parts concerned the so-called battle for democracy was a war for black gold all along. those were 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 interest. the as and 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 advert to head a world bank department he's now the chairman of india's planning commission mr monti singh 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 be disrupted. moderate growth prospects for the carbon in the u.s. and maybe in europe but i don't see this as 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 macroeconomic situation and is there a sense 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 or 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 will be much less than the growth rate in the emerging market countries i mean trying to 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 but 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 pollen 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 the solution i do think that the dominance of the industrialized countries of these two institutions has to change remember that as long as europe and the united states are together. they account for almost half the votes in the armor 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 affected 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 cost and that's what's happening because 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 trade 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 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 cause 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 that there are costs and i think that's now evident 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 four 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. to get holder i believe they have around three trillion dollars that you asked that in your opinion could they make the right decision and doing that this 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 they would end up holding dollar debt because if they didn't hold dollar debt then essentially the dollar would depreciate. at the renminbi would have appreciated so to some extent the chinese holding dollar debt is the other side of

a quarter of running surpluses but not actually appreciating against the currency that you're running a surplus which now you know that that period gave the world a lot of stability a lot of growth the chinese benefited i guess whether they made the right choice or not depends on whether we now adjust 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 dollar is going to survive as the global reserve 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 then suddenly 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 trying these economies the real issue is in future would people be willing to hold all their is of dollars now as a general rule if you've got four major currencies it doesn't actually make said story of one. so i think the in the past there's always been the assumption that other countries may addressed but that the u.s. currency become the sort of span 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 club or a commie 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 non representation in adequate amount of the newly

emerging countries then those should be corrected and we should actually use this as the for and obviously you know there is reshaping of the world economy as we've discussed that's happening that's probably going to also cause fundamental political shift as well what do you expect to be 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 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 political decision making i mean that's good democratize asian of the globe which should 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 on accountable despite their political

influence would 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 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 done and the track record is the only way 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 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 of growing it in there somewhere between it and the whole for nine percent another market 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 will be it already 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 towards the emerging markets and within that i think india would be

a very good bet. well it'll certainly be interesting to see how india is affected by a lot as i want to thank you so much for taking the time to talk to me thank you. know. last time the close up team was naamua beach where the gold rush still gets people high tops. this time argy goes to your own region. where the local government is giving power back to the people. where every orphan will be adopted. where locals turn their land into a tourist paradise while come to rejoin russia close up on r g.

twenty years ago the largest country in the world to certain places of. what had been trying. to teach began to germany. where did it take them.

one of gadhafi sons considered by many as his father's successor appears in tripoli in front of supporters despite rebel claims he'd been detained when they stormed the city a day ago 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. this fighting in libya still rages on a western oil companies have already started circling around the wildstorm country once again sparks concern the so-called battle for democracy was a war for lab gold all along. well time now for a sports update and a farmer joins us. once again drew 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 being to man will pay for angie amphora salary that will make. more in my. hello there you're watching the sports 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 a big star man united make it to you in shooting with a three nil win overseas in the english premier league. and on top of the world spaniard last throes rides to victory to climb yeah usually well. but first russian premier league club angie are expected to complete the signing of cameroon strike

a samuel at sea from into milan today and in the process make him the highest paid player in the world the clubs have finally great favor around forty million dollars for the forward that's according to the fee for agent pain it is help mediate that deal with into getting another six million if successful the russian club do is set to become the world's highest paid footballer netting after tax the hof a million dollars a week that's nearly thirty million dollars a year or nearly a billion rubles and is expected to sign a three year contract and she were bought by a multi billionaire silly man in january he's already bought brazilian roberto carlos a more recently russia international up. another translate that he came in through to have bought striker run by del found from puerto rico fifty seven million dollars the colombian a direct replacement for where oh who athletica recently stole to manage the city scored forty one goal within fifty one games of porto including seventeen in the

europa league last season. now england did 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 visitors held united death for an hour but then danny welbeck broke the deadlock and he then set up anderson for the second and wayne rooney got the third united now have and maximum six points from the two games along with all and leaders manchester city. in the meantime more pressure has been heaped on arsenal manager arsene vanga he's received a thirty two game touchline ban for you a fixtures after breaching a previous band and that means he will not be in the dugout for the second leg of the gun is champions league qualifier euthenasia tomorrow that arsenal say they will pay you. well the second legs above 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 north deficit against a crack off by munich looked to be almost there with a two goal advantage in the first leg against the nominee to grab a four one up from their first day against the car behind their travels the game while spanish side villareal could miss out on champions league football if they don't beat then. valencia almost certainly missed out on domestic football this weekend in a league plays in spain's top 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 paid for three consecutive months a proposal that has been rejected by the league both parties will hold further meetings today to try to resolve on the stalemate. i can understand people want to see football i have been employer until recently and i want to see football to bottom i have to think about the footballers having

time and we don't have. salaries guaranteed that is where the problem we are but it is a serious situation has not been solved i would like to be more opportunistic and so on i'm not there was another news the father of chelsea midfielder john as we make out has been freed after being kidnapped in nigeria michael obi was rescued by police they suspected of looking him paraded in front of the media at a police station in the center of my jury city mr obi reflected on his ordeal. for a minute. underground. listening . to. for. sure just. in other news the rugby

world cup is fast approaching and russia hopes to bring back their melbourne rebel 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 more feature in a team that we pretty much the one that will face the usa in the world cup opener on september the fifteenth russia have lost all three of their warm up games in britain so far the latest ahead the forty six nineteen loss to the ospreys but new rush says he's plays with his size progress ahead of the first appearance of world cup. now the news england 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 smiles as you would expect just saying his side beat in nearby an innings and eight runs during the series england took 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 not maybe years

ago there was a bit more motion because we went into a game one all in no one knew how the series going to end up so coming to the series this came through in the law abiding 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 to get in there and as i said that's what i'm most proud of is the guys who are prepared to do that even when they didn't really have. i think that bodes well for future cyclists probably last trista's taking the overall lead at the tour of spain after winning the third stage at 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 silver and shovel now he's just twenty seconds behind lustrous in the 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 this year's race a challenging rink from bars a to c.

had in nevada over a hundred and seventy kilometers well and we will end with football and all the goals from the russian premier league last weekend twenty five net busters in total it was for this goes goal. so live . live live live live live

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play. the touch. live.

live. and that also brings us to the end of the sports so i'm back in two hours that no one likes that it's the. if. russia would be soo much brighter than if you knew about some move from funds to oppression so. please for instance on

t.v. dot com. twenty years ago the largest country. disintegrates of. what had been more determined to each began a journey. for where did it take them. really

new the latest in science technology from the realms of. the future. mission. cretaceous three. three. three stooges. mostly blog video. stream video.

one of gadhafi songs considered by many as his father a successor appears in front of supporters despite rebel claims to have been detained and they stormed a city a day ago added to the confusion over who is in control of the capital both government and insurgent forces insist they are hand. also doubts are cast over whether the rebel victory would actually leave the libyan people in control of their destiny and experts point to those who fought for the revolution with a government they didn't choose and. even before the fate of tripoli is sealed great grab is already beginning. as western oil companies start circling around the violence torn country concerns resurface the so-called battle for democracy was a war for black gold all along.