we go to the free stadium where it all kicks off but does the u.s. so far it is they all camping down on a european banks especially at the moment for what they see as violating trade sanctions now this could potentially alienate the u.s. from its traditional allies of course we had the french bank b.m.p. pathfinder nearly nine billion dollars then it was commerce bank it's thought we find hundreds of millions for breaking u.s. rules now what does this mean for the u.s. could it mean they are seeing themselves from to dish no part as well as an expert right now i'm joined by on the clock from to me this all this investment bank on both of the air thank you for joining me today some a rather glorious moscow gordon ok do tell me we got a bit of a stroll i think is the u.s. alienating itself is it right to be enforcing such huge fines the european banks and actually all the banks in the world. stuck to the u.s.

dollar you know they have just no choice they have to apply it to a bite on one hand to their home rules and regulations in europe for me and switzerland as far because the space in the subsidiary of b.m.p. was involved as well and on the other hand they have to avoid to respect the international order the u.s. regulations in all in this case you know it was something which was. unrelated so it's a very is interfering by the u.s. side because obviously it is a separate culture isn't it to surprise countries so all you can say all of the most important is interfering but on the other hand it is their own currency yeah so as long as you use you know this is a national currency and the central bank or federal reserve has in it's all right to the side of things it won't be goes it's its own currency so this is the funny thing with the u.s. dollar is that on one hand it's the u.s. currency on the ties to. work as a country rules and policy and currency. point that's it yeah and all the other

hand it is the currency of the world and is that the problem i do think with a very reliant on the u.s. dollar could we see a backlash towards the dollar if it bought a number of economists are saying that definitely you know trade should be made in all the currencies and not just the u.s. dollar i'm not trying to finance minister didn't he the rebalance the thing we have here there but president putin did say that a few years ago already and i think they are trying he's trying with the brics countries and to have these kind of alliance with china on to trade already and between different countries already in yuan or in russian ruble or in the indian rupee now what about european companies because some heads of french companies for example have been questioning why is the u.s. are you so much as opposed to the u.i. because of a c that's why the euro was introduced in the past right but emission national contracts you can use the currency with you that you won't yeah if you want to use euro you can the problem is that it's. first of all the certain you know commodities especially oil and gas are basically linked to the dollar bills and pay

and that's a this is international trade these may change over time obviously but you know you have the gulf and the gulf countries first of all their own currency is pegged to the u.s. dollar so it's basically almost exactly following the u.s. dollar so you know and they are the large by far if you take the u.a.e. and saudi arabia by falling a little just oil producer the world's all the countries also oil producing mexico and venezuela are very much linked to the u.s. as well so some some things you know like this will probably remain for for a long time now however there will be people say the reason fights you know among countries to sort of a number of countries want to get away from the u.s. dollar and the u.s. general you know most side and you know union pollers is becomes more a geo political aspect now than just the financial is a political tilt. you think the us uses that as well each country you know is using

its own tools to influence the others in the gay that are similar to the us as well jules. in the richest country in the world by phone or i'm on the clock thank you very much indeed for joining me today from the free center of the mosque a financial. and to king of global banking while the powers the five nations brazil russia india china and south africa i.d.s. in brazil for the eve of the summit a message to finalize the details of the development bank now we've got a ferry i missed so called scots he's in the country just now for a stop to tell me what do i expect tases and what is on the agenda this week for the first is the development bank or the brics bank as it's going to be basically this is going to be a war chest for times of crisis is going to protect the five countries on their economies is going to act as a buffer if there is

a future financial global crisis on the second part is the stabilization fund which is going to help support the emerging economies it's going to be seen as an alternative to reuven if you like to the i.m.f. and the world bank let's talk about facts and figures because this new bank this new brics bank is going to have one hundred billion u.s. dollars in reserves and forty one billion of those are going to be provided by china eighteen billion will be provided by russia india and brazil h well south africa will provide five been good. and i suppose the burning question has to be do we need this bank or the fact of the matter is that the emerging economies are actually mainly credit is for the developed nations meaning that they are financing the developed countries now the developing world accounts for around seventy five percent of the world's total currency was a. power of wealth distribution why is very much still with the west not purely because. additionally cause however the tide is turning and times are changing and

the process could be accelerated by what happens here in brazil a bridge twenty forty oh ok thank you very much mr postcards in brazil for us now talking of the country where the final of the world cup will take place today i went along to the stadium here in moscow where the opening game of the twenty eighteen event to take place here in russia. the winners of the twenty fourteen world cup will be announced in brazil today in fast forward four years and it we happening here in moscow for the twenty eighteen a vent the final will take place just behind me at that is nikki stadia which right now is being reconstructed at a cost of seven hundred million dollars enough to get up to the standard and to facilitate eighty one thousand people to get those ticket sales coming in in order to make up the price tag which at the moment is sitting at around eight million dollars but it's set to eclipse the brazil prize which was around twelve billion to

be the most expensive world cup in history now at the moment only three of the twelve stadiums have been finished so the pressure is definitely on the labor is to build as well as the investors to make money and the football as this goal. right now is scientists and corporate news that find out what's been moving in shaking the most cases the buildings at this weight serbia has signed a two point one billion year i contract with a gas problem that subsidy jury to call them stops these sunscreen pipeline across its territory this is despite the increasing pressure from the e.u. to suspend the projects because it claims it breaks competition no. question of budget carrier has postponed the load of flights to some beaches but this is due to a failed agreement on the cost of the airport services with the city's poco airport . precious states. bank the e.p.a.

has said it will not take the content of bail out of metal shell the indebted mine has been hit by weak prices for its products and with a thing for a convertible bond scheme from the bank the company has already gone through several debt restructuring. let's get over to the headquarters now and see what tim cabbie has been up to on the business desk because he was stuck with sevastopol once again so how is it why account for the second waves well not as good as the first time i lost sixty five dollars but that's ok i'm still way ahead and waste of money also meant that you had to spend a hundred u.s. dollars and what have you found said last time it was pretty. well i thought since it's summer time most people in america might have a cool coca-cola or something but here's the summertime drink costs for russia you know i will tell you what's in it because it'll sound unappetizing both tell you two things one is to lucius two it contains no animal parts so well i hope you like

it because there's sixty more of these in your office waiting for you but anyways katie i think it's time to find out what we're going to invest in but sadly we can't invest in for a crust. maybe both to make squash i forget well let's see is it going to be baltic or is it is it no it's not it's going to be zero rosso diamonds which i believe worked out pretty well but a cross might be cheap but for me it's a lot better than diamonds now tim you've done exceptionally well over all what is you'll see create can you just talk us through a war has been happening plays my secret oh i think complete and pure luck i don't know we just put major russian companies up here it could be also the fact that a lot of the really really big and reliable companies trade and the more medium and small sized companies really don't so maybe the selection in russia is a little bit more reliable i. don't go. away thank you to the like you very mr.

looking forward to seeing you and next week it is time for me to say goodbye from the financial hub of the last day well the fine until action and trading takes place get by scenically. when people talk about human rights violations you should involve some pro western protestors getting beaten up in response with mainstream media is usually to bomb somebody somewhere so good thing they haven't picked up a story from detroit that the un is calling human rights violation residents of the motor city or well sadly the motor city who are hundred fifty dollars or more behind on their water bills are getting their water shut off completely the water and sewage department is five billion dollars in debt and that is the justification

to crack down on deadbeats on the surface the seems like an open and shut case of course everyone has the right to water especially detroit which is near a huge bodies of fresh water that other cities could only dream of but on the other hand if the poor don't pay for water then us taxpayers will be paying for it for them and that's not fair i think this is not so much a case of a right to water but a right to decide employment and a corruption free city government back when people in detroit had good salaries and a government that wasn't flagrantly corrupt they would have any problems paying for their water bills but that's just my opinion. isn't done the same logic that the united states pursued in afghanistan you know for army a relatively unknown a graph if we jockeying for the soviet that was good enough for the united states and look what happened a couple of years down the line again the problem with american policy is a lack of staying power. after the soviet union left afghanistan the united states

essentially forgot about afghanistan the pakistanis moved in to fill the void with the taliban that led to the growth of al qaida with all the subsequent consequences this was the critique of pulling out of iraq as well. thanks for staying with us twenty seven minutes past the hour an hour after chatting with the leader of cuba's communist revolution feed castro making a surprise stop in nicaragua and citing several agreements with argentina russia's president vladimir putin is now on his way to brazil for the annual brics summit and the world cup final paul scott is in rio de janeiro following the big trip. well later on sunday russian president vladimir putin arrives in rio for the world

cup final between argentina. will see efficient responsibilities for the fee for world cup handed to russia from brazil of course russia is the host of the competition in two thousand and eighteen also present is going to be german chancellor angela merkel it's an opportunity for putin a muckle to mingle world do we know about brazil about the current host nation presumably is a false nation and despite a huge amount of open areas housing the majority of the population is still there up to seventy tribes living in the amazon rainforest who had no contact with the outside world the country's president dilma rousseff you had a fine time to buy the n.s.a. once you create brazil's own internet a lot of american countries to protect themselves from n.s.a. surveillance one of the country's most famous sites is the christ the redeemer statue but not sure where in ten may no eyebrows knit so fingers on the monument under syria is the country's capital not rio de janeiro which have just forty one comes to build on from above it looks like an airplane in the most popular schools

in brazil he's of course football is like a religion hand but despite that later on sunday it could well be that arch rivals argentina they were celebrating. so that's artie's paul scott reporting for us there from rio de janeiro and now we go to. has an marty's neil harvey is standing by with more one of twelve russian cities because and where they'll be hosting matches for the world cup tournament set for twenty eight team tell us more about how those preparations are going. yeah i got to see him out it is us he said one of the host cities for the twenty eight team will cup i just want to give you a feel for the place so quickly here a few facts and figures first of all is on is the capital of the russian republic of thought to stand the population of just of a woman point one million people makes it russia's eighth biggest city. friendly city i had to look around to find it was full of the songs he translated into english.