the stand down the sound of the company is considering positional two major banks in poland then while stocks among the past before gaining dissent and nettles minor put in the towel is also supported by record high gold prices. your market analysis said about anyone else time. what about the reality of the headlines now nato planes have reportedly carried out their strikes on the libyan capital but these are the latest pictures of explosions you can see now heavy clashes between rebels and government forces have again resumed in tripoli as both sides claim to have the upper hand. also gulzar cups over whether a rebel pick three would actually leave the libyan people in control of their destiny experts point to egypt where those who fought for the revolution ended up

with a government they did not choose. by just fighting in libya still rages on the west and the oil companies have already started circling around the bottom small country it's once again concerned that the so-called battle for democracy was a war for black gold all along. i don't actually we look at the impact the financial difficulties of europe and america will have on that developing economies in our special and. the s. and 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 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 me an advert to head 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 sacket wave of the global financial crisis upon us i think what will happen is markets would be disrupted slightly moderate group prospects for the card in the u.s. and europe but i don't see this as going back to college and meet and so where do we go from here who's going to fix what's going on in the world right now the would need stu. 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 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 group through it 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 politicking plays one is to asia i'm not another we're 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 as 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 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 thought 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 count 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 happened a year 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 for the do what is necessary but it's also appropriate that europe should be buried very large part of the burden of 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 threats 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 or it should 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 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 of 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 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 bailed out right now because i would meet in anybody's interest to see a major financial collapse about 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 for 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 older 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 trying these wanted to retain. parity with the dollar which was part of their strategy they would end up holding

dollar debt because they didn't hold all of their own essentially the dollar would depreciate. the renminbi would have appreciated so to some extent the chinese holding dollar there is the other side of a corner 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 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 be now addressed in a soft landing effort rather than in a highly disruptive and it's in everybody's interests including the chinese of course they're just. should be a soft landing do you think that dollars and i survive as. far as 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 it's certainly 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 the trendsetter rather than the trying these economies the real issue is in future would people be willing to hold all there is of dollars as a general rule if you've got four major currencies it doesn't actually make said story of one. 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. of stability that i don't think can remain true once you get a lot of other countries which have moralist similar size as the u.s. and in your ideal world who should raftery the global 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 non representation in an adequate amount of the newly emerging countries then those should be corrected. actually use this as the forum and obviously you know there is reshaping of the world economy and at happening it probably can also find a man for political steps 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 in 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 system from me i mean the third democratize ation 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 unaccountable despite their political influence when you make these agencies in our count of all 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 who are giving a rating. i don't find an easy way of solving this problem but i think transparency transparency and how the ratings are down and a 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 is growing a little somewhere between eight and a half or nine percent another market is very good two and a half percent 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 already is and will remain preferred destination for foreign investment people look at the global portfolio traditionally they've invested too much money in the industrialized world not

having anticipated what the consequences of globalization that would be so over time i think they should be rebalancing a little more towards the emerging markets and within that i think in there would be a very good read. at all certainly it interesting to see how the fact if i allowed as i want to thank you so much for taking the time to talk to me thank you. please. please. move.

slow. down the official ante up location on the phone the i pod touch from the q. stops to. chauncey's life on the go. see below among all cheesemonger fuel costs an r.s.s. feeds upon the joists. twenty years ago this country. is.

sleep. began a journey. to take. headlines on the nato planes reportedly carried out of air strikes on of the libyan capital right here the latest pictures of explosions you can see now heavy clashes between rebels and government forces have again resumed in tripoli as both sides continue to claim to have. the upper hand and. also dollars of cost over whether a rebel victory would actually leave the libyan people in control of their destiny as experts point to egypt where those who fought for the revolution ended up with a government they did not choose. kind of fighting in libya still rages on western oil companies have already started circling around the violence torn country and once again spot was concerned the so-called battle for democracy was

a war for black gold all along. and a time for sports not with. hello there good to have you company and this is what is coming up over the next few minutes money talks angie on the verge of signing clamoring striker samuel l. to to make him the highest paid player in the world. class of the russia's rugby stars for their final warm up game ahead of the world cup in new zealand. while the hosts make some surprise choices in their thirty man squad for next month's tournament. the first russian premier league club angie are expected to complete the signing of cameroon striker samuel f.c. from into my land today and in the process of making the highest paid player in the world but clubs have finally agreed to favor around forty million dollars for the

forward that's according to faith. help mediate deal with into getting another six million events he successful at the russian club let 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 sign a three year contract angy were bought by multi-billionaire city man kenny mav in january he's already bought brazilian roberto carlos a more recently russia international caught. another transfer news outlet like a madrid have bought striker a random elf from puerto rico the fifty seven million dollars piccolo ambien a direct replacement for sergio guerra no who have let it go recently sell to manchester city balco scored forty one goals and fifty one games of porto including seventeen in the europa league last season. well in england manchester united have kept up their perfect start with a three nil thrashing of tottenham last night spurs were missing lokomotiv who

wasn't in the squad as he continues to be linked to a move to chelsea by despite his absence the business is dippold united until the hour mark then danny welbeck broke the deadlock and he then said and this is the second i'm i've really got the third united now have a maximum six points from two games along with balls and leaders manchester city in the meantime while pressure has been an arsenal manager arsene bengay he has received a thirty two game touchline ban for you a fixtures after 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 in a z tomorrow although arsenal say they will appeal for the second leg of their champions league qualifiers take place tonight at stake a place in the group stages of the tournament cypriot side up the well half to overturn a one all deficit against with a crack of buying munich looked to be almost there with a to go advantage from the first leg against an honest denominator grab a cold one up from their first leg against malmo

a car behind for trouble think again last valley sized villareal could miss out on champions league football if they don't beat on things well then they are almost certain to miss out on domestic football this weekend in the league or plays in spain's top leagues the septa strike for a second week in a row it's a dispute over pay around two hundred players are not being paid fully by they patched back clubs another man being a wage guarantee and their right to break their contracts if they are not paid for three consecutive months a proposal that has been rejected by the league of both parties will hold further meetings today to try to resolve the stalemate. people want to see if i have been. i want to see football true and not to have to think about. having a time when we don't have. that is where. the problem is it is a serious situation that has not been solved and i would like to be more optimistic

and. in other news the father of chelsea midfielder john obi mikael has been freed after being kidnapped in nigeria michael obi was rescued by police those suspected that thing here were paraded in front of the media at a police station in the center nigerian city of justice but i would be reflected on his ordeal. underground. should just. sounds good the world cup is fast approaching and russia hope to bring back their melbourne rebel star adam burns for their final warm up match against gloucester on friday coach nikolai nerdish said he should be fit for the clash and will feature in a team that will pretty much be the one that will face the usa in their world cup

opener on september fifteenth russia have lost all of their three warm up games in britain say far the latest a hefty forty six nineteen loss to be our sprays when you rush says he's pleased with his side's progress ahead of their first. world cup meanwhile the coach of hosts new zealand believes he's a potent side for the tournament graeme henry announced his thirty man squad ahead of their try nations clash with the strayer at the weekend surprise selections including the relatively inexperienced collins twenty three year old will act as backup for flyhalf bank carter while city veni city vassie has missed out and read me think and felt for the veteran back i see you guys missing out. because they're quality people. but now we're we're we're pleased with this or we think it's what a lot of experience most experienced rubrics are going to st if you're a producer a good number of young. so i think. the cane and

enthusiasm in each and are mainly on the outside backs another news england cricket captain andrew strauss says his side will continue to work hard after completing a four nil series whitewash over india after the final test the skipper was all smiles as you would expect just seeing this side beat india by 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. but i think i think in two thousand or maybe there was a bit more emotion because we went inside a game than all in no one knew how the series is going to end up so coming to a series of this came three in a lot by then we were very motivated by the idea of making it for no you know we were confident we we felt that we had the ability to win this final game but we had to take deep again and as i said that's what i'm most proud of as a guard were prepared to do that even when i didn't really have to use. the team

that bodes well for the future. like we've got times when with folks all in all the thousand russian premier league last weekend i twenty five net past is in total it is a. little clue little. sleep. please please.

please . the touch live. live. live. live

. live. live. live. live. live.

live. live. live. live. from it also brings to an end the sport for the moment with a little few time we can be quite so. line. would be soon which brightened if. someone from phones to creationists. who threw stones on t.v.

don't come. last time the close up team was a ten hour movie show where the gold rush still gets people hiked off. this time margi goes to cure of region. where the local government is giving power back to the people. where every orphan will be adopted. come here locals turn their land into a curse paradox well come june come for asian culture close up on our g.

download the official t.m.p. cation chauny phone the i pod touch from the i choose our. life on the go. video on demand on t.v.'s mine comes and says feeds now in the palm of your. question.