is a failed economy the euro zone has failed and the brics nations have been realizing for quite some time now that are failing anglo american british and other euro interests a war at the most support on this global dictatorship that is extremely consequential implications and the entire international financial system you know then why should they be continuing to prop up the global recovery because if you go to the very bare bones of the global economy other groups are the backbone that's exactly what the i.m.f. is one big looming station but i think in the short run i think even they realize that some of their success some of their economic growth does to at least a degree hinge upon you know western western interests because as we know there are some of the largest creditor nations in the world i think eventually it's in their best interest to completely break the chains off of this situation and perhaps start their own i.m.f. type fund which better serves their interests but i think in the short run i think they simply can't do it things are just too fragile there claymore on the

needs serious reforms we need bretton woods reforms the brics nations deserve a stronger say or stating what happens and it almost immediately a day after probably got a call from geithner or someone he backtracked on his previous statement and said that you know transitions like this take time. and we can basically expect the status quo going for that's roscoe she founder and president of many capital incorporated now drones have been a subject of discussion of contention they become really the symbol of america's undisclosed wars killing civilians sparking protests and countries such as talk is done and in pakistan they've increased at a quick clip compared to past year as at least one hundred eighteen drone strikes occurred last year compared to fifty or so in two thousand and nine and that's just according to media reports we don't really know the firm numbers from the government released them jones are a growing business for defense contractors as they come out with smaller cheaper versions and the pentagon invest more in this technology and right here in the u.s. many fear the exp

is a failed economy the eurozone has failed and the brics nations have been realizing for quite some time now they're failing anglo american british and other euro interests or at the most support on this global a dictatorship that is extremely consequential implications and the entire international financial system you know then why should they be continuing to prop up the global recovery because if you go to the very bare bones of the global economy the brits are the backbone you know they're the true engine for a production you can growth and long term growth potential and at the same time here you very lazing that you have the same guns the international mafia fund you know getting to do all of the third world looting and the brits have absolutely zero say state or share in any of this because that's exactly what the i.m.f. is one big loading station you know why the remote they continue to participate in this organization is beyond me ok then i want to point out there's a lot i want to touch on and that is something i want to ask you know brits are rallying for greater role but

course it isn't just brics countries that are arguing that the next i am leader should not come from europe as tradition has always had it you have the economists saying an emerging economy leader should take over but on the editorial page of the washington post so why do you think mainstream western analysts are calling for that is that really about wanting a greater role for these emerging economies or is it about something else. well look i would have to agree first and foremost with some of your previous guests segment what all this amounts to is this you know the u.s. is a failed economy but the eurozone has failed and the brics nations have been realizing for quite some time now they're failing anglo american british and other euro insurance or at the most support this of global a dictatorship that is extremely consequential implications and the entire international financial system you know then why should they be continuing to prop up the global recovery because if you go to the very bare bones of the global economy other groups are the backbone you know they're the true engi

put the idea to the bric godfather jim o'neill himself.n economy that is already likely to become a 3.5% of global gdp. indonesia could but would require years of consecutive 10% growth. >> if he comes to jakarta, he'll see what i'm talking about. i think we deserve to be a bric or briccee. >> a lot depends on this man to lay a bedrock for this country's long-term growth. he faces tough challenges from building a new infrastructure network to tackling what the wef calls widespread corruption. what's impossible to ignore is the sense of optimism and confidence this country has at the moment. andrew stevens, cnn, jakarta. >> well, it is a place of altruism indeed. and all week long andrew stephens will be looking at the economic development. that's this week. well, still ahead on this edition of the program, a long-time contender gives the imf leadership a new twist. that's coming up. >>> from cnn london, i'm charles hodson. welcome back to "world business today" today. let's see what's going on in europe where the markets are about 90 minut

we very much in gauging into brics why it. emerging markets strategies anywhere for our clients a lot of our corporate clients which is about nine hundred corporations worldwide a lot of new companies multinationals very much focusing on brics credit trees and russia is obviously an integral part of that would you say there is a perception gap between the reality of doing business in russia and what actually international players think about it i think they're still loose but it's definitely getting smaller and smaller by the day all beautifully there are still challenges around transparency disclosure corporate governance but i think the russian government i think russian corporations are addressing those with a good situation of investors across the globe are recognizing those efforts go into a bit more detail about those challenges transparency you say is the challenge now why exactly what exactly do you want to see happening. well i think what the instant institutional investor community wants to see is some kind of global

but like the bric countries, it does have a growing middle class.ose middle class consumers do have a tendency to shop and spend. at the same time, indonesia still faces a number of economic challenges including corruption, a lot of red tape and weak infrastructure. for some in indonesia, the picture is even more dramatic as the country's rapid development squeezes them out of their homes. from the capital, andrew stevens brings us the story of a family living below the poverty line on bore rode time. >> reporter: a small, close-knit community on the outskirts of jakarta. nama has been a part of this village for virtually all her life. and this is your house? can we go in? the house she now lives in with her husband and three sons was built by her family nearly 40 years ago. it's simple and cramped but it has the basic essentials and room enough to live. but now their way of life is under threat from indonesia's booming economy. nama and her family are living on borrowed time. this whole area has been earmarked for a new toll road that will link wes

it is the bric countries that keep the blades rotating for the ceo, 40,000 strong, they compete with the likes of boeing and euro copter. >> translator: traditional markets are the brics kcountrie, almost all the helicopters that they have are produced by us, usually we are the number one in china. >> reporter: among the bricss, russia has a bad climate. they are enjoying the long white nights of sunner but is not considered a bright light when it comes to its market pears. global competitiveness survey it's the bottom of the pile. near the bought the om of the g-20 rankings and also of the broader industrialized nations of the oecd. those grades don't deter global companies wanting to plant a flag in russia. the purchase of a russian fruit juice and dairy giant for $4.5 billion is a high-profile example of a push to get in now. invs.ors are drawn to this market of 142 million consumers. more than 10 barrels a day. but that has meant an overdependence on the energy sector. >> change the structure of the economy, to invest in alternative sectors. to a certain extent to try to hold bac

in the month camp we see them strong physicals and moms and the china and other brics countries continue developing but the government in china trying to slow down this process at the same time. there is a government trying to work with this hold on the process a part of it is ing and you see the situation in europe unfortunately is not going well all of that different from some of the not give us that a lot of help to me is what it should rise quickly in the long term that from the old from zero to crisis and from the medium of particular a different issue price and should be stable but the medium term i could predict at that level should be stable as it is now. at the business update for this hour but remember you can always find all stories just log on to our website that's not a dot com that has an expert. a. litmus. tests. period. if. he. says. see. for the full story we've got it from. the b. . because the issues get the human voice face to face with the news makers.

when they saw someone smashing out the window of the church with bric brick.olice arrested a suspect not a member of the congregation but pastor says the man had visited the church several times and seemed to be mentally unstable. >> he had been hear a couple times in the past to pray. could tell that he wasn't all there kind of mentally. had some issues going on but didn't seem like avenues danger then suddenly something like this happen. >>reporter: the church has begun patching some of the 36 smashed window and expects to have the the building repaired in time for sunday mass. >> community group in san francisco castro district voted tonight not to get involved in a dispute over the gay pride flag at castro and market stheet. local merchant association owner the giant flag that sores over milk plaza. also pay forth up keep and insurance. controversy erupted in march when the association refused to lower the flag to half staff when elizabeth taylor died. tonight the castro benefit district urged them to take the complaint to the board of supervisor. >>> new

on the one towns we see them strong physical demand and that china and other brics contra's continue developing but the government in china trying to slow down the strokes but the same time. this government's trying to push the slow down the process of pumping easing and you see the situation in europe unfortunately is not going well all of that different from some of the not give us there a lot of optimism the should price quickly in the long term different the old come out surprises some for them in particular on different issues rice and should be stable but medium term i could predict that that level should be stable as it is now. back with more in just under one hour's time stay with us for headline news up next. most of the koori knew the latest in science and technology from the realm for sure. we've dumped a few jerks covered. the for. the . wealthy british style the best not to try to. hide. markets try not to come to. find out what's really happening to the global economy with mike's cause or for a no holds barred look at the global financial headlines and to cause a report

how they're also going to be speaking about the difference between the way emerging markets like the brics countries in the u.s. and the eurozone have of looking at the global market and the financial systems very different views on that and how then in the future do we deal with the global economy so that's some of the questions that we'll be looking at in that session but i want to point out that in some of the other sessions which may seem less high level there's no less important discussions taking place i was that a session about sport of course russia is hosting three of the world's biggest sporting events within the next decade that of course is unprecedented a lot of challenges there so that's important there's also a session on the situation in the fall season how to a lock investment potential there so a lot of different issues being covered here in st petersburg on this final day they said well that. business but it's in the bout fifteen minutes time well so today a special edition of all a tease on the money in the ballot talks to people for about what lies ahead for business i

and that important economy now given russia's role as a crime a merging market and a member of this bric a group of countries how would you say it's important to stimulate development and stimulate it's technology sector. well it is an important large market and growing faster than others in the world so i think the importance that it continues to grow is useful to many companies like intel as we're looking for our products to be more adopted in our growth to continue our opportunities as our in places like russia brazil to. and another so the income the ongoing growth of russia is important. how essential do you think it is for a country to stimulate and foster its own research and development so i think that's a key part of the president's vision for the future that the current dependence on resources oil and gas is not a way to have a long term economy and that a long term sustained successful economy based on technology is a good vision for the future what other areas of investment do you think are right for russia and whatever things do you see in the pipeline for the country. well

going to be used to repay debt to repay previous did this is totally absurd it is for the benefit of bric people to have an immediate exit from the europe from the euro zone the euro is a monetary absurdity in a way it's a totally irrational financial and monetary architecture that is also a contributing factor to that crisis and in general to social crisis in greece so i think that going back to a national kerensky and regaining public control in a way national control of monetary policy is a very necessary step to be taking it is not a road to disaster as the government is saying on the contrary it's going to be a very positive step. john goddard from the e.u. referendum campaign in britain doesn't mince words when it comes to the euro he says the currency is on its last legs and it's time to stop wasting billions trying to keep a failed concept afloat. if we just keep pumping money into greece it's only putting off the death of their economy they are already bankrupt we have to wake up and smell the coffee and say enough is enough greece is going to go audience going to go portugal and

important to president madrid to and he feels like countries like china and like i said the other bric countries can benefit from that so i think that's a theme that we're going to hear very much at least in the first day at this forum . to speak to the guests agreement between the russian chinese perhaps the most importantly does look to see who do you think. we've heard from gas from said that the deal of course like you said will not be signed at this forum but they're very confident that it will be signed by the end of the year and he mentioned that this is of course a difficult contract it's going to bring vast amounts of gas to china whose needs are very are enormous the world's largest needs really for power as it rapidly develops and russia basically is the only country that can guarantee stability when it comes to that so the head of gazprom very confident that it will go through but mentioning that that very last step they've done so much work together over the years to plan with the very last part of sealing the deal is always difficult but both sides confident like i said t

if we look outside of russia where do you see kind of the new emerging markets coming from the new brics in the last frontier is obviously africa africa is the second fastest growing region in the world behind asia today we said five or six years ago become the fastest growing region in the world. now agrees with that forecast so you've got very low valuations you're starting from a lyric very low base high growth so it's something that can be appealing for the next several decades all right stephen jennings c.e.o. of races capital talking to business outing at the nation's capital investment for the fifteenth floor here back to you thank you very much for this indeed argues much for the sake of bring us regular updates and investment forum in moscow moving on down to russia's biggest airline are full it is the latest company to be shuttled for privatization the announcement came. finance minister up there were nation's capital in fact he says the sale will take place within the next three to five years russia stage owns around off the company and the size of the stake to be privatized i

global security problems for the development of the poor states of the world and this part of the brics forums that russia is one of the fastest growing countries interest rate amongst other things in a much more stable financial architecture at least in bringing about us more than that matter and technology and making it be international commission more democratic and much more active application of your new novel r. and b. and other emerging in the currencies apparently will turn the international financial currency system into much more flexible and comfortable for investors that operate within the other thing for a mother being able to work within these two for one is what do we do to create an opportunity for russia to act as a breach to harmonize and would officials and for more. on the most influential right now you can make forum which is the g. twenty is that you look at it which which were proposed by russia already broadly being debated in the most authoritative and. national for a we're very happy for that and that of all the new class safety and security as well as the mess

the the support of the bric nations, brazil, russia, india, china and now south africa, could be pivotal. the next managing director of the imf will be elected on june 30th. >>> getting back to normal, japan is one step closer to recovering from the devastating earthquake and tsunami that rocked the nation on march 11th. up next, we'll be taking you to tokyo for an opening night that marks a milestone for the country. my vision. my eye doctor said there's great news for people with astigmatism. acuvue® oasys for astigmatism. he said it's the only lens of its kind designed to realign naturally with every blink and created with hydraclear® plus. i'm seeing more clearly, crisply, comfortably, all day long. now life doesn't have to be a blur. [ male announcer ] learn more at acuvue.com. acuvue® oasys for astigmatism. >>> you're watching "world business today" here on cnn. >>> japan has revised its first quarter gross domestic product numbers upward. they still claim the country is still in recession. the gdp shrank by 3.5% through to march, compared to a year earlier. that's better than its

what isn't certain here is how some of these bric countries, the emerging market countries could vote. will they go for an emerging market candidate such as augustagustin carstens? even avila guard appeared to charm china, her rifle has now appeared on indian soil. we are joined by new delhi to talk about agustin carstens visit to india. obviously the fact that christine lagarde and agustin carstens have turned up in india to lobby for their candidate siz means that india's decision really does matter. >> agustin carstens arrived in india today. in some hours he'll be meeting india's finance minister. later in the day, he's going to hold a news conference. it's part of the effort by the two candidates to lob boby for top job. >> hamid, what is carstens seen as in india? are you getting any idea of the feedback he's been getting from some of the leaders over there? >> as for india's prime minister, lodged his discontent over control of global financial institutions. that said, he also mentioned it's a long haul before a change take place. but so far, yan hasn't yet taken any position o

some examples of these type of markets, they include all the bric countries, brazil, russia, china, southso important? investment managers all over the world look to the msci for guidance. they see the frontier markets as riskier places to put their money, so they're more likely to invest in countries labeled as emerging markets. in the case of the middle east, of course, you may not see that change happen overnight. it is a volatile time in the region, and many fund managers say they're just hanging on to their cash for the time being. >> as the focal point for the global economy shifts towards the emerging markets, israel, the only middle eastern country with developed nation status is holding its own in an ever-changing region despite diminished growth during the economic crisis, the country averaged just over 4% growth for the past five years. i asked stanley fisher, the governor of the bank of israel about the state of israel's economy. >> we've seen almost every part of aggregate demand going up, in particular the parts that are pleasing are that domestic investment, israeli firms a