really happening to the global economy for a no holds barred look at the global financial headlines to name two crimes a report. if you just joined us silver warm welcome this is. from the russian capital with twenty four hours a day the top stories this hour the initial investigation into monday's boston. has suggested it is not related to chechen basements and that's what russia's prime minister vladimir putin said during a meeting with his belgian. russian. victims as people gather a domodedovo to pay tribute to the thirty five killed in monday's terrorist attack several hundred of those injured remain in hospitals still in critical condition and. also terrorism is expected to be in the sport large at the world

economic forum in davos president it is arrival was delayed due to that deadly blast in the russian capital is due to give an opening speech in just a few moments from now there in switzerland. plus russia's upper house of parliament unanimously ratifies the new deal with the u.s. the final step before the president will see each nation deployed warheads reduced by a third. just mentioned dmitri medvedev is about to give the keynote address to the world economic forum in davos and the speech delivered by the russian leader will be officially opening the five day event now i understand they are holding a minute's silence at the moment clearly in respect of the recent incidents occurring here in moscow let's not cross over live to switch.

mr president. it's a special on particular lead given so tell me able to touch me in moscow to welcome you here. in davos and i should say to welcome you back to davos many of the memorable so we briefly when you made your impressive speech which by the way was called maugham of us in two thousand and seven after a decade of posts soviet economy compared to crew turmoil russia has reasserted itself as a leading global player. as a member of the cheap eight as a member of the cheap twenty and as a so-called bric country m do you have leadership. has

successfully overcome for concert well as we're listening to. the words from the executive chairman of the world economic forum he's welcoming everybody there to the opening ceremony all the ring that's taking place. and as we're reporting the official opening speech will be going to. russia who's there on a stage at the moment while we're seeing the executive chairman there addressing the audience let me just fill you in on the background of this annual event taking place there in davos in switzerland thirty five heads of state and government gathered for the first day. they're also around two thousand business leaders from ninety countries and many issues will be discussed over the next couple of days or so one of the issues expected to actually dominate the talks is the shift of economic and political power to developing nations wake of the u.s. and european debt crisis. the investment climate in russia of course is also likely

to figure prominently in the five day tour and this year's forum especially significant for russia since it's the first time the country's been represented at the forum by its president and of course the president himself. for this year when experts say that they're expecting that keynote address being given by medvedev of course really does russia growing clout on the international stage and just before he. has met with. uniting over one hundred representatives of the world's leading companies so a significant event for russia as it's leading the way for him this morning among the companies who the c.e.o.'s he's actually been talking to dell siemens and sony those are the companies that had a chance to before he went to the stage for a little later in the day and originally the russian president was going to be meeting european leaders and attend. roundtable discussions before the launch of

this forum but as you may understand these plans were disrupted by the terror attack on the world about an airport. just operation which occurred on monday and of course delayed the russian president getting to the form. of the deputy prime minister who oversaw actually the russians. the russian bid for the world cup in twenty eighteen he was there representing the president and he led the initial russian delegation to that was. that every is no stranger to this forum he's previously attended the the forum when he worked in the russian government and enjoyed informal access to business leaders and policy makers for russian companies it is timely because they're issuing i.p.o.'s in the next month we expect a total of one point five billion dollars so now let's listen to the president of russia has he addresses the opening of the world economic forum taking place there

in that house. this but mr schwab. ladies and gentlemen. we can look at your own indeed the day before yesterday. in moscow at international don't get a report attorney stick to was committed in your shoes you took your lives of dozens of innocent people. at the. citizens of various countries fell victim to terrorist act citizen of russia united kingdom to check its turn ukraine germany austria. was focused on. that it will be sure more than one hundred persons were injured they are now at hospital but their tragedy but if you engage

the entire russian society. although our country of. iran and the poster was subjected to serious tests that act caused indignation throughout civilized world i received numerous messages telegrams from your comms from the leaders of foreign states leaders of international organizations expressing their condolences and solidarity here i am grateful for they can downsize and for the words i have just heard from you and from other put his opponents in the form. together we mourn the loss of life. bullock about the shortage pain from the loss of

human lives of course will stay in our hearts for long. but what appears to have been the only strengthened our resolve to find an effective protection against international terror and i believe this to be of utmost importance sure those who committed a heinous act by aiming their little guns the citizens of various countries not expected that their act would bring russia to its knees and it would force us to be defensive or should they be expected and hoped but if their president the pressure will not come here to eternity for among other things of course even the this is. the criteria used to choose which is the time and place for committing that act of terrorism but they miscalculated. russia is aware of its place in the worry that

russia is in aware of its responsibilities to its citizens and you will comply with them and their responsibility to the world community and this is the reason why you're with. on this day i'm speaking from this rostrum. terrorism negates the most important thing which is the value of human life. tramples upon annie the rights and freedoms. we could give you no world. logical in the russian our case it generates fear and hatred for you it. is an obstacle to. your there for simple and for our world but this situation is also dramatically in the at the terrorist acts in

a cardinal way disrupt the normal life the normal occurrence of flushing and three such acts very often force us to take very tough decisions. those terrorists acts radical change their way of thinking not those who fall victims but also with a way of thinking all for everyone living on the planet but unfortunately no state in the world is immune to terrorism their relative. charity status like the one that europe. has just happened in version points that are not for the first time can happen at any time and attending a place in the world no one is immune to that today. yes. there are no universal recipe to convert that even more but if you know one thing one thing you can believe that it's in a definitive way. but with you at our success in countering this common

thread depends very much on our solidarity and concerted action because particularly during the period when globalization has made a whole world much more independent you can then it was some time a girl and you have to say. build upon our efforts you know your choice the struggle against syria and we have to do all you want. to influence if not the ideology of at least these social and economic roots of terrorism poverty unemployment illiteracy and lessness and you have to ensure that global development is stable safe and it's just unfair once again let me thank sincerely thank you for them an effort station of your feelings. with the other farm is conducted during the time when many tend to speak or the end of the world

financial crisis but at the same time it's quite obvious that it is not all that simple you know with the whatever period of extra rapid development which. has resulted in many people becoming euphoric at that is the but the crisis has sorted out before everyone but we have coped with the. with only one part of the decision some solve the crisis in the region and so on far we have not found any model for growth and economic development therefore is bound to be slower than the world like it to be but at the same time we have learned serious lessons not only from the economic critics perience present day civilization technologically is well developed at least a few compared with what it was like one hundred or two hundred years ago but one that is natural disaster or technological mistake would be enough for entire

reasons to be brought to the brink order environmental catastrophe and continents would be cut off from each other as in previous centuries directional boquet no innocent and. major on oil. derrick in the gulf of mexico then analysts here it in russia last year. catastrophic floods snowfalls that have been in the various corners of the world all these things make us think once again once again about different jewels of human power on earth i believe that prompts for the procrastination would be dangerous and the thing is not only. have two completely long lasting climate talks although that must be done by all means what is it issues all. the establishment all the common monitoring system for the environment and hazardous facilities and

a common system for early warning and if there alleviation of emergencies russia has advanced that initiative and i hold that all the partners too will agree that this question is long overdue. to do we need a very much new id. he's capable of changing the world for the better ideas that will be acquired for some freak ones to practical policy and would be a standard for states for the business for public development and the relations between countries speaking all for security russia sometime legal express a case specific proposals for concluding a new treaty on european security and i believe that such topics can be discussed if you haven't where that would be useful including here at the economic forum he

would have it today they actually fly but it would probably to sions international relations and the principles of settlement are letting everybody behind evermore like him behind the technical logical development at the same time some politician some people king you to live by the phantoms of cold war stereotypes of evil the war and carried away by primitive patients for some patients but even though you during this particular time you buy create the model of g. what you almost wonder billion people let us think people who. are using social network use we with for the first time in the history of mankind. millennia old. history people are communicating with each other directly being located on various continents and this is mind bogglingly deal with the present the world is ever becoming is becoming increasingly flattened and the. borders and barriers are

excellent use thanks to internet people against united and they are united by a single cause a single them a great idea and no national government can claim to have falls in among to full degree of influence on such communities perhaps that's for the better. according to what. business also faces similar values but there is a dangerous dimension to these prophecies sometimes they serve. as a very important instrument through our actions from extremists who view will ethnic and religious hatred they serve as an instrument for traffickers in drugs and armaments and for terrorists the. problems are getting worse and we're not available to help at the end and the same time the but my general interconnection

should become a major boost for economic growth and it tends to result of your local ties me for example. i wish to limit the freedom of internet of all this president of asian but i believe everyone that understand that would result in stagnation here the world but russia will not support it initiatives i mean there are calls in question freedom and internet. of course for you know a phenomenon which is based on the requirements of moral laws and legislation we're going to their colleagues much of our task is to use all the possibilities in order to make our own unique that which is which. will. and might you should more fair and just world as believed by many city citizens of all countries world where success will be determined much more by talent and work rather than by the

place of birth or of the family circumstances a world where lives of people will be directly communicating with a world where people are not afraid of authorities and international relations are free from double standards and hypocrisy and world. it is much better and much more efficient to. work together to work jointly what have you thought of more so since you know in many countries where the new generation lives that have come at a new power and a new generation that came into being after the end of world call of the cold war and we are now returning to russia who can discuss and which implement the old dreams together we are prepared and willing to do those more with all the truth from pelosi to head towards a greater level of very pretty transparency and colonization i believe that the positive that for transformation is referred to in mr obvious that in relation

reconversion the united states are a good examples of where new principles and approaches are in international politics and by the way i'd like to remind you that yesterday. the our parliament definitively ratified the treaty on the limitation of strategic offensive arms. in order to build the new girl you have to build upon a number of well known principles some of them we sometimes forget about and there are a number of such principles and i'll listen to the first it is a strategic long term problem tool addressing are probably the single and often populist solutions you feel in ninety pieces out of one hundred with are wrong prove to be wrong perhaps iran could prove to be worst old of all the possible human options. case a vivid case in point will. probably

a tendency or trend to resolve economic problems through illness along with nationalization including the nationalization of you financial institutions indeed in the period of financial crisis that many states paused to think about it but. and many states. have that option including states with a well developed liberal economy. our economy's not developed well enough i am referring to the russian economy but we have. exercise restraint and we didn't resort to that option and i believe we were right in to what i already believe that in most cases prices can be resolved through their fields from private sectors and in long term perspective this is the most effective way of dealing with ruthless secondly it's realism and willingness to live

according to one's means during the crisis many bubbles were. not just financial bubbles but also the bubbles of complacency. believe that everyone understands that we are not immune we are not we have no insurance against the emergence of new such while the right to risk is part all of a free economy but that right should be balanced by relevant responsible me the right troops are surprised that it is something that interpreter knows should have citizens should have them. no doubt scientists should have that right within reasonable limits of course we live with but. states cannot have their sort of right or the world as a whole the right to excessively written research because the present day realities in the many developed country has decided that they face the problems offshoring

their budget deficits and despite all of their unwillingness to reduce to. a limited social situation is fraught with new economic and political crises for the work that by the way implies very indicative in that regard is the annual address by the president of the united states first to the nation as a matter really for the quick vote called the freeze five year freeze on budget expenditures this is a serious measure of the global thirdly a reform for global partnership and the right really to organize even at that moment a whole difficult e.t.c to renounce the practice song of the individual or narrow group interests there is something that needs to get out of this that it was meant of the g ten twenty and i am quite frank in saying that is major a huge step forward on the one hand. the greater number of countries sitting around

the living with the with the young people it is which and it would more difficult it is to reach consensus and the more time it requires isn't quite gentle but on the other hand the more. the better decisions are that are being taken and the experience of our world within g twenty has demonstrated that we are prepared to use all the instruments of elvis but what. efficiency of working with the g twenty should be handed to you from general discussions even if there are interesting ones we should proceed to the implication of your civic task there minister. because of us and we have already achieved many many successes we have. a term and a ways to develop the world financial institutions but still there are many things that we haven't done yet and there is one topic to which i would like director of right now in particular is a sprawling was i am the question that the. present principles are not working in

let it go up with principles for regulation particularly in the internet and that is fraught with a collapse for the entire region obliteration of intellectual property rights system very and therefore i believe that the next g. twenty meeting will show put that on their journey there and offer new solutions to the world community solutions that should be formulated as international conventions russia will advance reasonable goals of the committee because at the same time we should develop new alliances of leaders is required and the break group as modeled by economists sometime along has acquired a huge credibility and their status hold a very realistic collaborating with us they should at least to we intend to spend our work in their formative starting this year exult africa is joining these four medical realities and breaks no longer pretty but breaks and these are countries that stand every chance to be the leaders who have long development and to shoulder

responsibility with on an apprentice of. one of such ideas cruelty implemented in very shortly that is to include the currencies of brics countries in the i.m.f. as do our. quarterly of the. diversity in fact that various economic moderately deceased market economy exists in the world it is rather an advantage then because it is an advantage the crisis has demonstrated that. the models that were not reproachfully that you were shaken and suffered major. losses there for one form of the world no matter what the form it is it is full of risk and it. could be your format world it is capable of compensating for centuries and provides an opportunity to adapt to new challenges because i see

a few words about russia as you just russia is very often criticized in the critic and sometimes the criticism is well deserved sometimes absolutely not . your russia is rebuked for the lack of democracy or authoritarian tendencies always with other witnesses of legal and judicial systems. today we are the way we are at it with and let me tell you though it russia indeed faces many years of building the rule of law in the region if you even they can agree to more than say going through our economy russia. as degree has been confronted with the evil of terrorism and dexter and russia has many social problems to cope with all the recent years were sincere in

their resolve and many of them said fine when you russia all the decision makers in russia are not immune to. north korea mistakes that move about one shaking obvious thing should be under too little a proof would be indeed major changes are shaking the place in public life is little out of the river in our society we are indeed developing and we are moving ahead with the because girl in particular in what it is that fighting corruption even more denies ing judiciary law enforcement disappears which would leave even though we have not yet a score it is related to success in that area those are realistic you'd be better than strong prongs that only you can invest in our country and to improve the quality of life in russia is that sure it's really indeed what we have not it's yet it's reached outstanding results in no efforts which we are full of resolve to continue to pursue here we are learning ourselves and we are willing

to receive friendly advice and you know that but what we don't need these lecturing we should be working together machine unity. if the feelings of people there show me the self-esteem you have to see is the most important danger kaito and usually success of how successful the country's developed the conviction of the citizens that they live in a democratic nation on is the only between authorities and the citizens are he signs or for democracy direct democracy is the quality of their democracy depend not only on political procedures and institutions but also on whether people are prepared to listen and to heed it is not enough to have one's own freedom you have to respect the freedoms of others reduce principle which

is true for relations between democratic say cynical i'm also convinced that democracy whooshed given a future in developing things to economy modernisation a little more primitive really raw materials based economy cannot ensure the improvement of these like you acknowledge your life for citizens and therefore it is not capable of ensuring this is the inability of our democracy in order to avoid the threat of populism democracy should have a safe space as well developed society as a society. and independently minded people dear friends the strategy of formalisation of russia and the principles that i have indicated. are full record where he was said today not a woman of the world and you will get opportunities provided by modernization for successful business operation in russia despite all the difficult.