for intervening. libyans are joining in jubilation anticipating fees for skepticism that it may be too early to celebrate is just as widespread analysts point to the post revolution authority in nearby egypt which is yet to turn over power to the people. next year and we look at what impact the financial difficulties of europe and america will have on the developing economies that's next in our interview. 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 advert to had a world bank department he's now the chairman of india's planning commission mr monti saying 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 slightly 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 which there would be more than one currency and where the traditional reserve currency. of the moment is in the country which doesn't

have a very well balanced mark rubio makes attrition 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 you. the pound 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 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 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 and 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 army 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 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 fiscal of polity but to back a single currency they must have a very shared understanding of who's going to pay the bills if a problem arise 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 a 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 about moving ahead how do you stop the same for problem arising ten years from now it is very important for europe to have a very clear rules of behavior how are they going to deal with fiscal crises. i mean what's going to be the role of the european central bank in bailing out governments as. 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 did 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 they would end up holding

a dollar a day because if they didn't hold dollars been 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 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 mefford rather than in the highly disruptive and it's in everybody's interests including the chinese of course the adjustment should be a soft landing do you think that dollar is going to survive as a 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 us 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 was a real dollars now 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 span 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 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. known representation in adequate amount of the newly emerging countries and 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 might 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

just 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 unaccountable despite their political influence where 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 the

of emerging market 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 that 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 and another market is going to grow 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 it 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 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 will certainly be interesting to see how he is affected by all of this 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 committed these murders that's not to say that song so it should not be punished for his crimes song is the no rational person can deny that song has been punished is being punished and will be punished. by sours must be executed for the brutal crime committed this is

a punch this is not. to mention. wants to do. because you've been immersed numb you want to hear. how i didn't come here justice. and heard the murders. this time or the small. pond one thing. my thought is now.

the headlines on the battle ground tripoli heavy fighting goes on in the libyan capital as rebels full blog cut all gadhafi is compound backed up by nato airstrikes rebel claims that they controlled most of the city have had has captured gadhafi son saif approved. secret assistance british intelligence has reportedly planned at the end game for. guiding the rebels in their push on tripoli more military personnel are said to be on standby in the mediterranean to boost the . e.u. oil giants are flocking back to libya. self-proclaimed new government to reward those who helped gadhafi it's a reignited the debate over the real motivation for him to be. libyans and join in. but the skepticism that it may be too early to celebrate is just as widespread as point to the post of revolution in egypt which has yet to turn over

power to the people. right now it's time for the sports with kate. either you watch what you say off the news sports updates thank you for joining me and here's what's coming up. a million a fortnight and jr on the verge of signing tom rooney into milan striker sanyal i say to make him the highest paid footballer in the world. was for down the russian's rocky start a path to the final warm up game at the world cup in new zealand. and new names while host the all blacks make some surprise choices in their thirty man squad next month's tournament. but first football and russian premier league club are expected to complete the signing of cameroon and into milan strike a slummy later later this tuesday the move would make him the highest paid player

in the world with a weekly wage of around half a million dollars the clubs have finally agreed a fee of around forty million dollars for the thirty year old according to fee for agent peppino thirty whose helped mediate the deal in tow would also get another six million happy to successful the russian twelve as you said the african star is set to become the world's highest paid football at netting out the hoff a million dollars a week off the tax which is nearly thirty million dollars a year for around until you heard of this and he is expected to sign a three year contract and gene were bought by billionaire suliman karimov in january and has already signed brazil a legend of the better call us recent russian playmaker we should call it. was cracked let's go madrid to half want to prolific or sounds palumbi a strikeout audible falcao fifty seven million dollars the twenty five year old is a direct replacement for said you know i'm glad oh that's a go soul to match the city last month scored

a stunning forty one goals in fifty one games creating a for middle seventeen in the europa league winning campaign last season. meanwhile in england munched united. maintains that perfect start to go joint top of the premier league after three no winners home to top the look of all that was missing from spain one of is the twenty five year old croatian midfield stuck into news to be linked with a move to chelsea despite his absence the distance didn't hold united until the hour mark and danny welbeck broke the deadlock and then fifteen minutes later the forward set up anderson for the second and wayne rooney headed the third in the dying minutes united now have the maximum six points from two games along with leaders matched a city that moves. well meanwhile also have asked the wafer to do a manager also venice too much touchline ban until after wednesday's champions league playoffs second leg and to deny easy thank god was found guilty of contacting the gunners bench while serving another band during last week's one the first leg when asked more were also fine for improper conduct and have appealed

against the ban if the request is denied thing there will be forced to sit in the stands for the tie in italy which could prove crucial for the gunners after a difficult start to the season. while the second legs of other champions league qualifiers take place this tuesday night at stake a place in the group stages of the tournament cypriot side apple will have to overturn a one male deficit against his will find munich looks to be almost there with a two goal advantage from the first leg against through it. a full one up from their first like against momo the place that troubled some gang spanish side we got out could miss out on a chance because we football they don't beat a dead. well about and we are almost certain to miss out on domestic football this weekend in the league as players in spain's top two leagues is set to strike for a second week in a row the issue is a pay dispute is around two hundred players have not been paid fully by their cash clubs demanding a wage guarantee from the league and the rights to break their contracts if they're

not paid for three consecutive months this proposal has been rejected by the league but a holding further meetings this tuesday to try to resolve this stalemate. the for i can understand that people want to see football i have been a player until recently and i want to see football to others but i have to think about the footballers that are having come in time and they don't have their salaries guaranteed that is where the problem we are but it is a serious situation that has not been solved i would like to be more optimistic and see what i am not. quali now the news the father of chelsea midfielder john i do recall has been a trade off being taken out to nigeria michael obi was rescued by from a soft tone days in captivity those suspected of abducting him were paraded in front of the media at a police station in the central nigerian city of joss a mr ivy perfected on his ordeal begin to look for a minute this week to meet with. underground. me mess

lesley. when they see that i could not be able to using it for. i'm tired. we've got to. georgette's. for five of them so jess. now the rugby world cup is fast approaching and russia hopes to bring back the melbourne rebels star adam burns for their final woman match against gloucester on friday coach nicole i know lucia said she should be fit for the clash and will feature in a team that will be pretty much the one to 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 a hefty forty six nineteen loss to the all surprise that's not who says he's pleased with his side's progress ahead of their first appearance to take up. the meanwhile the coach of hosts news even believes he has a potent sides of the tournament graeme henry announced his thirty man squad ahead

of their trying nations clash with australia at the weekend surprise selections include the relatively inexperienced colin slade the twenty three year old will act as backup for fly half done carter while city of any city about to has missed out henry admitting he felt for the veteran back. i see you feel for the guys you miss out. because the quality people quality regular but now we were pleased with the so we think it's got a lot of experience and most experience will back side in history the guy but also a good number of young younger players. who i think will get real vitality. and enthusiasm and age and are mainly on the outside backs. mucha sports now in the russian touring caught championship has posits midway point at the new the refurbished track in the ancient city of cars on with bikes experience grabbing the piece of the spotlight a racing day includes two sessions at the national championship for two chances to

rack up points for the overall standings in the first month or defending champion without top everyone else as the fifty three year old bounce back from a less than perfect out in the previous leg industry no god however he did not make the podium in the second race it was won by the young standings leader alex on the fall of retaining top spot next month's race here in moscow. and to end as we began talking about football twenty five goals were scored in the russian premier league at the weekend which saw a taste gust a top and play is about to narrow the gap at the bottom so there are all those net bust as its goals go a little but my .

my my . my . live

. live. live. live. live live. live. live.

that's all the sports news for this for us and i'll be back in just on the lies that.

twenty years ago the largest country. disintegrates into. what had been. each began a journey. where did it take them. he

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battleground of tripoli heavy fighting goes on in the libyan capital as rebels bombard colonel gadhafi compound by nato air strikes. secret assistance british intelligence has reportedly planned at the end game for gadhafi regime guiding the rebels and the push on tripoli. libyans explode in the jubilation anticipating that after his fall but skepticism that it may be true early to celebrate it seems just as widespread as you go e.u. all of john's flock about to libya on a red carpet. for claimed a new government to reward those who helped or else could offer. and then business uncertainty in libya is pushing the oil prices higher with someone on the side that could take at least a year for the country to get back on top more in the business in twenty minutes.