petrol panic grips the u.k. ahead of a possible tanker driver strike while london and paris and washington all consider releasing oil reserves to push down prices. moscow news its call for no foreign and military intervention in syria as a divided arab league debates the peace plan for the war torn country also. tens of thousands demand justice across spain as workers protest cuts in labor reforms with a general strike. it's the pressure to cut the deficit and the

spanish government the looks intent on budgets joining me jake greece of the very latest from attrition. because things the blues again is more because close gets a bill the day with the business news in france and. it's good to have you with us here on our t.v. i'm a recent show i live in moscow there's a panic at the pumps in the u.k. where threatened strike by delivery drivers has seen stations already running dry amid fears even the army will be needed to be deployed to keep the country moving it comes at a time of while it emptying or oil prices which is what the governments of london paris and washington thinking of flooding the markets with their reserves with this

story is on that. but what we're seeing in the last twenty four hours or so is it panic buying widespread panic buying of fuel up and down the country by motorists queues outside petrol stations and what's really been fueling this panic buying is is the government's handling of this crisis their first piece of advice to motorists was to tell people not to panic which immediately of course set the alarm bells ringing one cabinet minister even said it me a good idea to chop up your car now also fill up a spare jerry can in case of emergencies david cameron the prime minister's even put the army on standby to drive the tankers should industrial action go ahead so he's drastic measures are really fueling the panic all of this comes as all prices are record high not only in britain but also in france and america and what that means is unhappy voters and with elections just around the corner in france and america they need to do something quick to pacify the voters and so what france is

now doing are joining us from america and britain in discussing the option of the emergency release release of emergency for all supplies to try and drive down those prices now this is a move normally reserved only when there is actually a physical disruption of the oil supply which isn't actually the case here because of the oil prices increasing is really a problem of their own making one of the main reasons for all prices escalating is the sanctions imposed on iran a key or producing nation by america britain and france which is hitting the oil exports hard and this is why countries like germany and italy are refusing to back move to release emergency supplies even ahead of the i.a.e.a. the international energy agency which has to authorize any such me and has said the there hasn't been a disruption significant enough of oil supplies to warrant such a move so they may have trouble pushing this through but america britain and france

have got themselves in this situation and clearly they have. very desperate now to limit the damage and repair the damage that they've caused themselves before it's too late for their administrations parties i've been reporting right now our moscow has reiterated us opposition to any foreign military intervention in syria as the arab league meets to decide how to mediate a solution to the crisis the group has to give its backing to a u.n. sponsored peace plan while calling on the opposition and president assad both to fully comply marty surface following developments. the arab league summit in baghdad today hasn't been particularly well turned out as the less than half of the twenty leaders have actually participated in a number of the country's standing that it will not take envoys instead so a lot of people saying that that's possibly much more a political stance and a security issue of iraq foreign minister had said that the country rejected

calls the foreign military intervention as a means of resolving the crisis in syria of course syria's absolutely top of the agenda at this arab league summit iraq's position in a number of the other arab league countries of course differing quite widely from what we see some of the other especially gulf countries stance many of those countries calling indeed for arming the syrian opposition and sending in arab states the arab league really a very hand at it again at the moment as we have seen in the past by their own internal divisions in the rhetoric that you see that it is to try and get all the different sides on the same page be seen ok for you and that six point peace plan and try and act as a mediator between all the different sides to try and get everyone back on track to ending the bloodshed in the country of course the un's latest figures because more than one thousand people having died in that conflict everyone knows the devastating consequences every single day this is able to continue the problem is that people just don't really seem to be able to know exactly how to stop it now

the syrian opposition of actually been meeting here in istanbul over the past couple of days ahead of the friends of syria conference at the weekend one of the honest told me that really the aim is to try and create this that monolithic opposition even the very aware that the syrian opposition are incredibly fragmented going back to the peace plan and we've seen the syrian government accepting that formally and that's been met with understandable skepticism from a lot of the opposition hershey's questions remaining as the arab league. and baghdad with a debate that think that that's a u.n. fixed point plan by katie and i had a lot of people asking what how exactly if i going to be implemented how is it going to be put in action on the ground because. it's going on and of course the main focus has been on dialogue but it's actually it's not going to be the words it's going to the actions now that really counts. washington continues its calls to

maintain pressure on assad's government and of course use of its ability to comply with the u.n. peace plan dr good of my own from the center for research on the arab world believes that the u.s. and some of its allies may say they're behind the peace plan but they could possibly have other ideas. it is the main goal of actually. government of bashar assad's. ouster the very positive response which kofi annan still in his received the you couldn't do anything else but support it also but the latest comments still we are very skeptical of the syrian government has to act immediately they have to stop the fighting immediately again it's the same position they take the blame all the responsibility for the fighting to the syrian government kofi annan plan clearly says just as russia and china. both sides have to stop fighting.

you're watching r.t. and still to come for you in the program this hour the world economies five a growing powers are banking on serious change find out how the brics group of countries is a means of break the domination of the dollar as the main reserve currency. i could invest our top story here on r t other potential release of all reserves or by the u.k. france and the u.s. as the u.k. possibly faces a possible petrol supply strike let's discuss this now with a political analyst. in birmingham thank you very much for coming on our team today what do you make of the possible timing of this what could be an emergency oil release. obvious that this is not a political overtone with the up and coming elections in the next twelve months on either side one what as to what one has to understand is that the reason why the

price of oil has gone through the roof is because of the ongoing conflicts that you know of late obama and netanyahu with threatening action against iran that all came to nothing basically this put the price up which i think was the intention anyway put the price through the roof and now to try and recover the damage done by the hike in the fuel which affects all commodity prices and these austerity measures that are throughout the world it's quite obviously for the don't do something drastic and within a short period of time it's going to run up against them in the election well other than the political posturing that you're referring to here is there anything the british government could do differently to ease the public's concerns over the crisis. that's a difficult question my first reaction to that would be let's go into war we're in we've been in a continuous world for an awful long time now decades in actual fact and this plays

a major is a major player in what is happening around the world economically speaking it's like the financial meltdown that happened in two thousand and eight that was no accident it was a well planned orchestrated plan by what i use the term the new world order to take out various countries and of course greece italy etc etc and at the same time to manipulate the world's resources take control of them take control of the markets and also take control of the supply routes once you are in the position you are in a very powerful you are in control of the world basically so. i don't think we've seen this bottom out yet i think there's going to be another financial tsunami that will affect probably your ip more than anywhere else and this is not recoverable they're going to have to do something very quickly and at the end of the day they

force this pressure on three ran. in this tit for tat over the nuclear issue that is now reduced to all flow to europe and now they're going after compensate that by pumping more in from their strategic reserves now when you mention the whole issue of the embargoes on iranian oil and how the price clincher is now affecting parts of europe when it comes to the british government and the french as well considering a possible release of all reserves why are germany and italy against the oil release when you consider that italy is one of the biggest consumers of iranian oil in the e.u. surely it should be interested. yes well of course they we have these various meetings a veggie three c. four was d five d h t twelve where do you want to call it and now you see a creep a non these meetings where it can be the g three point five point five is germany and there is there the sleeping giant really because

a lot of people don't know this but germany does have an awful lot of control as to the way things are going and obviously they're in a vulnerable position just like france is in belgium because if a second tsunami comes along it's quite possible that the euro can go under and so germany has got to initiate its own plans as well and so are cosy and obama of course are in bed together for their own survival if obama loses power and sarkozy loses power then this really affects their master plan which i keep referring to political analyst peter live from up and thank you for coming on r.t. it's a time. thank you. anger over a pall of public spending cuts and new labor laws has brought spain it to a standstill as workers stage a general strike tens of thousands of people across the country are also gathering for rallies on the streets a massive industrial action is seen as

a tough test for the country's young government which at this point is yet to reach one hundred days in office in madrid as artie's trick. but has been a very big impact of course that was the intent behind this it starts during this general strike for the workers those who felt neglected under the current spanish government and some of its policies are steroids the measures to have its say and to voice its anger but it's something we've seen occurring throughout the course of the day here in central madrid there have been minor clashes between individuals and police and protests. there have been detainments made arrests made as well. as central madrid well the majority of the people out in the streets have been quite young every knows who really been affected by this crisis so far slain in particular is facing an unemployment crisis a figure say it's about twenty three percent of the population

a president that's particularly affecting the younger the working age the twenty five and younger with them it's about fifty percent of that cross-section of society now we are expecting tens of thousands of people to be out here in just a very short amount of time again voicing some of the uproar and anger not just against the austerity measures also against some of the labor laws that are being enacted by the spanish government at present there about the problem to do with sacking people now there have been copy saying it's too hard to that at present in spain with this legislation essentially make it much easier and offer financial is then tis to. sack people in the future and also lower their wages bill for more on this i'm actually joined by political analyst and show or rather now firstly people have described this is centered when it comes to the labor of course saying that it's not something that should be done this past be done but do you agree that

well i mean that there is an agreement that labor laws into spain where obsolete and somewhat awkward the problem is that a few deregulate the labor market in a moment of economic crisis like this one what you're bound to have is an epidemic of layoffs which is not what we need now so this will certainly reduce consumption which will certainly refuse growth under these where we have the problem we have a problem with growth of consumption we don't have really a problem with. the cost of labor because wages in spain were always very low now there will be even more and the other areas in your opinion that should be targeted right now well the problem is that it is not in the hands of the government to solve this crisis it's a european tries to pass through with the euro it has to do with europe and spain is the victim of the crisis is not the cause of the crisis so i'm afraid that while we continue pushing these agenda of of of cards of steady to mesure successor

and not measures to boost growth. but there's no solution it's very much we go on the issue of a european crisis well there has been ticky recently and those who are increasing rhetoric when it comes from europe saying this is something that could really in effect this is far from the italian prime minister recently saying that this problem is they could infect the rest of the eurozone because of this the spanish prime minister said that on friday when he said to pass and you budget it would be very very austere looking to slash about thirty billion euros this comes on the back of the bank of spain announcing the country's enters into a second recession. he's a dick a group supporting a guy from madrid bringing peace to syria without outside interference and stepping away from the dollar and the two issues which dominated talks in india where five of the world's fastest growing economies talk security and finance they're planning

to set up their own joint bank as an alternative to global lenders which would fund projects and infrastructure in developing nations in new delhi as r.t. is pretty sure. one of the main themes of this year's summit is how do you think growing economic powers are also starting to have more political clout on major international issues like syria and again we saw russia and china saying that they practice these fire in syria but they don't expect president assad to step down let's take a listen to what the russian president had to say to you from one of the priorities for bricks for the years to come should be the strengthening and rule of the u.n. security council and maintaining international peace and security and also ensuring that the u.n. is not used as a cover for regime change and unilateral actions to resolve conflicts situations today all the five leaders signed an agreement to actually give out loans in their

local currencies which is another move that they're thinking about moving away from the dollar and moving away from the euro another huge thing was the idea of a joint bank could serve as an alternative to the western led traditional financial institutions like the international monetary fund and the world bank. just a bit earlier i spoke to talk to us or i'm charlie vice dean of the school of international affairs he believes institutions like the i.m.f. and the world bank have outlived their usefulness. the problem with wine for some kind of crumbs from the high table is there it still depends upon the mercy and the munificence of the farmer superpowers who are now just great powers the thought the bartlett point is in a multi-polar world i think it's better to launch your own initiatives into sure

that you have the initiative to build your own institutions rather than to beg for a few more shares in a few places in the managerial or the board or boards of the britain great institutions because of britain which institutions i don't think can be reformed from within they have free reign so therefore it's better to either our body should not replace it with a new institution so this is where the breaks development bank comes in this summit here in delhi they have really shown that they have the capability to forge ahead with new plans new ideas a new institutions in order to govern the planet we play new ideology and a completely new functional basis for organizing economic life on the planet. this is r.t. you can catch up with more analysis and developments from the summit of thought something of a story we have lined up for you right now including a giant oak solar tornado five times the size of earth just being caught on tape

by nasa for the very first time so want to get incredible speeds i get those startling pictures on the story on our website. right is in the storm the first ever polar so-called snowmobile race in siberia for spectators a chance to glimpse life in the for. find out all those details again on our web site. west african leaders are in mali trying to find a way to restore order after last week's military coup several thousand people protested in the capital by moscow against what they see as foreign interference in their country but takeover was led by soldiers unhappy with the way the president was handling an insurgency they have already unveiled a new constitution and pledged freedom of speech and movement their actions have been condemned internationally and there are now threats of sanctions if the

soldiers don't stand down lawrence freeman from the executive intelligence review magazine thinks the rebellion was actually inspired by the arab spring. mali this was an area that u.s. put a lot of military backing into and they were trying to fight the various forces no one is al-qaeda in the maghreb and you had a military low level officer carry out a coup so you have to wonder how strong was the government this is a continuation of the arab spring into sub-saharan africa one fact that there really is in the zealous nature of president obama and president sarkozy and prime minister cameron and there in camp the carrier we seemed in libya and kill gadhafi and with. necessary there actually how this process because many of these rebels are coming back from libya very well aren't with pickup trucks with machine guns

and other ammunition so essentially it's the failed policy president obama in the west together with the economic crisis that i think that it can mean causes for this rebellion in just a moment it's daniel bushell with the r.t. business news but for now we'll get to the world update and start with libya and you rights group has condemned nato and western coast guards for failing to aid of both of migrants during last year's military campaign in libya only nine of seventy two people on board the vessel survived after it drifted into open seas for two weeks without assistance nato who is warships and maritime aircraft were patrolling the area at the time enforcing an arms embargo against libya rejected the accusations. at least seven people have been killed in separate attacks in pakistan that balochistan province and the first shooting gunmen on motorbikes fired on a van in the outskirts of the city of quetta killing five shiite muslims in the

second attack a u.n. employee and his driver were shot dead at this point but no group has claimed responsibility. police in the philippines of clash with farmers protesting against the us free trade agreement that came into force earlier this month over sixty activists through paint bombs at the american embassy calling on manila to cancel its upcoming military exercises with washington the deal was initially signed in two thousand and seven but has been delayed due to political stumbling blocks in both nations. french president nicolas sarkozy has called for the gunman responsible for the country's worst terror act in years to be buried in france without argument he was responding to comments from the mayor of. to lose to describe mohammad merah funeral as protests in appropriate algeria where the terrorists father was born denied permission for a burial there due to security reasons iraq killed seven people including three

children before being shot dead in a standoff with police last week. and time for the money markets with r.t. to a new bushel i understand the world's top bond fund now prefers russia to america yes is a better investment according to pimco founder bill gross he sees better value in russia's five year bonds and u.s. treasuries after the putin government yes they held the biggest emerging market placement in several years two key reasons given are high g.d.p. growth in russia and very low public good now the world's emerging superpowers of creating an alternative to the world bank which they say has unfair monetary policies poised towards the developed world they also agreed to use local currencies in trade as brics move to list with the us dollar. china and india continue to grow strongly despite the crisis of two thousand and eight the economies of russia brazil and south africa contract did following the crisis but have since reverse the trend and they've been growing for the bernard balls to call

them is in recent years this trick the market is now always hovering near its lowest level in almost a week all news the united states and e.u. may release strategic crude reserves to stop repeats of recent price hikes grouplet says that would bring prices down. there's been an exercise like that in the last year or so when our strategic reserves were last released and we saw the prices fall by five or six dollars a barrel at that time so it's not unreasonable to think their prices could fall by five or six dollars a barrel again if it looks like the storage tanks are going to be opened in crude put on the market. opened in the red again in the first few hours of trade in new york both the. down over half a percent europe's having a second week britain slipped into a double dip recession building a station for economic cooperation and development said today i'm sure is also having a bad day the most six drop more than seven percent in just two weeks now let's take a look at major movers on thursday most of the blue chips and dip down mitchell admits

that it needs to restructure some of its loans off of the fall of metals prices p.p. last visit revealed it's looking to build its own power plants and bt bank earnings guidance for last year on the exchange rates the euro's low and now against the dollar the ruble has slipped into the red against the greenback and the euro in the last hour of trade and that's europe the headlines are next on o.t. . thanks very much for the alley business update we will see you again next hour in just a few minutes or an artsy it's time for max keiser to tell you everything on the banks and money makers that you know the rather they don't want you to hear before that though i'll be back with today's top stories.

there hasn't been anything good on t.v. . used to get the maximum political impact.

before source material is what helps keep journalism what we. we want to present. something else. to. if the motion would be soo much brighter than if you knew about someone from first impression and some of. these for instance on t.v.

don't succumb. to. the.