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 to go everybody said ok the bug is going to stop there over the last couple of weeks we saw that also spread to spain over germany italy with germany started to go all europe's top banks hold billions of euros greek and portuguese debt if those countries go bust they could lose that money. we might see scenarios like a bank run 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 that's

raising tensions across the globe not indeed there are problems in three time zones at the moment the most visible of the most obvious is clearly the eurozone problems but on the other side of the atlantic you have the u.s. economy not in the session but showing some very weak economic figures and suffering as well your leaders could sign that this warrant for the single currency here at the summit if again they fail to do a deal with the spreading you're a virus experts fear public panic will take over denying them control. see brussels. and the cranks frighten the king to join its report later this hour. with the east those struggling to keep its head above water there are still some countries that are ready to get on board or some commentators have compared to climbing on the titanic after it started thinking. financial times correspondent david well says it's not only the euro it's going

down. i don't believe those either the european economies or the united states have yet. really begun to get to grips with the very grave collapse occurred after two thousand and eight. lot of pain therefore is is facing is going forward. from an all still poor to view the sooner we start to get to grips with that and take some of the austere measures necessary the better 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 the story is that the euro as a phenomenon is in quite serious danger over the crisis raging across the atlantic as well check out the latest edition of the colliers report to see if people in the us are going to rise up against the big banks that's in the next hour that has the tastes. there are encouraging at least twenty thousand people to show up on wall

street occupy wall street and don't leave just like that the people in tahrir square didn't leave and told their demand that mubarak step down with the americans saying don't leave until obama forms a presidential commission to investigate whether or not there's been financial fraud. causing to the u.k. now investigations into the phone hacking case that's rocking the conduit growing by the day with ever more questions being asked of key figures in political media and police circles as the scandal intensifies its impact threatens careers across the board are reports now on how the case continues to who are not just repeat not dog but prime minister david cameron as well. this is a humble. i'm enjoying this so. who will survive the phone

hacking scandal and keep his job cameron comes under fire for hiring andy cools and former editor of the now defunct news of the world he's accused of encouraging his staff to hack into private voice mails there's been a large amount of fingers and just a kind of heads in the sand and that is lethal for a prime minister and he's now in a real fight is in a real really bad situation he could well be looking at some serious consequences for himself at the very least those staff still around him betting shops have slashed the odds on cameron being the next m.p. to quit or 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 pie 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 under fire for cozying up too

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 that 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 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 base he was he was beginning to develop in the form cameron because none of that sort of damaging political issues that were in 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 service apology if it turns out and he calls and lie 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. the new york based radio hey sam seeder billy's rupert murdoch's days at the top of his media empire are numbered and it's political ambition that's been his downfall . i would be shocked if he is still at the helm of news corp in the 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 new company it was a media company that has a new 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. with plenty more ahead this hour including time it to say could. the taliban has grown as a result of continued u.s. presence in southern afghanistan. we'll get an expert opinion on how the pullout of u.s. chiefs in the country could increase security than. just imagine this piece

is about four and a half billion years old like the earth space is wrong but if it comes back house in the proceeds of profit weeks the right mind behind the meteoroid fever is spreading in central russia. honey from countries causing trouble for the european need into all this to hyping to join it so he is expecting progress on its e.u. integration following the arrest of war crimes suspect gordon had it that had remained the key had little to membership that still needed clearing may be extradited to the hague on saturday when aussies are fast reports now from the capital belgrade. whilst the government is very much to the west the public opinion actually does this quite significantly now the last time i was in belgrade at the end of last year i spoke to the deputy prime minister head i asked him why there's still such a government drive to this membership and he said that they really see this as

a chance for serbian people to have a normal life well the people here in serbia only have to look at what's happening right now in greece in spain in italy to see that quite clearly even membership is not going to be the answer to all our country's problems now add to that that they're also a very disillusioned with the government's policies and the way that they've handled this whole partnership and dealings with the e.u. they feel the serbia is being made to jump through hoops and that was the feeling all these the months that are put on them by the this thing which very little in return. for years ago nothing whatsoever. got many many more hoops to jump over before you can get anywhere close to member ship the e.u. has always linked serbia's membership with the full cooperation with the hague

and we've already heard from president padgett that he feels that they have felt the moral and legal obligations to the hague so it's going to be very interesting that see with this latest arrest of had it whether or not the e.u. is going to school not just with words but with actions now because it seems that with the arrest serbia really has cooled brussels blocked. plenty more to find a website including the latest news that blogs an expert about this is his work online right now it onto www dot com. and delivering it with a difference in the lion's den of zero not close to spend five family of big have you ever their lungs they will be there with one plus. passions around i and they beat his bag of dozens of glamorous contestants put on their high heels for one hundred meters four and find out what prize the girls are chasing about on our website outing dot com. now the security handy there in

afghanistan has begun with responsibility for the first cities and being transferred from nato into the hands of local forces the whole transition process is scheduled to last until twenty fourteen opted out the remaining foreign troops in afghanistan will only be in support roles such as training the local police violence we said the spiked in the country with insurgents targeting we germans have being handed over with the taliban ways and eager to fight once foreign forces have gone that's according to afghan war veteran a member of the rethink afghanistan movement. 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 their base to be fighting is 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 now as the taliban comes into the peace process comes into the afghan government the taliban will begin to reconcile itself with the population and become more congenial simply because it has to if it wants to be. taken seriously by the population 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 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. well elsewhere across the globe this hour in the u.s. has an altitude will send aid to famine hit somalia but only if it should deliveries going to be hinted as they pass through islamist militant controlled areas the un has declared

a state of damage in southern somalia we nearly four million people are in danger of starvation a devastating drought has caused the crisis there because it was to hit the region in decades it's estimates of the stricken country needs as one and a whole billion u.s. dollars in aid. for elderly kenyans have been given legal permission to sue the british government alleged atrocities committed during colonial times the claimants say they were systematically abused in special camps set up to crush the moment rebellion against british rule the foreign office says it should not be held responsible for the actions of the colonial administration. for its very last landing after almost a fortnight in the touchdown brings to it and thirty years of the american space shuttle program atlantis is the last shuttle to be retired and has to be put on display at the kennedy space center any further missions by u.s.

and sleepy i assessed will rely entirely on help from russia. all sometimes you have to dig deep to reach for the stalls that are these is the case in central russia is the design region where. fever has spread in recent years aussies are grown up we could jump to the charles to catch a fall and stall. 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 heat hiking through the galaxy. 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 their latest pitstop about ten thousand years ago the local

fields took a have a pounding from an audience shower creating the most fertile mitterrand ground in central russia is this covering two thousand was a pure accident. a few ditches were dug did help with the draining off the excavators left a local resident was passing by he noticed a rather strange rock and picked it up the rock lay idly in his bomb for two years until he sort of program but meteorites on t.v. and sent it in for testing. within the next few years about three tons of meteoric material was discovered here some with the unlikely help of the donation 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 acts or terrestrial rocks can be more profitable than even the good old gold fever marsh you know lou

and i meteorites which 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 meteorite collectors and base and well russia docile are exploited for extraterrestrial rocks ten percent of their value must be paid to the state still some delusion 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 meter rights are increasingly becoming a blazing hot new commodity. art scene how do you stay cool in the hot summer sun will obviously use and just take the bees or something but this time place skills to the test to fail if you travel thousands of kilometers to mess about in the water a mosque

a for activity is rapidly gaining momentum in russia don't miss all the fun in the song that and much more of course in all sports round up in around ten minutes time . by now the last contact of the nation's business with dmitri. for the full story we've gone to. the biggest issues get a human voice face to face with the news makers on.

a warm welcome you're watching the business update on our minority shareholders of preparing a lawsuit over b.p.'s failed bid to partner ross never in arctic exploration shareholders have won a russian court ruling ordering papers surrounding a multi-billion dollar deal to be revealed as well allow them to evaluate the damages b.p. and rosneft failed to strike the deal this spring as shareholders claimed b.p.'s russian joint ventures should be the primary vehicle for exploration in the arctic . but off the board members nominated by b.p. didn't make it clear there was an opportunity for corp which they should have done as a result didn't get to participate in this partnership dance might have had lawsuits . lawyers for minority shareholders say they could claim from five to ten billion dollars in losses however in ivory from goals that he believes it's too much it's going to very hard for them to really establish that there's been something

that's been done that's wrong and that's led to that sort of sort of a financial loss my suspicion is this is all part of a commercial negotiation trying to get something that's the purpose of the decision the siberian court is that they've now got the permission to get further evidence. u.s. has come up with an eleventh hour plan to resolve the deadlock over instead ceiling it's hoped the plan will help the country avoid a technical default includes a deficit cuts of four trillion dollars and calls for tax increases of one trillion but the chief strategist of bank chris we first 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 budget and then exacerbate the problem so they have to be very careful not to introduce the cuts to violently or to quickly 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 what we're seeing now are promises of cuts in order to get a deal done but there's a very big difference between promising a cut 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. . and its move to the markets now crude has been very volatile today we have to say we're seeing a drop now it's positive up thirty seven cents for light sweet bread just six cents that's all reports of a contraction chinese manufacturing still limiting those gains smoove on to stock markets and first look at the opening picture in the united states and a very strong opening that's after morgan stanley report of the smaller than expected also the loss of driving financial stocks forward the bank itself is up almost six percent jobless claims have come out however with a slight increase but

a lot of the drive in the united states is also coming from europe the european markets are therefore in the black that's chancellor merkel and french president sarkozy agreed on a joint approach to greece's debt crisis head of today's e.u. summit. point eight percent here in moscow final minutes of trading and we're seeing a huge boost before the u.s. and. they're up one half and one point one percent respectively unemployment rates accelerated retail sales this positive data is pushing the markets forward gazprom managed to pare losses and now it's up twenty three percent. this burbank however still one of the few lose among blue chips down just a notch ross telecom has been a very volatile stock it's running on speculation and could be completely sold to private investors on wednesday game five how is that the ruble could be on a downward slide of research from the high school of economics are to be believed

the suggesting the russian terrace is ready for devaluation next year according to them it's weakening is inevitable. physical volumes of russian expert they are constrained and prices stable so you would just continue the trend of stable oil prices and the same with all that let's say slow and all the import of we we anticipate well forecast twenty five percent year over year and if you combine those two players you will see of that in the second half of the next year russian current account will stream below one percent of g.d.p. of that for unstable situation so it will be one percent in the first in the second quarter it will be zero in the ward it will be minus one in the fourth quarter it is definitely very territorial instability over sort of a month and historically we saw it in ninety eight to two thousand. is below one percent this is the ratio. all right that's all from the business team for now but you can always log on to our web site. business with we go all the stories up there

we will be back in fifty minutes time with an update alison is next with the headlines. this nature and discover it's busey. the. communicate with the wild and let's.

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just so. on. in india. the move the joint the photo. the gateway photo

the brand imperial troy told us to. close the show to see don't need to go and claim the sun the colonel was hotel retreat. this is. leaders are in brussels for a cross summit is aimed at how to bring out measures to tackle. crisis but many say with the debt epidemic spreading and threatening big call it means like italy and spain the very future of the single currency the state. meanwhile the troubles all the tearing aspiring states from wanting to join is so to be opposed to extra dog fugitive to the hague arresting gordon how it was the conditions now fulfilled hoping to move closer to becoming a member of the. investigations into the u.k.'s phone hacking scandal intensify

with even more political figures coming under scrutiny and public betting on want to bring down next experts say it threatens the careers of executives including solved but also the political future of prime minister david cameron. next. discusses the prospects of economic cooperation between paris and moscow the french president's special representative to brush up. on a 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. a poignant humor 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 developing the trade between french france and russia which sectors of the russian economy to you think are most attractive for business leaders and friends who will be bought of course o.b.'s your he met your one year today for france it is of course raw materials in trade we have gas 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 model .