trial they're being charged with illegally protesting and for allegedly assaulting police officers in demonstrations last month and two men who were prominent voices in the january two thousand level revolution among the first to be trying to for the offense related to egypt's new controversial protest though it was in force by the government last month and bans all rallies over ten people from gathering without permission from the ministry of interior there was mass aprile when the law was promulgated as people here say most protests are against interior ministry and the brutality of their police force and that will give security forces a copy of the by let me disperse demonstrations this is something we've certainly seen in the last few weeks security forces have used tear gas water cannons and birdshot but it's against protesters attempting to rally without permission of the government backed by the military and defending the legislation saying it's essential to restore law and order and also to help egypt's talk to the economy the trial marks a key turning point in the summer the military in the government had targeted islamist supporters of mohamed morsy with measure and showing that the government

is widely is cracked down to include all forms of dissent leaving people here in egypt to be the country is returning to a police state. now when it comes to crisis recovery iceland is hot stuff we hear how writing debts off can really pay off even if it does mean and raging europe also later this hour. with almost one in four people across the under the threat of living in poverty even those in the richest economies are reliant on hand we've got the stories coming up. before about the financial week in artie's venture capital. do you think that you as a representative of the. gazan government and government in general could achieve that easing off live for the palestinian people through all the way they

communicate through the way the present themselves to do want to community need we need respect to live from old a kind of governments good attitude rejuvenile is this government which recollected a from the people actually. presented it from the palestinian people themselves respect of what china says respect i what i would believe someone meet someone writes. this immediately those will leave the people. of the sea motions to the play you call the music the. issues that no one is there still with the guests that you deserve answers from it's all politics.

hello welcome to venture capital with me katie pilgrim it's been a busy business week we've had the chinese currency the yuan taking over from the euro yes the second most widely used currency in the world we're going to delve into details and get analysis in just a minute or two on that one we're also going to be talking about ukraine because we know the protests ongoing and it needs to be economy it's gone from bad to watches it's fragile as it is again we're going to delve into detail on that what we've also got the fact that russia's biggest employer russian railways it's slashing jobs what does that mean exactly corporate news to come our in-house investor mr shawn thomas he went off course on us last week he was heading towards a financial so we'll see how he's been getting on but first i want to start with the chinese currency because as i say it's now the second most widely used cars in the world so it's below the u.s. dollar but it's overtaken the euro so what exactly is happened in the last year

that mark can tell you that last year it share of global trade was just over one percent and now we fast forward it's reached almost nine percent so what happened to the euro in contrast last year it had almost eight percent now it's got just over six percent now this is coming at a time when china is changing things up a bit it's in a state of transition now we know that the state is loosening controls on exchange rates as well as boring costs as well so i want to get expert analysis so i'm going to speak to david quote he's from motley fool and you see david i want to know when the euro was first introduced it was supposed to rival the u.s. dollar as the global reserve we've now got the one overtaking the year i said you think that that dream is well and truly dead. what a wonderful question i think as far as the euro's. so i mean the euro's probably

shot itself in the foot because. the countries within the euro zone when they are dealing in international trade they perhaps you know weren't as strong in deciding that the rest of the world should use the euro as the base currency in other words when they want to buy goods from china they are quite happy to actually buy goods based in u.s. dollars so really i think i think the year the euro the euro zone hasn't been as forceful as they could have been they don't so there may be you know the euro would have been more freely traded but at the moment i mean the euro is still still quite freely traded in comparison to the u.n. which is not as freely traded because there are still some countries in the world that might say if i want to do business with china i would much rather deal with them using either the u.s. dollar or some other kind of currency so in answer to your question what is going to happen to the euro that really depends on what the eurozone decides itself but they want to be more forceful or not and david we know the whole reason we discuss

money is because it's all about power isn't it and what does this transition mean in terms of power for china we know they are in a transition period at the moment as an economy. that is a wonderful question and this is really the crux of the matter because at the moment china is sitting on around three and a half trillion u.s. dollars worth of foreign reserves now china doesn't really want to increase that amount to foreign reserves which is why it is trying to make the u.n. more tradeable in other words when you buy goods from china or china and say we're going to pack in chinese u.n. so that we don't have to sort of keep on taking in all these foreign reserves now eventually china as you quite rightly say is going to move from being export led to becoming more consumer led in other words it will have to spend some of those foreign reserves in order to buy foreign goods but i suspect you know china did really doesn't want to run down its foreign reserves too much but they would much prefer to use the chinese yuan which you can call. so he can print as much chinese

yuan as it wants to so if he wants to stop buying goods from the outside world it may or may decide you know that they want to use the chinese yuan to buy them but in order to do that the chinese yuan has to be more freely traded and this is really the first time in which we we're seeing now that the trying to join has overtaken the euro in terms of trade finance the next step will of course you know be the chinese yuan being more freely traded around the world and that is also happening because i mean we have all these deals now between the people's bank of china and the bank of england and the european central bank and of course many banks out here in southeast asia yeah times are changing that they have it quoted that thank you ever so much for talking to us always appreciate you coming on the show david have a great day. ukraine is still enjoying the biggest political crisis in nearly a decade as the fallout of a not join me in the free trade zone continues meanwhile the economic state of the country faces collapse if the situation does not stabilize sood with ukrainian born

yields soaring the price of insuring against a default on government debt surging there's also the threat of strikes which could further damage the already fragile economy so let's speak to david brunei from first national innovation because don you know what i want to know is how bad is ukraine's financial situation right now is the economy we heading for a d felts. well the situation really is serious ukraine is running a current account deficit eight percent of g.d.p. . it's june twenty four thousand dollars. are being nineteen percent interest and what that means is that the markets expecting it dissipating in the. ukraine so it is a very serious situation in ukraine and central bank. is almost

broke and doesn't have any money here and won't be able to support the ukrainian currency going forward unless you brain gets credits immediately why it's you kind of right to not join the legions with the bad and how has that economy benefited by choosing not to do that. that's the problem with the e.u. agreement. who are the strings all of the strings and conditions that were attached this is why the president could not sign the deal. there were conditions that the subsidies. that the subsidies stop for the consumption of gas in the ukraine that would have been political suicide for the president and that will be sent to germany the one of the goals of the european union is to bring back the revolution and to add the current

government leave power that's why they couldn't sign a deal why do you think we all seeing signs many people on the streets right now in ukraine protesting the protesters have allowed a blames they want the rule of law they want to see their country become a prosperous country they look longingly to the west and they say why can't we be like that to some extent you're naive. the looking at europe through rose colored glasses is sick the european union is sick it's falling apart it's twenty five percent unemployment in spain i don't need to talk about greece i don't need to talk about cyprus the european union has serious financial problems that it cannot resolve the european union is not a panacea but what this really is eighty it's a referendum on not not so much the association agreement with the e.u.

but a referendum on ukraine itself and the government people are not happy with their lives the economy is shrinking and stagnating and no matter who's an. economy is not doing well the people are not going to be happy that's why the on the streets they want to change thank you daniel thank you so much indeed for your time we were really appreciate that the bric countries yes the famous acronym coined by the former goldman sachs economist tim i know well he's now created another group of imagine economy is at a set to take the global economy by storm the mint now the bric awaits knows where of course brazil russia india and china and then later joined by south africa the dream team to make it the breaks but in recent is all of the countries have experienced disappointing growth and these countries now have some serious competition for all mexico indonesia nigeria and yes the mint now i also

brick experts by guilds if he thinks the meant is the new brick. no i mean the brics were a category that was created. by you know someone in the financial system because they had in common that they have high growth rates prospects the stock markets dynamism. but now that you can extend the category of admin it's just actually adding on another group that have a similar characteristic at this particular time but that doesn't mean that the old bricks lost their. trajectory in the world economy although they have all been showing signs of some weakness. in recent months because the global situation is not good and the crisis in the global system is continuing to work itself out over many years and that affects everyone including the british. let's get a cold and talk about this weeks

a lot of. small school day joseph i know how the dual screen with the traditional l.c.d. color display alongside electronic paper display on the system and so you. can do device on the one side is helping people in several although you're paying interest is right up prices around six hundred seventy five dollars a year up to six hundred dollars in russia which is actually still a cheaper than competitors like i phone five in the stumps and galaxy. russia's largest employer of russian ballets has put a third of its employees about three hundred thousand on schultz and walking allies the head of them and. says that the part time shuttle is necessary given the current economic climate the decline in rail the ace. russia's central bank wants my bank declared bankruptcy proceedings at the supreme court the regulator of

fine slices two weeks a guy seven banks have had their licenses revoked since this sum up when the central bank appointed a new has all right let's get i have to show on thomas he's poised at the business desk as always to tell us all about what you've been up to so i was just telling everybody about these small find out to us here in russia has been a real comp down on the stand as a lot of them are going out of business what does that mean for you because you. lost weight indeed i did i went fifty percent in spirit and fifty percent in gas prom and i'll tell you what this is good news for me from the spring side of things because there's more than a thousand banks in russia and of course the government kind of doing their clampdown means that the bigger banks. they are guaranteeing that the assets of the smaller banks which are being shut down in fact i was part of one of those smaller banks and this is about all that my card you. know all of that as well but that means they're going to be going to the big banks which is done good for me in fact spirit bank is up one percent this week that did

well for me however gazprom down at the three percent. total one hundred fifty four dollars bringing my overall total to twelve thousand four hundred sixty one still up but i lost this week for the first time in a couple weeks running so some good news and some bad yeah yeah yeah i see lots out this week but it's still up. so we need to really kick start this once again because bitcoin was a real went after you once and it is now you going to diversify now you. in a state with the financials it was either i'm going to stick with the financials i'm going to go one hundred percent all in because of for a couple reasons a with this movement towards the bigger banks that means there's going to be a push for spear banks out things that are going to be good for me plus if you remember everything kind of slows down and there's not much business happening in the new year so i'm hoping that staying with the financials will be a good decision for me as we push into the new year so that's what i'm going to do sensible show and we like a very much so i will sit up with all on financials and we see how you get on next

week mr sean thomas and soon to be back next week as well live we're going to be seeing if another busted and bank fails what is the crisis in ukraine will really kate and i and that one and seeing how the situation progress is. not small surprises of course and i will indeed be back to see you as well have a fantastic weekend enjoy the rest if you only can give us now. ukraine is in a tough spot right now trying to figure out whether to join the e.u. or the arrangements custom union it would be nice if they would you know maybe allow the populace to vote for their future via referendum but sadly it looks like the politicians will be making a historic decision i can see why some people want to look west and some people

want to look east but i don't understand why so-called ukrainian nationalists want so desperately to join the e.u. first off any nationalist groups in the e.u. are automatically demonised as right wing extremists and in the politically correct west patriotism is pretty much a dirty word generally nationalist like their culture and the people who are part of it but if you look at migration trends within the e.u. we see that the slavic part of it is flooding western europe looking for work i have many relatives from the slavic part of the e.u. and almost all of them have to work abroad and might sound nice to be able to work in europe but the reality is that ukrainians will probably be paid even less than bulgarians romanians to clean toilets in london ukrainian nationalists don't have to like russia or join the customs union or join any bloc of countries but advocating a future for themselves the e.u. seems absolutely backwards at least to me but that's just my point.

what defines a country's success. faceless figures of economic growth. or a factual standard of living. hello there welcome back to the weekly now some are hailing it as

a financial phenomenon while others have their doubts iceland's economy showing cautious growth after being thrown into economic turmoil back in two thousand and eight in this follows measures that europe's financial chiefs condemned this suicidal so let's have a look at what they did instead of trying to bail out its banks iceland's government let them collapse it also refused to provide any compensation for foreign saviors after icelanders delivered a resoundingly no vote to the proposal the government did bail a quarter of the population though by waving unpayable debt since also the banking executives that would guilty of causing the financial crisis in the first place professor of economics rodney shakespeare believes iceland is setting a remarkable example you must rely on your own national bank for your own uses for your own real economy and for the spreading and if you don't

do that you'll be trapped into debt in the same way that we got greece you've got iceland which you've got every country in the world is being tracked into increasing debt and all that happens is that they increase the levels of the debt and smash the populations down we need a revolt against this global financial system and in its own way iceland is setting a reasonable example thank you iceland. yes and in its latest move iceland says it is prepared to write off up to twenty four thousand euros from every household mortgage the international monetary fund isn't happy about that saying it leaves little space for additional debt relief measures but would other european citizens be happy for their tax money to be spent in that way r.t. has been gauging opinion in the u.k. and germany. great yeah. well just to get rid of your debt was perfect because

then obviously you could spend that money somewhere else i think certainly would help us families just get over that hurdle that that sort of money that would make to be walking rebirth of a country woman to the government. is the public good thing with complete enough or it would be very great to you know everyone could buy the whole. think about this i think it's a good thing that we used to have laws in germany where you could get subsidies as a home owner you know but that's the thing about this is ok if you don't get individual people it would be good news but not for the country you never know where the money comes from for such gifts. well iceland's crisis plan they're controversial has helped many stave off financial disaster but here's what happens when government measures don't go so well almost a quarter of people in the you live under the threat of poverty that's more than one hundred twenty million people to the largest additions to the block bulk area

a mania topped the list of europe's poorest countries and is equal peace can offer ports now even even the founding e.u. states like italy are struggling more than ever. marco used to work as a pizza your many talents used to call it the golden skill which would always get you work in rome but it didn't hold true for marco one day he was sacked and has not been fired since he's been living on the street for about four years now and says at forty six he sees little chance of fixing his life he asked us not to reveal his identity. when you live on the street survival is what takes up most of your time simply gets in a shower is a challenge it takes so much time to take care of yourself like a normal person you reach the end of the day and you're exhausted and depressed with the talian economy going through its longest recession since the second world war over twelve percent of adults are unemployed while four out of ten young people

don't have a job there are no official figures on the homeless we have any type of food that we can get for free from somewhere more italians are beginning to turn to charity and humanitarian aid for help two years ago we had about fifty five percent where for no surrender forty five percent today we have about sixty five percent valiant thirty five percent for us complete theory of. everything on the shelves is free given in exchange for points allocated to low income families by the global charity network. most of the food is near its expiration date except for specially labeled aid it's really similar to an ordinary supermarket you've got bread pasta dairy products vegetables and sort of the one thing which really stands out are these packages with signs saying not for sale this is humanitarian aid from the european union and all together these products make up around

a third of all the stuff here. caritas is now raising the alarm saying around one third of all italian children are at risk of poverty in are lacking basic essential such as protein rich foods heating and clothes you got to spin off or t. roll. meanwhile huge energy price rises have left many households in britain wondering how they'll combat the cold this winter a new government plan aims to reduce the extra cost but even still fire zones of u.k. families will struggle to heat their homes as a test for syria reports. it's that time of year again when temperatures drop at a bill sort as a heating comes on. here we are protesting saying that it was i looked up to the choice between eating or heating they're angry at the price increases of the energy companies and the government's lack of action to helping those who are most vulnerable not to mention

the comment from downing street the producer can't afford to pay the bills they just simply put on an extra job well. there's really three million gently as you can let me say in the wing itself isn't the same me early keeling and his wife frieda keep the heating on for only two hours during the day and five hours at night i do worry. particularly to me then obviously. freedom will. meet all the costs on our own it's affecting every family in this country and this is britain two thousand and thirteen. it's terrible depending on the provider the hike set to take effect this winter could be as high as ten percent with excess winter deaths in england and wales rising by a third to thirty one thousand compared with the previous year six big utility companies controlling the market and not deciding when to put up prices whether

that's above the rate of inflation or not is another question the big six blamed a rise in wholesale costs but industry regulator off gem said costs rose by less than two percent profits meanwhile have gone up by seventy five percent in the last year alone but if you're going to see if you any go to that's what we're trying to see to do to play our part in bringing in. the the pressure. of trying to build up. and there's a double whammy the national grid bore that energy reserves are dangerously low the risk of blackouts this winter will be higher than it's been for almost a decade but the more pressing problem for many remains simply getting through this winter how many of the. cabinet truly live on the almost sort of money that that we get doesn't make any difference to david cameron or anyone else if

those tests are cilia r t london. some of today's world news headlines now inspectors from united nations nuclear agency are touring the heavy water reactor in the uranium town of the facility is significant because if completed it could potentially be used to process plutonium a key step in making nuclear weapons and a six month agreement signed a fortnight ago gave to iran a partial lifting of sanctions in exchange for a freeze of some of its nuclear activity. a series of attacks across the iraqi capital has killed at least twenty eight people and wounded ninety the attacks struck into shiite muslim suburbs in the west of baghdad one bomb is hidden in a car and detonated near a crowded market when jet admitted responsibility for the explosions this year has been one of the most deadly in iraq at r.t. dot com we do have an online project that documents the civilian cost since the american led intervention. stay with r.t.

international i'm back with the headlines or more news in a couple minutes. war is probably the most complex and difficult human activity.

on. the phenomenon of friendly fire probably extends back to the invention of gunpowder. to kill a bunch of people you know don't know if they're on the premises there are a us people. reading. this summer shoots my brother in the leg not intentional because of it because it was night times four in the morning even the best given the mesh shoulder. are going to make mistakes does this whole idea of brotherhood an author and camaraderie in this sense it was in this context it has absolutely no place.

this is the place that has been consecrated to god for all my. to thousands of years people came here twenty years ago to reestablish life on this island. and people fuel the love of christ working. people so you can do. something happens on this island that makes them return to it again and again they say the below saves them. join me james brown on a journey for the soul. only on r.t. . washington so-called peace process to resolve the israel palestine conflict has produced little if any results in fact the palestinians are experiencing excel in wait a few weeks and seizures is it time to accept a one state solution and or look to global institutions like the un to replace the current negotiating framework.

antigovernment protests while in the ukrainian capital is the opposition hopes to gather a million man march declaring is the country's leaders last chance to listen. but finding the flames of foreign politicians with ardent statements supporting the opposition some even coming to kiev despite the anti-government mood. remaining villages be back chevron's fracking advances with weeks of violent clashes forcing the oil giant and its police back up to suspend operations for a second time. to save prayer for south africans for their former leader and international symbol of peace nelson mandela we look at how he.