Transcripts For ALJAZ Counting The Cost 20220904 : vimarsana

ALJAZ Counting The Cost September 4, 2022

This is al, just here. And these are the top stories. The salad nasa has ruled out another launch attempt in the coming days for its osman one moon mission. The Us Space Agency had to postpone the launch of its giant rocket for a 2nd time after a fuel league necessity. The lake is too complex to fix and a matter of days launch period. 25 is definitely off the table. We wont be launching this period ends on tuesday will not be in launching in this launch period. Launch period 26 and 27 will really depend on the options that the team comes back with likely on monday or early tuesday morning. So our confidence comes through what were going to learn in this. When were ready to go back out there, well go back out there and try for another launch. The International Atomic Energy Agency says these upper risha Nuclear Power plant in ukraine has been disconnected from its last remaining external power line. But the facility is still managing to supply electricity through the grid, through a reserve line connected to a nearby thermal power station. Really, russia accuse Ukrainian Forces of shelling near the facility, macau gorbachev. The last leader of the soviet union has been led to risk at moscow, symmetry, thousands of russians fall, passed as open casket to pay their respects the hit of his burial. The president Vladimir Putin did not attend a former us president. Donald trump has called the f. B i search at has marin lago residents last month, a travesty of justice. Trump also called his success to joe biden, an enemy of the state. And tinas congress has held a special session to condemn the attack on argentinas Vice President , christina phonetic the kitchener. She survived in the fascination attempt outside her home and born of id on thursday. A man was arrested after pointing a loaded gun in her face, which failed to file. Pakistans Prime Minister has convened a committee to coordinate relief efforts in areas devastated by flooding. Well then, the 3rd of the country is under water and an estimated 33000000 people have been affected. Well, those are the lines. The news continues here. After counting the cost of next talk to al jazeera, we ask for the rebound you speak. Clearly coming at a high cost for the airlines and the industry, whats going wrong . We listen, you were part of the struggle in the 1970 s if you have any regrets. No, we meet with global news makers and talk about the stories that matter on our era. Ah, hello, im molly inside. This is counting the cost and al jazeera this week. Unprecedented flooding and pakistan has left more than 1100 people dead, and has displaced 1000000. The government estimate damages of at least 10000000000. 00 a blow to the already struggling economy. The race for the optic Global Warming is causing i sheet to shrink opening up new shipping lanes and access to vos Energy Resources that has increased geopolitical tensions as well. Power tried to tap into the regions economic potential. Also this week, Microsoft Partners with katara to launch a global data center, the 1st in the region to develop digital capabilities and support innovation across industry. Stay with us as we look at the world of business and economics. Ah, we begin in pakistan. The most devastating flooding in decades has left one 3rd of the country under water and affected at least 33000000 people and tire villages off the merged roads, bridges and Railway Lines happen washed away. And farm lands has been destroyed, displays pockets, donnys need food and water, and the threat of Waterborne Diseases is growing. Well, the government says it could take up to 10 years for pakistan to rebuild and repair its infrastructure. The planning minister says preliminary assessments suggest losses of at least 10000000000. 00 at a time when the economy is already struggling. More than 80000000 hexes of crops happened destroyed. Agriculture is the biggest sector and contributes about 23 percent to pakistan. G d. P rivers have bus that, banks and dams have overflowed, damaging more than 3400 kilometers of road railway tracks, bridges, as well as home schools and clinics. They was robbing his this report from the village and sin province. One of the hardest hit regions. Oh. 6 this is the face of hunger in sin to describe what is happening here as desperation. Trivializes the extent of the suffering we spoke to fors on us. She was headed into the fray. She says she had no choice. I had been with you, one of our houses have fallen down. You dont have tickets. We count, shade our children from the sun. How houses have been submerged . I swear to god, there is nothing left. When our belongings have been washed away, we poor our children are sick. They are just sitting there. Senior Army Officers leading this relief operation, tell us their orders are use a light touch, help every one. But making sure the weakest in the crowd, women, children, the sick and elderly dont get pushed to the back of the law. The other often requires force that the armies arrived at this village that much needed humanitarian supplies food, mostly. And theres been a scramble at the supply truck because people here know that there is not enough for everyone, but they are still the lucky ones here across the way where the road has been completely washed away. Or people cut off from other villages. And they are just hoping that someone is able to swim some supplies over to them. Who is the most deserving. Who should go 1st . Seems to be an impossible decision. I know we, but if anybody, i mean theres no reason to worry god willing it will. And well get something okay, but calmly wait your toe and everyone will get help. Reassurances bring peace, but only briefly. I as the trucks begin to empty, panic returns and people jumped the queue once again. That survivors say not to do so is to choose death. If they dont get food, well just a duck and die. What else can he do . I dont have any bread. I dont have any water. All the children are starving. Bringing order to the chaos caused by floods is an unenviable task. And one that is only just begun to take a more in depth look at the consequences of the floods on the pockets dani economy. Im joined now from islam above by im a be con who is the group chief risk officer at conduct park don financial services. Thank you for your time, sir. Pockets on planning minutes. A said this week that early estimates put the damage from the floods at more than 10000000000. 00. If that estimate is correct, how devastating a blow is that for its economy. So that is a fairly early estimate. We expect something around 20. 00 to 25000000. 00 to be the total economic cost. Once the water receipts the dust settles and we can really see what really happened right now, whats happening is because the rules on the infrastructure is on a broken large truck saw send and well just stop which are the hardest ones that are under water. Its not even possible to take relief, butcher, the hardest areas. So it will take time before we truly understand the gravity of the situation and the economic costs. If we have to assign a number toward, i would say needs to be at least 20000000000. 00. If not more so double that estimate. We know the agriculture makes up 23 percent share at the countries g. D p. More than 80000000 hectares has already been destroyed. Of onions, tomatoes, rise, other crops. What kind of impact is not likely to have that is going to a fairly massive impact on economy growth, as well as one of the inflation and more importantly, food security. Now whats happening here is the range crux and which basically wasnt growing at this point in time. Right. And gotten now, right. We are a major export of right. So whats going to happen is we wont be able to export, right . They will actually be a shortage arrives in the country, so that would lead to increasing probably right. Similarly, a lot of condiments and budget tables fail also been destroyed and including i means tomatoes which are essentially staple goods that higher prices for them. Prices for to meet or the onions have increased more than 100 percent or the last few days. Because the infrastructure is broke in the supply chains are broken. Its not possible to take. It was from one point of the country to another. Thats where the government is really focusing on in opening crater with india says that we can import these essentially the stables. Let me pick you up on that that point about importing because pocket stones economy was already struggling with a huge current account deficit, high inflation because of over reliance on imports. And now as you say with so much of the food destroy, theyre going to have to import more. This couldnt have come at a worse time. Could it for the countries finances . That is correct. This is possibly the worst time. The major actually happened on the day when im, if program got through. So were looking at additional deficit of around 5. 00 to 6000000000. 00 in addition to the different back or there earlier. Because i said earlier, we wont be exporting a lot either that right. But we will have to in board additional food as well. So the balance of payments is going to be literally only a few hours, but we have the finance minister coming live one period that be may go to the game for another. And we didnt. The facility so that we can bring the different search required for importing food. The i m f has agreed to give pockets, don, as you say, the lifeline of about just over a 1000000000. 00. If they had to receive this trans, if money was there a real concern that the country might even default . No, it wouldnt have resulted in a deformed because for a default to happen, you need to lead to not be able to pay money or pay back the bond or excel told us bias on a house sufficient fund place to ensure that it is able to pay off the extra credit does, but that would have meant massive was 30 and part time which would and significantly higher prices of food and Everything Else and even rationing. We talked about the short term need. Things like food shelter, but they are, of course, the long term needs. Once the floods go away, the rebuilding infrastructure. I mean, what kind of costs are we talking about . Were looking at massive cost. Sure. Just a rough estimate. Were looking at at least 3. 00 to 4000000000. 00 for just revamping the wrong network and building all the bridges been destroyed. So thats 4000000. 00 off public capital, public money that needs to be re and rested, to go back to a base. Similarly, about a 1000000 a house has have been destroyed for me or partially of that. Those roughly 700000 houses arent similar. So we estimated roughly 6. 00 to 7000000000. 00 of just reconstruction costs. That would be from private gap or not. These are people who are already fairly below the forwarding language them and they have seen the lines have seen the crop for the year, completely gone to really. So there is a severe capital crisis as well as a private capital does not exist, really rebuild. And thats where the government is also going to step in android. Some kind of a facility to enable or support rebuild involve houses. Infrastructure focused on suffered from similar, devastating floods back in 2010. Were any Lessons Learned from that disaster leave. Know that since were not from that disaster, we are still building houses, they are still building and were so stablish minutes on riverbanks. Were still building were doing construction in our growing robin. So there is a severe, i would say, lack of compliance with building board, but in structure guidelines, but youre actually still such a law says run flat. Really, really interesting to talk to her be con group chief risk officer condos pocket on financial services. Thank you. You the, now we go to the north pole, a country border, the arctic circle, and many that territorial was, is an exclusive Economic Zones overlap. Its harsh climate has been a natural barrier. What would the effects of Climate Change warmer temperatures have made the region more accessible, and that is opening up a new front line in the battle for Natural Resources and maritime trade routes. Estimates varied, but about 15 percent of the wealth, untapped crude oil and fed. If its undiscovered, gas is hidden below the surface. And as i sheets melts, theyre presenting opportunities for Energy Companies to explore oil and gas reserves west trillions of dollars. The arctic is a major source of Mineral Deposits vital to developments in science and technology. Read elements the used in smart phones and computer hard drives while Platinum Group metals like palladium have medical applications. And i use in the manufacture of Electronics Like catalytic converters on the icy waters. A rich in plankton and fish stocks, the coastal states, china and the you find a tracy last year to prevent unregulated fishing in 2800000 square kilometers of international waters. It aims to ensure that future fisheries in the central arctic ocean will operate sustainably. The northernmost region of the planet is warming up 4 times faster than the rest of the world. And far more quickly than scientist had predicted. Reset shows nearly 60 percent of the polar ice cap has disappeared. In the past 40 years. This is opening up the Northwest Passage as a short cut for shipping between europe and asia. Joining me now from the city of prom, sir, in no way is mobs, christopher dixon, marked as the executive director at the arctic economic council, which is an independent organization which represents industries in the arctic region. Thank you for joining us, mabes. Now the arctic is quite different from other parts of the world. Many people might not be familiar with it. Can you tell us about economy . What does it involve . Traditionally, there are 2 region has been play for tourist shipping for many years and, and fishing, but, but its also, its changing, its changing a lot this year. We have bird school farming, Satellite Companies looking north by innovation. But overall, you can say the arctic region is the region of opportunities for many, many countries in the world are struggling with the energy needs at the moment. So how have the Global Demand for Energy Resources impacted your economy . People that definitely looking north for many reasons, but also for energy reasons. Traditionally, we had the, i mean this region has been and 11 way or another Energy Export or from any years. But in, in the past 50 years, its mainly been oil and gas and youll have it in alaska, youll have it in no way. And of course, also russia, russia does, is heavily dependent on, on, on the oil and gas being the dues, and l n g being produced in the arctic region. But let me say it is also else i have all day Energy Sources else has renewable in nets like your thermal in iceland, women, finland, hydro, norway, and even solar panels in small communities. But energy is, stephanie, is a big employer in the region, and its, it has a big Economic Impact for the communities there. You mentioned russia, russia, the rich resources youre talking about have drawn rival countries like the u. S. Russia and china to compete for Strategic Influence in the arctic. Is this a good thing or a bad thing for the optics local economy . I mean more attention is always good for small region, so we are massive region when it comes to land mass, but were just for 1000000 people. So the reason has so many if in a post, a bar for Climate Change until political challenges and, and now we also start seeing it isnt coming up. But unities as i mentioned, light energy and fish, and is also home to many people. So people will like investment people will like investments and infrastructure. And the attention that we see from countries like india, china, japan, etc. Thats a positive interest. 60 percent of the polar ice cap has disappeared in the past 40 years, which has opened up things like the Northwest Passage, which is this short cut 1st shipping between europe and asia. How beneficial is not going to be. I mean, the people low false living in dr. Were really the 1st to see and experience the problem of Climate Change. A recent report for some years back showed the Global Warming happens of 3 times the speed and the arctic. And now both read the news is even full times and someplace its even 7 times the global average. It had some opportunities in it, but also a lot of challenges that challenges are like permafrost, routing infrastructures, new with hurting drones for indigenous communities. But some of the opportunities is, as you mentioned, new shipping routes or new fishing areas. So what we have to be aware is we have to find the balance between, you know, responsible and sustainable development. And we also have to remember that the global melting of place here in the north or affects the rest of the world. It does indeed. So what can be done to stop this damage and what is being done about it . A lot is being done. I think the most important thing is we dont stop punishing the people in dock tick. Those forms and people are not admitting all the seo tool that causes this Climate Change. But we definitely feel the impact. Looking at the positives, i think we should look at like developmental hydrogen. So through dr. Region companies are investing in hydrogen because we have a lot of renewable energy. You can also see Companies Investing in battery production for electric vehicles. So we have to start looking a new technologies, we have to do some kind of energy transmission. And also we also have to look at Climate Mitigation for those communities affected by the Climate Change. How is b r pick going to b

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