cations involving the former king juan carlos. they were looking into offshore accounts and possible illegal payments, links her high speed speed rail project and saudi arabia, prosecutor say they couldn't find any evidence that could be used in the case against the former monarch king juan carlos was protected by immunity. up until his abdication is his ago. ah, this is our desert. these you top stories. russia ministry says is taking control of the southern ukrainian city of cason. a man says russian troops on the streets, you crate and officials earlier deny the city had fallen. the mayor of another port city multiple as reporting mass casualties after what he described is 15 hours of continuous bombardment by russian forces or similar reports from ca keep in the northeast. ah,

ukrainians continued to show their resistance with one group of citizens taken to the streets of the eastern city of style bourbon skin. similar price as have taken place across the country with some activists trying to block russian tanks. and the un general assembly is voted overwhelmingly in favor for resolution demanding that russia withdraw its troops form ukraine, and on binding resolution deplores the invasion, but doesn't condemn it. you as president joe biden says, a number of countries that supported the resolution shows a well largely united against russian nation to condemn 241 countries wrote to do that and you in general shall several, abstained. china abstained, didn't. so did role with him, but upstanding india stay 7 countries of state. i think it was the

number there alone and they did, but they didn't my view. he did it because he thought he could split nato, split europe and split the united states really demonstrate to the whole world. no one can split this culture. landon's chelsea football club has been put up for sale by is rashana raymond and brother bache who says he'll donate the proceeds to help all victims. rebellion has been on the prussia to denounce russia's invasion. they have been also calls for the british government to add and from a bitch to its sanctions list. he has own chelsea since 2003. i'm helped turn it into a trophy winning side. okay, there's the headlines. nice continues here out there, out counting the cost i ran home to over to 1000000 street dogs. many in a terrible state al jazeera, well for those,

those have to say and the remarkable journey to rescue lady august all the way you have a good role with which takes an unexpected very difficult search for her. yeah, these are very straight analogy 0. ah, ah ah, ah, ah hello, i'm money inside. this is counting the cost on al jazeera, your weekly look at the world of business and economics this week, limping from one debt crisis to another argentina town. so the international monetary funk to restructure a 44000000000 dollar bailouts, but r i m f loans,

a financial rescue, or do they have nations in desperate need? also, this week the financial institutions accused of stealing the climate crisis. and the report says, banks have channeled $1.00 trillion dollars to cold, alone since 2019. so will lend us ever quit the industry. and global warming is threatening the polls drinking water security. the south asian country is known for its heavy rainfall, but precipitation is faltering. so how of farmers tackling the thirst for irrigation ah, argentina is latin america's 3rd largest economy. but during the past 70 years and has endured one financial crisis after another, one of the main problems is it's board too much money to cover its own public spending. that's included loans from the international monetary fund,

which it hasn't been able to pay back most of the time. but again, it's now looking to tango with the i m f. the government reached an initial agreement with the international monetary fund to refine us more than $40000000000.00 in debt. last month. the deal ames to revamp a $57000000000.00 loan deal, agreed back in 2018 which argentina panel pay. and it would give the country at least 4 and a half years grace period before starting to pay back its debt. but the government would have to be slowly reducing its fiscal deficit and cutting the central banks, financing of the treasury. but many people in argentina oppose the deal. they say austerity measures imposed on the country by the i m f. have led to increased poverty. inflation. is that over 50 percent? and many people can't afford to buy even basic goods. the central bank raised borrowing cost to 42.5 percent more than 2 weeks ago. it's 2nd rate hike this year

in an attempt to bring down the cost of living. teresa reports from when, as aires. oh, it's a culinary hot spot in the central market of when a site is and people here pride themselves in cooking the best spanish or b as in the city. but with the countries inflation rate at 50 percent. but the seattle lydia ileal says she has to make a next re for each month to keep the business going out of the not a sequel margin. tina is a disorganized country, but we learn to serve to situation. it's a constant challenge, the learning experience or products are very good quality, i don't want to reduce quality. so what i do is try to sell as much as i can. so again, in quantity and don't have to increase the price as much. the government has been trying to regulate the rising prices with controls and other economic measures, but it has not succeeded. inflation have been a problem for arden kinds per decade, and that's why people implement strategies to protect their income in this market.

for example, waters need once a month to agree on the price of certain cuts and they promote those prices. in car voids like this one, the problem we're told is that this among the price of fif went up around 7 percent . so now they have to change this cardboard once again. jose luis hello now owns a butcher shop. since epidemic beef consumption has dropped significantly and he's still trying to recover from the economic impact. boiler grammar is the beef culture in argentina is a huge with barbecues. every weekend, what we see is people not eating as much be flagged before, and they argue to poke and she can insert it, ah, inflation for it is the government to guarantee that salaries and pensions increase to keep up with a constant rising prices. protest like this one show, it does not always work. argentine and international monetary fund, or in financial talks to negotiate more than 40000000000 in debt to target

inflation. but economy say the fight to control rising price is won't bc for bike or argentina. there are several factors that have an impact on inflation. that's why it's so difficult to talk. lou on as there is an integral plan that attacks all those causes of inflation. it's like a monster with a 1000 heads. argentines have gotten used to living with inflation and many have found ways to survive it. but it's a vicious cycle that has heard the countries chances of achieving long lasting economic growth. that he said, well, i'll defeat it, went off heidi's. to discuss all of this on join now by humana, blanca research director and head of america's risk insights at various maple cross . she joined me from analisia in spain. thank you so much for your time. now. the principal job of the i m f is to bail out indebted nations. so why are so many people in argentina against the i m f? well, i mean, i think we need to take a historical perspective for that right?

argentina nearing to dust and agreements with the i m f and the country is still stuck in, you know, cycles of boom and boss. so there's a lot of concern, you know, lack of trust that an agreement with the i m f a will actually deliver the results it's expected to deliver. now interestingly, the most recent polls show that a small majority of people, so just over 50 percent, actually want to reach an agreement. the question comes about what's in the detail of that agreement, and that's where people are a bit more concerned. okay, we'll talk about the diesel in, in a sec. but what's interesting is the, i'm f itself has criticize the deal and made with argentina back in 2018 when christine, the god was the head of that 40. what does that tell us? well, i mean, let's just put it this way, right? this is the largest lending facility that the m f has extended to a country, right? argentina loan. and so it's not only argentine as problem, it's about, you know,

the i m s. credibility and about the credibility of it's due diligence and how we decided to land. and of course, there's been a lot of criticism about political interest at the time. right. and i, so i think the i m s own criticism. all it self criticism has to do with that, right? recognizing that it also had a duty to make sure it was lending to a country that would be able to pay it back eventually. so in lysis or all that, what do you make of this current? re negotiate to deal with the i m f? is it going to be more palatable to argentinians? well, i mean, this is the problem, right? we don't really have the details quite yet. and what we have seen so far means that pain is on the way. the reality is that pain will be on the way for the argentine economy regardless of what happens. an agreement with the i m f could be less painful than the alternative of having no agreement and going into

a default in march, which is the alternative that argentina was looking at, right? because that would actually mean a currency crisis. you know, it would mean also higher inflation, which the countries already breaking, you know, records on. and it would also mean the economy would go back into a contraction, right? instead of growth. so the agreement with the i, m f is, is needed, right? and politically, in the country, it is very controversial. and so the pay the past will be painful. the question now is, what degree of pain will argentina have to undergo over the coming years? and is it able to cope with that pain, socially and politically? much of the countries debt burden is inherited from the previous government is argentina's problem political? well, i think i can see the problem is structural right, because that, that is inherited from the previous government, which took out that to pay that inherited from the government for that. and we can

make that change going back to the 19 seventy's and the last military dictatorship, right? so the main problem for the country is that it implements government policies and not state policies, right? and so structurally, when there's a change in government, there tends to be a sudden change in regulations, in rules and policies. and we don't see like we see in other countries in latin america, particularly you know, other emerging markets in america that have overcome that challenge over the past 2 decades. and have decided that certain economic principles are state policies and do not change overnight when there is an election. right. so i think argentina now has yet again, the challenge of overcoming the swings and policy that characterize the country. and if it doesn't do it, then we will probably be talking again in about 2 or 3 years time about the argent time restructure with the i m f and private bondholders. so fundamentally what

you're saying is argentina is in a financial black hole and has been for a long time and it doesn't look like boring from the i. m f is helping sold is problems long term. so what is the real fix? well, the real fix would be, for example, if, if i put it in the terms of a family right, argentina spends more than it makes. right. and it does that every year. one of the 1st things that we'll need to do is actually start living to its means, right? and to do that, cutting energy subsidies will be the top priority. because 90 percent of the countries fiscal deficits stems from the government actually subsidizing energy. and this is, you know, it's quite interesting because argentina is sitting on one of the world's largest gas reserves. yet this year it's important gas during the summer months. mind you were currently in the summer, in the southern hemisphere. they're important to us to be able to generate energy

for industry. so come winter and you have a larger deficit in gas that you're importing. more in, this is draining hard currency. these are the structural things that aren't intended to resolve. and we sold them for good, right? and this is not going to be easy, it's going to be painful and it's going to be a regulatory challenge that the administration will have to overcome during the current year. and do you think the current administration is up to it? well, i think that coalition has, of, you know, very, a very difficult situation at the moment, right? there's infighting within the collision. so a president fernandez wants to deliver an agreement because the alternative is dire for his administration and his potential reelection bed. but his vice president, christina kitchener, leaves a fraction of the condition that is out of man's and to say publicly that this is of any deal with the i. m. f is a bad deal and that they're not willing to cut on energy subsidies at the rate that

the country needs. and that they would like to be able to continue spending on social programs by expanding the monetary base. that's just simply not sustainable . so i'd expect that at some point this year, latest of the dinning of 2023, we will see a breakup of the current rolling coalition in argentina ahead of next year's general election. so what happens now to the current deal on the table with the m f, will it just go through as it is and, and doesn't matter that the i m f has thought to bad reputation with the people of argentina? well, i think there's 2 parts to that, right? first, that needs to go to congress and there it is likely to go through. but as i said, not without significant tensions within the ruling clinician with the opposition saying that, you know, they're open to look into the details of the agreement and supporting a sustainable agreement so long as it is supported by the entire ruling coalition.

and this is the key factor, because no matter what happens with this deal, this isn't a repayment plan that is going to be resolved in the next 2 years. so whoever is the next government be it. but current coalition or the opposition, they will need to be in agreement that they will maintain the terms of this agreement. the 2nd part is, you know, the, the, the country is already experiencing a slow down of the economy recovery, argentina's economy is not going to recovered to pre plans and make levels until the latter part of this decade. if it reaches pre pandemic levels, then the countries looking at 2 last decades back to back at the moment. so for people, you know, the i m f agreement. it's more of a theoretical debate. it has to do a lot with purchasing power, how inflation is hitting them, and that will be the key challenge for the government. jimenez blanco, research direct and head of america's risk insights of various maple cross. thank you so much for your time. thank you. ah,

coal is still considered the worst alita of all fossil fuels and getting rid of it is crucial to combating global warming and climate change. but money speaks louder than words and a new study by $28.00 non governmental agencies found that major banks pouring vast sums of money into the coal industry is the 1st update since the cold $26.00 climate conference was held in glasgow last year. oh give alden, reclaim finance, alongside author and geo say financial institutions channelled walden, $1.00 trillion dollars to the coal industry, between january of 2019 and of them, but of 2021. more than 80 percent of the funding came from 6 countries, only. they all, the us, china, japan, india, canada, and the united kingdom. barclays and city group are among the top 10 highest lenders to over 1000 firms involved in the coal supply chain. bank of china,

bank of america and japanese firms took all the top 3 spots. the india is also say only 12 banks accounted for almost half of the total, $363000000000.00 in loans to the call industry in the same period. now 10 of the so called dessie doesn't lenders are members of the u. n's net 0 banking alliance, and industry lead initiative committed to aligning their portfolios with net 0 emissions by 2050. and the report says, underwriting now accounts for the biggest share of funding for coal clients. the purchase raises investment or capital companies by issuing bonds or shares on their behalf and selling them to investors. the engineers also blame investors for keeping fossil fuel projects afloat. they say at least $5000.00 companies own combine holdings, earth,

more than $1.00 trillion dollars in the coal industry campaign to say there were such should be considered a benchmark to assess the promises made at cop 26 may to coal dependent nations pledged at the un talks for the 1st time to phase down on coal fired power generations and inefficient subsidies for fossil fuels. the amendment of the pat terminology to phase down rather than phase out as race concerns. amongst campaigners it would create a loophole to delay climate action. but it's not just cold receiving lots of cash. europe's biggest banks of pumping money into new oil and gas production. despite those pledges to reduce emissions analysis by the campaign, group share actions show. the $25.00 banks have provided more than $33000000000.00 in loans and all the financing to at least 50 companies. hsbc put almost $9000000000.00 into new oil and gas in 2021. while barclays put in at least 4 and

a half $1000000000.00 deutsche bank loans, almost $6000000000.00. the fossil fuel johns receiving the funding included exxon mobiles shall be pay and saudi romco while the banks have insisted they all committed to working with their customers to achieve a transition towards low carbon economy. while all john's exile know bill has said that the international energy agency on the u. n's into governmental panel on climate change, agree that significant investments in oil and gas is still needed through to 2050, even in a net 0 scenario. net 0, of course, refers to estate in which the greenhouse gases go into the atmosphere a balanced by the removal out of the atmosphere. let's discuss this further with the market strategist and former economist at city great. mark fulton, who's also the chair of the research council of the carbon tracker and founding

partner energy transition advises he joined us from new south wales in australia. thank you for your time, sir. who all the biggest finance is when it comes to investment in coal and other carbon intensive fossil fuels. but essentially, i think if we take coal, i think it's important to step up a level and look at the countries involved. and it's a very good piece of work, the global energy monitor, jen, the points out that really it's the chinese lead the financing world, followed by the us in fact is important source of financing, followed by japan, south korea, india, and indeed russia is on the list i don't tell them bell lead, stay on the list. but essentially those countries of the source countries, china being very critical to that. and i think again, if you look even higher up behind that, why is that? where is, where are the planned co, 5 stations still coming. so if we look at what's planned out there and pre

construction, and they call it was about $280.00 gigawatts of coal. still planned. and that's on the base of 2100. so it's 10 percent existing colfey that's, that's a lot. so that is that is way too far to interrupt. you said this is cold waiting to be financed. does that mean an increase in funding? right. well, as i say, what it is is co plan side. the plan, pre permit to don't permit the cold. and essentially some of those a way before fighting financing, a lot of them will get, we'll get cancelled in on few because they just don't make sense. but some are thinking, financing at the moment, for sure, and the different stages of that buy thing again, within the financing, i mentioned those countries, it's important to realize that 70 percent financing comes from heavily faced entities and state banks are very significant, particularly in asia and particularly in china. so while it tried to concentrate on

potentially funding coming from the private sector and finance markets, you've got to remember a lot of this is coming from governments themselves and they are cross funding. now the very important announcement came from china. the call where they said they would get out of fan and coal stations outside of china that is considered significant and could not 40 gigawatts of that 280 number. so we'll have to wait and see out plays out. but that's a useful announcement. one of the arguments we often hear is that investment in fossil fuels is still needed on tail countries make that transition to something a bit healthier? is that true? well, i mean, i think it depends on your so called scenario. so i don't get too technical, but so we're talking now let's wide and beyond cold oil and gas as well. fossil fuels. and let's talk about the, the, the major's sort of push in the world, which is to get to a 1.5, a c outcome in by. and that means net 0 by 2050. that's

the big focus and people want to get there in quite a hurry. so they want to look at these scenarios which essentially mean if you want to do that, no new coal fod stations, a tool from today, finish all that to under i d as to disappear and no. in fact, no, orland gas exploration, you need to sort of fraud a lot baccha media. now that is the $1.00. i work with a group that is commissioned by the u. n. p r i. and we look at something called didn't eligible policy response, and we look at for costing what we think might happen as well as what would be required to get to $1.00. and we think we could for cost say something like $1.00, which is what the call might be. might the outcome, the been weird, full cost that before the car. and in that we need to start throttling back on coal . certainly no new coal from 2025 onwards is very small window. and we would be say,

be very careful how much you do. and then on oil and gas, there's a final window here as oil and gas, oil demand peaks, we think in the next 2 to 3 years. and following that is going to rapidly run off. so there's not a lot of room even on this or not on the so stringent $1.00 outcomes. even at $1.00 is not that much room for new investment in oil and gas. the saw i'm but not a lot. very interesting to get your thoughts. mark fulton, chair of the research council of the carbon tracker and founding partner energy transition advisors. thank you for your time. thank you. a water scarcity in nepal is just one example of how the climate crisis could pose an existential threat. the south asian nation has one of the heaviest rainfall in the world along the dry spells causing a serious drinking water shortage. well now farmers are coming up with simple but effective ways to harvest the rain during monsoon season. zane pastor avi has more

from central nipple. nepal has always been one of the rainiest countries in the world, giving it lush, green, rolling foothills, the hallmark of the himalayas. it's certainly not the kind of place you might think is suffering a water security crisis. our little her there used to be low intensity, long duties, and then from now what is abilene high into? she didn't fall in sanderson that will never go inside of it on that is girl who is a run of that this year. leslie stood as a groundwater. it only rains for part of the year and supposed to rain can turn baron quickly, but just outside cut, monteux routinely ranked is one of the most polluted cities in the world is a regeneration success story. this thriving forest wasn't here. 2 decades ago, now, scientists use it to study how best to collect and keep the most basic element with ring collection systems like this one tank can hold enough water for

a family of 5 for up to a month. and pawns, cut into the sides of steep hills, have the power to bring dry wells back to life. in rural villages, applying these designs is saving farms and lives. at 1st glance, it looks like any other hillside in this part of nepal. but what's happening here is local farming communities using simple methods to solve a complex environmental problem. earthquakes and manmade roads changed the way rein moves downhill at the mouth of this underground, well, putting them on, lama explains how changes to terrain stop the flow of groundwater. and left this life giving natural spring totally dry in rural nepal. wells like this are the primary source of water for drinking and domestic use. building terrorist ponds to collect and carefully pipe the water to both crops and holmes has saved the

villagers from uprooting their entire lives. yeah, but any nagel way i'm live, there was no water here. we have to go very fun. a look for other volta salt is much for the of a, but we are happy devota started to come here again. the water is collecting slowly and gradually reviving kill and i live thing scientists and farmers in the policy. the world around them is changing faster than it has to, but roads can't be on built and there is no taking back the weather, altering greenhouse gases in the air. so all they can do now is their best to adapt to their altered ecosystem. jane basra v o g 0 bucklin the bessie nipple. and that is our sorry for this week, but i want to know what you think and what you want to see on the side tweak. oh, dear me. money in sign on. if you're tweeting them, please use the hash tag a j c. c, or if emails malia. thank counting. the cost out is era dot net is our address.

unless not smooth for you online al jazeera dot com slash ctc. that will take you straight to our page, which has individual reports linked an anti episodes begin to catch up on that. is that for the sedition off counting the cost? i'm money inside the whole team. thanks for joining us. denise. on out to sarah is, ah, or china in the us sleep walking their way to war in the struggle over ukraine. here's the test for president joe biden. what problem is really trying to do is rewrite the security architecture in europe. it's your personal united states. you, sir, if you go to walking through gum at the same time, your weekly take on us politics and society, that's the bottom line. gotta one of the fastest growing nations in the world. ah, the cause of needed to oakland and develop it whole into national shipping company to become a key middle east and pub trade and money skillfully knocked down 3 key areas of

develop who filling up from it. so connecting the world connecting the future. while the cato castillo's gateway to whoa trade. blue invading russian forces renewed their bombardments of ukrainian cities besieged seaports, counting of thousands of people in the city of nati paul. ah, hello money inside you watching out there is continuing coverage of the russia ukraine war we have demonstrated that russia is isolated and alone.