has been finally granted accession to the world trade organization after almost twenty years of thought in negotiations the commission in geneva has finalized overall terms for the long awaited membership which will happen in december artes nor smith has been there. there's a document in circulation which is the all the terms and conditions it weighs three and a half kilos and it amounts to some seven hundred pages now i haven't had time to read the whole thing and i doubt that i'm in the minority there but i can only imagine that it's full chockablock of painstakingly negotiated compromises which have taken place over that all that amount of time but in fact what the significance is is a question that the chief russian negotiator says that he has been asked repeatedly over the last eighteen years what just what is the point of this and he pointed out during a media conference that took place of the gathering of the documents as they call it here he said that it's true that russia first deployed for membership back in

one nine hundred ninety three when its economy was in pieces and over that period of time russia has rebuilt its economy without the help of the world trade organization so that it's now the sixth largest in the world but he said that despite that we russia now does ninety percent of its trade with members so membership of that organization is sort of a level playing field in terms of doing business it was still very important he talked also about the ups and downs of the negotiation process the draw comedy and he said that the most difficult moment moments had come when they were negotiating the natural gas terrorists and also the terrorists for the agricultural sector in russia but he says that that now they've come to this agreement he's not fully satisfied with the deal but he says that it's an important geneva lesson to learn that if no one's really satisfied with the deal and that probably means that it's fair for everybody he said he's also negotiated

a reasonable period for making adjustments to tariffs between three and four years they will have to bring their tariffs in line with the rest of the world trade organization and the organization itself says that now one hundred fifty million russian consumers will be. i have access to cheaper prices for a whole range of goods but of course there are also disadvantages in this and my colleague catarina gretsch over has taken a look for us at the pros and cons of membership for russia of the world's largest trading organization let's take a look at the report for the person on the street w t o membership will not be just something we'll read about in the news but it will mean lower prices removing trade barriers between states increases competition prices or when ford goods drop and domestic companies also grow quicker with foreign markets opening up. for workers of these metallurgical company it all looks like a win win situation their most recent project is the north stream pipeline should

they enter international markets they'll face very little competition. and this is raw silk much the largest plant in russia's south producing harvested rushers is his food for months ahead and workers who conspired. but the hand of the company has a rather different outlook to that of the w t o cheerleaders. our oil and gas will be in demand even without entering the well agriculture will tumble. agriculture will be among the hardest hit sectors but experts say the domestic automotive industry will be the one to undergo most step he will. the troubled mortgage giant of the virus was rescued from the brink of death in the economic crisis of two thousand and eight by prime minister putin with more than one billion dollars in loans cash and guarantees. that is the government's favorite

child but not all car makers in russia are cherished this used to be a thriving plant of musk reach open the ninety. thirty its most successful years were the fifty's and sixty's when hundreds of thousands of my screech chorus flooded the soviet and foreign markets after the collapse of the soviet union my screech was in desperate need of money but the government could not afford to loss making car purchases and muskie choice costs out. the only way to avoid the collapse of yet another industrial giant experts say is to use the transition period after joining the w t a wisely firstly entry to the w t have doesn't mean you instantly have to drop all customs tires and comply straight away there's a transit so-called transition period roughly seven years or so protectionist measures will apply for

a number of sensitive industries which employ millions of people such as agriculture timber and come making but at a certain point the state's industrial dependence will have to let go of its hand and walk on their own two feet in the world outside it but that should also be a somewhat easier place to do business in with a reduction of customs tariffs and trade barriers to a more level playing field across international markets exceeding the gretsch over r t. well joining us from brussels tonight to discuss this more as a former senior advisor. issues. thank you very much indeed for joining us well does russia deserve to be a member of the w t o given that the country's economy is affected by major interest groups and corruption. one could say that this is. the crowning of the russian development since the mid ninety's and

basically russia has taken its rightful place and normal laws of its relations with the global economic system so one could actually say that this is actually a huge achievement for the economic system as well as russian economy development so really the investment climate here for foreign businesses will indeed improve in russia as a result of this accession to the moment clearly it is a matter of concern. yes indeed i mean this is one of the huge one of the biggest gains of the russian next session if it will fully take place and be ratified the biggest gainers of this is of course foreign investors but in particular in manufacturing and also in the service industry. which will in turn lead to increased competitiveness of russian industry biggest gain as you say foreign investment but what about russia itself i mean it's become the sixth largest economy in the world without the help. so what can russia actually expect to gain where would it benefit and what changes do you expect in not just

a short term but the long term. indeed i will admit that. the current state of development has little to gain from the export meaning that export is actually tariff free because it's mainly exports and the material. the government in the world would put but the biggest gain from russia at the. lower prices and. competition that will lead to increased well having said that it's true that russia has thanks to the energy exports and material exported rice and. exports but the key point here is that it will not be able to maintain. your membership. in a sense what you're saying is that the russian people will actually benefit they'll

be better off cheaper products to buy improve but just how soon will that take. well. if you look in the history if you look at for instance the chinese or the other. rather advanced developed country developing countries that see the benefits will come pretty much immediately the more it will. comply with the. commitment will the benefits come this is the big irony of international trade which is that the more you do the better benefits you actually get and this proves that the actually the biggest gains from international trade imports not necessarily export international trade of course what about visa regulations we know that visa regulations between russia and the u.s. are due to be relaxed for business people but obviously visas have been a big parents went to happen in the past so will everybody a bit of benefit from this perhaps with an easier these are regulation in the

future. well. the current political climate looks. economic issues. to migration is a very sensitive issue in both the u.s. you and it looks like. it's going to be separated and dealt with separately for a quiet period of time ok all right well that's just one point but just very briefly will russia play a major role in the economic climate bearing in mind it's problems at the moment worldwide just how big a player will russia now be in the in the short term in terms of this economic crisis just very briefly. it's not up to russia but maybe it's up to the european union if that's what you're implying to. thank you very much indeed. joining us there live in brussels thanks for your thoughts thank you. well we're always eager to know your view on the story today we're asking who will benefit most now that

russia has to become a member of the world trade organization let's see how the numbers are stacking up at the moment majority still think they'll be no winners as the organization only adds to the big financial mess the world already in iran if it's a double dip is actually good for russia has little boost its role in the global economy always the same amount believe that moscow's accession will play into the hands while we remain to think the pressure will suffer because it will be able to cope with the titian pressure will be on t.v. dot com. greece's announces next prime minister lucas papademos the former vice president of the european central bank he will now take over the reins of the embattled country it follows four days of hectic talks between the outgoing pm george papandreou and the main opposition leaders on a new unity government the incoming premier a staunch e.u. backer and his new administration are said to be sworn in on friday with the immediate tricky task of introducing more austerity in return for continued announcements get more now on greece's uncertain future and indeed the uncertain

future of the eurozone itself and political analyst peter is live in birmingham so now that the dentist is out and former vice president of the e.c.b. is in the premier greece now a fighting chance in the doom and gloom of today's economic mood. i really don't think so i think we have to turn the clock back to the original collapse of the world economy because this was no accident it was a very well planned exercised by the new world order have the ability to close down any company or any country at will and as we know ireland became a victim portugal and now greece and apparently spain and italy are likely to follow it really doesn't matter who's in power there are people that are controlling this situation and we also have to understand that there's massive. could we say massive corruption fraud taking place and tax evasion in most

countries that are actually creating this problem also very interesting we need to it this is just to quickly ask you a very interesting point of view here just who are these people you will saying this could be a conspiracy behind all of this who is actually the people and pulling the strings behind the scenes. well i don't like to use the term conspiracy because that puts you in a bracket and open to ridicule but i'll give you an example if you if you are you want to create a company say an all drilling company or a gold mine you create a virtual company or a false company an empty shell you then raise capital six billion or whatever from your potential investors and what the people don't know is that the end of that day your your capital is gone that risk capital is gone forever and the money siphoned off through a multitude of entities the banks are involved and sometimes give unsecured loans

to such projects and of course the politicians themselves even our prime minister go david cameron historically was responsible for seventeen point eight million pounds going to drift and this is recorded in hand sorry in parliament and no one to this day is question how that came about of course you are questioning it now i mean here you are actually saying in effect that this is the greatest ponzi scheme in history and pulling something like this off and not being caught many would say this is just a little too far fetched specially when we think about the scrutiny of the internet these days and whistleblowers i mean do you really believe that this sort of thing wouldn't be held to account. absolutely i could show you a multitude of what we call forensic evidence i have a colleague that works on this is quite an expert at tracing the schemes all the companies involved i'll give you an example for instance arlington street

harlington associates which is attached to the rich so tell in london is such a boiler room which is a boiler room of virtual companies where vast amounts of money are invested in just disappear another one is the first the first floor of twenty five barclay square in the khyber strips building a company called lawn row massive massive corruption going on there and tax evasion and so what happens is this becomes a toxic debt the banks. provide them with in secure loans or whatever that turns into toxic debt debt and the ordinary people in the street have to pay the ultimate price when you can scam you come up with some very interesting tangible examples of the financial aspects here but what about the political ones surely politicians will not want to sacrifice their political careers and reputations for this we see in political collapse in greece and italy berlusconi losing power perish the thought surely these people don't want that to happen. you've got to understand

this there's a protection mechanism in place for instance all our reports go through the serious fraud office which is the correct place to report such dams we've reported it to every party political leader our local members of parliament and then when you go through the spider's web and realise who is involved right down to the local politicians it's some such a vast scale you know you can name quite a few very senior politicians and members of the house of lords own implicated in this scam of being non-executive directors or silent directors of non-existent companies and when you link that with the fraud the the billions of pounds or to going to miss every year and the tax evasion they're all in on it what is the point well that's the other thing what is the point let's just imagine you are theoretically correct here and you give some very very credible evidence towards

your theory but we know of course that economic decline leads to unsocial i should say to social rest now are you actually saying that what people want is an a european spring identical to what we're seeing unfold in the arab world. yes i do use that term because of the arab spring is a perfect example of this came about because remember that they can take out any country financially or militarily that they want to take out they said this is a master plan of what are called the new world order their priorities are one to secure the world's natural resources their second approach sorry my speakers coming out in my. second one. the second one is to control the markets for those resources and thirdly to control the gateways the sea lanes and the pipeline routes when you have control of this you've basically got the world in the palm of your hand controls the finances of the world controls the world and this is what we're

looking at here one thing peter i can guarantee he will get a lot of reaction to your point of view on this thank you very much indeed for sharing your thoughts peter political analyst joining us live there in birmingham the u.k. fascinate thanks very much indeed thank you. but with a dawning realisation in the e.u. that greece may already be too far gone. to herbut off of their own uncensored take on the situation the closer report is coming your way at nineteen thirty g.m.t. but here's a brief previously. here's a fifty euro roll of toilet currency all of your fifty euro toilet paper currency will soon be about as valuable as the store the paper except this is all available nightly printed up in this beautiful display case that you can show in your house and tell your kids all about what happened in europe.

because a report coming away that. israel may be preparing to strike at the wrong as early as the end of december that's the warning reportedly voice in the british intelligence services this comes after the latest report tension over iran's nuclear program by saying it called exclude tehran is working on nuclear weapons well i was watching developments and joins you know lloyd from tel aviv paula what exactly have we heard from the british then. well according to british intelligence chiefs is well known to strike against iran to stop it from developing nuclear weapons as soon as christmas according to sources in the british government if not christmas then the beginning of next year with these sources saying that israeli military action is to be expected soon more than later and that it will be action that will be supported logistically by the united states not in recent weeks we did hear from the british defense ministry they confirmed that they have contingency

plans in place should the u.k. decide to support military action against iran here in israel prior to the publication on tuesday all of the report by the international atomic energy agency the israeli defense minister ehud barak warned of a possible israeli strike he said that all options are on the table and when israeli officials use that phrase all options on the table it really does mean military action the israeli president shimon peres has also gone on record saying that any israeli military says. right is more likely than any kind of diplomatic solution. but the thing is is it anyway now the moment with all this talk rhetoric is there any way of predicting a response to this news paula. what we have had a response from iran's supreme leader the ayatollah i recall mommy who has warned both the united states and israel that if they strike iran they must expect a tough harsh response from tehran he said and i'm quoting that we are not

a nation to sit back i don't and watch materialistic corrupted and rotten power was written he ran we will respond with a strong slap and an iron fist he spoke about a graces and invaders being smashed from within now just yesterday wednesday the radiant president mahmoud ahmadinejad's responding to that i eighty a report he slammed the report and he said that the rand would not step back one iota from developing its nuclear program he said that the report was relying on baseless u.s. claims that iran is building a nuclear bomb paula thanks very much indeed for that reporting live from tel aviv . well internet internet users have been left shocked after videos of police brutality against student protests at the university of california emerge online they clearly show officers didn't hesitate to use that buttons to the to this before arresting them after they refused to dismantle their make shift camp or t.

talked to one witness and here is what he had to say. police approached with full force with right here and baton we don't want to move but an army guys through they use their batons that repeatedly jab us in the stomach and they were in us with their. their own people to the floor and then hitting them with it with their night six when there were times as they were on the floor they were they were point you'll cross the line and then the rest in that people that weren't doing anything they hit they hit me repeatedly on the arms on the torso in the stomach and they arrested more students and they used the students we repeatedly yelled that we were nonviolent peaceful protesters but they were extremely real in their attack with that with their sticks many people were injured i heard that one professor one of the professors our university was was protesting and she's in the hospital and out it's our school we pay tuition we pay tuition that's rising every year for less

service is class sizes. and we decided it was time to take back our school and carrying out the momentum from the other occupy movements we thought this would be a good time. while twitter feed it under school calm is the best way to stay fully up to date with the latest news from the process site and you can also follow correspondents tweets for the next to the most recent the videos you can find the but twitter stream including the full videos reporting police brutality. twenty three hoffman's policies in the russian capital headlines are coming up with me in a few minutes well in the meantime let's cross over to the business desk we've. hello and a very warm welcome to the business program as we've been reporting russia has been given the green light to join the world trade organization the move is expected to open new markets for russian goods it will also boost the desired for good vestment

into the country chief economist from deutsche bank russia gas last use of what it is joining me now on the suitors hello thanks for joining us so how tough will the transition period be well the longer the transition period the easier it is for domestic producers and in most of the cases the length of these transition periods is quite significant. for some of the. including say for the insurance sector it's up to nine years for some of the manufacturing some sectors such as the auto sector it's seven years so russian producers still have quite a significant time. frame in order to prepare for this increased competition is coming russia's way after w t o accession which industries will benefit most from russia's accession to the w well my view it's primarily the exporting industries and the will and gas sector will not be affected as much in

terms of w t o commitments but the investment may be significant because upon w t o accession typically we've seen with china we've seen with other entrants into the w t o the level of foreign investment into the country increases significantly and will and gas sector being such a crucial sector for the washing the colony is likely to attract a significant part of that inflow then i would expect the metal sector to be a significant recipient. of the benefits from w two and we. isn't is that most of the foreign restrictions against russian producers abroad are levelled precisely the producers of that sector so after w t o accession russian producers will have a greater leave a greater capability to address to counter some of this foreign protectionism

when quickly will we feel any positive effects because of the entry. i think most of the effects will be felt in the medium to longer term some of the investment related effects will be shorter term but the problem is that in terms of the potential inflow of foreign investment there is the issue of the crisis in the world economy and the degree to which washer can attract foreign investment in these conditions is somewhat questionable but in any case i think. in terms of the investment climate russia is certainly going to do better with w.t. accession being a member of the w t o speaking about russia how different will the russian economy be one of the countries integrated into the global system i think it is going to gradually change i don't think we'll see changes overnight we won't see

radical changes right away but gradually russia will be guided more by rules rather than ad hoc policy measures that will be guided by its commitments to liberalize its economy over the course of the next five eight ten years and this is almost like a roadmap of reforms of structural adjustment that is going to be consistently pursued by russia in the coming years and i think this essentially sets russia on the right path towards trying to become competitive towards forcing the country and russian producers to become more competitive how will russia's. membership change its investment climate well i think the investment climate will certainly improve and we're hearing from the rating agencies for example that in their view russia's w.-t. accession is an important factor of diversifying the economy. of rendering the

policy for. work more rules based more predictable as well because of these commitments that russia has to deliver upon so i think for international investors this is going to be seeing this w. membership as an important anchor that stabilizes policymaking that makes it more predictable and that here is russia's decision making in terms of its economic policies more towards liberalization trade liberalization investment globalization so i think this is a very important factor probably one of the best factors in terms of russia's investment climate in the past several years thanks a lot for your analysis and. now that's it for now but you can always find more analysis and more stories on our website www dot com slash business or join me for another business update in less than fifteen minutes time.

science technology innovation all these developments from around russia we've got the future covered.

good to have you with us top stories now good things come to those who wait. finally gets the green light to join the global trade system. as the vice president of the european central bank as his new prime minister indignation on greek streets . to the relentless bureaucratic machine. that's according to reports citing british intelligence sources of the un's. nuclear program. about fifteen minutes from now in the meantime the un human rights chief says that syria is very close to becoming libya where an uprising against a longstanding.