many big names from the united states and elsewhere didn't show up to answer that. the electric car is secure, the road ahead is green, but for the mobility shop,

the future may not be as smooth run. andrew simmons al jazeera munich. well, in addition to that report from andrew all economics editor, i bet ali had the chance to speech the chairman of daimler, better known as basically mercedes. he art or le colleen? yes. about. among other things. the electric challenges from the lives of tesla and china is nia. we are accelerating our path towards full electrification. and indeed, by the end of this decade, we wanna put the company in a position where we can go all electric, where market conditions allow and already at the middle of this decade, every new vehicle architecture from mercedes benz will be electric only. and on the path to the dime us a hole in the next 5 years will invest more than 70000000000 euros in these transforming technologies to make it happen. you mentioned the electric architecture and there are going to be a lot less moving parts,

particularly in the engine. what will that mean for jobs? there will be a change in profile on some jobs throughout this transformation, this decade into the next decade. where some of the jobs that we know on the power train side on the combustion production will decrease. whereas we have job increases for the electrified power train or in totally different areas. such a software where we are currently hiring thousands of software engineers pandemic has really hurt supply chains in particular semiconductors. when will the bottom that clear up and what does that mean for production? coded 19 has been a real stress test on many supply chains, including the semiconductors which is affecting us. now, you could maybe look at it as a traffic jam on the motorway. everybody's stops and it takes a while before all the car. so moving again, we hope and believe this quarter 3 represents the trough of the impact

and we can gradually start getting back up again in q 4 towards more normal production levels. do you think the use desire to produce more chips in europe is realistic and beneficial. would have helped join the pandemic strategically. that is the right decision. but this here we're talking about something kind of 25 or beyond what you can do and foresee. and this is where you have to live with a certain level of uncertainty. the recent shutdowns have been because of cobra. what tests affected us most are shut down in malaysia. if you have a panoramic where you have to shut down a piece of production, i don't know how you would plan for that. do you have the battery capacity to deliver your ro lights treat cause we have source radar partners up until the year 2025, maybe beyond 2025. now we are accelerated strategy in 2 electrification weighed

200 gigawatt hours needed by the end of the decades. going fully electric were upping the ante and were discussing with our partners how we can increase the cell production footprint for us around the world. as well as working on a european initiative in this regard as well. all colonies chief exec to mercedes. thank you for your time. thank you for having me. that is all shy for this week, but i want to know what you think and what you want to see on the sweet o d a. make money on. if you're tweeting the, please use the hash tag a j or email maria thing counting the cost that out there at dot net is addressed. and there's always more on line that's out there a dot com slash counting the call. i'll take you straight to our home page, all our previous episodes are up to catch up. but that is it for me for this edition of counting the call time money bite from the whole team. turning up the

need to know they're coming up next use around one percent of electricity globally is consumed by data centers, many of which provide remote storage facilities or what is also known as the cloud . i'm in no way to see how one center is honda thing. the energy of the fuel was to stole our digital information without a heavy comp and footprints and i'm russell beard off the north coast of the u. k. where the global green energy revolution, taking on a new elements earth rise on al jazeera al jazeera, recounts the shocking story of the assassination of counts full cabana dot. the 1st you an envoy, trying to bring peace to the middle east. how is negotiations with himmler helped save thousands of jews from nazi concentration camps and how these mediation skills put him at the vanguard, and the quest for peace in the middle east?

killing the count on al jazeera ah lebanon gets a new government after more than a year of political dead. critics say reviving the economy will be an uphill tar. ah . hello, i'm hadn't think that this is an agency in our lives and also coming up israeli police catch 2 of the 6 palestinian prisoners.