us to see eyes, the cheeks live on to break up early, killing them before they'd metro old enough to survive in the ocean. the k finding is a penguins nest on the sea ice and they need the substrate to last beyond december . it was called dr. breeding season successfully. so if it breaks up earlier than the december, the checks will actually pull it into the sea and drown. if i manage to scramble allows you to see that pretty much will be west. and they'll dotted fine, so near. so out of size call needs to be in the buildings house and see stuff with the catastrophic breeding for a year last year. signed to see if then goods on successful breeding one location. they may look for another side. the next you would with vast expanses of melting ice, it's a voting of things to come. the problem here is that we have so you always pay the river a whole seat while in all 1000 kilometers. that doesn't have any stable sea ice in

any goal. so, so what is going to do here is, we don't know we'll, we'll have to wait and see, but it's, it doesn't look good for. so this particular region of antarctica. it's the 1st time the scientists have seen such a widespread reading, say of the beds and photos warnings that an iconic symbol of fantastic a could be extinct by the end of the century. on the consumption of these up to see the, the fuel killed, just bear with me. so robert, into hold of mazda, of all the top stories. the jazz military leaders have given the french ambassador until sunday to leave the country after he refused to meet the foreign minister. the phone says they whom to doesn't have the authority to order them bosses or to leave. or at least 9 people have died. that's a fine, but accounts and a trade in southern india. a gas cylinder brought on board by some passengers as such, of course, and find at least 20 people injured in taken to hospital. investigators in russia

have recovered the blank boxes of the play and believe to being carrying volume and see if you have any promotion across the wednesday. the coming said speculation it may have been involved in the incident is a complete line. 13 people including 7 children, have been killed in a stump theater, the stadium, and not the guns because capitol, it happened during the opening ceremony of the indian ocean islands games was that a 100 people were injured and the spanish football federation has threatened to take legal action against national team plan. chevy have both se, but also have to she said a test by the federations president was not consensual. luis, it'll be alice calls outright by kissing on the lips after the teams victory at the world cup final. the theme says it won't play any matches until ruby alice is sucked. she's refused to resign. those what happens? i'll be back with you all just the news out interest of the half of the time to stay with us because counting the cost is up. next, a cus is always of interest to people around the world. this has been going on for

a number of our seniors report to an international perspective to try to explain to global audience. how does this impact feel like this is an important part of the world and how to do this? very good. the bringing the news to the world from here, the hello and 0 venue. this is counting the cost on the else as your weekly looked at the world of business and economics. this week, reading new life into bricks. the group of emerging economies is expanding and aims to challenge the dollars dominance. can the blog, we balance the world or also this week, the global self is pending on breaks. we'll be taking

a look at why developing countries are increasingly interested in joining the club . and an olive oil prices growing, it could affect almost every sounds, fold in southern europe, but at least are nations see a business opportunity they are diverse, growing economies with big emissions, bricks, nations, brazil, russia, india, china, and south africa. have long complained about western influence over global financial institutions and trade, and they want to counter that dominance, championing developing nations in order they say, to re balance the world order in a push to strengthen his global power. the bricks group agreed to add new members to the alliance during its annual summits in south africa. the group invites and 6 nations, saudi arabia, u a. e, iran, egypt, ciocca, and argentina to join brakes. the brick summit was held after the us, japan and south korea agreed to expand security and economic ties. before we go any

further, a refresher course on what is brakes. the acronym was coined by former goldman sachs chief economist jim o'neil, back in 2001. it started actually as brick, which grouped together for the largest and fastest growing economies at the time, brazil, russia, india, and china. while the quartet ran with the idea later, they invited south africa to join and that's when brick became bricks. the grouping relies on the combined economic power of its members to counter wait west and form such as the g 7, the group of 7 to advance nations. brooks nations represents 42 percent of the world's population just above a quarter of global gross domestic product. and a 5th of all trade, their total g, d, p, and purchasing power parity terms is actually bigger than that of the g. 7 brooks represents 32 percent of global g d p compared to just under 30 percent for the g 7

. and despite that breaks gets only a fraction of the voting power at the international monetary fund. brooks nations wants to change that in balance by creating an alternative to us lead financial institutions. they have founded the new development bank, which has approved more than $30000000000.00 in loans since it was set up in 2015. compare that to the world bank, which committed more than a $100000000000.00 in 2022 alone bricks also aims to reduce reliance on the us dollar member countries. a worry that washington could weaponized the dollar through sanctions. so bricks members are increasing trade in their own currencies. they've even considered creating a bricks common currency. but critics say that the groups internal differences could hamper its plans. example, india and china have a simmering border conflict. and why of aging and russia or rivals to the us? well, you've got india, south africa and brazil,

which all want warm relations with the west. let's talk about all of this with our guests, or from barcelona. flavio coming joins us. you are an economist and associate professor of the economy at the rum on you. university from shanghai is kareen costa vasquez, a non resident senior fellow at the center for china and globalization. welcome to the program to both of you a 5 year. let's start with you. of the bricks organization has often been criticized is just a talk shop and somewhat in effective, right? that criticism is out there, but they've just taking a big step and agreed to expand to quite a few uh to, to quite a number of countries. a saudi arabia is on the list. argentina is on the list. we'll talk about them more specifically, a little later iran as well egypt. what do you think still in effective? um what, what i would say is dent nowadays, and specially after this last meeting, we can see much more pretty to go drive to briggs. then we have seen before,

it has always been there, it must be said, but in terms of the money and we have to follow the money. what we have seen is that to the police going tensions, they are moving a hat off the economic intentions. so there has been some collaboration, there are some plans we have the banks uh at the breaks bank and there are some initiatives, but in terms of the economic potential of the countries when we see the kind of values that kind of feed use they uh, they are managing well they're not terribly impressive. i would say so. but politically because different countries they have different political demands. uh, in this kind of global discussion. so what is sort of fulfilling its prom is and i would say to now more than apple car in your thoughts on bricks expansion. or if i may surely would like to challenge you requested in your initial

question and then uh, follow up with the right thoughts on the expense. uh, my sense is that uh, the brakes had delivered quite a few uh, initiatives. and actually if we look over these past 15 years and 10 of them, ive been living and working with many of these countries, we actually see some very concrete initiatives that have been delivered and. and just to mention a few, the new development bank, the contingent reserve agreement, or are some of them. it's true though, that over the past 4 years, 5 years, the brakes as a blog has found itself in a difficult situation. and it's telling me because of the political and economic changes was in the countries within countries in the block and worse not, not to mention the geo political context that drove the, the,

the block into, into his tail made or paralysis, so to speak. and therefore many criticisms over the effectiveness of the blog. a rose and these are very legitimate up. but my sense is that as we close the 3rd 5 years time, cool up to briggs and are about to begin a new one. what we see is that the brakes has reached maturity over this 15 years, and the expansion is an example of it, of expansion not only to bring new members to give traction. so many of these initiatives, including those that i've mentioned a but also to strengthen the, the, the, the, the main demand from the brakes and which actually uh, gave a motivated bid the, the, the creation of the block back in 2009. that it's precisely cri leading

a more representative, a more just most collateral system. so as we this is next step forward, initiate another 5 years cycle with as we call the larger breaks family. i think we are now ready to, to gain a new impetus and enter an human mention at a different level. okay, so let me take it back to flag or then because you were suggesting hinting flavio that the bricks and your, if you have been a little disappointing and an effective since they were launched. the fact is that there are an increasing number of countries from the global south that wants to join them as we've just seen. so how do you explain that? but for us to um, to emphasize my point texting um oh, breach, they have a very serious social challenge. we, we, we cannot ignore that even china, although it's progress has been remarkable in terms of over to reduction still

doesn't have any quality issues there. and what can we talk about? um, what can we say about india? although they are celebrating going to the moon? now, if we use some and p, i move to donation over teen dates. so roughly half of the population would still be classified as poor. and in terms of brazil, data remains a structural challenge in south africa is just the same. so i think one thing is what kind of development we are promoting terms of briggs. i think the illusion that they can only grow by bringing together markets that might solve the problem. this has been fall, criticized for at least the last 50 years. and we have plans of evidence to look at the situation all at this scenario. we some um, um, suspicion. on the other hand,

it's too that many countries are interested in joining the group perhaps with the whole the data might facilitate some access to resources. may know if this countries they don't have much to look forward in terms of new promises for development. so perhaps believing that come with markets and whatever can be facilitated in terms of deals and agreements might provide a fresh start for them. so um, we could consider that the main motivation, different countries, they might have different motivations. all but, but anyway, so one shouldn't be great to go off what the concept of development is driving the initiatives. let's talk a little bit about the specific issue of d dollarization because this has been a big push by breaks country. so let's look at the numbers. the share of the chinese yun and gone in trade. finance has more than doubled since russia invaded

ukraine. so look at the numbers. it rose from less than 2 percent back in february 2022 when the war started in ukraine to 4.5 percent a year later in comparison, the euro accounts for 6 percent, the japanese yen less than 2 percent. but one of the greenback, the dollar remains king, 8484 percent of trade is done in dollars. its share of global reserves is following the guy, imap says that it was at 59 percent in 2022. that is the lowest point since data was 1st available in 1995. all right, let's go back to our guess, karen, do you think the danger is in any be i beg your pardon? the dollar is in any danger of losing its spots as the king currency. my 1st point is that we've, we've seen separately can nomic cycles. the us power is just one monetary standard that we have. we had the, the power and we had to go back

a back in time. so i think the, the ones turned into is that, that, that we have is that at some point, another currency or basket of currencies or some otter, a product or uh will be, uh, will become the new uh, pattern. right? uh so, so this is, this is my 1st point. my 2nd point is that uh, the brakes were not pushing forward to the organization for reduction in the influence of the us dollar, or any of our attorneys think in the road. uh, as i pointed in my, in my 1st uh, answer uh, i think the, the whole motivation for creating the brakes is offering options. okay. we are looking at the 2 different sides of the coins. but the intentions a say a lot of water, the main motivations drive me. uh, the forces uh was in these countries and for the brakes. uh,

one of the options that are seeking was a local turns transaction in local courtesies is precisely to facilitate trade, to reduce trade cost increase access to markets to reduce exposure to exchange rate volatility and taking green, flavio standby, i want to inject something else into this conversation, the brazilian president has criticized the i m f saying that it is suffocating economies. we want to have a look at the case of origin, tina, which is among countries invited to join the brakes group. it has recently paid it's i am as debt and you on after currency swap, deal with china. the country is facing is the worst economic crisis in decades with an inflation rate topping a 100 percent and a growing poverty rate. the front runner far right presidential candidates and argentina, heavier mulay wants to change how his nation does business. since and monahan reports of the anger and frustration with argentine, his political class runs high. and when the salaries ratio is a retiree,

he says is 200 dollar month pension isn't enough to live on, doesn't work on we cannot buy, we cannot h aquinos guitar. so it was a sweet fits how you start tomorrow. so is an affordable. how do we live? we cannot live like this and worse of your retired. i know people who line up and bangs too big for a loan. that said, inflation has been over 120 percent this past year. people are demanding solutions that will bring stability to the economy. economy minister sergio mazda is running for president. he believes the answer may be moving closer to china. argentina piper, membership of the brakes block, which seeks to move away from the domination of the dollar. added recently paid just international debts and you on after a currency swap, deal with the china in vancho, the quote latino yet we haven't met, you know, the chinese people's bank decided to expand the use of the swap that origin tina has with the chinese government to allowing us an additional $1700000000.00 to

complete today's payment of $2700000000.00. me but this challenger has different vision. have your mealy pulls themselves libertarian. he wants to drastically downsize the government and fully link the economy to the us dollar. politicians are not the solution, they are the problem and they don't want to apply the solution of the ideas of freedom because it is against their interests. so if they don't want to change, let's get them out for good. me like has benefited from disillusionment with the establishment. is supporters hope you can turn the country around? what the, the i went and bought a $100.00 yesterday so i could seen and nobody can save us. so i sold them again. i hope there was change. come on really. you, i'm only they argentina's voters wants inflation under control and a more stable economy. but will they choose to move away from the dollar for

embrace it completely bent and bother him for counting the cost a tower. and what do you make of the argentina case? on the surface level, it does seem to suggest the, the, the dependence that the world still has on the us dollar. it's a clear example of, of the options that the brakes might offer its origin seen it to help the country overcome some of these challenges, right? i'm not saying the brakes is a silver bullet, it will fix all the problems of origin seen it. but certainly it has uh, some very concrete platforms that can be extended to argentina now as a, as a, as a member of the block starting next year to help overcome. and the 1st one is the, the new development bank. uh well, considering that origin tina will formerly apply to join the bank as a member of the brakes bank. it could take infrastructure investments to help and lock some of the bottlenecks infrastructure bottlenecks of breaking on the gross. if we take uh a, not our breaks platform,

the contingent reserve agreement that was created in the same year as the n g b argentina to take a resources to help address uh, the, the liquidity issues that it has been facing. the contingent reserve agreement, which what's created actually to function in a very similar way as the i m f term with us. and i think a 3rd platform which has its being just cost and has been approved uh by the brakes countries as these years. the creation of mechanisms to saddled transactions in local currencies and possibly even the creation of a unit of account uh, using the the currency is up to 5 original members and such payment system. if, if it's launched, it could be another option for origin tina to settle its commercial transactions without the need for, for dollars. so. so these are some of the very concrete ways, how a membership to the block could potentially help origin see not beyond otter

a spears outer than the political a, sorry other than deacon nomic. rena. okay, that's really interesting. so in that case, we'll wrap up this conversation with you, flavio we've, we've talked about all of this expansion di, dollarization, these alternatives that karen has mentioned, where is the sum total of all of this is what's as relates to the brakes. where do you think this leaves the brakes? i think it leads the brakes to play unimportant, rolling turns off do politics and important rolling turns off, putting together different demands for international relevance that countries have . it's true that some of these institutions put in place and some of these may countries might help countries in some specific issues, but the bigger issues, which i would say,

yeah. development the issues the issues related to forward to the tween their quality to um, to fixing even socially the social issue or some of these countries such as the case all i didn't, tina, i don't see how, how briggs wouldn't be a solution for so many countries they might get something out of there. yeah, this is true, but this is a long way, a long run for, for this country. so what i would say is that is off more police to go relevant and then also economic relevant, sadly, and even economically, economically, these will not seek some of the problems that we have seen, such as in argentina or many other countries that want to joint breaks flavio come in carrying cost of vasquez? thank you so much for joining us on counting the cost today and for your expertise on this bricks topic. really appreciate your time. thank you. olive oil is

a top choice to many ships and home cooks, but the staple is not just an essential component to the mediterranean diet. it is as much culture as food and a symbol of regional identity, particularly in southern europe. however, due to unusually dry weather and sky high prices, all the boy lovers may have to start pouring less of it into the pin, scorching temperatures in spain, italy and portugal, which are all leading producers. parched olive groves last year and the harvest season is expected to be slashed this year as well. the shortage is likely to push price is further up. they've already hidden all time high of $8500.00 per metric ton earlier this month. that's almost 10 times a metric ton of crude oil. european producers turn to middle eastern countries to fill the gap. shanicea the our world's biggest olive oil producer, and 11 on jordan to our k a are among nations. seeing unprecedented demand,

and course suspended the export of olive oil until the harvest season in november to help ease prices at home. it's also rolled out a tax of $0.20 for every key, lo, exported or broad are joining us from london is kyla holland. he is oil sees and vegetable oils analyst at mid tech. kyla, how bad is this for europe olive oil industry? so i think to kind of ascertain and kind of us the question for the need to, we're going back to to 2022 and a 2 bit lab across the key growing favorites. the toiletries, it was extremely dry and we're pretty much a lot of so moisture and the trees began to suffer significant. they, um, the trees pretty modest no fruits or less fruits and some cases. and this is a key issue in spain. the launch that, that use an exported volleyball author into the areas that's right and as well. so looking at that effectively that dies when things start to. so take you down with

technical, it's not as b, 2 into the s 596 and get 10000 metric tons compared to do the 1.3 to 1500000 metric tons. roughly decrease. if you send me one you how much higher do you expect prices could go? that's a difficult question. and the, the current situation is that because of the no. ready action and the joint down the bottom of the season, stay mention the keep you fix both the goal is running very no indeed on the on each less before the before the new houses. so then he called us in spite and stops with neat september october. i burn since the southern yes, i will see and stepping off. i'm with the current supply in the hands of manufacturers is possible looking to pull up your mount 6th street. the drawer, thousands of continued, stay runs up, i'll go completely. there was nobody 4 left in space, not just because it's on apple. so as

a consumer of olive oil has so many of us are including spanish olive oil. i listen to you and i think, well, maybe i should start courting and other people who listen to you will probably think the same thing, but that would only make things worse. yes, i think i would say could be the case, be the spanish plays on page more candidate, i think, to lead to a white convex cannot see, i think going to as a place to see the product. and this is not the usually it takes place. thanks much by sitting on the seat. supply continues in morocco defined areas to key as well. but the problem in spain has been so significant. the problems produced the volumes of not to be strong prophecies and that even got into these areas. this been a massive because the projects, the 30 on it took control and rock and all that has gone up as well. so it's easy. and so the concern is that with the full, obviously take

a look to sustain the why do you the east pump is going to continue that that's, that's the big concern. that is no one off. this is not a continuation of a pull. all this good. some say we speak to the company for counseling again. so for those countries that you mentioned, whether it's turkey, a morocco gene is you haven't been as badly affected a, spain, how come they have a slightly different breed if all the treat of what we understand. so he said, list the policy state to drought and is not quite as impacted as some of the spanish treat. and to ask a bit of context. i think that many people we speak to think that the supplies in the buying from these nations could be significantly higher. but we seem to see that she is not, as i mentioned, it's something that we do see quite often this does happen, but explain keep producing life findings and again, you know, we don't have done this. oh, just despise hospice. so i'm saying the 70000, that metric tons much use they think they drove down and that they could continue

effectively. and these actually completed outlets of your p maki because what we understand, so as far as the quotes, he's actually very good some say comparable in depth and the spanish article kind of a holland. uh, thank you so much for your expertise today. you are oil seats and vegetables and list at mid tech. we appreciate you coming on the show associates, i appreciate it. and that's our show for this week to get in touch with us on x, formerly known as twitter at ben yates, 0 is my handle. do use the hash tag a j c t c. when you do or drop us an e mail. counting the cost at l. c o dot net is the address that there's more for you online at alpha 0 dot com slash c t c. that will take you straight to our page, which has individual reports, links, an entire episode, speed catch up. all right, that's it for this edition of counting the cost. i'm several venue from the whole team here in doha. thank you for joining us. to use announces 0 is next

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