welcome back you're watching r v here is a look at the top stories one of gadhafi sons considered by many as his father successor appears in tripoli in front of supporters despite rebel planes had been detained and he 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 leave young people in control of the or destiny as experts point to egypt were those who fought for the revolution added up

with the governments they didn't choose. this fighting in the media still rages on western oil companies have already started circling around the violence to one country once again sparks concerns the so-called battle for democracy was a war for black gold all along. for the top stories next r.t. looks at what impact the financial difficulties of europe and america will have on the developing economies in our interview. the aston p. downgrade of the united states economy has varies 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 twenty sixteen so how is all of this going to have got the traditional players and what is the impact that it 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 advert to have a world bank department he's now the chairman of india's planning commission mr monti axing ahluwalia i want to thank you so much for joining me so first of all i want to ask you is the second wave of the global financial crisis upon us i think what will happen is markets would disrupt slightly moderate group prospects for coverage in the us and maybe in europe but i don't see this as going back 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 with 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 macroeconomic situation and is there are signs 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 than the us has traditionally been viewed as a very dynamic economy is likely to grow faster than europe but the growth rate in these economies would be much less than the growth rate in the emerging market countries i mean china india brazil so i think over time there is a shift in economic power taking place 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 grouping and you want to global system that can accommodate that if it can't be a global system which is run only by saying well look this is the center of power and everybody else must adjust and it's been said that europe has dominated the air national monetary fund in your opinion is that part of the problem or of the solution i do think that the dominance of the industrialized countries of these two institutions has to try to remember that as long as europe and the united states are together. they count for almost half the votes in the army or 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 have acted in 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 be bearing very large part of the burden and the costs and that's what's happening because they are nervous 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 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 concerns of any one part of the world or truly be 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 for school of policy 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 i don't think that's been sufficiently clear i think in the first flush of you know a good feeling about the euro. there was an assumption that the lot of benefits that come to european countries from having the same currency but not enough appreciation there are cops and i think that's now everything so it's a challenge for europe how they're going to handle this treasury in future i do

feel that they need to be if you like bailed out right now because i mean it's in anybody's interests to see a major financial collapse about moving ahead how do you stop the same for 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 u.s. get holder i believe they have around three trillion dollars that you asked that in your opinion if they make the right decision and doing that this is true that the chinese have a very large holding to some extent if the trying is wanted to retain. parity with the dollar which was part of their strategy they would end up holding

the dollar debts because if they didn't hold dollars there then essentially the dollar would depreciate. the renminbi would have appreciated so to some extent the chinese holding dollar debt is the other side of a corner of running surpluses but not actually appreciating against the currency that you're running a surplus with now you know that that period gave the world a lot of stability a lot of growth for the chinese benefit. i guess where they made the right choice or not depends on whether we now addressed in a soft landing method rather than in a highly disruptive and it's in everybody's interests including the chinese of course they're just now. should be a soft landing do you think the dollars and i survive as cold water is their 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

but the certainly remain the largest economy certainly for another ten years the fact that the u.s. has three movements in and out of capital will still make it the trendsetter rather than the trainees economies the real issue is in future would people be willing to hold all their is of dollars and as a general rule if you've got four major currencies it doesn't actually make said store all your lives in one. so i think the in the past there's always been the assumption that other countries may address but that the u.s. currency become the sort of. stability that i don't think can remain true once you get a lot of other countries which have more or less similar size as the u.s. and in your ideal world who should referee the court or economy i think there is a lot of consensus around the world that the fund is the international institution

that should be looking at these things and if there are governance problems or inadequacies in on known representation in adequate amount of the newly emerging countries then those should be corrected and we should actually use this as the four and obviously you know areas reshaping of the world economy i think that's happening that's probably going to also cause fundamental political shift as well what do you expect from our point of view 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 it might. create a greater awareness that you know they can't unilaterally decide the future of the world and certainly countries that have felt that they were not part of the political decision makers are now feeling part of the political decision making i mean the third democratise asian of the group. how the facts because it'll make

these countries behave in a more responsible manner and there's been a lot of talk about rating agencies being unaccountable to spite their political influence when you make these agencies more accountable if you could 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 rating 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 gone i'm going to 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 for india 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 go 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's growing at you know 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 india would be at the ready is and will remain preferred destination for foreign investment people look at their global portfolio traditionally they've

invested too much money in the industrialized world not having anticipated what the consequences of globalization are going to be so over time i think they should be rebalancing a little more because the emerging markets and within god i think india would be a very good bet well it'll certainly be interesting to see how india has affected by a lot and i want to thank you so much for taking the time to talk to me thank you. must touch the most up team was in the region where the gold rush still gets people hiked up. this time archie goes to cure alls region. where the local government is giving power back to the people. where everyone will be.

more locals turn their land into a tourist paradox well come. close up on our. twenty years ago in the largest country. to certain places of. what had been. to speak on a journey. where it's taken. one

of gadhafi sons considered by many as his father's successor appears in tripoli in front of supporters despite rebel claims had been detained when they stormed the 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 leaving people in control of your destiny experts point to egypt where those who fought for the revolution ended up with a government they didn't choose. us fighting in libya still rages on western oil companies have already started circling around

a violent storm country once again sparks concern the so-called balfour the mockers he was a war for glad gold all along. well time now for sports update and a farmer joins us. once again drea and all we want to know is is there any news yet on samui to coming to play football in russia not yet marine i'm still waiting for hopefully within the next few hours it should be confirmed be in to man will pay for angie amphora salary that will make the water more in my. hello there you're watching the sport and these are the headlines money talks and cheer on the verge of signing cameroon striker samuel two to make him the highest paid player in the world. class big star man united make it to any shooting with a three nil win over spurs in the english premier league. and on top of the world

spaniard last rights to victory to claim yeah usually live well. but first russian primarily club angy are expected to complete the signing of cameroon striker samuel etsy from into milan today and in the process make him the highest paid player in the world clubs have finally great favor around forty million dollars for the forward that's according to the feet that agent painted had a mediated deal with into getting another six million if he's successful at the russian club letting you set to 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 or nearly a billion rubles and is expected to sound three year contract angie were bought by multi billionaire silly man carrying off in january he's already bought brazilian reputed carlos a more recently russia international unity cup. another translate that he came to dread have called strike

a run by del found from puerto over fifty seven million dollars the colombian a direct replacement of the quero who athletica recently sold to manage the city scored forty one goal was in fifty one games of porto including seventeen in the europa league last season. now in england manchester united have kept up their perfect start with a three nil thrashing of tottenham last night spurs were missing luka mode which wasn't in the squad as he continues to be linked to a move to chelsea despite his absence the business is held united there for an hour then danny welbeck broke the deadlock as he then set up anderson for the second and wayne rooney got the third united now have a maximum of six points from two games along with all and leaders manchester city. remain time more pressure has been heaped on arsenal manager arsene banga each received a thirty two game touchline ban for you a fixtures are to breaching a previous ban and that means he will not be in the dugout for the second leg of the gun is champions league qualifier at euthanasia tomorrow though arsenal say

they will pay it. well the second legs of the champions league qualifiers take place tonight stake a place in the group stages of the tournament cypriot side up o.l. have to overturn a one or deficit against the clock off by munich looked to be almost there with this to go to advantage in the first leg against bananas a grab for one up from their first leg against the car behind their travels the gang side could miss out on champions league football if they don't beat then. or will almost certainly miss out of the mess that football this weekend in the league plays in spain's top to leagues are set 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 hate the three consecutive months a proposal that has been rejected by believe both parties will hold further meetings today to try to resolve on the stalemate.

want to see if i have been around too recently i want to see football true but i have to think about. time and we don't have. teet that is where the problem is that is a serious situation has not been solved i would like to be more opportunistic and so i don't i'm not flows 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 being him paraded in front of the media at a police station in the center of my jury city the o.b. reflected on his ordeal. for a minute. working. underground. listening.

should just work for. the good soldier. in other news the rugby world cup is fast approaching and russia hopes to bring back their melbourne red all star adam burns for their final warm up match against gloucester on friday coach nick i knew rush said he should be fit for the clash and we're featuring a team that we pretty much the one that will face the usa in the world cup opener on september fifteenth russia have lost all three of their warm up games in britain so far the latest ahead the forty six nineteen loss to be australia but new russia says these plays of this size progress ahead of their first appearance at a world cup. now the new zealand cricket captain andrew strauss says his side will continue to work hard after completing a full on your series whitewash over india after the final test the skipper was all smart as you would expect he just seen his side beating nearby an innings and eight runs during the series in england took the world number one ranking from their

opponents and strauss said the feeling was different emotion felt when england won the ashes two years ago. well i think i think in two thousand or maybe as if there was a bit more motion because we went into a game when all in no one knew how the series is going to end dark so coming to this series this came through in a lot in we were very motivated by the idea of making for no you know we were confident we we felt that we had the ability to win this final game but we had to dig deep again and as i said that's what i'm most proud about is the guys were prepared to do that even when they didn't really have. i think that bodes well for future cyclists pablo astra's is taking the overall lead at the tour of spain after winning the third stage of the welter of the spaniard cheered on by the home crowd broke away from the rest with about thirteen kilometers to go that was just before the summit of the sand and he was chased hard by a trio of riders which included french we still don't show now he was just twenty

seconds behind lustrous in 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 night in stage of this year's race a challenge from pastor to see had in nevada over a hundred and seventy kilometers. and we will end with football in all of those new russian prime a league last weekend twenty five net busters in total it was already closed below . so listen live legislator clint

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