ah dignity with you, my name is ajoy sadness, but also celebration i speak to to day with feelings of profound sorrow throughout her life. her majesty the queen, my beloved mother, was an inspiration, an example to me and to all my family. and we owe her the most heartfelt debt. any family could owe to them. um, oh

oh. and her mind of the top stories around his ear, united kingdom's, at new on king charles. the 3rd is addressed the nation praising his mother. queen elizabeth for her unswerving devotion, a pledge to follow her example of lifelong service and serve with loyalty. charles, who became the monarch immediately upon his mother's death, will be formerly proclaimed king. at a ceremony on saturday. earlier he returned to buckingham palace and met crowds of well wishes. we sang, god save the king. queen elizabeth was a life well lived, a promise with destiny kept. and she is mourned most deeply in her parssi. that promise of lifelong service. i renew to all to day

alongside the personal grief that all my family of feeling. we also share with so many of you in the united kingdom, in all the countries where the queen was head of state in the commonwealth and across the world. a deep sense of gratitude for the more than 70 years in which my mother, as queen, served the people of so many nations. as the u. k, begins a 10 day morning period to queen elizabeth the seconds 70 or rain has been commemorated, celebrated and debated. crowds of continued together outside buckingham palace and balmoral in scotland to pay their respects. the head of a russian backed administration in hockey has admitted that ukraine's advance in the southern region has been very sharp and rapid ital. again, jeff confirmed ukrainian forces have captured a number of settlements within the area of several videos have been circulating on

social media, showing villages, welcoming ukrainian forces in russian control towns, ukraine's president. vladimir zalinski says trips have no reclaimed more than a 1000 square kilometers in their counter offensives. those the top stories do stay with us for now they're counting, the cost is up next life. now the latest news as it breaks, we've been speaking to the families in, there's about 5000 people living in this block of government. glad to have been displaced from their homes by this work become all over same province with detail coverage. l. zero's legal, he plans to submit a case with the international criminal court at the hey, from around the world that there is here in this country. a culture here with me. ah,

[000:00:00;00] with hello, i'm adrian said again. this is counting the cost on al jazeera. you look at the world of business and economics this week. russia shuts off europe's main gas pipeline. off the g 7 countries agreed to cap the prices of russian oil, the u plans to set a limit on moscow's gas prices. who's winning the energy back? also this week, europe's energy crisis deepens. as russia, titans it's choke hold on supplies, the e says it's prepared to meet the challenge. should moscow tunnel the gas taps, but is it? and skyrocketing energy prices are squeezing people's income's in rich and poor countries alike. when will global inflation peak,

or could the rising cost of living remain far too hot? and all out energy war between russia and the west threatens to deepen europe's energy crisis, putting pressure on governments to make interventions in the energy market to rein in soaring prices. but it also puts the kremlin revenues at risk that is meant to stem the flow of funds into its walk offers. moscow's earnings from energy exports are expected to rise by 38 percent this year, western capital. so they want to cut off that financial lifeline. the g 7 group, the u. s. japan, canada, germany, france, italy in the u. k. have agreed to kept the price of russian oil shortly after that decision. russia's energy giant announced the indefinite holt to gas flows to europe through the north stream. one gas pipeline, citing the need for additional repairs, gas prices search more than 35 percent. the euro slid to its lowest in 2 decades as moscow warned that it won't reopen that pipeline until sanctions are lifted. and

the e u is planning a cap on russian gas prices to among other proposals to curb soaring energy costs. president vladimir putin as warned the west that it cannot isolate russia. he says that western sanctions against moscow have back fired. and now threatened the whole world out as here is that in bummer reports, a bold move from brussels, but will it work? the european commissions going ahead with a plan for a new price cap on russia? natural gas. we all know that our sanctions, i deeply grinding into the rush economy with a heavy negative impact. but voting is partially buffering through fossil fuel revenues. so here the objective is we must cut rushes, revenues, which putting you as, as to finance his atrocious morn ukraine. since february, the use imposed sanctions on russia and acted to wean itself off russian energy, some member states are skeptical of the price cap worried it could push moscow to

turn off the taps completely. rushes already stopped or reduce supplies on 3 of its biggest westwood gas pipelines. while oil supplies have been re directed eastwards as its economy and course is now more cuts off from the western to many global markets. and at any point, since the end of the cold war, and in some respects when warn you craters, gone russian, russia, dejection, sanctioned means that russia's economic fate is sealed. it has to become an asia facing east and facing economic power, or it will leak normally parish if president putin's worried, he's not letting on speaking at the st economic forum in vladivostok, he called the price capital stupid me. he also addressed another issue with global implications. ukraine's grain exports shipments like this one resumed off the key of and moscow reached a deal in july with turkey in the united nations, acting as guarantors. but putin says that developing world is being cheated is

uletha misses 20. if we remove turkey as an intermediary, virtually all the grain was brought not the poorest countries, but to the european union. the world food program speaks of the need for the poorest countries. out of $60000.00 tons of production, just 3 percent went to developing countries over here. my so got you and data shows . turkey has been the biggest single destination with cargo is also going to china, india, egypt, yemen, somalia, djibouti, whatever the reality vladimir putin insists his country's already seen off the worst effects of western sanctions. saying inflation has started to fall. he told his gathering rushes natural resources would protect the nation as jobs and companies disappeared in europe. that surely a warning the continent cons ignore. joining us now, david beck, the chief economist of london based energy intelligence provider, vortex. he's in quito in ecuador, could teddy with us, david the so the ear is planning this cap on, on gas prices among other proposals. is that going to help its energy market?

susan simply raised the stakes even further with russia. yes, the stakes were rational. it's already extremely high. i would say the gods christ kept question is secondary to the oil price kept question because it led to a local important form of mom is primarily a question for you. a pin market at this point of time. they also 2 aspects. so this brought the gas price, kept the $1.00 this into the price of this paid to ash of book imports. but ultimately the more important question at this point of time is better. this cash to go married or the empower innovation is put out to force the married or the means to the over the most expensive. our source will define the price of electricity. and this is now natural gas with a very small share and all power mix. basically leading to a message for profits for the college innovation industry, that is the processing of renewables or coal,

or whatever. okay. so these are the 2 of the we'll talk, we'll talk about that. how the energy market is if it's priced a little later in the program. in the meantime, you mentioned that the capital and oil that is that capital oil price is going to work. and why does the west need that price count when europe and nations are trying to phase out the reliance upon russian oil in the 1st place? the oil price cap is basically not needed that much from the european point of view . it's needed from the global point of view. because the question is, how much oil the supply russia to the market? and there is an insurance been coming up on shipping oil to food companies, and that is the powerful pen from the european union. and that is happening basically to cut off washing supply washer. it's actually struggling to place its

balance in the market. yes, china and india buy more than the used to, but pretty much everybody else's data on the sidelines. you do the complexities and that is f. now there was even no actually legal restriction, an important question. but the insurance band will come up in december of fully effective in december this year. and that is something that you could say is actually forcing cheese 7 at the european union. in installing this price kept because as part of this price kept this ensure which band would be stopped or ended . i just said china and india could undermine the price cap anyway, by continuing to buy russian oil at whatever price russia charges. how do you go about then policing that miss g 7, price capital oil? yeah. let me say are 1st a verb on china and india. i think it's also in the interest. i just looked up our

data in china and india imported 9 percent of the oil from russia before the war started. and now they're putting 70 percent of the way from russia. so that means still 83 percent of the oil is imported from other countries. so it's essential for those countries as well that the oil price remains as low as possible to get the oil price cap. would basically also incentivize russia to export as much as possible because that would then be the only level for income to waste production export. so this is wide, so they're interest and ultimately, you know, every buyer wants to buy a cheap as possible and if there is a big price that might have, you know, that would have to be the basis. so on the, on the washer export bases. and then there are still older logistical costs will be based per china, india than the other based on this. yeah, i mean there is simply a very key incentive by any any consumer can be if this reference price is there,

then they will try to get this close to whether they may perhaps be a 1 dollar 2 dollar 5 dollar premium in listed to weighs individual players, that's not the video relevance. the important thing is whether it's 50 over the 100 . on a speech, on, on wednesday, president putin threatened to cut off energy supplies completely to, to europe. what happens if he dollars yes, a big question is, can he? yeah. short term. yes, of course. sure. you can do this for a week or a day the can present with it. can you do it in the long term? i'm speaking of months. one months, 2 months we most. i would say no. i think it's important to understand the contributions of gas and oil to the washing budget. the oil contribution is about 4 times bigger than the got confusion. so that's why they could play the golf club in europe. but they can, in my opinion, not say they were caught on

a persistent basis that they can make trouble in the short term. that's very few. david is really good to talk to you on counting the cost me. thanks. d, david back that in quito in ecuador. now europe has accused rusher of using energy as a weapon against those supporting ukraine. the kremlin blames western sanctions for pipeline shutdowns. moscow has already stopped sending gas to what it calls unfriendly european nations, because they refuse to pay in roubles, europe's leaders, and are bracing for the risk of a russian gas cut off and scrambling to find ways to cut demand. they've rapidly filled that gas storage facilities and countries stores of exceeded the 80 percent target that was set to be reached by october, some european nations like germany. i've also sold alternative supplies like liquefied natural gas from the u. s. and cut off, but that's still a work in progress. norway, europe, 2nd biggest gas supply behind russia is raising production to help the

e u. and its reliance on washing fossil fuels by 2027. algeria is also among the countries looking to increase supplies to european nations like italy and spain. european nations of voluntarily reducing their gas consumption by 15 percent in an attempt to get through winter. and they're reactivating, co or nuclear plants to fill the energy gap, while others are turning to electricity imports, renewables, and hydro power will discuss all of this, rejoined by simone talia. pietro simone is a senior fellow at the brutal think tank at a research on the ease energy and climate policy. he joins us now from brussel simone goods, happy with us now to what his end is, the rising cost of energy down, not just to the war in ukraine, but the crazy way in which the energy markets operate. the marginal pricing system for electricity in which we heard earlier in the program, the highest priced bid sets the overall price,

and speculators driving up the price of gas on the t t f. is it fair to say that this is as much a crisis of badly designed and obsolete institutions that enrich a tiny few at the expense of everyone else? but it is about the war? well, as a matter of fact, the, the european electricity market, the design that you described as a function very well for a long period of time. but the situation we are in which he's a war and it is a weapon, evasion of energy that has been done by russia, we make the current market setting, feet for the emergency we are in. so these are market that functions pretty well in peacetime, but we are not in peace time right now. and this is the reason why the european

commission is proposing not to overturn these market design in a rush because these a complex set of rules data is also very important to provide the investment, the certainty, and the foster investment in renewables. namely in the coming years, but adopting emergency measures that might take out part of those extra profit that have been done by the generators of electricity with renewables, new cleric cetera, in order to use those resources for lowering the energy b as of energy of 2 companies of companies, families across europe. so this is the kind of emergency measures the commission propose to do without the rafting, these electricity market design right now,

because it will take time to think that and that will be done most likely next year . europe's l. n g in ports of increased. how long though cut it rely on shipments. i mean, some countries don't have the infrastructure even to take on board l n g that's, that's shipped to europe. and who are the winners benefiting from this, this current energy crisis, other than those, as you said, who are earning huge profits right now. it is create a clear that the, the rio extra profits. now then in the producing country. so whoever is producing gas and exporting it to europe either be a pipeline or l n g is now making a lot of money. and this is why we start to see also conversations. for example,

we have recently seen an interview by den or regional prime minister saying we are aware of the difficult situation right of europe and the betty i gas price we. we are open to discuss the price caps in order to lower our own gas supply. to, to europe, the price of our own got supplies to europe if we buy our long term contract seen in such a manner. so i think there is a clear condition that some countries, the gas producers, the producers, are making a lot of money in the moment. and this certainly represents an international trade distribution issue. russia also, of course, facing a long cold winter just how much have western sanctions against russia hurt its economy. president putin says that the sanctions of backfired is, is he right or the people of russia going to feel it hard this winter to? well,

the better reason that the moscow as being rushing in clothing north stream in september, rather than as many expect that in the winter might be a sign that russia wants to anticipate and escalate before the pressure. it can try to escalate the word europe because probably sanctions are biting. and we know very well that sanctions that have been put on russia will, seriously compromise the russian economy in the media long term. we know that without exporting its energy to europe, russia will end up being a minor partner, you know, relationship with china, which will not certainly be so convenient for the russian people. and i think we are better aware of the timing damage and it's true in the short term. it's europe that was tougher and it's suffering because of the high energy prices. but europe

is proving it cup ability of re balancing away from russian gas. and once these done in a structural manner, it will be russia bearing the longer term cost of the war he decided to start against ukraine. really got to talk to some on many thanks. deed for being with us. once again, simone tele appeared for them in brussels. the, the cost of living has been rising. ever since pandemic lockdown is disrupted global supply chain and caused panic. buying in the supermarkets, now rushes invasion of ukraine is pushing the price of almost everything from energy to weight further up inflation as the a double digit territory in many of the world's biggest economies. a level not seen in close to half a century in indonesia, for example, the price of petrol and diesel went up about 30 percent last week after the

government cut subsidies. now to serious jessica washington reports from jakarta, ah, from 7 am to 7 pm, central covariance through the streets of themed nation capital. he became a motorbike taxi driver after losing his job at an exhibition center during the pandemic. he is one of millions of people battling to make ends meet after the government, cod fuel subsidies. the plans of, of the money i make is already not enough. often. i don't eat lunch just so i can send the money on my children's need. fuel prices went up by about 30 percent, with subsidized petrol, increasing from around $0.51 to $0.67 per liter, and diesel, going up from $35.00 to $0.46 per liter. so in global oil and gas prices, as well as the depreciation of the local currency triple to the states, subsidy budget to $34000000000.00. anger and the government says it's reallocating some funds to social grants. $20000000.00 low income households said to receive

around $10.00 a month until the end of the year. for many, it's an inadequate solution. the lp, the cache is like candy, totally useless. we want them to lower the price of fuel. unions and students have led protest in several cities around the country. the message is clear, many people are worried about stagnant wages and the rising cost of living. and those concerns have been exacerbated by this latest policy change. some economists are also critical of the decision where all of the sauce i at the, all of the consumers level shift by the increase of the fuel price. and at the same time, the minimum which in indonesia is only increased by one percent. so inflations versus the income of the ordinary citizen, indonesia is not catch up. higher fuel costs have

a knock on effect. essential goods become more expensive because logistics expenses increase a worrying prospect for oddity who is already skipping meals for before the price i can life was already hard. now it's even more difficult. he spends an extra dollar and a half on fuel every day. it's an expense that heat, like millions of indonesians can not afford. joining us now from london poll donovan, who is chief economist at u. b. s. bank global wealth management. poor. good to have you with us on counting the costs. once again, we've been talking a lot on the program today about europe's energy crisis. people really going to have to choose between staying warm and eating is the $375000000000.00 relief package that's been proposed. going to be enough. i think the package is going to go a long way to mitigating the costs to individuals and perhaps

a little bit less as far as cost to business is concerned. but there is some assistance. of course, this is not a precise science. it depends how cold the winter is. it depends on how much people are able to come back on energy consumption. and of course, the bigger the shock in terms of limiting gas supplies, limiting of the power generation. the bigger the reaction that you get, your people will turn down so they will work from home, which is a big energy saving drive less frequently another big energy saving. so it's a very, very imprecise calculation. i'm afraid of course, inflation fighting everywhere, but it hits hardest in the developing world. what has been the impact of inflation? the president putin says the ukranian grain exports that were done under the deal that president tuan broke, could

a helping richer nations at the expense of the developing world? is he right? no, i think that's an overly simplistic analysis to put it politely. what we've got to remember, of course, is that agriculture commodities don't have a huge impact directly on inflation in developed countries. because food in developed countries isn't really food. food in a developed country is nearly all labor costs and the agriculture commodities the, the price, the fall, ma get is a very small part. the issue here is that when we see rising agricultural commodity prices, that is something which hits less developed economies a lot more significantly because in a less developed economy, food is effectively a lot closer to the farm up those that was bearing in mind, we were going to have a food price problem this year because it's a long nino weather system this year and climate change has been making the long year affects more and more destructive over time. so the effects of the droughts in the west coast of the united states,

the disruptions of the monsoon season in india and pockets on those the things which we're going to happen anyway. have had a significant impact on cultural commodity prices more. ukraine has made things worse, but this is going to be a high fruit price yet anyway. ok, let's, let's take in china. let's take in the us here and interest rates. a broad brush question here for you pool. are we likely to see a global recession? i know certain economies in certain parts of the world are predicting recessions. others are bo, i think a global slowdown will happen. that is to say, we would expect growth to slow this year anyway, because the up front pace of consumption, we had off to the global pines that it was starting to fade with the united states slowing down as it is doing. and with europe slowing down, i mean, you've got the,

the largest and the 2nd largest economy in the world. so of course, you're going to get a global slow down. i think a recession, which, you know, there's no proper definition of what a recession is, but a recession defined as a period of significantly below trend growth. that's clearly a risk, but i think it is very much a risk case. and the signals that we're seeing from the united states, for example, are still showing us that the consumer is prepared to support the economy and prevent us going into some kind of economic slump. china's economy is weak with china's economy is quite in sheila so you know, what happens in china doesn't necessarily have a huge global impact. the european economy is where we got the most certainty of, okay, but overall, i think it's slow down rather than a very brief answer i need from here focus, we're almost out of time how long before inflation begins to ease its already easing in the united states. in europe,

it depends on the precise nature of government policies, but fairly soon, always good to talk to people many thanks indeed, pull, donovan there at u. b. s global wealth management. and that's all show for this week. don't forget if you want to comment on anything that you've said you can get in touch with us. i'm at a finnegan on twitter. use the hash tag, ha, ctc, what you do please, or drop us a line. counting the cost of our 0 dot net is our e mail address. there's plenty more. few online has always of al jazeera dot com slash c t. c. that takes you straight to a page of there. you'll find individual reports, links, an entire episodes for you to catch up. but that is it for this edition of counting the cost. i'm adrian finnegan for the whole team. thanks for being with us. the news on al jazeera is next ah, indonesia, your investment destination,

the world's 10 largest economy is busy transforming, ready to beat your business, partner with a robust talent pool, politically and economically stable and strong policies. being the powerhouse indonesia is confirmed by the g. 20 presidency, bringing opportunities for you in vest indonesia. now beneath the surface lies the dock has died in british politics, an exclusive al jazeera investigation coming, seen. i know coming all of latin america for most of my career, but mil country is alike and it's my job to shed light on how and why i ah,