conic leader is the country's president for fourteen years he died after a long battle with cancer at the age of fifty eight. on the commandante his death raises questions over the future of the country's oil industry with some of the world's largest reserves now being by many not least the us we look at the prospects. also egypt's army could move in on the restive port town of president morsi is considering handing them full control following days of fierce clashes between protesters and police that have claimed lives on both camps . and britain fear is losing its financial clout a new plans to curb his lavish bonuses a hailed by taxpayers but also seen as threatening to drive executives away from the city of london.

you're watching our to you live from moscow it's four pm in the russian capital now our top story seven days of mourning have been declared in venezuela following the death of president chavez after a long battle with cancer chavez's passing at fifty eight has left the country a key regional player in political limbo and is also likely to cause many consequences are brought to discuss all this with me in the studio. recently returned from venezuela we'll also take an in-depth analysis of the world's economic reaction to chavez's death in a few moments time the first artie's. is in caracas and tells us more about how the news of the president's death as we met in his country. when israel is now grieving the loss of its charismatic leader sawzall hugo chavez supporters have taken to the streets across the country and the seven day mourning period has been declared the

president of venezuela died on tuesday afternoon nearly two years after being diagnosed with cancer fighting back two years why is president nicolas maduro announced the news describing chavez dead as intensely painful and he's through tragedy for the country when as well as mildred t.v. life on state television to pledge their loyalty to my new role who chavez named as he's successor one of the world's best known socialist leaders and is still in the united states chavez has undergone surgery four times and had a number of sessions of kenya turkey in the cuban capital haven't or despite his ailing health chavez was reelected in october last year to enforce term however he was not able to attend his inauguration ceremony casting doubt on the succession of power new elections in as well and now have to take place within so two days. now as i mentioned lucy catherine of is here but before we talk about chavez let's

just remind ourselves why he was such a colorful and unconventional later on the world stage areas a few years back talking about former u.s. president george w. bush. who was just today the devil came out here. right here to the moon and it smells of sulfur still today. well confrontational unconventional on the global scene but i was i was he perceived domestically to say the least well paul of course he certainly knew how to ruffle feathers abroad that's quite evident in the clip that we just played there but it's really his populism and his charisma that one child has die hard followers at home he came from very poor impoverished roots and throughout his presidential political career he's really focused to sort of revolutionize life for the impoverished communities in venezuela he was very personable very charismatic we went to one of his last in fact political rallies before he was re-elected for another term and i'm just remember that day it was pouring rain tons of supporters out there we knew

that he was battling cancer and yet he got out there on a stage started dancing around you know sort of you really got a sense that he was one of the people and i think that's really what connected them to him but it's really his social policies that have helped win him support i want to play a sound bite actually of how people were reacting to that let's see if we happen now. because he does many things to help housing education programs helping the poor and also you know has gotten a lot better because of him everything has changed so he's really done is by he played a pivotal role in bringing the plight of latin america's impoverished communities to the stage and sort of empower them to be more politically active in this and in a country where they really weren't before you talk about the impoverished you were there as we mentioned in october during the last election and you saw some of those policies that he did to help the in what was

a slogan look at one of one example now and. well for people living up in those longs or barrios there used to be no way to get down to the city to find work or go to school simply walking down those hills you think about an hour not used to be no public transportation until president bush has built these cable cars a little lifeline for venezuela's poor. they say helping the impoverished it wasn't just cable car of course it was and he did a lot of things from developing a low cost housing and education programs to for example putting in municipal services sanitation clean drinking water to communities that literally had nothing there before charges came to power he also put in together these sort of community banks schemes that put together micro loans for businesses so for example of you and a bunch of your friends wanted to do a sewing circle a sewing business they would give you money give you a few months to sort of work on that and then you could pay that back at really low

interest rates he also created these things called missions these were projects for the very the most impoverished in the barrios health care was one of the main missions and i do want to play you another sound bite that we have from one of the patients we spoke to. here they help me along and this committee has helped a lot of people and a lot of children here thank you to chavez has done a lot for us those missions are just incredible. so you know paul it's not just cable cars. we talk about how popular is a universally popular did you have some critics of course he did have many critics not just abroad but at home despite these social programs for the poor venezuela under chavez was one of the most corrupt countries in the hemisphere and it suffered one of the highest crime rates homicide rates in the world higher than baghdad iraq if you can believe it just to give you some contrast as well as a nation of thirty million people had more than twenty thousand murders in two thousand and twelve the united states which had three hundred fifteen million had

twelve thousand murders that same year there was also some criticism that he wasn't necessarily building stable economic policies that would help venezuela grow economically beyond just oil profits and inflation and those kinds of issues really ruffled feathers of even some ordinary supporters not just the economic elites let's play that sound bite. to do. corruption. we're some of the people we want. so fourteen years in charge with the election in october is one of the most divisive ones the first time charges and well it was issues like what we just talked about that really sort of pushed people away from him but that doesn't mean that he was losing math of popular support by any means he won the last presidential election with the same margins that he won his very first one and even though a lot of folks in the west sort of like to portray this as an autocrat or a dictator you have to understand that throughout his fourteen years in office he himself has followed policies submitted himself and his agenda to fourteen national

votes and the elections were ones that jimmy carter said were one of the most free and fair in the world they weren't without their problems there certainly were problems in the country but at the end of the day you know love them or hate them you can't ignore the fact that chavez certainly left his imprint on venezuela i was not taken i did not lucy thank you very much for your time i saw lucy cathles thank you. let me be remembered but there are concerns that fascination might eventually give way to demonize ation in some parts of the world despite words of condolences from the u.s. president has put an investigative journalist covering a lot of america explains. in fact obama's message was a bit ridiculous you know he said that that we're going to stand united with different as well and people what kind of people does he mean does he mean that the people who elected and re-elected chavez in thirteen out of fourteen democratic elections or does he mean these are people who go to new york and miami to trade

martinis endemol nice job isn't a job these things as evil dangerous commons this is ridiculous the most important thing in my opinion chavez in terms of a political leader he was always referring to an international revolutionary tradition from out said. he was like a nailed fruits of jewel for that of more their geopolitics bigger than now is in fact because the war on almost all directions but dissipated and the saying is why this is the morning edition of chavez the even faustina and who grow these especially in the us first of all venezuela has the largest oil reserves and it stays in european union they can say hold you need this wall forcing all you need just love to those ghastly petrol monarchies in the persian gulf but even as well as the leader of an israel of this sided to use the oil wells the benefit of the

lower class is about as well this is something unheard of in the persian gulf. now chavez championed economic reform funding get with a vast oil wealth is one of the world's biggest oil producers and nations depending on most supplies will be can you're waiting to see what happens next of course most keenly the usa to talk about r r t's katie pilgrim joins me to talk about the industry's prospects. just give us a sense of exactly how much oil we're talking about here huge amounts actually two hundred ninety seven billion barrels so just to put that into perspective for you that such on a par with the biggest producer of oil in the world saudi arabia is it just really gives you an idea as to how big it is as far as production is concerned though completely different story and that's because of under development in the sector actually since one thousand nine hundred eight or has actually fallen by twenty five percent poll which isn't very encouraging at all but currently still the fifth

largest oil exporter which actually accounts to ninety five percent of the country's export earnings and that's why we've got american multinational companies wanting to muster them. so as you can see where we are ninety five percent of export revenues poll so a large amount you mentioned america there wasn't u.s. oil groups that invested in and built up venezuela's oil sector yes indeed it was actually that's the reason why venezuela managed to get to where they are now in terms of oil production so rather impressive indeed actually if you go back to the first part of the twentieth century that's when it all happened in terms of u.s. companies but let's talk about the one nine hundred seventy s. because that's when a lot of it happened that's when the country actually a nationalized oil and gas sectors really in doing that that's when foreign

companies actually had to leave particularly those of the u.s. actually polls so in terms price of oil. this is at the moment then i can tell you that at the moment paul is relatively new said there's not an awful lot going on they are loitering around four day highs but a lot of that is actually already been priced in to the markets because the sad as it sounds when it comes to investing in trading there's not really many issues that are that are put in the bin so to speak people already anticipated this to happen and therefore the prices aren't doing an awful lot at the moment paul. katie i have to ask you what exactly are russian interests in all that well that is the question indeed we know that russia has had a presence there over the years particularly countries. igor said jim we're actually expecting him to be attending a few obviously he'll be there to mourn of course but also to make sure that a lot of those contracts that he had initially will still be intact so he's got his

own investments to look after we know that lou called as well they've been there almost a decade in the region gas problem since two thousand and eight also china has a big investment too so not just u.s. russia but also china as well so last a scramble with paul lots to get their hands on when it comes to oil it's always the same as watch this space. thank you very much. and i will be back with more on chavez's death and its implications including reaction from a european parliament member that's right after this break. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else. and realize everything. is a big picture. speak

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coming to you live from moscow now back to our top story the death of venezuela's president hugo chavez let's get some reaction from europe we can talk to a member of the e.u. parliament from john a lot of biscay life from brussels thank you very much mr biskit for joining us now your cochairman of the left parties do you see chavez's death as a blow for the socialist movement in latin america and maybe even across the world . yes. i heard about the death of. him and it's very difficult for us to understand of course he was one of the personalities in the leftist movement in the world which is shown which was rare now and which stands for self-determination of the people and that in america and in other countries and he was an important personality and there are many discussions about between the leftists in europe whether he did this good all this

not so good to have is very influential to the european left and i think it is. a pity that you state. how big a blow than to lose such a figurehead for the movement. well this is very difficult of course i was at the university any personality can be used as substituted by another personality but it's not true. there are some personalities which have a return of they have a which have some influence on the other people which nobody can take so. have a swath. of one of this personal piece from let in america like peter castro or che guevara things like this and and he says this was very difficult to do

it's a discussion about him in europe but we all know. we read him. speak at many many ideas from him and so he will. be alive when the european left. is he as a figurehead is he irreplaceable or do you see his successor being able to carry on and continue his legacy. so i don't know how to answer. i know carvers. i met him in the stopover form and it's very difficult he has not no other personality it's like have is. unfortunately we have in history situations where some personalities. and there will be no other personality to be a substitute of them and i think careers have this left us and. this very bad and so we are somewhat poor i hope they'd be fine good friends and when it's

wheeler and everyone let an american pulse america which we can we can cooperate a long long way but to. have as a state and this is i miss it i miss him very. strong and leftist movement in the boat and we are one moment the differences between venezuela. we know all about a. common link between us. and we learned a lot of him. so i hope. just a little of my thanks very much for your time it's much appreciated later basically germany from the left party and we are interested in your views on what awaits venezuela head to our team dot com and vote in our online poll to let us know what

you think will happen following the news of chavez's death and here's how opinion is divided so far almost half believe the country will carry on as it did before led by the vice president you can see that forty six percent around a third say venezuela might fall to the opposition which is backed by the us a little less fear that the country will descend into chaos due to an imminent power struggle and finally. i think venezuela will become more moderate under a new leadership and go to r.t. dot com to have your say.

egypt's president mohamed morsi is considering giving the military full control of the rest of town of course following days of deadly clashes at least six people have been killed and hundreds wounded in the latest wave of street battles between security forces and young egyptians artie's correspondent belcher and brings us more. president mohamed morsi met with top security officials on tuesday reportedly to discuss pulling the police out of the restive city of science and instead putting the military in place this is because of the four days of clashes between police and antigovernment protesters in this restive city protesters torching the national security agency building with additional fires in the governor had courtis and the security directorate this comes of course i had a very contentious verdict on saturday for this point saeed football massacre that took place last year in february and it started when thirty nine defendants were moved from a prison the families of those defendants in this case were very upset with this

and so the conscious began between the police and protesters saying hundreds injured and at least five kids meanwhile we have violence here in the capital as well just off the three square by the nile has been intermittent street battles between anti-government protesters and police although the opposition is not scared he said there are definitely similar grievances being expressed across the country that there's been no change since the revolution in two thousand and eleven a feeling that president obama is making very unpopular decisions such as backing this four point eight billion dollar i.m.f. loan which will see subsidies cuts and tax hikes in addition people are saying that the constitution was drafted by islamist dominated constituent assembly so people really here are feeling that nothing has changed and there are many problems in the country which means there is very likely this is the violence is likely to continue in the next few weeks. britain has been left alone me voy by defending by because

bonuses as the rest of the bloc aims to rein them in the measures are popular with austerity europeans many of whom say it's the bankers who triggered the financial rollercoaster in the first place all these police boyko explain just why britain is so adamant. it's that time of year again bonus season is in full swing the chief executive of h.s.b.c. is set to pocket a two million pound bonus this month for the way that u.k. bankers get paid could be about to change that's if the european union has anything to do with it at the moment the average bank a salary is just under seventy thousand pounds a year but bonuses for top bankers can be many times more than their baseline depending on personal performance the success of the bank and the market as a whole last year the bonus pools of leading city banks went up to as much as two point four billion pounds of b.c. but if the e.u.

proposal goes ahead next year banks would be blocked from paying out bonuses larger than double an employee's basic salary much against downing street swishes some banks some teams of people some revenue some profits some tax revenues. would be. to that extent written before voices inside the city say that big banks in the u.k. might be forced to pay higher base salaries in order to keep the most talented executives there are very few circuses in which united kingdom is a world leading financial services is one of the high basics impose a constant overhead which can be adjusted easily from year to year whereas the bonuses can be part of the success of the market has been that element of flexibility you can award

a larger bonus in one year. another year and with the european economy still flatlining voters want to see those bonuses brought down but there are fears that the measure could end up putting london at a disadvantage to the text tape. coming from because not just in the bonuses but in general is huge estimated to be over and above forty billion pounds a year so the point here is that effectively this is taking away people from the economy this could be forcing people to go elsewhere and the trickle down effect of that will be dramatic overregulation. has cost the many of its manufacturing hubs also new economies coming on board and that has obviously had in the fact bankers might not be the most popular characters in all sincerity stricken britain right now but if we're in the financial services industry it's fine so it's i think you hate me and don't like what they missed this

including charts so george osborne say that they're concerned that it could happen as things look at that not just on the city of london but on the british economy as a whole the rest of europe however is determined to push compensation in the financial sector down with the final penciled in from a bonus season next year could end up being an altogether. london now on and off the stage one of the bolshoi theatres top dancers who recently played ivan the terrible has admitted he was behind a shocking acid attack on the company's by. police say pavel dmitrichenko motive was linked to a personal dislike for his boss two other suspects who were detained have also admitted they were involved in the assault it was in january when feeling was attacked by a man who threw acid in his face leaving the chief nearly blinded for more on the

behind the scenes in fighting at russia's main theatre you can visit our website r.t. dot com. now they had it spread in a set with. a mission and free credit taishan free transport charges free. range and free. free stews free. old free broadcast plug in video for your media projects a free media dog r.t. dot com you.

to live on one hundred thirty three bucks a month for food because you know how fabulous bad luck i got so many i mean. i know that i'm seeing the same thing really messed up. in the old fairy so personally apologized and said. the worst you were going to say will fly down sort of a. radio guy in fort lauderdale minestrone cricket. i want you to watch closely to give you never seen anything like that and i'm telling. you oh yeah you know everyone this is breaking the set and i'm your host abby martin so in case you haven't heard venezuela's president hugo chavez has just died after two year long battle with cancer will definitely cover his.