the members of the winning women's, well come, squad, signed a statement saying they would not play for that country while ruby alice remained in charge. there is a extreme, severe problem officer throw sexism in these uh, football institution n, as well as trooper a problem on how a spanish for both of the racial or abuse because spanish governments. so now it's legal proceedings against ruby alice who was elected to his position in 2018 and fee for the governing body of world football set on saturday. will be all this would be temporarily suspended for 90 days from all football related activities. while there's an investigation, today's behavior was on, the way to be honest is cleaning on. tad's job is left a sour taste in the optim off of what should be the celebration of victory the pocket, which is 0. the

hello. again, this is al jazeera and these are the headlines. cimbawe boys electro commission says that president, i'm assuming i'm guy, has been re elected for a 2nd time. the commission says that he won this week's presidential election with more than 52 percent of the voted. but the main opposition party has rejected those results. calling them false. harmon latasha has more from the capital herani. o, as of now going to be nelson to me is that address triple c policy? what are they going to do next? they could go to court. the challenge, so resolved an excellent service if the selection was forced with many challenges. for example, at some pointing stations, some valid papers with maybe late. and they say that in some areas some people voted in a climate of fear. so bobby's, i will wait and see to hear when the migration date is going to be. i mean, of course, the main, obviously the nelson janisa is going to go or the united nations as warning that the conflict ensued on contempt the entire region into su, monetary,

and catastrophe. on saturday, the military attacked positions of the power, military rapids support forces in the capital. fighting which began in april has spread from columbia into other parts of the country. and united states. thousands of people have lots of 60 a ton of us. 3 of the civil rights, lots on washington led by the reverend doctor martin luther king junior. organizes of this. he has events say it's a continuation of amazement and civil rights, so increasingly on the attack today. meanwhile, a 9 armed with a high powered rifle and hand gun killed 3 black people as a store in the us state of florida. the man of jacksonville says that the gunman who was white barricaded himself inside the shop. the sound off with police ended when he stopped himself with are these say that choosing was originally most the basis holder is the headlines. i'll be back with more of your head off to counting the cost. do stay with us years from i'll just

on the go and meet tonight out is there is only mobile app. is that the, this is where we, the affects allies from out is there is a mobile app available in your favorites apps to just set for it and typed on a new app from out to 0 new at you think is it the on the hello and 0 then, yea, this is counting the cost on ells 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 for nations, see a business opportunity they are diverse growing economies. we began bishop 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 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 brooks. the grouping relies on the combined economic power of its members to counter wait west and form such as the g 7, a 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 gdp 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 of the international monetary fund. bridge 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 the 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 arrivals 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 your 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 political 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 vanity use 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 the now more than apple car in your thoughts on bricks expansion of this i may certainly 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. uh, 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 hide years, the brakes as a blog has found itself in a difficult situation in this tell me because this political and economic changes

was in the countries was in countries in the block and worse not, not to mention the geo political context that drove 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 the 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. the 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 this next step forward, initiate another 5 years cycle with a, as we called, the larger breaks family. i think we are now ready to, to gain a new impetus. and enter a new momentum at a different level. okay, so let me take it back to slide view then because you were suggesting hinting flavio, that the bricks and your, if you have been a little disappointing and 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 1st to, to emphasize my point, texting. 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? 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 for 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 the brakes. 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 plenty of evidence to look

at the situation. now at this scenario we some um suspicion. on the other hand its to death. many countries are interested in joining the group . perhaps we behold, 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 we could consider that their, their main motivation, different countries, they might have different motivations. oh, but, but anyway, so one shouldn't be create to go off what the concept of development is driving the initiative. let's talk a little bit about the specific issue of

d dollarization because this has been a big push by breaks countries. 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 uh, 1995. 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, my 1st point is that we've, we've seen separately,

cannot make cycles. the us power is just one monetary standard that we have. we had the, the pound, we had to go back to 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 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 odd return sink 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 incisions a say a lot of water, the main motivations drive me, the forces within 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 costs, 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 team at which is among countries invited to join the brakes group. it has recently paid it's, i'm a 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 in

argentina, heavier mulay wants to change how his nation does business. since and monahan reports, the anger and frustration with argentina's political class runs high and winter 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 potato a tomorrow. so is an affordable. how do we live? we cannot live like this. and worse, if you're 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. the economy minister sergio mazda is running for president. he believes the answer may be moving closer to china. argentina applied for membership of the bricks 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 china and runcle the diploma 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 at the same time. but this challenger has different vision. have your mealy pulls themselves a libertarian. he wants to drastically downsize the government and fully linked 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 who has benefited from disillusionment with the establishment? is supporters hope you can turn the country around? what the and 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 or embrace it completely bent and bother him for counting the cost a. terry, 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 us dollars. 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, tina. but certainly it has the 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. well, considering that origin, tina will formerly apply to joining 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 freakonomics 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 out that it has been facing the contingent reserve agreement, which was 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, to the block could potentially help origin see not beyond otter, uh, uh, spears uh, other than the political, a, sorry, other than deacon nomic arena. 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 to briggs to play an important role in terms of do politics and important role in terms of 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, companies might help countries in some specific issues. but the bigger issues, which i would say, the development, the issues the issues related to for which the tween their quality to um, to fixing even socially the social tissue or some of these countries such as the case. all i didn't, tina, i don't see how, how breaks would it be a solution for so many countries they might get something out of there. yeah, this is true. but daisy's um a long way, a long run for, for this country. so what i would say is that is off more probably to go relevant and then also economic relevant, sadly, and even economically, economically, these will not fix some of the problems that we have seen, such as in argentina or many other countries. that once a joint breaks a slab,

you'll come in carrying costa 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. i, the olive oil is a top choice to many ships and home cooks, but the staple is not just an essential component of 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 prices 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 darky. a are among nations seeing unprecedented demand, and course suspended the export of olive oil until the harvest season in november to help ease price is at home. it's also rolled out a tax of $0.20 for every key. lo, exported or broad of the joining is from london is kyla holland, he is oil sees and vegetable oils analyst at mid tech. kyle, how bad is this for europe's olive oil industry? so i think to kind of as attaining kind of as the question you probably need to bind back to 2022, a little bit lab across the key growing here. whats the toiletries? it was extremely dry and pretty much a lot of so moisture and the trees began to suffer significant. they, um, the trees produced more as no fruits or less fruits and some cases. and this is a key issue in spain. the buying ship that use an explosive,

unable author into the key areas. that's right. and as well. so looking at that effectively that by the way, things talk to you to. so take it down what time? because my sbc to check the spice from was 96 and get 10000 metric tons compared to usually 1.3 to 1500000 metric tons roughly decrease at 50 feet suddenly on? yeah. how much higher do you expect prices could go? that's a difficult question and the, the current situation is that because of the, the. ready and the drop down the bottom of the season stay mentioned to keep use exclusive level is running very low. indeed on the, on each less before the before the new holidays. so then it always seems buying stops with me. september october. i brought in since the southern yes i will see and stepping off with the current supply in the hands of manufacturers is possible

looking to pull up your not 6 to the drop down and continue this thing runs out by boat completely. um, there was no buy for less than space, not just the qualities on it. 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 that would be the case. the, the spanish plays on page more candidate, i think, to kind of lease it to a white context cannot see, i think going to as a place to see the product. and this is not, and usually if it's price based by it's processing and they usually see that supply continues in morocco and the funding areas to key as well. but the problem in spain has been so significant. the problems produced the volumes of not very strong prophecies and that even got into these areas to spin up the massive because the

projects, the 30 all it took to shuffle and rock and all that has gone up as well for tennessee. and so the concern is that with the full, obviously take a look to sustain, but 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 for august that 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 of all the treat of what we understand. so he said this because he spent 2 drought and is not quite as impacted as some of the spanish treat. and to ask him a bit of context. i think that many people we speak to think that the supplies in the buying from these nations could be significant high. 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, you don't have to. oh, just despise hospice. so i'm saying the 70000, that metric tons much use they think they drove down and it could continue effectively. and these actually completed outlets that your p maki because what we understand. so as far as the quotes he's actually very good, some say comparable in depth and this 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 a subject on 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 allison sewer 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,

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