for again, seeing scenes like these, the do gall more see cow gathering off the coast of qatar are in huge numbers that many end up dead as a result of getting caught up in fishing nets known as by catch. one of the main reasons why they are endangered cutters. water is also serve as a stopping point for migratory whale sharks. hosting one of the largest aggregations in the world. i swam with them for a previous report of mine, a gentle giants, or inspiring to watch them feet feeling like a tiny, insignificant, yet privileged guest in their world. oh, our oceans feed, us, sustain us, give us life. they host such a diversity of perfection and beauty. it shouldn't be hard to understand and to implement the urgent need to protect them. stephanie decker, al jazeera katara. ah,

is wanting whitlock at the main stories that we're covering this hour. and when falling developments in ethiopia as strike on the capitol of the northern take, our region is killed at least 4 people that includes 2 children according to the head of a local hospital. now the strike happened in the city of mckelly. to grind tv showed images of damage, buildings and those had been injured, being attended to by medical personnel. the central government has denied any civilians were killed and says it only targets military sites. bach hassan is declared a national emergency after months of record rains, large pots, the country have been devastated. more than 30000000 people affected by this, causing what the government is described as a humanitarian disaster of epic proportions. who as justice department is released a heavily redacted version of the document that justified the f. b i. search of donald trump's home officials entered the former presence,

florida stay on the 8th of august as part of a probe in to whether he did legally remove documents from the white house. an affidavit was then used to gain approval for the search. alan fisher has more earlier this year, donald trump and his team were cooperating worth federal authorities and the national archive to return documents that had been taken from the white house with donald trump left there. when they got 15 boxes, they went through those documents and find there was some highly sensitive documents there. no, using intelligence sources and also people that they spoke to witnesses names of which have been rejected from the affidavit. they decided that they needed to go back him and do a thorough search of morrow. logwood. millions of households in the u. k. a bracing for an 80 percent rise in their energy bills from october. the surgeon, food, fuel and energy cost is being blamed on the war in ukraine pandemic and the drug

company. medina is suing pfizer in biotech, accusing them of copying its technology to make their corona virus vaccine. the us firms as its rivals curvature infringes on patents. it filed several years ago. the more data advisor biotech vaccines are both based on m. r n a technology lat set for my for now for myself and the team here in london. we'll see you tomorrow, counting the cost as the program coming up next. which side is winning chaos or control? i what does the new forever war mean for america and nato? as long as americans keep consuming, prices are going to keep going up. why didn't joe biden see inflation comics? how did route got so much wrong? the quizzical look with us on the bottom line. ah,

hello, i'm still here robin, and this is counting the cost on al jazeera. you'll, we look at the world of business and economics this week. resurrecting coal in europe, several european nations reactivate coal fired plants after a ban on russian buffalo feels good that fill the energy gap and we'll climate goals up in smoke. also this week, joe biden calls that the final piece of his domestic agenda, the inflation reduction act as the latest legislative, when full, the u. s. president, tackling climate health care and tax, but is it enough? ah, after years of exponential growth tech giants of painful losses this year. so why are invested ditching technology stocks and is the policy over for the sector? ah,

the european union is trying to save gas for winter. russian energy flows become increasingly uncertain, but the block has to burn something else to fill the gap, and it's looking to cold, the most polluting fossil fuel, despite the plan to cut carbon emissions in the coming years. the international energy agency says that use coal consumption is that wise by 7 percent this year, however, it could face a shortage in supply. a ban on russian coal came the 4th earlier this month. the european union band, russian colon ports in response to the invasion of ukraine as part of sanctions in april. it says the measure is expected to cost small scale more than $8000000000.00 in last revenue a year. the block imports almost half of its cold from russia, with germany, poland, and the netherlands, the biggest buyers, almost 70 percent of the use thermal coal, which is used in power and teet generation comes from russia. now some member

states have extended the life of coal plants or reopened others to safeguard power supplies. others of ramped up supplies from several other countries, including columbia, australia, and the us. poland particularly relies on coal rather than gas. the power and heating the country is not facing widespread. coal shortages after russian imports of fuel were banned. andrew simmons reports not from cotton pizza. poland prides itself on its potential for being totally independent of russia for its energy needs. but there's a problem. it's a shortage of coal, not gas, like the rest of europe. rough roads, coal center is normally stocked up for winter by now, but he can't find any cold to buy. and if he could, he'd pay almost 4 times what he used to use them and you go to the cam. i'm not a minor origin. ologist put the coal is right here beneath our feet. and i've been trying to buy it for 3 months with 0 result. he's right,

this region is rich with coal, but polish production is limited. and the government has banned imported coal from russia, even though it's cheaper and more suitable for domestic use. we didn't invest in nuclear power yet out. we cannot rely on natural gas. so all we have is go when it comes to the heating sector. the situation is even worse because we were heavily dependent on russian. ready co, poland burns, a lot of coal, 87 percent of the total for households across the european union. coal mines surrounded by cues of trucks can't meet the demand. and if people knew the level of profiteering going on, they be even more alarmed. there's a reason that truck drove us from all over poland or spending days on end and cues like these. it's because the loads may be small, but the profits are big. drivers are known to make at least a 100 percent profit from a coal yard dealer who will then raise the price by at least another 100 percent.

this driver admits the 2nd old will suffer of either be tagged. what the government should do is get pension as a special allowance on coal delivered to their door. it's sick, i don't want to profit from human misery, but that's how it is. the government says an annual coal allowance of around $630.00 a year will help. and ministers say companies are importing coal ahead of the coming winter. polish companies are now importing call from other countries from colombia, indonesia, south africa, and replacing with that the, the quantities of call that were coming from russia. it's a bit of a different logistics. so it, it creates challenges. but right across poland, people like this homeowner feel the government isn't doing enough. joining me now from berlin is professor cost and no half the cost of these the climate policy department at the german institute for economic research. and as the professor at

the institute for economics and law at the technical university of berlin, it's good to have with us on counting the cost. i mean the cold and has now gone into effect. i mean how much of a coal shortage crisis is looming for europe generally speaking while. ready coldest, lastly, shipped across the globe. so the ban and ration called stuff primarily means that we are getting cold from other regions of the world. the privacy has exploded on co global markets. so i think that are affecting everyone that uses coal. we have only one big issue right now due to the draw. a lot of the shipping inland in europe is the constraint that is the biggest concern right now. so what do you make of that sort of situation in, in europe that coal is re emerging now as a primary energy source and it comes as you say, the cost. we see, i think the transition strategy over the next 23 years to have

a bit more whole throughout this period than was planned. at the same time, the emission target's fully a 2030 our firm and they will be reached by accelerating the renewable bonds. rather than by more coal beyond this very short period of crisis right now, i mean many a still debating sort of the potential effect they want issues and the net effect really on climate change when the i e, a says the ease demand is to rise by 7 percent does a considerable amount, even if it's in the short term. we're on the coal certainly, and we know that to produce one megawatt of electricity from coal takes to for some called 3 times more c o 2 emissions than if you do that with gas, that at the same time, we do see big efforts to say gas across europe as much as internationally, and this will at the same time, also safer on emissions. so the net effect for european missions i would have to

pay is going to be the reduction of emissions altogether due to the large savings triggered by programs and the very high prices for fossil fuels. i mean the debate continues amongst critics. they often talk about the fact that europe was previously shutting down coal fired plants. they were still getting polluting fuel from russia in the form of coal. i mean, where does europe, for example, get its coal now in this dilemma that europe is facing because it's damned if it does and it's damned if it doesn't. well, i think fossil fuels. heather horrific footprint, and i think this indeed is something that is seen the policy arena, where the public to make us up. really striving hard to respond to the situation. you had called exporting countries both in the o d like us or trailer but also beyond this. and in a way, any also she will you by had the footprint before every to 0 and then when you burn it in europe. so this is i think that we use

a lot of policy makers tend to accelerate the face of fossil fuels and at the same time want to balance this to ensure the energy is available. and to some extent, if you can talk about the fordable in this transition period, of course the, the banum coal aims to sort of punish russia for its invasion of ukraine. how painful is still going to be for moscow in the short term and the long term in your assessment? so far as i can still export in the cold to some other parts of the world. and the global coal prices typically in the range of m, $50.00 increase to something like $350.00 euro. so even if i'm running to sell at the discount, i think at the moment the sun is probably not very painful for russia. i mean, when we talk about renewables, it's all, i mean, how complacent has europe be not to have a backup plan in the years leading up to this particular event on the invasion of ukraine and all that's come with it when it comes to both gas and coal supplies

because at the end of the day they have implemented those green policies as quickly as many would have liked. what do you think the agency is now? is there an urgency to get that impression from the noise is being made from various capitals across the continent. i think it is seen by everyone the urgency to really make additional energy available to replace gas particular trauma now and obviously call them by 2030 as well. and this i think, is reflected in this additional increase of the renewal target from 32 to 40 percent of all energy to be provided by renewables. by 2030 for europe. this obviously, that needs to be backed up by a set of policies to finance investment renewables. facilitate the integration the grids, and to do all the things around our energy systems to allow for such a shift. and i think if you look across european ministry, some in brussels,

everyone has been working throughout the summer to kind of help to make this regulatory framework fit for purpose. it's good to get your inside and your thoughts is all professor cast no have joining us from berlin. thanks very much for your time. thank you very much. for the higher prices for a suit, housing and energy of left incomes overstretched, pulling suggests millions of americans. angry about the rising cost of living. president joe biden has said, taming inflation is its top priority, and he signed intimate a sweeping, $750000000000.00 tax healthcare and energy bill, which aims to lower prices and tackled global warming is a major victory for the president and the democratic party ahead of mid term elections in november. this bill is the biggest step forward. i'm climate ever ever as going oh wow. wow. as to moly, take additional steps toward me. all my climate goal was we set out. we really were

going to cut the deficit point out by another $300000000000.00 with inflation reduction act over the next decade. were cutting deficit to fight inflation. by having the wealthy and big corporations finally began to pay part of their fair share, a larger $2.00 trillion dollar spending package known as the build by better act stalled in congress last year. the new legislation, though less than buying originally wanted aims to achieve many of the same goals. one of its top priorities is making health care more affordable. the bill will get medicare the power to negotiate the prices of certain prescription drugs, expiring health care subsidies will be extended for 3 years. and it's the largest climate investment in american history. almost $400000000000.00 in new spending will go towards clean energy and climate projects to help cut carbon emissions by 40 percent by 2030 much of the money to fund the initiatives will come from tax reforms, including a new 15 percent minimum tax on large corporations,

the inflation reduction act is the latest in a series of legislation delivered by congress that could help form the call of president biden's economic record. his wins include an almost $2000000000.00 su plan to help get workers and businesses through the pandemic which was approved last year. plus a one trillion dollar infrastructure bill and around $280000000000.00 in spending to encourage domestic semiconductor manufacturing and scientific research to counter china. i'm joined by so each are in geneva. he's the chief economist at lombard ot a bank. good. have you with us on the program? i mean, we'd be discussing the impact the burning more coal in europe on those climate goals. how much would sort of the new us climate bill law help to save the planet if at all? well, the short answer is that it is not necessarily a short term game changing because of this is leisha. now it's not the less

a pretty well designed bill address is significant challenges when we think about analogy and climate and health care. but it is a 10 year plan. it's relatively small numbers when you think about the scale of the us going to me. when you think about did immense challenges that we face when we think about climate. and it is on a 10 year horizon. so, you know, perhaps on do margin it is going to head, it is necessary, but in the short term, the impact is going to be productive. these more, of course, we have to consider inflation. i mean, this act is called the inflation reduction act. but how much does it really tackle inflation in the federal reserve really and its decisions on interest rates really determine where inflation fits? absolutely. when the transmission mechanism to limit inflation is mostly jar reduction into deficit. but also trying to reduce headscarf costs. so it might

have a minor impact, but again, it is a 10 year plan. the fed is facing inflationary pressures and has to try to dump them in the next 3 to 6 months. this is not the kind of time horizon in which we expect a lot from the r a, d i r a, so relatively limited impact on the shore on the short term. but in the long run, you know, limiting deficits also means that fiscal policy is moving in the same direction. that money re policy. and that is a good thing. i mean, what do you make of critics blaming by nova the pandemic stimulus plan? and how that infected inflation is, or is, or was that policy part of the problem? and, i mean, it didn't generate a very significant demand, boom, that's now results in inflation. but it was a policy choice. we also have to keep in mind that, you know,

perhaps doing fish that we have today is the price that we have to accept to pay for getting out of depend demik extremely quickly with relatively limited damage to the job markets in the long run. of course, i mean, if you will see damage to the economy, as you say that the cost of living for every individual, including many americans, is the big issue. what can the president do to reduce the pain here? what it needs to keep moving in the same direction as the federal reserve, right? the policy has to be committed into limiting, short term inpatient repressor. it's pretty clear that the u. s. federal reserve is going to shift to a restrictive stance and probably stay there will be no more relatively soon on, on that trauma. so basically the us government has to act in the same way and basically not put forward policies that might actually increase spending and bethel inflation. if the president and the federal reserve are working,

you might say independently, they all have to work together to tame inflation. and that comes with its own risks, isn't it? because there are many factors that are influencing global inflation right now. so what direction do you think or do you see the american scenario following? well, there are 2 sides. know, 1st of what we have to accept show or demand, there is going to be a gross cost into fighting in faith. and it does mean that we will have to see some damage to the labor market. but again, there are 2 scenarios. it can be very significant, an uncontrolled damage, or it can be relatively mild and well, well organized damage. thinking about my dress, fisher know, well, it's relaxing the soft landing this by despite the fact that they will be some cost . so that's one engineer, a slow down and demand, hoping that that slowed down won't be too severe. and the 2nd part is make sure

that the supply side of the economy continues to operate in the right way. making sure that the supply side stress continues to, to i bait. so with the chinese reopening here, we're thinking about commodity prices as well. we're thinking about the cost of shipping and also potentially labor shortages. so it's really about the supply side and the demand side of the economy going in the same direction for an improved inflation elk. and of course, you know, any policy has to be a win win policy financially for the public at large. and as we sort of head towards the end of the summer and into the autumn, a win at the ballot box in mid term elections is very important. so is money in the pocket, the positive difference americans will vote for in your opinion? well again, what is what is very important today for the administration is to is to be budget. because all or that has been designed in the i are a making it

a budget neutral piece of legislation. so yes, there is increase spending that they are a credit subsidies, but the idea is that, you know, you raise basic, you count on raising revenues from minimum time and, and some other elements. so pretty clearly whatever happens in the mid terms, it's not going to be easy for the administration to have the same level of freedom of action when it comes to, to legislate. so that way that we'd be a home government in a way of some formal position, which means that whatever device administration wants to do, it has to do it before the november election. because after that, we're going to be in some form of a party because gridlock. interesting times, good to get your insights on each other from lumber, china in geneva. thank you very much. the pandemic has wrecked havoc around the world in the past 2 years from travel and tourism to manufacturing. but one sector has reported. i watering profits tech giant's apple, for example,

had so much extra money that it bought its own shares with more than $90000000000.00. that's almost as much as kenya's annual g d p. now the, as the world opens up, people are relying less on technology to shop, work and play apple last status as the most valuable company in the world. ali, the share. shares of technology firms like shopping fi and netflix have been in free fall in the past few months. plummeting as much as 70 percent tech companies like amazon and apple recorded better than expected results for the 2nd quarter earnings. but many firms are skating back hiring and slowing down spending plans. well to discuss all that i'm joined by daniel i's from new york. daniel is the managing director and senior equity research analyst when bush security is good to have with us and counting the cost. i mean, in general terms, daniel, what do you make a sort of the tech giant sales and profits in this quarter? i think overall,

some better than feared. i think many were expecting armageddon. i think you all to me will, can microsoft, apple, amazon across the board holding up firmer than expected? clearly, here is darker storm clouds and the horizon given what we see in the macro. why are investors and in ferry selling off their shares in stock in tech when these companies have been on a winning street for decades? i mean, why they being ditch now? look, i think in tech stocks overall. i think the over corrected earlier this year. but, but it's a rubik's cube, mac or, i mean, given what we've seen in the fed given recession and the hiking of interest rates, i think what we're seeing is just the risk off across the market and tax the actual front and center. so i think there's a fear of what's around the corner is the guns, the 2nd half in 2023 with the recession. and i think that's what you've seen. tech stocks under such pressure. and even though this is been said, sort of golden darwin, but the last years,

that's why multiples of compressed to have me talk about recession. i mean, the global economy is a, is a huge question mark for many countries around the world. and for the businesses on, in those sovereign states, i mean, what are the main challenges for companies anywhere in the world, whether established, look, i think there's uncertainty across the board. i think the bigger worry is you know how this is going to. busy play out if it's going to be a software or hardware and how is that that consumers as well as the enterprise environment know, so it's a complex geopolitical as well. but i think when you look at big tack as well as you know, i work in the, even my assa, across the board, you get the man around the edges come off, but we're still very bush and tax documents to the 2nd half of the year. i think tech over cracked and i can tell you cover and tack over the last few decades. it's extremely negative in terms of the sentiment on wall street. i mean, it's hard to say the bubble bursting perhaps full tech giants in the us to the

public domain when, when the public at large and look at giants like apple. i'm the rest of them. i mean, it only takes one good idea, one new development. so to, to make things quicker, faster, more efficient, and those tech jones back on topic. i mean, how do you see that development happening in the years has, i think, protect the rock of gibraltar. they've almost become utility. it's for the average consumer. and that's why you look at apple, you talk about install based mon, almost 2000000000, you know, in terms of consumers. and even when we look at i phone 14, i will down the road. ok, apple in terms of have an a r b r. that would be apple blast and we alternately, we baffled car in 2020 bad. you could the cloud in terms of microsoft, amazon, google does not go away. we're going to have clearly recession, but we believe it's going to be short and ultimately on the other side of this, that's why we want to be in tech stocks. in my opinion,

these are the best ways to get there's a couple of new developments happening well in the last few days. one was president biden sort of investing through his new legislation into the 70 conductors and chips. also, we're looking at because these are apple thinking about moving their operations from china to countries like india. perhaps. i mean, there's a lot of movement. there isn't. what do we have to look out for us as sort of the big game changes? look, i think there's movement, but realistically, probably the next 57 years. i mean you may be of 34 percent them moves away from china. that's the u. s. in the earth. some other countries, i think reality is that the supply chain is cemented in asia. if investors are questioning where they put that money when it comes to investment, especially in tech stock, what do tech companies then have to do besides in been something new perhaps to attract those investors back? or at least give investors,

being courage meant that they shouldn't be left behind. i think one thing is really around cutting some cost and making sure margins the firm during a re, sasha. i think you've seen that from apple, microsoft, google among others in terms of cutting costs, but, but also they have to make sure that the growth stories continue. and i think that some of the challenge that you're seeing with networks. but then on the other hand, if you look at facebook, i think that's where they're going to such a massive transformation in terms of the met averse and really away from social media. but, but ultimately it's really holding their hands during these transitions. that's why alternately in this market name's a gap or amazon, microsoft there's is some are favors. facebook's an example of a company where, you know, they have to really get through that transformation to the matters for investors to leave the debt to be successful. interesting. chat, get your insight daniela's a managing director of what it is in new york. thanks so much for joining us on

counting the cost of that. so i'll show you this lee got in touch with us by tweeting meet at so underscore rahman and to use the hash tag h a c t c. when you drop us an email counting the call that algebra dot net that multi online account. is there a dot com slash ctc take you straight to our page, which has individual report links and in time episode to catch up to the tradition of counting the count to i'm so he'll run from wholesale. joining us, the news is next here on out there. ah ah, holding the powerful to account. as we examined the u. s. his role in the world on al jazeera. every month you'll have someone from home that will say, oh please, i need my me 4 days with the economy and free full and children and spread around the world. how does the family survive in modern symbolic way as the pull about for

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