oh, really i didn't make it easy for me, but she she deserves to win today. i don't like it very much right now, but it's again it's we on 62nd grand slam title of the year iga confirming her status. she just the world's best female player, most. andy richardson, algae, zeroes that she has. one sport has resumed the united kingdom. following the death of queen elizabeth, england's cricketers had been playing south africa in a test match. oh, god save the king's son for the 1st time at a televised sporting event. rugby and golf is also back on in the u. k. but all top level football has been postponed.

ah, this is al jazeera and these are the top stories. king charles the 3rd has been proclaimed the new sovereign of the united kingdom. 2 days after the death of his mother, queen elizabeth an exception council met at saint james's palace in london to make the proclamation. and it was the 1st time in history, the british public and the world saw the event that makes a king live on television. in taking up these responsibilities, i shall strive to follow the inspiring example. i have been set in upholding constitutional government and to seek the peace, harmony and prosperity of the peoples of these islands and of the commer rose realms and territories throughout the world. king charles's 2 sons and their wives came together to look at the tributes and flowers left for their grandmother

outside. windsor castle is the 1st time the 2 couples have been seen so closely together since harry and megan officially left their royal duties and move to the us. in other news, ukrainian forces are regaining territory. last to the russians in the northeast, the eastern town of coupons clear har. keith has been retaken, and forces are closing in on another town. moscow says its forces are regrouping, but a pro russian separates his leader admits fighting has been difficult. in the done yet screeching. at least 18 people have died in mexico after a passenger bus was hit by a tank loaded with fuel. the accident happened in the northern state of tom will leap us police say the people burned to death when the spilled fuel caught fire. an earthquake of magnitude 7.6 has struck eastern pa for new guinea. the u. s. geological survey says the quake was at a depth of 80 kilometers astronomy warning that was issued earlier has now been cancelled. there's been some damage to buildings and roads, but so far,

no reports of injuries. france the u. k and germany say they have serious doubts about iran's intentions to revive the 2015 nuclear deal. it comes after the i. e. a reported iran stock piles of up to 60 percent enriched uranium. i've grown by more than 12 kilograms. those are the headlines. news continues here in al jazeera, after counting the cost. oh, i . hello, i'm adrian said again. this is counting the cost on how to serial. 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 turn off the gas taps, but is it? and skyrocketing and as he 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 war coffers. moscow's earnings from energy exports are expected to rise by 38 percent this year. western capital say they want to cut

off that financial lifeline. the g 7 group, the u. s. japan, canada, germany, france, italy, and the u. k. have agreed to kept the price of russian oil shortly after that decision. russia's energy giant announced the indefinite hold to gas flows to europe, through the north stream. one gas pipeline, citing the need for additional repairs. gas prices serve 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 is 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 russian economy with a heavy negative impact. but putting 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 warren 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 it's economy and causes damage cuts off from the western many global markets. and at any point since the end of the cold war. and in some respects, the way warn you crate is gone to russian. russia dejection sanctions means that

russia's economic fate is sealed. it has to become an asia facing easton facing economic power, or it leak nominally parish. if president putin's worried he's not letting on. speaking of the st economic forum in vladivostok, he called the price cap idea stupid me. he also addressed another issue with global implications. ukraine's grain exports shipments like this one resumed after keven. moscow reached a deal in july with turkey and 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 tons of production, just 3 percent went to developing countries over wise you may surprise you and data shows. turkey has been the biggest single destination with cargoes also going to china, india, egypt, yemen, somalia,

and your booty. 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 johnny asked our david beck, the chief economist at london based energy intelligence provider for texas. he's in quito in ecuador, good teddy with us at david. so the e. u is planning this cap on, on gas prices among other proposals. is that gonna help its energy market? so to just simply raise the stakes even further with russia? yes. the stakes with 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 bonded to global important step. one is primarily a question for you. a pin market at this point of time. they also 2 aspects to this,

but the gas price kept the $1.00 this into the price of this page to ship a gas import. but ultimately, the more important question at this point of time is better. this has to go married or the empower innovation is put out to force the married or the means to the over the most expensive power source will define the price of electricity. and this is now natural gas with a very small share and all power makes basically leading to a message for profit for the college innovation industry that is processing of renewables or coal or whatever. okay, so these are the 2 of the what 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 cap 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 washer to the market? and there is an insurance been coming up on shipping oil to food companies, and that is the powerful penn 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 use the complexities and that this s now there with even no actually legal restriction. an important question. but the insurance band will come up in december. we were fully effective in december this year, and that is something that you could say. it's actually forcing cheese 7 at the

european union. in installing this price kept because as part of this price kept, this ensure which band will be stopped or ended. as you said, china, 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 this ms. g 7, price, capital oil. yet let me say, or 1st of birth on china and india. i think it's old and they have 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 to russia. so that means still 80 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 into the price cap. would basically also incentivize washer to

export as much as possible because that would then be the only level for income to waste production exports. so this is wide, so they're interest and ultimately, you know, every buyer wants to buy as cheap as possible. and if there is a big price that might have, you know, that would have to be on the basis. so on the, on the washer export bases. and then there are still older logistical costs would be made for china. india then the other, based on this. yeah. i mean there is simply a very key intended by any, any. ready consumer can, if this reference price is there, then they will try to get this close to whether they may perhaps be a 1 dollar dollar 5 dollar premium in listed to weighs individual players. that's not video relevance. the important thing is whether it's 50 over the turn it on in a space on, on wednesday, president putin threatened to cut off energy supplies completely to,

to europe. what happens if he dollars? yes, the question is, can he short term? yes, of course. sure. you can do this for a week or a day, the can rest and 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 russian 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 they talk on it persistent basis that they can make problems into short term. that's very few. david, just really good to talk to you on counting the cost me. thanks. d david, back that in quito in ecuador. now europe is accused rusher of using energy as a weapon against those supporting ukraine. the kremlin blames western sanctions for pipelines. 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 rushing gas cars off at a scrambling to find ways to cut demand. they've rapidly filled their gas storage facilities and countries stores have exceeded the 80 percent target. that was set to be reached by our troob up some european nations like germany. i've also sought alternative suppliers like liquefied natural gas from the u. s. and cutoff. 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 that gas consumption by 15 percent in an attempt to get through winter, and reactivating coal or nuclear plants to fill the energy gap,

while others attorney to electricity imports renewables at hydro power. we'll discuss all of this rejoined by simone, talia. busy petra 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. good tatty 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 price 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 when i vision 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 compete 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 certainty and the foster investment in renewables, namely in the coming years. but adopting emergency measures that might take

out part of those extra profits 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 energy companies of companies, families across europe, so this is the kind of emergency measures the commission proposed to do without the drafting 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 the shipped to europe. 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 that 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 out 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 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 supplies to, to europe, the price of our own gas supplies to europe if we buy our long term contracting and

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, let's say this was an 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 has been rushing in and clothing north 30 in september, rather than as many expected in the winter might be a sign that russia wants to anticipate and escalate before the pressure. you can try to escalate the where the europe because probably sanctions are biting. and we

know very well that sanctions is that the that has been put on russia will seriously compromise the russian economy in the me, your 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 dimension. it's true in the short term, it's europe that will suffer and it's suffering because of the high energy prices. but europe is proving if cap 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. ah, the cost of living has been rising. ever since pandemic lockdown is disrupted global supply chain and caused panic. buying in the supermarkets. now, russia's invasion of ukraine is pushing the price of almost everything from energy to weight, further up inflation as the a double digit territory. and 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 co rights through the streets of the indonesian 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. deductible. good 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 those he 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, it is like candy, totally useless. we want them to lower the price of fuel. unions and students have lead protests 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 had 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 consumer level hit by the increase of the fuel price. and at the same time, the minimum which in indonesia is only increased by one per cents. so inflations for us was 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 art. the who is already skipping meals for before the price like 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 he'd like millions of indonesians can

not afford. joining us now from london is poll donovan, who is chief economist at u. b. s. bank global wealth management pull good to have with us on counting the cost. 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 of a cost to business is a concern, but there is some assistance there. 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 the power generation. the bigger the reaction that you get to people will turn down from the facts. they will work from home, which is a big energy saving drive less frequently. now the big energy saving. so it's a very, very imprecise calculation. i'm afraid of course, inflation biting 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 early one 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 the developed country is nearly all labor costs and the agricultural 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. also was bearing in mind we were going to have a food price problem this year because it's a lot of weather system this year. and climate change has been making the long year affect more and more destructive over time. so the effect of the drought in the west coast of the united states, the disruptions of the monsoon season in india and pockets on those things which we're going to happen anyway. have had a significant impact on a cultural commodity prices more. ukraine has made things worse, but this was going to be a high food 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 pull. 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 flow this year anyway, because the front pace of consumption, we had off to the global pans. i think we're starting to fade with the united states. slowing down as it is, is doing. and with europe slowing down, i mean that you've got the largest and the 2nd largest economy in the world. so of course, you're going to get a global slowdown. i think of 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. but clearly a risk. but i think it is very much a risk case on the signals that we're seeing from the united states. for example,

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, 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 um certainty. but overall i think it's slowed down rather than a very brief on. so i need from you here focus, we're almost out of time how long before inflation begins to ease it's 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. ah, that's all show for this week. don't forget if you want to comment on anything that you've seen, you can get in touch with us. i'm at a finnegan on twitter. use the hash tag, ha, ctc, when you do please, or drop us

a line. counting the cost out of 0 dot net is our e mail address. there's plenty more for you online as always, that al jazeera dot com slash c t. c. that takes you straight to a page 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, ah al jazeera. what ever you make up with

with with ah, russian troops are forced to retreat from key towns in the northeast.