Transcripts For ALJAZ Counting The Cost 2019 Ep 36 20240714

Wouldnt have got off the ground without some help from Goldman Sachs and who ever said a trade war is bad for business well we will meet one garlic farmer in california is laughing all the way to the bank. One forest fire however large might be considered a Natural Disaster something that unfortunately happened but 80000. 00 in a year in the one place Something Else is surely going on of course talking about the amazon rain forest where right now every minute an area the size of a football pitch is being wiped out. The problem it seems stems from the top brazils diable scenario campaigned on a promise to open up the embers and to farming and logging and mining to strip native amazonian tribes of their land and now hes president hes defunding the bodies responsible for environmental and for cement his argument and that of some rather brazilians is that their Economic Growth is being held back because they cant exploit the amazon but how do you put a price and where do you even start when you consider the amazon produces about 6 percent of the worlds oxygen and is home to a 5th of the worlds fresh water supply it also provides you may not know the key ingredients to some of the pharmaceuticals in your medicine cabinet like your aspirin and even heart medications and cancer treatments so theres 2 scenarios here one is to leave the amazon as it is and in fact a study in the science journal nature suggested the economic benefit of leaving the rainforest in its current state would be 8200000000. 00 a year and includes all the existing sustainable businesses like nut farming and rubber tree timber but option to deforestation would lead to a fall in rainwater and lead to agricultural losses of 422000000. 00 plus theres the social and the economic damage from the migration of indigenous tribes to cities from the loss of river water and Food Security over a 30 year period that could be as much as 3 and a half trillion dollars the cost of saving the amazon thatll be 50. 00 times less 64000000000. 00 could help restore the landscape and to change agricultural practices. Heart of the forest clearances is both an hours desire to increase as you heard there beef and soya production brazil is the largest exporter of beef to the world it provides a 5th of the Global Supply with over 6 and a half 1000000000. 00 in 2018 so were going to discuss all of this with our guest in a moment but theres one other economic elements to these fires brazils handling of the situation it has strained its relationship with the e. U. In fact at least 2 European Countries are frozen their donations to what is called the amazon fund a move that could impact dozens of environmental projects to raise a boat has our report now from its a poor in brazil. Every day the his who somebody see there goes into the National Park to look for seeds hes trying to preserve the rain forest and the dozens of species that live in it. The threat of deforestation has become a major problem and then goes like this there are fighting back. What we are seeing is really bad and they are burning the forest so our work looks into encouraging farmers to enroll in comic alternatives i dont destroy the forests have Environmental Impact or killed over. There that is growing fountains of trees every year and help locals make a living while also caring for the environment the ngos funded by whats called the amazon fund handled by the government the fundraising is donations to help fight deforestation in amazonia deforestation and the fires have already destroyed large sectors of the amazon rain forest but there are projects like this one that are trying to preserve and re forest the areas that have been already devastated there are more than 40 species here of trees and crops the problem is that projects like this one are now at risk. Germany and norway are crucial sponsors of the fund that helps over 100. 00 projects like this one but they have halted all payments to condemn president jade also now those environmental policies. Well we are better has managed to reforest 800. 00 hectares of trees this year. Alexander gatos fears a drop in donations will impact there was still we are very concerned but weve been working on our projects through the amazon fund and petrobras for a long time that being said sir t. G. Clee were already looking for other sources of funding we want to find ways so that the funds dont go through the government. A long time skeptic of Environmental Concerns wants to open the amazon to more agriculture and mining yes even a dig out of those who has been working to protect indigenous groups living in london for years she has been threatened by loggers and miners but International Funding has allowed her to do her work but theres a few of them we have much more work now because the local environmental authorities are committed to the cause but feel alone threatened and without support from the government so we are trying at least to show the world there are people who care about the environment but we dont have any support instead we are being weakened by the governments narrative and shell say theyre ready to fight attempt to commercialise the rain forest but need International Aid to do so they say they can protect what brazils president will not joining us now on skype from stockholm is toby gati toby is a Senior Research fellow at the Stockholm Environment Institute also director of the supply Chain Transparency Initiative called try so its good to have you with us. Very simple argument is well its our land and we should be able to exploit it we should be able to do what we want with it and maximize it and on the face of that kind of makes sense but theres nothing else like the amazon out there is there yes sure thanks very much for having me on the program again theres no question brazil is a sovereign nation and it has the right. To exploit its natural. Losses in a way the wishes but the key point here is the question logic that the clearance of the arm of the or the buyer is necessarily a precondition for Sustainable Economic Development one clear fact that is that its important to keep in mind in this whole debate this whole discussion is the area of land that has already been cleared and the amazon the vast majority about land is not currently on there any economically viable productive use in fact the majority of it is very extensive low productivity cattle pasture often making making a loss economically and also a huge area of it has been abandoned so its clear the evidence is in front of a lot of this land wasnt clear it with a clear economic rationale in the 1st place so what brazil has the opportunity to do is to both make make much better use of the land thats already being cleared which there is a huge Stock Available and the Agribusiness Community of brazil is the 1st to say that they have enough land to expand and satisfy their needs while also protecting the remaining areas and another native existence of the so vital as well to the economy brazil the wellbeing of brazilian people and of course the wellbeing of people across the planet for those people out there who are conscious about such things and maybe dont want to be part of of an angry business which is destroying parts of the amazon i know ive simplified it there but for those people like that is there a way to sort of track the supply chain than to know whats coming from where so that lendl who you are the individual consumer you orion the shot its incredibly hard at the moment to have confidence if youre wanting to buy a product take so it sort of for a start bedded countless products that were buying on supermarket shelves and were often were often very ignorant blissfully ignorant about where its found most so in the world used to feed animals. And youre not thinking actually when youre eating chicken for example. Youre also eating soy that may come from the brazilian imus nor the president s out there so theres an individual consumer its extremely hard to know what you can do there is an increasing number of Monitoring Systems and score cards that rank and assess the major brands of the world the Major Companies that produce and processed food and sell it on to retailers and the Major Logistics Companies the transport and operate that middle part of the supply chain the cargill in the bungie glen cause of the world there are an increasing number of system this is one of the things that were trying to do tristas transparent sustainable column is and its just there that c. R. M. With partners is to give some truth to how we judge the relative levels of impact the Different Companies different buyers are exposed to and if they are in for political pressure as well they use about to sign a. Track trade agreement with latin america with with with brazil as part of that has as well president macron in france has been trying to help out shall we say and that hasnt gone too well is it if they were in for political pressure there is always room for political pressure and i think that political pressure needs to come in a number of different ways it is important im saying that the that the Due Diligence legislation i think quite can really try and expedite accelerate catalyze change on the ground through the actions of buying companies the political pressure also needs to come in other fora needs to come through environmental diplomacy it needs to come through packages of incentives that are actually commensurate with the scale of the challenge i think one of the problems for example with this recent stats between macron and both are that we witnessed. The g 7 apparently one of the most powerful gatherings. Of Global Players of World Leaders they tabled this is. The most generous and and came at the end of a 20000000. 00 package now thats problematic on 2 levels one its an almost offensively small amount of money when you think about all of the challenge so its bound to stoke the fires of xenophobia resentment for a player interfering in brazils sovereignty and secondly its targeted at the symptoms of the problem so putting out fires if you qualify you posted put it out that far more importantly when you think about ways to avoid those fires being let in the skating into the forest in the 1st place and all of the systems and the understanding the technology needed to do that is all in place we just need resources to be able to implement it better and to ensure that the rules that brazil already have has really ready were world class environmental legislation that isnt forced and if it wasnt forced and if founders were properly supported especially ready farmers who have no choice. Which is not the main source of the problem but they need support as well in order to ensure that their practices can continue in this state a way to be governor joining us from stockholm to i thank you so much for your time thank you very much for having me on the emergency in the amazon of course stretches beyond brazil nearly one and a half 1000000 hectares of tropical rainforest in bolivia have been destroyed as well the difference though is bolivian president evo morales actually wanting to national aid to fight the fire and one of the things hes trying to save is the large diverse number of animals trapped in the flames latin america added alysia newman has more from san ignacio in eastern bolivia. A team of believe in veterinarians traveled to the Reserve Forest fires have been raging for weeks. Their mission is to try to rescue wild animals which may have been injured. This was the scene the previous night the fire destroyed everything in its path. But if you animals were saved like this 2 day old wild pig whose mother died in the fire. The nature is extraordinary the way the allows these creatures to adapt in the face of danger and stress and find refuge in ormoc dillo with burnt eyes a hawk recovering from smoke inhalation along with a boa constrictor theyre all receiving treatment at the shelter. Today the rescue is hope to find more survivors riding in the direction of the huge black mushroom of smoke which indicates sometimes when theres a fire and we can tell because of the large number of butterflies that are flying away. This area has already burned to the ground and theres no sign of life. Pokes around a serpent hole if its deep enough he says the snakes may have survived. If you can see this is apocalyptic theres nothing left these are part of the worlds lungs now its nature thats disappearing next it will be us this is no sign of firefighters here as you can see the wind here is absolutely fierce and its fanning the flames again in this direction the plan is to bring a super tanker helicopter here in the next couple of days to leave water for the animals that have survived but that helicopter is also needed to put out the fires to save human life. The fire remains out of control a thick layer of smoke and ash fills the air making the sun grid. Its too dangerous to stay in the veterinarian star upset that they couldnt save a single animal i mean. I feel impotent because people arent seen how the amazon is burning how burning alive and no one is doing anything. While much of the world focuses on the fires raging in the brazilian amazon the devastation here in neighboring bolivia is receiving far less attention. Even though assistance is desperately needed not just. To put out the fires but to regenerate this fragile and diverse eco system so that what has survived will still be able to live here. Were looking at aviation now and in this part of the world we often talk about the big 3 Dubais Emirates Airline Qatar Airways based here in doha and he had from abu dhabi now back in 2005 if he had had some big ambitions to expand and it began buying stakes in a bunch of airlines that were bleeding cash it decided to fund air berlin alitalia and Indias Jet Airways by selling bonds worth one point 2000000000. 00 now Something Like this just wouldnt have been possible without the help of an International Investment bank and that bank just happened to be open sachs but is the airlines filed for bankruptcy or collapse the bonds became worthless and investors who bought the bonds thought he had would step in and repay the debt well now a group of bond owners have hired private detectives to find out how the deal was put together and to recover as much money as possible so lets talk about as the questions that have been raised about goldmans decision to step in when another International Bank decided not to help raise money were going to london now to talk to robert sally who is the managing director of the capital a london based broker nice to have you with us robert i think the 1st thing we should deal with is raising the money in the 1st place there is perhaps a misconception that all the Gulf Airlines are cashed up and they are all subsidized by their governments but i guess this sort of showed that they had to raise capital like anyone else at a low being state owned and receiving support has been lost making for many years and in the last years when they wanted to build out their platform within europe they had an ambition that if they bought into some of the European Airlines they might be able to Start Building an alliance of Partner Airlines that feeds into the. Network of any add International Flights and it increases their International Use lies ation right so on average their planes have been running at nearly sort of 10 percent lower capacity than some of their international rivals and that of course has a major impact on their profitability. As a result you know theyve gone on this International Expansion bought into air berlin and alitalia to historically loss making airlines and theyve not only bought a large equity stake which gives them a Significant Management role theyve also supported those airlines with raising debt and thats where we get this new vehicle in the netherlands that has helped alitalia and air berlin lend hindsight of course is a wonderful thing robert but did they just make some really bad decisions they were with maybe i mean maybe the idea was a bad but the airlines they went after when the right ones i think they had potentially bad advice but in a market like the Airline Industry you all you cant always decide which companies youre going to buy so i think they might have had a slightly limited choice of who was available to go after and air berlin and i was out. In some way right for investment they were lost making they potentially were looking for a new ownership or a rescue and that seemed to be the knight in shining shining armor that would come and rescue them from their losses 3rd to talk about the losses whats gone wrong the loans have gone sour and people are looking for their money. Yes or over the years i mean lennon ill tell you have just wrapped up losses year after year. Seems to be some sort of zombie airline that never stops flying although year after year the losses rack up. I think a lot of people held out hope that the alliance or that you had would bring in a new change and support from my money and up investor well in fact that really sort of hasnt transpired as the bankruptcies of both of the airlines as proven. The financing vehicle then on to put the icing on the cake added further hope to investors and you know when they created these e. A. Partner vehicles you would be forgiven for thinking at yad was Goldman Sachs<\/a> and who ever said a trade war is bad for business well we will meet one garlic farmer in california is laughing all the way to the bank. One forest fire however large might be considered a Natural Disaster<\/a> something that unfortunately happened but 80000. 00 in a year in the one place Something Else<\/a> is surely going on of course talking about the amazon rain forest where right now every minute an area the size of a football pitch is being wiped out. The problem it seems stems from the top brazils diable scenario campaigned on a promise to open up the embers and to farming and logging and mining to strip native amazonian tribes of their land and now hes president hes defunding the bodies responsible for environmental and for cement his argument and that of some rather brazilians is that their Economic Growth<\/a> is being held back because they cant exploit the amazon but how do you put a price and where do you even start when you consider the amazon produces about 6 percent of the worlds oxygen and is home to a 5th of the worlds fresh water supply it also provides you may not know the key ingredients to some of the pharmaceuticals in your medicine cabinet like your aspirin and even heart medications and cancer treatments so theres 2 scenarios here one is to leave the amazon as it is and in fact a study in the science journal nature suggested the economic benefit of leaving the rainforest in its current state would be 8200000000. 00 a year and includes all the existing sustainable businesses like nut farming and rubber tree timber but option to deforestation would lead to a fall in rainwater and lead to agricultural losses of 422000000. 00 plus theres the social and the economic damage from the migration of indigenous tribes to cities from the loss of river water and Food Security<\/a> over a 30 year period that could be as much as 3 and a half trillion dollars the cost of saving the amazon thatll be 50. 00 times less 64000000000. 00 could help restore the landscape and to change agricultural practices. Heart of the forest clearances is both an hours desire to increase as you heard there beef and soya production brazil is the largest exporter of beef to the world it provides a 5th of the Global Supply<\/a> with over 6 and a half 1000000000. 00 in 2018 so were going to discuss all of this with our guest in a moment but theres one other economic elements to these fires brazils handling of the situation it has strained its relationship with the e. U. In fact at least 2 European Countries<\/a> are frozen their donations to what is called the amazon fund a move that could impact dozens of environmental projects to raise a boat has our report now from its a poor in brazil. Every day the his who somebody see there goes into the National Park<\/a> to look for seeds hes trying to preserve the rain forest and the dozens of species that live in it. The threat of deforestation has become a major problem and then goes like this there are fighting back. What we are seeing is really bad and they are burning the forest so our work looks into encouraging farmers to enroll in comic alternatives i dont destroy the forests have Environmental Impact<\/a> or killed over. There that is growing fountains of trees every year and help locals make a living while also caring for the environment the ngos funded by whats called the amazon fund handled by the government the fundraising is donations to help fight deforestation in amazonia deforestation and the fires have already destroyed large sectors of the amazon rain forest but there are projects like this one that are trying to preserve and re forest the areas that have been already devastated there are more than 40 species here of trees and crops the problem is that projects like this one are now at risk. Germany and norway are crucial sponsors of the fund that helps over 100. 00 projects like this one but they have halted all payments to condemn president jade also now those environmental policies. Well we are better has managed to reforest 800. 00 hectares of trees this year. Alexander gatos fears a drop in donations will impact there was still we are very concerned but weve been working on our projects through the amazon fund and petrobras for a long time that being said sir t. G. Clee were already looking for other sources of funding we want to find ways so that the funds dont go through the government. A long time skeptic of Environmental Concerns<\/a> wants to open the amazon to more agriculture and mining yes even a dig out of those who has been working to protect indigenous groups living in london for years she has been threatened by loggers and miners but International Funding<\/a> has allowed her to do her work but theres a few of them we have much more work now because the local environmental authorities are committed to the cause but feel alone threatened and without support from the government so we are trying at least to show the world there are people who care about the environment but we dont have any support instead we are being weakened by the governments narrative and shell say theyre ready to fight attempt to commercialise the rain forest but need International Aid<\/a> to do so they say they can protect what brazils president will not joining us now on skype from stockholm is toby gati toby is a Senior Research<\/a> fellow at the Stockholm Environment Institute<\/a> also director of the supply Chain Transparency Initiative<\/a> called try so its good to have you with us. Very simple argument is well its our land and we should be able to exploit it we should be able to do what we want with it and maximize it and on the face of that kind of makes sense but theres nothing else like the amazon out there is there yes sure thanks very much for having me on the program again theres no question brazil is a sovereign nation and it has the right. To exploit its natural. Losses in a way the wishes but the key point here is the question logic that the clearance of the arm of the or the buyer is necessarily a precondition for Sustainable Economic Development<\/a> one clear fact that is that its important to keep in mind in this whole debate this whole discussion is the area of land that has already been cleared and the amazon the vast majority about land is not currently on there any economically viable productive use in fact the majority of it is very extensive low productivity cattle pasture often making making a loss economically and also a huge area of it has been abandoned so its clear the evidence is in front of a lot of this land wasnt clear it with a clear economic rationale in the 1st place so what brazil has the opportunity to do is to both make make much better use of the land thats already being cleared which there is a huge Stock Available<\/a> and the Agribusiness Community<\/a> of brazil is the 1st to say that they have enough land to expand and satisfy their needs while also protecting the remaining areas and another native existence of the so vital as well to the economy brazil the wellbeing of brazilian people and of course the wellbeing of people across the planet for those people out there who are conscious about such things and maybe dont want to be part of of an angry business which is destroying parts of the amazon i know ive simplified it there but for those people like that is there a way to sort of track the supply chain than to know whats coming from where so that lendl who you are the individual consumer you orion the shot its incredibly hard at the moment to have confidence if youre wanting to buy a product take so it sort of for a start bedded countless products that were buying on supermarket shelves and were often were often very ignorant blissfully ignorant about where its found most so in the world used to feed animals. And youre not thinking actually when youre eating chicken for example. Youre also eating soy that may come from the brazilian imus nor the president s out there so theres an individual consumer its extremely hard to know what you can do there is an increasing number of Monitoring Systems<\/a> and score cards that rank and assess the major brands of the world the Major Companies<\/a> that produce and processed food and sell it on to retailers and the Major Logistics Companies<\/a> the transport and operate that middle part of the supply chain the cargill in the bungie glen cause of the world there are an increasing number of system this is one of the things that were trying to do tristas transparent sustainable column is and its just there that c. R. M. With partners is to give some truth to how we judge the relative levels of impact the Different Companies<\/a> different buyers are exposed to and if they are in for political pressure as well they use about to sign a. Track trade agreement with latin america with with with brazil as part of that has as well president macron in france has been trying to help out shall we say and that hasnt gone too well is it if they were in for political pressure there is always room for political pressure and i think that political pressure needs to come in a number of different ways it is important im saying that the that the Due Diligence<\/a> legislation i think quite can really try and expedite accelerate catalyze change on the ground through the actions of buying companies the political pressure also needs to come in other fora needs to come through environmental diplomacy it needs to come through packages of incentives that are actually commensurate with the scale of the challenge i think one of the problems for example with this recent stats between macron and both are that we witnessed. The g 7 apparently one of the most powerful gatherings. Of Global Players<\/a> of World Leaders<\/a> they tabled this is. The most generous and and came at the end of a 20000000. 00 package now thats problematic on 2 levels one its an almost offensively small amount of money when you think about all of the challenge so its bound to stoke the fires of xenophobia resentment for a player interfering in brazils sovereignty and secondly its targeted at the symptoms of the problem so putting out fires if you qualify you posted put it out that far more importantly when you think about ways to avoid those fires being let in the skating into the forest in the 1st place and all of the systems and the understanding the technology needed to do that is all in place we just need resources to be able to implement it better and to ensure that the rules that brazil already have has really ready were world class environmental legislation that isnt forced and if it wasnt forced and if founders were properly supported especially ready farmers who have no choice. Which is not the main source of the problem but they need support as well in order to ensure that their practices can continue in this state a way to be governor joining us from stockholm to i thank you so much for your time thank you very much for having me on the emergency in the amazon of course stretches beyond brazil nearly one and a half 1000000 hectares of tropical rainforest in bolivia have been destroyed as well the difference though is bolivian president evo morales actually wanting to national aid to fight the fire and one of the things hes trying to save is the large diverse number of animals trapped in the flames latin america added alysia newman has more from san ignacio in eastern bolivia. A team of believe in veterinarians traveled to the Reserve Forest<\/a> fires have been raging for weeks. Their mission is to try to rescue wild animals which may have been injured. This was the scene the previous night the fire destroyed everything in its path. But if you animals were saved like this 2 day old wild pig whose mother died in the fire. The nature is extraordinary the way the allows these creatures to adapt in the face of danger and stress and find refuge in ormoc dillo with burnt eyes a hawk recovering from smoke inhalation along with a boa constrictor theyre all receiving treatment at the shelter. Today the rescue is hope to find more survivors riding in the direction of the huge black mushroom of smoke which indicates sometimes when theres a fire and we can tell because of the large number of butterflies that are flying away. This area has already burned to the ground and theres no sign of life. Pokes around a serpent hole if its deep enough he says the snakes may have survived. If you can see this is apocalyptic theres nothing left these are part of the worlds lungs now its nature thats disappearing next it will be us this is no sign of firefighters here as you can see the wind here is absolutely fierce and its fanning the flames again in this direction the plan is to bring a super tanker helicopter here in the next couple of days to leave water for the animals that have survived but that helicopter is also needed to put out the fires to save human life. The fire remains out of control a thick layer of smoke and ash fills the air making the sun grid. Its too dangerous to stay in the veterinarian star upset that they couldnt save a single animal i mean. I feel impotent because people arent seen how the amazon is burning how burning alive and no one is doing anything. While much of the world focuses on the fires raging in the brazilian amazon the devastation here in neighboring bolivia is receiving far less attention. Even though assistance is desperately needed not just. To put out the fires but to regenerate this fragile and diverse eco system so that what has survived will still be able to live here. Were looking at aviation now and in this part of the world we often talk about the big 3 Dubais Emirates Airline<\/a> Qatar Airways<\/a> based here in doha and he had from abu dhabi now back in 2005 if he had had some big ambitions to expand and it began buying stakes in a bunch of airlines that were bleeding cash it decided to fund air berlin alitalia and Indias Jet Airways<\/a> by selling bonds worth one point 2000000000. 00 now Something Like<\/a> this just wouldnt have been possible without the help of an International Investment<\/a> bank and that bank just happened to be open sachs but is the airlines filed for bankruptcy or collapse the bonds became worthless and investors who bought the bonds thought he had would step in and repay the debt well now a group of bond owners have hired private detectives to find out how the deal was put together and to recover as much money as possible so lets talk about as the questions that have been raised about goldmans decision to step in when another International Bank<\/a> decided not to help raise money were going to london now to talk to robert sally who is the managing director of the capital a london based broker nice to have you with us robert i think the 1st thing we should deal with is raising the money in the 1st place there is perhaps a misconception that all the Gulf Airlines<\/a> are cashed up and they are all subsidized by their governments but i guess this sort of showed that they had to raise capital like anyone else at a low being state owned and receiving support has been lost making for many years and in the last years when they wanted to build out their platform within europe they had an ambition that if they bought into some of the European Airlines<\/a> they might be able to Start Building<\/a> an alliance of Partner Airlines<\/a> that feeds into the. Network of any add International Flights<\/a> and it increases their International Use<\/a> lies ation right so on average their planes have been running at nearly sort of 10 percent lower capacity than some of their international rivals and that of course has a major impact on their profitability. As a result you know theyve gone on this International Expansion<\/a> bought into air berlin and alitalia to historically loss making airlines and theyve not only bought a large equity stake which gives them a Significant Management<\/a> role theyve also supported those airlines with raising debt and thats where we get this new vehicle in the netherlands that has helped alitalia and air berlin lend hindsight of course is a wonderful thing robert but did they just make some really bad decisions they were with maybe i mean maybe the idea was a bad but the airlines they went after when the right ones i think they had potentially bad advice but in a market like the Airline Industry<\/a> you all you cant always decide which companies youre going to buy so i think they might have had a slightly limited choice of who was available to go after and air berlin and i was out. In some way right for investment they were lost making they potentially were looking for a new ownership or a rescue and that seemed to be the knight in shining shining armor that would come and rescue them from their losses 3rd to talk about the losses whats gone wrong the loans have gone sour and people are looking for their money. Yes or over the years i mean lennon ill tell you have just wrapped up losses year after year. Seems to be some sort of zombie airline that never stops flying although year after year the losses rack up. I think a lot of people held out hope that the alliance or that you had would bring in a new change and support from my money and up investor well in fact that really sort of hasnt transpired as the bankruptcies of both of the airlines as proven. The financing vehicle then on to put the icing on the cake added further hope to investors and you know when they created these e. A. Partner vehicles you would be forgiven for thinking at yad was Standing Shoulder<\/a> to shoulder with the airlines and backing them till about the involvement of Goldman Sachs<\/a> then obviously very well the deal wouldnt have happened without them i think youre right Goldman Sachs<\/a>s involvement is actually crucial in this matter if they hadnt put their name on to the paperwork. Wouldnt have really gotten this deal across but on. The smaller brokers and no and a. D. s dont really have i think the reputation to bring about such a large financing and to bring about the support of investors to put down Something Like<\/a> 1200000000 for this sort of deal its its really critical that goldman was on board on this and you know the relationship between goldman. Is is a good one so you probably thought well with these 2 partners involved. The bond is relatively secure. So these investors are now going after their money and in some cases as we said hiring private detectives to figure out what on earth happened with this deal and do you think they stand much hope or i dont think you can just sort of categorize all of the investors as. Trying to go after and especially not goldman i think i think the issue is that a lot of the investors are domestic people they trusted the name of it and they thought when theyre buying into this. Theyre supporting perhaps one of the national champions. And theyre going to be looked after as well and there were documents out there from fitch that implied. It was supporting this bond ok robin sally great to talk to you thank you for your time today thank you now the tit for tat tariffs between the u. S. In china have gone into effect in the ongoing trade war and there is little doubt both countries are hurting Many American<\/a> farmers are suffering because it is views in fact farm bankruptcies are up and the trumpet ministration has given 24000000000. 00 in Financial Aid<\/a> but there are always exceptions Garlic Growers<\/a> are actually profiting from the standoff with china rob reynolds spoke to one farmer in gilroy california the heart of the countrys garlic growing region. The garlic king of california can christopher is the 3rd generation to run his familys garlic ranch in the town of gilroy Christopher Ranch<\/a> is the United States<\/a> largest producer and processor of the pungent bulbs so essential to so many of the worlds we see it employs a 1000 workers earn 15. 00 an hour good wages for agricultural and Food Processing<\/a> work christopher took us to his cavernous warehouse just before harvest time but we are currently standing in what will soon be the largest concentration of garlic on the north American Continent<\/a> so when we start loading this room which is starting this week were going to about 50000000. 00 pounds in the space alone thats 22000000 kilos and any way you crush slice dice or saute it thats a lot more like for decades cheap chinese garlic imports undercut domestic producers now Garlic Growers<\/a> are smelling the sweet scent of punitive tariffs effective june 15th the garlic tear up is now in effect at 25 percent and thats impacting all inbound garlic now we have an opportunity to expand acreage grow more current than ever before invest in new employees new infrastructure for gerlach growers here in california the tariffs have been great news but other farmers across the country complain they are the real victims of the china trade war the vast horn soybean and hawg farms of the u. S. Heartland have watched prices plummet as chinas stop buying in retaliation for the trump administrations terrorists to limit the economic and political damage President Donald Trump<\/a> promises a 16000000000. 00 handout to affected farmers but even the garlic kenya admits a prolonged trade battle loom good for the economy we understand that this trade worth it could stand to hurt a lot of americans if it drags on for too long because out of his sand central bank. Girls are watching with alarm is global trade flows slow manufacturing shrinks and confidence sags over trumps trade war and the longer it goes on the Economic Outlook<\/a> for workers consumers and yes even garlic farmers will start to stink and on that fragrant note that is our show for this week wed love to hear from you though you can tweet me directly on that come on you can use the hashtag a j c t c or you can email us directly comes in the constant al jazeera dot net is the address and theres more few online and on to 0 duck home slash c t c that takes straight to our page which has individual reports links and entire episodes for you to catch up on. But that is it for this edition of counting the cost im kemal santamaria from the whole team thanks for joining us the news on aljazeera is next. I cannot lock my phone with my face you can access your bank account with your voice unique algorithmic measurements of us that are revolutionizing the process of identification the biometrics a far from perfect a convenience and seeming infallibility comes at a costs most crucially our privacy and the 4th of a 5 part series on the radio addresses the appropriation obamas personal characteristics all hail the algorithm on a just. In a world where a journalism as an industry is changing. Fortunate to be able to continue to expand to continue to have that pass and that drive and present the stories in a way that is important to our viewers. Everyone has a story worth hearing to. Uncover those that are often ignored we dont weigh our coverage towards one particular region or continent thats why i joined aljazeera. A new political sitcom after 27 years of dictatorship the good news just problem that we have can we overcome a commune challenges here looks at the new democracy and ethiopias fast changing Political Landscape<\/a> through the stories of food divests ethiopians know to move suddenly this is my studio where i shoot the sitcom. My ethiopia on aljazeera. In. And we shall carry on to. The top stories on aljazeera u. K. Prime minister Boris Johnson<\/a> has suffered another blow on the floor of parliament to get the 2 thirds majority needed to call in general election so that leaves countries practice a debate and stalemate as the house of commons goes into a 5 week suspension got house cannot choose it will not let anyone else choose to speak. Only to be really be resolute decides only to be undecided determined to do the rather good drift. The house through to adjourn. South koreas military says north korea has fired 2 and identified missiles into the sea just hours after offering to resume to declare all station talks with the us they were reportedly launched from South Province<\/a> near the capital seoul says they flew across the country before landing and waters off north koreas east coast rob mcbride has more from seoul this seems to be a continuation of the missile launches that have continued now for a number of weeks seen as being north koreas anger to military exercises that have been taking place in south korea but those exercises ended last month it seems that north koreas missile testing has not and it does come just after a vice foreign minister from north korea had said that north korea is willing to re enter into negotiations with the United States<\/a> probably later on this month and maybe at the sidelines of the u. N. General assembly so this could be a way of north korea trying to bolster its bargaining position head of those expectations talks north korea also likes to","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia803008.us.archive.org\/6\/items\/ALJAZ_20190910_053300_Counting_the_Cost_2019_Ep__36\/ALJAZ_20190910_053300_Counting_the_Cost_2019_Ep__36.thumbs\/ALJAZ_20190910_053300_Counting_the_Cost_2019_Ep__36_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}