and the foundation of such confidence. is the fact that we are striving to achieve development new quality of life with two winning over corruption and on famous and that unites the whole of the russian society and who act in one common effort in order to implement this uniting strategy there will be a need to use it to changes in the structure of the government as well as the other levels of authority that we need to ensure openness of the government and you know broad opportunities for private business matters ready to do our best to maintain one of the station locally public initiatives an inability for those who are not indifferent to unite those who are trying to change the life for the better into their little township or city well known historical like i'm saying used to say that love for one's own good breeds within us a lot for a moment while self-esteem gender is a national pride which is the budget for patrick i believe that isn't the word

reflect the target for national development that currently russia faces look at the i am far from having an illusion about the whole russian economy. becoming different one within the next year again but within a relatively short period of time which must go beyond the point of no return over to the models which will lead this country in a different direction. in whatever we are planning we will definitely do and achieve step by step. consistently without turning back to. the corruption the closeness of the country and society for investment take several of the government in the economy and over centralization excessive centralization of. taxes on the future which we should eliminate and we will eliminate. the rest of the people in this country will do themselves. for themselves and.

russia a world achieve their own success and that would mean the success for the whole of this nation thank you very much for attention and i wish you enjoyable and successful for you thank you thank . you. but. not of the people's republic of china hu jintao. was to me yeah yeah. yeah. yeah yeah yeah.

thank us. you i really am see president dmitri medvedev distinguished guests dear colleagues ladies and gentlemen to friends. and colleagues you would you give me great pleasure to be here in a beautiful northern capital of russia. petersburg international economic forum twenty eleven. so here let me begin by offering my heart to you going regulation on the successful opening of the foreign. it's a launch in one thousand nine hundred ninety seven and today as. it has grown into an important. call it discussions you can all make development. in

russia and beyond. attracting out danding representatives of different sectors it has enjoyed a rising global influence in the past fifteen years this forum has witnessed the sustained and faster growth of the russian economy and contributed to international economic exchanges and croaks rationed we call it the positive role this forum has played over the years and you see our world today is experiencing major development transformation and adjustment. there is a stronger call for development of alteration among the people. the trend towards a multiple of world and economic globalization is gaining momentum economies around the world are becoming increasingly interdependent emerging markets and developing

countries are growing rapidly. and regional economic cooperation is making robust program. science and technology is on the eve of a new race. and the global economic order is undergoing profound changes. even with all these positive developments we should not lose sight of the potential risks. then two ears after the international financial crisis the world economic recovery remains slow and fragile that. the underlying imperative to do with us. and the outlook of the world economy is. in that in addition international regional hot spot issues flaring up and even development be. the north end itself is more acute

and protectionism of various forms is research. but. there are a range of new global challenges such as climate change energy security and security this threaten the very survival and development of mankind. china will take an active part in discussing and resolving major issues in a world economic development and work with all other countries to meet the various challenges to this and i wish to make the following observe ations. first. we need to enhance global economic governance and press ahead with a reform of the international financial system. the international financial crisis has taken its toll on individual economies and the world economy as

a whole. crisis has highlighted the deficiencies of the existing international financial system and the inadequacy of the global economic governance mechanism in dealing with crises which are. today emerging markets and developing countries are taking a growing share in the global economy. playing a bigger role in global governance. the global governance. dept to the new changes. the landscape. it's the principle of mutual respect and collective decision. that is of special importance to increase the representation. of emerging markets and developing countries in the new mechanism. need to support and promote

a greater role in june twenty eighth in a global economic governance cycle. in order to bring about full recovery and the growth of the world economy. cooperation mechanisms of emerging markets notable that. represent a new model of global economic cooperation and a prime example of multilateralism. in this culebra we can all make governess. a fair just inclusive and well managed international monetary and financial system. and then a balanced martillo to row trading regime that benefits all. those all forms of protectionism and work towards an international economic that is

more than just one and more reasonable. second. we need to accelerate a transformation of the economic development of patterns and make appropriate adjustment to economic structure but it won't be economic development that has brought both opportunities and challenges. we need to fully grasp and follow the development trends. and adapt to changing international it. we should my own remedying efforts to try to make good at all under patton and adjust economic strength. so as to resolve various economic problems. development and transfer nations to the ones that really don't do you father in this process of elimination and are just a minute or two. countries that should learn from each other. and work

together and. the strong challenge is just an imbalance to growth the world economy. will relate to on is advances in science and technology and quickness steps to make them a key driver. as scientific and technological innovation widens and deepens other. countries around the world losing no time. as signs innovations strategize tannoy sources to research and development and training more innovation minded person china to. build innovation capability and become and it. should encourage cooperation in the nation between countries and promoting the application of scientific and technological and you know woman's. leg

innovation driver economic development and. of the solution not to bear is one constraint obstacles hampering economic drowsy we should not have buying the aphid inhibition with that to improve people's well being so that roots of scientific and technological innovation will benefit more countries and peoples. ladies and gentlemen. as a friendly neighbor and a strategic partner of the ordination don't worry john f. all those closely and supports russia's development and way vitalize ation and you know congo we are pleased to look you do that in response to the impact of international financial crisis russia has adopted a series of effective measures during three unsuccessful a good economy back on the path of sound today on her russia's vigorous they were

structuring its economy and pursuing its all rounder modernization strategy centered on innovation which. gratifying progress is being made on their issue rounds and then leaving stands as of the russian people on their rising to. china and russia a major emerging markets. are the ones that development which provides an opportunity is like not only to each other but our sound. economy. asses from both sides down economics and trade cooperation passing a strong relationship interesting and we all have a common each other's major trading partners seeds. during my visit this. test in the middle that if i have agree. to raise bilateral or w. two hundred us dollars by twenty fifteen. to.

two hundred billion yes not just by twenty twenty. to lance no impetus. really beneficial corporation investment and edgy in the energy ideation aerospace science and technology and finance as well as collaboration at the subtle national level including in our well expand called ration a new energy new materials nano technology and by corporation in green. ladies and gentleman. has set out to the gulf coast and asks for its economic and social development in the next five years that's caused us such as there is china's economic development structural

adjustment in science technology in education resources and the environment livelihood social development and reform and opening up in a nut shell in china will follow the theme of scientific to try to focus on transforming the economic development patton. to china will make greater and leads to put people's interests for. comprehensive coordinated sustainable development. of the bones reform and opening up. of people's while being. promoted. and the fast economic growth through. social harmony. laying a solid foundation for building a moderately prosperous society and all respects john will remain committed to the cause our peace development corporation. idea to the independent foreign policy of

peace. peaceful development. the way to. opening up. why. other countries. in china's development and benefit from the many opportunities it brings. the west. to. mutual benefit. and we do not mind thank you. yes the chinese our president hu jintao is talking. giving a speech at the petersburg international the economic forum before him a present dimitri medvedev gave his keynote speech where the theme was very much

about modernization and more on this let's cross to you and he saw no way following the form for us so what do you make of what the two leaders have said so far. but you said it right the speech began and focused a lot on modernization this has been the trademark really of this presidency he wants russia to modernize quickly and you start off by saying that you think it needs to also start happening at the lowest levels that society has to have the desire to modernize russia a lot of c.e.o.'s hear of innovative companies start ups like google eric schmidt is here and it's expected that president visited will be meeting with these people that really know how to do that and trying to get ideas from them he also of course spoke about the russian economy and laid out what he thought its future needs to look like and that began with him speaking about the fight against corruption it's

no secret that the huge problem here in russia he began by saying that he thinks that corruption is literally choking russia's economy and so that's something that he has laid forth a plan to deal with and that. evolves government reform that's going to begin with trying to use centralized power throughout the russian government we have a section of your speech that speaks about modernization he sees us as a future economy let's listen. to you we can change the situation for the better quality of the next two years it is for that purpose will be the following objectives true dramatically improve the investment and entrepreneurial environment for the purpose of creating highly productive workplaces in all of the regions of the country for good quality progress in fighting corruption creating more police and other law enforcement structures

improving the efficiency of the judicial system and finally more denies the government itself. more than project based approaches and decentralizing different . course will have more on that important for later on throughout the day here. well to other world news now the u.s. president is under fire from congress over the military campaign in libya which is continuing despite not having approved the lawmakers barack obama has rejected that he's ations that noise being broken given that america is only playing a supporting role through nato which makes it legal he's going to cheat again as more. u.s. lawmakers are saying that president obama has to either stop waging war in libya or ask for congressional approval the lawmakers claim that the military action will violate the nine hundred seventy three war powers resolution if it does not and by friday and they mean this friday ninety days after the intervention began under the

u.s. constitution to wage a long term war the president needs to get authorization from congress and only say the obama administration will certainly find a way to get around the requirement by referring to his rights as commander in chief. as well as certainly speak up to this day the administration has refused to say war when it comes to their actions in levy they call it kinetic military action but as a result of that kinetic military action civilians are bombed every day a group of international observers is now in tripoli including a former u.s. congresswoman cynthia mckinney we spoke with her a few days ago she said they heard and they counted eighty nine blasts in just one day those are civilian neighborhoods eighty nine bombs dropped in just one day there is a lot of concern that the voices of those who are caught up in that war in tripoli go unnoticed in the international community but here in the uighurs it seems the voices of the majority of americans those who oppose the u.s.

military involvement in libya also go unnoticed by the white house the administration continues to stress the cost that they pursuing leiby of but some analysts say the administration also seems to be in denial when it comes to the will of their own people regarding the issue as well as constitutional procedures legal experts say there is not much congressman can do to force the president to comply at least with the u.s. constitution because there are ways to get around ways the obama administration seems to be using extensively most congressmen now criticize president obama for as they say ignoring congress but capitol hill observers say it's mostly political games that the lawmakers are playing to score points by snubbing the president come the day to actually vote the majority of them will vote for more military spending as they always do but there is a small bipartisan group of congressmen ten people in it who went further than verbal rebuke send they sued president obama on the grounds that he's violating the constitution but everybody here knows that the lawsuit is certain to be dismissed

on procedural grounds because the u.s. supreme court has determined that members of congress do not have standing to file such suits and this is where it hits a dead end that it makes many one. whether or not u.s. lawmakers actually have the capacity to effectively represent the people. of washington's credibility in the future of the nato campaign could be frankly damaged if congress forced proc obama to abandon the operations or that david swanson a says the problem is that there is political confusion over exactly what's happening in the. that supporters make that the war powers act does not apply much less the constitution because this is neither a war nor hostilities this is something else this is a military operation that doesn't rise to the level of hostilities which is absolutely absurd the war powers act was written in one thousand nine hundred

seventy three very intentionally and clearly to encompass all military engagement superfluity imminent threats of us still of these armisen and dennis percentage was debating a former lawyer from the reagan white house who was defending obama and he asked this guy twice never got an answer if there were two thousand missions over the united states by a foreign nation and many of them were dropped the bombs would that be war would at the hostilities he could have gotten congress to authorize war in libya it would have been quite easily done he could have done it in the sixty day gap after he started the war he chose not to presidents want and this president is no exception the power to make wars on their own. us a judge has called the case against the russian government i think to boot on convincing the prosecution's i.q. stations in. something defense prosecution lawyers and not a federal judge said she didn't see much evidence against boot he's currently

awaiting trial prison facing challenges of smuggling arms to colombian rebels accusations he denies it was arrested in the two thousand and eight american sting operation thailand and they to extradited to the us. or the businesses is next on r.t. . hi and welcome to the business bulletin here on t.v. we start with one of the most important russian economic events of the year this in petersburg international economic forum.

the city of that same page is big has always been called russia's window to europe but with the economic forum underway it's become the window to the whole world. all eyes are on russia's cooperation with china now its largest trading partner the two sides are discussing a landmark gas deal that would enable russia to deliver almost seventy billion cubic meters of gas to beijing within thirty years the price remains the main sticking point but russian presidential aide out of katie to wall coverage still believes a deal could soon be struck. some progress in the face of selves the last couple of weeks. so we'll see today whether the threat was afoot sufficient to get even for the u.s. to the leaders of the crown this bilateral. consult patients and suddenly gets the issue was. called let's let's call it that because of the song. russia's

major financial corporation systemin is set for energetic expansion the company is planning to spend five billion dollars to buy businesses ranging from agriculture to chemicals the c.e.o. of systemic mikail shallow and outlines the cornerstones of the strategy. special strategy very simply have to return the cost of equities the course whatever to which in our case small to two percent so that's the kind of returns you're expecting and we we have to do whatever it takes in terms of for investing in projects and davis to get existing assets to deliver this kind of return to our two key markets our russia is a primary market for ninety percent of work this is concentrated and also india which is so because what the market has to do those are the markets we're going to be looking for to i suppose expand on the existing businesses that we operate in and also new projects. alcoa the top aluminum producer sees

a big future for the metal with an average growth rate of six point five percent annually the company wants russia to take a big part in that development and the vice president says that they're trying to make that happen. we have a strong business in russia has been here since two thousand and five best of seven hundred fifty million dollars in the market you see we see growth in this market so we're we're going to we're going to you know focus on more sure and what we're trying to do in russia now is increase productivity and just make sure that you know both our plants reach a level of productivity that is consistent with what we were seeing aluminum you know growing in them demand growing we look at a market like china. fifteen percent in two thousand and eleven seen a market like russia where we see a man growing probably eleven or twelve percent this year so it's double digit growth for movement there's a lot of substitution going on copper wire you change into movement and there's

a lot of lightweight vehicles trucks and cars where you have to meet new emission gas standards and so a lot of people are shifting to limit and. let's take a look at how the markets are performing now oil prices have dropped again after the major losses of two days ago the uncertainty of the commodities market is a reflection of investors fears that greece's debt troubles are far from other. european stocks fell friday with banking shares leading the declines as fears that the greece stick crisis could spread across the eurozone and this continues to rattle investor sentiment both the footsie and the facts are both on the heart of the same down the south. asian markets closed down friday with the nikkei more than half of the cent in the red energy companies were also hit by weak of crude prices with japan's impacts corporation down two point nine percent and banks are among the main losers in hong kong with the agricultural bank of china down one point seven percent. and russia's stocks closed the lowest to the lowest price in more

than a week also due to concerns over the greek debt crisis energy majors were among the main losers as oil dropped the most in a month against problems. f l one point five percent and banking stocks were also lower with burbank's like one point two percent. and that's all the business is for this hour we'll have more for you in just under an hour's time stay with us the headlines next.

hungry for the fall slump we've got it first hand the biggest issues get a human voice face to face with the news makers on our t.v. . sets.