and then having these 3 damaging floods in 16 months has made it extraordinarily stressful and difficult and dangerous. we are a hot, dry country, but we have this problem. we live with too little water and we've been getting longer and more intense stress. and then our ryan has been coming all at once, which this flooding really demonstrates, and this is exactly what the climate scientists predicted in terms of climate change. it's likely to get caught up. we don't, it's about the same amount of rain, but it tends to come all at once. ah, this is al jazeera and these are the top stories. us state departments as a 3rd party investigation into the origin of the bullet that killed al jazeera journalist. sharina blackledge has been inconclusive, but

a found gunfire from israeli army positions was likely responsible for her death. mike, hannah has bought from washington dc. what the state department is saying is that it has examined the bullet as part of an investigation forensic team. it says that the bullet was too badly damaged to get a clear picture of from whose weapon or what weapon it was fired from. however, it does say as well that it is certain or it would appear that the bullet was fired from the israeli positions on that particular day. so it is to an extent of inconclusive report. it makes very clear that the bullet is apparently came from the israeli possessions. but it cannot categorically say, from what weapon or who possessed the weapon from which the bullet was fired. ukrainian officials want turkey to confiscate what they say is tons of stolen grain on board of russian flight cargo ship. it's ambassador turkey has told al jazeera that it's presented documents proving the cargo belongs to them. russia's president

vladimir putin has congratulated his troops for their victory in ukraine's. lou hand squeeze and ukraine was forced to withdraw from the city of las a chance in the face of russian advance in the u. k. protests are under way over. rising fuel prices, road blocks have been set up and convoys of vehicles of driving, purposely slow on major highways, matessa angry over record high prices of petrol and diesel. a search and rescue operation is underway in northern italy after part of glassy or collapsed kidding. at least 7 hikers, it happened in the marble lard arranged the largest in the dolemite mountains. please say more than a dozen people could still be missing. about 30000 people or under evacuation orders in the australian city of sydney. as it braces for more flooding, emergency services have carried out dozens of rescues. the sidney area has already experienced 4 times its normal monthly rainfall for july. those are the headlines.

the news continues here on out to 0. that's after counting the cost. ah ah, 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, as economic woes continue to hurt millions, we ask an expert how the country can get back on track. ah. 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 mr. robertson,

we heard from germany's chancellor, who vowed to keep the cost of running russia's war and 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, again, the west was, was concerned about commodity supplies, supporting nazi germany efforts. and it even led to france and england considering bombing russians, oil fields, and other 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 russian is still supply or we'll sort of 10 or $20.00 a barrel price that's being talked about? i'm not 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 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 system based. 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. 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 mentioned it's going to be some combination of use or u. s. funding. i'm just getting involved some debt forgiveness along the way. i'm not counting the military a but stream expensive. i 29000000 isn't going to be enough to support you. try and you know, maybe if there's not enough on a multi basis. so i think there's going to be a long, long period to support people talking about comparisons. marshall a plan. and that went on for years. us supporting 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 u global gateway, which is about supporting infrastructure. and supposing kind of renewable energy, i suspect, in my, into the 50000000000 or so in the i mass resilience trust the news kind of fund this been set up in the special during rice. 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 independence on russia. that's fine. well, 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 world needs to,

to make as fast as shit 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 the ashy 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, you could still justify we price falling. and i think what we seen in recent weeks is the market begin to realize that, that the ukraine's difficulties using and grade are not rushing problems. i think

rushes export ban will, will ease soon, russian and india despite expo, be supplying weights to egypt, which is one of the biggest consumers i, i suspect that we can see the prices still come down substantially even without the g 7. so much so for now, it doesn't go 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 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 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 law, 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 her tanto runs of egan restaurant. in berlin's 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 depraved 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 prices 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 memphis. it is a very serious questions, questions which need a clear answer. the government is 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 to 10 days the patient is gone. he's kind of 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. g 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 curves 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 russia and the wider market as a whole? to discuss all of this, i'm joined now by curios 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 other sources, what do you mean by that? like whom? i mean 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 would turn to asia. why did love of congress in this region on not supporting functions but list? well, now i'm 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. and 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. in fact, 5, the market needs. so in a sense, there is no physical shortage of this metal and it can be bought. why, for example, if the functions were applied to the export. so believe you, that would be

a different story because palladium is in short supply the backgrounds box are low and that will impact on the, on the market right for this. what it is, talk us through. why the public and investors, bye bye gold. the commodity. well, the public buyers is it for 2 reasons, the dose in the form of jewelry. it looks nice to feels nice 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 as much congress like india, for example. somebody will be la for savings and investors by gold because it's received the kevin status 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 them foreign exchange reserves. so basically because gold gotten told any in our counterpart risk, so there is no one who goes by bankrupt. for example, this promotes this little or this metal or central banks in the periods or increase market will actually get political ability. gold is also good social media and as we noticed lot, yeah. and the year before, some countries are actually using their goal reserves to raise money to want them backs in progress. so if 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 soapy portion of my savings in gold because it's still white. well, it in different currencies. this year, not probably in the u. s. it's only up by about one percent bought in other countries, 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. we're invitation. a delegation from the international monetary fund has been ensure lanka 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 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 will actually become a building up? not just for the last couple of months is the culmination of the pressures that the country has been facing or the last 4 years. if you look at what's been happening, 2080 at the end of 2018, you had a part of the crisis. prime minister to there was no, there was a prime minister at that point in time in 2019 to that effect of the it was in sector the all important sector. and of course is 2020. you have the band that maybe just the last, maybe 2 years or more. and i think what's happened the last couple of 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 change and it's 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 what 80 percent since march 2022 and just 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 a stable that 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 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. so in terms of meeting all dental vision and 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 of these different. but i think they always, like i said, you have to send it belong phone plan. and when you know, they 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 short term a couple of months only has to be long term ban and we're right. or food security is suffering, as you know. sure. lanka was also forced to import rice, the tea 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 from 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 going to touch on the sectors which i've suffered because of shortsighted or a pool,

a cushion from the she, the 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 at that in a g and use the hash tag a j t c. when you do, you can also drop us an e mail counter the call that al jazeera dot net is our address. there is more for you online at al serra dot com slash to see our website. it'll take you straight to your page, which has individual reports, links on entire episodes for you to catch up on, not sets for this edition, it's going to cost. i'm setting up a date of me and a whole team. thanks for joining us. minute on al jazeera. ah

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