love life and enjoy practicing water. splunk scalia, however, it didn't discourage the competitors to put in long hours of training. yeah, my would a balcony him. i lost both his legs steering israel's 2008 war on garza. when a message struck near his home. he and other amputee athletes are competing as a team. even those these kayaks are not adapted for people with disability. i lot of them out there by the despite my disability i have participate in many tournaments like body building and swimming. and the most recent is the rowing tournament smith. these sports have motivated me and good me the strength and determination to keep going. wise. the federation says it wants to set up academies to train other rowers in garza, but he's really restrictions have always stood in the way of its plants. what the

limited resources. let's use ambition. these policies want to prove good these early. i want that to rebel, run it, see being there, dream. you miss the, you know, is, is iraq godsa. ah, this is alex, is here, and these are the main stories. thousands of people have lines in the streets of edinburgh in scotland to pay their respects to the late queen elizabeth the 2nd. the king and his sister and brothers walked behind their mother's coffin, as it was taken to saint charles cathedral. at the would, at your service, the crown of scotland was placed on the coffin. the ceremony celebrated the queen's life and her connection to the country. they turned the king, went to address scottish parliament and also met 1st minister nicholas search. russia has admitted its loss control of several areas in the northeast of ukraine.

as keith's troops reclaim more territory in a counter offensive order, i've done hammered reports from hockey. the latest we heard through the statements is that the ukranian army is indeed in im, ah, they are conflicting reports or whether it's in could total control of that town or not. but that is a huge blow for russia are because is zoom was basically the strong called of russia in the north eastern part of the country. and it was, it was a command and sent, it was also the logistical hub. so certainly a huge loss. and a major breakthrough ethiopians to grow rebels say they're ready for cease far with the government. and with accept a piece process led by the african union. they privacy oppose. any a you involvement announcement coincides with ethiopia is new year and pakistan's, former prime minister emron cons bail has been extended in relation to terrorism

charges against him. his earlier bail was due to expire on monday. the case is related to a speech con gave in august, which he accused the police and the judge of torturing on his aides in a separate case. and some about court ruled to indict him last week on charges of content. in his continues harold al jazeera, that's after counting the cost. ah ah, i

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 ops, the g 7 countries agreed to cap the prices of russian oil. and the you 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 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 hold 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, al jazeera, that in bomber 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 it's 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 the way 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 perish 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 after keven. 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 wise you, most of 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 capital 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 bonus important step. one is primarily a question for your pin market at this point of time. they also 2 aspects of this, but the gas price kept the $1.00 this into the price of this page to ash of book imports. but ultimately, the more important question at this point of time is better this cast 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 policy 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, is, is 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 russia 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. you do the complexities and that is f. now there was even no actually legal restriction in putting russians.

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 and india could undermine the price comp 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 into oil prices. 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 exports. 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 on the basis. so on the, on the washer export bases, and then there are still older logistical costs would be based per china, india than the other place in the world. this. yeah, i mean, there is simply a very key incentive by any any consumer can be if this referenced price is there, then they will try to get this close to it. whether they may perhaps be a 1 dollar 2 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 to confess, 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 say that on a persistent basis that they can make problems into short term. that's very to you . david is 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 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 rushing gas cars off 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 prob, 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. will 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 one 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, that 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 into companies of companies, families across europe. so this is the kind of emergency measures the commission proposes to do without the set up team, 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 profit. 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 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 supplied

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 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 the reason that the moscow has been rushing in and closing north 30 in september, rather than as many expected in the winter might be a sign that the 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 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 where 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 cap ability of re balancing away from russian gas. and once these done in that actual manner, it will be russia bearing the longer term cause 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 locked downs disrupted global supply chains and caused panic, buying and the supermarkets now rushes invasion of ukraine is pushing the price of all was everything from energy to wheat, 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 out as he was jessica washington reports from jakarta. ah, from 7 am to 7 pm central co rights 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's one of millions of people battling to make ends meet after the government cut fuel subsidies. people down to go get 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 hit by the increase of the fuel price. and at the same time, the minimum which in indonesia is only increased by one percent saw inflations for us as 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

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 poll donovan, who is chief economist at u. b. s. bank global wealth management. paul, good to have you 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 the cost to business is concerned. but there is some assistance. of course, this is not a precise science. it depends how cold but 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. 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 biting everywhere, but it hits hardest in the developing world. what has been the impact of inflation? the president putin says the ukrainian grain exports that were done under the deal that president early one broke could a helping rich 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 pharma also 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 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 cultural commodity prices more. ukraine has made things

worse, but this was 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 your pool. are we likely to see a global recession? i know the economies in certain parts of the world are predicting recessions. others aren't i think a global slowdown will happen. that is to say, we would expecting growth to slow this year anyway, because the frontage 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 on. so 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. ah, that's all show for this week. don't forget if you want to comment on anything that

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