state authorities that they have no position where they can charge him. and so at the moment there is a hearing under way in atlanta for a judge suicide. if that is actually the case. if that has the case has been made, unlock, made his case will go to a federal court if that happens by the or is it likely to follow, including donald trump. allen, thank goodness we have to get a key honest on this is a lot to digest and we appreciate you filling us in. thank you. all right, reward across the v u k. now we're up to 2000000 people are expected to attend this. there's not a hell carnival is currently underway in west london. now these are the latest pictures of festival goers marching through the city. the carnival is a 2 day caribbean is fired straight festival that celebrates the u. k. capitals diversity. it's been called europe's largest street party, and it's currently marketing. it's 55th edition. the

file you're watching now is, is there a, these are the top stores at this hour, a technical failure at air traffic control. and the united kingdom has caused lights to be delayed or cancelled. now it's been fixed, but there has been disruption to airline passengers. worldwide leave is for administer nozzle. alman goose has been fired following and added as meeting with the is really for administered in italy. it happened last week and the meeting has sparked wides for demonstrations and libya with protesters burning the is really flag. olivia lot makes it illegal to have an authorized discussions with is really officials. the spanish prosecutors of open to a preliminary sex abuse investigation related to the kissing the scandal and golfing the country's football president, luis ruby alice realises under pressure to resign. after kissing spatters player jennifer, i'm also on the level as she collected her world cup metal in sydney. the french

president says his and bassett or to missouri will stay put despite a 48 hour deadline set by the coo leaders for him to leave a manual math process. france does not recognize the agenda that over through the democratically elected president. last month of france is banning most some students from where in via, by a in state run schools. the education minister said new guidelines will be issued before classes resume next week. the full length row that's often worn by muslim women has caused much debate on whether should be allowed in fresh schools. the head of the un mission in molly has briefed the un security council ahead of the planned withdrawal by the peace keeping force in december. within $12000.00 troops will exit molly before the end of the year just because of the headlines. stay with this. counting the cost of next dope away. as i care about helping us engages with

the rest of the world. i cover foreign policy, national security. this is a political em. how, here's the conflict. are we telling a good story? we're really interested in taking you in to a place that you might not visit otherwise. it's absolutely feel as if you were there, the hello, i'm 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 order. also this week the global south 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. brooks nations wants to change that in balance by creating an alternative to us lead financial institutions. they have founded the new development back, 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 group's 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 of 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 especially after this last meeting,

we can see much more pretty to go drive to breaks. 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 the police are going tensions. they are moving a hat off the economic intentions. so there has been some co operation. there are some plans we have the banks uh at the breaks bank and they are some initiatives. but in terms of the economic potential of the countries, when we see the kind of vanity use the 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 well sort or 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, 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 within countries in the block and scores 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 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, 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 her latrell system. so as we, this is next step forward, initiate another 5 years cycle with, 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 had 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 that 1st to, to emphasize my point, i think um, oh, breaks they have a very serious social trial and 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 of 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 breaks. 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 all at this scenario. we some um, suspicion. on the other hand,

it's true that many countries are interested in joining the group. perhaps we'd 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 um, we could consider that their, their main motivation, different countries, they might have different motivations. oh, but, but anyway, so once would it be great 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 and 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 greenbacks a 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. 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're looking at the 2 different sides of the coins. but the intentions 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 turner's transaction in local courtesies, is precisely to facilitate trade, to reduce trade costs, to 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 argentine,

his political class runs high and went to salaries. ratio is a retiree. he says is 200 dollar month pension isn't enough to live on, doesn't work one we cannot buy, we cannot h, aquino, have to tell you. so it was a sweet potato a tomorrow. so is an affordable. how do we live? we cannot live like the said, 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 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, i mean 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 on the day argentine is voters want inflation under control and a more stable economy. but will they choose to move away from the dollar or embrace

it completely? finch and motherhood 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 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, tina, but certainly it has 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 or breaks platform,

the contingent reserve agreement of 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 a, 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 this years, the creation of mechanisms to settled 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 outward into 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, companies might help countries in some specific issues. but the bigger issues,

which i would say they have development, the issues the issues related to forward the tween their quality to um, to fixing even socially the social issue or some of these countries such as the case of identity. now i don't see how, how breaks 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 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 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. the olive oil is

a top choice to many shifts and home coats, 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, you do 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 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 prices at home. it's also rolled out a tax of $0.20 for every t lo exported abroad. 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 ascertaining, kind of as the question you probably need to bind back to 2022, a little bit lab across the key. growing david's, 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 patrice motor as no fruits or less fruits and some cases. and this is a key issue in spain. the buying ship that use an explosive on the go on certain 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 10 points month sbc to into 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 no. ready and the drawing down the volumes 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 houses. so then you call us inspect and stocks with me september, october. i've run 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 mouth, takes you at the drawer down and continue to stay with the top level completely. there is nobody left in the state, not just the qualities, but hold on

a whole. 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 can be the case, be 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 the if ties thanks by it's probably sitting on the seat. supply continuously in morocco defined areas to key as well. but the problem in spain has been so significant. the problem is could chase the volume so not to be strong prophecies. and that even got into these areas to spin up the magic because the process, the key on the touch, on the whole rock and all that has gone up as well. so too easy. and so the concern

is that with the full, obviously take a look to sustain but why do you these problems guys continue that that's, that's the big concern. that is no one off. this is not 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, 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 it could continue effectively. and these actually comprises outlets that your p maki because what we understand. so as far as the quotes, he's actually very good. some say comparable even death 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 vineyards, 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 al serra dot net is the address. but 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 then yay! from the whole team here in doha, thank you for joining us. the news announces 0 is next.

the harmful passages are increasingly affecting our lives. we've terrible consequences . a documentary asks whether we've learned any lessons from the h. i v as in the flight tickets cobit 19. we ignore the global stocks to port costs for 4 people. and and more cost the time of $10.00 to $6.00. 0 no, just the documentary,

the informer present and illuminate our ultimate cds these for themselves and make up their own minds. witness on to 0. the . ready a major delays for thousands of passengers as the u. k. is the air traffic control system is hit by a technical fault. the hello. i'm kimberly help if this is als is 0, live from the ha. also coming up anger in libya at revelations, it's foreign minister had talks with israel, she's been dismissed. the president of france says,

the ambassador and this year will not leave despite pressure from the agenda there .