vaults and say quickly, no one can really predict if it will still be relevant by the time it's expected to come into force. it's actually butler. i'll just narrow stress pool. this tight funeral has been held in as a leaf, a full, a prime minister, silvio berlusconi. i think the almost federal in milan, but let's go any time on monday if you age of 86, wednesday was declared a national day of mourning for the full time prime minister, media tycoon, and head of football club. the ac milan, italy is current and former prime ministers, e u investors and guitars and there. among those who attends at the ceremony. the this is held to 0 and these are the top stores, the ssl, at least $79.00. people have drowned off greece's southern coast stumped to that boat sank and estimated $700.00 migrants for on board the vessel balance italy, it's believed to have deposited from libya on surpluses in kalamazoo with more on

the search and rescue. if it's, there's no estimates of when it's going to stop, i'm sure it's going to be going into the morning hours because there's always hope that with the don't light, somebody might be sponsor that hadn't been during the night. but it also appears that this sinking happened so quickly of the captain of the coast guard vessel who watched it happened and said that within 10 or 15 minutes, the boat was gone. that it is, uh, it is possible that the many, many people who were on that boat didn't make it off. so down, so nice as the paramilitary rapids support forces have killed the governor of wisdom full of states, homicide, because killed in elgin. i know he'd earlier describe the situation in the city as a genocide. the area has seen some of the west biling since finding spouses in april to the sales problem that has voted on a main part of prime minister benjamin netanyahu has proposed you additional as

a whole in paisley, to the main to of the opposition to a panel with your points judges live and these politicians have failed to elect a new president. for the 12th time, the last president's to him ended in october of 2020 to the us. federal reserve has left to interest rights on hold. it's the 1st pause of to rising rights 10 times since march last year. the central bank has been trying to bring down inflation in the world's largest economy without spiking of recession. inflation has slowed and recent months, but it's still about long term targets. germany has on file that success, national security strategy and pledge long term support to crime. and it's war against russia. chancello left shots is germany, is ready to assume a global responsibility. he said the reasons for pushing ahead with the security strategy, including the invasion of the crime. but as the headlines and use continues here on al jazeera, up to counting the cost just coming out next to the journey of

almost 10 years in which the shakonda award for translation and international understanding has become the most important translation award from to the arabic language. in the world, the award announces that the nomination periods, the 2023 starts from the 1st of march to the 31st of july. applications are accepted through the awards official website at w w, w dot h t, a dot q a on the other on the clock. this is counting the cost on al jazeera. we look at the world of business and economics this week, a saudi literally, paul, that's how the kingdom described move to unilaterally cocked oral outputs. and if

it to boost prices, would it help to sweep market goals or this week tackling chucky a's cost of living crisis. the nation's new finance minister buying to return to rational ground in economic policies. plus more money will be going into clean energy, the oil for the 1st time ever. we find out what's behind the boom, and so the pallet invest the so all produces facing fully oil prices and best buy will street speculate as could push price is further down. saudi arabia, the world's biggest exposure, says it wants to target phase trade is it's announced, it will cost output by $1000000.00 barrels a day starting next month. the decision came off the link for you negotiations by the opec plus a lines that so either produces, extend earlier reduction through to next year. we are getting b as this report. saudi arabia's minister of energy arriving at the headquarters of

oak pack in vienna. up to 7 out of to the organization of the petroleum exposing countries and its allies, including russia, known as opec plus said they were cutting supplies of crude oil. again, we are hanging but really using them fundamentals to hedge us. and we would continue to age as long as we don't see that at the ends and stability. opec plus accounts for about 40 percent of global crude oil output ministers agreed to extend costs of $3600000.00 barrels a day until the end of next year. and said they'd reduce output bias. the 1400000 barrels a day in 2024. 0 tech is roughly administered, right? it was about the economic out look, which is not too good. the warrant about interest rates rising,

still in the us and certainly in europe. so then what about a week economy? a week economy means week, the month, which is no good for prices. in addition to apex cots, saudi arabia pledge to caught 1000000 barrels a day in july. the international monetary fund says the kingdom needs an oil price greater than a $2.00 a barrel to balance its budget energy and this phone. opec strategy relies heavily on increased demand from china following the end of it 0 because it policy, the real question for me is around what happens if we see if demand doesn't come through in the way that it's projected to. or if we see a, you know, additional slow down in the global economy and then kind of what is what's left in in the opec arsenal to, to respond to that. during the tooks, a peck also agreed to increase the united arab emirates quotes. and next year, africa members including nigeria that haven't met the targets had that quote has reduced the price of brent crude rows following opec's announcement of costs. but

the gains were limited because of doubts. they won't be enough to stabilize energy markets. victoria gay to be for counting the cost a well oral price is sold to more than a $120.00 a barrel last year. but as we can see here, they drove back to level seen before russia invited you crate us despite the reduction by opec costs of nearly 3660000 barrels a day. since i'll tell you about a production cut announced in april st. price is up close to $87.00, but the price boost did not last long. international benchmark brent crude fell to nearly $70.00 a barrel at one stage more than a week ago. it jump slightly up to more than $76.00 per barrel onto the latest announcements. let's take this on. joining me now for me to buy is a robin mills rubbing? is the chief executive officer of come up energy robin, welcome to i'll just 0. what do you make of the market reaction to saudis,

decisions so far? well, pretty tough is really, you know, not, not much price action in the game, but nothing significant. and i think, you know, a decorative of where the markets mindset is. that's, it's pretty bearish, pretty glibly about the demand and economic picture and supply cuts out to help short prices. right. so why do you think it's heading? do you think that will change. 5 i think it will, but it really depends with where the the economy is going and i think it's a comic out what is reasonable demand just recently strong, the whole, the whole cast would show the 2nd off. yeah. significant deficit and price is going up again. and that's where the of the costs were really stop our fax. but if you don't see them, ok, you still so very much all the negative mindset to, to the, to the general demand for us. if you to go thankful castle joshua and giant 00, talk to the state of the market called see much when we got 2nd off, the agent on the gable, he the only missed about the economy. the solve the amplitude,

china versus us debt, prizes, bank crises, and so a, this, how do you seem pretty to time? and then they to make this happen, you know, sacrificing market share to push price is up. how long can they keep on going, sustaining these kind of costs? well, i think it's difficult because of the, like just round about think talks of cost. the site has been the only ones to, to volunteer a cost and add, you know, this, it just quote isn't solved, but that becomes into effect next year. and it's kind of national anyway, most nights. so the site is valuable. just copy it by the next week. the process of the box finished with sided ones, but they want to volunteer. yes. another account, so you do actual costs. and then the other side of schools is russian, which, which also promised to come today go on the day just pretty hazy, but it doesn't say the russians ask a question. so why do you think it's been so difficult to stabilize the markets? i think just because of the, the mindset, you know, we, we continue, continue having the next to the economic use, you know, we have the,

the types of us bank. so we have the steps leading towards, look at what's behind us. now we've, we've had a washing china, chinese reopen and i was kind of, we buy it carefully. the device is chinese export think is not very good. so i think the market is just in a, in a much at the recessions coming weekend in mind. these covering the, the, the major agency forecast drove out to mistake and the demand and 2nd, i'll be, why don't we do this the same. and therefore the supply cuts off a 1000000 barrels by everything. but i will say that i'm still the to enough to, to give a bush now, i can swing by and go find something. you know, the market has, has moved to the bank. eligible. really does take on the dates of stuff's going because the only match says that the saudis need and the only the price to be at $80.00 to finance is budget. it's janine that's, that's the kind of price floor that's targeted by opec plus. yeah. so the price isn't today to dollars and it isn't point now,

so they can still kyle with each plans people won't see the road depths. it's do so . but i think the price of the car be around to the boss. right. id would look like . what a reasonable it would make up. yeah, think members, and they could excited robinson or helps this is outside the world of, of that is trying to intentionally push prices up a your average person would have little sympathy for the big oil producers with reco profit. so around, insightful. yeah, well, i mean, this is a, a market, it would show up, it has more of a power and it has a lot more power to dies. and he did a few years ago because of no russian or at least not rushing gross elsewhere. and it say on is that it's company sponsored that the countries also the couch that for the interest the same time i'll see the us dollars across the lot. you mentioned russia and that position, and all of this is generally speaking all day in line with the policy. do you think that well, they're in line with the policy,

but i started rubbing cops and now school processes abreast. it doesn't dr. katya, but i don't think we're rushing but i should as, as calm down across excel award. but you know, not really long term age because sanctions and difficulties exporting russian oil, tennessee. the russians promised of all the energy costs in april, doesn't basically that liberal us. and i think if i the next slide that makes it still seems wash so cost significantly the much articles i should besides. what was the site we're waiting on? i have to continue these concepts and russian stuff jointed because i was on the point before we go big plus, it was to get russian. some of the reports, none of the countries inside the tent that happened by he had the some cuts to support the legs actually. and that worked very well styles. they, the company and debbie was with all the countries cap certificate. i didn't say just waiting so well. now, what about those shows that as the speculations of decided, he says it wants to target, is it going to hurt them? the process wasn't very much so i wouldn't expect. so i know, you know,

pick would last short positions and will still fail to you know, that they're still justified across i've got a slide in the store for, for, for the phones. so we didn't really see him. i just jumped the process that he wasn't particularly shocked by the kinds of aging observing what is this going on? what about the united states, how they view it? as of us will feel really comfortable here. the process is not to i of it's not too low either and obviously the. ready huge oil producer, so it's always balancing the, just an oil producing companies. nobody's excited. so it gets consumers perform for all about as a price, a low too low and prices are in the range. we're getting quotes right. and so you guys could think about refunding if she could try me. so would you brief hold on a couple of months back to didn't. so he's off to you to say what it does, a chance that i wrote me. it was great to hear perspective. appreciate that. thank you. thank you. not price isn't chucky

a have rocketed over the past 2 years with inflation had to get 24 year high in october. but just by the president, terrific type of divine has refused cools to increase interest rates to bring price is down. there is a new treasury in finance minister. he's popular among foreign investors and will now be tossed with fixing the economy. could meant some sac reverse, so it depends on orthodox policies. it's an impulse. the only reports from a stumble or the tast. estimates for the turkish bible is the most affordable sweet food in turkey. but the price of the turkish breakfast stifled has increased fivefold in less than 2 years. that's the result of the government's honors. so looks monetary policies that have led to a sharp decline in the value of the currency. now present project safe out on has re appointed his former orthodox economic minister. might mention check his job is

to what's the appetites of the markets following guarantors, presidential election rick through last month, but some are skeptical. various of all do, much of the uncertainty has been removed. the fact that those who to office were dismissed after directions were praised by the markets on the main source of concern. so how much searching to their being disregard the markets are now questioning whether disappointment is being made in preparation for the local election. that's scheduled for march. under our tones and the flu is the turkey central bank slashed interest rates over 2 years aiming to boost growth through exports, the liberal us more than 90 percent of its value in the last decade following a series of crashes, the worse less than 2 years ago to get in for us to not use immuno done the hand over ceremony. subjects that took you has no other choice than to return to what he called a rational ground. prioritizing the rules face predictable, national economy to ensure prosperity. so long as you have an independence,

central think, and so long as your central bank believes in orthodox policies, there is a way to get out. what we don't know for sure is how much independence they are going to have. and to what degree they will be able to implement these orthodox policies to despite the failure of what presents are don, describe as a new economic model, he has reiterated his desire to bring interest rates down. from this minister, days to check is known as a stringent, the calling of us with the election left behind what is called the campaign economy is over in turkey. and he is expected to press on with a stereotype. citizens are over the suffering from high inflation at the valued currency and the cost of living crisis. now they are being told that to overcome them, they need to further talk them through belt, along with the government. but many are waiting to see if presence our dawn is

being sincere. when he says he's granting independence to his new economic managers . c non custodial for counting, the cost is stumble. so how does tuck has $900000000000.00 economy shape up? while inflation has nearly huff since its peak of 80 percent last year box, the tex never lost nearly 70 percent of its value against the dollar in the past 5 years. at times to prop up the currency in finance and account deficit have depleted foreign currency reserves. stuckey as economy expanded by more than 5 percent in 2022 and grew more than expected at the start the yeah. but let's say that growth could fit in the coming months, a blow from a symbol. now i'm joined by a need for it says, getting who is the chief economist, that is actually management and need a great time. you with a thank you for joining us here. and out to 0, so we have this guy is highly regarded in the financial world. he himself has

pledged to return to rational economic policies. what does he mean by that? and what do you have a free hand to do so? um yeah i, i think it's a very good question because back in 2020, we had an episode where the central bank governor and the, the economy means there were changed and that change was accompanied by policies that are more, they're more including more rational actions this central bank stopped for us to say to beginning in the effects market, the inflation targets in becoming an objective again. and we saw some monster types and, and have a breakfast didn't last long. the and after that, the economy policymakers became committed even more to the so called new economy model and unconventional tools. so it's very right to ask whether should check will be able to deliver what is intended to. but i think this time is it's,

it's a little bit different because now the polls to make us the chance to opens or the outcome, the, the, the results of the new economy model. and it appears that there are some more significant risk cost strains to keep the navy economy model up and running. so they have, they had a 2nd look at this new economy model. and now both they have to change it and they believe that there's a good reason to change it because the new economy model, unfortunately play, it couldn't lead to better trade, performs trade balance better export performance, and then the option in import import dependence. so, so i think this times it's going to be different. and right, it's a fine line for him to try it as an efficient to try because his boss, the president, is known for the fact that he, things that high interest rates are the cause of high inflation. so what can we

expect to think in terms of interest rates? yeah, i think the interest rates will be high. because if you look at the news flow that was circulated for rent 1st and solution, check and present ad on med be on means a po for shows. we're claiming that there will be a if they're going back to or so those policies. and if that misses face an interest rates high, that will be the case. i mean, if interest, if that is the means is that interest rates will be high. then also i combine this with the, which is 6 own explanation on an emphasis on rational policy is predictable. would see a rule based economy. uh so i think this will include an interest rates hike and it's the next meeting we will probably see hi can interest rates. and what about the layer of what's it going to do about baths and,

and also for the countries depleted reserves. yeah, the, the most important thing, the most important issue to tackle in the 1st place is the effects the reserves actually into, to cause risk strict or, or, or lower effects demands. and in order to do that with the monitored sites and inc, i think there will be a slow down in long grove, the economy will slow down. so this will lead to a lower import demand. and more importantly, the choice fee is going to depreciate. probably we all way this whole song depreciation, but i think it will, it may, the thought may be room to go more. um and the, it's great to be, you know, quite contradictory because it's a sign. when 12 types of thing is happening. you normally wouldn't see which one is the weakening, but the fact that the central bank will allow the free market to determine the exchange rate rather than buy, you know,

intervening and the effects market that will lead to a higher interest rate and a higher exchange rate at the same time and a higher exchange rate will also a lot, some adjustment in the external deficit. so. so overall, this will probably lead to some, uh, this will contain a fixed amount and also this is not going to only help the external deficit side. this will also help local investors residents to probably it 1st stop accumulation of hearts courtesy and dumped at some point when the currency and interest rates are at most fair levels, then at some point they may decide to go back to turkish. they're out of savings. bottom line and briefly if you would, is even mind to fix the economy. yeah, i think so because there is an available background for that. um, as i said, i think the local investors are very much dollar rise. we don't have

a much coordinate unless there's that for an investor positioning into turkish market is extremely low compared to historical standards. so i think when to, as soon as the uh, the shake a team, a shake and his team cruise that they're delivering what they promise, i think there will be some increased confidence which will attract a for an investment and which will convince local investors to go back to traditional era. so uh yes, in the medium term, we need some structured report on some changes in tax policy, education, etc. but in the short term there is room for norms, improvements, uh, even with basic implementing basic economy principles. and i just great to get your balances. thanks very much. thank you. now nearly 3 trillion dollars is expected to be invested in the energy sector globally this year. but for the 1st

time, it is anticipated, more money will be spent on the side of the path. then on oil production, the international energy agency says at least $1.00 trillion dollars will be invested in sectors including renewables and electric vehicles. the rest will go to oil, gas, and cold. so let's break down the figures. at least 1.7 dollars is now invested in clean energy for every dollar spent on fossil fuels. the ratio was one to 15 years ago. so in a pallet spending is leading the increase, it's expected to reach more than $1000000000.00 a day. that's nearly 380000000000 this year. while more than $370000000.00 would be spent on oil production bots, investment a new fossil fuel supply will rise by 6 percent this year. that's still double the level. it needs the full. if the world wants to reach net 0 emissions by mid century as well, dave jones is joining us now from london. dave is the global insights, lead em,

but flying at the end, the climate organization. so it's a 1st stop. how significant is this a shift in investment and what's driving it? yeah, it's a very, very significant amount of investment guidelines, a clean investment. i've reached about $5000000000.00 a day at the labor late last year. and there was a 6 year in a row. the clean energy investment globally was bigger than fossil fuel investment, clean investment, it covers a wide definition. things include things like, uh, energy efficiency and nuclear power, electricity greats. but the full technology is a really, that's a um, so much of that drive, but sort of called wind power electric cars and heat pumps. electric costs have been on a, a real tab with us knows up by said last year. and in terms of what has been driven by so much, it has been driven by positive government policies. but so much as well has been driven by consumers who want uh, what's biometric cause on one side of the panels installed in the roofs and sola is

very much a driving force and all of this is net. why is that? um yeah, the i a lead with the, with the headlight about southern investment, i will take you on investment for the 1st time. so in the context to the whole is the dominant possible joe. now state of investment has leapfrogged into that, that really positions toyota as a true energy superpower. and i guess is particularly puts in a when you, when you try to link the 2 together. when you look at like the big, the biggest domestic lighting investment coming through, which is inside of how followed by electric vehicles. and you can say that in the old economy where you had oil having fossil cause, you've now got sold up being used to power electric cars. so there's a real connection between them. so it pretty evident the clean energy industry is very much emerging, but it's not being helped is by the fossil fuel companies. in fact, quite the opposite. uh indeed. so um, so the uh,

good investment uh is off again. uh, last year and this year. um uh which uh, which is not so good. um the uh, the codes from the factory bear on, on that the, the, the head of the international energy agency when he launched his, uh, his work from clean investment here to really pointed message to what size companies the investing into you feel its, which was the change is coming fast and when you look at a lot about cleaning assessment coming on, that clean investment into renewable electricity is coming on with a 0. emotional cost is not increasing the rosemont full of energy, but it's going to be terry, is going to be displacing the need for a $4.00 foot bustle chose. and so far it hasn't quite reached that critical point. and uh, at the moment so much of that kate in investment is just, uh, just driving just genuine investment, insight into a genuine logging energy. but it's now it's starting to increase to the level where it's actually going to stop reducing fossil fuels and,

and in the next couple of years, that might be quite slight lights running. that, that guide that's going to be extraordinarily quick, right? so how fall we away from a clean energy economy. is it going to happen quickly enough? and how far away? well hey i'm, this is cat de depends on the part of where you live. so although that story, i'm saying, investment is a really pose to them, but it was a really positive story indicating budging countries um, outside of china on that 1st i have got the same amount between investment that they had back in 2015. so i, so much of that but not driving force, increasing investment has pain in it. obviously the countries is pain in china and it's left a lot of emerging countries a bit behind because that still some way to go. all right, they've changed, appreciate that. thanks very much indeed. you and that is all show for this week. if you'd like to comment on anything you've seen, you can tweak me at the clock out jobs. please use the hash tag a j c t c,

or just drops an e mail account with the costs at elk 0 dot net is our address. any more for you on line it out is there a dot com slash dtc that will take you straight to a page which has individual reports linked some data in time. so it's you to catch up and that's it for this edition of cons of the cost. i'm a clock from the whole team. thanks for joining us with use. it's coming right on the 2nd episode of the series excludes the rise of the major drug cartels. the reign of

mexican government literally told the traffickers, we have to produce the buying because a new america is public enemy number one is drug abuse. and the launch of the international drug trafficking. calling to take some power truck loads on out to 0 on the search and rescue operation goes into the knowledge of the coast of greece, off to a boat carrying hundreds of microns sinks, at least $79.00 people of dates. the total credit, this is delta 0 life and also coming up the governor of sit down with stuff for region is killed down to accusing the rapid support forces paramilitary for.