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tv   newsgrid  Al Jazeera  August 25, 2018 6:00pm-7:01pm +03

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god willing and we hope it could help the country and the revolution we hope all the factions can be joined under one name they would be recruits and usually what you would never waste our martyrs on the widows blood we need to remember those who suffer in the prisons and the woman a good rate for now those living in syria has lost opposition stronghold can only wait to see what happens next. al-jazeera at that city northwest and syria. still ahead on the bulletin ecuador left whatever stretches to allow entry to venezuelans flaying and economic crisis and the closure of the busiest bridge and nigeria causes frustration for millions of commuters since. hello again it's good to have you back well here cross parts of south asia we are
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starting to see more clouds and more rain starting to make their way down towards the south across borneo those showers are skirting the southern coast and for jakarta where the games are we are looking mostly cloudy conditions probably seeing an afternoon shower just a light one there and temperatures for you at about thirty three degrees as we go towards monday time to start to come up we're going to see showers a little bit closer across the region but up towards the philippines are watching a system just to the east that's going to bring some very heavy rain expected for luzon over the next few days well here across parts of australia we are watching one where the system you can see all the clouds right there across the continent that is making its way slowly towards the east this is bring some much needed rain to sydney and that is going to continue over the next few days with the drug situation any way they can get across the region is a good one so here on sunday one thousand degrees for you with the rain in the forecast brings been a rainy day as well but as we go towards monday that system finally makes its way towards the tasman sea and we are going to be seeing the rain continue probably in
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the morning time for sydney when you can be getting a little bit better there tempter a few at about twenty five degrees and then down towards melbourne cloudy day for you at about eleven degrees for you. crippled by its currency crisis boil rich venezuela takes desperate measures to deal with a struggling economy it has a market value of billions but has yet to turn a profit we delve deeper into what's going on.
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good to have you with us on al-jazeera these are our top stories the u.s. is cutting more than two hundred million dollars in aid from its programs and gaza and the west bank relations between the u.s. and palestinian leadership have to tear ated since president trump recognized jerusalem as israel's capital and moved the american embassy there and may render refugees living in bangladesh are protesting to mark one year since a military crackdown forced them to flee their homes and myanmar there are now more than seven hundred thousand russian just living in camps near the border the un has described the attacks on the hendra as a textbook case of ethnic cleansing and u.s. president donald trump says his denuclearize ation deal with north korea may not be working out he's delayed secretary of state visit to pyongyang which had been next
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week trump is blaming china saying it's eased pressure on north korea after the recent trade war with washington. the international committee of the red cross says nearly one million ethiopian ethiopians have been forced to flee their homes after a surge in violence fighting between the iran and the day of people has been taking place along the border areas off dayo and west googy tortured reports. these ethiopian families sheltering in a courthouse fled for their lives there among the nearly one million people displaced over the past four months. two men and one being gunned. we came here because we were attacked we left our village empty handed to save our lives we traveled and spent three days in the bush to get here for these internally displaced because they owe people say they were attacked by mobs of oromo which is the largest ethnic group in ethiopia many don't have food and clean water and they're at risk of malnutrition and diseases like pneumonia that is
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a gimme that i got out even in my husband got sick and i could not help him i intended to go out and beg but i was shy his health deteriorated further and finally he died the good day oh say local and federal authorities didn't protect them the government denies the accusation and says it's arrested hundreds for inciting violence. the age old ethnic tensions boiled over after prime minister up beyond that took office in april ahmed isn't oromo and the good day o. people believe the or almost feel empowered by his rise to office we've seen an awful lot of people probably more than three quarters of a million people having to move in the face of violence in a very short space of time the international committee of the red cross and its ethiopian affiliates are trying to help their distributing blankets sleeping mats water and medical supplies but the surge of violence in southern ethiopia could fuel similar disputes in other regions the violence could undermine the new prime
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minister's sweeping reforms to ease tensions among eighty ethnic groups and a population of one hundred million cultured or john al jazeera. to iraq now where protests have been held in the city of basra to demand local councils provide access to clean drinking water about two and a half thousand people have been treated in hospital after drinking contaminated water protesters blame the water crisis on corruption and political incompetence. a judge in ecuador has lifted border restrictions imposed on the venezuelans a week ago thousands of venezuelans are leaving the country every day to escape the economic and political crisis ecuador had said that they needed a possible to cross the border but of course suspended that decision for the next forty five days and that means they will again be allowed to cross the border with just their national i.d.'s well many of them are traveling through a humanitarian corridor opened by ecuador for people trying to reach peru and chile
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money on a sanchez has the latest from the peruvian town of. a tribunal. lifted to the past but. it was a measure that had been implemented a few days ago and was banning. from colombia many of them wanted to come here to. find a residence here now the u.n. a united nations. refugee pleaded both. lived. entering without a passport. of saturday's u.n.h.c.r. wants to lift the ban because it affects organise were unable to get passports in their country even is critics say the measure will incentive. to still come here and enter the country illegally. now there's
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a dispute between the u.s. and pakistan's newly elected government over a foreign call the two countries disagree over what was said in the cole between prime minister and u.s. secretary of state mike pompei o washington says it stands behind its earlier statement that discussed terrorism islam about says that didn't happen is expected to travel to islam a bug in early september. i mean we need to understand the desires of the united states and they need to understand ours it is not a unilateral relationship these are bilateral times in a relationship that is bilateral and in which the objective is common you do have to understand each other we will not just understand them but we will also make them understand. that now the chief financial officer of donald trump's business empire has been granted immunity from prosecution alan weisel bug is being questioned as part of an investigation linked to michael cohen has trump's a former personal lawyer. reports from washington d.c.
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. president donald trump was a beat in front of an audience of supporters in ohio friday our economy is absolutely booming jobs are surging factories are returning steel is doing better than any industry just about anywhere in this country anywhere in this world but beneath the surface a legal crisis is threatening to engulf his presidency. on tuesday two of trump's close allies became convicted felons the president's former campaign chairman paul man of fort was found guilty of bank in tax fraud and trump's longtime personal attorney michael cohen confessed to eight criminal charges including campaign finance violations that implicate trump. then there are the two men who reportedly cooperated with prosecutors in exchange for immunity
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david pecker a tabloid publisher and the president's friend who according to the wall street journal corroborated the president's role in paying hush money to two women who said they'd had affairs with trump and finally allen weisel berg chief financial officer of the trump organization the president's money man for four decades weisel berg is expected to lead investigators through trump's finances you grant him. unity because under the united states constitution unlike in great britain there is a so-called fifth amendment that enable someone to remain silent in the face of questioning if they believe an answer could incriminate themselves or their close company in crime but by granting immunity now they will compel a complete confession of whether and how and the circumstances in which these payments were made made no reference to the scandals in his friday night speech though he's often called the investigations a witch hunt in private though trump is reportedly few meet beneath the growing
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burden of his legal troubles and the diminishing list of loyal allies. castro al-jazeera washington now pope francis is due to arrive in ireland shortly for a two day visit the month the first time the head of the violent catholic church has visited the country and maybe four decades will be live pictures from dublin and to national airport where the point will soon land ireland has of course changed dramatically in that time divorce contraception gay marriage and abortion and. reports now from dublin. the vatican flag flies over the irish capital it's thirty nine years since the last papal visit congregation numbers are falling but more than seventy percent of people identify here as catholic. one john paul the second came in one nine hundred seventy nine three quarters of ireland came out to welcome him since then there's been
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a massive social revolution divorce contraception gay marriage abortion all predicted by the church and now legal and the church now faces perhaps its biggest challenge in budden times its legacy of child sex abuse survivors want pope francis to take robust action according to church papers thirteen hundred priests have been accused of abuse in ireland since one nine hundred seventy five but there have been less than one hundred convictions. i want from the pope i want the pope to start realizing that the church can't continue this charade any longer. vincent he was molested by two priests whilst at school i was abused in one nine hundred sixty nine on of the nine year old boy finishing up then in junior school the first producer i felt who had an interest in prepubescent boys was actually trying to enjoy to try a way can in you your first sexual experience there was an open wound in irish
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society in nearly every diocese and every corner of the country there were victims of clerical abuse many of them were silenced or ignored for decades these were serious crimes carried out by so-called men and women of god crimes the pope cannot ignore the head of his visit pope francis issued a statement to the world's one point two billion catholics asking them to help root out what he described as a culture of death. pope francis is going further than any other pope in addressing abuse the victims wanted to do more to hold the guilty to account and fully disclose what the vatican. colm o'gorman was fourteen years old when he was raped by a roman catholic priest he's now the head of amnesty international development we have to speak out to ensure that the vatican is subjected to proper accountability. i'm not the only way we can be confident that we've done everything we can in our power
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to protect children and normal adults wherever they may be pope francis is to cross the catholic world as a reformer because he restore faith in catholicism the biggest risk to the church is future in ireland is the church itself. the german chancellor angela merkel has paid have a spec's to the one point five million armenians who died during the nineteen fifteen mass killings merkel is visiting armenia as part of a three day visit to the south caucasus region she avoided using the term genocide to describe the killings but she did recognize that the resolution germany's parliament two years ago that declared the killings were a genocide germany has acknowledged that it has and direct involvement in the massacre as an ally of the ottoman empire. and we have the germans as friends and a partner of armenia are aware of the atrocities committed against armenians in one
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nine hundred fifteen and the following years the suffering of countless armenians cannot and will not be forgotten and germany will do its part to ensure that now the chief executive of electronic comic a tesla says he will no longer make the company private. the plan was canceled following a missing a board meeting on thursday where shareholders convinced him to keep the company status unchanged tesla's share price has dropped by twenty percent over the past two weeks since musk hinted on twitter that he had planned to take the company off the stock market. the maker of the a k forty seven rifle has unveiled its own electronic super car which is said to be russia's and such a tesla the kalashnikov c.v. ones designers and spied by a soviet hatchback developed in the one nine hundred seventy s. the russian arms firm says that electric cars can travel up to three hundred fifty kilometers on
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a single charge. now safety concerns in the aftermath of the bridge collapse in italy have been echoed in nigeria where officials have closed its busiest bridge for maintenance the third mainland bridge lang's lagos island to the shores of the commercial capital its closure for two years could bring chaos to millions of commuters as are the rest reports. for just the third time in this forty year history nigeria's busiest bridge is shut to traffic and this is why. cracks and damage in the structure are source of concern for motorists who say they're worried by the recent bridge collapse in italy that killed several people. grok. what was. on. the. it will remain closed for three days as engineers conduct a variety of tests this is
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a typical day on this bridge an important road connecting lagos find a shell and commercial centers. an average of one hundred thousand cars that will never really last three every day eleven thousand eight hundred meters from china is nigeria's longest and resist bridge the maintenance was being carried out is by far the biggest that is not like realized a solid despite your joints are already getting bad and they need to be changed and this there is also new. replacements diver sent in to investigate also discover damage caused by pollution to sections of the breach under water some of this aggressive chemical. let me say. horse. legal problems that are in there which needs to be taking care of engineers explain that despite the evident faults the breach does not have any
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major safety issues for now. if you do it on spring. because of the spring underneath the so in the way it is just fired through due expression. for the city already struggling with congestion the bridge closure has led to further destruction in certain parts of lagos island. that appear work is expected to start informant's it will last for more than two years and that could mean more traffic for a city of twenty million people comedy greece. lagos nigeria. and again on the lives of a prominent are however the headlines on al-jazeera around one hundred refugees living in. a year since a military crackdown forced them to flee their homes and. there
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are now more than seven hundred thousand people and can't the border. to deal with allow the refugees to return but many are too afraid to go back we've seen men and women young and old we've seen people saying that the international criminal court needs to step in that they need to prosecute generals in myanmar for crimes of genocide against them so really just extraordinary scenes something that i've not yet seen here this is my third reporting trip to cox's bazaar and in the previous times i've been here while there have been small demonstrations nothing at all like what we have seen today. the u.s. is cutting more than two hundred million dollars in aid from its programs in gaza and the west bank it's already was held millions of dollars from the un's relief agency for palestinians relations between the u.s. and palestinian leadership have deteriorated since president recognized roofs of them as israel's capital and moved the american embassy there in may. a suicide
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attack has killed at least two people in the eastern afghan city of jalalabad four others were injured there the provincial election commission office dozens of protesters have been gathering there to show support for a parliamentary candidate who is disqualified over suspected ties to armed groups. at least nineteen people have been killed in a fire at a hotel in china's northeastern city of harbin the fire the full story building broke out in the early hours of saturday morning china's government has been trying to improve safety after a string of fires. the head of the roman catholic church as visiting our island for the first time in nearly four decades of the country has of course changed significantly in that time divorce contraception gay marriage and abortion and now legal the church has been severely tainted by cases of sex abuse by clerics in ireland these are live pictures that we're looking at of the pope's plane
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touching down at dublin international airport. those are the headline counting the cost is up next. we understand the differences and the similarities of cultures across the world. so no matter where you call home al-jazeera will bring you the news and current affairs that matter to. al-jazeera. hello i'm hasn't seeker this is counting the cost on al-jazeera your weekly look at the world of business and economics this week crippled by its currency crisis venezuela's economy is in freefall out did it get to this. also we talked tesla and asked when the fledgling carmaker might start delivering on expectations
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. plus as greece emerges from years of bailout smear look at how austerity has affected the nation. were used to be one of the richest countries in the world but now all rich venezuela is suffering from runaway inflation and its national currency has become almost useless president nicolas maduro is blaming all of this on what he says is an economic war against his country the turmoil has seen millions for even as well as economic hardships for neighboring countries the international monetary fund predicts inflation will continue to rise by up to one million percent this year to put that into perspective venezuelans are now paying about two million dollars vase for a cup of coffee in order to tackle the problem the government has introduced a new currency the sovereign body of our which will remove five zero from banknotes it's linked to a crypto currency called the petro that's pegged to the price of oil and the
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government is also raising the minimum wage by three thousand percent and faced with a squeeze on the country's cash reserves president maduro wants venezuelans to pay more for what is currently the world's cheapest gas latin america editor lucien human right now has more on this from caracas. venezuelan government supporters try to rev up enthusiasm for newly introduced economic measures described by president reagan last month as an economic revolution to defeat hyperinflation conspicuously absent from a rally in front of the presidential palace liz mcdougall himself who hasn't made a public appearance since an apparent assassination attempt on august the fourth. if the right wing crosses a path will run over them like a train nothing will stop reform. just blocks away many shops and markets remain closed some adhering to an opposition call for
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a national strike others unsure how much to charge now the five zero zero been slashed off the currency head of a compulsory thirty four hundred percent increase in the minimum wage they go into effect september first the price hikes are in two easy. two hours ago these eggs cost fifteen hundred and when i came back with the cash they were two thousand the bus company that takes the news wayland's to the border remains shut until further notice and that's not the web page to recharge mobile phone for the moment it is not operational one of the few things that has not changed prices are these bananas they're now five of the nobody that is or five hundred thousand of the old ones which is roughly the same if you take away five zero but according to the people selling them by next week the probably go up three hundred percent. the government blames the crisis that brought on precedented hunger and illness on what it calls a domestic and international economic war but many economists warn the new measures
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will only make things worse. there are implementing fiscal measures to increase one refusing any type of international financing or aid so they'll keep printing out money and we'll see that hyperinflation will not stop. and amid the uncertainty neither it seems will the exodus of the desperate to find relief anywhere they can to see an human for counting the cost that access. well let's bring now to carlos card that as he is the head of latin america country risk with i.h.s. market in london thanks very much for being with us so i think it's worth first of all just taking a step back here for a moment and asking. how did venezuela get to this point such an oil rich country had alley get so poor when i mean it has been a combination of factors as you mentioned going to lessen the economy and that the plane or prices had an effect but in reality it has also been accompanied by
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indiscriminate public spending in via the printing of currency the implementations of draconian price and exchange controls that were never relaxed a policy of expropriations many of the expert peter companies and that have been mismanaged and bankrupt. and all of this compounded by economic mismanagement and widespread corruption and how of us sanctions affected venezuela's economy is there any way of of measuring that is there is there a number at all that we can put on that. the key issue about the u.s. sanctions is that they have operated in two ways one they have targeted top individuals of the government they lived in an effort to promote regime change the venezuelan with all of this. obviously the united or the not gangs that the other one and the most critical in terms of the economy is that the sanctions prevent
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venison up from restructuring its debt in a solar currently it's in a position of technical default because of the deplete depletion of the foreign eccentric selves it doesn't have the ability to own or any payments to bondholders are going a company that operates in minnesota but he also is not able to restructure that debt. in the u.s. financial system regardless of the sanctions that the key issue here and then the connection to the economic policies over recently implemented is that the authorities are still also on able to present a credible economic package a program that would take out the economy out of the current crisis not so that in combination with the u.s. sanctions make the economic and political situation more and more difficult by credible. you're talking as well about this new currency that they're in. as well is that going to do anything to address the current economic problems. no
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our view is that actually the situation is going to get more difficult in terms of the economic and political environment and we're going to continue into the intensification of the hyper inflation that we have at the moment the currency respect to a crypto currency that hasn't been really properly implemented. but also any type of investor is prohibited or participated in that because of the u.s. sanctions but at the same time in order there to prevent any type of social unrest the government will have to continue printing the currency it has multiplied the minimum wage for more than sixty times it has promised bonuses for people to contain them and even though they have announced that fuel subsidies will be relaxed the reality is that they have also said that those are the hold the fatherland idea which is up special id card that it's given to the poorest of the
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population would still receive that subsidy and also overall it will have a very little impact on the critical point here is that oil production continues to decline international reserves are not enough to cover any type of imports and the government is unable to restructure its that and pay more financing. then asked to speak we think it has been a busy week for donald trump who has been pushing ahead with his america first agenda negotiations with china over trade tariffs failed to reach an agreement u.s. president impose new sanctions against russia and his route with turkey over tariffs sees no signs of abating she habitants he looks deeper now at how the trumpet ministration is using its financial muscle to go after those it thinks are adversaries. the trump administration has been setting new records with its imposition of sanctions on foreign entities though it is continuing
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a trend we saw under barack obama what is different is the imposition of economic tariffs this administration overtly views the dollar as a weapon and the globalized economy as a battlegrounds. the numbers have been climbing proud of donald trump's presidency but according to the u.s. treasury sanctions were imposed on close to one thousand entities and individuals in twenty seventeen and you record it. and this year i'm lists predict the administration will suppose that number potentially adding more than four thousand eight hundred entities to the list of those sanctioned he's president he came into office without much to government experience any with very limited in the western relationships with people on the hell of a product executive branch and what sanctions lesson do is execute foreign policy effectively not. it is unclear sometimes whether the us has a grand strategy when it imposes sanctions is washington trying to change the behavior of those it deems as working against u.s.
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national interests or simply punishing them without any opportunity for redemption . and there's anyone really believe that russia will forsake crimea for example as a result of sanctions what exactly is the u.s. trying to achieve in the rush to project u.s. power such question sometimes remain unanswered. at least with the trumpet ministrations imposition of economic tariffs they would seem to be a goal president trump says other countries are exploiting the us economically and that needs to end and that is why we are going to stick together and win for our farmers and our factory workers are still workers here we are all across this nation. the imposition of tariffs began in january with restrictions imposed on solar panels and washing machines the trunk of ministration said it hopes to boost domestic manufacturing since then china has borne the brunt tariffs have been imposed on thirty four billion dollars worth of chinese imports they went into effect july the sixth and tariffs on an additional sixteen billion dollars of goods
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they went into effect or has twenty third in addition twenty five percent tariffs on steel and ten percent on elam in human ports have shocked allies such as canada mexico japan and the e.u. . turkey's tariffs of meanwhile been doubled to fifty percent on steel twenty percent on aluminum yet here too there is confusion in imposing the steel and aluminum tariffs donald trump invoked national security his administration is using those tariffs as bargaining chips in trade negotiations how does that square with keeping america safe. long been international grumbling to the central and see if the new dollar and financial system to the global economy and it is likely that the frequent deployment of both as weapons often with little recourse for those affected will heighten those complaints in the future. washington all right still to come on counting the cost we look at white eight years of bailouts for greece
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led to a brain drain. electric car make a tesla has a value of between sixty and seventy billion dollars it's been trading as a public company for eight years but it has never made an annual profit elon musk's vision of integrating clean energy with transport and home power some might say is the perfect marriage but is tesla on the cusp of profitability or is this a bubble where joining us now from london is arash masood she is the corporate finance and deals editor at the financial times in london thanks very much for being with us so first off what is the latest that you're hearing on the company possibly going private obviously mr moss has been tweeting about this and then it's caused quite a ripple in the financial community for what exactly is going on well so i think we should probably start of the beginning which was a story that i broke with the financial times that that saudi sovereign wealth fund
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had secretly kind of quietly built. about a four point five four point six percent stake in tesla we broke that story roughly two weeks ago and it sparked a chain of events which is led us to where we. we are now thirty minutes after our story broke the law musk took to twitter and said he was considering taking tesla private twenty percent premium or so to where the stock was trading saying he had the quote unquote funding secured and that basically unleashed this chain of events which is roughly as far as i can tell unprecedented in terms of corporate finance and takeover battles in history where a c.e.o. takes the social media and amplifies another organization story and basically uses it to. really change the narrative around this company so where we are at the end of these two weeks is really not much further than what we started because musk may have taken some actions which violated sea. policy securities and exchange commission policies which have sparked
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a series of investigations into his actions and as a result also left him scrambling to put together this plan and make it look like there was actually more meat than there was on the boat and so at the moment banks are all running around trying to figure out whether they want to even work with him on this because it's such a wild wild idea and proposal and seems seemingly unrealistic and at the same time not wanting to miss out on potentially the largest leveraged buyout in history and only all important question of profitability with which you mentioned at the top there when do you think it might turn a profit. i mean there's no indication that tesla will turn a profit anytime soon it's burning cash at a phenomenal rate it can barely produce a couple thousand cars a year it can't keep up with demand from consumers and so there's no sign of profitability in the foreseeable future and then you hear read constant stories about problems with the cars problems with deliveries it's sort of endless stream of negative news but what keeps this company going and what keeps the belief of investors there is the sort of cultish icon of ilan musk where he can captivate the
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market into seeing his vision and he just dreams big we're in a world where you know as one person wrote silicon valley entrepreneurs are creating these really micro startups that really have no real no real direction but will create sort of very profitable companies for their enterprise and some sort of back office software what you all must doesn't do that you'll musk sets up sets visionary ideas out and says i'm going to change the way transportation works i'm going to change the way energy works and then he lays out these really attractive narratives which obviously in a world where there's a bunch of small ideas we all want big ideas and so that can captivate the market in investors who are willing to back an entrepreneur but the facts and the details when you dig into them present a much murkier picture and that's why so many people have bet against tesla stock it's the most that it one of the most bet against talks in the u.s. market and there's a lot of people who expect this company to come crashing down and i bet a lot of money against them you know that gets to my next question then is this really sustainable i mean you talked there a lot about about the negative side of this the money they're spending this
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problems with supply lines you know is this a bubble that's going to burst well i mean it's sort of the tesla story is part of our story of where we are in the world right now there are so many different bubbles that we're and we're in a real estate bubble or in a technology bubble and tesla sort of in caps encapsulates one of these bubbles now the way that they can get through this is if they actually just focus on building cars and delivering and meeting their demand and that is clearly the best way to run this company if you can meet the thousands of supply orders that he's already registered and give deliver those cars to consumers then you can see if foreseeable run rate for tesla to survive but this is a company that produces a fraction of what ford g.m. and cetera et cetera produced on an annual basis and it has a higher market value and at some point reality will catch up if musk can't deliver . and why would a lawn musk want to bring the company enter into private hands what would be his motivation so that. well again that feeds into one of the themes of our time which is that the markets are extremely short term oriented right investors want returns
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they want profits if you think about all the activist investors who are squeezing pennies out of companies and torturing c.e.o.'s for for more capital return to more aggressive action we're sort of in this ramp an environment where hedge funds and portfolio managers are demanding maximum amount of stuff from big companies and often times very hard to deliver and you couple that with someone with the ego of a lawn musk which must be among the top five top five biggest in the business world based on his behavior on twitter that's the only rational calculation one can make you can see that would be deeply offensive to someone and you can see through his actions that it's almost a personal vendetta that he wants them burn the short sellers and prove him wrong and so this this is created an incredible distraction around his company and himself where he's not focusing on the exit question so i think part of his argument is if i can get this company private then i don't have to deal with these massive distractions and i can focus on doing that problem is that it's really cute to want that but also you relied on the public markets to get to where you are you didn't magically become
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a sixty billion dollar company without having sold things to investors and sold things to the public and so to then say actually the public be damned is a bit of a hypocrisy in its own sense so there's a lot of lot of questions here that are still remain unanswered one of their major topic that is is relevant here is the corporate governance around tesla the board includes his brother its quote unquote lead independent director is someone who's been named in court filings as his close friend so it's basically a mockery of the corporate governance the tesla board and therefore that's another big issue that's under examination now how can a u.s. company have such a captured board that is close to the c.e.o. and the board is very much on trial right now so the last two weeks i've really been a story about the board in the special committee of the board desperately fighting to maintain some semblance of independence so they don't get sued to death what would the implications be for tesla shareholders if there's a private buyout both institutional and. individual shareholders to talk us through what's involved for them there well so in
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a traditional sense if you don't want to take a public company private the easiest way to do that is a quote unquote leveraged buyout where you take a slice of equity and a bunch of borrowings you saddle the company up you offer a premium to the share price and then everyone gets the premium and sells their shares and then you take the company private with your new ownership team unfortunately that only works when you have a cash flow positive company because creditors don't want to lend you money if you're burning through money and you have no capacity to pay back the money so to basically launch the world's biggest leveraged buyout in history is impossible here and therefore none of the world's major banks will participate in such a plan because tesla doesn't have the capacity to repay its debts it's burning through cash as we've established so then you have to find another way and so the idea that they're discussing this quote unquote growing dark philosophy where a small group of shareholders will buy out other shareholders and take the company private with minimal equity checks which is why everyone got excited about the way musk spun the saudi line that we broke but unfortunately my reporting suggests that the saudis have no intention of sort of funding. an extra you know five ten fifteen
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billion dollars to take the company private and if they had discussions it was very very informal and not of the nature and development that must might have suggested through his tweets and his subsequent communications to the market just to pick up on the on the saudi connection why why would the saudis want to finance tesla's exit from from the stock market there but what's in it for them will no discussion about saudi arabia can take place these days without discussion of the crown prince mohammed bin solomon the sort of various thirty two year old who's leading the country trying to transform its economy and the vehicle through which he's doing that and to take the company's reliance off of oil is the saudi sovereign wealth fund which is called the public investment fund that's about two hundred fifty billion dollars in assets he wants to grow to four hundred billion over by two thousand and twenty he wants twenty five percent of those assets to be in overseas holdings and that's why and he's clearly a guy who's attracted by people who have big ideas who are trying to really chain. industries that's why they went and invested three point five billion dollars in that's why they gave forty five billion dollars to japan soft bank and muscle yoshi
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sun to have this incredibly large tech investment fund which everyone has to been talking about for the last two years it's wise put a billion dollars in virgin galactic with richard branson twice put up to twenty billion dollars with steve schwartzman in blackstone and this is very much in line with those bets of big entrepreneur trying to change an industry potentially even a hedge to saudi arabia's oil based economy. by investing in electric cars i'm with you on musk and the way i reported the story was to say that when mom had been someone went to the u.s. in march and april of this year she in tesla soon after a c in the saudi sovereign wealth fund soon after approached tesla and said we'd be interested in buying new newly issued shares to both help support your company but also we'd like to be an investor and must for whatever reason did not accept that offer and so the saudis with the help of j.p. morgan chase built the stake in the tesla stock in the subsequent weeks and months and it was private until i broke the story. sooty good to speak with you thanks
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a greece is celebrating the end of eight years of bailouts it's avoided bankruptcy since twenty ten through three hundred billion dollars of loans from the international monetary fund and the european union but alongside the punishing austerity policies greece has had to abide by there was also a human cost john psaropoulos takes a look at how changes in society affected the country's youth. prime minister alexis tsipras may have been trying to custom self in the role of a hero when he chose to send a message to the greeks that their economic odyssey is over this is the island home his hero odysseus finally returned home to after twenty years of war and adventure only the same this seems better today a new day has dawned for our country historic day the bailouts of austerity recession and a social desert are finally over our country began to the right to shape its own future and fortunes like any normal european country without external device
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blackmail or sacrifices by our people for this group of young people the news comes too late the economic crisis struck at the beginning of their teens and changed their lives you know to go see one who is studying political science but what he really wants to do is three d. animation there's no market for that here so he'll go broad you know my parents had invested everything in government bonds we lost everything it had a huge effect on our psychology and it immediately changed how we lived it was as though you had flipped a switch stefanos going to studying molecular biology the greek genetics market is shrinking as people have fewer children so he plans to end up in the united states or canada and look at me as has a job waiting for him upon graduation at a u.k. company you know has many of the my parents are divorced the moment i realized there was a crisis was when i watch my mother counting out money to be eternity bills and i thought i have to finish school and find a job quickly so i can have my family i have two smaller siblings and they need
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a chance to grow up to. all three would prefer to stay in greece they just don't think this economy will produce the jobs they want nor do they believe greece's political elite can create that economy at least half a million young educated greeks have emigrated over the past decade in search of better jobs and that brain drain is likely to continue greece is forecast. to grow by only about two percent a year for the next five years but over the same period it's obliged to spend at least three and a half percent of its economy per year repaying debt so it's gains will be swallowed by its commitments the markets greece will now depend upon for its borrowing a looking for signs of stability that includes keeping up the payments but not everyone believes it can go to stefano's and look in the us all studied the odyssey in school they're well aware that to disuse was the sole survivor of his homecoming expedition all his men perished whether his has done enough to ensure greece's
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survival as well as his own political survival remains in the lap of the gods. and that is our show for this week remember you can get in touch with us by tweeting me at hazar seeker and use the hash tag a.d.c. to see when you do drop some e-mail counting the cost at al-jazeera dot net is our address and as always there's more for you online at c.n.n. dot com slash c.t.c. take you straight to our pages as individual reports links any tar episodes for you to catch up on. so that's it for this edition of counting the cost and hasn't secret from the whole team here thanks for joining us the news on the edges it is next. obvious don did not have the ability to keep going. to work no one of those need to go to fight all of them big enough to sponsor him from them as well in search of the missing pieces of a really important meetings or call for the moment he said i like doing the right
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thing to do that i was not the pakistani puzzle when you go the news of bin laden was killed were you surprised or was your reaction oh they found him in the place we continually but we didn't want anyone to know mehdi hasan goes head to head with the pakistani foreign minister on al-jazeera. i mean this was different not just whether someone's going for someone's favorites. i think it's how you approach an individual and that's what it is a certain way of doing qantas. story and out. intrinsically linked to the slave trade the way your lips a banking system and the insurance companies there's no way to separate that kind of terror from the labor on the plantation from the profits that lou produced the past in europe industrialized slavery and amassed its great wealth resistance began to take full. from sugar to rebellion episode to have slavery roots on al-jazeera.
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when the us has all collapsed this university professor became a millionaire and a criminal on the last. fifteen years old his daughter embarks on an extraordinary journey to find him. my six million dollars father a witness documentary on his ear. this is al jazeera. hello and welcome to the founders their news hour live from doha i'm on team denis coming up in the next sixty minutes the first papal visit in almost forty years pay
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france's arrives in ireland as the catholic church faces anger over the sex abuse scandal around the world. it's a year after the military crackdown on mere miles or a hidden and they continue to live stateless refugees in bangladesh. the u.s. is cutting more than two hundred million dollars in aid the palestinians. have all day schools include. serena williams' controversial series is causing quite a stir i live details on that story later in the news hour. but we start in dublin the irish capital where the leader of the roman catholic church has just arrived for a two day visit he's expected to meet victims of sexual abuse by the clergy paid francis arrived at the airport just
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a short while ago now this is the first such visit by a pope in almost forty years and has one of the worst records of clerical sexual abuse in the world and this is led many of the country's strongly catholic population to turn away from the chair which has changed also significantly over that time divorce contraception gay marriage and abortion have all become legal now we can go live to our correspondent is there in dublin and used to be one of the most catholic nations in the world but that is most definitely changed. yes of course the visit of pope francis here to ireland is indeed a historic moment it's one a great celebration for many and consternation too for others here in ireland you're right to say that the appeal to draw the power of the catholic church here in ireland has waned has weakened in recent years but i think it would be wrong to say that this is anyway
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a post catholic country the last religious census back in two thousand and sixteen suggested that more than seventy percent of island identifies itself as being catholic forty percent go to church on a regular basis yes in the capital dublin we have seen one in three people say these days that they have no faith but most certainly a large portion of the country very much believe that catholicism is part of the culture of the island of ireland but these are challenging times indeed for the church. some of the cornerstones of church doctrine that you touched upon have slowly been dismantled in one popular approach after another and of course the global sex abuse scandal is perhaps one of the biggest challenges that the church faces in modern times reports on abuse here in ireland and some other issues that pope francis will have to face during his thirty one hours here in the on. the vatican flag flies over the irish capital it's thirty nine years since the last
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papal visit congregation numbers are falling but more than seventy percent of people identify here as catholic. one john paul the second came in one nine hundred seventy nine three quarters of ireland came out to welcome him since then there's been a massive social revolution divorce contraception gay marriage and abortion all predicted by the church and now legal and the church now faces perhaps its biggest challenge in times its legacy of child sex abuse survivors one pope francis to take robust action according to church papers thirteen hundred priests have been accused of abuse in ireland since one thousand nine hundred eighty five but there have been less than one hundred convictions. from the pope i want the pope to start realizing that the church can't continue the longer. vincent he was molested by two priests whilst at school i was abused in one thousand nine hundred sixty nine hundred
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thirty nine year old boy finishing up down in junior school the first pretty certain i felt who had an interest in prepubescent boys was actually trying to enjoy to try a way can in you your first sexual experience there was an open wound in irish society in nearly every diocese and every corner of the country there were victims of clerical abuse many of them were silenced or ignored for decades these were serious crimes carried out by so-called men and women of god crimes the pope cannot ignore the head of his visit pope francis issued a statement to the world's one point two billion catholics asking them to help root out what he described as a culture of death pope francis has gone further than any other pope in addressing abuse victims wanted to do more to hold the guilty to account and fully disclose what the vatican. colm o'gorman was fourteen years old when he was raped by
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a roman catholic priest he's now the head of amnesty international in ireland we have to speak out to ensure that the vatican is subjected to proper accountability . i'm not the only way big we can be confident that we've done everything we can an hour to protect children and normal adults wherever they may be pope francis is at the cross the catholic world as a reformer but can he restore faith in catholicism the biggest risk to the church is future in ireland is the church itself. well we know that pope francis will have at least four different occasions to address the people of ireland the big question is whether or not he will address some of this historical clerical abuse we know that he does plan to meet some of the victims of abuse here and we may or may not hear from some of those people who will meet pope francis after that meeting indeed takes place many catholics though are coming here not
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only from across ireland but from around europe and perhaps further afield as well this is of course a celebration it is a time to recognize perhaps when the key message is of the catholic church which is to celebrate the role of the family i'm not joined by brendan thompson who came from the u.k. to ireland for the pope's visit brenden of course everybody knew that the pope and the vatican and the church itself would be under immense scrutiny over some of its past wrongs as a catholic how important is it for you that the pope addresses these issues. i think the image that keeps coming to my mind is the god a church being like a god and some of the weeds have grown up in the grass so there is a printing that's going on and i as a catholic or catholics want to see this because what's happened with the abuse crisis is horrible so i want to say i'm really delighted to be here and i'm here to celebrate family and i want to be part of the solution i think francis is calling catholics to not leave the church but to leave the church but conscious that there
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is there is a big journey that needs to be had with this we need to do more for the victims and he needs to make some bold statements here and i was a catholic i'm looking forward to celebrating also hearing the pope address these things concretely and what's going to be done about. it was a sort of my report that the pope is universally admired across the board whether you're a believer or not for being a reformer or at least having the potential to reform the church but he's up against a lot isn't he is because the question has become about integrity what happened is the way that some priests and bishops should have acted they didn't and so pope francis thank god he's a man who's seen as as being a man of integrity so he needs to continue on the path of reform a lot's been done since two thousand and two but we need to be more proactive we've actually been a bit i think reactive so the pope francis needs to show that this trip in on is a great opportunity to take a foot forward because we want to see it so let's celebrate yes but i suppose to continue on the road of reform so you don't have to be in central dublin long to
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see not only the vatican fides flying over the center of dublin but also some flags of protests we know that there will be a large scale protests on sunday a lot of people here in ireland may still identify themselves as culturally catholic but many have turned their back completely on the church can you still be a catholic and disagree with what the church is doing at the moment i think sometimes you go to disagree because you're a catholic when you see something the church is not living up to the standard that jesus would have wanted jesus was there for the victims and his heart would be there for the victims so we as laypeople particularly now need to rise up and need to need to meant. in this and call on the holy father the bishop at every level there needs to be spirit to reform structure reform and procedure reform and we've got a call for that joyfully but also conscious of the suffering of the victims of these people who are desperate for a report reform will say will look no but what pope francis says of the hearts of the catholic church is still an antique weighted institution we've seen here reform
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after reform abortion is legal divorce is legal same sex marriage so on and so forth how is it possible to reconcile the modern age with the cornerstone founding beliefs of the church me my wife or young catholics and we've come to dublin precisely because we think the church has something valuable to say to family life and there was a question of integrity so we need to being here is maybe already a better husband some of the input some of the joy some of the of the catholic families five hundred thousand people are going to be at the mass tomorrow so all of the questions relate to integrity so it's actually a case of wanting to follow what the church is saying more so that we can live up to the idea that jesus founded the church for ok brenda thompson thank you very much for talking to us this morning well the pope is now on i resort he will meet with the president they will plant a ceremonial tree hill then go off to meet with the prime minister and other leaders of civil society here in ireland before a massive gathering at croke park one of the biggest stadiums in the country in the
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evening this is as i said a time for celebration but a time also to are some key important questions about the church and the future of catholicism in ireland going forward thanks very much indeed for that need his live in dublin let's have a look at the live picture i'm not sure if we can get the live shot that is the scene live and we will be keeping you right up to date with francis's progress today as he as neiva saying he meets the important officials of island and then his day culminating in what will be an enormous mass say the pope in a. we'll keep you right up to date with developments on that particular story hear it out is there but in the meantime we are going to look at other news and at least two people have been killed in a suicide bombing in the eastern afghan city of jalalabad four others were injured after attackers detonated explosives near the election commission office dozens of protesters had gathered there in support of
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a parliamentary candidate who had been disqualified because of his suspected ties to armed groups afghanistan's parliamentary election is jus to be held in october. there's been a year since we're miles military launched a crackdown leading to what's been described as ethnic cleansing of ranger hundreds of people hundreds of thousands of people i should say fled to neighboring bangladesh. where the refugees have been holding peaceful demonstrations to demand justice and a safe return to their homes in miramar there are now more than seven hundred thousand of them living in camps all around the border now has become the world's largest refugee settlement bangladesh has signed a deal with me amar to allow these refugees to go back home but that process has most definitely stalled. mohammed is our correspondent in cox's bizarre but he's been missing.


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