in over the last few days, which is definitely helping us, i would greatly down here. unusually high temperatures and tender drive for us or what making this fire season. so devastating global warming is that the route of the crisis is canadian prime minister justin trudeau. awards that even worse, maybe on the way, year after year with climate change, we're seeing more and more intense wildfires and in places where they don't normally are modeling shows that this may be an especially severe wildfire season throughout the summer. we're going to get through this together and our government will keep being there with whatever it takes to keep people safe in quebec, where $160.00 fires are burning authority, said the danger of lung damage from heavy smoke is so bad that residents in some areas were urged where respirators if they've ventured outside, rob reynolds, l g 0.

the type of quick check on the headlines here. this ukraine's president has called an emergency meeting after a dime in the harrison region was blown up. area surrounding the nova kafka dom up being evacuated, ukraine and rush i planning each of these other region nuclear power plant. further up the river is reported not to be in danger. john stratford has moved from keith the latest way, hearing certainly from the ukraine in government. we understand the president zalinski is going to be holding an emergency meeting with the states that the national security council. we're also hearing from the ukraine is that they believe that to critical to levels will reach will reach a critical point around 5 hours from now. and we also know that there are ongoing evacuations. and from some of the settlements that are going to be affected. certainly tests the russian use agency saying that there are around 80 settlements

that could be effected in the room of accusations going on from there. we understand, you know, the kinds president has praised his troops fighting in back moves. the ministry says it's conducting offensive action along the front line, but hasn't confirmed. if it's part of a long awaited counter offensive. the effective state anthony blinking says, washington won't let it run, develop nuclear weapons here of saudi arabia and israel to normalize relations. lincoln made the comments the day before he used to travel to re investigation. teams arrived at the sight of india as deadly as train, crashing decades preliminary findings pointed to a sickening system. error of the cause of friday's accent. at least 275 people died to canada is on track for it's west of a well 5 season is battling hundreds of fires in several provinces with many burning out of control on the 20000 feet less than evacuated those of the headlines and is continue say on al jazeera, off to accounting the costs and stations and selection it's every young football is

doing to turn professional living most appreciative towards my autonomy. and that's why mind, for, to them issue out to 0 wells full as 3 talented. i must replace from the rock as they struggled to fulfill their own vision while working to suffice. i been on to low income funding, so i am obliged to work and have it. waiting on the bench on now tuesday, or of the hello i'm adrian said again, and this is counting the cost on al jazeera, your weekly look at the world of business. i think it all makes this week. default bring friendship. yet again, the u. s. is the only country to set that ceiling. so why is it so contentious that

also this week, europe's powerhouse have slipped into recession to germany's economic slowed down, drag down the whole concept of dumped a game, changing my gerry is multi $1000000000.00 oil refinery. could solve the nation's fuel source just but environmentalists arkansas each time the us gets near to its debt, ceiling americans of 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 all to a tough political battle. but the republicans, no 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 pass percentage on thursday and 5 and will sided digital 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 lodge annual deficits and the revenue collection taxes isn't sufficient. and in recent years with the us becoming more policies and will make us of use the debt ceiling vote as leverage against other issues. a stand off over the debt ceiling in 2011, lead standard and poors to cut the 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 us now from london is below have fees chief

executive of the micro 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 through for not 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 budgets and 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 complex, especially when the us steps levels reach the threshold that's close to that, that seating the house. speakers said that this was a deal worthy of the american people. was it to? well, i think the old 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, they're all some, when is in this situation and there were some loses as a rule it's, it's a mixed bag. this depth assuming bring friendship 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, 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 write you point 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 the quantity 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 the 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 for us. 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 ttp. deadlock is closer to 30 to 40 percent so, so it's, it's considerably low. uh then 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 ones that 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 uh, 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 rights to print money and the right to tax the law. it's always great to talk to you all kinds of the cost manufacturing data being with us. right. my pleasure. thank you.

the, it's hard 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 dominant came reports from bullet to think of german industry. and so many people. this is what springs to mind. assembly lines in factories building costs for customers across the world and sat by helping drawings, economic growth and your ups metaphorical power has. but now germany's economy is shrinking despite on going high demand for such high quality costs. and one leading economist says, inflation is to blame fiscal previously induction, how appropriate we have in germany, and which is unusual and appear to be kind of

a weakness is private consumption. and it's mainly hitting people in the middle and loving comes because of a individually. i'm spend much more than monthly income on energy and food. impact is something need to an 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 and we paid double the amount. now when we go shopping, you used to get to bags full for 50 euro, the right, and now to 50 euro. you just get one smooth by that you get a lot less. now. this is showing the rates of the recession is 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 despite now

having been proved wrong. the german shots, the remains hop beats, 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 of an a journey it's not from brussels. is frederick erickson. he's the

director of the european center for international political economy. good to 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 uh for a long period 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 that have 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 structural 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 increases in 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 is 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 reserve, so 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 for the long time. 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 don't need explanation to that is that the german economy has some cleaning,

manage this transition away from an old industrial economy towards much more of a tech driven service oriented, digital economy. and that's what's really finding, it's in the back. one 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 comic 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 knock on effect on others. the other thing of cause is, is, is if you have misalignment between germany and the rest of all 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 set at 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 in europe, and 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 alter, was 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 of the cost has been great to talk to you. thank you. to africa as largest oil refineries opened and nigeria, the $19000000000.00 facility, could help to end the nation's fuel shortages. i'm from the continents, the biggest oil producer into an export hub. conservation is to concerned about the environmental impact. i'll just here, as i'm gonna address reports from a visual lucky the it's taken 7 years to construct. but the

invest to say it's been worth the weight and for not getting so struggled with fuel show to just for decades. hope that the refined remarks, the turning point. i know whichever milestone. right. and i gave, it turns out where the doubts and victorian for the margins there to and the idea would fit into of income funds in the presence of 5. if we can president at the low on the line, the expectations 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 come go. but as it is, um cool. so you know, um it's a very huge capacity 40 percent off of production will you for for decades, 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 light is on by a fuel costs. they also hold, the plant would be shortages and the countries petroleum subsidy program. but they say costs that's pres tens of millions of dollars every year. the state own i get an oil company which is a 20 percent staking the plant will supply nearly half of the final we staley code needs. so we have secure access to supply just provided me 300000. but as a product every day, that means that the cure might get rid of these. that's all production growth. our capacity, gross, that's the company. that is the better. but if i pick future, if i come back on the $19000000000.00 refineries expected to save nigeria, the $23000000.00, it's spent on important refined petroleum products. it returns to where a sites and this is a lot of the concerns that we've been content in doing business and offer that

especially manufacturing and transportation at the 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 new fossil fuels. it's causing tremendous issues in the atmosphere. it balances, but most of reaching 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, you know, it'd be jackie nigeria joining us out for blake. all says, call our kareem, 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? the finally game changing those

hopefully they should call a fee fee that the my dish flow and gauge all the 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, in the country is, i think, a re penny economic dividends. on the monday, the 29th. oh may. wow. the major may well, the subsidies going to go away. now let me just break this down. 90 subsidizing, you log into the market to the with the dollars a month. no that come into suffice. and that would be with the subsidy,

the subsidy. you will see you got to be able to point this dollars into the necessity is with the economy. like, you know, immediately with the subsidy gong benefits. you see a subsidy. the one to be in soccer did not come at and securing oil supplies is among the main challenges facing this project. can nigeria of a comes out of what cost is the top? wow. i'm this is the, the government, the major problems around things. this is not just the j

o. e. do you want to know what to do? why don't you producing not just want to succeed in place today? was full back in the 6th season, sir. that's why i'm not gonna make it fast because the, the all 4 companies to see that yours is yours is the same. busy regardless, flows to make sure this is coming out. see the sort of dizzy refinery what, what's been that the economic and impact of, of nigeria is the lack of, of refinery capacity until now. the $700.00 is moving the fuel be

in the country to make sure each the hall is always be to the country. and that was a substitute for this now for the lease is not the full the, the price, the space that is going to be the situation in the service. but i wouldn't be pointing every direct savings see stop taking that would make the difference. it has been great until to come up. many thanks indeed for being with us on account of the cost of that. so i'll show for this week

if you'd like to comments on anything that you've seen get in touch with us, you can treat me. i'm at a findig, an on twitter to try to use the hash tag h a c t c. when you to or you could drop us a line counseling the cost that i'll just do it on that is our email address as a way. so there's plenty more few online at elder 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 without is it so this edition of counts you the cost i made for you instead of going from the whole team. here though, how, thanks for being with us to use on al jazeera is next the

african narrative from african perspectives the and to continue to do show documentaries by african filmmakers from rwanda and democratic republic of congo. andrew cl easy on the drive on and reinventing costs on a new series of africa direct on how to sierra the pushing the

one to blow by the perspectives the . ready a hello, i'm down, jordan del, how with a quick reminder of the top stories here. and i'll just say it, right. you kind of president as cool that emergency meeting up to a major dime was blown up. they know of a couple of them sits on the deep river in the harrison region which russia controls. ukraine's miniature blames russia. but moscow appointed official site was destroyed by shunning evacuations of surrounding areas around the way. these upper region of nuclear power plant lives further up river, which i'll stop for joins us live now.