petrol kind of grips the u.k. ahead of a possible tanker drivers strike while london paris and washington consider releasing all reserves to push down prices. protest violence and as a general strike growing spain to a halt and tens of thousands marched against cults and labor reforms. the arab league u.n. sponsored peace plan for syria and warns that arming either side in the conflict will trigger a proxy. nightmare on wall st paul three. the

business news is in twenty minutes. international news and comment live from moscow this is o.t. with twenty four hours a day there's panic at the pumps in the u.k. where threaten strike by delivery drivers has seen stations already running dry amid fears even the army will need to be deployed to keep the country moving comes at a time when the oil prices which is what the governments of london paris and washington think you flooding the market with their reserves. either bennett's. what we're seeing in the last twenty four hours or so is in 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

be a good idea to top up your car now also fill up a spade jerry can in case of emergencies david cameron the prime minister's even put the army on standby to drive that the tankers should industrial action go ahead so they governments come in for some severe criticism by the opposition for its handling of this crisis all of this comes as all prices a 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 there joining us america and britain in discussing the option of the emergency release strategic release of emergency or oil supplies to try and drive down those prices now this is a move normally reserved only when there is actually a physical destruction 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 the head of the i.a.e.a. the international energy agency which has to authorize any such move has said the it 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 clue. they're very desperate now to limit the damage and repair the damage that they've course and sells for is too late for their ministrations. of thousands hit the streets of spain angry over a plan of public spending cuts and new labor laws the general strike has brought the country to a standstill outrage boiled over into a full scale riot in pasadena where protests windows and clash with police reeves

he is in madrid talking to us live now from their take of the massive industrial action is a tough task for the country's young government and just how is the country coping at the moment with this massive strike. this general strike of course cause massive economic impact you seen planes grounded we've seen the industry affected as well but right now the real impact is being felt on the streets of some of the key cities around spain where you bring you live beef from some of those from valencia barcelona and madrid right now we can see that the currency of people are assembling all must be talked about all day that tens of thousands attend this general strike want took place in two thousand and ten and it really didn't materialize as it was promised twelve been down the streets here and there are plenty plenty probably about one hundred thousand people walking up towards essential square behind me set to kick off even now the main gripe of those in

attendance around the country is not just with austerity measures those being influenced by the e.u. and eurozone members it is also about a labor law reform of those labels very unpopular with workers that's because they seek to make it easier to sack employees in the future and easier to reduce their wages as well they don't think that is justified in the current economic climate in spain you have to bear in mind is the nation dealing with high very high unemployment levels about twenty three percent. the population we see plenty of young people around the streets of madrid today and they have a very large presence here at the moment mass because all those unemployed all those under twenty five will they make up some of the large about fifty percent of those under twenty five are currently unemployed and so far here it's been relatively he saw in terms of proceedings the same can be said of barcelona there

we have seen the riots taking place in the streets bars being started by protesters clashes with police and also windows being smashed tickly mcdonald's is being targeted for instance. you mentioned those high unemployment figures i mean clearly the government needs to act on this unemployment crisis just how is the cabinet and justifying its policies. justify its policy is one really old necessity spanish governments in essence is really stuck at a bit of crossroads here on the one side they have the e.u. the euro zone members really leaning on the spanish government to present in particular we've seen italian prime minister saying the risk of contagion that was affecting spain at the moment could influence other and affect other euro zone members that's led the spanish prime minister say that friday's budget for his

announce is going to be very very or he plans to cut thirty billion euros from the current budget the problem is that ignores this kind of mass demonstration that we're seeing at the moment taking place in three key cities in spain as boss about this general strike because these people when many analysts the pooch don't think that it should be targeted in this area that cuts need to be made yes that's why they voted for this reform minded and austerity minded government in the first place but let it rest all the labels islam is targeting the wrong people jacki thanks very much indeed for that live update there in. madrid jacob grieves there. the arab league has backed a u.n. sponsored peace plan saying it must be implemented immediately and completely and iraq where the league was holding its meeting warned that arming either side of the conflict will trigger a proxy war driven from abroad sara firth reports. the arab league summit

in baghdad today hasn't been particularly well turned out as the less than half the twenty leaders have actually participated in the number of the country's standing that it will not succumb voice instead of say a lot of people saying that that's possibly much more a political stunts than a security issue with iraq's foreign minister has said that the country i rejected calls the foreign military intervention as an interview solving the crisis in syria of course a serious absolutely top of the agenda at this arab league summit iraq's physicians in a number of the other arab countries of course differing quite widely from what we see some of the other especially gulf countries. many of those countries calling indeed for arming the syrian opposition and sending in arab states of the arab league really a very hands at it again at the moment as we have seen in the past by their own internal divisions and the rhetoric that you see that it is to try and get all the

different sides on the same page. and that six point peace plan 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 exactly how to stop it now the syrian opposition have actually been meeting here in istanbul over the past couple of days ahead of the friends of syria conference of the weekend one of the analysts so speaking to you told me that really the aim is to try and create this that monolithic opposition movement they're very aware that the syrian opposition are incredibly fragmented coming back to the peace plan and we see the syrian government accepting that fully and that's been met with understandable skepticism from a lot of the opposition a huge questions remaining in the arab league. in baghdad today they. say u.n.

fixed point plan by. a lot of people asking well how exactly is that going to be implemented how is it going for the put in action on the ground. if dialogue is going on and of course the main focus because that's the it's going to be the worth of the actions that really count. so if reporting that will bring peace to syria without outside interference and stepping away from the goal of the two issues which dominated talks in india with five of the world's fastest growing economies talk security and finance they're planning to set up a joint bank has an alternative to global lenders which film projects and infrastructure going to nations. is a new thing 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. some of the priorities for brics for the years to come should be the strengthening of the u.n. security council in 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 result conflict 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. let's now

return to one of our top stories this hour and that is the massive general strike taking place in spain protest is right the streets at the moment a company against the harsh public spending measures and the new labor laws let's talk to gonzalez he's a founder of lear f.p.g. dot com a strategic planning group which analyzes the causes and effects of the financial crisis well he the labor reforms have seen the spanish venting their anger for a month from now how do you view these new laws well i think that on the one hand they're necessary in order to the line that the e.c.b. and the i.m.f. have drawn in the sand as it were. if spain wants to continue on the path of being a part of the euro zone they have to start cutting their budget and so they're going to do that much more they're going to start cutting i think it's about forty billion euros worth of their budget. the news is really bad for spain no matter how you look at it because they're going to be shrinking about a one and

a half percent this year that is two thousand and twelve which is really a depression figure numbers and so they're going to their economy is shrinking and they're going to be cutting their budget in order to reach these troika targets. the problem with that of course is that as you start cutting your budget you start laying off workers and you start to add to the problem and so that's what you're going to start seeing in in spain you're not going to see a decrease in unemployment the unemployment is going to remain at twenty percent youth unemployment is going to remain at over fifty percent if not climbing higher and you know the especially counties it's going to continue to build up so they say that these measures will make the spanish economy more competitive why wasn't it while they write them from your point of view. well you know the thing that they really have to do in order to make the special kind of a more competitive is to renegotiate the labor laws because currently the labor laws are such that it is extraordinarily expensive for businesses to hire new workers or more properly to fire them so if it's very expensive for you to fire

somebody then you're going to be much more careful about hiring them which is of course the problem now these labor laws have to be reformed because they were written when things were going great in spain another obviously not going great they have to be rewritten they have to be renegotiated and that's the problem that we're seeing we have people who are employed and you have the unions of course who don't want this renegotiation but of course on the other hand for the health of the spanish economy you have to have these labor laws renegotiated and reforms now it will probably happen because he has an absolute majority in both the senate and the congress as congress and so they are going to pass the laws that need to be passed and that's in the cards and i want to i are having that is myself you know this is going to cost what political cost when they try and policies laws all through are we seeing these massive protests on the streets in spain remember this is a young government can be at risk. well now would be the best time for them to do

it when they're starting out because they can bring their political capital now and try to hope that these measures will help them and regain that political capital by the time they get to the next election so now would be the perfect time to do it and now is strike while the iron is hot and that's what has to be doing right now is spain really in trouble could it be having full a bailout perhaps does it need to play like you. no i don't think that a bill as possible for spain. look let me give you an example i last night of two thousand and eleven. rising impossible to kill big it's too big to fail ok because it's forty percent the size of germany you cannot save a country that size you cannot bail him out like you would be allowed greece or ireland or portugal spain is a big country it is one trillion euros g.d.p. per year. that's simply too big for any country or any group of countries in the european the euro zone to bail out france and germany cannot be allowed spain so the only solution and i think this is inevitable is first spain to exit the euro

zone go back to the devalue and start rebuilding its economy and that i think will likely happen in the next government after are who are who i think unfortunately is going to fail and the government after that will be a left wing government and they will probably exit the eurozone and go back to that and the value and do what has to be done because this government unfortunately they have the best of intentions and i have no doubt that they are very capable and competent but they just don't have what it takes to do what's necessary which is exit the euro zone's on the greens talk to you thanks very much indeed for your thoughts on this comes on the lira there joining us live in paris i thought let's return to one of the other main stories about the brics nations meeting in india where they've now finished their summit and they discuss the world's issues concerning security and indeed finance so let's talk to dumb and dumber from the center for indian political research and analysis. one of the things that was you

mentioned during the summit concerning the creation of a joint brics bank that enterprise would that succeed that initiative. it seems to us all the five members are very keen to have. joint initiative on black fronts. in the declaration they have also mentioned about i.m.f. so it seems that in all those brics banks and trading in each. dollar all these three fact those certainly makes it very viable. unity for all the five nations so yes the bank. five countries already years of having on having a bank among themselves. you mentioned the aim of getting crazy control

getting greater control in the international monetary fund the i.m.f. well that doesn't seem very possible does it when we see a european candidate of course will be heading that and the world bank also looks set to have an american in charge and nobody from those brics countries will be part of for those brics nations to really focus on getting one of their own into such a powerful position in those organizations run actually thinking up new and untested institutions. see. declination that has been a mention of i.m.f. which was not there in china declaration saying that all these big bricks can break countries wants to have a greater say in reform saw going forward b.p. would see. on an international level these five countries playing a role or united role in i.m.f. or maybe inboard bank something will not happen overnight because these institutions are already being you know they have. been controlled by

a us european union canada but we could see. these five countries in their concern and you know asking for greater in the governance of i.m.f. and then maybe also. you know the economies of european union and us in big trouble china india russia emerging as. the old and board of economic system certainly i see a great you know presence under all of these five countries and you also you're going to see russia what about this idea of moving away from the dollar as the global reserve currency and actually pushing trade in their own currencies what do you make of that what would that work. well i believe it's still in its infancy it can't you know one night you can keep your international trading currency from

dollar to the individual currency but yes. the new thinking is going on the dollar over the period of time is losing its or. so why not start creating at least among all these countries and their own currency if you remember when soviet union was. created. dollars but it was more and rupee saw we have a precedence over here and if they come out of this and maybe. i don't see paying a. plane they can move. dollars. coming out thanks very much and if you're finished with my ok thanks very much indeed for your thoughts live in new delhi great to hear we have to say thank you this is from the russian capital with the twenty four hours a day still to come we've got plenty more news you can catch up with all the

developments from that break summit on our web site r.t. dot com and here's what else is lined up for the moment on the web site online the john so that tornado five times the size of earth has been caught on tape by nasa for the very first time all swirling at incredible speed the pictures and the story on that at the moment online also. right in the store on the first ever post circle snowmobile race in siberia offers spectators a chance to glimpse life in the north you can plot out more stories. online all the time. a delegation of west african leaders is abandon the trip to mali to negotiate with the leaders of last week's after their plane was prevented from landing by demonstration at the airport last week's military takeover money was led by soldiers unhappy with the way the president was handling an insurgency. at a tour of the. african newswire told me earlier that he thinks instability is not in western interests that there is

a counterterrorism program that the united states has been involved with the government in mali for at least three and a half years the united states africa command has also engaged in joint military operations with the government of mali it's important to recognize that some hundred forty million dollars annually has contributed to the mali a government from the united states also there's a military education program that the united states dances with the fall of government as well as our payments direct payments for military arms and other technical assistance to the government of mali as well it appears as if the u.s. state department is backing the ecowas delegation that's headed by a song which argues the president forty wasn't close. if there was negotiated and are not able to go forward then of course the whole process of national reconciliation of the return the cost of the war will be stalled unless of course worries the united states because not only do you have the azawad national

liberation front you also have the al-qaeda. which is also active with a lot of our wizard of mali as well so it's a lot. of concern on the part of the united states and other nato countries in regards to potential greater instability in mali. but some business news for you very shortly or not in the meantime let's have a quick look at other news from around the world making headlines and the rights group has condemned major western coast guards for a plane to aid a boat of migrants during last year's military campaign in libya and the nine hundred seventy people on board the vessel survived after it drifted into open seas for two weeks without assistance and nato troops ships and maritime aircraft patrolling the area at the time and forcing arms and pargo against libya rejected the accusations. at least seven people have been killed in separate attacks in pakistan's. province and the first shooting coming on motorbikes fired on a van in the outskirts of the city of quetta killing five shiite muslims and the

second attack a u.n. employee and his drive that was shot down no group has claimed responsibility for. french government one hundred men or has been buried near truth prince city where he committed the country's terror act three years because nicolas sarkozy had called for him to be buried without argument after the marriage to lose described the funeral as inappropriate algeria where the terrorist father was born denied permission for a burial there due to security reasons men are killed seven people including three jewish children before being shot dead in a standoff with police last week. as promised daniels next with the business update that's after a short break stay with us live here in moscow. russia

would be soon rich bright. moon and sun from feinstein crashing. the stones on t.v. dot com. welcome to business news go straight to the markets is turning into a bit of a bloodbath pull u.s. jobs data is pushing wall street into the third straight day of falls off the last week which was the worst of the year so far all major e.u.

markets ended down today the general strike of street violence in spain sent madrid lower is the worst performing in europe this year russia's sharing the pain the my six has now dropped more than seven percent in just two weeks as take a look at major moves on thursday michel admits it can't be paid bank loans due to falling metals prices t k p p's down as it reveals it will build its own power plant and v.t. banks earnings guidance for last year on the exchange rates the euro's now lower against the dollar the ruble slipped into the red against the greenback and the euro in the last day of trade here in moscow russia is a better investment than the u.s. according to the world's biggest bond fund tim co-founder bill gross says he sees better value in russia's five year bombs than the u.s. treasuries off the limit putin's government yesterday successfully held the biggest emerging market placement for years reasons given of russia's hoit g.d.p. growth and very low public it all is hovering near its lowest level in almost

a week on news the united states and e.u. may release strategic crude reserves to stop a repeat of recent price hikes they've told us that will push prices further down. there's been an exercise like that in the last year or so when refusers were last released and we saw that prices fall by five or six dollars a barrel at that time so it's not unreasonable to think that 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 but on the market and you're up to date most there is on a website called flush business.

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