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tv   [untitled]    October 10, 2021 6:30am-7:01am AST

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promoting oil and gas extraction is crucial to helping the country recovery. yet the filter rather fairly figure when people like roberto are concerned. he's a member of the my 14 dead unit community and is worried about his children's future monitoring capacity. medical. there were over 30 wells that have been marked in our territory. they now working on the other side, but imagine what it's going to be like when they come over here. i didn't in as government is pushing to increase oil and gas production and hoping to increase investment in back. i'm wirebah communities in the area are hoping their interests will be considered to come off. he bill several, i'll just cedar. so cell one, i don't, i didn't wanna ah, don't keep track of a headlines here on al jazeera tie, ones president as hit out of china during national day celebrations, sighing when said the island will not bow to pressure from beijing. in the past
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week, nearly a 150 chinese warplanes of approached high ones air defense zone. in her speech, she also referred to patients actions in hong kong. they came in kansas younger. yeah, we are faced with a complex and severe challenge. beijing authorities have shown what they've done to hong kong and suppressed hong kong. it's the major development of opening up a reform in history. also in the east china, see the chinese military has a new norm and are threatening us or are you in refugee office and libya has been forced to close because it's overwhelmed with people seeking re settlement on friday guard shot and killed 6 people who tried to flee from a detention center and tripoli. as kennesaw taliban says it wants to turn a new page and it's relationship with washington during the 1st face to face talks and doha. but the group has ruled out cooperating with the u. s. in the fight against iso in afghanistan, taliban is also asked us to lift about an afghan central bank reserves. if european
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forces have launched a new round of air and ground strikes against to grey rebels, the attacks took place in the harbor region. the to gripe people's liberation front has been fighting pro government forces in the north for the last 11 months. austria, sebastian kurtz has announced his resignation as chancellor, but says he will stay on the lead of his party in parliament is currently on the investigation of a corruption allegations. kurtz is accused of using public funds to gain favorable press coverage. he's denied the charges, but has been under pressure from his coalition partners. thousands gathered in the italian capital to protest against a new compulsory cobit 19 health pass. without the so called green bars, employees won't be able to get into that place of work. the past shows if you've been vaccinated, had a recent negative test or recovered from the virus in the past 6 months. it goes into force on october, the 15th those were the headlines. the news continues here on al
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jazeera, after counting the cost station. thanks a lot, bye for now. more than 30 years after the assassination of burkina, faso, iconic liter, thomas son, gunner, those charged with his killing are going on trial among them, his success place, gunpowder is the country's loan search for justice. find them coming to an end. the sancho troy, special coverage from october 11th on al jazeera with gallow. i'm sam is a dan. this is counting the cost on al jazeera, your look at the world of business in economics. this week. china needs more coal to power, it's homes and industry as it faces its 1st blackouts in a decade. the world attempts to reduce its reliance on coal. will the banks be the big windows? also of this week when is a digital currency nonce and e currency?
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venezuela launches the digital bolivar in another attempt to revive its worthless currency. back to the 1970s as energy prices saw inflation rises and the economy slows is thanks, lation about to make an unwelcome return. china is in the grip of a power crunch. a shortage of coal, new tougher emission standards and rising demand from industry have all contributed to push coal prices to record highs. that's triggered power blackouts in some parts of the country. and india has warned, it only has enough coal for 4 days more than half of india's power plants are on alert for outages after searching electricity demand. despite colds to slow global warming, our dependence on coal is only increasing, especially in china and asia. today,
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the accounts for almost 40 percent of all electricity generation, billions of dollars are still being committed to new projects. that may be about to all change. there is an initiative that could be unveiled at the cop $26.00 climate conference meeting in glasgow next month. the asian development bank and u. k. ensure of prudential are working on plans to buy coal power plants in asia and shut them down long before they come to the end of their lives. china's president, she ging ping pledge to end funding coal projects overseas. that could affect $54.00 megawatts of planned projects, which could save the world 3 months of global emissions. but details is scarce, and this only applies to overseas investments. china has been the biggest funder of coal plants, investing $45000000000.00 since 2014. japan is the 2nd biggest with $20000000000.00. now we mentioned that because it's the biggest shareholder of the
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asian development bank along with the united states. b a, b, b as finance, $42500000000.00 of all types of power projects. since 2009, it's new plan to buy coal plants is likely to cost around a $120000000000.00, which the big scheme of things isn't much rich nations were supposed to be contributing a 100 $1000000000.00 a year to poor countries to mitigate the impact of climate change right now, china has set aside its new emissions market and told local authorities to find the coal to power electricity generation from mcbride explains the province is in china's northeast or suffering. some of the countries, worst power cuts with cities plunged into darkness lasting hours. so you get, you know, it was completely dark. i can say nothing to her because the power was cut from everything on it that only with vehicles drove past it. or could you see light all
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around? 2 thirds of provinces are now affected. it's due in part to the rising cost of coal, which means it's harder for power plants to make a profit. so they're producing less electricity. that's affecting economic output with some analysts predicting a slow a growth rate this year. china is older, more energy hungry industries are being hurt the hardest, but the country is leadership is on a drive to transform to a greener, more energy efficient society. and for that, it needs to move away from its reliance on coal. gradually air pollution has been reducing in china's major cities and even china's neighbors. like south korea have been seeing more blue skies, arlene, but president she jane ping, as he outlined to the recent un general assembly. once china to become carbon neutral by 2060 he set ambitious targets for provincial governments to reduce
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carbon emissions. adding to the pressure to cut back on burning coal are now where there's really tightened environmental regulation or in the background of carbon emission reduction. and there is a strong incentive for local governments to shut down power plants and also occur on the coal production. and asked why we get here. trying to strike the balance between environmental ambitions and economic growth, with the energy demands of the winter months. just ahead, rob mcbride, al jazeera hong kong. right, let's get some analysis now on dependence on coal and the initiative from the asian development bank. joining us from paris fire, skype is lucy pinson, executive director at reclaim finance. good to have you with us. so what do you make of the asian development bank plans to buy up coal fired power plants across asia? so we're, that is, there isn't the magic c through phase road from the core sector. we have very little time, according to climate science. most of the core plan for coal,
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mine needs to be shut down by 730 and all of them needs to be shut down by 2040. so obviously, massive challenges are thousands of quoting for the q of the run the world, including televisions in asia and challenges. huge because we need to plan for the foundation of the worker, but also given up on the cleaner or tentative renewable energy particular. and we believe a public schema could be interesting in order to facilitate these things out. a waiver, we need to pay that much attention to the details we need. are we not just bio from companies putting entrusted to without putting in coordination? if it's what the asian development bank as the mine, it's not good. i walked. all right, so given what you said,
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do you think this plan of purchasing cow coal power plants is going to actually help countries move towards meeting that green transition initiative? you talking about challenge cool again at the conditions that bio ease only for companies that commit to building new plants and that we could meet also to pills as our core plans. you know that even renewable energy. and unfortunately, we see that they income taishan for companies to go from the core sick to, to the gas sake sales. and unfortunately, we know guess is a 40 cubes that needs to remain in the ground. and our gas is and we'll use a lot to meet on emissions that are actually increasing in the past year. and the i p c. c volt that has been published this summer clearly shows that if we
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don't manage all the emissions of meets in we, i'm not gonna make it and be a go to the meet global warming at 1.5 as a to conditions really needs to be made companies needs to be and forced to stop expanding and booty nuclear plants, but they also need to meet to breathe renewable energy and not much of what is the likelihood of those 2 conditions being met. what do you think is going to happen? so combinations will be made in try stitches a scheme to bio these plans. put these 2 conditions on the table. it's not happening yet, so it's have cesar engines, even up men banks to only buy gold plans from companies that we could meet to do 0 to come the sentence. ok,
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now i want to share this and i'm sure you know these numbers, but in january 20, 214400. $88.00 institutional investors, which of course includes pension funds, banks offer well funds and so on. well, they all held investments, totaling $1.00 trillion dollars and companies operating along the thermal coal value chain. right. the world's largest institutional investor in the call industry is of course, the u. s. mutual fund company vanguard. we keep that in mind. us investors collectively account for 58 the and of institutional investments in the global coal industry. now, with holdings of $81000000000.00 investors from japan account for the 2nd highest share of institutional investments in the cold industry. so if you keep all of this in mind and keep mind as well, that the biggest shareholders of the atp ah, the u. s. and japan does this thought to look like the u. s. and japan is using the
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80 b to cover their institutional investors. well, i guess you could say bad investments for sure that the real gems both teach in speech and thinks of responsibility and opportunity to meet to financing the development of course plans abroad. we also seen in the last week time which has made a big commitment to stop developing new plans abroad, a waiver we are also waiting for try not the same for meet them at home. and to make sure that the commitment does apply to plans and projects that are already in the pump line, for, for sure, we can see a lot of inconsistencies from different countries when it comes to closing and exiting from the core 6. so in order to meet the climate play, jeez, now, what about all the talk from financial institutions about the 0 net 0 goals?
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is that just rhetoric? when you keep in mind that they still providing finance to call, right. so they are providing finance to call and unfortunately we, we can see that there is a big discrepancy between the native pages taken by private financial. and you mentioned vein gown, but we couldn't from me mention black rock, which is the 2nd biggest invest in the core power sake. and which of the many more call policy, which is covering only 17 percent of the, of the call industry and which is apply to lead on a 3rd of the process from the management. and according to the core policy to which is a tool available online, which i'm alive, who sees that i've been up to speed by hundreds of financial institutions on the course. so we can see that andre, the financial institutions don't have any core policy. and that we can today
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then to 5 more than 260 financial peterson with a cold policy. only 25 of these policies are 20 rule this enough in order to prevent the expansion of the call sector and as to 40 phase owed. and we, we can see the inconsistencies viewed in from many final editions, but including from the u. k. banks, which are under sport lied because of cub 26 received call me. and unfortunately, we can see that none of the new k bangs barclay said your planned upside or has 22 t. the rubies coatings, the policy. actually, they are pool by the 56 billions of thought are financing to companies that are listed on the global court executive between october 2018 for both the winning twin team. so we'd be in janesville or the private financial and each some bonding with
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the biggest us managers mentioned black then got mentioned and the u. k. banks to respond to the climate. imagine an art training do what it takes to meet and they do. you will page right, thanks so much for making that point. lucy. pinson. the angel. aah! venezuela introduced a new currency. the digital boulevard with 6 fewer zeros than the previous one. the move makes the currency more manageable after years of hyperinflation. more than 50 countries have been down this re denomination road since world war 2. the most significant re denomination in history occurred in hungary and 1946. when the pango was changed to the forrent with an exchange rate of $400.00 oak tilley until one.
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now if you're trying to think one is a knock cillian, while it's a one followed by 27 zeros. more recently zimbabwe read denominated its currency 3 times between 20062009 with inflation hitting nearly 80000000000 per cent. the country cut 12 zeros off the value of this embargo dollar . and one more example, chronic inflation in turkey between 197-2005 resulted in the depreciation of the lira. similarly, venezuela's year on year inflation is 1743 percent. according to the venezuelan finance observatory. but the new digital currency may be misleading because according to the financial times, the digital currency is no different to any other currency. the confusion was enough to spark a crypto currency rally according to chain alesis. venezuela has the 7th highest
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take up of crypto currencies and is not being used for speculation, but for remittances in everyday use. it nam has the highest level of crypto adoption. many countries are thinking about rolling out digital currencies. the caribbean is leading the world with the deployment of digital currencies. the bahamas has the sand dollar and the eastern caribbean central bank launched. d cash . let's bring in august now kimberly growl, a director of research a chain alesis inc. good to have you with us. so kimberly, they're a full team countries which are currently piloting central bank digital currencies including china. but why have caribbean nations been the 1st to actually launch theirs? we are seeing that central bank, digital currencies are seeing increased interests throughout the world. and i think that's because there is a lot of benefits that they can pose that they can offer. they cut down on fraud and corruption and they can reduce theft didn't,
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especially in places that rely heavily on cash. and there's also opportunities where they can kind of make banking a little bit easier across the board for this and banked population. and when it comes to the caribbean, we could only really speculate as to why they're being such leaders in this space. i know we recently just finished a report that looked at crypto currency adoption at every country and actually the caribbean didn't stand out in any real regard in that, in general crypto currency adoption compared to other regions. the, the, the most adoption actually happened in the dominican republic, which ranked 51st on our global crypto currency adoption index. so we know it's probably not related to crypto currency adoption, but i do think from what i've heard that there is a strong desire to modernize the payment infrastructure throughout the caribbean in order to effectively transact with people on these people on different islands. and
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especially since most of the country, a lot of the countries, there's lot of different disconnected islands and they already are already relying on cash that it can make things just more logistically difficult. and so i think that it's seen as an opportunity to kind of overcome some of those problems are cool. now the, we talking about the dos to venezuela. launch, the petro, that seems to have sank though any doctor on the up take. they're data that we've seen on when it comes to petro app is we've actually seen the number of people visiting this site steadily declining. and so it's, it's the main number that we're looking at right now. whereas there was a peak of 7000000 users in when, after launch in 2019, now we're looking at around a couple of a 100000 or so the average monthly people going to visit, you know, the petra site. so, and this is kind of static,
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continuing to steadily decline over the past 12 months. so i think that your, i'm what you propose that the question is, is probably somewhat true. should be a little bit surprised to see viet, ma'am india, the top of the adopters of crypto. you know, many people around the world was associated. those countries were good, strong economic growth while people going digital there with their money. i think that there's um, not one story to tell. one of the things that we've learned from the crypto guarantee report is that every country has a different set of. so social, political arm, economic reasons that are underpinning us adoption and so indian vietnam are actually very different stories we saw in india. there was a lot of defy activity and a large and a lot of the transfers were extremely large. and then when we went in to talk to people about this data, we heard a lot about home office investments, how high net worth individuals. busy busy are really taking part in,
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in the crypto currency ecosystem. and then when you go to vietnam, we're seeing more peer to peer market activity. we're seeing and we know about a, a strong remittance hub in, in vietnam. so we think that we think that gross has actually been consistent for them throughout the year and relative to all of their social circumstances, they're doing well, but they're actually thriving for different reasons. what impact do you think though china's band might have on crypto currencies? we've been a little bit surprised to see them so far. my guess you could say the tokens of taking them in their strides so far vans are nothing now, especially in china and our previous bands have been somewhat sporadically enforced . resulting in the facts on deck, going to be somewhat short lived, as we've probably seen in the past few weeks. and just to know it though, i think countries around the world are taking up these discussions on how they want
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to interact with digital currencies. and what's interesting and how they want to go about doing this. so i think people will be looking to some of these major events to see the impact more generally. all right, thanks so much. been good talking to you. thank you. all gas colon food prices are soaring, adding to rising inflation. supply chain disruption is leading to factory closures, which is impacting economic growth together, rising inflation and slowing growth source. thank flash and spells trouble. it's reawakening fears which last surfaced in the 19 seventy's when an oil price shocked, decimated, growth, then inflation and interest rates ran into double digits. unemployment, sword, and economic growth struggled for traction. the global economy is facing other head winds, including a warning from the us treasury secretary, janet jaelyn, the world's biggest economy would fall into recession if congress fails to raise
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the debt ceiling. that would royal the $22.00 trillion dollar u. s. government. that market should the government default on its debt. and in china, one's china's biggest property developer ever grande's wrestling with more than $300000000000.00 in liabilities. over grande's possible collapse has triggered worries about contagion risks to the property sector in the world's 2nd largest economy. let's get some analysis now from 9 i slam. he's the chief markets analyst that average trade joins us now live from london. so should we be concerned about stagflation name, or is this just a storm in a tea cup? but thanks for having me lick. i think with respect to inflation, central banks has made their position very clear that this is nothing by just a transfer factor. and believe that inflation bill full at perhaps at a q one of 2022. but if we look at the overall supply supply
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chain and the pressure coming from the price is because of the bottleneck which is created because of the constraint on the supply chain. that is a concern. and we believe the central banks should react. and don't really think this is only a transitory issue because this could actually hurt the economy if it continues to rise at a pace that we have seen in the past few quarters or in the past few months. so, you know, i totally agree with the central banks and they say, hey, inflation is just temporary, not well for the time being. yes, but i think given where we are for in terms of a economy in terms of the moment data, i think there is a qualm among investor that he s inflation should start coming down. now, if it doesn't, then there is a serious problem with a global economy. and you mentioned that the supply chain bottle next,
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one of the world's biggest global port operators devised the will. warning about that. does this suggest to factories might slow or even stop production? not only because of energy shortages, but to meet low a consumer demand. i think that the key element over here is energy shortage, which is very much slowing down the production of course corona virus has disturbed the entire supply. and that will take time, but we don't necessarily think that it is going to take 2 years for that production to come back to the pre kona virus. i will, we believe that by the end of q 2 in 2022, we should see a fairly, very good reaction on the supply chain. and then these constraints should start mitigated by that period. let's talk about another self inflicted crisis us. that ceiling, which could have a huge impact, not only on the 22 trillion
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u. s. government that market, but also on jobs. you think it's time the us got rid of the law limiting borrowing . if a drama that we have seen many times previously, if you look at the history, 88 times a u. s. has increased, is that ceiling? and every time it is the last minute, if the u. s. t falls, that's a master issue for the usa economy, or it's rating forest growth, or it's g d p. and we believe that in u. s. 124, i think that the asp always the decision is going to last minutes. and now we have started to see some signs of eating off from this year, the members where they are ready to get some concessions or to buy the administration. or let's talk about a ground that seems like it's selling parts of its business to trying shop its finances. but with debts running into all 300000000000, can it pull it off? i think best of all, it is essential for me to mention that it is
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a very healthy sign that p b and c isn't really interfering with chinese government isn't really interfering. it is, let team price fine is on value given what the debt levels are with respect to the company. but at the same time, it is essential for the go and the b. c and other authorities to support and not let this one turn into a domino effect. because imagine the smaller businesses, the medium sized businesses associated on the, even part of this particular event on them. we have already started to see i squeeze on the smallest medium sized businesses because what is taking place with our brand? all right, now, my son from london. this good talking to you. pleasure. and that's all show for this week, but there's more for you online at al serra dot com slash ctc. that'll take you straight to our page, which has entire episodes for you to catch up on sammy's a dan from the accounting, the cost team here. thanks for joining us. news and al jazeera is next ah
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ah al jazeera in with all of the decades of conflict between successive colombian government and the fox marxist gorillas and historic peace accord in 2016. so fight as lay down their arms. 5 years on a mit rising defense and fruitful police repression. a new, like a violent has rocked the nation. people in power if the agreement is failing and what's next for the country. columbia killing the piece on al jazeera, france once had a vast empire standing several continents. but by the 1940s,
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the french were forced to confront reality and demands for independence. in the 1st part of a documentary series, al jazeera looks at how the colonial unrest grew. conflict to now jerry and full scale war and indo china blood and his french tea colonization on al jazeera ah, on ty, one's national day president, sighing when says her country will not bow to pressure from china. ah, hello, i'm darn jordan. this is al jazeera, alive from de, also coming up to the united nations refugee agency, slams lydia of migrant detentions and human rights abuses. paul was opened in
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iraq, where people will choose who they want to represent them in parliament. and sierra leone becomes the latest african nation.

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