state this it up with a sham but now it's all one country there is no more or less. the iraqi army meanwhile is finding back in televised news briefings the government takes a victorious tone. from the information that the isis leaders have started to flee but on the ground we've found little evidence to back up those claims this used to be territory controlled by the central government but the iraqi army fled this area the same day that the city of mosul was captured by isis millions of dollars of u.s. made equipment abandoned uniforms shared in haste. now this looks like a perhaps a breakout from the special forces iraqi special forces this is obviously a vest that they discarded left behind they dressed in civilian clothes ran away essentially abandoned their posts and that's how in part isis has been able to see

it so much territory so quickly the finding has displaced hundreds of thousands of iraqis that many are scarred by the two thousand and three invasion and describe a sense of deja vu with the current crisis again from two thousand and three it's coming back so it's a disaster actually things are getting worse i want to understand first hand how this war was playing out we're on our way right now to one of the front lines the village of some abdulla up until about five days ago isis insurgents can leave the country but entire territory village that's on a strategic road from mosul the next several of the provinces so they really wanted answers to at the benchmark lost soldiers have been able to clear bits of it but they're still clashes ongoing and that's what we're getting right now. at the base commanders take us to an outpost overlooking an area controlled by militants this is the very first offensive position against the isis. militants just two

kilometers that way every single day there's been sniper fire attempts by the jihadist to enter this territory if they can push through the defensive position they would potentially take care coop and move into the territories and that could be a massive battle just waiting to happen moments later we have to leave and we just got word that the isis just might just might be willing forwards all the soldiers have been told to evacuate this area we're going to get out before things get intense we know that there is clashes last night and we definitely don't want to be here if that happens again it was apparent just how new would a conflicts this was the front lines change daily and no matter what military gains each day he may bring if the iraqi civilians who lose as the war rages on lucy craft for r t two kook problems iraq well some experts believe that the islamic states offensive is being orchestrated from abroad two states which are involved in the eyes approaching this is on the one hand we said already saudi

arabia but on the other hand as well there is turkey we have saudi arabia is a country which is very much engaged in europe saudi arabia is doing a lot for radicalizing if you go for example to boston you will see brand new mosques financed by saudi arabian foundations and this is not a liberal and not a tolerant islam they are preaching there this is nothing new what we're seeing in the region is the same aligned so forces arrayed against the people of the region that we saw since the second world war when when london and washington were allied particularly with the gulf monarchies in supporting the so-called muslim brotherhood and other much more violent sectarian forces in the region against those countries and states and leaderships which were actually delivering land reform social reform distribution of wealth and the nonaligned pro global sell or pro time quote quote unquote thought well policy. another crisis is looming for ukraine creasing natural gas reserves kiev has already resorted to tapping its long

term storage tanks after russia cut off supplies over unpaid bills and this is creating unease in the u. this as the block's energy chief here gunther says a domino effect is inevitable even for europe's powerhouse germany and the fear is that unless she craned starts filling up its storage facilities it may start siphoning gas destined for europe that warning has already been voiced by gazprom and echoing those concerns russia's prime minister believes ukraine's troubles could balloon into a full scale gas crisis as soon as this autumn to reach medvedev making the claim on his facebook page so why is there so much concern about a wider gas crisis in europe well a map over here might help explain the situation a bit better because e.u. countries receive gas from russia via multiple pipelines in the lion's share of these go right through ukraine moscow has stressed that these supplies will

continue as before but if the fears over siphoning are realized europe won't get the gas it needs this winter as happened before in two thousand and six and two thousand and nine international energy experts say you could end up having to pay for kids that. rituals are really are. all creating if you should you should be putting enormous pressure on the government. if they can't pay the spill even though they're being loaned the money to do so what will happen in the winter is that our european gas prices will go up as a result of that lack of russian gas hitting europe when that happens all of the consumables in western europe as well i said to the energy minister michael farber and that really we you know the end we will have to pay that gas bill either ukrainians pay or we pay it one way or another. starting with halt economic topics

i can see people being ruffles the feathers of the will with money making snacks and then i'll be back after that with more of the week's top stories. the. rise of the islamic state there are uses in the middle east is said to reorder political realities in the region the west feel colonial agenda for the arab world is coming to an end it would seem that the arab spring has been replaced with a jihadi summer. please please take a muslim very hard to take a look once again a little longer here a low life that you never had sex with that make their lives. close.

look at. least a. little little. please. please. look at. the people. hello welcome to venture capital coming up we discuss banking secrecy in fines as well as facebook abuse fourth of july but by cost and off are you an american tim cabot gives us a peek at his threat a bulging. russia is the latest country to recognize the phenomenon that is the big quine the plan here he is to figure out how to approach the budget car

as seen with regulations so as it stands is not illegal here unlike in china way it's officially banned as a vice president of the bank of russia said it's impossible to deny this instrument which might have although having said this that does still seem to be an air of caution involved to it because it's used on the black markets for illegal drugs what happens so for more on the corner i'm now joined by car as the expert at the end didn't do bold so do you think bitcoin has a future here in russia that. i actually think and read the cautious statements from the russian central bank more as an acknowledgement that monetary innovations are really a prerequisite for economic stability and resilience and then again corn is only one of the many that are on the menu to come and already had its positive experience with these occurrences particular in the transition after the fall of

the soviet union so i guess this is really just a new phase of actually acknowledge ing this directly and of course but cohen has the big merit of asking the regulators to make a public statement of this and paycheck to flee in this field also this week we had a big day didn't weigh getting thirty thousand. but he's pledged to go to the emerging markets with that he's going to going to india south america parts of asia as well do you think with the big client that's where it belongs pretty well that depends how you define bitcoin of course if you talk about the payment protocol of bitcoin this has huge benefits for the financial access and find some spread in these markets we have traditional banking sectors we need failing most of the population with our experience in developing countries particularly in kenya and south africa and brazil but it's really more the credit comes with. interest free and collaborative issue credit that helps local communities together to come in as a payment system is

a review of great advantages there that's also partly why we're at the universe of . payments for foreign students because that is way easier than using traditional banking systems and now europe should update its laurels to reflect the rise of does your current does that it's what the heads of. heads off a successful us. do going with this is it seen as broadening the a pail of bitcoin is now the time for more regulation. we're absolutely in favor of revising regulations in the light off these new currency that just came to to the playing field with bitcoin making the news so prominently but they have always been. in these conversations about the problem of currency that we already know of in europe now we are engaging actively again with the regulators in our you partners to show the central. front in the kind of currency from time to local currencies to business to business currencies cohen has to write in an ecosystem or finance and actually deliver to their

policies and to their communities on the ground directly and that has to be recognized in the legislation which is still written in a way as if money was only gold and it takes a quite a lot of effort to revise the terminology and understand better what money actually means and of bins of all thank you so much for talking to us from sunny london today we really appreciate that as we know with the big wind it's a working progress is it as we always say. solution somehow everywhere isn't it has been a week of banking fines foes felt his largest bank. agreed to pay a record nine point five billion dollars to u.s. prosecutors the settlement is over allegations that france's largest bank violated trade sanctions that were imposed against trade with you don iran. was goldman sachs' time the u.s. bank was fined eight hundred thousand dollars by u.s. regulator for failing to ensure that trade in its don't took place at the best

price all dog pools are trading areas that keep prices private but they're still expected to offer the best prices available in the u.k. as barclays could be next the british bank is accused of falsifying documents missed representing benefits to clients including pension funds in response to the finding of the case shares of the bank dropped five percent. funds in russia then banking data will soon no longer be private the tax man will now have the right to demand access to anyone's. how details at any time washington binds you also have to inform the tax service about the opening and closing of savings accounts within three days that this procedure is aimed at preventing tax evasion so i'm joined now by mark rubenstein from ya bank who in law sky mall the

question is will they smash a stop tax evasion hey very rough stuff. this move this rather this moves they definitely going the direction that the russian government now wants this is saudi and tax reform to go into it and that is the direction that there is that they're going to be of why the axis of texas authorities to their record is not only of companies but of individuals as well have basically this is copying the current legislation of the state the state in terms of a lot taxes in the in the developed countries where. in most developed economies tax authorities can gain access to the individual accounts i think. this will suddenly. stop a some tax evasion in russia i think it will certainly send another signal to tax evaders and they will be forced to be sort of more inventive

fifi fief i could say that but it differently and will have some impact in terms of tax collection do you think that it is invading people's privacy do you think it maybe is a step too far. always do it certainly it certainly is and it is invading people's privacy. in my view is that access to bank accounts should be only giving to the tech of stories when there is or a little brown said. in the investigation there. has been stories you just usually judge of objectivity not sure it's going to be water water. there were no lol well all the talk about well storage to go next is people bank accounts i was just kidding george the rich playing for mission to destroy any bank account of

a range of egil i think that different reason our invasion of privacy ok mark will leave it there thank you very much indeed for your time today talking to us from sunny most sky this time and on to a different type of fine entirely the next time you feel tempted to post a little abuse on partners facebook page well don't well just because it's not nice but because you can't and up with a hefty fine for doing so i a thirty year old man from ireland has been forced to pay over two and a half thousand dollars for posting abuse on his ex girlfriends page i don't know he just a friend the ex and or honesty is normally better that way this guy is the culprit is it wasn't happening here last week because post of russia is determined to solve the problem of missing post and is ready to pay over half a million dollars for a brand new mobile app to track apostles on the journey that apple sold like kate

the nearest post office fund the syrian government has signed an agreement with the russian companies to avoid gas the deal is to construct an irrigation project to fight drought in the northeast of syria and is worth over two hundred and a half million dollars russia from code to get one of the projects of germany's winters hole in argentina to do it would reportedly be part of the exchange of assets between the two gas mages and talking of gas problems the price of china will pay for russian gas was revealed this week the various. ports point to the same twice it is paid by germany currently it was only four but china would pay much less than germany a country that has been buying russian gas now for forty years. time for ten what we've been up to this week all last week it came up several stall russian steel which is a.