and that's that historical injustice is undressed on the stove, while germany did not lose the r directly more than a 1000 pieces were bought after being taken by the british on display until recently, and museums all over the country. while the ownership of the within brand has, has now finally be handed over the german public will still be able to see some of them at an exhibition here at the humble forum soon, germany will continue to take care of the artworks and will only physically returned them at the request of nigeria, while other european countries have returned, some looked at artifacts to african nations. this hand over by germany to nigeria is the largest so far for that cognizant war was or actually did a q from job. because it's a matter of time, we will have to return or to $90.00 to get the support. nigeria is building a museum to house or returning beneath bronzes. so nigerians finally do not have to travel to europe to admire and study their own history. i step hassam al

jazeera in berlin. ah, will take you through the top stories this hour. at least $21.00 people have died after russian missiles at residential areas, your ukraine's port city of odessa. the overnight attack in the small town of said he's got destroyed buildings and kill people while they slept, including children. ukraine's present has accused moscow of targeting civilians in a deliberate act of terror. thousands of protest is of return to the streets of sedans, capital demanding, an end to military rule a day after at least 9 people were killed. security forces once again, fight tear gas at demonstrators with some being chased down streets and alleyways on thursday. more than a 150 people are arrested at the largest rally seen in months. more than a 100 people have been killed in crackdowns on protests since the military seas

power. last october. algiers have morgan reports now from cartoon. they said that there will be investigating bad event and that this does not follow the rules of the police and that they were clearly are ordered not to harm protesters and not to fire at protesters. so they say that this is something they have been investigating, but they also accused a protest, those of instigating violent thing that they were properties that they were damaged, that there were trees that were burned by protesters and that many of them came dressed in helmets. and carrying gears ready to class with the security forces. so therefore, they'd term, the protests as largely not peaceful. when now protested, have stormed libya's parliament in the eastern city of ta brooke. they are angry about deteriorating living conditions, things like chronic power cuts in the political deadlock. witnesses say, security forces have left the site and part of the building was set on fire. china's presence as overseen is wearing in of hong kong, new leader during a visit to mont 25 years since the end of british rule. huge and pain declared

chinese control of hong kong. a success despite criticism that most political freedoms have been erased, communist party officials or a harsh crack down on hong kong pro democracy protests that started in 2019 oh, those are the headlines this hour i had set for myself and the team here in london will see you tomorrow, they'll be morning from doha later on, after counting the cost, which is coming up. next, we understand the differences and similarities of cultures across the world. so no matter glad you called, and al jazeera will bring you the news and current affairs that mattie al jazeera ah, i

hello, i'm debbie navigate. this is counting the cost on al jazeera, your weekly look at the world of business and economics this week, promises promises g 7 leaders inflict more economic costs on russia over the war in ukraine. we take a closer look at some of the pledges they've made. also this week, the import of russian gold is bound by several nations. what might that mean for the markets? as sure line cause economic woes continue to hurt millions. we ask an expert how the country can get back on track. so leaders of the world 7 richest nations met in germany this week to discuss how best to forge ahead during needs uncertain economic times. the group of 7 or g 7 includes canada, france, germany, italy, japan,

the u. k. and the u. s. the war and ukraine energy, global investment and tech were some of the topics high on the agenda. and multi $1000000000.00 pledges were made to talk through the numbers is charlie robertson, he's the global chief economist, that renaissance capital and the author of the book, the time traveling economists, he's running us from london, but sometimes 0 thanks so much for speaking to us. so mister robertson, we heard from germany's chancellor, who vowed to keep the costs of running russia's war in ukraine high for president putin. and also what we know is that russia is now making just as much money from energy exports as it was before the war. so the ban hasn't really worked on russia . the g 7 are now looking at imposing price caps on russian crude. what impact do you think that is going to have? yeah, this is, this is got a long history. if you go back to looking to few months after world war 2, the west was, was concerned about commodity supplies,

supporting nazi germany efforts. and it even led to france and england considering owning russians. oil feels and as a bizarre to stop them supplying oil to hitler's germany, you are good allies of the soviet union and the russians at the time. and there was talk of sending troops across sweden to support fennel into this battle against russia and to stop the idol minds and sweden, supplier, and nazi germany. so this idea of trying to interrupt commodities in some way to, to impact war efforts on the part of the aggressor got a long history of the question. big question here is, firstly, can it work? and there's a lot of doubts about this price comp. as to whether it can work. and the 2nd question is, will the russians still supply oil sort of 10 or $20.00 a barrel price that's being talked about? i'm not think the rest of the key for the $60.00 royal. when ever the last 510 years plus. so there is to be a question about the russians may say,

let's just try me on the supply. if we come price, well price. and the problem there is, this really undermines bind me chances for reelection in 2024. but us presidents, you lose elections, you don't get reelected. it's always because of recession. and that prospect is very real. so i think by who's trying to say this job, i'm start the rushmore effort. i'm getting support has got, but it's very difficult to see how this is how effective is conveys. right. i mean, we've seen the warren ukraine sending energy prices storing pretty much globally. how difficult is it for members who sort of minimize the economic damage around the world that's been caused by these raises? it's a stream we get, especially given the scale of the fiscal sets, but already happening because of cobra. and i'm with miss. hi offering

any further supports the economy for so problematic. so it's, it's really tough and the answer would be, you wouldn't want to start from here. 2014. we write that germany to, to, to cuts. it's got dependency on russia. since 2014 got pendency is written. i'm sorry it's, it's not something that could be sorted out in 6 months, and the $27.00 also pledged are they set aside rather 2029 and a half $1000000000.00 in assistance to ukraine this year to help close it's financing gap. what might this look like? but i imagine there's going to be some combination of use for us funding. i'm getting involved some debt forgiveness along the way. i can see the military a but absolute stream expensive. i, tony not, not going to be enough to support you. try and you know,

maybe see if there's not enough on multi basis. so i think that's going to be a long, long period to support people talking about comparisons. marshall a plan, and that went on for years. us support in europe after world war 2. and it's going to be multi with ukraine. and we also heard from the g 7 that they want to raise about $600000000000.00 within the next 5 years. that's for global infrastructure. what do you think this means? well, i think there's a number of factors that play 1st is going to be a bit of double counting. i suspect that probably including the 300000000000 euros of b, e u global gateway. which is about supporting infrastructure and supposing kind of renewable energy, i suspected mine to 50000000000 or so in the i mass resilience trust the news kind of fund this been set up in the special boring rights. and that's supposed to be long term financing to help countries achieve more renewable energy choices.

and i suspect the west is, is looking to diversify that dependence on russia. russia, really, gas, china, the solar panels. i think the west would like to see the infrastructure in place, the factories outside of china that might produce she solar panels of the world needs to, to make as fast a shift to renewables. you were saying just a moment ago that the 2929 and have 1000000000 pledged for ukraine. in your opinion, it doesn't go far enough. what about the 4 and a half $1000000000.00 that has been pledged to address food security issues around the globe? is that enough? well, it's, it's, it's a drop in the ocean and compared to, to the cost of food right now, the better, i think it might, that may be different is we put out piece a month ago saying that's that actually global. we stocks are extremely high,

and even if you assume that you crane can export nothing this year or next year or in the year after, you could still justify we price falling. and i think what we've seen in recent weeks is the market begin to realize that, that ukraine's difficult using ingrained on not rushes problems. i think rushes export ban will, will ease soon. russian and india despite export, be supplying weights to egypt, which is one of the biggest consumers. i suspect that we can see prices still come down substantially even without the g 7. very so much so for now, very far. but i think the global supply story for weeks the much, much easier story for the world type oil situation. and what about those rising inflation numbers that we see globally, i mean, is inflation here to stay? and if so for how long that's done a 1000000000 trillion dollar question,

and i don't have the old all, i think i was reading this morning, which is very relevant to this is that if inflation doesn't come down and the 2nd off of next year in 2023, i think the market is going to be deeply disappointed. i'm gonna have to get, get rid of the idea that the fed could be cutting it just rates already, sometime next year. so it's, it's really a bond between economy as well as, but by re election hopes in 2024 that we do see inflation come down for the next 6 months. all right, charlie robertson, we thank you so much for speaking to us from london. thank you. very much so as we just mentioned, a spike in energy prices bought about partly by the worn ukraine has hit the cost of living for millions and experts. don't see a drop anytime soon. our correspondence in berlin domini came sent us this report

on how some parents living in europe, the largest and strongest economy, are going hungry. so their children have something to eat. nicole good, la, prepare as food for her children. they have been at school all day and now back at home, they're hungry, but if their needs are simple, their mother's task is not because putting food on the table is becoming increasingly more expensive. so basically right now with the, the full price is going so high, it's either spending $2.00 or 3 times and, and the, and the amount of food or buying the, the amount that i could afford. and then we have to eat less food. so mainly it means for me buying less food and i'm the one who is going hungry or not eating meal so that the kids can get enough food. and that sort of stress has serious implications for her and for her children. it's very hard on me because and it causes a lot of stress. i'm always worrying. sometimes i'm not sleeping because it's like

how are we can eat to morrow or what am i gonna buy this week? what am i feeding my kids? or even how is it gonna be in the next months? rising food prices have implications for others to use you to her tanto runs of egan restaurant in berlins, prince lauer belk district. the lucky leak has one higher claim from the mission and guide where the reputation for fresh and seasonal fir, with a personal touch. but maintaining those high standards with ever higher prices is becoming increasingly difficult due to and we have other increasing prices for like basic ingredients, food and oil, everything. and of course it's a struggle. so for example, i had to remove my deprived because i couldn't get oil any more to suit simple things and the dye. lemme does not stop there because the restaurants overheads still have to be paid every month. meaning some hard choices have to be made. all my suppliers increased their prices. so when i checked my booth, i was like what?

yeah. and of course i had to compensated in some way. and yet the only way was to increase lay um the price for the menus a little bit. these increasing prices are happening in many sectors of business and industry across germany. at the political level, many say the war in ukraine is fueling inflation. combining a spike in energy prices with a drop in the supply foodstuffs. the chancellor says he knows it's hurting his country. $1000000.00 millions of citizens ask themselves every day. will my money be enough? i'm wanna willoughby enough at the end of a month, as it is a very serious questions, questions which need a clear answer. the government has initiated extensive relief measures for citizens, young and businesses. one short term measure, the german government has alighted on is cheaper public transport throughout the summer months for a flat rate of 9 euros, or around 9 and

a half dollars each month. passengers can use local and regional buses, trains, and trams to travel anywhere inside germany, but some in the transport sector believe such short term schemes are not the answer to spiraling prices. there were cuts to in the tax on fuel, but just a few weeks later, the prices at the pump are close to their pre cut level. such spiraling prices are common across europe, right now. this was a protest by pensioners in athens. the common factor rising prices and no rise in income as piss shenise. we are facing a lot of serious problems every day to the inflation at the supermarket at the gas station, we get our patients and within $5.00 to $10.00 days, the patient is gone. his plans are gone at e u summits. and again at the recent g 7 summit inflation has been discussed and it's clear leaders are trying to say we feel your pain,

but it's also the case. central bankers say there seems to be no quick fix. inflation will remain dishonorably elevated for some time. however, moderating energy costs, the easing of supply disruptions related to the pandemic. and the normalization of monetary policy are expected to lead to decline in inflation. but some analysts or not so shaw and believe the markets tell their own tale. almost all asset classes are in the read at the moment and one can really feel how people don't trust the central banks anymore. you get the impression that the central banks have reacted way too late. the last time inflation was this high, was back in the early 19 seventy's. when this wall fill divided this 50 back van a phrase was coined to describe the combination of stagnant economy and rising inflation. stagflation for now, ministers say the threat of

a return to that era is distant from now dominant cane for counting the cost in berlin. she 7 leaders decided this week to ban imports of russian gold sanctions brought in. since the war, new crime began have aim to crush russia economy and have included bands or curbs on oil and gas imports, as well as trading with russian banks and individuals. gold has always been seen as a safe haven for investors and many turn to the precious metals to protect their hard earned savings as record inflation hit. other investment vehicles, global demand rose by more than 30 percent on the year in the 1st 3 months of 2020 to russia as the world's 3rd largest producer of gold. after china and australia and commands a 10 percent slice of the world's output. gold is its 2nd largest export after energy, and it's a significant source of revenue for president putin. the g 7 hope this latest move

or isolate moscow further from the global economy. last year, gold made the kremlin around $19000000000.00. so how will this latest move effect russia and the wider market as a whole? to discuss all of this, i'm joined now by curial kirilenko. he's a senior analyst with the c r u group and specializes in precious metals such as gold, platinum, and palladium. welcome to al jazeera, thanks so much for your time. so how significant is this been on russian gold given that gold is the 2nd largest export, as you know, after energy. and gold is an important assets for the central bank, which is already operating under limited conditions around $50000000000.00 worth of dollars were exported to to london last year. so, well basically, russia wants to lose what are the potential source for its military budget. and it will try to secure these money and raise

them from other sources. what sources, what do you mean by that? like whom i'm coming from other markets. ok. no, just the market which was effectively already closed while the rushing gold in. since marshall other markets, who could russia turn to russia with turn to asia? why did a lot of countries in this region on not supporting functions but list well now i think africa and latin america are also many congress during the western sanctions on this country. global london is a big, international trading. there are other markets where gold can be sold. all right? decision by the g 7 will affect the market as a whole. and if not, why not? you? all the lines, producing gold at the moment will be stopped. there will still be plenty of metal

in the background stocks from the factors 5 the market needs. so in a sense, there is no physical shortage of this model. it can be bought by, for example, if the functions were applied to the export. so believe you, that would be a different story because the palladium is in short supply the backgrounds box are low and that will have an impact on the, on the market, right for this. what it is, talk us through, why the public and investors buy by gold, the commodity low, the public buys, is it for 2 reasons? in the form of jewelry, it looks nice to feels my ramos social status and the 2nd one. you can also buy jewelry as a for more wealth protection. so if it's liquid, it's easy to sell later on. but congress like india, for example,

somebody will be la for savings and investors by gold because it's received the kevin status, it because basically it holds its value. so for capital protection, gold has proved itself over centuries that it's will be one of the best acids to meet these goals and for central banks, why is it that central banks by gold? i'm sure the banks by gold diversified their foreign exchange reserves. so basically because the gold garden told any of our counterparts risk, so there is no one who goes by bankrupt. for example, this promotes this little over this metal or central banks. i mean in the periods or increase market will actually do political ability. gold is also

a good source of media. and as we noticed last year and the year before, some countries are actually using their goal reserves to raise money to want them backs in progress. so if that would put your spare money right now, then where would you put your spare money? seeing is it such a jittery, uneasy time? well, i would probably keep a certain portion of my savings in gold because it's still white. well, it in a different currencies this year, not probably in the us dollar. it's only up by about one percent bought in other countries like for example year or we just found gold because delivered a robot performance over the last 6 months. thank you so much. carol kirilenko really, really appreciate your time with us. thanks for speaking to us from london. thanks very much for your invitation. a delegation from the international monetary fund has been in sure line call for talk to the government on how to help the nation

move forward. sure lanka is looking for help as it goes through its most intense depth and economic crisis. in decades. a shortage of foreign exchange has left it unable to pay off loans and import food, and medicine plus petrol pumps have almost run dry. ritchie decides us now to discuss the latest developments in sri lanka. he's a fund manager, asia frontier investments over in hong kong. welcome to al jazeera, thank you so much for your time. how much trouble is there like a really in? well, actually a building up, not just so the last couple of months is the combination of the pressures that the country has been facing or the last 2 to 4 years. if you look at what's been happening to 2080 at the end of 2018, you had a part of the crisis prime minister too. but there was no agenda by minister at that point in time. in 2019 you have to do is in the all important

sector. and of course it's 2020. you have the band that maybe just the last, maybe 2 years or more. and i think what's happened the last couple months with the board and you've been impacted both a which obviously that was probably the final i was in the country given the pressure that they were facing. so they mentioned in 2022 in a very big reporting. and the one you can just push them into on time, right? and there have been negotiations going on with the i m f. what is the i m f going to want to see for sure, lanka, in terms of a change in its policies in terms of what it wants to see. i guess a lot of the economic measures that she like us take in the last couple of months has led to the start of talk to the i'm evan jones off. she has a lot that will be to a appreciated by 40 percent since march 2022. that is adjusted by $700.00

basis points and with your prices. but of course, the, the initial measures a lot, a lot of money to be done in terms of having sustainable financial for the country terms of reducing the loss of it. so the, i would really want to see people back 70 measures on, on the, on the revenue and also the government setting on expenditures. and that's what they want to see or the median belong to not just the next month. right. ok. it's also receive pledges off between $300000000.00 to $600000000.00 from the world bank enough to buy medicine because of course, there are incredible medicine shortages in the country. is this enough really $3000000000.00 so it's, it's ok to maybe meet your expenses for the next couple of months of a couple of photos for certain items like food and medicine, but this is not enough. i mean, they would obviously, i mean if you look at what the government is saying that on the board meeting about 5 or $6000000000.00 when they come next next year or so in terms of meeting all of

them again and then import declined, then obviously the need these talk financing, what a bank from other countries like india because of the fact that they don't have any punch in those 2 bought fuel medicine. so yet it's very important for the short term, but the long term need something which is most affordable right? and in terms of fuel, we know that you're lanka, sending government ministers to russia to try negotiate for fuel pumps in the country. run dry is this is short term fix or is it a long term solution? do you think that the light is not gone for the blind fuel? because the bond for getting paid by the country, the only going to russia and going to some other countries in the middle east, if your short term solution will come from all these different. but i think they always you, like i said, you have to send it belong phone plan. and when you know the need to build up the changes of the long term, because you've been staying up until i got to me by you know, buying lawyers shut down a couple of months only to be a long term fan. and we're right. a security is suffering, as you know. sure, lanka was also forced to import rice the t crop,

which is the nation's top export. devastated. what changes do you think need to be implemented so that farmers in particular can survive and the public and can start to get food. going to policy the just the example of the going to make policy making on the government the last couple of years. and it's not just because of the fact of which stuff because of shortsighted order, a pool, a cushion from the she london building, and those that were coming policies. i guess obviously once the tradition includes when the funds come in, they can build up watching those bring back some economic stability, then they can have more rational plans for the sector and therefore farmers and also the food is of as well. ok. thank you so much returns or sorry for speaking to us from hong kong. thank you for having me. that's our show for this week. get in touch with us by treating me as a g and use the hash tag a j. c. when you do, you can also drop us an e mail counseling the cost that al jazeera dot net is our address. there is more

for you online at al serra dot com slash ctc, our website. it'll take you straight to our page, which has individual report links on entire episodes for you to catch up on. not for this addition to the cost i'm getting another gave me the whole thing. thanks for joining us. minute on our 0. the july analogies here. campaigning for the kenyan presidency begins in earnest, could a hotly contested battle lead to the violence that his mom previous elections. from the headlines to the unreported, people in power investigates, they use an abusive power around the world to museums, food in a referendum on a new constitution, could its fill the end for the only democracy to have emerged from the arab spring uprisings, as india is unprecedented, hate way, one, a 18th goes to the fiery heart of the crisis. center goal hedge to the pose with

the main opposition parties uniting, can they wrestle power away from the ruling party? july on al jazeera, for some, a robot is a mechanical or even that self driving train the apple. but android today can be the really humanoid robots like me, will be everywhere, al jazeera documentary niche, the lead on the weird and wonderful world of robots that learn, think and even trust. i feel like i'm alive, but i know i on the machine. the origins of the solution owner to see what happens in new york has implications all around the world. it's international perspective with the human touch zooming way in and then pulling back out again.