the streets of the capital to protect for and own businesses against looting. since the verdict was read out, some banks are being attacked in a gm's emptied of their cash. dish on the front cost of living is expensive, even for us to have full time job share. we can seem to manage. meanwhile, there's corruption and impunity in the government. while the president calls for calm, religious leaders are intervening in an effort to mediate and then to the violence . nicholas hawk elgin's the right, the car, the this is all to 0. these are the top story is a major recovery efforts underway in india, miles towards worst train accident in decades, at least to 280 age. people have been killed and around one fives, and have been injured. 3 trains collided, an eastern or dish of states. the honor has been called in to help. so don's army

is bringing in reinforcements in his bottle against the pot of military rapids support forces. fighting in the capital call to 9 west and off for region was intensified with reports of gunfire and aristotle the one security council has expressed a deep concern on his calling on all sides to start talking again. it's voted to extend its mission to sit down for 6 months. it was originally set up to support the country during its transition to democratic. we'll talk, he's present his vision of tie up. the other one is going to be sworn in for the 3rd time later. on saturday, nearly a week after we won a runoff election, no relation in parliament is going to be followed by a set of many other policy in china has criticize the us defense secretary after we accuse mazing of being unwilling to hold talks to avoid potential conflict between supervisor, among those tricky parts and the defense for them in singapore, people's republic of china continues to conduct an alarming number of risky

intercepts of us and allied aircraft flying lawfully in international airspace. we've all just seen another trouble in case of aggressive and unprofessional flying by the p r c. so we're going to support our allies and partners. i defend themselves against coersion and bully has been more violent and the senegalese capital call between police and antique government protesters. 10 people have been killed since the sentencing of opposition due to osmond sancho. the conviction means he won't be able to run in next year's elections. your cranes air force is holding large drills ahead of a concert or offensive against russia pilot. so being fine, soviet design, helicopter gunship and those are the headlight, is our website. all just comes with all the latest content. the cost is on the next

. the knowledge of the width of the hello i'm adrian said again, and this is counting the cost on al jazeera. you'll wiki, look at the world of business. i think it makes this week default brinkman ship yet again. the u. s. is the only country to set a debt ceiling. so why is it so contentious that also this week, europe's powerhouse a slip tends recession to germany's economic slowed down,

drag down the whole concept of dump the game change and my gerry is multi $1000000000.00 oil refineries could solve the nation's fuel shortages. but environmentalists arkansas each time the us gets near to its depth, sealing americans, the rest of the world seemed to anticipate catastrophic consequences. congress often has to vote to raise or suspend the amount that the government can borrow to pay its bills or risk. a historic default politicians have pasta bill to suspend the $31.00 trillion dollar dep limit ultra tough political bible, but the republicans, north democrats got all they wanted the compromise agreement caps government spending for the next 2 years, but increases the defense budget to more than 880000000000 dollars this year. it also pulls back on, used cobit funds, speeds up permission for energy projects and expands work requirements for some food aid recipients. the bill possible centers on says they've a bible sided into

a little before the june 5th deadline. so what exactly is the debt ceiling? well, it enables congress to limit the amounts of money the government can borrow to pay bills already approved by lawmakers. it's been periodically raised because the u. s . one is large annual deficits of the revenue it collects and texas isn't sufficient in recent years with the us becoming more positive and will make us of use the debt saving vote as leverage against other issues. a stand off over the debt ceiling in 2011, lead standard and poors to come to us as a credit rating for the 1st time ever. denmark is the only other advanced economy with a debt limit set at a fix know middle finger. most other economies set that limits as a percentage of g d, p joining if not from london is below have fees chief executive of the macro hi of good to have you with this bill out. so the rest of the world was watching. once again, america's debt ceiling debate,

why does it matter so much to the rest of the world? well, i mean, the big reason is that the us is the largest economy in the world. and so what happens to the us affects the whole well, so if the, if the us stuff is a slow down recession, a crisis of any kind, it will have a huge impact on the rest of the world. but economically, and it will say, proofing that for markets as well. most markets in the world have a strong relationship with the us markets. and why is it such a contentious issue in the, in the us, it's all about politics, isn't it? yes, it's all about politics ends, it's just a, it's an unusual situation that the us has with the agree, a budget, some spending and so on. but at the same time, they have this debt ceiling issue which, which essentially allows previously agreed budget to be renamed on. so it's, this is based uncomfortable to i would see that the us has, which sets it set stuff up to always have these types of conflicts, especially when the us debt levels reach the threshold that's close to the debt

seating. the house speakers said that this was a deal worthy of the american people. was it to? well, i think it's sides of the old political policies that all sides will claim victory. with this agreement, in essence, both sides got something from the agreement. so of rules as being an agreement of roughly $1.00 trillion dollars of cuts have been agreed for the next 10 years. and the republicans wanted more. they want it obviously trading dollars the democrats wanted 0. so we landed somewhere halfway in between. so both sides contain victory . there. awesome. when is in this situation and there were some loses as a rule it's, it's a mixed bag. this depth assuming brinkman ship seems to happen with alarming regularity in the us. okay. we can breathe a sigh of relief perhaps. now, how long before it all happens again, it's a great question and it's the,

it will happen again. um, you know, the current agreement is that the, the debt ceiling the next possibility, but that seeing conflict, the debate will be 2 years away. so we have agreed to uh, to your extension of the debt seating so, so this takes us to off to the us election. so for one or 2 years, we can sign a breath of release, but it will come back, no doubt a but a deal usually comes the market. so what about the future of volatility though, given that the treasury is going to, going to have to the instantly replenish the cash, but it's gone through. yeah, so now now we have those. so the next phase of potential volatility as you rightly points out. so the try to will have to build up it's, it's cash balances, the so called trends, tga balances. that's at the side, which will then mean that the reserves held by the banks right beside what has to be drawn down, which will be a drain on the credit, seen the market. so

a rapid increase in the price varies balances at the sped will lead to a contraction of an acquitted c in a. the market which could lead to move on to say, let's see. now the question is, where the, the, the treasury and the fad will rebuild the balances as rapidly as they have said, they would all what they slow it down to ensure that markets remain stable. and this is a big question about for investors right now. denmark is the only problem that the only countries all the which has a similar situation with the us, with these base budget limits and deficit pros what, why do we never hear about problems with, with brinkmann shifts in, in denmark. i mean, why, why does it, what is the situation that would make the headlines of the us does well, as usual, denmark always is the perfect country see in on the multiple different i mentioned . but one, the difference is that a role that levels in denmark a much, much lower than the us, the us that levels depending on how you calculate it,

is between 80 to 90 percent of of ttp deadlock is closer to 30 to 40 percent so, so it's it's considerably lower than the debt ceiling limit that they have in denmark. more of the denmark tends to run budget surpluses as well as deficits. us almost always runs back states as always running into fiscal problems. whereas denmark tends to balance as books, and then the other thing, denmark is much more off a friendly government and political system than the u. s. u as, as tiny po, the rise in denmark, both policies, all the coalitions that run the country tend to agree jointly on the president of the leader of the country. and so there's, it's, it's much more of a collegiate type sets up that you have in denmark compared to the us, 80 to 90 percent of g d p. that sounds incredibly expensive. how does that the us get away with that? well, you know, that's your volt,

that level i just have to be. and so that's the outstanding balance rather than the amount of interest that's used to service. but that's it. so, you know, in terms of the ongoing spending around the us government spending all of the tests, it is the interest rate expense. but the big reason why the us is able to do this, any of the countries kind of is essentially the, the government has a printing press, ultimately, the able to print money through the central bank. but also they have the ability and the monopoly on raising taxes. so because of those 2 uh, you know, unique rights that the government has the able to run these much higher deposition debt loads compared to a private household. so this is the advantage of having the right to print money and the right to tax the law. it's always great to talk to you all kinds of the cost manufacturing people being with us. right. my pleasure. thank you to believe now, but it was once described as the sick man of europe. germany became the confidence economic powerhouse over the past 2 decades. but the whole thing of russian gas

supplies hub the economy and the cost of living crisis is we can consume a spending. economic output shrank in the 1st quarter of the year, typically the nation into recession. now that spells danger for the whole confidence this dominick came reports from bull in, i think of jim and industry and so many people. this is what springs to mind. assembly lines in factories building costs for customers across the world and stopped by helping drawings, economic growth in europe, some metaphorical power has. but now germany's economy is shrinking despite the ongoing high demand for such high quality cause. and one leading economist says, inflation is to blame fiscal previously induction, how appropriate we have in germany. and which is unusual in appear to be kind of like weakness is private consumption. and it's mainly hitting people with middle and lower incomes because they individually spend much more their monthly income on

energy and food. impact is something need doing else can relate to. she helps run cleaning services. that's a leading burden. hospital says her wages have not kept pace with inflation, and she worries about how she'll make ends meet. everything has got more expensive . we paid double the amount now when we go shopping, i used to get 2 bags full for 50 year old. right. and now to 50 euros, you just get one smooth by and that you get a lot less. now, this is showing the rates of the recession. it's just the north point. 5 percent dropped in the last quarter of 2022 followed by north point 3 percent. in the 1st of this year, but this was not expected to happen back in january, hold up, shots said he was absolutely convinced that would be no recession to support. now, having been proved wrong, the german shots, the remains pop feats, at least in public houses. the german economies prospect are very goes to,

we're solving the challenges we face. you know, we have full employment. there is a public debate around a shortage of what comes in germany. and in fact, we have a big demand for skilled workers across the continent. many lead his attention is focused on the economy for these to be our immediate, an overriding priority would be to bring inflation, but down 122 percent medium, to unplug it in a timely manner. and we will do so. but that policy has been in place for some considerable time and shop is across europe on not feeling the benefit. some analysts say this is the achilles heel of the economy right now. meaning the recession might be here some time. don't when it came to counting the cost in the journey it's not from brussels. is frederick erickson. he's the director of the european center of international political economy. could have you with a set, frederick,

germany's economy looked like it was holding up better than expected at the beginning of the year. what's going wrong when i think there are plenty of things that have gone wrong. i mean, obviously, um, did you want me to call them a, he's been extraordinarily affected by increasing energy prices and sort of the reduction of energy supply, the gas supply so that they were personally dependent on for, for long periods of time. so there's been substantial problems, economic problems coming from back, but, but more generally, i mean, when you look at the german economy, you look at sort of the slow pace of recovery from the pen demik. when you look at the structural aspects of the problems they've had over many years and trying to revenge that sort of old industrial sex of it become much most service oriented and much more productive. they've had so the big difficulties there. and i think that's also what's so biting them in the bank right down, which is that, that they just have sort of one engine in economy, which is that old industrial sector. but now as, as some of the structure,

the economies change comes very difficult for the german economy to get another engine to move all government policies to blame here. i know we, we talked about the warranty plan and gas supplies. but to put that there is a political element tool of this. what i mean, yes and no, and i think there's been successive governments in germany that has failed to do what's obviously necessary in order to diversify the corner. me re balance it to be less dependent, sort of on an old industry sectors. that, of course, are extraordinarily sensitive to increase as an energy pricings. right now. i mean, you could say that this government could do a lot more in terms of providing uh, economic impulses. to the economy, which brings us cutting a few taxes or increasing spend expenditures in order to help german households to, to manage to and keep consumption of. but a lot of the reserves, the fiscal reserves that existed in germany, of course,

has been going to rapidly expanding the money that is spent on building new energy infrastructure. there is sort of a, a cyclical effect that we're comfortable about as well. but it's not the immediately helping to keep up consumption and to, to sort of get the economy moving at, at, at the somewhat high speed but, but, but i'm coming back to the main issue again, which is that when you look at germany, now when you look at the full cost for the german economy, for, for this year, for 2024 and sort of you look credits of the long term. this is a slow moving economy and that we're looking at productivity. growth rates are extraordinary low, the expected growth staying in, in gross domestic product and the not put is extraordinarily low and duly explanation to that is that the german economy has some really managed this transition away from an old industrial economy towards much more of a tech tribune, service oriented, digital economy. and that's what's really finding, it's in the back of

a knock on effects frederick of germany's recession for the rest of the years old. and should other countries be word? oh, they should definitely take the word. i mean, in 1st place germany is an extraordinary, a big part of the entire yours that i think it's represents almost one foot. all the economic and put into your a stone cotton consumption and germany will have immediate knock on affects on, on exports from other european economy economies. because it's, it's crucial dependent on, on, on the time for the imports that it gets from, from other you countries, ford, sports and consumption. so we're going to see that we're going to see that the congress will struggle a bit more on the export from the, in order to, because of all of all of the slow moving german economy. and perhaps the can be a message made by the government to help set of consumption to keep up. but that's over time. this is going to definitely happen to have a knock on effect on others. the other thing of cause is, is, is if you have misalignment between germany and the rest of the, on the earth on,

in terms of how fast its economy and movies moving and how quickly you can get inflation rates down. that, of course, may have other effects on the economy, which is that the east would be the european central bank is not going to set rates, which looks like what's going on by a bank on sick rates. what happens in germany? so this germany, we saw that the beginning of all of this, the germany was once the sick amount of you are not for a very long time. no the does it risk becoming the sick amount of your up again? when it is already to the sick man on your end, it has been for quite a while. i think the that sort of old vision of the german economy was the local motive of europe. and this drug and ultra is basically was exporting it's, it's cars and it's chemicals and, and while riding high on, on, on high demand and the global economy it's, it's quite a while since that was true actually and, and for a good number of genes. now germany is struggling to get its economy to reflect

what a modern economy looks like. it's for, it's been far too dependent on exporting to countries like china been far too dependent on, on a couple of industrial sectors that are going through big technological changes where they are not in the process of leading that change. frederick. but effectively for being with us on the calendar, the cost has been great to talk to you. thank you. as africa as largest oil refineries opened to nigeria, the $19000000000.00 facility could help to end the nation's fuel shortages and turn the confidence biggest oil producer into an export hub. conservationists are concerned about the environmental impact. i'll just here as i'm gonna address reports from a visual lucky it's taken 7 years to construct by the invest to say it's been worth the wait and for not getting so struggled with fuel show to just for decades. hope that the find remarks the turning point, i know whichever milestone. right. and the idea of the change was the doubts and

for jordan, for those my just the idea would fit into of and come point in the presence of 5 african presidents at the launch and the line, the expected sions of a continent dependent on fuel imports of uh, products was such as by the local demand or to satisfy the local demand over most was up within countries will be able to expose the most central africa and will uh uh google but as it is, um cool. so you know, um is a very huge capacity 40 percent off of production. will you for x for dictates nigeria exported it's crude oil only to pull the more expensive refined product back approaches for just one to produce size unable to refinance crude oil. so it's looking at this refinery to help millions of ideas on happy about higher fuel costs . they also hold,

the plant would be shortages and the countries petroleum subsidy program. but they say costs that's passed tens of millions of dollars every year to the state own. i did an oil company which is a 20 percent sticking. the plant will supply nearly half over the front of his daily code needs. so we have secure access to supply just provided me 300000. but as of every day news as a cure might get rid of these as our products of growth, our capacity gross, i feel confident that this is a better. but if i exchange, if i come by company, the $19000000000.00 refinery is expected to save nigeria, the $23000000.00. it's spent on important refined petroleum products, acreage, to weigh assets. and this is a lot of the concerns that we've been contacted in doing business. and i forgot, especially manufacturing and transportation bottom until they say they're worried about the piece at which fossil fuels are being exploded and use this causing so

much negative impact on the environment. the oil spills when you extract from the gas for they're also just the combustion of the fossil fuels. it's causing tremendous issues in the most very balances, but most of it can all produces. i'm making a case for a slow, a transition from fossils to renewable energy nigeria and several african countries are looking to the new refinery to help them cut energy costs. i'm at the address, i'll just the image licky nigeria. joining us now from lagos is color karim, who is the group managing director and chief executive officer of shoreline. natural resources could tell you with a set color, how much of a game change is this refinery for nigeria? how long before it can ramp up to full production for the finding the game, changing those loosely, this utah c t c, my dish flow and gauge all countries the given

services to most of the way ordering, re, nigerians going to feel any benefit here. i mean, few is already subsidized. the in the, in the country is, i think, a re penny economic dividends to the monday. the 29 o. b y b a. well, this subsidies good to go away. now let me just break this down. 90 subsidizing your supply into the market, to the with the dollars a month coming to supplies with the, with the subsidy subsidies you will see

you got to be able to point this dollars into the mississippi ears of the economy like english. no, to even leave you with a subsidy gong benefits you see on the subsidy, the one that is being held at and securing oil supplies is among the main challenges facing this project. come nigeria of a comes out of what cost is the top. wow. i'm this is the, the, this was the government, the major problems around intercepted j o h e, in the one that was producing not just to succeed in

place. the day was full back in the 6th season. sir. that's why i haven't made it really fast for me to see that yours is yours to secure to you, sir. busy flows to make sure this is coming out. see the sort of dizzy refinery what, what's been the economic and impact of, of nigeria is a lack of, of refinery capacity until now. the 700 is more than just a few that be what does that come to make sure is the available, but it is always be to the all that

kind of g g now could you please is not be in school today. the price? uh he uh, pays for with that is going to be the situation in the machine. but i wouldn't be pointing every direct savings see would you stop taking that would make the difference? it has been great to talk to color many thanks. indeed for being with us on catching the cost of that. so i'll show for this week if you'd like to comment on anything that you've seen get in touch with us, you can treat me. i'm at a finnegan on twitter. tried to use the hash tag h a c t c, when you to or you could drop us

a line counting the cost. but i'll just do it on that is our email address. as always, there's plenty more. if you online, i'll just 0. don't com slash ctc. that takes you straight to a page that you'll find individual reports, links at a time episodes music capture. but that is it. so this edition of counting the cost i made for you instead of going from the whole team here though, how, thanks for being with us. so the use on, i'll just say around is next. the, the southern charge region of chile. it's a southern most part of the america's before and target itself. it's one of the very few on touched areas. honors scientists here are studying climate change and

global warming research kind of a you'd esick bark that has survived the impact of more that and maybe so to, to offer. so that was these kind of not the level that bodies on this enormous peat, bog climate change. expert frederick, the national, has installed sophisticated instruments that measure how wind temperature, ultraviolet lights impact it, did take over and stored gives us the thought that a flux of seo to maintain. that is a method of capture to bring the vehicle systems that would allow us to predict what could happen is the plans in the future. if somebody searches are right that the southern part of the region is a precursor of what the south pole may soon become. scientist will need all the information they can get approved or reject the most progressive constitution ever proposed for any nation in the history. yes or no.

shooting. voted no big picture. us was a question that goes into the very foundation of judy until the cause of its relationship with indigenous people in the midst of 2 pos to on the jersey. the of the kind of there on the stuff you've had. this is and use our life from our headquarters here in the coming up in the next 60 minutes. 3 trains crash in india is eastern or diesel states. getting more than 280 people. explanations west. rails is all set and decking to dogs. army brings and reinforcements while the capital costumes.