help in finding who did this dominant cane al jazeera on the order river. a wooden bridge of a river in norway has collapsed while vehicles were crossing it. one car plunged into the water while a trot became stuck on a res section. the bridge was in the village of trenton around 200 kilometers north of the capitol, oslo. the drive of the truck was rescued by helicopter. while the drive of the car manager escaped by himself. both were unhappy. ah! stop a quick check of the headlines here on al jazeera kenya's vice president william router has been declared the winner of its presidential election. he received just over 50 percent of the vote, less than 2 percent ahead of his rival, former prime minister rollo dingo router's promising kenyans radical economic reform gender equality and is cooling for unity. i am a vague, proud canyon this evening that the people of k now have raised

the bar on us who are thinking leadership in our country not to sell our ethnic cities, but to saddle our program. our manifesto of our agenda and our plan. we do not have the luxury to point fingers. we do not have that luxury to apportion blame. we must close ranks and walk together for a functioning democratic prop beth. okay. now, while the announcement was delayed because of scuffles inside the vote, counting center for the 7 members of electro commissioner refusing to endorse the result. that fuel fears of further violence allegations of vote for the 1st united nations charted ship carrying ukrainian grain for africa has set sail,

had left my port on the black sea and is bound for djibouti as part of the world food program scheme to help countries facing vanity, the un says it can support a visit by the international atomic energy agency to ukraine's apparition nuclear power plant if both russia and ukraine agree, moscow and key the cues each other of shelling the plant which russia sees control of in march. the u. s. state department says iran must abandon demands it called unacceptable, and talks to revive them. battle 2015 nuclear deal to iran says an agreement could be reached in the coming days if certain issues are resolved. china has announced more live fire military exercises are on taiwan, saying it's ready to smash any foreign interference in its affairs. the warning coincided with a visit by a u. s. congressional delegation to the territory, which china claims as its own. those of the headlines, the news continues. he and al jazeera, after counting the cost, sent you and thanks for watching the 1960 s in the decade of change across the

middle east and north africa. in the 2nd of a 3 part series, al jazeera world explores the explosion of arts and culture of intellectuals. we're building new dreams and ideas because the revolutions of the 960 s were no political. but all the mining from music to t. v. the poetry of protest and revolutionary food making the 60s in the arab world . culture. oh, now jazeera ah, i hello there, i'm to start the a t a and this is counting the cost on al jazeera. you are, look at the wild, a business and economics. this week, oil and gas majors are raking in their outings on the backs of the poorest. people

says that the united nations, it's urging a windfall tax on their profits to support households and the most vulnerable will governments. he'd the call. also this week the races on for semiconductors and the u. s. is spending billions of dollars to boost domestic manufacturing. well, keeping an eye on china can america rival asians knock us? plus the sales of video game giants have dropped in the 2nd quarter of this year. all game is spending less time playing and is it's game over for the pandemic. boom . ah, now a new study found the oil and gas industry has produced almost $3000000000.00 a day and profits the last 50 years. it's now caching and even more money as the war and ukraine has driven up energy prices. do, and secretary general has criticized these sky high earnings as grotesque, agreed at a time when millions of people around the world are feeling in a pinch of the rising cost of living. antonio gutierrez is urged governments to tax

the profits of fossil fuel giants. to help those in need. it's use immortal for oil and gas companies to be making records profits from these energy crises on the beck of the buddhist people in the communities. and that the massive cost to the climates, the combined profits of the largest energy companies in the 1st quarter that of these year are close to $100000000000.00 us dollars. i urge all governments to tax these excessive profits and use the funds to support the most vulnerable people through these difficult times. well that has a call comes as energy giant recorded i was offering figures for the 2nd quarter of the m. b, p reported a profitable missed $9000000000.00. that's the biggest win for 14 years. american energy, exxon mobil, pocket, it around $18000000000.00. the net income is the company's largest ever quarterly profit. europe's largest oil company show has broken the record for

a 2nd quarter in a row with profit of more than $11000000000.00. those 3 major companies put together with the us from chevron and francis total energy is made $55000000000.00 this past quarter. and it's not just oil and gas blend coal, the world's largest coal ship are also made record profits and plans to pay an additional $4500000000.00 and dividends and buybacks to shareholders out while companies are reaping the benefits households are struggling to pay high energy bills, food prices of also such they've risen around 50 percent since 2019. the u. n says more than 50000000 people across 45 countries are now on the brink of famine. while joining us now from london as adi, i'm sure of it. he's a senior research fellow, the oxford institute for energy studies and also author of the book, trading and price discovery for crude oils. thanks so much for joining us on counting that cost audio. so by asking you what you make as good terrorist a suggestion, because i know many economists would argue that taxing profits at

a time the short supply could backfire in the long term, it would definitely back fi. i think taxing process is a terrible idea on a number of levels. the 1st reason why it's a bad idea is that it essentially, it basically penalizes the companies that are actually supposed to be investing into energy exactly at the time when we need it most. secondly, also it, it sort of picks and chooses when, as why are we, why are we taxing energy companies? a lot of other companies had when, when for profits as well, why not tax google and facebook? why not taxed? law law firms that a lot of companies that it's time to time have windfall profits. ready for whatever reasons and those profits are usually an incentive for them to actually invest into the. ready resources that are badly needed. so if we tax them, we're going going to get those resources in the long run. well, we have

a number of case studies here. the u. k. in india for instance, have impose these windfall taxes. what do you make of their success? you know, it's too early to say, we've only just had them. in fact, from the energy point or industry point of view. i probably, that the one have a terribly big negative effect. it will have a negative effect, but not, not particularly big because it happens the time where, where we have univision, russian invasion on ukraine and a lot of energy companies basically managed to make quite a bit of money out of out of their resources that they have in the north fee or elsewhere in terms of oil and gas production. but we are really not passing the right message. the stager is, i'll give you an example. let's say century car is producing a lot of gas in the u. k. having a wind full tax is just going to pot, send a message to everyone. well, if you invest more into the u. k and u. k gas product gas production, which we need really,

really badly. well and you make money, we're going to tax you. the same thing applies to e d, f, for example, e d f is making a lot of money out of their nuclear power plants because the, as we know how to change, the prices are quite high. well, now producing clean electricity, green electricity, nuclear, christie, and why should they be taxed? i mean, basically the messages. well don't invest into these green resources because we're, you're, we're going to tax you as soon as you make some money. well, i notice that the u. s. s, are avoided attacks like this, but i believe the white house hasn't actually ruled it out. now, given that biden has had such stern words, well, companies and refiners, what do you make of, of the state of pay there now? well, the united states and obviously is a lot more market oriented. and i think also in mind of, of the consumers, if a lot easier to do these taxes in, in europe and the u. k. where we're used to having a 90 state in the united states. it's a lot less so. so, you know,

i think it's very important to go to the consumer and actually explain that gas prices are international prices. oil prices are international prices, gas prices went up tenfold. so when something goes out, tenfold will surely is going to be at home as well. just like the price of coffee. you know, there's not much you can, you can government can do about the prices. what that could you could government and all the governments can do and should be doing is helping those really ah, shit, badly who i need. and they should be given cash, not, not subsidies because what happens associate that, for example, when you subsidize gas prices, if they are right now in the u. k. and there's a lot of talk about price raises. terrible, terrible idea. come back to that in a 2nd. what happens? you actually subsidizing the rich more than anyone else. people in, in, in big mansions are people driving because and so on. so you're suggesting public

cash transfers then to the most vulnerable absolutely. give those in need, cash, giving subsidizing, or freezing even because there was some cause in some quarters with them at parties, suggested freezes, terrible idea. 970 lessons from 970. we haven't learn. nixon administration improves rise, freezes. and what happened there will shortages of, of energy. what happens is that if, if the energy companies have to pay this price and you give them that price, they'll say, well, we're not going to invest anymore. we're not going to do this because we are losing money. you have a really good case in france, e d f. now being being a nationalized. why? because the government basically enclosed very harsh price caps on, on, on energy. and companies in germany is the other one unit where basically went bankrupt. then when the government's think they have a free lunch,

then eventually in the long run, well they end up doing is actually, you know, nationalizing these companies and spending billions and billions of dollars already . you suggested the taxes, like the windfall tax. we've been talking about discourage investment. so then is all of this then really just part of the pain that we need to go through in order to get to a green transition? absolutely, well, you know, the, all of those who are calling for energy subsidies, for example, gas just have to remember, look, it outside. i mean, we, you know, we have climate change that happening now. it's not happening in the future, and you want to subsidize fossil fuels. is that what we want to do now? we got no, we shouldn't be doing that. we, what we do need to do is help. and the reason growing fraction of the population that need help, that helps should be given in terms of cash to those in need. everyone else should pay the full price or the fossil hills. and that would also be an incentive to move

much quicker to on shore when, for example, or shall wind and other green sources of energy that we need really, really badly. and we need them now rather than pay, give money to put him very anxious gone id. i'm sure that the senior research fellow at the oxford institute energy studies, thanks so much for sharing results from counting the cost. you're welcome. thank you. now thailand, like many countries, is facing shop increases in the cost of food and fuel and central bank is following in the steps of many of the hiking rates to try to tame inflation. but in a society where the gap between rich and poor is one of the was in the wild type, say the government's efforts will bring little relief. tony chang reports nestled between embassies and gleaming high rises in the center of thank cox, a community on the other side of the wealth again and the shadow of a new apartment complex. when he said lives with her 3 children,

he says her income barely covers the family cost full repayments of loans. she's been forced to take the money. i want to have a better life, but i can't. i just have to accept my fate because i was born in this condition and i have to take what is available. i just spend my life day to day trying to get enough to eat and that's not. so. during the pandemic, many people lost jobs and incomes dropped. and now the cost of living is rising sharply. they're not getting any help that a man, man from nailer hole, we barely get any help from the government. we don't get anything. they only get help from foundations and cherish, so we recharged them. thailand's often size, it is a success story when it comes to reducing poverty. but the wealth hair has not been evenly distributed. and in this credit suisse global wealth reported 2018 tyler was listed as one of the most unequal places in the world. in the years since then, life has been even harder for lower income communities. by the side of

a busy expressway, some of the most vulnerable struggling to survive. this is a community for the deaf and hard of hearing, often cast out by their families. form takes us under the bridge where she, a husband and several other families have made homes from refuse and scrap. she explains their disability allowance of $20.00 a month. barely lasts a few days. the strain is enormous. they trying to salvage what they can from the waist. others throw away with the roar of the traffic overhead. life goes on while their complaints go on, answered tony channing al jazeera. thank god i . well, while fossil fuels power, the globe, semi conductors drive the digital economy, the tiny computer chips so seen as the oil of the 21st century, they run everything from smartphones to missile defense systems. after

a global shortage hit hard, many countries are racing to secure uninterrupted supply. now, among them is the united states, which is just approved a multi $1000000000.00 bill to boost domestic production. the bipartisan bill includes more than $52000000000.00 and subsidies. the u. s. companies producing computer chips, as well as billions more tax credits to encourage investment and research in the industry. the u. s. fall is behind asia and ship manufacturing with a global share of at least 10 percent compared to almost 40 percent just a few decades ago. but it does lead in cutting edge chip design. well, that's what president joe biden had to say when he signed that bill and law. it's crystal clear. we need the semi conductors, not only for those javelle missiles, but also for weapons. this is the future that are going to be even more reliant on advanced chips. unfortunately, we produce 0 present. these advanced chips now in china is trying to move away ahead of us, the manufacturer,

the sophisticated ships as well. it's no wonder the chinese communist party actively lobbied us business against this bill. the united states must lead the world the production of these advanced ships. this law will do exactly that on china has criticize that bill as a threat to trade and an attack on chinese businesses. the nation in ports more than $300000000000.00 worth of semiconductors annually, but ends to produce 70 percent of its own ships by 2025 around 90 percent of the world. most advanced chips, though are made in taiwan. the rest come from south korea. european legislators also pan multibillion dollar investments in the industry over the coming years. while joining us now from singapore, as alex cap rate, he's a research fellow at the hendrick foundation and also electra at the national university, a singapore business school. alex, we seeing the emergence of a new semi conduct, a cold war here. what we're seeing is a re shuffling a restructuring, a paradigm shift if you will, around global value,

change global supply chains when it comes to strategic goods. and at the top of that list are semiconductors. how much then do you think this bill will actually help the u. s. in particular, try to regain its leading role and in semi conductor production, it's important to, to step back and take a look at the state of the semiconductor industry as a whole. so u. s. companies still dominate the technology, they still dominate the i p, the manufacturing equipment, the tooling. but what has happened over the last 30 years is us, chip makers have offshored manufacturing. so we have these pure play types scenarios where a company like p s m c, and taiwan. as a contract manufacturer is manufacturing on behalf of its it's making the chips for big companies like qualcomm, for example. and so what the us wants to do now, given this strategic rivalry with china,

given the sensitivity of global supply chains, because of the pandemic and so forth, is it wants to bring that manufacturing back to the united states. and that's what the chips act is all about. i see that the companies that would benefit from this bill there then actually not allowed to increase their production, particularly advanced chips in china. just how attractive is that for the big cases? well, this has been the game that the semiconductor companies have been playing in china a so called in china for china strategy. and that is, continue to sell mature older generation technology in china, in the chinese market, make a lot of money, use that money. and while that back into innovation and research, but don't sell because of export controls. and sanctions, for example, don't sell leading edge technology to the chinese. now what's going to probably happen in the coming months and years is the u. s. is going to crack down and

choke off even that older mature technology that's going into china and that is fueling china's growth in the trailing edge section of semiconductors. and that means that we're going to see further bifurcation in the markets. we're going to see further decoupling if you will, and it's going to be more difficult for china to try and become self sufficient when it comes to semiconductors. well, you've been talking about this strategic rivalry. and as you alluded to, the industry leader we're talking about here is taiwanese, do you think that the tensions we've seen escalate recently, or the taiwan could that affect the supply chain, putting too much dependence on one country and this is taiwan. this is for manufacturing. again, we have to be very clear, we're talking about manufacturing ships in particular. so clearly the move, not just in the united states, but in europe, in japan, in south korea,

is all about diversifying and avoiding a single source supply chain situation. with a single point of failure, for example, which would be taiwan. so we're going to see we're going to see re shoring all over the world. and it's also going to involve tie when he's company. so t s m c is investing in the united states. it's investing in europe, we could see india emerging to a certain extent as a place where that, you know, the big taiwanese companies and others will invest. or let me ask you then about the rare earths shortage that we've seen around the world. now given that china's been very focused on the supply and those materials that you need to produce semiconductors. and what does that mean for other countries like the u. s. or india? well, it's part of the decoupling process that we're seeing and we have united states, australia, canada, for example, re opening. for example, the, the mountain pass mine in california,

which used to be the world's largest extractor and processor of rare earth before that was all offshore to china. so in this decoupling process from china in this re shoring ring fencing process that we're seeing, we're going to see friend shoring. in other words, we're going to see strategic partners such as the united states, u. k. japan, australia working together to, to re open and to and to reassure these supply chains. and that's exactly what's happening with rarer as well. so do you then theme broader political implications for the future of semiconductors here, a bifurcated wild then. absolutely. so, you know, a semiconductor is not just a hyper strategic good for weaponry. and for sophisticated electronics, it is a public good. it is every bit as important to a nation as energy, water or food security. so we're going to see increased emphasis on self reliance,

or at least on strategic alliances around supply chains involving semiconductors. alex kept re, there from the henry foundation, thinking customer thing. apple. thanks so much for your time and sharing your thoughts with us. whole gaming has outgrown the earnings of some of the biggest entertainment companies in the past decade, becoming even bigger than movies. and the music industry combined pandemic locked downs and stay home restrictions. so a growth in uses as well. people reached for their consoles last year. the industry wrapped up almost $180000000000.00 in revenue, but with holiday travel taking off again. the gaming industry has taken a hit video game johns have seen millions of dollars of losses and revenue and recent weeks. in the 3 months that ended in june, microsoft, sony and nintendo each reported a fall in sales. american spent more than $12000000000.00 on games and the 2nd quarter according to market research firm and p d. that's down 13 percent year on year china video game revenues in the 1st half of

2022 felt for the 1st time since days and became available and 2008. joining us now from london is really led on better. he is a professor of economic sociology and digital social research at the oxford internet institute. that's part of the university of oxford. so really what's gone wrong for video game companies? i imagine the semiconductor shortage we've just been talking about hasn't helped either. that's right. so 11 problem has been the supply chain crisis, a console manufacturers are not getting their, all their products from the consumers. but also the war rush us innovation of ukraine has led some game publishers to pull out from russia. and this is obviously had a negative impact on their revenues. and then a further reason is apple has says last year started limiting the data. it gives out to app developers on, on players. and this has led to basically

a decrease in revenues from ad supported games, as well as an increase in acquisition costs for game publishers because advertising is now less targeted. and it's also further sort of entrenched the centrality of apple's own app store as a gateway between app developers and consumers. and all of these things are eating a little bit into the game industries. revenues, how much of a difference as a panoramic made? because intuitively you kind of think everyone stuck at home. surely some of them are playing video games. yes. so actually during 20202021. the games industry grew a lot. so there was something like a 25 percent spurt in the size of the market. this is massive growth. and so if there is a little bit of a correction now that's almost to be expected as people are, are going out again and may be playing some of those games that they bought during

the lockdown. do you think that we could potentially see an uptick in the industry when people have gotten bored of going out and want to be back at home? yes, certainly the, the industry overall looks looks very healthy. so i don't think game playing or the games industry is going anywhere and suddenly there, i would expect them to find new sources of, of growth in due course. we'll speaking of sources of birth, i think chinese game is in particular are hitting the post button. why is that? obviously one thing in china is that the government last year started massive crackdowns on the games industry. so limiting the amount of time the miners are permitted to spend on games, as well as suspending new licenses for 4 games publishes and publishes in china, need a license to publish and a game. and the regulator has as suspended and, and still to some extent is suspending a new licenses. and this has had

a big impact on chinese publishers ability to introduce new titles to the market. and this is obviously having an impact on, on their revenues as well. so that would be certainly one reason. well, let me ask you then broadly about the future of the industry. i think companies like netflix, for instance, are also now investing in video games. where do you see all of this going well for netflix, the way their executives speak about it? it sounds like it's still a bit of an experiment. they're trying to figure out what, what to do with games. but if you, if you look at what tv shows they have some, their shows were actually based on games already before netflix started been turning some shows into games. and so, turning media franchises into these multi media franchises is of course, very old strategy in the media business, and these different media can support each other. so suddenly i would expect to,

to continue to see that where games are not just games, but they are also films. they're also animations. they're also merchandise and other things as we're talking about the future. i think also in the games industry as well as everywhere in the tech industry, the power and centrality of these tech giants like apple and google and microsoft. i think it's going to be going to continue to be an increasing trend and even more investment despite the industry downtown at the moment. the lead on that from the oxford internet institute. thanks for joining us on counting the cost. thank you very much. well, that's our show for this week. do you get in touch with us by treating me at the start the day and do use the hash tag a j t t c. when you do or talk with an e mail counting the cost out there, a dot net is our address. but there's also more few online at out there a dot com slash ctc that will take you straight to the page,

which has individual report links and tie episodes for you to catch up on. that's it for this edition of counting the cost. i'm to start the attend from the whole team here. thanks for joining us. the news on al jazeera is the talk to al jazeera. we ask for the rebounds, you speak of is clearly coming at a high cost for airlines and the industry. what's going wrong. we listen, you were part of the arm struggle in the 19 seventy's if you have any regrets. you know, we meet with global news makers and talk about the story stuck matters on al jazeera . we understand the differences and similarities of cultures across the world. so no matter what you call home al jazeera will bring you the news and current affairs that my tv al jazeera

on counting the cost, the u. n. a tax on the profits of oil and gas giants couldn't help ease the energy prices. biden signs a bill the booth chip reduction who's winning the semi conductor rate and video game fails. death, is it game over for the pandemic group? counting the cost on out there. ah, hello, i'm darren jordan joe, how about the top stories here on al jazeera kenya's deputy alida william rudo has been declared the winner of the presidential election almost a week after the vote. rito fought a tight race against veteran opposition. lead a rhino dingo cut from salt reports from nairobi. now it was a week of intrigue and anxiety as kenyans waited for the presidential results to be announced. hutto.