in the developing world need that support was and to back that up, the may years at this meeting announced a $1000000000.00 worth of assistance for projects to generate greener, energy transport and jobs. so great as we may be, say it's about urgent, serious action in the world's largest cities against the threats posed by climate change. but he said, well, i'll just eat it when i say this teenage chest grandmaster hans neiman is suing his rival, magnus carlson for libel over cheating allegations. niemen is seeking at least a $100000000.00 in damages from the world champion and online platform chest dot com. carson considered the greatest player of all time, last niemen in september, and then accused him of cheating. niemen says coulson has launched a smear campaign against him. this trying to get him blacklisted. ah,

quick look at the main stories are following now. the ratings agency moody's as low as the you case van to outlook from stable to negative over the ongoing political turmoil here, weaker growth prospects, high inflation all contributed to the downgrade, as well as risks to the case debt affordability from likely higher boring costs. financial markets went into mel down after former chancellor quasi choir tangs, many budget, which promised nearly $5050000000000.00 of unfunded tax cuts. the case for finance she for she's tonight because one supportive honored conservative and peace. crossing the threshold to join the race to replace this trust as party leader and the countries next prime minister, former defense, every penny movement is also running. but momentum is building for the former prime minister bars johnson to make it come back with 4 senior ministers throwing their weight behind him. meanwhile in italy, the 1st female prime ministers put together her government 1st to be led by

a far right party since the end of the 2nd world war, georgia, maloney and her cabinet will be formerly sworn on saturday. brothers eventually, party, which has fascist ruth got the most votes and last month's general election. but the political block is also raising concerns among some western allies after an audiotape of much to one of our coalition partners, boasting was friendship. with russia's president, delegates going on post. the delegation led by heads of groups and presidents of all the political forces of the center. right. coalition met with president martha rella and agreed on the need to give this nation a new government in the shortest possible time. because the urgency is, we face our money nationally and internationally from ukraine and russia, accusing each other of planning to blow up a huge dam, as forces from both sides prepare for turning out to be $1.00 of the most crucial battles of the war. ukrainian presidents has its russian forces upon explosives in

the northern halls, cut down in hairs on wanting that its destruction would be catastrophic, but a russian installed official and harrison has also accused ukraine of striking. madame, with miss styles. lows the headlines this hour, counting the cost is the program coming up next. the united states border patrol a law enforcement agency was controversial tactics. i found and beat him repeatedly pay $10.00, emboldened by a culture of impunity. they keep doing it. knowing decor, hurting people, and cutting death fullerton's investigates, secretive units accused of concealing its agents crimes. and i come in and black, they really don't, didn't see them that they're just there to clean up the mess to cover impunity at the border on a j 0. i

hello on has him seeka. this is counting the cost on al jazeera, your weekly look at the wealth of business and economics. this week, les stress is gone, leaving the u. k. in political and economic turmoil, can a new prime minister steady the ship. also this week, turning the taps back on russia office to supply gas to europe. again, european leaders on fighting and a historic gas deal between lebanon and israel could supplies in the eastern mediterranean ease. europe's energy crunch. ah, less trust his term. was maud by economic policies that roiled financial markets and spock rebellion in her own party. the prime minister is now out after her finance minutes. the scrap, pretty much all of

a free market agenda. but trust is departure has plunged the u. k. into yet another period of economic uncertainty and muddy, but his people are asking whether her replacement, the 3rd this year will be able to tame soaring inflation and kickstart economic growth. we delivered on energy bills on cutting national insurance. and we set out a vision for a low tax, high grace economy that would take advantage of the freedoms of bracket. i recognize that given the situation, i cannot deliver the mandate on which i was elected by the conservative party. i therefore, spoken to his majesty the king to notify him the i am resigning. as leader of the conservative party. the pound rose against the dollar and government borrowing cost dipped off to the prime minister announced her resignation. trust is low tax and

low regulation policies sent investors fleeing and pushed the pound to an all time low against the greenback. at one point, a trust had tried to save her position by admitting her plan was a mistake and a pointing jeremy hunt as a new finance mister hunt has reversed almost all of her tax cut and spending plans in an effort to restore the government's credibility. among the measures, jeremy hunt announced scaling back the government's costly state intervention, the camp energy prices, which will now and next april reduction of the basic income tax rate would also be shelved of the plans to scrap the 45 percent rate of tax for top owners were previously dropped, a planned increase in corporate taxes will now go ahead after the government initially said it will cancel the rise. and hunter says he was open to imposing a win 4 profits. tax on energy produces a measure the government had previously rejected. or joining us now from london is

greg, when a chief economist at the global council, thanks very much for being with us. so how is all of this political turmoil right now affecting the markets in the economy? well, we can see some very visible signs of codes affecting the markets darling has been under pressure for some time, several weeks. and in the financial markets, the concepts calling after you get government has gone up, has gone up quite significantly. and how, how profound is the economic damage caused by mrs. trust, his original tax plans, and then the decision to reverse all of that? well, he's certainly damaged the credibility of the u. t. government's financial markets in difficult circumstances. always want to know that government a credible hisco strategy and has not been absent for some time,

and the u. t. and the priority right. be establish credibility with financial markets by making sure that this strategy is clear and that you can buy sensible sets of the school at rooms. that doesn't happen then of course, it is damaging that the higher interest rates that the government is having to pay . now on it's borrowing that's being reflected the cost of borrowing for high schools and mortgages. mortgage rates are going up not will impact on the cost of living. busy for many high schools and businesses will also count the pressure at the rely on credit and credit becoming more expensive. but the, the back tracking on the original task comp plans does seem to have steady the ship for now, doesn't it? and do you see the potential for this conservative government to eventually fix the economy but tracking or steady to ship

to kind of picnic an extent, there's still a positive job that needs to be done, which is the chancellor nightstep, i'm spending funds for the next year and possibly further ahead the light, so we change economic circumstances and also the fiscal rules explain ups. the governor will meet at the school at room so which, which, which august hotly done. it's not, it's not completed yet. i think whether it's best government or, or, or, and you got the next, you know, labor got an election that does that. i think one thing that will happen is the political discussion around fiscal policy will change as a result took this whole episode and the days of just ignoring the trade off the road is required. disco policy, i think has gone. does that mean that the numbers and future i just one other thing

i would emphasize, i think it was trust is the one thing it grew back on the agenda and i think that will probably be around the focus or policy discussions or something to from income tax to energy bills as well as budget cuts. how is all of this going to affect the british people? are we looking at another era of austerity here? it's definitely already impacting on household budgets just a couple of days ago. we have the latest places that goes place creeping about 10 percent and that price inflation treating about 14 percent. so those are the hardest. and of course, you know, the energy prices are also rising rapidly. i don't. so borrowing mortgage rates going up then. yes, home sol. finances are under pressure on that on the economy. are we going to fees

and other each of asperity? i think much. i don't think we can see that just yet. i think the key thing for. busy you can government know after this for episodes, is keep in mind that whether your government or low tax governments numbers have to add up. so you can just borrow it indefinitely. large one is unique, a credible strategy, the present to financial markets. if you're not sort of at the bottom, the scene in financial markets, borrowing spiking as it has done. so can the government fill the fiscal hall and eventually deal with this tax with this deficit? yes, it can, and it's already made some programs find rebecca saying most of the tax changes that were originally amone's by the sport which on monday at class right now that will take us suddenly to filling the gap is august. something more that needs to be

done spent, they will come under pressure. and actually i think what financial markets want to see is that the gap is not just billed at no financial here in the next, but unto the sense that actually is a computer system in place and use as well. so that it's the though it means that you need to at match your, your, you're spending ambitions to your tax at policy. that was the mistake. one of the many mistakes made by the trust guns. great. oh, and thanks for being with us. and you the europe has been busy lining up, alternative gas supplies in an effort to reduce its reliance on russian energy. it's cutting demand and preparing for a complete whole to rush and gas. but despite its efforts, things are likely to get worse next year. and russian president vladimir putin has

offered to resume deliveries through the north stream to pipeline. germany immediately rejected the offer berlin whole to the approval of north street 2 after russia's invasion of ukraine. and moscow has stopped gas deliveries to europe through the nor stream one pipeline fighting technical problems. the pipeline have been leaking gas into the baltic sea after explosions ruptured the lines in september. the europe suspects an act of sabotage, while putin blame the attacks on those who quote, benefit in the west, hinting to us involvement. washington denies the allegations. the president says it was possible to repair the pipelines if their future use were guaranteed and he is offering to reroute deliveries. are you insured? no more. you know, better than we could move. the volume of transit lost along the nordstrom's along the bottom of the baltic. sea to the black sea region. i make the main route for the supply of our fuels, our natural gas to europe, through turkey,

grating in turkey, the largest gas hub for europe. if of course, our partners are interested in this and with them being joining us from oxford is mike full with a senior research fellow at the oxford institute for energy studies. thanks for being with us. so what's put in trying to do here what's, what's behind this decision to offer gas supplies again to your yeah, well i think it's given me on laura, so they offer to may be utilized the remaining stream straight to which is not the damage. gotcha. they thought they should notice no, really going to happen because the european no longer trust in russia allowed the street to slow. obviously you have to wait till north street 12 legs there are fixed. i think the app is not like the alexi military

guy from said it was 8 years to fix. they basically fixed it in a relatively short time scale. i mean yeah, 6 to 8 months. if you can get the equipment there and that would be sweet. but shouldn't take that long, but i think the politics might get into why we don't really shantee russia more russia gas coming to the will to your dangers. of course, with bullying on you. ukraine jet infrastructure, ukraine flows, i get my get as you say, there are clearly trust issues here. germany has already refused the offer, but it leaves the question of whether yours has enough gas to survive without russia. supplies in terms of this coming winter was to, to scale to what is coming with lane is a rapid 40 russian gas that spain with european demand falling dramatically. because about the weather. but also this of the district man falling sharply and

with all the energy coming in because it increased supply at charter particularly. and that should be able to tell stories to very high level. so getting to this winter with a couple of caveats was a mild winter. and secondly, there's no real big search. but the ation shively should look like a dagger. probably just about get through the winter storage could end up being, you know, relatively low levels as we enter the refill period. the problem that is the lack of russian gas buildings. it's very difficult to, to, to, to fill story, even if the 560 percent of the passage a next, when a dire situation with no russia flows, if you cranes consulting words. so now no return to, to russian gas at all to the north stream pipelines. but can you replace all

russian gas supplies not, not in the, in the short medium. and the launch really is waiting to be more than the supply to come on. well, next year they should be a little bit of fatty strong supply with it sort of turn around and let us down. yeah, we have the wild all the us channels. it more state government said areas next year supply looks ok. and that's, you know, i should be modeled to rebound a little bit, but 2425. there's not much more supply company on. it's not until we get into late to 6 when this next huge wavelength supply is expected to call me book or to and to the amount of supply could increase by 44 at 50 percent. at that point in time, i am then providing we, we've built initially infrastructure europe,

rigg my connections to the yes wrap around. and we since say some degree of normality in terms of the, the sort of ban rebalancing the market issues please 4, maybe 5 years away. but puts in it suggesting turkey as a, as a gas hub. one of the challenges to that and is, is you are ready to buy gas from a project like this is not really a politics living. one is not already going to happen. is solar talks about gas. they may have to turkey either to be traded there, said to, to your, but it's still still russia gas and using it to buy more russia gas or more bizarrely, mostly liquid for gas in shipping oil and say even more bizarre economical idea is not really a rental, i think it's the support, this is what i'm going to happen. but alternative, alternative supplies seem to be

a lot more costly. at this point, the french president demanding the u. s. and norway sell sell at lower gas prices. what do you make of that? is quality, i mean the is all going to legs up with the, the idea of capping the price of ts units message. but the problem is it is no l, the u. s. for example, sold it lower than the market price, and then somebody else just makes the margin and out of it. besides the market price, even the, the nature of the, your market, liquid trading market. huge about a trade going on between various parties. it just may no, no way not capture different rents will be able to capture the excellent rent. so again, it's really a non mike for the moment. thank you, but stay with us. we will come back to a little bit later in the program. ok,

11 on an israel have recent historic agreement on a disputed maritime border. the countries are technically and war and have no diplomatic relations, but they've managed to agree on how to ship a gas fields lying off their coasts. if ratified by both governments, the u. s. broken chord could lead to both nations ramping up offshore gas production. and to israel exporting supplies to europe. israel is expected to produce natural gas from the cash maritime reservoir, together with the 10 in field, is estimated to hold as much as 3 trillion cubic feet of natural gas, while lebanon, which is in a deep economic crisis, hopes the neighboring con. a field could provide the country a financial lifeline, worth billions of dollars, but the production is likely years away. a significant quantities of natural gas have been discovered in the eastern mediterranean, in recent years, the use has the region can help when the block of russian energy, the block signed

a trilateral gas agreement with israel and egypt in june. it enables israel to increase the export of its natural gas to egyptian port where it can be liquified, then transported to europe. several other nations are also looking to boost gas applies to european markets, but greece and turkey are locked in a dispute over c bad territories, believe to contain lucrative gas deposits. and the divided ireland cypress is yet to begin drilling in 3 major gas fields. the internationally recognized greek cypriot government and the turkish controlled northern cypress. can't agree on how to divide the resources. well back now to mike forward senior research fellow at the oxford institute for energy studies. so mike, how significant is this israel lebanon deal for both countries? and how much of a part did your gas supply problems play in that? yeah, and it should be, should be really sort of about the,

the maritime borders to where the used to draw a line out into the, into the city of which she has control over the resources on the side of it. so now come to some sort of agreement on that effectively what, what sort of belongs to leverage to israel. i think the details on this, on the qana gas trail, which is not whole level area, but he's ro, my, well out some sort of rice, at least the revenues from it's sort of sharing basis. and i think it's obviously given the security situation liberal around the region and digital ab, but it possibly means the car gastro get developed. i think lebron itself the need some gas, some energy for electricity system. also the possibility of obviously exporting it, but that, that's where it kind of becomes tricky because they're going to feel failed in that

region which are being developed and or could be developed to either become an jay or possibly less likely pop pipeline gas to europe. i can these, the fields, these field film supply shortage gap in europe and it should be in the short term. i think that probably on it is what we were discussing earlier. it says, rushing gas l m d, which i want a while to develop these failed. so you're talking about maybe 3 or 5 years before they were market. i'm not sure if it was full and i would, it was having a moment to israel is sort of selling. gosh, into egypt, let it be liquefied in an export and stated the cypress failed the id and other fields of the area. the east met is quite prolific. it says its potential . but how you actually evacuate that just the market. it looks like possibly the

the preferred option gives you flexibility where pipeline yasser, your little sort of problem in terms of construction and also brazil problems. how do you deal with the degree turkish issues on cyprus? you mentioned cyprus there. and so if we expand to talk about the whole eastern mediterranean region and the gas applies there, is there enough to eventually allow europe to win itself off of russian gas? i think it will help you put a puzzle, becomes a little bit too light. i think your can sort of to some extent we did so fresh and gas obliged and bought a lot more. and, and g am with some sort of normalization of the market sort of 5 years out. and, but i guess every little helps in a sense of additional ploy. and the fact that these close to europe would probably

be helpful. i think there are a number of political issues. this is to sort out given the nature of the disputes and politics in the li. so what will it take for, for europe to, to make the full use of eastern mediterranean fields? i think in terms of, if he becomes and j, i mean, you may need to build more fashion facilities to fully it's sort of develop go back to be floating to little bit quicker than trying to build on. sure. g facilities. i don't think we'll see more, i'm sure it's been ages, but there is a potential capacity of new gyptian co existing plants to take. some of the gas said that the food development, you may require a floating option which could be relatively quickly. but you need to develop the reserves fails in parallel, or no, that's going to happen before you bring it in. and so it's it

you've got, does that lead to your it also got elsewhere a lot more flexibility in sort of doing that. but it's, it's helpful, it's not, not the solution. or i could to get your perspective on all this mike forward, thanks very much for being on counting. the cost cutter has lost its 1st solar power plant is expected to become the largest in the world, covering the equivalent of $1400.00 football fields, or some have been jav aid reports of their wants to expand its renewable energy as a step towards that it's launch, it's 1st not scale solar power plant, which is going to be generating $800.00 megawatts, about 10 percent of peak capacity here. and there. this is one of 3 power plants which are going to be coming up in the next few years. and the minister for energy says that they are on track to make sure that this country which relies on its

exports of hydrocarbons and usage of hydrocarbons goes to words, greener sources. so a lot is going to actually become more efficient and cheaper at time. and maybe the most important for us element is to try and reduce the size of land the to need, you know, a couple of us scarcity of man is a very small company. and you can see this is a joint project as follows. then this is the 1st project, the 2nd project is already under construction. as i mentioned, a time to the 75 up of energy in on industrial cities. this will take us to 1600 and then we will see, you know, which time we will increase the 1800000 solar panels installed in this power plant are jointly operated by total n d, a japanese firm and a consortium of battery investors. are the people behind it say that this is not just a p r exercise, but this keen energy will have a real impact on how people utilize energy. what is the just to greenwashing is

because we shifted those strategy. the ambitious darlena jesus to become a merchant energy company, which means or jazz. and it explicitly electricity from renewables is the 1st. i would say world scale plan, but that i know she's as built really great ambition to build 35 by 2025. we have already be 16 and up in kits. it's a big one. so it's a song contribution to all i would say, roadmap and envision in any way was the 1st solar power plant goes online as well. grab the energy prices and cars are you believe perhaps the world needs to move towards will cleaner and sustainable forms of energy. and that is our show for this week. get in touch with us by sweeping me at hasn't seeka and do use the hash tag a j c t c. when you do or drop me an email counting the cost that al jazeera dot net is our address. but it's more for you online at as you get a dot com slash ctc,

that'll take you straight to our page, which has individual reports linked an entire episode. could you to catch up on? so that is it for this edition of counting, the cost hasn't think it from the whole team here. thanks for joining us. the news on edge 0 is next. the 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 power house, indonesia is confirmed by the g. 20 presidency. bringing opportunities for you, invest indonesia now growing up in england country with a rich football history. the welcome always meant

a great deal to me and about so many memories of watching the tournament that i've gone from being a child watching games on my side by side to be presenting at a wildcard. it really is a dream country. this is going to be a really unique welcome. we haven't seen anything like this before, so i can't even imagine what is going to be like being immersed in it as a fan. as a john this, the drama thousands of fans packing out the stadium. gonna be really, really exciting. which side is winning chaos or control guy? what does the new forever proxy war mean for america and nato? as long as americans keep consuming prices are going to keep going up. why didn't joe biden see inflation comic? how did we get so much raw, the quizzical look, good us politics, the bottom line a georgia maloney's to become italy's 1st female prime minister leading a coalition of the country's 1st far right government since world war 2.