wants to contribute to the bilateral 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 you pulling the plug on those states could trigger a chain reaction greece believe investors could no longer avoid quitting the euro that in turn will spork the exit of portugal even italy and spain. ireland the board everybody said the bug is going to stop there over the last couple of weeks we saw that also. spain over germany italy with germany started to go all europe's top banks hold billions of euro in greek imports did if those countries go bust they could lose their money we might see scenarios like a bank. that means that people will run to the bank in order to withdraw their deposits because they believe that 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 not indeed there are problems in three time zones at the moment the most visible the most obvious as the eurozone problems but on the other side of the atlantic you have the u.s. economy more than recession but showing some very weak economic figures 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 and halt the spread in europe experts fear public panic will take over denying them control. see brussels. and as the e.u. struggles to preserve the euro the u.s. is fighting its battle hardships faced by both sides as a consequence of their refusal to recognize the huge economic issues the two thousand and eight financial crash presented. times correspondent david.

i think the story is that the euro as a as a phenomenon is in quite serious danger our main concern has to be that whatever is done stabilizes what is at the moment an extremely unstable situation at the moment however. worrying more than a thing else about both europe and the us slipping deeper and deeper back towards a recession i sit on the gloomy side of things i don't believe that either the european economies all the united states have yet. really begun to get to grips with the very grave collapse that occurred after two thousand and eight. 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 there is a lot at stake in the us effectively managing. their own really rather

catastrophic challenge beggars belief that the leaders in the u.s. so preoccupied with their own local politics to 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 as for three years. while the u.s. government's deadlock in the raising its debt limit is also sending the value of precious metals to new heights and more in this report coming your way next hour but here's a preview for you. what a world at five hundred dollars over me it would mean that the peasants in america and around the world were being disenfranchised and haven't seen a 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 on 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 ration has expanded from forty five to sixty police officers and staff as a scandal intensifies comes off the m.p.'s warn that any today in completing investigation would put the start of the planned public inquiry russian billionaire alexander lebedev says he may be interested in going on she talks shamed usually

well tough luck for the two other british papers the london evening standard and the independent lower emirates reports from london with a phone hacking scandal. you say the prime minister cameron. every point but. i'm enjoying this so. who will survive the thirteen hacking scandal and keep his job cameron comes under fire for hiring a former editor of the now defunct news of the world he's accused of encouraging his staff to hearken to private emails there's been a large amount of fingers and there isn't just a kind of heads in the sand that is lethal for a prime minister and he's now in a real fall. in a real really bad situation he could well be looking at some serious consequences very bizarre at the very least those stars still around him betting shops have

slashed the odds on cameron being the next m.p. to quit the hacking 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 want 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 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 foam piii 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 coos and 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 are under fire for cozying up to and colluding with the murdoch empire and in the wings cameron's arch rival ed miliband is limbering up to step into the ring so the country can have the leadership we need why why doesn't he do more why doesn't he do more than give a half apology and provide the full apology now for hiring mr colson and her. into the heart of downing street iraq commentators say the prime minister came out on top in wednesday's round in the house of commons when he was grilled by m.p.'s

over his relationship with news corp but the fight is far from once you know. he is damaged before the race he was beginning to develop the nine on camera because none of the sort of damaging political issues that were in the government actually stopped 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 knock out david cameron promised a full apology if it turns out andy cool sunlight to him about his involvement with phone hacking but some say that won't 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 nor and. well new york based radio host some see them says 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 over 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 and. professor jay rosen at n.y.u. has basically said that this was not a a news 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. well coming up in a few minutes afghanistan starts fending for itself in the hundred or so making

several regions the responsibility of the transition that's continuing to twenty. frenzied groups the central russian region after the discovery of priceless tools. the rest of. the international criminal tribunal for the former yugoslavia to focus on the completion of its mandate that's according to the u.n. chief ban ki-moon who welcomed the end of a seven year one hundred excretions general accused of atrocities stemming from the ninety's conflicts is the last on the tribunals wanted list which is expected to be extradited to the courts the hague. well to sarah ferguson in belgrade now it leading up to his detention. hearing creation's ninety ninety

one to ninety nine. were independent. he was detained near his family. and we food just. has a right. here in belgrade. to dish in the hay the love of stuff that is being filled by the hague and he's being charged with fourteen counts and will probably think feeding the hundred. this is always be. talked about potential he can't. remember. 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 but it's. really hard to track down the. people. now with this latest arrest the east

bank will welcome serbia with help being fed by many people to be a little bit naive a number of stumbling blocks that remain not least in the public opinion among the serbian people the third being government has been bending a bit back with to comply with the hague and they've really beat the hague for be quite by in the way that they treat the thing is always they fail in this direction they're really quite distant lesion with president but it policy for now remember parliamentary elections coming up just next year the. problems they will be solved by membership to the. poll tape. so forth reporting that well the one hundred to rest comes less than two months after the capture of the former bosnian serb commander general what it is expert. explains why the international criminal tribunal for the former yugoslavia is so focused on serbian

war time leaders. just lose saying really in their propaganda if they didn't indict him then there would be one serbian leader who was accused of being a criminal and that would be inconvenient they have to accuse all the serbs all their leadership of being criminals for this propaganda picture to take hold to why serbs generally are accused is to paint a picture because the tribunals have been set up too to accuse all serbian leaders all 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. well plenty more to find on our website including the latest news blogs and expert analysis is what's online a few right now at the quality dot com unscrupulous nuclear scientists download technology from the internet presenting projects as their attempt to pocket

research money. and find out how to dozen passengers were stranded on a ship in the vessel was taken to a scrapyard with them still on board. the security handover it afghanistan has begun for the first seven cities in the region is being transferred from nato responsibility to the hands of local forces next set of areas expected to come on the cobbles control the end of this year the process of transition a shadow to last until twenty fourteen. troops will only remain in afghanistan and support roles such as the training of local police violence has recently spiked in the country with insurgent specifically targeting regions on the go in the one day that the taliban won't be that eager to fight once foreign forces are gone according to jake that a better team blogger and a member of the rethink afghanistan would. the taliban has grown as

a result of continued u.s. presence in the southern afghanistan so by the u.s. 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 or the coalition forces providing security for them because as we've seen we have unintentionally killed a lot of people so if afghans are killing afghans that 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 u.s. is leaving we're not leaving there will be permanent u.s. involvement in nato involvement for a long time. now a brief look at some other international headlines for you this hour the u.s.

has announced it will send terence a link to famine hit somalia regions controlled by al qaeda if assured that the liveries won't be intercepted the un has declared a state of famine in the areas of something like four million starvation. agencies estimate the country needs a billion dollars in the current crisis has been caused by a devastating drought worst decades. the space shuttle atlantis is on its way back to worth very last time the craft and its crew of four left the international space station on the kennedy space center in florida early on thursday will spell the end of the nasa shuttle program that atlantis will become a museum piece with plans to turn the mission control room into a training facility. sometimes you have to dig deep to reach the stars at least that's the case in central russia resign region meteorite fever has spread in

recent years what is looks on a boy jumped at 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 chocking through the galaxy. this is the oldest matter you can hold in your hands there is a theory that meteorites are part of planets 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 their latest pitstop about ten thousand years ago the local fields took a heavy pounding from an audience shower creating the most brutal meter a ground in central russia is discovering. thousand was a pure accident. a few ditches with dog kids help with the draining off the

excavators left a local resident was passing by he noticed a rather strange broken picked it up the rug lay idly in his bomb for two years until the store program brought me to write some t.v. and sent it in for testing. within the next few years about three tons of meteoric material was discovered here some of the unlikely help of the nation he's on our staff he's the only dog in russia trying to hunt 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 a stroke of luck but in today's prices searching for these accidents arrests or rocks can be more profitable than even the good old gold fever marchionne 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 where most me to write collector is

a base and while russia doesn't allow x. ray to fax or terrestrial rocks ten percent of their value must be paid to this day still some dealers try and dodge the meteorite tax base for too long haul was uncovered earlier this year at a moscow airport on its way illegally to the czech republic for some their fallen stars but for others meteorites are increasingly becoming a blazing hot new commodity kind of like the art scene resign region. well like this we've got some diving stars for you all to miss the russian cliff diving i think. that's an entire high acrobatics astounded spectators around the world sky sports minutes later. yes that's how they test business news for marine.

hello and welcome to business here on r.t. now we start this hour with minority shareholders at b.p. who are preparing a lawsuit demanding five to ten billion dollars in damages over b.p.'s failed bid to partner with rosneft in the arctic exploration the one 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. and rosneft fail to strike the deal this spring as team k b p shareholders claim b.p.'s russian joint venture should be the primary vehicle for exploration in the arctic. the us has come up with a last resort plants are a result of that lock over its debt ceiling the plan is hope to help the country avoid a catastrophic default that includes deficit cuts off four trillion dollars and calls for tax increases of one trillion but chief strategist of eye injury bank chris we for says there might be

a gap between promises and real cuts. if the government makes too many cuts and raises taxes perhaps too severely then they could cause a double dip recession they could cause some 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 to cuts to violently you're too quickly so we're 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 promises of cuts in order to get a deal done but there's a very big difference between promising you cause you know 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. . let's take a look at the markets now crude is mixed this hour and that's after early gains as u.s.

oil stockpiles shrank indicating fuel demand will increase in the world's biggest consumer of the commodity. and in asia stocks are up but they are under selling pressure after survey by h.s.b.c. reported a contraction of chinese manufacturing the july reading is the lowest in twenty eight months sparking worries about the future strength of the chinese economy bank of china's news in just over one percent this hour and stocks are flat it's the lack of real progress in the u.s. that is weighing on some exporters t.v. k corp is adding over two percent. and here in moscow to be artsy as in the black point zero six percent right now my sex is about to start trading in both markets ended wednesday session in the black most blue chips were up and lower unemployment rates accelerated retail sales in june helped boost investor confidence. looking ahead to the day's trading michael signs for much greater

financial corporation says and the best mood will be affected by data from europe and the u.s. . today we see the p.m.i. idea coming out of germany we see retail sales coming out of the u.k. investors will also pay close attention to the weekly u.s. initial jobless claims data in addition there's an important event taking place in greece where e.u. leaders will convene to talk about the terms and conditions of the second greek. the ruble could be on the downward slide if researchers from the higher school of economics are to be believed they're suggesting the russian currency is ready for the valuation next year and according to them it's weakening as inevitable. physical volumes of roughnecks they are constrained and prices stable so you would just continue the trend of stable oil prices and the same all in let's say slow

ones all the import we dissipate for our forecast twenty five percent year over year and if you combine those two players your so you that in the second half of the next year russian current account will stream below one percent of g.d.p. of their four unstable situation so it will be one percent in the fall in the second quarter it will be zero what it will be one this was the fourth quarter that is definitely the terror of all the instability over a month and historically we saw it in ninety four thousand. is below one percent this is diminished. and that's all the business news for now for more stories you can always had so our web sites are t dot com slash business in the meantime stay tuned for the headlines with carrie.

welcome to the. what makes a big splash in the world of high tech business what turns events science into i.q. cheap products they don't understand oh boy these is going to be followed russian innovators to eat your betters abroad and their big breakthrough back home spotlight on story on technology update here on all. we've got the future

covered. for. in. soon which brightened if you move it soon from friends to pressure. starts on t.v. dot com. though

it's time for a look at the headlines now here not e.u. leaders baker in brussels on how to fund continued bailouts of debt epidemic gripping italy and spain the strains in your own it's not snakes on. a media mogul and top politician come under huge public scrutiny doubts they'll be able to survive the fallout of the phone hacking scandal and restore public trust. the last remaining you end dieted war crimes suspect on hundreds is one thing extradition to the hague of being captured in serbia great in the country closer to

your membership. the next season so if you have a nasa discusses the prospects of economic cooperation between paris and moscow the french president's special representative to russia. after the last special representative of the french president on cooperation on russian french business relations thank you very much for being with us today so you come to russia every fifteen days what is your primary mission. my first mission given by presidents our cozy in line with president medvedev is to report and scope out the establishment of your russian economic zone and the second part of this mission is to strengthen economic cooperation in all possible areas

between our countries. now you have responsibility also developing the trade between french france and russia which sectors of the russian economy do you think are most attractive for business leaders and friends. of course o.b.'s your team that today for france it is of course raw materials in trade we have got oil is essential but there is much more look at what alstom is doing with trans march holding building locomotives for export across the world look at what's on offer use doing in the pharmaceutical area we cooperate in many new technological areas and today these areas are multiplying because we are in the heart of russia's modernization plan and french companies can offer quality technology and so for us we want to be interest on many not only war materials which remain essential including the nuclear sector in which we can cooperate more deeply. talking about. the good sides of the modernization and present.