the integration and competitiveness for his part mexican president and manuel lopez over that order has pledged that 35 percent of all energy consumed in mexico will come from clean and renewable sources by the year 2024. earlier this year, president lopez over or announced the launch of a $1600000000.00 solar form in the sonora desert, the largest of its kind in latin america. the president has also announced plans for 10 new industrial parks that will harness wind energy along mexico's trends is mac corridor. while critic say president love is over that seemingly contradictory attitude, some have even called it double speak when it comes to fossil fuels, and renewable energy has put the country at an energy crossroads policy. experts instead argue that pressure from the united states into the us, mexico, canada free trade agreement, or u. s. m. ca has force mexico to slowly open its doors to private investment. that puts you on it. all of this pressures under private companies and the potential

sanctions that could derive from all of this have led mexico to change course. though, current policies in mexico have prioritized energy independence nationally. experts warn that it's critical for mexico to look beyond its political disagreements with us in canada for the sake of a more integrated north american energy market. one that can also meet the regions, long term goals for sustainability. manuel up, hello al jazeera mexico city. ah . your headlines on al jazeera russian president vladimir putin has told his chinese counterpart that he's open to discussing beijing's plan to end the war. and ukraine. president shooting ping is on his 1st visit to moscow since the russian invasion. meanwhile, japan's prime minister from york shita is on his way to keith to meet with ukrainian president vladimir zalinski. as look for me this assertion privileging, you mean what would equal you, we have considered your proposals for settlement of the current crisis. of course,

we will have an opportunity to discuss this. we know that you are basing this or principle of furnace and upholding the principle of the international law and divisible security for all countries. you also know that we're always open to negotiations. we'll discuss all these issues, including your initiative. your crane says an explosion in crimea has destroyed a cache of russian cruise missiles. the defense ministry said the weapons were being transported by rail. as south korea is banning the exports of items linked to north korea, satellite development program including gps technology, john yang has said it plans to put a military recognizance satellite into orbit last week. north korea launched an intercontinental ballistic missile the latest in a series of weapons tests. and you, you, and report says the world must slash carbon pollution by 2 thirds by 2035. if it wants to avoid climate catastrophe. the un secretary general has also called on the rich countries to quit coal,

oil and gas by 2040 warring sides in yemen. have agreed to free almost 900 prisoners. the internationally recognized government and who the rebels have been and talks in switzerland on the exchange of thousands of detainees. those red lines on al jazeera, next, counting the cost in a concert hall in baghdad. away from the conflict and pales from the womb, sectarian bombs and sanctions. the rocky national symphony orchestra has full to perform classical and traditional arab music in the face of all adversity. ah, oh, to 0 tones. it's challenging story. symphony for iraq on al jazeera. ah, i,

i hello, i'm molly inside. this is counting the cost on al jazeera, your weekly look at the world of business and economics. this week, persons finance minister wants to boost the countries economic growth and he's tapping into the nations vanishing workforce to do that. but will as budget plan help solve the problem. also this week president biden has said that the u. s. banking system is safe bought. he's vowed tougher regulations for banks. who's to blame for the collapse of the silicon valley bank and could s v b's failure force a rethink on interest rates. plus australia's deal to buy nuclear submarines is the country's largest single investment ever in defense capabilities. but is the agreement with the u. s. on u. k. worth every cent. ah. the

british economy is still as a worse state than it was before the pandemic. one of the reasons they are more than half a 1000000 british workers who have vanish from the u. k workforce since the outbreak of coven 19, despite unemployment being at historic lows. now the collapse in productivity has been a crippling blow to the struggling british economy. guessing britain's last employees back to work was the centerpiece of the british finance ministers budget plan. jonah hall has more on this britain's finance minister called it a budget for growth. that's not the shock measures jeremy hunts predisposed to use last autumn. thompson. 2 but policies instead intended to restore stability and faith and government. after a period of political and economic turmoil. today we faced the future with extraordinary potential. the well bank said that

a whole big european countries we are the best place to do business. among the measures announced were a series of low tax investment zones to boost productivity in traditionally undefended parts of the country. like here in the west midlands, they were plans to tackle a post covert post bricks it skills shortage, including help to find childcare. so the hard press parents can rejoined the labor market and enticements to get some of the more than 8000000 over fifty's who left the job market back to work. you are a retired g p. what would it take to entice you back to it? oh, my peer group of all retired qualify from boss back in 1982. there's nothing that we to go back to work now because i think, you know, there's a point in time that you've done your bit. you've done your best and when you start losing enjoyment in the job, which is what happened last 4 or 5 years with continual changes in the,

in just this feeling of most of us are sort of done. i bet. and out and move on. i think he is trying to go in the right direction, how successfully it's going to be. it's another thing, a question that economists say, it's too soon to answer. i think it's very important for the government to address the labor, the labor shortages by all means. but to actually look at where the biggest unemployment rate is and at the moment the biggest unemployment rate is not in the over 50. it certainly is between in the 16 to 24 years old. and i haven't seen anything too that the government has done for them. in the short term, of course, the high cost of living remains. britain is most pressing economic problem. and while jeremy hunt did offer more help on energy and fuel costs, in the hope that inflation falls dramatically by the end of the year, more significant items like tax cuts aren't likely to appear until closer to the

election. this in the meantime, this budget cannot he raise the fact that economic pain is sent to continue with the i m f, noting the britain will be the worst performing g 7 economy this year, joe, to hold al jazeera in the west midland. joining me now from london is grace lorden . she's the director of the inclusion initiative and an associate professor of the london school of economics. many, thanks for your time. grace. the start with a you case vanishing workforce. why have so many people they're not returned to work now that coven is over, especially given the cost of living crisis. thank you, molly, for having me on. i really, i really appreciate it. so i guess is kind of 3 groups that have been the focus of jeremy hun sponges. the 1st are women who have young children. the 2nd are people who have disabilities. on the 3rd are people who are over the age of 50. and i think if we take the groups of people who over 50 and who have disabilities, the numbers of individuals who haven't come back to work have risen after cove. it

the exact reason for that is unknown. i think the, the hunt budget is assuming that it's down to pensions so that people who are over 50, for example, of don't cost benefit analysis and made an assessment that it's actually worth their wild more to stay at home versus going to work. and the budget tries to tackled us, i think for people who have disabilities. again, it's looking to see what is the type of work that's actually available to them. in the u. k, there tends to be work that is quite well pays and worked as quite poorly paid. and if you find yourself in the bracket where you are quite pre paid, and if you are managing it stability, it may actually be in your best interest, both in terms of income and well being to stay home. and again, the budget tries to tackle us. and are these the rights sectors of the workforce to focus on in terms of the government they in the budget doesn't look at the 18 to 25 year old mock at all? well, i think the answer to that is, is, is yes and no. so i think if we think if we take the pressures that are currently

on the health and education services tackling the over fifty's is a really good way to go. because it means that people, for example, already are in work consultants. nurses coming to the end of their career might decide to do extra shifts because they're not going over the pension threshold. it also means that people who've decided to come out to the workforce because they've already saved so much pension and have a negative effect them to work might actually coming back into the workforce. but i think the answer is no for sectors like accommodation, food services, on construction, where it's unlikely the group, so they've targeted individuals over 50 people with disabilities. and mothers of young children are going to fill the gaps in those sectors. so i think it's yes for those to fall under public service, for private sectors that are struggling to fill employment gaps at the moment, i think the answer is no. to what extent can bringing migrant workers in help the you case labor situation from my perspective migrant workers would solve a lot of the problems that we're seeing in the construction and you know, in the, in the hotel and, and retail sectors. and again,

this is something that obviously falls outside drive me home, stream it in, but in the budget. but does feel like that 2nd piece of the puzzle, it feels like he's really taco public service. but where there's these large gaps, construction and in, in hotels, migration will be and relaxing the migration laws to allow more people to enter the u. k. would be one way to fit our skills shortage. i think the other thing with highlighting is that even those people that are in work in the u. k are pretty unhappy. we've seen thousands of people go on strike over, pay the high cost of living. what did the budget do to address their concerns? the budget doesn't really do anything to address their concerns. and in fact, i know that the m has been a statement put out on behalf of the unions representing some of the n h s. that basically says that they understand that the over fifty's initiatives will help to kind of plug shifts, but it does nothing to plug the, the gap and pay the people are actually looking for, you know, a lot of our nurses are underpaid. a lot of our teachers are underpaid within the

public health services, and it doesn't really talk of the problems. so at the moment bargaining is happening. it looks like the bargaining would be somewhat successful, probably not getting people what they want and where that money is going to come from is not addressed in the budget. the chancellor said this was a growth budget. a person of course the, any g 7 economy yet to regain its pre pandemic size. do you think the chance has done enough to boost economic growth? look, i think this good things in this budget. i think some of the focuses on carbon capture quantum computing. i think the tax breaks for and d are all really good things. i would prefer it's something more, i'm kind of straightforward done to incentivize companies within the u. k. i'm particularly looking at the corporation tax. one of the benefits that britain has have of coming out of bricks is that they can actually lower the corporation tax like arlene for example, and then choosing not to do it and doing something with capital rebates feels to me like a missed opportunity for jeremy hunt i think it really comes back to skills. i think

if we want to have growth, we need to be an investing in skills. we need to be investing in the right skills. at the moment. within the u. k, we spend an incredible amount sending individuals to university a skills that they're choosing aren't necessarily the ones that are being demanded in the labor force. so i would love to see a focus on incentives for younger people and older people to study the skills that are needed in the economy, both in the university setting and also in the further education setting. really good to talk to you, grace, lord and director of the inclusion initiative and an associate professor at the london school of economics. thank you for your time. thank you so much. the silicon is not a buying cost. america, 16th largest bank and a lender to some of the biggest names in the technology world. but in a stunning 48 hours, s the base fortunes turned its become the largest bank to collapse since the 2008 financial crisis, sending shock waves across the world. now,

many consumers were concerned about their deposits on the security of the banking system. after the southern shut down, president joe biden had to address the situation and reassure deposited that them money was safe leave because of the actions that are regular already taken. every american should feel confident, the deposits will be there, if and when they need a 2nd. the management of these banks will be fired. if the bank is taken over by f d, i see the people running the bank should not work there anymore. 3rd, investors in the banks will not be protected. they knowingly took a risk and when the risk didn't pay off, investors lose their money. that's how capitalism works. and for it, there are important questions of how these bank gotten to the circumstance in the 1st place. now the federal deposit insurance corporation, also known as the f d i. c took over silicon valley bank. after failing to find

a buyer regulated transfer the bank assets to a special bridge bank, the crisis management. they also closed new york by signature bank. after mounting pressure, the fed then announced a new bank term funding program to help banks borrow when facing emergency situations. by stocks have seen a lot of volatility after s v. b collapse, especially smaller banks. on march, 13th, fast republic says, fell. what? paying 62 percent, several days later, the credit swish has dropped in all time low after its biggest investor said it couldn't provide any more financial assistance than italian banks like unit credit saw dash as drop as well. businesses in the us move that deposits from small to big banks, executive say that was the biggest movement off deposits in more than a decade. so what went wrong out silicon valley bank? well, during the pandemic, the tech sector enjoyed when full profits and deposited them with s. v be the bank

then took that money and invested in bonds or treasury bills. but then of course, inflation hit hard and the fed raise interest rates from virtually 0 to more than 4 and a half percent in the past year. when rates rise, bond price is full. this caused s b b portfolio to lose significant value. at the same time, businesses began to withdraw cash to keep the operations running off to start up, funding flowed as 3 be didn't have enough cash on hand, so it sold its bonds as a huge loss. investors became worried about the banks health, causing a run on the bank to talk about these issues in more detail. let's bring in here. robert. here is the director of research and analytics at kwan inside in london. thank you for your time, sir. not given the measures taken to protect banks off to the 2008 financial crisis . why were the problems at s b be not spotted any earlier?

yeah, i think that's a very good question. i suspect is one that's going to be hard for the very near term, at least because the 1st wave of any crisis is really about. wow, this is a fall for tonight. g is about putting the fire out and the recriminations can start and later the 1st order effect is to ensure there's no systemic risk. no bank run. i'm. that's what authorities are going to concentrate on 1st up. but i think the question is entirely valid and they'll get a lot of questions asked about regulators. it does seem that set in the case of s f, e b, that it was poor management. concentration of deposit poll strategy in terms of the, the assets side of the balance sheet. and questions should be asked about why this was spotted. and what is the connection then between what happened to s p b and what is happening at credit suisse. because my understanding is those are 2 completely different issues. i agree to be from

a kind of micro company specific perspective. they are completely independent. no doubt about that. but there is a common threat and it comes from macro and the columns. red is the rise, the aggressive rise and interest rates that we've seen from the fed in the states from the c, b in europe. and the common thread there is to fight against inflation. and what happens for the last 12 months, plus inflation has become the overriding enemy. the fed, the c, d will be hiking rates aggressively. that is pushed up short term interest rates, which means that deposits are able to put their money in a money market fund. us treasury, or a government bond in europe that yields the same and is backed by a sovereign a country. so there's pressure for deposits. and secondly, rising interest rates has hurt the assets that the banks have owned. treasury bonds, mortgage bonds, government bonds in general. so kind of been hit by

a double whammy, but to go back to your question, the common thread is the tightening of monetary policy to fight impression from global central banks. i understand with when it comes to s b b, i mean that's reasonably small bank when you compare it to credit suisse. if credit suisse goes, goes down, all we talking lehman scale here, potentially. i think it was, it was in the european context because the banking sector, so intertwined and credit re integra within the european banking sector. even if it is a bad bank that has got had the scandals and to some degree brought this on itself . i don't think your thirties can afford to let credit suisse go, knock on effect, would be too broad and it would be, as you say, kind of leave and ask movement. but i think, you know, you know, big lesson from 2008, 2009 was if central banks feel like they have to act, they do have the wherewithal to do so. you know, think about to dr. ease and do whatever it takes moment. and to be fancy,

authorities know the s n b credit suisse. i've acted very quickly. if you look at how quickly f d r c stepped in to cover the on insure depositors. i s. phoebe to authorities have responded pretty quickly in terms of the 1st off effects, at least. absolutely, they have very quick acts. but despite that, we're still seeing turmoil in the financial markets. why is that? i think your last question is bang on the money is because if the failure of unknown and kind of rumsfeld speak be the, the unknown unknowns, we know the, all the banks have exposure to same basic business mode and therefore the same problems i'm in terms of attracting deposits at the front end and in terms of the asset mix, they hold further out what we don't know is which banks have employed to right hedges to protect themselves. we don't know what you're facing. the big deposit, right? we know the beneficiaries deposit flight is too big to fail banks the g s i be

known in the states globally, systematically important so that the some stuff we know, but it's the, the fair of over how many other s v bees are out there. i saw propelling things here. i just most basic, remember, markets are driven by greed and fair. and when we're in a bad markets, it's the fair that dominates, and it's the fair of which banks are hiding. is the issue that's driving things and really anything that can stop it. the authorities providing an effective back stop, which they've certainly done at least the 1st stop. and then in pure market psychology, little bit agreed to come back where you look at some of these distress levels and say, well, know what, i'm quite fancy to the school to the upside here and i'm the long please come back . so those 2 intertwined forces. i think will probably dictate when we can start to think about a bottom, we talked about the impact, the rising interest rates have had on bank balances. do you think we're at the

point that things perhaps are so bad in the financial markets that central banks should actually be thinking about still paying interest rates from going up any farther? on the one hand, yes, when the facts change, you have to adjust accordingly. and there's no doubt that what's happening with the banks is going to be impact their ability to make new loans. so therefore, it is going to be a tightening of credit conditions and that will filter through to the real economy . so there is a very real danger that the, the term or in financial markets will spill over into real economy to employment, to companies. so in that regard, you have to get bank central banks and stop and take notice, but you have to remember what's different. this time is inflation. inflation is not coming down at the paced at people homes. and that's the reason that the fed and the c b hiking rights in the 1st place. so trying to marry the,

the needs of financial stability that the need to fight inflation is an incredibly tough off. my own personal view would be that they probably still deliver height. i probably any 25 for the c, b probably only 25 for the fed next week. and that they then try and separate out what's called my pro credential. i all the lending facilities in the back. so i was trying to see if they can direct towards the banks to ensure that credit remains. okay. and you can see that the, the money markets continue to operate as the fascinating to talk to you. he robert, start to research and analytics at kwan inside speaking to us by from london. thank you so much for your time. aah! australia wants to operate and build nuclear powered submarines and it's just embarked on one of its most expensive military projects and decades. the countries

deal with the united states and britain to acquire the vessels will cost up to $245000000000.00 us dollars over the next decades. now this would make australia, the 7th country in the world with access to such technology. joining the ranks of the us, russia, china, the u. k. france and india. now, under the deal, australia will receive 3 u. s. virginia class nuclear power submarines from the u. s. within the next 10 years. and it also has an option to buy 2 more. the price tag involves the cost of building the submarines as well as the needed infrastructure and training. now russia and china have already criticized the oak is packed, saying that it threatens nuclear, non proliferation and could even lead to a new arms race. what, joining me now in doha, is alex got hopeless. alex is out there is defense, and it's good to see you alex, the money we are talking about here, ease, i'm watering. can the australian government afford this very good question and is

touching go, we're talking about a quarter of a trillion dollars over a period of about 25 years. now. australia is about 13 in terms of gdp, $1.00 trillion per year. and it's currently spends about $30000000.00 on defense per per year. now it's doable. but if you have a look at the budget, the way it breaks down. so we spend 6 percent on defense, some percent on education, 16 on health and 35 percent on social services. so when you have a multi generational deal like this involving 3 countries that the australian taxpayers going to have to foot there invariably will be overruns, cost overruns, the price will expand, and it's going to be the taxpayer that has to foot the bill and that is going to be the real issue here, and of course with australia having a high turnover of prime ministers. who's to say if the deals actually going to get to its end. and invariably,

the army will lose money. the airforce will lose money and of course low hanging fruit. so with social services and health that seem to be cut in during these times . so why invest all this money on submarines festival? it boosts australia is combat par dramatically. and this is one of the biggest and jumps in military technology, australia's ever really experienced. it gives the navy a huge reach your, your budget tree and military thinking is constrained by your geography. now obviously, australia being an island on the edge of the pacific, it needs long range, everything long range missiles when wage aircraft, and of course, a fleet the can actually take the fight the enemy. now the irony is here that the enemy, even though it's never mentioned, is presumed to be china and international relations with china, been declining regionally, and also with australia. however, china is australia's biggest partner in terms of trade by an order of magnitude

more than the next 3 combined. so it's a useful thing. it's a powerful thing, but it will only be needed will only be useful in terms of a war. and we don't know when that's coming and it's not just about buying the submarines as it it's, it's whether australia actually has the capacity air to develop these summaries. yes, very much so, and this is gonna be the issue here. you are effectively creating an entirely new industry. now, australia has a great industrial base as a is leaders in artificial intelligence, early as a solar par technology. and it has a fairly small but robust defense, industrial sector. but you're talking about creating, 1st of all, you have to revamp the ports at perth to be able to allow the visiting virginia class summaries from america. then you have to be able to supply an outfit and maintain your own a fleet of fur over virginia class. submarines the some of the most high li,

complicated machines on the planet. and then you're gonna have to build your own, which is going to be a hybrid of australian american british technology that hasn't even been designed yet. so all that is gonna have to be done in australia, over the course of the next 25 years. what china already come out and criticize this moved a steel. they have warned that a could trigger some sort of arms raised. is that a real concern? those races already there. now it's a chicken and egg situation. she's in ping as always, being concerned with china, being able to protect its own interests, obviously being a global power. therefore, it needs to have a global reach, which is only reasonable, and many of the pals do exactly the same thing. but of course, this is made china's naples nurse. japan is going through a reopen program, south korea's going to it's the same. and also the philippines and australia now is

following suit. so the ohms races already own alex, really good to talk to you. our defense analyst alex caterpillar speaking to us there. and that is our show for this week. get in touch with us by tweeting me at mullins, i. e d 's the hash tag a j c t c. when you do or of course, can drop us an email counting the colstat out, is there a dot net ease our address? and as more for your line, al jazeera dot com slash ctc, that will take you straight to our website, which has individual reports, links, an entire episode to begin to catch up on that is it for this edition of counting the cost i marine site from the whole team, thanks for joining us. the news on al jazeera coming up next ah

a tough time. the man tough question is, what exactly are you asking for you? what the troops on the ground, the rigorous debate we challenge conventional wisdom racism is so deeply entrenched in the country that it's identified with america itself. when you challenge racism, it looks as if you're challenging america and demand the truth. there is no serious discussion about this because it goes to the very root of who we are up front with me. mark lamb on hill one out there. ah, i'm 0 then. yeah, in doha, with your headlines today, russian president vladimir putin has told his chinese counterpart that he is open

to discuss.