i mean, 3 years, ah, more than a 1000000 people are expected to join the prize at the notting hill carnival. it's usually held every august, but has taken place on line because of the current of iris pandemic. the van traces its history back to 1958 and a gathering to unify the british korean community after a series of racially motivated attacks. i like 3 as with what on the ribbon. honestly, i probably not gonna like it. oh, i get. i love you, mr. man, yes. overdue for like 2 years. remiss so. yes. overdue man. ah. you're watching al jazeera and these are a headlines at least 2 people have been killed during fighting with iraqi security

forces. support is oci. i t democrat asada stormed the presidential policy by god. after he announced he would permit e as resigned from politics. a nationwide curfew is now in effect. mahmoud abdel, why had has more from the rocky cabin a little while ago we were hearing at bullets whistling past us at this spot. that's why we're in protection. give all the team here. so as you know that this hurts, other supporters has told me the position la palace to day following his tweet resigning from all the political process. but caretaker, prime minister must have was causing me give commands to all security forces to be on high alert. pakistan says it could take 5 years to rebuild after devastating floods. the unprecedented reign to have killed more than 1100 people since june. the planning minister says if cause at least $10000000000.00 in damage,

ukraine says it's launch counter offensive against russian forces in the south, including an effort to retake his san russian mythos, reportedly hit a market, a nova cap kafka. the area is north of crimea and has access to both the black sea and the fee of ass off. meanwhile, a team from the u. a nuclear watchdog, is on its way to inspects ukraine's operation nuclear power plant. it comes as fighting continues near the facility, raising fears of a radiation leak in ethiopia, rebels from to dry in the north sea. they've taken control of the ton of war in the neighboring. i'm higher a region very poorly advancing on the manufacturing have of dessie about 200 kilometers away. brazil has held its 1st presidential debate in the run up to elections in october. the front run as the incumbent tradeable scenario, and formerly to lucy, nashville, that is, silva was surging in the opinion popes and the lawn show of not as much anticipated . artemus rocket has been postponed because of technical problems. engineers at the

kennedy space center in florida, having encountered an issue with one of the engines, and those are the headlines. i'll be back with more news on al jazeera after counting the cost. news. news, news. news, [000:00:00;00] news . hello, i'm still 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 will climate goals up in smoke. also this week joe biden calls that the final piece of his domestic agenda, the inflation reduction i is the latest legislative when pull the u. s. president. tackling climate health care and tax, but is it enough? ah, after years of exponential growth, tech jain suffered painful losses this year. so why are investors ditching technology stocks and is the party 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 bend 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 into forth earlier this month. the european union band, russian call imports 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 heat generation comes from russia. now some member states of extended the life of coal plan, sol reopened, others to safeguard power supplies. others of ramped up supplies from several other countries, including colombia, australia,

and the us. poland particularly relies on coal ramp and gas for power and heating. the country is now facing widespread cold shortages after russian imports of fuel were banned. andrew simmons reports now from cut pizza. poland prides itself on its potential for being totally independent of russia for its energy needs, but there is 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, that 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. oh, we cannot rely on natural gas. so all we have is gold. 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 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 cost in these the climate policy department. but 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 on has now gone into effect. i mean, how much of

a coal shortage crisis is looming for europe, generally speaking? well, cole is largely shipped across the globe. so the ban and russian cold stuff primarily means that we are getting cold from other regions of the world. the privacy has exploded on the whole markets. so i think that's effective everyone that uses coal . we have only one big issue right now due to the draw a lot of a shippy inland in europe. it's 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 targets fully a 2030 our firm. and they will be reached by accelerating the renewable deployment

. rather than by local beyond this very short period crisis right now. i mean, many is 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 2 for some called 3 times more to 2 emissions than if you do that with gas. that at the same time, we do see big assets to safe 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 you see in the policy arena, where policy makers up really striving how to respond to the situation. you had called export and countries both in the city like us or australia, but also beyond this. and in a way, any fossil fuel you buy has a footprint before ever reaches europe and then when you burn it in europe. so this is, i think the reason that a lot of policy makers attempt to accelerate this phase of fossil fuels and at the same time want to balance this on to actual energy is available. and to some extent,

if you can still talk about the fordable in this transition period, of course, that the band on coal aims to sort of punish russia for its invasion of ukraine. how painful is, 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 on the coal to some other parts of the world. and on the global cold prices, typically in the range of them, 50 euro have increase to something like $350.00 or so even if them rationally to sell at a discount. i think at the moment it certainly is probably not very painful for russia. i mean, when we talk about renewables as well, i mean, how complacent has europe be not to have a backup plan in the years leading up to this particular event and 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 haven't implemented those green policies as quickly as many would have liked. what do you think the urgency 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 frame a fit for purpose. could get your insight and your thoughts as well. 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 of energy of left incomes overstretched polling suggest millions of americans angry about the rising cost of living. president joe biden has said, taming inflation is, is top priority, and he signed into 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 goals and once 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 core of

president biden's economic record. his winds include an almost $2000000000.00 rescue 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 count a china. i'm joined by some child in geneva. he's the chief economist at lombard and he a bank good. have you with us on the program? i mean, we've been discussing the impact to 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 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 the immense challenges that we face when we think about climate and it is on a 10 year horizon. so, you know, perhaps on the margin it is going to have, 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 sets absolutely. when the transmission mechanism to limit inflation is mostly due 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 short 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 the name of 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 were no more relatively soon on on the wrong. 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. that 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 yeah, 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 refresher, know the soft landing despite, despite the fact that they will be some cost. so that's one engineer, slowed 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 outlook. 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 and 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 hung government in, 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 the 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 up 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 while to discuss all that home joiner by daniel eyes from new york. daniel is the managing director of 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, in this quarter? look, i think overall, it's 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 firm than expected. but clearly,

here is darker, storm clouds and the horizon given what we see in the macro, why are invested in ferry selling off 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 going to 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 for the last years, that's why multiples of compressed like 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? no matter where they're established. look, i think there's uncertainty across the board. i think the bigger worry is, you know, how this is going to play out if it's going to be a software or hardware and how does that consumers as well as the enterprise environment. now, 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 tasa across the board. you can said the man around the edges come off, but we're still very bullish and tax documents. 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 see the bubble bursting perhaps full tech giants in the us to the public domain when, when the public at large and look at tech 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 utilities for the average consumer. and that's why you look at apple. you talk about install base 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 on impact in tech stocks, in my opinion, needs the best ways to get there is 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 were looking at the companies like 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 as a 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 that 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 that 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 net works. but then on the other hand, if you could facebook, i think that's why they're going through such a massive transformation in terms of the matter versus really waived in social media. but, but ultimately it's really holding their hands during these transition. that's why alternately in this market names a gap or amazon, microsoft, there's a summer favors facebook example of a company where, you know, they have to really get through that transformation to the metaphors for investors to believe adapt to be successful. interesting chat, get your insight. daniel. lives are managing director of what thank you. there it is in new york. thanks so much for joining us on counting the cost of that. so i'll show you the sleep get 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 al jazeera dot net, that multi online account is there a dot com slash ctc. that'll take you straight to our page, which has individual report links and in time episode, to catch up to the addition of counting the come to i'm so he'll run some halting. joining us, the news is next here on algebra. ah, on the 5th of september christians conservative party will elect a new leader to become the country's prime minister. a row likely to be defined by an unprecedented cost of living crisis spiraling inflation and

a wave of strikes across the country. stay without his era, for the latest developments on the u. k. 's, new prime minister from young ideas to revolution. everything from political activism to incarceration. in part one of the 2 part document to see, i'll give you a whoop, explores the single minded journey. the 1st leader of an independent bosnia herzegovina as that bag from prisoner to prison on a jessina. ah, at least 2 people are killed in iraq in unrest that followed influential lead him of cat are fat as announcement his withdrawing from politics.