stand province, the government says, recent rainfall has been nearly double the average for the monsoon season. on min, more parts of china and japan are also under water. after severe storms swept across that region, although july is typhoon season signed to say, climate change is causing more extreme weather patterns. more frequently florence go reports tropical storm, a re made landfall in japan's south west in kyushu region early on tuesday. bringing with it heavy rains, that's left streets and homes under water. japan's weather agency has issued advisories for potential landslides and overflowing rivers. during a year, julian has you humble, it's a similar situation in china where some southern provinces are flooded. in the wake of typhoon chapa gene i'll make when to state media broadcast dramatic video of a rescue or at sailing across the flood waters. to rescue a woman trapped in her car, homes, farm, land, roads,

and power lines have been damaged. a wall. there are more than 40 houses in the area the worst effect that a aquaculture farmers as they need electricity to supply their animals with oxygen . we deployed repair crews to restore power to the effected facilities as soon as the rain stopped heavy, rain, and floods aunt unusual in the region at this time of the year. the typhoon season generally lasts from may to october. but with the climate crisis causing more extreme weather patterns, scenes like this could become a lot more common in the future. florence louis al jazeera. ah oh, there. this is al jazeera and these are the headlines. the tally of u. k. government ministers resigning has risen to 45 since tuesday,

many of the size of a lack of confidence and prime minister barak johnson. following a several scandals, johnson's a former health secretary explained to parliament why he resigned. treading the tightrope between loyalty and integrity has become impossible in recent months. and mister speaker, i will never risk losing my integrity. i also believe a team is as good as its team captain, or the captain is as good as his or her team. so lot he must go both ways. the breadth of recent months have made it increasingly difficult to be in that team . members. johnson her sacked senior minister. michael. gov had disloyalty. he was the housing minister and also arch johnson to step down. i so has claimed responsibility for an attack on a prison in the nigerian capital, a boucher hundreds of inmates were freed and at least 4 prisoners and a security officer were killed. the attack took place just hours after the

president's security convoy was also ambushed. people in the ukrainian city of slow vianza had been urged to leave as russian forces at press ever closer. the eastern city is the next target in moscow sites, as it looks to take control of the entire dumbass region. while those are the headlines, i'll be back with more news for you here on al jazeera. after counting the cost, remember you can always find more on our website that's al jazeera dotcom. the u. s . a's whole was of interest to people. all right, the world, this has been going on for a number of what you got been use of the report who recount financial perspective, crikey winkler, global audience, how that could impact the airline? this is an important part of the world, and our view is very good that bringing the news to the world from here. 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 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 or 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 joining 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 the world war 2 and few months after world war 2,

again, the west was, was concerned about commodity supplies, supporting not germany's efforts. and it even led to france and england considering bombing russians. oil feels and as a bizarre to stop them supplying oil to hit germany, us good allies of the union and the russians at the time. and there was talk of sending trips across sweden to support fennel into this battle against russia and to stop the on all 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, for the $60.00 royal. when ever the last 510 years with us. so there is going to be

a question about the russians may say, well, just truck back me on the supply. if we come price, well price. and the problem there is that this really undermines binding chances for reelection in 2024. but us presidents, you lose elections, you don't get reelected. it's always because of a recession, and that prospect is right real. so i think by just trying to say this job and stop the rush, more 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 war in ukraine, sending energy prices storing 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 you get, especially given the scale of the fiscal that's already happening because the cobra

ends with inflation 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 gas 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 g 7 also pledged are they satisfied rather 2029 and a half $1000000000.00 in assistance to ukraine this year to help close its financing gap. what might this look like? i mentioned it'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 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 it'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 that's a number of factors. a play is going to be a bit just double counting. i suspect that probably including the 300000000000 euros of b e. u gateway, which is about supporting infrastructure. and supposing renewable energy i suspected mine to, to 50000000000 also in the i m. s. resilience trust, the new kind of funds that's being set up and especially boring rights. 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 de dependents on russia as well. that's your oil and gas 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 needs to make as fast as shit to renewables. and you 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 shoes 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 better i think it might, that may be different. we put out some months 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 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 and grade are not russians problems. i think russians export well will ease soon russia and despite export bands have 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 doing so much phone out in the 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 right 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. yeah. 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 and 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 in 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, germany 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 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 increase 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 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 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 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 eating of supply disruptions related to the pending make. 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 city 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. g 7 leaders decided this week to ban imports of russian gold sanctions brought in since the war and ukraine 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 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 russia and the wider market as a whole? to discuss all of this, i'm joined now by cure 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. 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 whom i'm coming from other markets. ok. well just the market which was effectively already closed while the russian gold is since march. so other market, who could russia turn to russia to asia? why did a lot of countries in this region on not supporting functional sub 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 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 effect, there is no physical shortage of this metal and it can be bought. why, for example, if the functions were applied to the exports of the lee do that would be a different story because palladium is in short supply the backgrounds books are low and that will impact on the, on the markets right for this. what it is, talk 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 foremost 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. but congress like india, for example, somebody will be la for savings and investors by gold because it's perceived 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 gold diversified their foreign exchange reserves. so basically, because the 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. i mean in the periods increase the market will actually do political stability. gold is

also a good source for me to do. and as we noticed last year and the year before, some countries are actually using their goal reserves to raise money to want them back in programs. so if that were you 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 body. now the counts just like, for example, the euro. we just found 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 with the patient. a delegation from the international monetary fund has

been in sure line ca 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 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 no, 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 it's 2020. you have the band that 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 in which obviously that was probably the final i was 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 she like us take in the last couple of months has led to the start of talk to the american domes 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 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 cutting down 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 their additions and import requirements. and obviously the need these short term finances, one 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 must have been a bit. 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 they always, 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 short term, couple of months only has to be long term ban. and we're right or for security is

suffering, as you know, 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 food. going to policy the just the example of the board 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 i've suffered because of and short sighted org. a boy's cushion from the she london dominant. those every comic policies, i guess, obviously once the situation includes like the, i'm a funds coming, they can build a bit washin is those bring back some economic stability and then they can, you know, have more rational lands while they're at about that sector and therefore held that of amazon also. now by echo they put as of as well. ok. thank you so much returned to us. i forsaken to us from hong kong. thank you for having me. that's our show for this week. get in touch with our spice, meeting me at that in a g, and use the hashtag a j c t c. when you do,

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