i would open up, i thought, loving says it's a fundamental mistake. it has to do with state money that's being invested in things that i believe are not priorities. the thinking was that with obama, things would improve. that didn't happen. and then trump impose new sanctions and tourism did not increase. now they've constructed new buildings, but many people still have nowhere to live in door. and people in older vanna know that all to well, they say their houses are the symbol of an economic system. many believed in that has now failed. did he say well, and deceit? havana? cuba ah, georgia deserve me. so robin doe, horrible idea of all top news stories. 5 people have been shot dead in the year. a state of kentucky, please say a 23 year old man opened fire inside the bank where he was the employee. several others were injured including a police officer. the gunman was also killed us,

democratic lawmaker, justin jones has been reinstated to the tennessee house of representatives. jones has expired last month after leaving a gun control protest of the house floor falling, a mass shooting at a private school in nashville. 6 people, including 3 children, were killed. italy's coast guard is conducting rescue operations to save 2 migrant boats carrying a total of $1200.00 people. one vessel with $400.00 on board has been drifted the waters off the coast of greece and malta. the other with about 800 people is off the coast of syracuse in sicily. the philippines and the u. s. have just launched their largest joint military drills more than 17000 forces are participating in the exercises over the next 2 weeks. chinese government has warned the philippines against granting the us access to more military facilities. bonding below has more from manila assure mr. sure, everything that is happening here right now as provocative or as a response to chinese ashes in the south community,

as well as in the taiwan street. so in case a significant timing here is very significant, although it is worth noting that these exercises have been planned for months and months and months. and we've known that they will be happening this week through to the end of april. north korean leader kim jogan has called for his country's war deterrents to become more offensive in nature as tensions increase with south korea . and the u. s. state media has released pictures showing the the kim jogan pointing areas in south gray on a map during a military meeting. pentagon officials say the release of top secret military intelligence posted on social media poses a serious risk to you as security. they say the documents are formatted in a similar fashion to updates given to senior leaders. at least 10 people been killed and dozens more injured and a bus accident in peru. the double decker bus drove off a highway and turned over as it fell into a ravine. those were the headlines of all ways. you can follow those stories on our

website. valgy zera dot com with the very latest. do say change more news in half an hour. next, it's counting the cost to stay with us. the muslim community in diana, living in a 5 went to have in cal chat, this country we are blessed. we live in harmony with, by the out of an agenda. i'll just have allowed to travel to south america. frank guy and he's ramadan, is lanika lee of lee. and they and jayden. yes. we have rifts, country and thumbs of diversity. and that is something that we can celebrate. graham at an in guyana, announces amen. ah, [000:00:00;00] i,

a lot mccloud, that says counting the calls on al jazeera. im, your look at the world of business and economics this week. it was an unexpected move, a decision by opec, plastic tot oil output as cent price is higher. so why did the saudi lead group cut production? and how does that affect the fight against inflation? also this week the u. k. agrees to join the asia pacific trade block and the prime minister says the deal demonstrates the real economic benefits of britain's post wrecks it freedoms. but does it classify? carrillo needs more than 3 trillion dollars by 2030 to avoid the worst effects of climate change. but the continent has received only a small fraction of the required financing. ah, so the saudi lead oil producing group had signaled it would hold oil supply steady to maintain a stable market. but in a surprise, move the opec clos alliance,

which includes russia, slashed output by more than 1000000 barrels a day. it's 2nd cut in more than 6 months. is fair. this could send oil prices back to $100.00 a barrel and may raise tensions between riyadh and the united states, which has cooled on the kingdom to pump more oil in a bid to tame inflation. who may consume shutting? has this report us preston. joe biden downplayed the impact when major, all producing countries announce production cost. but it's rapid markets and send all prizes soaring all alliance. opec can its allies, including russia, known as opec plus account for about 40 percent of global crude output. it's a pretty big deal. i mean, they were picked plus, had been signaling previously and that's kind of the steady as she goes output strategy. but if you take a look at their market behavior in recent years and months, i mean,

not so surprising, right? so oil had been showing weakness, it had been under $80.00 a barrel persistently, which is seems to be an informal floor now for the saudis. at least you see oil at or under that level, you have to figure that the, the saudis, or at least thinking about taking action prices have been volatile in the past year . on april, the 3rd brent crew traded close to $85.00 a barrel just weeks before it did to a 15 month low of $70.00 a barrel. and in early march 2022, after russia invaded ukraine, crude rocketed to more than $130.00 a barrel. unless one, the cuts will push our prices and make it more difficult to reduce the cost of living. anybody that's produced in oil is going to benefit from this show oil producing countries,

lots of spending going on in those countries. lots of lots more investment upstream in producing more oil, as well as, you know, social programs construction plans, you know, lots of infrastructure, spending, those countries. i suspect that's going to continue. and it's also going to push, you know, inflation in the rest of the world. the move comes as global economic growth flows . it's also likely to further race tension between saudi arabia and the u. s. which had all the producers to increase output to bring down prices and consume sharif ultra 0 for counting the cost. well, joining us now from edinburgh is toby and sold that he's a principal amino analyst at the risk intelligence company, various maple crossed and told me on welcome to the program. it's not so much steady as she goes. why this move now? do you think? well, that's the, that's the $1000000.00 question right now. i think it's fair to say that the, the announcement, pretty much courts everyone of got to some extent. i'm probably as

a result of that, we've seen a fairly broad range of, of different explanations for the cause. some of them leaning more towards this being a political decision. and then others leaning more towards just being market based . and i think when you look at it now in a couple of days, and you know this, this definitely several layers to this cause. of course, the official line is that it was a precautionary measure aimed at stabilizing the markets. now, of course, or pick doesn't officially talk about prices, but at the same time, it's not really controversial to say that the prices that we saw earlier this month kind of moving down towards $70.00 per barrel, was a lot lower than, than what i would like and then you have another really interesting angle at the moment, which is what the saudi energy minister ability has been. some are sometimes referred to as a b. s has been talking about now for some time. and that is that opec wants to keep oil market speculators on their toes. so part of this cars probably also intended to, to kind of send a shot across the bow to,

to short sellers to read the short answer here is that it was probably a combination of trying to support prices, some concerns over demand and the global economy. and then also making sure that speculators as, as a b s put it quite funnel, it would be i watching like hell. and then there's the argument that some is saying that saudi is i like to study and full of $80.00 a barrel below, which it will never go now. yeah. so, i mean, i think when you look at most of the old price for cars, for this year, they have been kind of ranging between $80.00 and a $100.00. and the thinking there is that, you know, as you say, you know, is trying to defend $80.00 per barrel. and then on the other sort of, and i guess you have the united states in china trying to, to put a ceiling in not around $100.00 per barrel last year. we so the united states uses s p r strategic william reserve reserve quite extensively, that probably prevented a major surgery and prices beyond what we saw. and then again, china as well, has

a very extensive s p r that it can use to kind of try and put a ceiling and just sort of counter the 5th floor if you like. right. and for russia, for them, it is good news. the price is right. yeah, i think it's a so for all producing countries and a higher price, this is good up to a certain point. russia and opec has to be careful, of course, that they don't push price is so high that it starts to, to impact impact demand, a tense time for the global economy. and now for russia, there is obviously the element of the, of the g $7.00 price cap. but it, when you look at sort of the, the nitty, gritty of, of the global trade and, and the way that oil trade works is really difficult to make that water tight. and to make sure that it works properly. is very hard to say exactly how well the, the price cap has worked so far. so the bottom line is still that, you know, higher prices. well, this is good for russia. and, you know, all price is always been a sensitive topic when it comes to politics, but it's,

it's clearly even more sensitive. now that you have, you know, the war and ukraine and the fact that, you know, increase revenue for russia, as you know, it's good for russia and then the russian war effort. so that part explain why all prices become such a sensitive topic, even more so than in the last 2 years. sure. what about the us side of things that you as president joe biden says? it's not as bad as we think the prices have shot up by what a sent at which is pretty hectic. yeah, i think the yes, reaction this time is really interesting. i think you can contrast it with last autumn. the last big overcoat switch to place last october and the u. s. came out very, very strongly than and threatening no consequences. and really trying to push it back against that cause. and what it actually happened was that it ended up being counter productive. and in the sense that the us reaction just drew more attention to the cart and probably amplify the impact of the card. so it looks like they've, they've learned their lesson from land from that time. so it's been more me to this

time. the white house has said that, you know, they don't think this cost is advisable right now, but they're still coordinating with opec. they apparently were given a heads up beforehand, you know, broadly speaking relations between saturday and yes, you are going through a difficult moments. but you know, both sides are trying to manage this and it looks like it's, it's been a lot better manage than last october when, when things are really kind of reaching a boiling point. it is interesting is that because the u. s. is well to large consumer oil, but also the world's largest producer comment. just stop producing more well, i mean, the think that this is where it gets really complicated with different types of true grades going to different refineries. you know, the oil comes from, from your sales sector, which has accounted for the big surgeon in us all production of a particular grade, generally speaking. so there is still very much a global market and, and what happens in the rest of the world definitely impacts prices. at the pump in

the united states, again, you know, the strategic petroleum reserve is something that the u. s. has used effectively in the past, but when it comes to refilling that, you know, some of those volumes has to come from oil that isn't from the united states. so it's, it's a, you know, it's, it's not a local market, it's very much a global market. so that, that is why it's, it's difficult for united states to kind of push back against these discounts, you know, especially because they, they make massive releases last year. now the biggest release ever. so, you know, they need to keep some of their powder dry. they don't want to do a drain the reserve too much, so it's looking a bit more difficult for them to, to counter opec this year. but, you know, we have to remember china's role here as well in china can also use it's a strategic petroleum reserve to try and, and put a ceiling and prices at the moment, you know, while sitting at around sort of $85.00 per barrel. so we're not anywhere near 100. yes. so i think just for now in all of the main act as a kind of just watching to see what,

what is going to happen next. but the try not to panic and trying to stay calm. and how will this affect the global economy in the fight to gaze inflation? yes, so as you said, they've already seen a bit of a spike in all prices, as in the futures market and in the short term. and you know, it's probably not something that is going to push oil prices outside of the range that most forecast expected for this year. but at the same time, if you do end up with brand crude, say, you know, 5 or $10.00 above where it would have been without this cuts, then that's all. this is something that ultimately will be, you know, post on to consumers, especially with transport costs. the good news, i suppose this, that, you know, they, the extreme gas prices that we saw last year, especially in europe as i started to come down somewhat. now, with this increase in oil prices, that's going to eat into that somewhat so, you know, even though that price isn't sort of searched massively yet, you know that the cost is still bad news for governments that are trying to bring

insulation under control, especially at a time when they are really concerned about growing social economic pressure and the potential for civil unrest as well. toby and all that great. your analysis. thank you. thank you. ah, law, many british businesses complain the britons departure from the european union has increased their costs and heard exports and imports. and the office for budget responsibility expects the exit from the e. u to reduce the u. k. 's output by 4 percent over 15 years. but breaks it supports a say the nation could capitalize on joining trade blocks with fast growing economies than those closer to home. the u. k. just joined a trade pat with 11 asian pacific nations, its biggest trade deal since breaks it. while the comprehensive and progressive agreement for trans pacific partnership or c, p t, p. p,

was established in 2018. it includes australia, brunei, canada, chilly, japan, malaysia, mexico, u zealand, peru, singapore, and vietnam. membership of the c p t p. p loosens restrictions on trade between members and reduces tariffs on goods. more than 99 percent of u. k. exports to the 11 other countries will now be eligible for tariff free trade . the deal also aims to cut red tape for british businesses. firms are no longer required to set up offices or be residents of the packs member countries to provide services there. the trade area covers a market of around $500000000.00 people and will be worth 15 percent of the world's income once united kingdom formerly joins. while the u. k. has signed trade deals in agreements with more than 70 countries, and one with the e. u. since his departure from the block in 2020, the terms of the majority of those agreements were rolled over from its previous membership of the

e. u. the australia deal was the 1st trade agreement negotiated by the u. k. since breaks it, the u. s. is a significant trading partner accounting for at least 16 percent of total u. k. trade. but a free trade deal between the 2 nations has told. well, johnny is now from london, is vicki price, who is the chief economic advisor at the center for economics and business research? vicki, welcome. by its own reckoning, the u. k. government estimates this will increase economic outputs by less than 0 point one percent. so really just how significant is this? i think the significance is mainly not highlighting the fact that the u. k wants to be a global player rather than necessarily the implant you may have on g d p, and hopes that that will lead to maybe more tre deals with more countries. possibly even joining. there's thought to ship them their suggestion, the south korea maybe china might do so as well. that of course, you know,

expand the reach if you like. but the u. k. has been trying to find new areas to trade with the realities that of those 11 countries right now in this partnership, 9 countries already have agreements with the u. k. some of them had been rolled over after we left the you. so they were, the result of breck said, so we tried to do more or less, what was there in terms of agreement within the you in those countries. but there are only 2 countries that we haven't made any agreements with so far on the trade fronts and those on malaysia in brunei. so that's probably why the gains and g d p are so small, but there have been no deals that we have signed. will recently, in addition to the 69 that we've rolled over so, so there is a lot of activity going on to just a guess. you know, the, the world to believe that this is global britain. but of course,

the loss of the trade or some of the, your trade is much more significant in terms of its impact on g p. what tells us a little bit more about the, about how much trade is being lost and how much further the guy has to go to try and replace it. so you said also disagreement as to what actually happened so far? because i know, depending on the analysis that you do, there is confusion in relation to the impact of coverage. there's also course, you know, the impact of the war in ukraine and all that has messed the figures up a little bit if you like. but there is no doubt thinking anything you look at if you ask companies. and if you look at the trade with europe, and if you look what's happened, since the cobra restrictions were lifted, the u. k. has been facing more cost in terms of trade with the u has been reducing this trade with europe more generally and hasn't been able to pick up in terms of the potential trade to does like other countries have done since the,

the reduction and loss of coverage restrictions, so that suggests that rex it has had an impact. and the loss of trade with the u, which has remained of course our main trading partner is going to have more permanent or impact on the u. k. economy which loads and loads of export as are already complaining about. and also of course on the input side for just about to final introduce more restrictions at the border. so that is going to complicate matters even more thorough. this deal is concerned who gains, who loses small sums, particularly lose. i think this is one of the problems you can sell very easily to a region near. you know, you can't really sell that easily. 2 places that are far away, the costs are quite significant. so big a firms would be able, perhaps benefit rule from any deals that we do with countries in the asia pacific

region. but the truth is, of course, that if you look at the deals had been done so far, such as, for example, the new ones. we was trailer and new zealand and also what may be the case with some of those countries that we may be joining in this new agreement that we're going to have the progressive agreement for trans pacific pharmacy that we might join that is concerned agriculture in particular is going to be an area that would be hitting the u. k because it looks like some of those deals that we've done so far. give more benefit to the countries that we've done the deals with in terms of accessing our market in food products that we getting in return. so that needs to be sorted out because we do know that our farmers have been worried and complaining about this. so one would imagine that that would be taken notice of in whatever happens next in environmentally. what about you case, the,

you case climate commitments. they say that this will encourage deforestation was that, well, i mean the, the worries that if we are likely to be importing more products from places where, you know, some of those environmental issues are not that you know, seriously taken then that's going to have an impact but it's interesting what may be happening in the u. k, because i what we have been seeing is a shift away from producing our own products to really being much more concerned about the environment and therefore encourage you farmers not to plan to care jane recourse actually to like a re wilding in the u. k. countryside with the war in ukraine particular and with serious concerns about food security. what we might be seeing in the short term is a reversal of that and a lot more emphasis on producing our own goods. so it'll be interesting to see how those trade deals fit in with that new environment. and i think this chopping and

changing perhaps policies is not going to be good for long term sustainability like the resilience of us army and sex down the u. k. vicky price, thank you. now from devastating side clinton floods to unrelenting drought african countries of suffering, the worse consequences of climate change despite contributing less than 4 percent of global carbon emissions, an estimated to pay up to 9 percent of their budget to respond to the extreme weather events. yet a new report by the climate policy initiative says the continents only received the 10th of the annual climate finance. it needs in 2020, that's nearly $30000000000.00 out of more than $277000000000.00 required annually to meet its climate goals. by 2030 or us vice president carmella harris announced more than $7000000000.00 in private sector funding to help africa combat and adapt

to climate change. the announcement came off to her week long trip to garner turns in it in zambia last month. rich nations who failed to keep a 100000000000 dollar a year, pledge to developing nations to help them make the shift to renewable energy and bolster the infrastructure against extreme weather. well, johnny is now from boston, is selling? fuck, yeah. who is executive director of the african climate foundation and board member of the atlantic special economic is if i care, thanks for joining us here on counting the cost. first up, $7000000000.00 that he touched the sides of what's required. it's clear that we need a lot more funding to deal with the climate crisis and i think there are 2 levels. one is definitely dealing with the consequences of extreme weather climate vulnerability and risk. and the other is also trying to solve little's challenges

around bringing down emission levels on the content itself. as you know, the, you know, the statistics are not really good. there's currently climate damages in a much more largest songs than what do you propose as possible solutions to dealing with a crisis. so we would need to mobilize far more from global financial system. why is private funding private sector funding in africa than anywhere else of the world is concentrated in the 4 or 5 countries, particularly in south africa as being mature market developed market. the risk profile of some of these countries used to be lower. but in general, the rest of the continent is due to the iris continent. but the irony of african countries that borrow tend to honor the debt to much

better than many other countries. but yet it costs that much higher cost. and so there's a risk perception that needs to be dealt with. and it could be multiple reasons for that is one of the barriers that seem to increase privacy. and there are 2 levels. one is around the, the slop supply, all printable. and so the private sector languages for the risk and the other is also being able to match that with the ability to attracted mobile phones right onto the, into the continent issue that could be dealt with, of course, with this concept of, of the debt for climate swap, it was where debt is reduced for green investment. some it's got traction. do you think? so what do you find that given the code phase that there's been a lot of distress, particularly for countries like a bird. as you might have noted,

to use government as the taking original get converted that into a nation that will swap and said to the government, we will forego certain amount of this service cost a year for you to commit to dealing with. ready climate issues and many other ecological issues. and so that's a interesting model. although every country can do just from nature swaps and it depends on how it is structured capacities to put it together. and there's also the ability to monitor and ensure that you know, full for some form of forgiveness ability of the state to implement of the. ready nature swap. the bottom line is an interesting an interesting model and do the bottom line is that

a developed nations have failed wastefully on this issue of financing, developing nations. is that down to individual leaderships of the nations, or is it down to the big multilateral institutions like the i m f world bank? i think as you know, there are different processes at the moment to evaluate these the forms to international multilateral development system. the need to reform the finance architecture, these discussions that happening in the world bank i m f and many other basically is also the mechanic process that is going to happen in june. this is a recognition that we have to do a lot more to integrate the need for financial climate. this is one of the, the, the form would be to, to ensure that multiple actual institutions can increase their ability to

provide these kinds of fun as health care. we appreciate that. thanks very much. and then we have our show for this week. do you like to comment on anything you've seen? you just tweet me at mc clark. i'll just please use a hash tag, a j, c t c, or just drop as an e mail counting the cost at al jazeera dot net is our address. but there's plenty more for you online about desert dot com slash t t c. and that will take you straight to our page, which is individual reports links and indeed anti episodes for you and catch up. that's it for this edition accounting, because i'm nick clark from the whole team. thanks for joining us. the news on al jazeera is next ah,

ah. the pursuit of endless economic growth has caused the planet is a number of things that threaten our civilization has been up and ethan, existential threat. earth rise asked if overhauling entrenched economic systems can help reversed the damage. we must go from degenerative systems to regenerating the living route and meet the businesses balancing the books by making the planet as important as profit. bab, he's had traumatic change for society. are we going to collapse? or are we going to rise business critical analogies? era? ah your child is there with me so horrible in doha reminder of our top news stories for people have been shot dead in the us state of kentucky. please say at least 2823 year old man opened fire inside a bank. please say the suspect wasn't employee,