polls suggest that such ideas are still some way from becoming reality that see the ships geodesy reporting from japan. more from interest of the whole thing off in the meantime after the break all t's business program fed chicken up at all with host building stay with us for that if you. know what you're arguing for is that kurtz should put that africa identity above that national identity let me ask you a personal question. occurred first or an iraq at first i am a kurd first then i am you rocky i am not iraqi that i am a kurds because let me ask you that question i am from holland i have been bombarded you know i still remember the smell of the chemical weapons so what iraqi

identity brought to me iraq into brought to me the killing soft people mass graves four thousand five hundred villages were destroyed. right from the sea. first street. and i think you're. on a reformist put the. instrument. to be in the.

well a happy new year to venture capital in the far side of twenty fourteen will be looking ahead to what's in store for the year it's a greece now holds the presidency the sochi winter olympics are less than a month away from now so we are asking how the money spent on the games can be made by business stories in the u.s. as temperatures drop to china goes cold on the bit coy and on the other russian of time. and gold pretties but first let's get stuck in the salt talking about greece because greece took over the european union's president say this week but instead of crowds of cheers protests broke out from greece who is that what they see as

interference weak economic growth high unemployment and strict austerity the greek government has made it clear that though be no more in force will start he dictated a poem the country from brussels with the finance minister yes still not as a saying just hey you can say. it's simply too tough now it's not just greece because portugal has also hit out at the e.u. this week care with members of the country's parliament criticizing lawmakers for their lack of flexibility and knowledge of local realities when referring to the levels of austerity expects is on the economy but despite all of this resentment latvia the eastern european country this and thought that was financial fallout from the two thousand and eight crash has just welcomed the. it can't be that bobbing or can it while recent encouraging economic stats coming out of europe

including retail sales is sometimes hard to tell what exactly is going on now let's get a better analysis from nick parsons from national australia bank nick can you tell me what is in store for the eurozone in twenty eight fourteen. where the good news for the eurozone in twenty fourteen is going to be a lot better than it's been for the last couple of years when fortunately that doesn't set the bar very high you were and are we came out of recession in the second quarter of two thousand and thirteen but even then the two quarters of growth we've seen of been only plus point three and most recently plus north point one so statistically we're going to call it a recovery the economy should grow something like one percent better than anything that we've seen for the last couple of years but in absolute terms not very good and certainly not enough to bring down unemployment to anywhere near acceptable

levels across the majority of the euro zone and what about greece it's raining on that country for now because of course it's got the e.u. presidency what does that actually mean just think that greece is on to a better track or is the track still broken. but i think it's on track the worry for greece has got to be about the destination. unfortunately we've had four years of recession very deep recession which is seeing g.d.p. fall by somewhere between twenty five and thirty percent the economy is going to be repaired things i think will get gradually better but there's little or no prospect of the greek economy over the next two or three years getting back to anything like the sort of prosperity that you dave joyed prior to joining the single currency so it's going to be a very very long and very difficult journey and the problem that greece is going to face the think will hear more and more of this is the fact that politically the governing parties have only got

a very very slim majority they hold one hundred fifty three seats out of three hundred in the greek parliament and there are limits to what they can actually push through from here or in we mention the politics in the eurozone in general this seems like in terms of the economics it is slowly improving as you mentioned but the political situation just at the tensions are getting wireless. for politics is going to matter in two thousand and fourteen more than it is done so for a couple of years and the reason for that is that in may we have the elections for the european parliament you know we've already seen in france in particular that there's a hardening of anti sentiment the far left in the far right together in france but polling around thirty three percent in the latest opinion polls we're going to see i think these president these european parliamentary elections be the catalyst for a lot of antigovernment demonstrations in italy in spain and elsewhere and i think

politics is going to become more important in fourteen that it wasn't any point in two thousand and thirteen and something else i want to ask you nate is the faith because that's the word that seems to be doing the rounds at the moment and it's curious because it's always been in inflation that's been the concern is now de face in the concern and if it is why. deflation is coming very much onto the radar screen at the moment let's remind ourselves where we are called prices in europe are increasing at a rate of just no point seven percent year over year now the e.c.b. he's got a target to deliver close to but just below two percent so inflation is lower than the e.c.b. would like the problem is that if forming inflation becomes falling prices then there is a risk and it's only

a risk rather than an absolute certainty but there is a risk that europe slides into the kind of trap that japan had in the one nine hundred ninety s. whereby consumers found it easier to perspire on purchases of goods equipment services because they knew or felt that they would be cheaper at some point in the future so the problem with deflation is that whilst on the one hand it can increase real incomes which you would say is a positive on the flip side it reduces the sense of urgency and it means that consumers can be rewarded for owning purchases rather than buying now the problem with prices that just no point seven percent year over year is it can take just one or two months shocks to take is below that zero level so if you like it's it's like an airplane almost approaching stall speed there has to be a minimum level of inflation to give you comfort that we won't drop below the zero line because if we do drop below the zero line that could have some fairly negative

consequences for businesses and for investors in credit markets across europe all right lots to look out for this year then next thank you have a smart safir they put out information really appreciated it passes that from national australia bank it's now less than a month until the winter olympics kicks off and russia's black sea resort of sochi city has undergone quite a two. rounds from asian eighty five percent of the region hearts rebuilt from scratch at a grand total cost of fifty one billion dollars making tsotsi the most expensive allenby games in history and one of the biggest money spenders is russia's investment company basic elements responsible for the village a marina and revamping the airport at a total cost of one point four billion dollars now venture capital tanya caught up with a company and asked what the government could do to get people to the country post

the games and help those billions by. one of the ideas is to open sky for the all the international airlines to get to sochi why it's there's a lot of interest in european airlines to go to sochi and opel regular flights there will be trigger a number one the second one is that what we're thinking is to keep that he was the government that there will be a certain period of time one ninety six hours or maybe more for a normal visa requirements so that people can come from other countries without any visa requirement or they can stand on the border something like that simplified procedure hopefully make it easier because then you can have a long weekend idea why don't i go to sochi and see where all these you know famous olympic games to play and we see there's a lot of demand especially in the short term after the olympics people would want to keep those who would be shy to come for the event itself they would be very keen

to come off tour and test the you know themselves and call more and more to work said here and this is a number of different ideas and also for the journal will as well you know all the children's camps like the old educational programs different events you know g eight is going to happen in sochi of the formula one is going to be a trigger event on their on their you or in your bases are they. should become you know should kind of updated seamanship so she has you know go through serious rebranding and throw in extra and you could have been successful it will be a lot of kind of movement oh i like the sound of those visas getting easier to get ahold of my friends and family will no longer have an excuse not to come and visit me here watching right now out staying with russians went back to work this week so let's get involved with the corporate news and see what's been happening so

privatisation upmost largest need to write has been approved to go. currently i use three quarters of the heart to leave the stock entirely by twenty six days. and the long awaited multi billion dollar deal between russia's gazprom and china's c. and p. c. is said to be within reach according to sources close to the company the deal with sas is fine china is energy demands for decades and transforms gas problem finding a new pipeline system between siberia and the davis star. and it's a bad start to the year for one of russia's banks. when a civil bank has had its license revoked due to high risk and this was twenty nine russian vines were removed from the market in twenty as the government continues its clampdown on the overcrowded industry. and the freezing temperatures the u.s. has been enduring this week could cost the economy five billion dollars

temperatures plummeted to below zero in all fifty states which meant people say hi i'm not venturing out to the shops so therefore ferry little productivity and nearly five thousand flights were either counseled or delayed now the last cold snap back in twenty ten cost the country an estimated twenty eight billion dollars but that's because it lost it much longer of course now twenty fourteen is said to be another controversial one a fall of a bit coin o.e.s. the virtual currency has been banned by china's biggest online shopping group ali baba china is still the world's biggest use of the big climb but the government is clamping down on its usage that this follows the central bank's ruling in december that prohibits any companies from housing because people's bank of china said that because he does not possess the actually of

a currency such as legal repayment in forstmann abilities that individuals though. they are still free to buy and sell but point that i risk so i have a feeling that twenty fourteen is going to be on the money for the big call and. it goes they say that is the event capsule down and i'm going to be on twitter a week so i'd like to invite you to join me on that one get involved with me as k.t. to wave take on i'll see you next week if i have a great. because you don't states is the big dog the only hyper power and the cultural driving force of globalization it takes a lot of flak i mean globalization means the whole world gets hollywood and hot

dogs and not the other way around so let's take a break from the negativity and talk about something truly amazing about america and as a guy who lives in moscow i could say that the constitution of the united states is something truly amazing in russia there is constant talk about needing a new national idea a new ideology or political theory or big changes to the russian constitution and so on and it's hard for people in america understand this but twice in the twentieth century the system that russians gave their lives for collapsed and the current constitution was written quickly after a period of violence and said collapse not after a glorious victory now you see why people here aren't exactly memorizing amendments and founding fathers quotes here in america there are debates between liberals and conservatives but almost everyone believes the constitution and it is america's greatest strength there is a national idea that is a sacred document with a list of rules as almost universally agreed upon everyone with half a brain on the street but certainly not in congress knows when something is against the constitution or surety against america.