look they don't fit in the or are not going to fit together with germany in one single your politicians the richest state's voters refused to foot the bill well i don't think i've ever met any body in the united kingdom in london markets to actually wants to contribute to the buyout countries like greece and italy and to contribute to the continued existence of the hero because i think it's a stupid idea to start with and it's just chucking money down the drain yet pulling the plug on those states could trigger a chain reaction greece believe investors can no longer avoid quitting the euro that in turn will spork the exit of portugal even italy and spain. ireland the board. to stop their last couple of. spain over germany at the. start of the europe's top banks hold billions of euro greek and portuguese debts if those countries go bust they could lose that money we

might see scenarios like that. means people will run to the bank in order to withdraw their deposits because they believe the bank might not be able to pay them the euro's facing an existential crisis admits german chancellor angela merkel but the head of europe's biggest economy warns they still might not find a compromise at the brussels summit that's raising tensions across the globe. at the moment the most visible the most obvious the eurozone problems but on the other side of the atlantic you have the u.s. economy. and suffering as well e.u. leaders could sign the death warrant for the single currency here at the summit if again they fail to do a deal to halt the spread in europe experts fear public panic will take over denying the. control. well to discuss the financial woes gripping

the e.u. we're joined now by former financial times correspondent david don't live from hong kong thank you for joining us today here on our team now there's been rumors that the e.u. is considering leaving a new tax on banks to pay for the bailout do you think that forcing private investors to chip in is justified. well i'm sitting seven eight thousand miles away in the depths of asia watching from outside it's perhaps inappropriate for ours to tell the europeans what they need to doing detailed terms our main concern has to be that whatever is done stabilizes what is at the moment an extremely unstable situation it appears that the reluctance of germany to to countenance private private investor. is part of the problem in

reestablishing confidence if that's so then yes of course we believe that that that is essential that's part of the solution at the moment however where we're worrying more than a thing else about both europe and the u.s. slipping deeper and deeper back towards a recession where indeed you see an unstable situation there will the e.u. or the euro i should say get through this. i sit on the gloomy side of things i don't believe that either the european economies or the united states have yet. really begun to get to grips with the very grave collapse that occurred after two thousand and eight. a lot of pain therefore is is facing is going forward. from an all steel point of view the sooner we start to get to grips with that and take some of the austere measures necessary the better of course both european economies and the u.s.

will get through it but i think we will all have to recognize in the process that we are a lot poorer than we thought we were in two thousand and seven when this e.u. meeting this summit going on today to try and resolve this do you think any concrete solutions carolyn reality come out of that. i think in truth a lot of a lot of hope is being put in some. in concrete yes. and if there's not then i think the story is that the euro as a as a phenomenon is in quite serious danger that probably can't be in the best interest of any of us so i think we do need some very concrete measurable conclusions coming out of today's meeting now looking outside the e.u. we hear of china's intention to lend a helping hand to the e.u. and by some of its debt do you think that could make an impact on the debt hole.

i'm sure that. on the margins assistance of this kind can be helpful china is in a difficult position here of course its main concerns are with the plight of the u.s. economy and the danger of default on the on the u.s. treasuries holds two thirds of it or approximately two thirds of its three point two trillion dollars of reserves in u.s. dollars and so it's its greatest anxiety sits with the u.s. in the management of the there but they have to be concerned if one trillion dollars of debt sits with europe. and things can go pear shaped in europe then they stand to lose a great deal they have the resources to be helpful i'm sure that they would stand ready yes you mentioned the us there and bit of a battle of wills going on in america i mean will the government there be able to

agree on raising the debt ceiling before the default deadline. well from an asian point of view that's a question that's probably more important. than the catastrophic problems that are facing the european economies if the u.s. were to default on its debt the consequences for our region would be really quite terrible. the value of bonds would fall. the value of the dollar would fall the impacts on china alone would be huge my own guestimate is that a five percent. just a five percent appreciation in the all fall in the value of the dollar against the roman b. for example would cost china in local currency its own currency terms about one hundred billion u.s. dollars. and so there is a lot at stake in the us effectively managing. their own really rather

catastrophic challenge it beggars belief that the leaders in the us so preoccupied with their own local politics that they don't properly recognize the dangers that they're creating for the global economy as a whole the prospects of recovering in any short term from the recession that's already dogged this for three years ok we'll leave it there for now david dodwell a former financial times correspondent thank you for your thoughts here today on r.t. . well as the u.s. struggles to preserve the euro the u.s. as we've heard is struggling with the economic battle the government is deadlocked on negotiations over raising its debt limit something that sent the value of precious metals to new records well more on this in the kaiser report coming away at seven thirty g.m.t. here's a preview. well the world at five hundred dollars over may it would mean that the peasants in america and around the world who are being disenfranchised and haven't

seen wage growth in decades and are being treated like by obama would suddenly a lot of money in which to restart the country and seek regime change and start a new republic you know other than france they're on their fifth republic america they need to get out to their second republic they need to rewrite the constitution iron out some of the flaws and loopholes return to some of the ideas that were there originally go back to gold and silver as it says in the constitution. the london based team investigating phone hacking by journalists to news corp has been expanded from forty five to sixty police officers and staff and the scandal intensifies it comes off the m.p.'s warn that any delay in completing the investigation would put back the start of the planned a public inquiry with a russian billionaire exeunt and then meanwhile says he wants to be relaunching

shamed the views of the world's tabloid already owns two other british papers london evening standard on the independent well to the emirates reports from london . to. also the prime minister has good kind of reporting. thank you see the growth humbled. i'm enjoying this so. who will. by the phone hacking scandal and keep his job cameron comes under fire for hiring. former editor of the now defunct news of the world he's accused of encouraging he's started to hack into private voice mails there's been a large amount of fingers in isn't just a grant of heads in the sand and that is lethal for a prime minister and he's now in a real fight isn't a real really bad situation he could well be looking at some serious consequences for himself at the very least. around the betting shops have slashed the odds on

cameron being the next m.p. to quit backing they offered one hundred to one at the beginning of the week but just five to one three days later in the last two weeks or so we've seen a lot of money go on camera in the last forty eight hours when the. committees have been going on behind us. and we've seen cameron over the last few weeks fall from one hundred to one to be the next cabinet member to leave to forty one years and he just slightly crept up again to five to one today as a result of his statements in the house earlier where we thought he gave quite a good performance on choose day it was murdoch's turn for a close shave attacked by a protester with a phone pai and saved only by his wife's right hook despite profuse apologies to victims of his own newspaper's unethical behavior he had no intention of stepping down himself. what's less clear is whether david cameron

remains the best person to lead britain out of this crisis of confidence he hired person who in turn it was later revealed was being advised by another ex news of the world hack neil wallis if that wasn't enough he was simple taney asli working for the metropolitan police politicians and police under fire for cruising up to commuting. the murdoch empire and in the wings cameron an arch rival edge miliband is limbering up to step into the ring was so the country can have the leadership we need why why doesn't he do more why doesn't he do more than give our apology and provide the full apology now for hiring mr colson and bringing him into the heart of downing street. commentators say the prime minister came out on top in

wednesday's round in the house of commons week when he was grilled by and pees over his relationship with news quote but the fight is far from a once you know. he is damaged before he was he was beginning to develop the teflon cam because none of the sort of damage that we can the government actually stuck to him the scandal has forced resignations all round top executives at news corp and the u.k.'s two most senior police officers many are asking why the prime minister shouldn't be next for a knockout david cameron's promised a full apology if it turns out and he calls and lie to him about his involvement with phone hacking but some say that would be enough when it's over and we are a long way from that it's far from clear who can survive the rounds still to come and remain at the top of the media the police and the government your avatar.

well new york based radio host. rupert murdoch is facing the collapse of his business and political ambitions. i would be shocked if he is still at the helm of news corp in the next couple of months and i think we're going to see actually a reversal of this i mean murdoch was in many ways a throwback in. professor jay rosen at n.y.u. has basically said that this was not a new company it was a media company that has a news division that essentially functions as a lobbyist as a lobbying arm for that media enterprise and i think murdoch wanted that political power and i suspect that anybody who takes over from murdoch and we don't know who that will be but i'm sure there will be somebody will see this this pursuit of political power just for the sake of political power to be antithetical to running

a good business. or that coming up in a few minutes on the program afghanistan starts fending for itself. in the process . regions and sponsoring a transition that's we continue to see from t.v. . and frenzy grips the central russian region the discovery of priceless extraterrestrial materials. the arrest of a growing hodgett with a lot of the international criminal tribunal for the former yugoslavia to focus on the completion of its men date that's according to the u.n. chief ban ki-moon who welcomed the end of a seven year manhunt excretions general accused of atrocities stemming from the early ninety's yugoslav conflicts is the last on the tribunals once of this. is expected to be extradited to the courts today days. was in belgrade looks back now to the events leading up to his detention. which is said on sunday that the

accepted. ninety ninety one ninety nine. war of independence. he with detained. his family to the north of belgrade and we saw just how is often his arrest this being quote here in belgrade a creep his legs addition to the hay the last of the war crimes suspect could have been killed by the hague he's been charged with fourteen counts and will price including the hundred. this is always be. in that pool of potential he can't see what he meant to hit and he said the last war crimes suspect theoretically seen a number of these other happening in two thousand and eight and just less than two months ago we had the arrest. president said it to. be in an extremely hard to track down the people. that now with this

latest arrest the ease getting to welcome thirty with has been said by many people to be a little bit naive that a number of stumbling blocks remain at least in the public opinion amongst the thirteen people that the serbian government has been bending over backwards to comply with the hague they've really to feed their hate for be quite by the way that they treat the thing is the way they feel pointing in this direction they're really quite this the lesion with president but it says polish thief now every member of parliament elections coming up just next year the i did. say will be sold by membership to the greedy now it's seen as a. sort of a reporting that well which is a rest comes out less than two months since the car through the form of. the general. explains why the international criminal tribunal for

the former yugoslavia. well he was just a loose saying really in their propaganda operation if they didn't indict him then there would be one serbian leader who wasn't accused of being a criminal and that would be inconvenient they had they have to accuse all the serbs all their leadership of being criminals for this propaganda picture to take hold so why serbs generally. use this to paint a picture because the tribunals have been set up to to accuse all serbian leaders of being i didn't serve the big criminals while hiding the real criminals so the tribunals pointing finger is the one that the actual criminals who broke up the country hide behind. this data more on our website including the latest news blogs and expert analysis is what's online few right now at r.t. dot com unscrupulous nuclear scientists down the technology can be internet

presenting projects as their own attempt to snatch money. and find out how two thousand passengers were stranded on the ship. and. the security handover in afghanistan has begun the first seven cities and regions being transferred from nato responsibility into the hands of local forces next set of areas expected to come on the cobbles control at the end of year the process of transition is sure to to last until twenty four to. troops alone would mean afghanistan support roles such as the training of local police volunteers recently spiked in the country and specifically targeting the regions on during the day that the taliban will be that even to fight once foreign forces have gone so as to make the better arty blogger and a member of the rethink afghanistan. taliban has grown as

a result of continued u.s. presence in the southern afghan. stand so by the us leaving you're going to see the taliban basically not want to fight as much because they're basically fighting it's afghans you're going to see an afghan peace process take place because afghans generally speaking don't want to silly fight with each other they just simply want to live in coexist for the most part but i think that generally speaking the afghans are better off with governing themselves without the united states of the coalition courses providing security for them because as we've seen we have unintentionally killed a lot of people so if afghans are killing afghans doubts that's better off than the united states or nato killing afghans and i think that we would be foolish to sit here and think that the us is leaving we're not leaving there will be permanent u.s. involvement in nato involvement for a long time. sometimes you have to dig deep to reach the stars at least that's the

case in central russia has resigned the region we need to right fever has spread in recent years. like a jump to the chance to catch a falling star. they don't believe in aliens so the time machine but they do spend most of their time looking for extraterrestrial matter that will take them billions of years back in time most meteorite hunters in russia do it for profit but some still see it as their way of he talking through the galaxy that the new mission this is the oldest matter you can hold in your hands there is a theory that meteorites are part of planets core just imagine this piece is about four and a half billion years old like the earth this valley about three hundred kilometers east of moscow is the latest pitstop about ten thousand years ago the local fields took a have a pounding from an audience shower creating the most told me to read ground in

central russia is discovering two thousand was a pure accident. if you did dog kids help with the draining off the excavators left a local resident was passing by he noticed a rather strange broken picked it out of the rug lay idly in his bomb for two years until the store program brought meteorites on t.v. and sent it in for testing that. within the next year is about three tons of meteoric material was discovered here at the sun with the unlikely they're out of their donations he's honest as he's the only dog in russia trying to account for rocks from other planets in many ways meteorite hunting is a lot like gold digging you have to spend weeks in the wild hoping for stroke a flock but in today's prices searching for these acts trying to wrestle rocks can be more profitable than even the good old gold fever marcion no lou and i meteorites we are in high as the month can cost two or even three times the weight

in gold the biggest findings usually gravitate to the united states and western europe when most me to write collectors at base and about the law actually where the facts are correct for the rocks ten percent of their value of must be paid to this. still some delusion of trying to dodge the meteorite tax this time on halt was uncovered earlier this year at a moscow airport on its way illegally to the czech republic. for some of their fallen stars but what bothers me to write recently becoming a brazen hog. well that is now all the latest in business. hello and welcome to business here on our minority shareholders at seeing k.p. are preparing a lawsuit demanding five to ten billion dollars in damages over be peace failed to

support their withdrawals left in the arctic exploration now they've won a russian court ruling obliging the parties involved to submit documents on the preparation of the multibillion dollar deal within two weeks this will allow the shareholders to evaluate the damages b.p.m. rosneft failed to strike the deal this spring as b.p. shareholders claimed b.p.'s russian joint venture should be the primary vehicle for exploration in the arctic. the u.s. house come up with a last resort plants are resolved the deadlock over and stepped sealing the plan this hopes to help the country avoid a catastrophic default and includes deficit cuts of four trillion dollars and calls for tax increases over one trillion dollars by the chief strategist of bank of course we for says there might be again between promises and real cuts. if the government makes too many cuts and raises taxes too severely then they could cause

a double dip recession they could cause a substantial slowdown in u.s. economic activity which would of course hit the u.s. federal budgets and exacerbate the problem so they have to be very careful not to introduce the cuts to violently you're too quickly so be a very tricky balancing act and that's why i'm not expecting even the four trillion dollars cuts i really don't expect those to be put in place for a very long time i think that's what we're seeing no are promises of cuts in order to get a deal done but there's a very big difference between promising a cause and actually making it and i think the implementation of the cuts will be very much linked to what the indicators are of economic growth in the u.s. . take a look at the markets now crude is next this hour that's after earlier gains as u.s. all stockpiles shrink and the getting fuel demand will increase in the world's biggest

consumer of the canal in the sea. and in asia shares came under selling pressure after a survey by h.s.b.c. reported a contraction of chinese manufacturing in july reading is the lowest in twenty eight months sparking more is about future strength the chinese economy bank of china is losing over one point seven percent in hong kong this hour and in tokyo stocks are flats and i could save the lack of real progress in the deal was that bad law is weighing on some exporters see the case corp is shedding two percents. and here in moscow there is just one hour left before the opening bell both markets ended wednesday session in the black with most blue chips off lower unemployment rates and accelerated retail sales in june to help boost investor confidence. and that's all the business news for now for more stories you can always check out our website it's our it's. business.

be sure disciplinary on. the. words. could potentially shift and transform a criminal into a law abiding citizen. whose life behind bars on r.g.p. . that

at that time for the headlines now. is a big current brussels on how to fund the continuing bailouts of the debts epidemic gripping into the in spain for the strains of un and it's no snakes. media mogul political tide some come under huge public scrutiny raising doubts the insistence on the fallout of the phone hacking scandal and restore trust.

last remaining u.n. indicted war crimes suspect one hundred is awaiting extradition to the hague bottom intact and some of the great hopes that people are in a country closer to new membership. well next and all of us the man heading the russian direct investment fund. just where high tech an innovation is to come from this part of present economic modernization drive our interview show spotlight is next. for the full story we've got it from the biggest issues get a human voice face to face with the news makers. hello

again you're walking to spotlight the show on heart and today my guest in the studio is the need to. have the world economic forum in st petersburg president meet the midfield to launch an investment fund aimed at fueling the country's economy with part of the most innovative businesses and high tech manufacturers stand among the major recipients of the promised. to fulfill them bush's go the president sent one of the iconic figures are the rest of the market to spur the profit but where will the money be coming from here's the head of the russian direct investment fund kill anybody.