while germany did not load 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 branches 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, well, although europe in countries have returned some looted artifacts to african nations . this hand over by germany to nigeria is the largest so far for that congress in walla was or actually take a cue from jam because is in much of time they will have to return or to magic trucks to get please of nigeria is building a museum to house or returning benign bronzes, so nigerians finally do not have to travel to europe to admire and study their own history. i step rassen al jazeera in berlin.

ah, as is al jazeera, these you top stories, protesters of storms, one of libya's rival parliaments in the eastern city of to brook. people are angry about worsening living conditions and years long. political deadlock process happened after recent you and mediated talks failed to achieve any results. malik trina has the latest from triply there, seeing that there's no development in the political situation. or there was some hope that a about recent talks in geneva between the 2 rival legislative houses would come to an agreement. there weren't any breakthroughs made. so people just extremely fed up with all, all view, all the legislative and executive bodies in libya. both the government here in tripoli and the government here and,

and the government here in sibley and the government in eastern luba. so people really just fed up with the situation calling for elections to be held as soon as possible. ukraine says the russian army has dropped to phosphorus bombs on the black sea outpost of snake island. russia withdrew from there on sunday thursday, saying it was a good we'll gesture to help the you and establish a corridor were to export grain from ukraine. meanwhile, kiva released this footage showing what it says, a 2 bombing raids on the island, the head of the ukrainian army, says the jets were launched from russian controlled crimea. thousands of people protesting and south korea's capital sold, demanding better working conditions and an increase in the minimum wage. the rallies been organized by south korea's biggest trade union in c, down thousands of people demonstrated the cap to call to him on friday, demanding an end to military rule. security forces fire t gas at the protesters, me at the presidential palace. an earthquake has struck sullen iran killing at

least 5 people and entering dozens of others. the magnitude 6 traveller happened in the province of homeless gun. california's introduce the nation's toughest law to reduce plastic use. companies will need to cut down on the plastic material used in their products and single use. plastics need to be recyclable. i 2032. again, that's a headlines counting. the cost is next. the great thing about being amused, presents her the net booklet conscious era, is that it's a truly global operation. if you will, child is here. you'll see news from parts of the world that other networks just don't cover your getting a truly global perspective. we have an extensive network of bureaus around the world. we have many, many correspondence in all corners of the globe. if you really want to know what's happening in the world right now, you need to be watching al jazeera. ah,

[000:00:00;00] i hello, i'm danny navigator. 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 and flicked more economic costs on russia over the war and 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 my dot mean for the markets. as sri lanka has 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 these 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 tack were some of the topics high on the agenda. and multi $1000000000.00 pledges were made to talk us through the numbers is charlie robertson, he's the global chief economist at renaissance capital and the author of the book, the time traveling economists. he's running us from london. welcome to al jazeera, 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 began, the west was, was concerned about commodity supplies, supporting not to germany efforts. and it even led to france in england considering bombing 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 the rest of that 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 back the supply if becomes the price 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 recession and that prospect is very real. so i think by who's trying to say this job, i'm start rushing more effort. i'm getting support has got but it's very difficult to see how this is how effective system based. right? i mean, we've seen the war and ukraine sending energy prices soaring pretty much globally. how difficult is it for members to sort of minimize the economic damage around the world that's been caused by these raises?

it's a stream we get caught, especially given the scale of the fiscal that's already happening because the cobra ends and with inflation miss. hi, offering any further supports because these 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 needed to, to catch its gas dependency on russia. since 2014 gas pendency has risen, i'm sorry it's, it's not something that could be sorted out in 6 months. and the g 7 also pledged are they set aside rather 2029 and a half $1000000000.00 in assistance to ukraine this year to help close its 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've come to the military a stream expensive. i 20 not, not going to be enough to support you. try and 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 that's a number of factors that play is going to be a bit of double counting. i suspect that probably including the 300000000000 euros of b e. u gateway, which is about supporting infrastructure and supporting renewable energy. i

suspected mine to the 50000000 also in the i m. s. resilience trust the news kind of funds that's being set up and especially boring. right. and that's supposed to be long term finance to help countries achieve more renewable energy choices. and i suspect the west is looking to diversify the dependence on russia as well. sure, i guess china, the solar panels. i think the west would like to see the infrastructure in place. the factories outside of china might produce she solar panels. the world needs to make as fast as shit to renewables. and they were saying just a moment ago that the 218298 half 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

a drop in the ocean competitor to the costs of food right now the. but i think it might, that may be different. we put out piece a month ago saying that's that actually global we stocks are extremely high. and even if you assume that ukraine connects for nothing this year or next year or d b, you could still justify. we price for and i think what we've seen in recent weeks is the market begin to realize that that ukraine's difficulties using and grade on not rushes problems. i think russians export well will ease soon, russian and india despite export be supplying weights to egypt, which is one of the biggest consumers i, i suspect that we can see prices still come down substantially even without the g 7 . so much so phone, i'll go very far, but i think the global supplies story for weeks, the much,

much easier story for the world type oil situation. and what about those raising 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 right all, all, i think i was reading this morning, which is very relevant to this is that if inflation doesn't come down in the 2nd half of next year and 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 reelection hopes in 2024, that we do see inflation come down in the next 6 months. all right, charlie robinson, 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, dominic 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 to laugh, profess 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 ha tanto runs of egan restaurant in berlin's prince lauer belk district. the lucky leak has won a higher claim from the mission and guide where the reputation for fresh and seasonal fare with a personal touch. but maintaining those high standards with ever higher prices is becoming increasingly difficult due to it. 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 deep fry 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 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? amana will be enough at the end of memphis. 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 of 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 to 10 days,

the patient is gone. this time to go on that e u summit. 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 cain for counting the cost in berlin. she 7 leaders decided this week to ban imports of rush and 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 bis 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 its 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 lose what are the potential source for its military budget. and it will try to secure this money and raise them from other sources. what sources, what do you mean by that? like home i'm coming from other markets. ok. no, just the market which was effectively already closed while the russian gold in. since marshall other markets, who could russia turn to russia would turn to asia. why did a lot of countries in this region on not supporting functional 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 miles. reducing 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 and it can be bought. why, for example, if you, if the functions were applied to the exports of the lead you, that would be a different story because palladium is in short supply the backgrounds books are low and that will have an impact on the, on the markets. right. for this, the more that it took us through why the public and investors, bye bye gold, the commodity? well, the public buys is it for 2 reasons,

the dose 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. congress like india, for example. somebody will be left for savings and investors by gold because of its proceed. kevin status, because basically it holds its value. so or capital protection. gold has proved itself over centuries that it's one of the best assets to meet these goals and for central banks, why is it that central banks by gold? i'm sure the banks by golds diversified them foreign exchange reserves. so basically because gold gotten told any are counterparts risk, so there is no one who goes by bankrupt. for example,

this promotes this little over this metal or central bank in the periods or increase market will actually do political ability. gold is also with social media and as we noticed last yeah. and the year before, some countries are actually using their goal reserves to raise money to want them wax in progress. so if that were you 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 different currencies this year, not probably in the us dollar. it's only up by about one percent bought in other counts. it's like for example, a year or british pound gold because delivered 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. that asian, 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 health 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 not 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 the trouble to sri lanka, i guess the comic and part of the building up not just so the last couple of months is the combination of the pressures the country has been facing 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 to there was, you know, there was a prime minister at that point in time, in 2019 to something that was affected the, it was in the all important sector. and of course is 2020. you have the band maybe just to even for the last 2 years or more. and i think what's happened the last couple of months with the board and you've been impacted bought or prices, which obviously in that was probably the final i was in, in the country, given the pressure that they were facing. so they mentioned in 2022 a 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 change and it's policies in terms of what it wants to see. i guess a lot of the economic measures that you like us take in the last couple of months

has led to the sort of talk to the i'm evan jones of she has a lot that will be to a appreciated by what 80 percent since march 2022 and just by 700 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 a. so the, i would really want to see people back 70 measures on, on the, on the revenue and also the government putting the 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 . and that's the bi 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 me to 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 their legation then. but what requirements and obviously the need these short term finances, what a bank from the, from the 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 blood is not gone for the fuel? because the bond for getting paid by the country. so be only going to russia and going to some other countries in the middle east, in your short term solution. come some of these. but i think like i said, you have to send a belong phone plan. and when you know the need to build up the changes of the long

term, because you're saying you're going to be by, you know, buying lawyers, short term, couple of months only has to be a long term plan. and we're right or security is suffering, as you know, 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 not going to touch on the fact of which buffalo, because of short sighted or a pool, a cushion from the she london building. and those that were coming policies. i guess obviously once attrition 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 they put as of as well. ok, thank you so much returns 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 in a g and use the hash tag a j t c. when you do, you can also drop us in the email counting 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 edition, it's going to cost. i'm getting another data from me in the whole thing. thanks for joining us. minute on the lendue is a popular filming location. in fact, when it comes to stories about drugs, crime and radicalization, tired of negative stereotype youth worker began ideally, is reclaiming its image by putting its young residence behind the camera. the stories be,

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