full, i'm just things like that just for me is really special in recent years. women's and gills football has really taken off by 2020. the number taking policy in england had reached almost 3 and a half 1000000, but they're still a long way to go before the women anywhere near as much as the men to all make a living from the sport outside. the top tier i play that like the year i was going to bring in little bit more attention to the game. and when i start getting a bit more recognition, because i do trying really hot, it would be nice for them to be more expensive piece of that my actually on as the national team gear up for the biggest match ever, they'll be hoping the home crowd come give them the edge of it germany, but it's not just about the result. we hope that he had that we got everyone so anxious taken that at the end actually the hope country should which proud proud of us and that more even more bills and boys will start thankful, of course for the lioness is going one step further than england's men did last year and lifting the trophy is the ultimate goal. the dean,

bob al jazeera london ah type of creature under the headlines here, supporters of shia cleric knocked out a subtle rock camping inside rocks. parliament opt storming the building for 2nd time this week. protesting against the nomination of mohammed, shy outside on, as my minister ron's president has visited areas hit by flooding. i'm landslides, which have killed at least 80 people. heavy rains, of course havoc and dozens of provinces over the past week. at least 30 people are still missing. ukraine's president, as all of the evacuation of the eastern danielle region as fighting with russian forces intensifies. vladimir zalinski also said people in the white, a dumbass region, which includes naming the house, need to leave butch, not a lot to watch. it is important for all our people who still remain in the don bass, in the areas of the fiercest fighting. there are hundreds of thousands of people, tens of thousands of children, many refuse to leave,

but it really needs to be done. this decision will have to be taken regardless, believe me, and the sooner it's made, the more people who leave the don, it's region. now. the fewer people in the russian army will have time to kill new york state and san francisco have declared states of emergency due to the rising number of monkey pox infections. new york accounts for one in for infections in the u. s. with 1300 reported but francis has hinted he may consider retirement. he says this week's trip to canada has been challenging due to pain, he suffers in his knees as he left canada, he called abuse committed in canada's residential schools, genocide. yes, president joe biden is back in isolation of the testing positive again for cobra 19 the white house says it's a rebound infection which can occur on the treatment with antiviral. drug packs, limit fear such of state. anthony blinking, has told, is rarely defense minister benny gans, there's a need for accountability for the killing. a veteran al jazeera journalist, sharing a barclay. lincoln met with members of abil clase family in washington,

dc. on tuesday. shaheen was shot dead by israeli forces while an assignment in the occupied of westbank in may. so those were the headlines. the news continues. he, on al jazeera, after counting the course stage, and thanks a lot bye for now. talk to al jazeera, we ask for the rebounds, you speak of is clearly coming at a high cost for airlines and the industry. oh, what's going wrong? we listen. you were hired healthy. i'm struggling in the 19 seventy's if you have any regrets. no, we meet with global news makers and talk about the stories that matter. on al jazeera, i hello, i'm adrian said again. this is counting the cost on al jazeera. you'll look at the world of business and economics this week, joining the fight against inflation. europe raises interest rates for the 1st time

in more than a decade, but will the measure work and what's at risk. also this week, as interest rates rise for the highly indebted countries like italy could get into more trouble, will the european central bank come to its rescue? and european nations agree to reduce the amount of natural gas they use, but will that help them stay warm? this winter, if russia stops all deliveries ah, europe is struggling to put out the fires, hurting its economy on several fronts, spots it's the rising cost of heating homes and feeding families. that's worrying many europeans, probably the most. annual inflation of the european union reached almost 9 percent in june. the last time it was that high, the euro, which a shed by 19 of the box countries didn't exist. the european central bank has raised interest rates for the 1st time in more than a decade to try to re then price increases. the cost of borrowing was increased by

a large and unexpected half percentage point. that takes the easy b's key interest rate to 0, ending the blanks, a cheer experiment with negative interest rates. june inflation was more than the bank had predicted. the euro fell to parity with the dollar for the 1st time in 20 years last week, or the banks president christine law. god explained the easy bees decision to hike rate sluggard also gave few signals about what comes next. economic activity is slowing, rushes and justified aggression towards ukraine is an ongoing drug on growth. the impact of high inflation on purchasing power, continuous supply constrains and higher uncertainty or having a dampening effect on the economy. firms continued to face higher costs and disruptions in their supply chains. although there are tentative signs that some of

the supply bottlenecks are easing taken together. these factors are significantly clouding the outlook for the 2nd half of 2022. and beyond. will a bank also introduced a new policy tool to shield some of the blocks most indebted nations from excessive borrowing costs, the transmission protection, instrument, or t p. i is intended to stop disorderly moves in government bond markets and prevent euro spreads from widening the gap between italian, a german benchmark yields a closely watched gauge of financial stress, grew to as much as 2.38 percentage points. now the tool allows the bank to buy the bonds of countries experiencing an unwarranted deterioration in financing conditions. and by doing so on prices go up and they're yield down. and that in theory caps interest costs. but it wouldn't offer protection if the easy be

determined that higher borrowing costs resulted from poor government decisions. or to discuss all of that. joining us from london, melanie to bono a senior europe economist at pansy and macroeconomics and independent economic research firm. good tele with us up melanie. so the c b's move makes sense. it's well behind its peers, though. is it too little, too late? easy be raised? bates, i 50 basis points last week, taking a ski deposit rate from my ass like $5.00 to 0. this was more than most of us had expected, and it's been not enough now. so we look for an extra $75.00 basis points of hikes . it be now and the end of the year. i think that deposit rate $2.00 i present or i but higher rates, it's fair to go to push the euro block into recession. how far and how fast you think the e c b should be moving rates right now? well, at this point, id, years own economies heading into recession, whether an easy be was hiking or it's or not. after the pandemic,

when it seemed like supply issues were abating on the war and ukraine broke out. so and as a result, the russian gas supplies have dwindled and we got heading into europe. and this is affecting industry, especially in the likes of germany and italy, which are highly reliant on those gas supplies. so we forestall and iraq on recession, either with or without further easy way, inflation across the euros or melody is running a been as was your bottles quickly as it is across the us? why is it so much harder for the e? c. b to get inflation on birth control than it is for the 3rd. i wouldn't necessarily say it's harder both are struggling at the moment because inflation is high in both cases. but at this point, a lot of what is driving the inflation rate. higher is energy and that is something that easy, big cannot control. so interest rate hikes will eventually damp in inflation

because they all convinced that will lead to lower demand for certain goods. convincing firms to stop by raising prices. but in the meantime, it's energy that's driving inflation and that will continue, especially if, as we saw this week with the surgeon gas prices, again, the energy rate will remain higher than otherwise would have been the case. the euro gave up on the early games that it made after the e. c. p is decision on our rates. as to what extent both could a depreciation euro actually be better for the eurozone economy. depreciating euro helps exporters. so when the euro depreciates against us dollar, european goods are relatively more, it's more cheaper for a head given price. so that means the exporters benefit because their goods are more competitive on the global market, or it's a, would it take for the euro to make her a to make, gauged to become stronger? well, at this point we, so we expect 0 to depreciate

a bit further because of the friendship. so that's because the u. s. federal reserve bank will hide, i more than e c b over the coming months. but we do see this turning. so in september where r u. s economist a experts us inflation to make a turn and the fed to start hiking by less than it's done in recent months. that is, when we will see the dollar lose out compared to the euro, will prussia only euro's own economy. but get worse if russia carries through its threat to cut off suppliers or severely reduce gas suppliers to europe. we expect that russia will close the caps fully before year end, and probably before europe manages to phillips gas levels or gas applies to the intended rate. that is by 90 percent come 80 percent, sorry. come november. and that will be hard. it will hurt, especially like i previously mentioned countries like germany and italy, which are highly exposed to this russian gas. i'm,

but it's not something that europe can't adapt to. so a lot of european countries have already ramped up cold production. and it seems also that nuclear production may come back online in germany or discussion. surfers been pretty pessimistic. relevant. is there anything positive to say right now about the euro's own economy? tourism is expanding at breakneck speed. it, of course, took a large hit during the pandemic and now it's on a tear. so if tourism wasn't rebounding, it to the extent that it was now, we probably see a much deeper recession in the years own in the coming to quarters than we currently expect. literally, there are concerns about how higher borrowing costs are gonna affect indebted nations. that's something i want to talk to you about a little more in just a moment. stay with us. we'll, italy is among both countries. it has the 2nd highest debt burden in euro's own, and raising interest rates too quickly could high comp italy's debt and make it harder for it to pay. it comes to the country, faces political uncertainty. after the resignation of prime minister,

mario rocky will get more into the details on how the t p i works, which we told you about in a few moments. but 1st, let's hear how some italians, a coping. can i sell it for, for euros? what i was selling too, before you know what they tell me here to close. so all of these price increases are paid for by us. the small medium business owners going on, i'm anxious, but if you try to not turn on, the air conditioning take the car last but the still anxiety because you have to think twice about doing things that were normal before. so we simply need to pay more attention and we have up here, it's impossible to get ahead this way between tax bills and everything else. it's impossible to get ahead. i walked in the morning until late more than 10 hours and want to pay the bill. so let's get back to melanie about a senior europe economist, a pansy and micro economics. so melanie concerned growing over it to return to the years. i'm christ just broke out in 2010. what, what are the chances that get services cost will run?

and so because the cd is hiking up, interest rates, government bond yields were rise in italy and especially because now used to be the end of the program and it's no longer hoover in all the new get the italian government issuing. so any markets or just been tor buying that, that are much more price sensitive and will require higher premium to buy the debt . in turn, the government is still issuing today because it is having to spend a lot more on trying to appease what trying to offset the rising cost of living. and because now of course has to invest in the green transition and it has to spend more because the defense because of the risk on the doorstep. so it's spending a lot more, it's having to issue new deck. and therefore debt servicing costs will rise. and the debt burden will rise. do we think it's going to lead to a new that crisis? no, we don't think so. the debt is more manageable now, and we think that the relationship between government bond yields and none of that is much more benign than it was in 2012 plus. if we were heading in that direction,

the c, b would be much more willing to come to the rescue for actually now compared to the intrinsic just of 2012. all right, so do you think that the p p it i will work if indeed it is even used. you think it's going to be yours and is it just me or have the details been left deliberately vague? it's not just you only yesterday, so easy be president christine le guard said that they will not tell us everything about the t p. i am, we do have some information and that's basically that the t p i is like a form of asset purchase program. but of course, not exactly like you ease, so it's in simple terms or a promise, find it easy be that it will by a certain government bonds. if it things that bond yields are rising much more quickly than the fundamentals would imply. there is a number of conditions on there such as fiscal sustainability and, and it really just depends how strictly and easy reinforces those conditions.

whether or not it will be helpful for countries like italy or not. it's very easy to see is on the governing council members warning putting up headlines signals that they don't want to support some countries because of pass the sustainability war is. and so who knows if it will help and who knows if it new. okay, christina, god declined to say whether italy is actually on the list given the political crisis, could, could italy even meet t p ice conditions, i'm guessing, from what you were saying earlier that it possibly could. and what does all of this mean for investors? so at this point, and italy probably does meet the conditions yet, but of course we're heading for staff elections. so as we do had for snap lectures, we expect italian bond yields to rise, and that's based on political uncertainty. and that's one of the things of the t p i cracked conditions set out. if the bond yields are rising and spreads are widening because of political yourself and get inflicted political uncertainty and

it wouldn't warrant the use of t b. i. so we'll have to wait and see whether or not at this point, what happens in the coming months, we'll need the easy to step in. so what's next? we're to lose economy. melanie asked to draw his exit, why is it in such a mess? and is it at risk to think of even crashing out of the euro's own? we do not see a risk that italy will crash out a deer as own. and none of the political parties are offering that off her. they've learned from the mistakes of before and they would like to stay in the euro, even the most are right wing parties and, and so we do not see a risk of that. as it happens, my a drug, you didn't resign and we are heading for snap elections. does that change the outlook for italy? we don't think so. so for us are further fiscal support was an upside risk to our forecast. the snap election mused that further fiscal support this year is highly unlikely. and that's not because of willpower, but it's more because of logistics. the snap election is being held on the 25th of

september coalition politics mean that in italy t. it will take time for a governing coalition to form, let alone that new government agreeing on you've escalade. so because fiscal support was an upside for, for, has before. now it's no longer there and we still expect the entire climate end to recession by q for this year. our forecast currently point to growth of 2.7 percent for this year. the whole which is lower than what the government has recently forecast. really good to talk to melanie many, thanks again for being wilson counting the course course. thank you. weren't any ah, no, it was seen as an act of solidarity in the face of what you country say is energy blackmail by russia locks watered down, planned to cut gas consumption by 15 percent comes with moscow, announced another count to supply, sending prices up once again russian energy from gas prom says that it's reduced gas flows into germany to allow walk on a turbine on the lord stream one pipeline. but you leaders say that move is

politically motivated. al 0 barbara angle per reports. the energy crisis slimming over europe, dominated the meeting of e ministers in brussels, cotton gas consumption ahead of winter, the best and only way to reduce ease reliance and russian energy. $45.00 be a sam correspond stay 15 percent gut in our usual gas consumption did be in the beginning of august and the end of march. that's why we have pointed to this percentage as the target on member states should stay forward. russia is set to further reduce supplies to the north stream pipelines. blaming a technical fault at one of our stations, something e and ministers disappeared. e leaders say there's no technical reason for the latest reduction of the short national game. as of today, there is no solution to the ongoing equipment issues at the port here they are

compressed. the station we have, there is no solution whatsoever yet. seems that saying nothing. they're trying to find solutions, but their arm along as the western russia exchange economic blows in response to russia's war in ukraine. european leaders say moscow is not a trustworthy part. now. the width is coming, ah, and we don't know how cold it will be. but what we know for sure that would be in the will continue to play his, her, not the games her in misusing and like, mailing her by ha ha, ga supplies, ukraine's president for lottie may. zalinski says that europe is a ready at war with russia, and gas is the new front line, or is he and his bride? all this is done by russia on purpose to make it as difficult as possible for europeans to prepare for winter. and this is an open guess war that russia is waging against the united europe. this is precisely how it should be perceived. and

they don't care ball happened to the people, or how they will suffer from hunger g to the blockading of ports, or from winter cold and poverty, or from occupation. these are just different forms of terror yak, wellness does that. nearly half of all the gas europe needs comes from russia. the supply is now down to relative trickle. come winter, if your pin countries don't have enough supply stored up and time rations will almost certainly mean a struggle to heat homes and power cities. barbara and epa out to sara. well, a voluntary agreement may become mandatory if supplies reach crisis levels. however, some countries not connected to the used gas pipelines such as island motor and cyprus would be exempt. states like baltic nations that are heavily reliant on gas for electricity can also avoid the reductions. and it's the same for any country that fills it's gas storage tanks to the required 80 percent level,

as well as critical industries and supply chains that use gas as a feedstock. now an e u official said that hungary was the only member state that opposed the gas reduction agreement. let's discuss all of this further with michael bradshaw, professor of global energy at warrick business school. he joins us now from coventry in the u. k. michael godaddy with us once again. what do you make of this deal? how are businesses factories households going to be affected? and as you suggested, it's a compromise. i mean, a bargain has been struck. there's lots of exemptions and we must wait and see what happens if we get to a physical shortage of supply. if you look at the kind of measures that propose, i think for, for households, it really means that they are hoping on what we might call behavioral change. that people will take measures to reduce their gas consumption in the winter. i mean, these things are not necessarily hard to do turning down thermostats in improving the efficiency of your house in terms of installation of windows, not heating rooms you don't need. and so for the industry is much harder,

particularly the, the energy intensive industries is already a degree of demand destruction as a consequence of high price. but most countries will probably have in place a c, as a system that will will actually say to key industries you need to reduce or, or stop operating to save gas. so that gas can be used to generate electricity and heat households. it's being described as a show of resolve a show of solidarity among you nations. but are they really united in the energy war with russia? well, obviously what president could to do with dr. discord and dis, unity among european member states. the fact that they've reached agreement is a positive, but as your report is a suggested, it comes with various caveats, exemptions. the other other concern among member states is what more might call commission creek. that actually the european commission is over stepping its mandate here. because that responsibility for energy security and energy mix is actually something that lies with national governments,

not european union. i think it will become it. we really will be tested if we get to this emergency situation where they try to make it mandatory until then it's a voluntary agreement and we must wait to see why given the long list of exemptions could european nations still fill the gaps left. if russia does turn off the taps completely, especially if, if europe faces an exceptionally cold winter, i think the short answer is no to simply not enough gas available in global markets . because most of the, the other gas will have to come as liquefied natural gas. and it's not just whether or not there's a, there's a mild winter in europe. we've been relatively lucky in europe that chinese demand has been depressed as a consequence of cove. it, if we have a hard winter in the northern hemisphere that affects asian l n, g demand will be in competition with asia to try and secure the available, flexible, and n g. the simply not enough flexible energy to cover the gap. so where does all of

this leave the use plans to ultimately win itself off? russian gas while it's going to take time? there's no question about that at the back to back story here is that the global gas mark is exceedingly tight. and european union is, is wanting to pivot away from pipeline gas to rely on on, on seaborne liquefied natural gas. and the market there is going to be tight, probably the next 2 or 3 years at least. and therefore, this is not going to be an easy thing to do and it's going to come at a very high cost. so driving down demand is, is a critical element and truck, but trying to find alternative supplies is going to take time. other options for nations in warmer climes, southern parts of europe to share a spare capacity with, with nations in the north. there are problems here with the gas pipeline network. may 1 of the reasons that spain is, is as exempt actually, although spain has a lot of l. n. g import capacity. the pipeline links between spain and france

around the developed and therefore, the gas that spain might have an offer to northern europe cannot actually make it into european markets. in a previous gas dispute between russia, ukraine did result in european union investing in greater connections within this gas market. but it's not that straightforward to move the gas. it's equally not that straightforward to move the gastro neurology terminals because the pipeline systems based on moving lots of gas from russia. and what is all of this mean for, for householders, like, like, you and me, a bill is going to stay high. now for the foreseeable future, is this cost of living crunch due to the rising cost in heating costs? going to continue? unfortunately, think it is. i think we have to brace ourselves for further increases in price this morning. i actually just received my gas bill and i can't believe it. it's so high, it must be a mistake, i'm saying to myself. so i think we're going to see further increases and greater pressure on government to protect the tech consumers. and that's not going to go

away. and on that rather gloomy note her professor. we'll leave it many thanks. deed for be with us. that's michael bradshaw there in coventry a you and broke a deal clearing the way for the export of millions of tons of ukrainian grain is expected to help ease food prices and the global staple shortage. but getting harvest from the farm to the table has become a dangerous job in ukraine since the russian invasion began answers there is john henry reports now from the village of christ's name. in a wheat field, north of keep a de mining experts sweeps for the weapons of war. the mind detector finds remnants of a cluster bomb. it slow going, but these workers need to clear a path before forming combines can reap the wheat from a war time harvest. they are among a 1000 de mining experts across ukraine, racing to avert a global food shortage. although the last they hired me,

we have founded fragment of glass ammunition and a grenade from an r p g 7, which is unexploded. when the war began, this farm was attacked by russian aircraft artillery and cluster bombs. workers had to replace tractors, trucks in barnes before they could bring in the harvest. you'll never even thought it upstairs. oh, you can see there, burn and destroyed by shaylin artillery. and john strikes with idiom, jazz got, it wasn't, as farmers scramble to gather wheat, corn, and sunflower, oil, russia, ukraine have reached a tenuous agreement to allow 20000000 tons of trapped, ukrainian grain to leave from black c ports through so called safe channels. but with all the dangers of transporting the crop of 2022 in a war zone for now, this farm is storing wheat in these containers. wheat is this symbol of ukraine,

that yellow and blue flag represents a field of wheat beneath a sky of blue. and free crane, the problem is getting this wheat out of the ports. but for farms like this, the problem is overcoming all of the obstacles to get it harvested in the 1st place . the harvest of war has been tough on farms across ukraine. russia has left its signature on these cluster bombs. let us know what might be in your market ogo, but as he's got him here, we can see the mark of rational forces since the beginning, while her work, our employees font these on our field season, this year, she threw up ala, not the machinery of war, rushes, the machines on the far end is summer winds to close, the race to bring in this year's crop grows more urgent every day. john henderson, al jazeera, crescent, ukraine, and that's all show for this week. don't forget if you want to get in touch with us about anything that you've seen, you can tweet me. i'm at

a finnigan on twitter. please use the hash tag a j c t c. when you do or you can drop us a line counting the cost of al jazeera dot net is our e mail address. there is, of course, more few online at al jazeera dot com slash ctc. that takes you straight to our page. that day you'll find individual reports, links, an entire episodes for you to catch up. but that's it for this edition of counting the cost. i'm adrian finnegan from the whole team here and so hop, thanks for being with us. the news on al jazeera is next i rounds and women are being murdered in mexico every day, almost always by men, an epidemic of gender based violence that threatens to spiral out of control. now specialists police squads run by women are trying to reverse the trend and bring the perpetrators to justice. what can they overcome years of much or culture and

indifference? behind the scenes with the fem aside detected on an jazeera al jazeera is investigative unit, goes under cover in the caribbean, we'd all use the word bribe. we'll give you a token of appreciation, exposing trade of diplomatic passports today, and it's $250.00 plus your hot than the price will go up over a $1000000.00 involving from other regions. highest officials. my purse is what i want to fall. al jazeera investigations diplomats for sale, ah thousands of followers of influential carrick knocked out a sudden storm iraq's parliament protesting efforts by his rival, as to.