Hezbollah, Anna Foster, Lebanon discussed on Marketplace Morning Report with David Brancaccio
Live from london. This is the marketplace morning report from the bbc world service. I'm victoria craig. Good morning lebanon's new government has agreed to a forensic audit of the nation's central bank. It's a beneke requirement for the country to receive foreign aid to help ease what the world bank calls one of the worst depressions in modern history. The restructuring firm tapped to carry out the audit withdrew from the same process late last year. Because it didn't have information required. Now it says it'll provide an initial report by the end of this year. In the meantime thousands of tons of iranian oil have been delivered to the country. They were transported by the militant group hezbollah despite us sanctions across the syrian border. The bbc's anna foster explains the feeling of relief washing over people and businesses in the bekka valley in the eastern part of lebanon cycles in the past of the trucks he's an atmosphere jubilation celebration but it is always hard to know how much of this is spontaneous and how much is organized but away from jubilation. This is the reality. The ovens at bakery run for fifteen hours a day on two generators. They don't get any state electricity right. Now don't get enough fuel for today. We're closing today. We're not working tomorrow. there's no silliman. He is the owner. if even they can't buy the what what will they can in anything. They will starve and i will be next baked. It needs to be delivered. But there's no fuel for the vans if you can find an open petrol station. The wait is long from yesterday. I sleep in my gun. I am twenty five years on. I don't have any money nor life. Is he's organized hezbollah he. Is that one person who came. And say i will bring you that that but i'm accepting iranian supplies though transported by hezbollah comes with a threat of international repercussions. This is a small quantity of fuel only about three days worth but hezbollah wants to make a political statement by bringing its here even though the group is part of the administration that so many lebanese blamed for their dire situation at the heart of this. Now is a real dilemma for people alpha laboratories makes intravenous medical solution. The precious liquid used for drips cleaning burns operations. Everything a hospital needs. The company needs fuel to keep production going. But it's general manager. Dr seward are told me she fears the consequences. We should not enter and the political game between having function and having people dying. Because you don't supply. I think i chose not to make them by to save them. The biden administration has been largely silent on the implications of this delivery. Does it influence the letter of these sanctions. All let them pass by given lebanon's dire situation for some hair that uncertainty makes that be ready difficult. Lives be. That's the bbc's anna foster reporting there we'll continue to try to ease the fuel shortages in lebanon the energy ministry. Today hiked gas prices again. By nearly forty percent. Energy prices across europe have hit a record high this week. Access to supplies has been so restricted. That a major fertilizer plant here in the uk has shut down. Production at two locations while in ammonia maker has made similar moves in norway. Catarino filipino is a global gas supply analyst from wood mackenzie. She explained supply. Chain issues are a big part of this problem. That's really this perfect storm. I of the uk. Gas production is down about twenty eight percent. Year-on-year you various planned and unplanned maintenance and project delays secondly asian countries are recovering after pandemic. And they are offering higher prices for liquefied natural gas the pool in it away from the atlantic basin we also see countries like brazil who have low hydrogen operation right now and this also pulls away some lng congress from europe so overall making less energy available for the region normally when prices get so high. There is some switch into call that can happen but cool market is also really tight right now and it's mainly because cool has also suffered some supply disruptions across the globe. We also see very high carbon prices that somewhat limited this switch so all these factors combine. Let us to this high prices. That's katharina phil panko from wood. Mackenzie there. We'll checking some other numbers now. Despite worries about soaring energy prices across the region major benchmarks across europe are rising in the one tenth to five tenths percent range today. Asian stock markets. Meanwhile have bounced back from their sharp declines earlier this week the hang seng closed up one percent in hong kong while the topics gained half a percent and the shanghai composite rose two tenths of a percent to italy not which has become the first european nation to mandate all workers show proof of vaccination a negative corona virus test or recovery from the virus. The bbc's mark lowen has that story from rome from the fifteenth of october. The approximately twenty three million people employed in italy's public and private sectors will be obliged to present a green pass when they show up for work. Failure to comply could carry suspension without pay and a hefty fine. The aim is to persuade the roughly four million workers who have not yet had the job to do so and despite relatively small protests poll suggests the majority of italians support the move as the first country in the west to be overwhelmed by corona virus. And with europe's second highest number of deaths italy has erred on the side of caution throughout the pandemic. And the government is now mulling obligatory vaccinations for the whole population. That's the bbc's mark lowen reporting from rome there and in london. I'm victoria craig with the marketplace morning report from the bbc world service..