in india she's available in the movie the joint the hotel rooms the elevator that's the gateway hotel the grand imperial should the torch was there to screw until you can a well it's no socialist good to see don't need to go and. read this in the kennel was her job as a school retreat. the headlines on r.t. and oppose the president of egypt goes on trial in cairo the ailing hosni mubarak is charged with corruption killing protesters as angry crowds fatally clash outside the courthouse. for us has been brought back from the brink of a devastating default but it comes at a heavy price say economists who warn that america cannot remain a safe haven for the world's investors. divisions in the u.n. security council western countries press for an outright condemnation of the syrian

government for violence russia meantime says that could damage the road to peace and calls for more. worldwide news live from moscow this is r.t. with me rory sushant the man who ruled egypt with an iron fist for thirty years is on trial after the february uprisings that toppled him hosni mubarak is accused of corruption and ordering the killing of some eight hundred and forty people it's a charge that carries the death penalty the bedridden former president was wheeled into the crowd of courtroom and placed in a special cage one person was killed meantime outside the scene as mubarak supporters clashed with his opponents a further fifteen were injured as each side holding rocks and bottles at the other parties on a boycott is following developments for us in cairo. but during these hearings

today we haven't heard of the mark of the crime the only break you really uttered was that he was there he was period that's exactly what he said and i categorically deny all the charges levied against me now. he didn't elaborate on what exactly he meant but he certainly is testimony testimony is that he came during the initial interrogation make it a real chance something was leaked to the media an error in that transcript you were quoted as saying that he. denies any responsibility for the killings he believes that the massive death toll was the result of from the last of it because of the specific really sad that he did clear orders not to use force and he also said that kathy authorized the use of force nobody would have listened to him this is enough and that it was pretty enough probably so confusion and tears that is occurring and it to these days about eight hundred fifty people were killed

during the initial wave of driving in this people ask why they're referring here marchers that families i think the concept of thousands possibly even of people is only out of the fact that will it be quite a time for many more people were killed and injured pulling the uprising in following the car step down from office and many of those clashes have been the police excessive response by the temporary military allowed counsel that is now being charged to check out these difficulties that not that much has really changed in egypt and some of them have attempted tactics that were used by the mubarak regime as field of play and are being used by expect something now maybe i'll get hold of people. power during these initial wave initial uprisings. all soon. it might be there like various an alternate america where this

quaint cairo is now one of the most famous in the world and many around the globe even those with little knowledge of arabic know its name means liberation well the revolution of january put this part of the globe on the map but apart from that what else did it bring the people of egypt. this man has been running his own business for thirty five years it used to bring him enough money to send his son to study to canada and take his large family abroad once a year but with the economic devastation caused by and rastan the political uncertainty. enterprise has been badly in fact it now he can barely afford to feed his children he says the wind of change may have brought freedom to egypt and its grant as survivals town in its wake. but you know i love the revolution when it happened i welcomed it but look at the time with

a light at the end of the tunnel you see it's not getting better we have nothing to eat just don't tell me about democracy for hungry people it just doesn't matter. the plight of poverty fuel the revolution your growth has dropped from five to just one percent some thirteen million people live below the breadline unemployment has hit twelve percent. egypt's revolution was regarded as the most successful arab spring chapter it took eighteen days to end one of the world's longest dictatorships five months on there is little satisfaction and dictator free egypt is far from the best place to live and one of the people. the people now walking about. and this is the very. people are indeed. tired even those who backed

the changes face young man is from the revolution youth caliche and he tries to remain optimistic but all he says sounds a lot like south conviction that i get and i say we've been living under mubarak for many many years too many i'd say but it's great what we did but we do need to be more patient and this is difficult we have a lot of problems right now but we do need to wait for a little longer. recentre new demonstrations in africa square show the best choices and has been pushed to the limit and its protests versus patients and the battle to save agents from crowding further grief and action or r.t. cairo. and analysts believe that egypt has a long way to go before the situation there improved. there are other areas he's. expecting. to.

be rescued if. he were to do the new if. he can do it if you can really need him to get. down and be there we've been there a new. program to know that. we will get answers and we. mean i think you know. that was our middle east expert about it up mikhail speaking to me i spoke to him just because. the world's largest economy has been a rescue from the brink of collapse as barack obama signs the bill to raise america's borrowing limit with just ten hours to spare before the country was due to default after months of political wrangling democrats and republicans hammered out a last minute compromise which finally clears both houses of congress however the

deal to increase the u.s. debt ceiling by almost two and a half trillion dollars is viewed as less than perfect by both parties many republicans pushed for less government spending while democrats wanted to keep social programs and have the richest americans pay more in taxes but despite a last ditch agreement credit giant moody's has slapped the u.s. with a negative economic forecast standard and poor's could still downgrade its aaa rating carol to some insight from the trends research institute told us here at r.t. that the u.s. is headed for yet another great depression. to devaluation of the dollar it's been going on for a long time but they're not calling it a devaluation what they're doing is they are flooding the world markets which eat dollars. just as the europeans are doing witchy euros so the more the product is out there the less valuable it is the dollar is it worth the digital paper it's not

printed on the united states can't deliver on its wars that loses wars where there rock afghanistan the war on drugs the new war with libya they are losers the government did everything that they touch look at all the trillions of dollars the tens of trillions that have been pumped into the system since the panic of zero eight struck the american economy as well as much of the global economy is heading into the greatest depression anything everything they'd be doing is not going to salvage it if you have a third mortgage it's like taking out a fourth in a fifth how is that going to fix the real estate problem which by the way the prices of four with what dramatically since two thousand and seven since the great depression of the one nine hundred thirty s. how is it going to fix the trade deficit problem it's not the great depression is underway and all they're doing is trying to make it look as though they have a plan to stave it off they're not going to. look honest continue to sound to be

a lot of a dangerous still facing both the u.s. and world economies that's fear that washington's efforts to cut spending could just slow down already sluggish growth but is not to use it you're caught up in the culture of reports many say that the u.s. is used to dissing out advice to others but may be less accustomed to helping itself. congress has now approved a compromise to reduce the deficit and avert a default that would have devastated. the u.s. just had to swallow this bitter pill but many still down to it will how the patients recovery but will instead prove to be a poisoned chalice our economy is not growing at all in fact unemployment remains very high foreclosures remain very high no recovery is taking place and are we on a suicide mission we may be gesturing you know the kind of deal with there at the same time make it impossible for the government to play any role or to save the economy an economy is going down rapidly at some point shortly after the collapse

of the soviet union russia became an american love bore a tree for nearly grown economic theorists with can americans take their own advice now to deal with their own economic crisis. live within your means the same advice they gave was without knowing our economic and social realities and were we to be russian to how did russia central bank and the media to solve it kirit the year he took up the chop in one thousand nine hundred ninety two so the worst for figure inflation in russia's history the us the sarra tkinter nance's the communist economy was in collapse but there was nothing to replace it with. supports a decision we should it was disastrous for you did it was over a hundred billion dollars in gold and for your currency reserves wasn't fifty million which effectively means nil. people still are fullness of the damn

government remember how in america's advice so-called shock therapy was applied the markets might have got the therapy but the people got the shock empty shelves and must pull their teeth as one politician said to me from a mortgage to a communist economy is easy it's like trying to turn your query into fish soup but to do the opposite is much harder it's like trying to revive the dead fish it took you in russia a decade to revive it's a quarry and return to economic growth transforming the country's fortunes after the disaster of the nine hundred ninety s. but were the us now the patient in dire need of economics theory will soon see the math and they thought it was good enough where both russia would be before america if they did not argue about art. with washington out of the woods for the immediate future investors turned their attention back across the ocean in europe borrowing

costs for italy and spain have social drastically as traders rush to rid themselves of risky investments a crisis talks between italy and the e.u. are already underway at its bond yields reached their highest level since the euro was i thought there were more of the implications of this we can now talk to economic journalist patrick young joining us live here on r.t. hi patrick so does have relevance will severely dent the ability of the third and fourth largest eurozone economies have pay off their debt and even put them on the path to a greece style abelardo if that happens the e.u. is bailout fund but might just not be big enough to pick up the tab how worried should we be. we should be very worried rory i mean the problem is we keep coming back to this issue time and again and really no one in the european union really wants to address that problem you're absolutely right the european union's belie fund is on the verge of running out of money as soon as one of those major economies such as spain or italy to fault and every day the market is saying it is terrified of the debt that has been built up in the system and it's appalled by the

fact that nobody in the euro zone wants to actually lead a sight of this problem so it looks like italy has now entered the crisis talks you talk about the bailout fund being a balance of barely anything here how likely is it that italy will ask for a bailout do you think. well you know it's going to be very very difficult because it's really a game of chess i mean if it really asks for a bailout there simply isn't going to be enough money in there in order to manage to pay it at the same time we've got a problem because banks in france and germany well they're very much split the big banks are finding ways to try and reduce their risk and reduce their profile of debt in these lesser quality nation actually forgive me for interrupting if i may you know you mentioned these banks particularly german ones i adore you and this is a huge bank has reduced italy's bond holdings cutting its exposure to the countries that by eighty eight percent in the first half of this year that is a sign that the big banks really are rushing to cover themselves so that's a whole big move absolutely it's a huge move and don't forget i mean going to

a bank is actually a highly high street bank in italy so it's very very active there the big banks are moving very quickly to get out of this debt i think the problem is that they're using quite sophisticated derivative instruments often in order to reduce their holdings and the problem is those instruments aren't necessarily available to smaller banks in the sea in big countries like france and germany so we actually have a problem because when mrs merkel or mr sarkozy looks at the problem tonight they get a situation where the big banks may be able to say shoot i'm ok i've got i've got this problem but actually the smaller banks are the ones who are going to. left holding the baby i want to see i'm going to have a trouble or project sorry but i'm just going to say it's only requires quite heavily on domestic banks and insurers over this move from deutsche bank i mean how or how could that actually hit the country itself well it hits the country very significantly because you're quite right i mean actually italian host holds by a huge mind of a tile in government bonds and that's always been

a very steady business but at the same time somewhere along the line you need to sell some of your bond issues to overseas investors and if a bank like dogshit buying basically says we don't want to hold italian government bonds there are lots of other foreign investors are going to say gosh i could be on to something we don't want to buy those bonds either and the problem for italy is it has a lot of refund in coming up in the course of the next six months in other words it needs to sell a lot of debt patrick now spanish and italian bond yields are surged less than two weeks after greece's second huge rescue package aimed at staving off contagion this means that the deal was simply a bad one civic. it absolutely dollars i mean i we've been discussing this for weeks and you know something the problem here of years that no one in the eurozone wants to cure the problem they simply want to throw effectively aspirin took urine of candor sightless not everyone is gradually getting the appendicitis throughout the euro zone and unfortunately the way to cure appendicitis is actually surgery.

seventy billion euro austerity package passed last month a dozen little card with the markets is there a way out of this deadlock or what are people going to see that is by its paying banks its fat cats and lining the pockets of fat cats and you know what is the end game here it seems to me the public is just being kept in the dark. i think the public is being kept in the dark and it's been sent a lot of smooth messages from the political classes that don't really hold up to the stark reality of markets i think the problem is that ultimately banks are going to have to lose money as part of this entire play they originally bought a lot of the thinking there would be an endless nirvana of cheap interest rates for all of these countries and effectively the gear is up but players over governments need to step in they need to restructure the market and we actually need to see that demon d word default in other words some of the bonds have to go vast for the bones have to be restructured and ultimately some here must end up with the banks

there are many analysts out there who say default and restructuring really is the only way out here young economics journalist thank you friend. well a pretty heavy it is our all here not see including border stress as nato increases its presence along the northern frontier between cause of o. and serbia we explore the possibility of even of further escalations in ethnic tensions. now the violence in syria picks up pace with reports of government forces have resumed storming the opposition stronghold of hama and cracking down on protests over one hundred people are said to have been killed over the past few days meanwhile the u.n. is locked in debate over what action to take on the crisis parties marina port as this from a new york. there is a divide among security council members on where the condemnation lives the u.s. and its western allies believe there should be

a direct condemnation against the syrian government and the syrian president for the crackdown against anti-government protesters that have been taking place since mid march yet other countries like russia china india brazil and others believe that there should be a much more balanced approach that whatever words are used in any text that is put forth by the security council should not exacerbate an already sensitive circumstance in syria now russia has said in the past that it opposes on balanced measures such as saying sions that could create an even bigger problem in the russian ambassador to the united nations vitaly churkin has said that the resolution dealing with libya he believes was dealt with very frivolously and the security council can't help but keep that in mind when contemplating what the security council can and can not do when it comes to the situation in syria we're

concerned about the well of some of these collusion of the. circumstances the security council could and should the those that have signaled in favor of political accommodation and the violence some of the positions. in droves over. which is detrimental to the objective picture. of the russian delegation chaired by some other members of the security council. everything possible in order to. pull away from the brink of a civil war with syria is funny because of russia and many other security council members believe that the text of any draft resolution or presidential statement should be aimed at changing things on the ground in syria to send a strong. the violence and move things forward peacefully now we do know the security council members will continue discussing this matter and what is clear is

that the international community is trying to reach some type of consensus to help end the violence that's been taking place in syria for more than four months. reporting talking about the ongoing protest movement in syria some analysts dealt with the opposition accurately reflects public opinion in the country and its political expert michel chossudovsky sense the gap between the two conflicting sides is only one. person we have to ask ourselves is what is the underlying cause of this of this so-called protest movement it looks more like an old insurrection with god which is supported by the muslim brotherhood all these events in effect. from islamic groups the city of hama is the stronghold of the muslim brotherhood and especially this is a confrontation between the muslim brotherhood and the government i do not think

that it reflects generally public opinion in syria which is committed to secular. muslim society. now you can also catch up with all the latest developments unfolding in syria just do so online see gotten a get our crews view from the ground as we travel to the city of hama to give you a firsthand account of the news as it happens directly from the heart of the protest torn area. also a wooden alien lands in russia this morning went to cosmic visitors is unveiled in an area famed among u.f.o. fans far higher numbers of reported sightings all that and some much more at r.t. dot com. now sent hundreds of extra troops to kosovo as violence escalates on the northern border with serbia reinforcements will bolster alliance forces already patrolling the area border clashes between a cause of those special forces and ethnic serbs saw one police officer killed

a peace keeping forces fired upon tensions were raised last week when cause of an a police seized two crossing checkpoints to enforce a trade ban on imports from serbia this was in response to belgrade existing embargo on cause of on goods in place since the unilateral declaration of independence in two thousand and eight doris analogously a serbian canadian film director things that whatever concessions are agreed upon it will just be serbia making. they would not be sending troops into kosovo or if they didn't estimate the situation could explode into a larger conflict and considering that the international community has an interest in solving the so-called north closeable issue it would not be unreasonable to suggest that they are trying to sort of fix this issue as fast as possible and i strongly believe that if force is necessary to do what they have planned they will use it this escalation of violence of course it's not helping belgrade because. the

people of serbia. see this as a provocation and it is making their sentiments against reaching compromise. not not very people will try to side so i think this is not definitely helping anybody whatever the both sides are urged to negotiate it is mostly for the reason to get the serbs to accept something rarely are albanians ours to make concessions to serbia and serbia has already made many concessions for the so-called republic of course so they recognize their documents their i.d.'s their license plates so i think calling for the albanians the negotiations is another call for serbs to accept more things that are just leading to serve you recognizing kosovo are you with us here i'll be back with a recap of today's main stories a very serious but first though it's the business with.

hollow and welcome to business here artsy will not pay pal is waiting plans to open an office in moscow this autumn and according to the venice newspaper the world's largest online payment portal it's punts invest twenty five million dollars in russia pay pal is coming hand in hand with its own or online auction site e bay and in order to operate in russia even these to sort out online transactions and delivery while it's in talks with the trial about postal services pay pal will be transferred in the money analysts say pay pal's move looks reasonable given russia's booming online payment markets. prices for jet fuel in russia are about to take off again the country ski suppliers reduce fuel costs by up to ten percent on choose day while companies say that high global crude prices and domestic shortages are spurning craze in addition the lack of fuel is being driven by higher traffic volumes from russian airlines jet fuel prices have risen twenty five percent this

year with the previous hike in early june. now let's take a look at the markets or oil prices continue to fall this our investors that signs of a slowing u.s. economy may falter fuel demand in the world's biggest group consuming nation futures dropped as much as one percent on wednesday after the unexpected fall of u.s. consumer spending. and gold is edging us concerns that the u.s. economy is faltering are who's the demand for safe haven the yellow metal is trading one point six per cent higher silver is at an almost every sentence let's take a look at what's happening in europe stock markets there are lower on the heels of sharp losses in the u.s. and asia among the worst performers science society janeiro which dropped six point six percent after reporting a thirty one percent drop in the second quarter that profits other banks are mostly lower as well except for standard chartered which rose two point two percent to

london after the lender reported a twenty percent rise and its first half profits. and here in moscow markets are diving into negative territory tracking losses in europe and asia both the r.t.s. and of mindsets are losing over two percent this hour. let's have a look at some individual movers on the my sex energy majors are among the main losers weighed by a lower crude price gas from is down over super sons are also have this one point eight percent in the red banking stocks are also down with v.t. be losing two percent bucking the trend though is. all of us call that adding zero point six percent own stronger precious metals. gas from the left has boosted its first half their profit by seventy four percent suits you point six billion dollars the oil arm off the gas and oil gas strong says the results are driven by high crude prices and better sales. russian model

for retailer says no it's a list on the long than stock exchange next year become pretty c.e.o. has estimated its value of between one point six i answered point eight billion dollars and says up to forty percent of the fares will be sold meanwhile says no one has reported its own six percent profit growth for the first half of the year we are trying to prepare ourselves for the possibility of an i.p.o. next year looking at two windows one is probably other ones i've told you is not the only winterreise ones obviously there is private placements there's also the possibility rather than equity for it in saying so once again we're looking at i.p.o. is one of the alternatives to which a response the reason why we need to raise funds is primarily poor the other projects within the group the sure holder of course is neuer also has other projects in waxman or big but it's looking after and those are the projects that

need to fund it. that's all for this hour the headlines are excellent or a. great for the full six we've got it for. the biggest issues get a human voice face to face with the news makers.