and different cultures and in different locations, but also because i think the 1st stage in the world which, which has this overpowering sustainability statement to it. in addition to stadium 974, seats, and components of other venues will be donated to developing countries in need of sport infrastructure. with the non profit group, carbon market white says to offset emissions. the material would need to be used multiple times, especially if shipped thousands of kilometers away by using recycled materials, reducing construction costs, and developing green and living spaces near stadiums. cut r is hoping it created monuments to sustainability that will inspire future world cup host. natasha game, l 0 doha offensive in competing at the 1st high line world championships in

switzerland. and if you don't like heights, look away, competitors braved an altitude of 2252 meters above sea level, on top of a mountain in garland and there were a few tumbles and a few tense moments. french competitor been while po me, one the men's speed high line crossing a 60 meter segment in just under 38 minutes. ah, this is al jazeera, these are the top stories in shall anchor. my list of presidential candidates has been presented to parliament. shlang has opposition liter, such as from a dasa says he's withdrawn from the race to back former minister dallas, or la, paloma acting president. her annual exam, a sangha is one of 2 other candidates. michelle fernandez has more from colombo al physician lead as such. it favor thus announcing his withdrawal form that race for

president. i did speak to somebody very seen in the party after we heard that decision. and what i was told was that there had been a sort of an understanding reached a between subject premier thus her and dallas, alabama who here he has decided to support. and his party has decided to the board, obviously are the s j b that is such a brim. thus, his party pushing for the return of the 19th amendment, which basically was the set of rules, the changes to the constitution which strengthened the hand of parliament. and the prime minister ship, and if a dallas, alabama wins that presidency. what seems to be agreed is that he will make such raymond as a prime minister, ridging wildfires and burning across large parts of western europe, the flames of threatening homes, forcing evacuations, and burning lives at risk. spain has seen some of the worst foreigners in france. meteorologists say the southwest is going through our heat,

apocalypse firefighters, there have been struggling to contain 2 fires, temperatures of sword, past 40 degrees. in some places you case, summer heat wave is breaking records and prompting health warnings. authority say the temperatures could top 40 degrees for the 1st time ever. on tuesday, a deal on prices has collapsed between protesters and the government in panama. the government had agreed to cut the price of fuel or protesters or calling for more concessions as anger against high fuel costs and corruption, or increasing pressure by blocking parts of the pan american highway. those are the headlines coming up next or no da 0. it's counting, the cost could blank al jazeera world meets full remarkable post. new survivors. after those closest to them were taken away, never to return some of the 8000 loosen men and boys killed in the cerebral need.

so massacre 27 years ago, hod filter comes from those left behind, trying to move on from the pain of the past. women who refused to die on out to 0. ah, i kind of there, i'm natalia tay and this is counting the cost on al jazeera. you're look at the wealth of business and economics this week. energy prices are storing on the u. s. once saudi arabia to pump more oil. so could president jo biden's, re engagement with the kingdom help ease record high prices also this week in japan, prime minister for me, o key should i wins a new mandate that will he carry on. sions are all based economic legacy or is a financial policy change on the cards?

and an argentina, anger grows over sky high inflation. can the government rain and soaring prices and has the i m f played a role in the countries economic woes? ah. well, from israel to the occupied west bank. and then finally, saudi arabia jo biden's, 1st visit to the middle east as president comes at a critical time for him. when his approval, racing is at less than 40 percent ahead of the midterm elections. the war in ukraine has set off a global energy crisis, and biden wants the kingdom to pump more oil in order to bring down prices for americans. feeling the pinch at the pump. while relations between the traditional allies reached a historic low half to the matter of saudi journalist, mawkish oxy. in 2018 biden's visit to re add ends to reset these ties and convince opec nations to increase oil production. other issues on the agenda also include security and relations with israel. well, gas prices in the us hit $5.00

a gallon last month. and global oil prices have dropped slightly just below a $100.00 a barrel. that's largely because, well, production and refining output struggling to keep pace with the rebounding demand and supply is disrupted as a result of sanctions imposed on russia over the will in ukraine. the opec plus alliance world producing countries which includes russia has agreed to speed up its output increase in july and august, adding $648000.00 barrels a day. but their production shortfall is in many member states. saudi arabia and the u. e. the only members who have significant volumes of spare capacity, their estimated to have a buffer of about 3000000 barrels a day together. that's around 3 percent of global oil outputs and almost equivalent to the amount that russian oil could be kept off the market at year end. well, to discuss all of that i enjoyed from london by i've met nettie now, and that is a visiting fellow at the oxford institute for energy studies. thanks so much for

joining us on that. i know there's been plenty of speculation about potential increases and well production in the coming months. and do you think that that's actually likely to make any kind of an impact on the well difference, especially before the u. s. midterms is biting, presumably high? yes. so i think that at the moment there's a lot of our discussion, a lot of moving parts in the oil market right now. and biden's visit has put the focus on spec capacity, and in particular, saudi production as t. and i think that it's important to say from the forefront to inspect asti has already been falling in, in the case of the asked last few months and are, you know, open glass have added more to the market. so you know that the wedge of available spec as t actually is going to drop anyway, and that's been priced in by the market. and where we really rece reach about to point to 2300000 barrels a day, or spec as t by august. as opec plus continue of the increases. so as i said,

that's already being priced in. i think the other point a member, remember actually there's a lot of uncertainty on both the demand and the supply side on the demand side of the difference in opec's own forecast or all demand growth this year is, is, you know, is actually, is different by about 2000000 barrels a day to most of the consensus forecasts, you know, taking into account the demand side risks. and, but i think really the big issue is relate to what the supply side uncertainty in a world where a spare capacity begins to fin. and do you have ongoing policy discussions with regards to sanctions on russian oil with proposals around a price cap and really kind of highlights the confusion that exists at the moment in terms of our you know, what the next steps were look turning point and, and,

and even tons of russian supply losses. what the estimates are, are also very wide. and you talked about uncertainty around supply. just looking at the numbers. i believe saudi arabia's total capacity stands about $12000000.00 barrels per day. how long can it sustain pumping oil like that and what does it take to to produce that huge amount? saudi really, you know, it's, it's, it's opec plus quarter of august is going to be $11000000.00 barrels day. you know, they've only really produced that amount briefly towards the end of 2018 and we've seen them reached $12000000.00, i think just for one month in 2020, during the height of a price war of russia are. so really, i think that the debate about can saudi reach, 12000000, you know, and, and question is going to be how sustainable can they, you know, sustainable production as to over time is the issue. however, i think really misses the point. i think what the market, you know, it's what the market leads and the market believes saudi messaging on their took

maximum sustainable as t at o 21212 and a half. and the question is really, if saudi what the testers would they want to give away that information premium, which really holds strategic value for the kingdom. and, and you have to also take into accounts operational constraints of maintaining that production as t over time. and then obviously the question of spec asti, as i mentioned with all of these supply side risks that exist in the market, you know, do you want to actually, you know, there's a trade off that has to be taken into account the market as well. and then any increase in oil production where presumably a require consensus from opec mendez, how likely is that and, and do you see a future for russia within opec last year? so i think the next meeting focus plus really august's will be an important one because really that's when they'll have an wound. you know that the,

the cuts that they announced in the mid 2020, or, and i think really the opec plus is going to look at trying to understand or be, know. they'll have to also understand, you know, what the basic, what balances will look like for the rest of this year. and as i mentioned beginning there is a big difference of view between opec opec's own view of oil demand growth and those of other agencies. and, but at the same time, i don't think that russia will be, you know, they'll be a wedge between russia and saudi was another class. the the cycle of thinking is much more long term within opec plus than it, you know, and it's not going to respond to a, any short term political cycle or do political had when that may occur. and then just taking a bit of a step back here, we're looking at an energy crisis that isn't solely driven by opec production. so

what are the other challenges that have gotten us to this point? so yes, you're right, this is an energy crisis. it's not just, you know, it's not just an issue of an oil market in terms of, you know, what's happening with that, you know, i mean, the russia crisis is also highlighting issues with gas. you know, you're seeing the, the, the opening of a new new new front and the conflict with regards to cutting back on contracted volumes of natural gas applied to europe. the europe, european economy is, is closely watching weather, our natural gas supply returns from watering, one following after maintenance. and that's having an impact really upon some of the, you know, central bank decision making as they decide whether or not to increase interest rates. and likewise refining as t has been a big issue as well. you know, we've seen about 3 to 3 and a half 1000000 barrels a day. we're finding asti shot since co bid started. and that's also taking place

against the background of really, you know, what's going on in china as well. so when china has not been exporting much petroleum products as, as last year. and so really the, you know, you, it's not just an issue in the group market, but also across the energy value chain. so you'll see constraints in the refining capacity system. you'll see record levels of prices for gasoline, jet fuel and diesel. and really, that's part of the, the, the coven returned demands and suppliers and been able to catch up. and so really, these bottlenecks and constraints are not just limited to what's happening in the oil market. but there's a more of an interconnection numbers taking place between different fuels and market. so, you know, seeing, you know, policy intervention. and i think this is what the interesting thing about the

situation oil and our markets is about the role of government policy and interesting kinds ahead are many there a visiting fellow at the upset institute energy study. thanks so much for joining us here and counting the cost ah. knowledge of hands, upper house elections were seen as a referendum on the prime minister's leadership. and the landslide victory of the ruling party and its coalition partners has bolstered for me, o key shooter. just 2 days after the assassination of shins or abi, the result means that key should i may now have the power to push fiscal policies, including his so called new form of capitalism, which aims to revive the economy. the agenda includes investing in human resources, science and innovation, increasing the number of start ups and promoting green and digital transformations . but the prime minister has also been under pressure to stick with parts of abe's economic plan. critics, a big spending packages to cushion the impact of the pandemic and ultra low

interest rate policies of sent the n to to decade low isn't. could even accelerate inflation ave introduced his economic policy back in 2012 in an attempt to jumpstart japan's economy. out of 2 decades of stagnation through the so called 3 arrows of his namesake other nomics policy. they include an ultra loose monetary policy and the form of negative short term interest rates to make it cheaper for consumers and companies to borrow money and to spend pumping money into the economy by funding infrastructure projects, for example, or giving incentives to companies like tax breaks and structural reforms adding more women and migrants into the workforce than boosting the countries job market to push economic growth. well, joining us now from singapore is marcelle tilly, aunt he is a senior japan economist at capital economics. thanks for joining us. marcel. that was really quite the landslide victory there. i'm curious. do you think he should are now has a, a free hand to do what he wants in terms of the economy already had

a pretty strong majority before and he doesn't have the 2 thirds majority term are be heard just few years ago. but yes, yes, i've been, he hasn't elusive parliament. he has a free hand. i think the key is whether he can overcome vested interests and that the powerful business lobby in terms of pushy through any, any reform attendance. and the evidence so far suggest that the he had said he's not willing to offend a lot of people. marcellus all august, he comes in the wake of the very snappy banded are the nomics policies. and that has had mixed successes. that what do you make of it and, and do you think he should, i will depart vastly from that. i think i've been on that that probably the biggest achievement of ob, nomics has been both an improvement in, in corporate profit margins, which was triggered by the, the corporate governance reform support been issued by arbor as well as a shop increase in the day before spots patient arrays of women and elderly,

which ensured that employment actually kept rising to, to, for such like at highs to oust about ob, his terms despite the, the shrinking of the population. but i think the, the kid a seal off of ob, nomics has been a very sluggish productivity roles. and unfortunately, even tailwind from a rising labor force participation right now seems to be fading. so listen, elderly people on, on not terms staying in employment for much longer us and at the same time productivity growth is still very weak and this is no clear policy by the current government to improve that. so i think that the next few years are going to be quite challenging for japan's economy in terms of achieving strong g d. p growth. well, much of an annex, especially when you start talking about the participation in the workforce was also about addressing and equality. and then there is this talk of some sort of new capitalism and the key should or do you think that addressing inequality will still

be a priority for him? well, he, unfortunately back paddled on plans to raise the tax and capital gains and dividends. that suggests that his, his initial focus has already been bolted down. he has suggested in listening the minimum wage quite aggressively. but that was something that started on the prime to stop, we already so it's not a shift in policy. so overall, i would think he is pretty much on he's pretty much stick with the status or this not to shift in all this young gent at the moment. well, we are also looking at a very different japanese economy. now, given everything that's happened with the pandemic, given the rising inflation that was saying in the end is now what a 20 year le, do you think inflation is still going to be the focus that it is the key it out that it was the army? unfortunately, it is, the deflation is still a threat. i mean, we are currently seeing pretty rapid price gains, but as it is worth halting, the yen has as depreciated at the,

the most rapid pace since the early as it's the asian financial crisis. and obviously the, the massive supply shortages out there and even that, which is going to get inflation just above feet, the back fence 2 percent targets. and with that, with energy inflation already starting to slow. it will fall back below the, the troops to target next year. so. so while deflation is probably not, not the longer major threat, i think that the back japans 2 percent inflation target will remain, are the reach fault for the foreseeable future. it will speaking of different challenges, japan also has huge public debt. the impact, the highest public debt to g d p ratio in the industrialized world. how do you see his approach to that? i think the, the strongest i should never see at the moment is providing a bit of a tell them to the public finances by boosting tax revenue. so we had the, the ministry of financing, reporting just last week. the tax revenue the previous year searched by 10 percent

to it to a fresh record high. ah, so that gives them to shita a window to repair the public finance is that the key question is how, how willing he is to, to not spend the wind fall. i mean, we saw last year he implemented a huge supplementary budget last year, or the quoted to about 6 percent of g p. a. he already announced another admits the small supplementary budget at the very start of the current fiscal year. so that it remains to be seen whether he and he's willing to, to not spend the windfall and flash spending. now that the economy's opening up again after the pandemic. interesting times indeed, marcel tele on the senior japan economist, capital economics. thanks again for sharing your thoughts with us here on out of there i give. well, while rising inflation didn't seem to discourage japanese verses from supporting the ruling party, the rising cost of living is challenging argentina's government. thousands of

origins marched in the capital last week, urging the government to resign while rejecting i. m. f. loans which come with tough conditions may inflation exceeded 60 percent, and the value of the pacer has fallen after the country through in a new economy minister. theresa by reports now from one is areas it's one of the most challenging jobs in the country. managing argentina's economy in times of trouble would i put, you put about, you know, what that case was sworn in as economy minister by president of the firm. and this see who is promising to jumpstart argentina, the economy, some of them and feel a little more. and we are convinced argentina's direction has to do with our fiscal management following the president's economic program. and of course, boosting argentina's exports and reevaluating our currency, which is achieved with more reserve. i mean me, shannon, though that it is, but doing so won't be easy, but that keith is replacing marketing of man. he was in charge of the tough

negotiations of over $40000000000.00 with the international monetary fun. even though the negotiations prove successful, guzman was constantly attacked by the powerful former president and no vice president christina, for on this occasion. and who did not agree with the handling of economy. i didn't see any problem with very high inflation around 5 percent among high poverty and exchange rate controls that have a huge impact in the economy. a changing the ministry of economy generates a lot of uncertainty. now, country like argentina and that uncertainty increases the price of the us dollar on the streets. and that in most cases means more inflation. argentines are used to living in crises. they have survived one every other decade. people on the streets, i watching the latest developments very carefully. we amended, which is obviously there is a lot of uncertainty. we don't know which direction we are going right or left,

whichever, but what argentines need is a direction. and sadly, we don't have one attention. have been running high between president i went the for a members and christina kirschner for months. but back his appointment is seen as a wind for the far left leaning faction in government were close to the vice president. and critical of the agreement with the i m f for chris agreement. and he did, he did populism maids money to come the people down under his my money. they have no money to give away. now whatever they will give, they will have to print, and that will increase inflation even more that we have a huge problem. i don't see a way to make it work very well now, but that he has a difficult task ahead. she has to fight inflation, generate jobs, and increase the countries reserves without displeasing argentine, as vice president who for many or has now more power than the president himself. there is, i will. i'll just see that when a site is, well,

joining us now on skype from and the list here in spain is humana. blanca, she is the research director and head of america's at risk insights at verisk maple croft. thanks so much for your time today humana. we're looking at obviously skyrocketing inflation, argentina, something expected to hit what 80 percent this year. obviously we're seeing inflation become a problem in many different parts of the world that why specifically are we seeing such a huge rise in argentina? well, i mean, one of the big problems of argentina is that it's been struggling with inflation now for several years. right? and this is accelerating quite quickly. on the back of 2 things. number one is domestic policy, right? a very expansionary monetary policy. if we just look at the last month between mid june and early july, the central bank added the equivalent to 1.4 percent of g d p in money being printed right. so this is, and this is a huge problem for the country. and of course, we have now the 2nd added issue,

which is russia's invasion of ukraine and the impact it's had on a fuel and also on fertilizers. which obviously argentina being a huge agricultural power house is also impacted by. well, given the central banks decisions, how do even begin to tackle inflation when we're in the situation that we're in now, one of our agency does main economy preowned as a political one actually, of the reason the political will to tackle the problems. the central bank is not independent and the executive is embroiled in a power struggle with in the ruling coalition. so, you know, part of the problem, the policy problem is that there are no policies. and the policies that have been announced and repeated this week, or no convincing markets that argentina is capable to get its economy back in order . and so any the question is, you know,

how much worse can the country get before there is the need for it. some shock measures because unfortunately, you know, argentina is heading a for another argentina, sal crisis. will you talk about this political, talis struggle is there, then the space for the new economy minister to do what needs to be done at all? or is there not the autonomy for her to operate in that way? well, i don't think it's even an issue of autonomy because i don't think the previous economy minister, happy autonomy either. and one of the key issues with the new appointment is that it wasn't an appointment made out of choice for the, you know, the best economy minister in the country could get, but it was rather the choice based on who could precedent fernandez. and his v p. kirschner agree on. so it was kind of a, you know, the decision was made on a reaching a truce rather than, you know,

looking for the economy minister, who could leave the country out of a crisis. and in fact, you know, for anyone who followed the situation in the country, there were several other potential candidates that came before minister by taxi's. so even just but when taking office and she's taking office with a, an impression that she doesn't have the authority or the independence to implement even the agreement that aren't. and tina has reached with the i m. s. well, i want to turn to the i m f because there's obviously a huge disagreement on how that relationship should be approached even within the road in coalition. so what do you make of that going forward? what should we be looking for? well, i mean, this will be the clear bone of contention between president ford under some v p kirshner. you know, as i mentioned earlier, i don't think that argentina's problem is solely economic,

but it's political one. and the i m. s will be a very useful scape goat in any crisis that comes next. and you know, the agreement with the i m f itself, the country is already, you know, failing to deliver on it, you know, bringing down the fiscal deficit to 2.5 percent of g d p this year. now, you know, it's the, the stuff of pipe dreams. and the reality is that, you know, the, i have has a limited room for maneuver. because argentina, the problem is the i m s problem and the i m f doesn't want to get burned once again in the region, let alone with argentina. but if the government in one osiris is unable to resolve its internal problems, then of course the i m f a is a great candidate to become, becomes the culprit argentina's neck problems, humana. blanca there from various maple craft. thanks so much for sharing your

expertise with us on out there. thank you. well, that's our show for this week. do you get in touch with us by tweeting me at an associate a and do use their hash tag a j c t c. when you do office and email accounting, the cost out there a dot net is our address. there is also more for you online at al serra dot com slash ptc. that'll take you straight to our page, which has individual reports and links and anti episodes. he's a catch up on well, that's it for this edition of counting because i missed as you take from the whole team here and are on thanks for joining us. the news on out there with for free fall precision. these athletes are experts in the art of jumping out of planes. more than 40 military parachuting teams have descended here to the desert of could tar to compete for the world championship title. the competitors are all

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