oh, we are ruled by thieves who are forcing us to use violence. protesters chanted. people are losing patience. the economic collapse is in its 3rd year. the currency has crashed. unemployment is high, and government services are nearly non existent. people believe politicians and bankers are protecting themselves while they are suffering as a result of the financial crisis. bank deposits, we're used to fund this faith and cover deficits. now, the state as early bankrupt felt the losses amount to more than $70000000000.00. there is a lack of political will to agree on an economic recovery plan that would distribute losses. and as the crisis worsens, depositors warn they will have no choice but to take their money by force than a hood or else is eda beirut. ah,

this is al jazeera, these, your top stories. thousands of armenians are protesting against prime minister nicole passion, yet not to more than a 100 soldiers were killed and renewed, fighting with us by john, accusing him of betraying the country. auntie said he was willing to sign a piece dale to ensure security. rule on top is will shriek up. i officially state that no paper has been signed. moreover, no paper is going to be signed. there's no talk about any paper in the system for special purpose in order to weaken the resistance of our soldiers standing at the border. court fuels have been held as a by john for some of its soldiers. it's the west violence since the war 2 years ago. in the disputed nicola cut it back region, which kills 6 and a half 1000 people. sweden's prime minister magdalena anderson has announced that she will resign. it pays away for the full policy. right wing and fall, right? opposition? block fosco at forming a government. mumble loaners have begun to file past the coffin of queen elizabeth

the 2nd she's lying and stays at westminster, who for the next 4 days. a key 5 kilometers long is making its way through london as people wait patiently to pay that respects the metropolitan police service as the queen's funeral is the biggest security operation. it's faced. ukraine's president has visited an area in the northeast of the country that's been recaptured from russian forces. laws. ms. lensky met. soldiers in the city. is you and held a moment of silence for foreign troops and ethiopian medical sources. 10 people have been killed in 2 raids on mikella, the capital of the to grey and region in northern ethiopia. a spokesman for the to gray in front indicates new tweet that the attack resulted in the killing and wounding of civilians without giving further details. open government hasn't commented so far. egypt president has met the amir of cuts, us shake to me and i'm at all on is part of

a 2 day visit to doha. both lead us on several memoranda of understanding including one between the 2 nations sovereign wealth funds, central fata ccs fuss trip to cut off since he took office in 2014 and the u. s. days of california is doing online retail at amazon for violating anti trust and competition laws. suit accuses the company of preventing merchants from selling products at low prices on their own websites. rival stores counting the costs coming up next. the latest news as it breaks we've been speaking to the families in this about 5000 people living in this block of government class has been displaced from their homes by the flux. they come from all over sand province . we detail cover h l zero's legal teeth 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 of fear when it comes to meet me out again. you know,

really corruption. 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 shops off europe's main gas pipeline ops. 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 ease says it's prepared to meet the challenge. should moscow turn off the gas taps? but is it an skyrocketing energy prices of squeezing people's incomes 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 has 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 of the you. k, have agreed to cap the price of russian oil. shortly after that decision. russia's energy giant announced the indefinite holt to gas flows to europe through the nord 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 war, but 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. i'll just here is that in bomber reports, a bold move from brussels, but will it work? the european commission is going ahead with a plan for a new price cap on russian natural gas. we all know that our sanctions, deeply grinding into the russian economy with heavy negative impact. but voting is partially buffering through fossil fuel revenues. so here the objective is we must cat rush, us revenues, which putting you as, as to finance his atrocious morn ukraine. since february,

the use imposed sanctions on russia and acted to win 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 $3.00 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, wayne 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 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, a 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 raise 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 wise. 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, 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 for happening

basically to cut off washing supply russia. 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 has data on the sidelines. you know, the complexities, and that is now there was even no actually legal restriction. i mean, russian, but the insurance band will come up in december or we 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 would be stopped or ended. as you 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 this, this g 7 price cap on 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 on the basis. so on the, on the washer export basis, 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 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 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 the fusion. 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 trouble in the 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 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 our 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 russian 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 use energy and climate policy. he joins us now from brussel simone. good tatty with us now to wake 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 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 these wrapping 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 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 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 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 expected in the winter might be a sign that russia wants to anticipate and escalate before the pressure it can try to escalate the where the europe because probably sanctions are biting and we know very well that sanctions with 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 damage and it's true in the short term. it's europe that was tougher and suffering because of the high energy prices. but europe is proving it up ability of re balancing away from russian gas. and once these done in a structural manner, it will be russia bearing the longer term cause of the war he decided to start against. you create really good to talk to some on many thanks. deed for being with us. once again, it's all on tele, appear for them in brussels. ah, the cost of living has been rising. ever since pandemic lockdown is 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. the plans that will 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. a $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 elderly, the cache is like candy, totally useless. we want them to lower the price of fuel. unions and students have led 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 decisions all of the sauce i at the all of the consumer level give 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 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 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 heat, like millions of indonesians can not afford. joining us now from london is pulled. 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 as far as cost to business is concerned. but there is some assistance there. of course, you know, this is not a precise science. it depends how cold 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 power generation. the bigger the reaction that you get, your people will turn down from the facts they will work from home, which is a big energy saving drive less frequently, you know, 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 that president putin says,

the ukranian grain exports that were done under the deal that president tuan 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 the agricultural 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 price, the fall. i guess 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 what bearing in mind we've done 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 effects of the droughts in the west coast of the united states, the disruptions of the monsoon season in india and pockets on those things which were 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. okay, 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 of those all 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 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. 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 you've said 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 of our 0 dot net is our e mail address. there's plenty more for you online as always, al jazeera dot com slash c t. c. that takes you straight to a page a day. 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, ah, a jenny, a jenny, a base, and one of necessity in 3 different missions that all facing the challenge of driving on nicaragua was unpaid rent at the mercy of its unpredictable tropical with risking. he told me the curriculum on al jazeera ah ah