well. welcome back you're watching r.t. coming to you live from moscow these are our top stories one of gadhafi sons considered by many as his father's successor appears in tripoli in front of supporters despite rebel claims have been detained when they stormed a city a day ago the information about his arrest was also confirmed by the international criminal court this has added to the confusion over who's in control of the capital as both government and insurgent forces insist they have the upper hand. also doubts are cast over whether a rebel victory would actually leave the libyan people in control their destiny and

experts point to egypt where those who fought for the revolution added up with a government they didn't shoot. at us fighting in libya still rages on western oil companies have already started circling around a while and storing country they once again concerned the so-called battle for democracy was a war for black gold all along. those were top stories next hour he looks sad what impact the financial difficulties of europe and america will have on the developing economies that's now interview that's coming up next. the asson p. downgrade of the united states' economy has raised many questions about whether or not america will continue to be the powerhouse in the global economy and now the international monetary fund predicts that china will actually outpace the united states economy by two thousand and sixteen so how is all of this going to affect the traditional players and what is the impact going to be on the so-called

developing world well joining me to help get some answers on all of this is oxford educated economist and the youngest man adverts i had a world bank department he's now the chairman of india's planning commission mr monti ahluwalia i want to thank you so much for joining me so first of all i want to ask you is this wave of the global financial crisis upon us are they what will happen is markets would disrupt the. group prospects for recovery in the u.s. and maybe in europe but i don't see this is going back to two thousand and eight and so where do we go from here who's going to fix what's going on in the world right now the world needs to. get together to work out what's the transition what's a reasonable transition in a world in which there will be more than one currency and where the traditional

reserve currency at the moment is in a country which doesn't have a very well balanced microeconomics attrition and is there is. in india do you think that perhaps there could be a shift in the world order and that india could be somehow gaining from what's going on in washington there is certainly a shift going on in the world there's no doubt about that i mean any medium term a long term projection suggests that japan will go relatively slowly europe may grow a little bit faster going to the us has traditionally been viewed as a very dynamic economy is likely to grow faster in europe but the growth rate in these economies would be much less and the growth rate in emerging market countries i mean china india brazil so i think over time there is a shift in economic politicking praise one is to asia and another way of looking at

it is really the rising rate of emerging market countries and i think you're thinking of a world in which there would be a large number of relatively equal economic groupings and you want to global system that can accommodate it it can't be a global system which is run only by saying well look this is the center of pollen everybody else must adjust and it's been said that europe has dominated the air national monetary fine and your opinion is that part of the problem or it is to listen i do think that the dominance of the industrialized countries of these two institutions has to tree remember that as long as europe and the united states are together. the accounts for almost half the votes in the army are from the world bank so even if you made a voting system they would be able to get their candidates in providing they

collaborate with each other but you don't want to system where it's assumed that one organization will be run by one country and the other will always have european and how do you think all of that has a path to the euro zone and personally i think the world is going through some very important structural changes and if europe is showing signs of strain i think it's appropriate that the fund should do what is necessary but it's also appropriate that europe should bear a very large part of the burden and the costs and that's what's happening with the i.m.f. is working collaboratively with the european central bank on the whole i think stability is very important for all of us and so far what they've done i think is the right thing but looking ahead as new sets of problems arise i mean there's always an issue that the fund must be not dominated by the concerns of any one part of the world. should be seen to be reflecting global interests and do you

personally think that the euro is going to survive the creation of a single currency for europe was a pretty major and a bold and ambitious step i think is generally recognize that if you want to have a single currency it needs to be backed by a single fiscal authority now since euro zone is different countries they obviously don't have a single fiscal authority but to back a single currency they must have a very shared understanding of who's going to pay the bills if a problem arises that will become a substitute for the single part i don't think that's been sufficiently clear i think in the first flush of. a good feeling about the euro. there was an assumption that there's a lot of benefits that come to european countries from having the same currency but not enough appreciation. and i think that's now everything so it's

a challenge for europe how they're going to handle this trade in future i do feel that they need to be if you like bailed out right now because i don't think it's in anybody's interest to see a major financial collapse but moving ahead how do you stop the same problem arising ten years from now it is very important for europe to have very clear rules of behavior how are they going to deal with fiscal crises. i mean what's going to be the rule of the european central bank in bailing out governments as opposed to the role of the i.m.f. so i think these are issues that the global community will have to look at and i want to ask you about china obviously china is the number one us older i believe they have around three trillion dollars that you asked that in your opinion can they make the right decision and doing that it is true that the chinese have a very large holding to some extent if the chinese wanted to retain.

parity with the dollar which was part of their strategy and they would end up holding a dollar debt because if they didn't hold dollars there then essentially the dollar would depreciate. the renminbi would have appreciated so to some extent the trying is holding dollars that is the other side of acquiring of running surpluses but not actually appreciating against the problem see if you're running a surplus which now you know that that period gave the word a lot of stability a lot of growth the chinese benefited i guess whether they made the right choice or not depends on whether it be now addressed in a soft landing method rather than in a highly destructive and it's in everybody's interests including the chinese of course they're just. it should be a soft landing do you think that dollars and i survive as well or is there a currency as a major currency absolutely i mean look the united states is going to remain. the

dominant country globally it won't be as overwhelmingly dominant as it used to be rather suddenly remain the largest economy certainly for another ten years the fact that the u.s. has free movements in and out of capital will still make it the trendsetter rather than the trying these economies the real issue is in future would people be willing to hold all their reserves of dollars as a general rule if you've got four major currencies it doesn't actually make said before yours of one. so i think the in the past there's always been the assumption that other countries may address but the u.s. currency become the sort of standard of stability that i don't think can remain true once you get a lot of other countries which have moralists similar size as the u.s. and in your ideal world who should refereeing the global economy i think there is

a lot of consensus around the world that the fund is the international institution but it should be looking at these things and if there are governance problems or inadequacies. known representation in adequate amount of the newly emerging countries then those should be corrected and we should actually use this as the forum and obviously you know there is a reshaping of the world economy actually if profit happening it probably can also financial political shift as well what do you expect from our point of view that the rise of a number of emerging market countries will create a much more balanced sense of the world economy amongst countries that were earlier seen to be dominant at my. create a greater awareness that you know they can't unilaterally decide the future of the world and certainly countries that earlier felt that they were not part of the political decision making now feeling part of the critical decision making i mean

just good democratise ation of the brutal truth have positive effects because it will make these countries behave in a more responsible manner and there's been a lot of talk about rating agencies being unaccountable despite their political influence what do you make is more accountable if you one of the fundamental areas of conflict are the rating agencies rate companies that pay them to rate them so you can generally assume that a company that pays a rating agency to rate it is hoping to get a good rating so there's a there's an element of conflict of interest if you're getting your money. from the people to whom you're giving a rating. i don't find an easy way of solving this problem but i think transparency transparency in how the ratings are down under track record is really really that you're going to be able to solve the problem and the last question i want to ask is

you know a lot of people are saying that investors are going to perhaps invest more in these emerging markets if they start to look away from u.s. treasury bonds i mean what's the planning commission it's short term predictions or engage. in relation to everything that's going on right now the big message coming out of how the global economy is moving is that the industrialized countries are going to grow more grew more slowly whereas the emerging market countries are going to grow faster india's been growing for the last five years at about eight point two percent anybody who's investing and looking around the world if they find one market is growing a little somewhere between eight and a half or nine percent another mark is very good to know how to swim i mean they would be very well advised. to invest in the markets that are growing so we expect on a medium term basis that there would be it already is and will remain preferred destination for foreign investment people look at their global portfolio additionally they've

invested too much money in the industrialized world not having i'm disagreeing through what the consequences of globalization are going to be but over time i think they should be rebalancing a little more towards the emerging markets and within that i think it would be a very good bet well it'll certainly be interesting to see how the fact that by a lot i want to thank you so much for taking the time to talk to me thank you. as you know song was sixteen years old when he tweeted these markets that's not the same song so it should not be punished for his crimes song is being. rational person and i. have been punished is being punished and will be punished.

by saudis must be executed for the group. this is a punishment this is not. a mention. that it's. causing. any mercy on me whatsoever. and i didn't come here just. heard the first. this time pretty small now. finally i think. i'm just not.

pingree for the. we've got it for. the biggest issues get a human voice face to face with the news makers on t.v. . one of gadhafi sons considered by many as his father successor appears in for a boy in front of supporters of the spider rebel flames have been detained one of the storm to see a day go information about his arrest was also confirmed by the international criminal court as have added to the confusion over who's in control of the capital as both government and insurgent forces insist they have the upper hand. also doubts are cast over whether a rebel victory would actually leave the good people in control of their destiny as experts point to egyptians were those who fought for the revolution ended up with a government they didn't choose and it's finding in b.b.'s still rages on a western oil companies have already started circling around a violent storm country that once again sparks concern the so-called battle for the

mom perceived was a war for glam gold all along. well more of a summit in conflict in about fifteen minutes down for that we've got and with all the latest sports news and another big name on his way to play football and russia yeah that's right some really quite possibly will know for sure by the end of the day with cameroon striker samuel f.c. on the brink of signing for angie for a staggering salary details and about. how low they are watching the story. and these are the headlines money talks angie are on the verge of signing clamoring striker samuel etsy to make him the highest paid player in the world. class start my united make it so you win shouldn't be with three nil when i was in the english premier league. and on top of the world trying

to blast russia rise to big three to climbing over a lead of well. the first russian premier league club angy are expected to complete the signing of cameroon striker samuel f.c. from into milan today and in the process make him the highest paid player in the world the clubs have finally agreed a favor and forty million dollars for the forward that is according to fee for peanuts he was helped broker the deal with into getting another six million betty successful the russian club at sea will become the world's highest paid footballer netting after tax over half a million dollars a week that's nearly thirty million dollars a year nearly a billion rubles is expected to sign a three year contract later today and g. were bought by a multi billionaire silly man cleared him off in january and already brought in brazil roberto carlos on the recently the russian international you have a huge year. on another transfer news athletic and we'll trade how bush striker

falcao from porto for fifty seven million dollars the colombian and direct replacement for sergio where they sell to match the city scored forty one goals in fifty one games of portray including seventeen in the europa league last season. when they were in england manchester united have kept up their perfect start with a three nil thrashing of tottenham last night spurs were missing luka most rich who was in the squad as he continues to be linked to a move to chelsea despite his absence the visitors did hold united until the hour mark then danny welbeck broke the deadlock and he set up anderson for the second and mine rooney got the third united now have a maximum six. points from t. games along with the ball and lead is just a city in the meantime more pressure has been heaped on arsenal manager arsene bangor he's received a further two gain touchline ban for you a fixtures after breaching the previous band and that will mean will not be in the dugout for the second leg of the gun is champions league qualifier in a.z.

tomorrow although arsenal say they will appeal but their second loads of other champions league qualifiers take place tonight at stake a place in the group stages of the tournament sipri side after well after overturn no one will devastate against cold by new nick looked to be almost there with a two goal advantage from the first leg against europe the nominee grabbed a full one up from their first leg against malmo must be high for a trial to gain votes on each side but the reality could miss out on champions league football if they don't beat for them. but it looks like evidence here won't be in domestic action this weekend plays in spain's top two leagues are said to strike for a second week in a row it's over a pay dispute around two hundred players have not been paid fully by their cash strapped clubs and are demanding a wage guarantee and the right to break their contracts if they are not paid for three consecutive months of proposal that has been rejected by the league of both parties will hold further meetings today though to try to resolve the stalemate.

i can understand that people want to see football and i have been a player until recently and i want to see football to want to have to think about the food blogs that i have time and we don't have the salaries guaranteed that is where the problem is it is a serious situation that has not been solved and i would like to be more optimistic but i am not because it's now in other news the father of chelsea midfielder john obi mikel has been freed after being kidnapped in nigeria michael obi was rescued by police those suspected of that abducting him were paraded in front of the media at a police station in the central idea of the city of just reflecting on his ordeal. underground.

for. sure just. that he's well anyway and now the news that ailing cricket captain andrew strauss says his side will continue to work hard after completing a foreigner series whitewash over india after the final test the skipper was all smart as you would expect he just seen a side beat india by an innings and eight runs during the season during the series england so the world number one ranking from their opponents and strauss said the feeling was different the emotion felt when england won the ashes two years ago. well i think i think in two thousand and nine maybe years ago there was a bit more motion because we went into a game one all in no one knew how the series is going to end up so you know could come into the series this game three in a lot by being we were very motivated by the idea of making a four nil you know we were confident we we felt that we had the ability to win

this final game but we had to dig deep to get in and as i said that's what i'm most proud about is the guys who are prepared to do that even when they didn't really have to. i think that bodes well for the future. and finally cyclists popular lustrous has taken the overall late at the tour of spain after winning the third stage at the well so i despondent cheered on by the home crowd broke away from the rest with about thirteen kilometers to guy that was just before the summit of the al total a santa and he was chased hard by a trio of riders which included french when silva and shove and now he's just twenty seconds behind last first and the overall standings but it was the spaniard who held on for the win to take the red jersey wednesday will see riders tackle the first mountain stage of ac is race a challenging race from gaza to see had enough over one hundred and seventy kilometers. we have got on german football and all the goals in the russian premier league last weekend twenty five bus full it is that was goal.

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