anti-piracy law last year and was immediately branded as draconian quite understandably some may say because violating it would land you a fine of one million a year and that's roughly ten thousand dollars and a two year prison term and often the violators are punished with both it's worth mentioning that none of the above mentioned countries have registered an increase in purchases of legal content since adopting these laws how the new legislation works in russia which stands in between not only geographically but in terms of the law strictness but has a far more serious piracy issue will become very clear still ahead greece gets another fix of bailout money from e.u. coffers totally almost six billion euros but not only does its tattered economy need a very good story as the is there a t. that comes with it has been linked to worsening drug addiction in the. first round of the presidential election concludes in mali we talked to locals about their way of dealing with the scars left by all that's all ahead and all of

you for this coming up but first we have a chance to get updated with the latest financial twists and turns with katie pilbeam new program venture capital. wow revolutions in the middle east sure get a great deal of coverage what you don't mix a lot of sense revolutions or exciting t.v. peaceful protests or nice but footage of moloch tough cocktails flying and crazed crowds of local middle easterners really grab attention so there's a logical natural reason why some protest movements get a lot of coverage in the mainstream media well others kind of don't please forgive me for being conspiratorial but there is one revolution going down which does have all the exciting visuals of the arab spring but just doesn't get any of the mainstream coverage in fact unarmed people in this country recently stormed the parliament trapping ministers and lawmakers with that they held them down for eight

hours demanding the government resign until police with shields smash their way through creating a narrow corridor through which the officials could escape now that sounds like exciting and visual news but why did you hear about it all over the mainstream press that's because it didn't happen in libya or egypt or any other exotic country but in good old boag area right in the e.u. where u.s. and e.u. interests are best served by the status quo being maintained there was no need to hype up an intervention or kinetic action in bulgaria the only time you ever hear about the need for a crackdown in bulgaria is when a government there actually started working in bulgaria own interests and not the us desires but that's just my opinion.

that well considered then set capital with me. going to be discussing some of the we think it can you still always find out what's been made in staking the. local markets corporate news coming up. in cities is that a jam packed show it's a state that's going to get stuck in and talk about china because the world's second largest economy has been setting off all kinds of alarm bells this week it's now on track for its poorest performance since one thousand nine hundred ninety eight after growing at an average annual rate of just under ten percent for the last thirty three years the latest figure of seven point five percent is causing concern is the news we didn't want to hear from china or is manufacturing sector the backbone of its economy continues to slow more signs of weakness in the world's second largest economy we've got an economy which just isn't slow and there's a record i mean it's collapsing considering parts of europe are dealing with flatow

even negative growth right now why all the fuss over china that we're fuzzy let's take a look at what some point five percent of china is going to be actually equates to well it equals the whole of switzerland economy one of the wealthiest economies in europe so if time is growth was to stay this way the country would be adding the whole of the swiss the quantum way to its balance sheet every year or three graces if you put it like that even so is a seven point five percent such a disaster well right now i'm joined by andy issei here for more morgan stanley chief asia pacific economist joining me from hong kong today so can you tell me what you make of this seven point five percent is it such a disaster well our finger china is going through all our necessary phrase of adjustment rebalance the economy over the last five years china investment to march party to support of the global economy because of the financial crisis but

we are being versed munda has a lot to overcome parish to be sure there is a need a truer skilled back investment right do you think maybe china is a victim of bubbles perhaps. to two thousand and eight. the western countries cut interest rates dramatically saw for how money started to flow to flow into the emerging economies and china due to receive a lot of hard money my my characters will be sick of the signature in more than one trillion us dollars that are part of contribute to a piece of real estate a bubble in china and it's part of the investment a story now as if the western countries are preparing to tighten monetary policy in particularly when i stage so we're seeing our hot money leaving china and other glory days owes us a time when i think. people used to be very bullish about china ignoring all the problems not the old becoming very bearish or thinking that the china's growth is

over i think of these are wrong. as i pointed out of before that china had a bubble and you just needed to go through adjustment now and i think it's you we should not be are writing china half china's per capita income is only six thousand us dollars and it's got a lot of side the chinese people are very productive and are probably the most of what productive people in the world today and consume in very little solar there's a lot of other side of potential i still believe that a china will reach twenty thousand u.s. dollars per capita income by twenty thirty and that will make china the largest economy in the world. and moving on to the ukraine because right now the exit country is torn between two trades now as you can see stark riots in the middle just now ukraine it faces a choice in the guise of the e.u. free trade or join the customs union with russia now if you crane chooses to

go west words it would become part of the biggest trade bloc in the world but the question is whether it'll be worth the. because she would be expected to spend money in order to me european standards for him to structure the environment and the quality of their kids plus ukraine enjoys or even gas discounts due to their close relationship with russia if the country enters the e.u. then they would be expected to pay the same price as the rest of the e.u. countries now trade with russia is expected to decrease by up to two billion dollars on the other hand is the option of joining the customs union this will be the trade with the e.u. at the same level that it is now at the same time boosting exports to russia up to ten billion dollars annually so economically the situation seems pretty clear however politically if you crave is ready to pay the price it may join the e.u.

club for better or for worse. thailand has become the first country to be in the big oil it's now illegal to use a virtual currency are to the central bank declare that it's not a currency this is the latest blow for the because of the pay to pay cash system an alternative to traditional choruses have had its fair share of controversy since its introduction four years ago according to an online statement by the ruling came after months of meetings between the company and thailand's essential by the time justified their decision stating that the ban is due to a lack of existing applicable laws capital controls on the. struggles of multiple financial facets which also is rather complicated really so we've got an expert to break this down for us right here i am joined by christopher hot well from the skolkovo business hub for us hi christopher atsic you tell me if this is

the beginning of the end for the big coin no not really i remember me the things that put coins in for exactly correct in terms of wire. was banned in terms of the problems the difficulties it's having in thailand it's not really that it's banned per se it's that thailand isn't i don't want to say advanced but its legal system really isn't sophisticated enough to deal with what bitcoin is it's in a very action by thailand well no i think it's an overreaction from the way it's been reported including by bit koin ltd the company that sells that accident exchange for bitcoin in thailand i mean the central bank of thailand really doesn't have any authority to ban currency or to ban bitcoin per se it does have legal authority to deal with the exchange rate movements with capital controls as bitcoin mentioned and with things that could impact the exchange rate of the body so right

now what they're basically saying is we need more time to study what bitcoin is and if it has an effect on the thai baht on whether or not it's going to affect the exchange rate which is what they're really concerned about do you think there is now a faith that other countries will follow suit i investigating the current seem all . of course i mean that's that's always been the worry about bitcoin bitcoin was great because it was anonymous it's not backed by a central bank it's comes about from this computer algorithm so it's a really good alternative to central banking it's an alternative to normal monetary policy and obviously governments are threatened by that central banks are supposed to have a monopoly on the currency that's the whole hallmarks of monetary policy today so thanks are threatened by it governments are threatened by it and there will be these kind of ongoing investigations. and now time for some corporate news from hey in russia than russians have been going mad for miss

a days with the luxury vehicles latest all friends selling out and just three months russian sales were up twenty percent in toto. more bad news for russia make a sequel to jess with the first half profits decreasing by over one hundred percent plus russia's gas major gazprom has announced it will supply more natural gas to europe this year having already increased supplies by ten percent but despite the increase to ma and gas problem is still set to do a ten percent decline in profits overall. this week has witnessed the collapse of the world's biggest fertiliser cartel sending shock waves through the industry pushing down shares in protest produces world wide by around a quarter panic has been spreading on global stock markets is the russian giant your account he decided to pull out of a joint venture with its bellerose based partner bellerose kelly in the

agricultural well this is the equivalent of saudi arabia dropping out of opec and this could all result in lower food prices because farmers will pay less for their first eliza to grow their crops and pulses discounts on to the consumer at the checkout also this could mean an increase in the size of crops so people will get to enjoy a bigger soybean for less. russia could soon welcome a budget airline air a floor russia's largest airline is planning to offer flies to savvy savers as early as next year and our customers could be snapping up tickets up to forty percent cheaper than traditional allies and as it stands russia doesn't have a budget airline and flights are much more expensive than elsewhere for example a flight from moscow to the davis stock in the far east of russia such a domestic flight is twice as much as the cost of a flight from moscow to new york at different continent but while there might be

a gap in the market the problem is budget airlines have a history of failing to take off now to a low cost airlines even over and sky express are two examples of this both companies folded in their quest to do so so now i'm joined by the founder of avian over we've got pine just here to give us the lowdown hello there are thank you for joining me tell me i want to get an idea as to war era for up to what is the thinking behind this because why don't they just reduce the prices of their flights why. a whole other airline ok.d. are saying if they simply ricci's prices they go out of business for a c. so i think the logic here is to create a unit which will be operating on a low cost basis and then to pass those costs on to the consumer. why why are they doing it now i think is as you've said it has been a gap in the market for two years they're seeking talking pilot space but they're

also facing very sharp competition now from foreign low cost carrier is coming into russia we've seen easy jet for example stop flying from from london to moscow so i think also there are flawed or trying to some of the local scripts in order to enable them to compete more effectively in the in the overseas market as was the domestic market and is it all about stamping out competition in terms of the russian market i don't think it's about stomping out competition i think you know the basis for a low cost airline is that you grow when you market to encourage people to go from coaches and from trains on to planes so i also i would say to be charitable it's about growing a market as a consumer if i'm going to buy a ticket and i see that era florida offering a certain price then new but to add line offering another much lower price i'm going to go for the lower price is still a hard concept to understand if you think that the brand of ara flights could be

damaged as a result i think it's risky i am also sure the brand would be dumb age but you're right to raise the question because we've seen i don't know how many fifty sixty seventy examples of foodservice airlines trying to set up low cost airlines. only a handful of been successful because what normally happens is that a low cost airline becomes too successful and it cannibalizes the parent company. prime example would be british airways. which we saw fifty years ago but you know there are numerous examples and i think this is the real challenge that aeroflot will have to face how do they give room for the low cost airline to develop and be successful but not give up their call box so it's a lot that's a challenge that but they will definitely have to to overcome well i think at the end of the day the only winner in order this can be the conceit of us absolutely for all of us it work out thank you very much and but you have your time today and you prime just a muscle the time we've got to vent.