well you know the brics says since two thousand and nine before south africa joined in then in all the other five meetings before this one the brics is said that it's very important for multilateralism to be the framework of international diplomacy not unique polarity where the united states essentially drives an agenda and in light of that they've said in each of the declarations the brics countries need to have an active role in the israel palestine or rather the middle east peace dialogue unfortunately in this declaration. in the middle of emergence bombing campaign against gaza the brics countries basically reiterated what they've said since two thousand and nine what we didn't see was a direct statement condemning the violence and calling for a cease fire that would have been actually quite important to have had the the five brics countries from brazil to make a statement about a cease fire it strikes me is a very odd thing that you know many of the brics countries especially russia and china have felt betrayed by the way the west handled the situation in libya with resolution one

well you know the brics says since two thousand and nine before south africa joined in then in all the other five meetings before this one the brics is said that it's very important for multilateralism to be the framework of international diplomacy not you need to deal with the united states essentially drives an agenda and in light of that they've said in each of the declarations the brics countries need to have an active role in the israel palestine or rather the middle east peace dialogue unfortunately in this declaration in the middle of emergence bombing campaign against gaza the brics countries basically reiterated what they've said since two thousand and nine what we didn't see was a direct statement condemning the violence and calling for a cease fire that would have been actually quite important to have had the the five brics countries from brazil to make a statement about a cease fire it strikes me is a very odd thing that you know many of the brics countries especially russia and china have felt betrayed by the way the west handled the situation in libya with resolution one

well you know the brics says since two thousand and nine before south africa joined in then in all the other five meetings before this one the brics is said that it's very important for multilateralism to be the framework of international diplomacy not unique polarity where the united states essentially drives an agenda and in light of that they've said in each of the declarations the brics countries need to have an active role in the israel palestine or rather the middle east peace dialogue unfortunately in this declaration. in the middle of emergence bombing campaign against gaza the brics countries basically reiterated what they've said since two thousand and nine what we didn't see was a direct statement condemning the violence and calling for a cease fire that would have been actually quite important to have had the the five brics countries from brazil make a statement about a cease fire it strikes me is a very odd thing that you know many of the brics countries especially russia and china have felt betrayed by the way the west handled the situation in libya with resolution one th

itll of emergence bombing campaign against gaza the brics countries basically reiterated what they've said since two thousand and nine what we didn't see was a direct statement condemning the violence and calling for a cease fire that would have been actually quite important to have had the the five brics countries from brazil make a statement about a cease fire it strikes me is a very odd thing that you know many of the brics countries especially russia and china have felt betrayed by the way the west handled the situation in libya with resolution one thousand seven hundred three where the west said we need a no fly zone and we need to get a strong chapter seven resolution out of the united nations russia and china said we've been betrayed by this resolution i would have thought that in the past ten days at some point the russians or the chinese would have written a resolution calling for a no fly zone calling for responsibility to protect knowing full well that the american ambassador samantha power would veto that resolution it's about time to aggressively put the americans on the

other five meetings before this one the brics has said that it's very important for multilateralism to be the framework of international diplomacy not unique polarity where the united states essentially drives an agenda and in light of that they have said in each of the declarations the brics countries need to have an active role in the israel palestine or rather the middle east peace dialogue unfortunately in this declaration in the middle of emergence bombing campaign against gaza the brics countries basically reiterated what they have said since two thousand and nine and what we didn't see was a direct statement condemning the violence and calling for a cease fire that would have been actually quite important to have had the the five brics countries from brazil to make a statement about a cease fire it strikes me is a very odd thing that you know many of the brics countries especially russia and china have felt betrayed by the way the west handled the situation in libya with resolution one thousand seven hundred three where the west said we need a no fly zone and we need to get a

to apply it to the bank for loans to fund their development projects so here to discuss the recent bric summit i'm joined by vidic rashad author of the poor nations a possible history of the global south thank you so much for coming on. my pleasure thanks for having me so i began by getting your response of the new deal announced by the brics on monday what role do you think the new development bank will play and will it be a viable alternative to the i.m.f. and world bank. well the first thing to say is that it's good news and it's not so good news it's good news because it's a challenge to the kind of suffocated international economic system that was produced after world war two when the world bank and the international monetary fund institutions dominated largely by the united states western europe and japan laid the agenda for development in most of the world so this is a frontal challenge to the i.m.f. and the world bank that's a very productive and a good development the other thing that's very good is despite the fact that china has such an enormously larger economy than south af

well you know the brics says since two thousand and nine before south africa joined in then in all the other five meetings before this one the brics is said that it's very important for multilateralism to be the framework of international diplomacy not unique polarity where the united states essentially drives an agenda and in light of that they've said in each of the declarations the brics countries need to have an active role in the israel palestine or rather the middle east peace dialogue unfortunately in this declaration in the middle of emergence bombing campaign against gaza the brics countries basically reiterated what they've said since two thousand and nine what we didn't see was a direct statement condemning the violence and calling for a cease fire that would have been actually quite important to have had the the five brics countries from brazil make a statement about a cease fire it strikes me is a very odd thing that you know many of the brics countries especially russia and china have felt betrayed by the way the west handled the situation in libya with resolution one tho

to apply it to the bank for loans to fund their development projects so here to discuss the recent bric summit i'm joined by beautiful shot of the poor nations a possible history of the global south thank you so much for coming on. my pleasure thanks for having me so i began by getting your response of the new deal announced by the brics on monday what role do you think the new development bank will play and will it be a viable alternative to the i.m.f. and world bank. well the first thing to say is that it's good news and it's not so good news it's good news because it's a challenge to the kind of suffocated international economic system that was produced after world war two when the world bank and the international monetary fund institutions dominated largely by the united states western europe and japan laid the agenda for development in most of the world so this is a front to challenge to the i.m.f. and the world bank that's a very productive and a good development the other thing that's very good is despite the fact that china has such an enormously larger economy than south africa

and rio de janeiro, sprovor of brics policy center. and in washington professor of international studies at george town university. let's ask - how will the loans develop and how will the competing interests of all the countries be able to allow them to agree on the basic parameters. how will they get there. >> that is the question which is still to be aped answered. what we have for the bank is the structure, it's capital competition, and so on and so forth. the location - the scheme for chosing the presidency, the board and so on and so forth. the main question is still what these countries understand - what is the common understanding about what development is about. and we don't know that yet. as far as we know there is - the brics countries, with their own banks, they are usually lending money to infrastructure projects abroad. using their open - very often using their own companies to deliver the infrastructure projects. we don't know much about what was agreed for the development bank. the other - but there is another side of th

so i think that there is a great role for the bric countries the plague. well experts have blamed the international monetary fund at least in part for the economic crisis in europe and here is a few reasons why every i.m.f. loan comes with a hefty bag of conditions which normally include job and pension cuts and wage freeze and an all overhaul of labor laws spain that got one hundred billion dollars from the fund has youth unemployment running at around fifty five percent at the moment with some one million people out of work and then we have portugal here that still dealing with a banking crisis and its g.d.p. is shrinking and then the greek economy is still reeling after two rounds of hysteria he has the worst unemployment rate in the can see here fifty eight percent youth unemployment well mr young says that the i.m.f. and the world bank will soon have to make way for a new play the development course this is set to rival the role of the i.m.f. and the world the i.m.f. the world bearing of the so-called bretton woods institutions in the form of the seco

it's day two of the brics summit in a quarterly is a brazil and some big news coming out of there this afternoon you'll definitely want to hear what's been decided upon there and what it means around the world the big big news and victor she is on the program today the professor of economics that u.c. san diego is giving us his thoughts on an emerging markets development bank and a reserve fund and in phase a big deal edward harrison are discussing what a slump in crude price means for the strength of the u.s. economy it all starts right now. the brics are making some big news sunday two of these summit in brazil leaders from brazil russia india china and south africa have signed off on a new development bank according to leaders from the five brics nations the bank shall have an initial authorized capital of one hundred billion dollars with the initial subscribed capital at fifty billion shared equally among its founding members and one of the facts well here they are the new development bank will be located in shanghai the first chair of the board of governors will be from russia the

brazil hosting another high profile event but this time of a non-sporting nature of the brics summit gathering together leaders from the world's top six developing countries and russia in the hopes of boosting economic ties within the bloc in particular brazil let's take a look at some of the reasons why five point five billion dollars was the amount of trade between the two countries last year so they're already big economic partners but that could get bigger as because of brazil is the fifth largest world population and a fast expanding domestic market why it's i.t. sector has become the best in latin america it's got more on this from analysis from a stock market analyst dr david kuo joining us live thank you very much for joining us here on r t international experts saying that this particular bric summit is of special importance tell us why is that well it's mainly because the be economies of many of these countries are beginning to slow i mean it was that one time when the brics countries will. be you know high growth high excitement economies but just recently we've been seein

brics nations lay the groundwork to even up the world's financial influences of some of the most populous countries signed on to a multi-billion dollar cooperation deal. plus from hijacking email addresses to manipulating online polls of british intelligence it used of dubious ranges of spying tricks that are being branded as a right illegal. five pm in moscow good to have you with us on our key international our top story israel has intensified its anti terror operation in gaza after a failed ceasefire agreement proposed by egypt both sides claimed their missile volley is solely in self-defense a fresh series of strikes targeting senior hamas leaders but its civilian death toll that's most noticeably climbed two hundred five palestinians now killed the majority noncombatants israel sustained its first fatality after several hours after accepting a truce a volunteer helping the i.d.f. was killed by a hamas rocket these are the latest pictures released by hamas the red circles allegedly showing where rockets hit israeli targets. t. the group didn't halt its attacks on tuesday conducting so

sorry no more soccer for you above for finding out what this means for the emerging markets of the brics seventeen's it all starts right now. now our lead story today actions and consequences massive fines placed on foreign banks by the united states are garnering a lot of pushback from the international banking community now this comes following the nine billion dollar fine that french bank b.m.p. perry boss has agreed to pay the u.s. government after conducting billions of dollars worth of business with sudan iran and cuba all of which are not on america's good list no they're not but the curious thing about this situation is that france francis. those to be on america's good lists are things pretty important ally and fact there's another u.s. ally currently being slapped with fines by banking regulators as well german commerce bank the german bank has been accused of conducting business with an iranian state sponsored shipping firm and could be forced to cough up between six and eight hundred million dollars in order to resolve investigations into its compliance with u.s. sanctions no

brics nations there the ground to even up the world's financial influences as some of the most popular populated countries sign up multi-billion dollar cooperation deal. and from hijacking your email address to manipulating online polls british intelligence is exposed for its duty is range of spying tricks which are being branded it out right in legal we're on the case. leaving its own pm here in moscow my name is kevin i would you with r.t. international law top story this hour israel's intensified its anti terrorist operation in gaza following a failed ceasefire agreement proposed by egypt both sides still claim their missile volleys soli in self-defense a fresh series of strikes targeted senior hamas leaders but it's the civilian death toll that's most noticeably climbed two hundred thirteen palestinians have now been killed the majority nor militants israel sustained its first fatality just several hours after accepting the truce of volunteer help in the i.d.f. was killed these are the latest pictures released by hamas the red circles allegedly showing where their rockets hit israe

has nothing to do with productive investment and sustainable development what the brics are the brics are trying to steer the debate and in fact the conditions of all that investment towards productive capitalism now that they have this mechanism of a developing bank and a contingency reserve a mechanism they can help all their countries up part from themselves in terms of infrastructure projects and sustainable development. if you hungry for some more financial spin the chain into artie's boom bust program with. a bit later today. now u.n. security council meeting is famous not only for its decisions but also for the diplomats battle of words the tally tork in and samantha power among the leaders once russia's ambassador told his american counterpart ended on the level of the tabloids when she said that his speech showed more imagination than tolstoy chekov artie's marina portnoy found out who had the last word in the latest high profile ban it. the russian and american ambassadors to the united nations usually keep their negotiations and debates within the chambers of the world body

but as you times correspondent pepe escobar says the brics financial institution will create sustainable development for its members what we have in our days is the predominance of college casino capitalism in fact which is a speculative capitalism which you know hot money a traverse in the world digital speeds enormous and this has nothing to do with productive investment and sustainable development what the brics are the brics are trying to steer the debate and in fact the conditions of all is an investment towards productive capitalism now that they have this mechanism of a developing bank in their contingency reserve a mechanism they can help all their countries up part from themselves in terms of infrastructure projects and sustainable developments. if you hungry for more financial spending kin into artie's boom bust program with their host every night next hour. companies are accusing food giant nestlé of making millions of expensive ordinary people be companies taking water from a canyon in california to bottle and sell but as the region faces a third year of drought activists wan

summit and what the summit might mean for emerging markets so before we begin the brics nations are can you guess is drum roll i know you know brazil russia india china. do you have this one south africa yeah ok the brics and their group together due to their size and the strength of their economies and this summit is a multilateral forum for these economies and coincidentally enough it's being held just days after the world cup wraps so edward we've been talking about currencies a lot on the show today and is there anything on the on the agenda at this summit that might have an effect on our international monetary system or any fundamental consequences on what we use as a reserve currency truly fundamental because i think the answer is no but i'll prob every you would think there is something that's interesting enough to build a silly agree on it but they're talking about an alternative to the billion dollar i.m.f. and then some other fifty billion dollars to go along with that in terms of liquidity but basically what it boils down to is that the as it's been developed is really ab

and bric nations lay down a challenge to the west by growing a new global development bank and an internet of mass surveillance plus british intelligence about to get legal backing to monitor private citizens as an emergency law goes before parliament whistleblower edward snowden says it's a step too far. i welcome it's nice to have you company with r.t. international. will pay the price for refusing to accept an egyptian brokered cease fire that is the message from israel is that regimes its heavy bombardment of gaza the palestinian death toll has now risen to almost two hundred and tens of thousands of residents in northern and eastern gaza were urged to leave their homes by the israeli military on wednesday morning in apparent warning of more airstrikes their fear reports from gaza for. egypt sefer its to facilitate a ceasefire barely got off the starting block israel formally accepted the proposal but hamas continued firing dozens of rockets saying that its terms were no match the islamic resistance movement says it never received any direct contact about a ceasefire and only so media

are the brics are trying to steer the debate and in fact the conditions of. an investment towards productive capitalism now that they have this mechanism of a developing bank and a contingency reserve a mechanism they can help all their countries up part from themselves in terms of infrastructure projects and sustainable developments. and we can tell you that three days after president vladimir putin's visit to cuba the caribbean state has reportedly agreed to lease a military communication base to russia moscow abandoned the facility back in two thousand and one as a goodwill gesture and at america's request. the russian capital is observing a day of mourning after the worst crash in the history of the moscow metro twenty two people were killed and more than one hundred forty taken to hospital on tuesday dozens of them remain in intensive care so let's have a look at how the tragedy unfolded the rush hour train was traveling at its top speed of seventy kilometers per hour with some two hundred meters away from the next station when the emergency brakes were

the brics are making some big news sunday two of these summit in brazil leaders from brazil russia india china and south africa have signed off on a new development bank according to leaders from the five brics nations the bank shall have an initial authorized capital of one hundred billion dollars with the initial subscribed capital at fifty billion shared equally among its founding members and what are the facts well here they are the new development bank will be located in shanghai the first chair of the board of governors will be from russia the first chair of the board of directors will be from brazil and the bank's first president will be from india while the african regional center will be in south africa now the brics also announced the signing of a treaty for the establishment of a reserve fund for membrane nations called the contingent reserve arrangement or c.r.a. with an initial initial size of one hundred billion dollars emergency reserve fund will help developing nations avoid quote short term liquidity pressures promote further brics cooperation strengthen the global finan

brics nations lay down a challenge to the west by agreeing to a new global development bank and internet free of mass surveillance plus. british intelligence about to get legal backing to monitor private citizens as emergency law goes before the parliament whistleblower edward snowden saying it's a step too far. to pm in moscow i'm good to have you with us our top story this hour hamas will pay the price for refusing to accept an egyptian brokered cease fire that's the message from israel as it resumes a heavy bombardment of gaza the palestinian death toll has now risen to two hundred five artie's paulus leader has more from tel aviv. the latest news at least two palestinians have been killed in a targeted assassination in southern gaza it comes as israeli defense forces drops leaflets wednesday morning on the north and east of the strip urging residents to leave their homes so it does seem as if some kind of a strikes are being planned their late twenty's day the first israeli victim was killed in mortar fire he was a volunteer delivering food to soldiers along the israel gaza border si

want to miss my interview with him and in today's big deal edward harris and i are discussing the brics new development bank china's rise and the role of geopolitics in development you won't want to miss a moment and it all starts right now. with. our lead story today economic patriotism so what is economic patriotism well according to u.s. treasury secretary jack lew it's keeping your multinational corporation on american soil tuesday the obama administration called for immediate congressional action to stop u.s. companies from using cross border mergers to escape the country's tax system and a letter to top congressional tax writers secretary lew wrote we should prevent companies from. effectively renouncing their citizenship to get out of paying taxes we should not be providing support for corporations that seek to ship their profits overseas to avoid paying their fair share of taxes inversion transactions the is the term that is used to describe corporate mergers designed to legally avoid paying taxes and has become increasingly popular over the past couple of years particularly in

brazil and south africa probably benefits from being a bric country. for all the lifestyle that the brics project over the east countries. in china, take the brics as a way to lose a little bit, its own footprint in the international system. so i do think that these countries have reasons to stay together. every one of them. it is a complete different story to think about a development bank. there are some questions that are still not answered. if we think about the kind of projects that this bank will fund, let's think about infrastructure projects, for instance. what would be the causes related to environment, human rights, to gender rights, and so on and so forth. when we start to discuss these things, we are going to see that every country has its own take on the development model. it will be really difficult for these countries to come together with the - with a common view about what development means. they did launch a new development bank, but they are - we don't know yet what they understand by development. >> is it significant that they have

the brics's reserve fund, one. brics will offer emergency cash unless restrictive terms have yet to be seen, but with china kicking in the lion's share, some question whether it will prove a more attractive alternative. >> i think the first time a crisis hits, i think the challenge of a country not wanting to be told by the chinese who you to adjust and what the challenge linebacker a challenge to the institution. >> while the jury is out on the possible economics of the brics bank, one thing is clear, the world's strongest emerging economies are trying to claim their rightful place at the finance. >> so to some extent, this is a power struggle between the brics and the westerners. and the question is will the brics really advance their status and pull in the world. and one answer, they will help the group of five nations to recharge their role in the global economy. so says kevin gal agar. he is the author of the dragon in the womb, china, and he joins me now from the boston community campus. kevin, thank you saw

to the brics powerhouses have been given a multi-billion dollar win after a world trade organization ruling against the u.s. we'll tell you what it is at r.t. dot com. is the aftermath of an airstrike in the town of snow and eastern ukraine one of the bombs falling on a block of flats causing its partial collapse locals joining together with the rescuers to help those trapped under the rubble. easy going to get you to go. back to. the others you go to but you when you. were little which we never. yeah. yeah yeah. but. what was. the point now in the hospital along with seven others but almost a dozen civilians have been confirmed dead the government denying responsibility saying it was the work of an unidentified jet but scenes like this repeatedly repeated daily across the east fuelling a refugee exodus. this refugee camp where i'm standing right now just twelve hours ago was about twenty two the ukrainian border however the people running the camp decided to move it because it was not safe to be that close to the ukrainian border where the attacks where these stray or intentional sh

bric may offer an important platform.believe russia, with all of the sanctions implemented as a result of russia's actions in the ukraine and the crimea, russia need to live many -- leave many doors open. it will try to accomplish that in the brics meeting. then you have south africa, consolidating as an african leader in the elite group of nations. >> as important as economic development issues are, do you think international affairs will be discussed at all? >> i think it will. i think it will. i believe the - as far as modernizing for example the united nations, there is going to be some element in the final statement. as you know, brazil and india want to become permanent members of the security council. russia and india - russia and china, permanent members, do not oppose it. if there's a mention there, i believe that is going be positive for the group. i think the brics will attempt to be as politically correct as possible when it comes to thorny matters such as russia's status, vis-a-vis the ukrainian crisis. >> ma

brics nations lay grounded even the world's financial influences as some of the most populous countries sign on to a multi-billion dollar cooperation deal. from hijacking your email accounts to manipulating online polls of british intelligence expose for a dubious range of spying tricks that are being branded as outright illegal. seven pm in moscow good to have you with us here on our to international our top story this hour israel has stepped up its anti terror operation in gaza following a failed ceasefire agreement proposed by egypt both sides still claim their missile volley is solely in self-defense afresh a series of strikes targeted senior hamas leaders but it's civilian death tolls that have been the most noticeably climbing two hundred five palestinians now killed the majority militants israel sustained its for a spade tallaght just several hours after accepting the egyptian truce a volunteer helping the i.d.f. was killed these latest pictures released by hamas red circles allegedly showing where there are rockets struck israeli targets. thank you. their group didn't stop its t

the five brics countries have 40% of the world's population and in economic terms they are a growinghouse. they have teamed up to create a new development bank. how does this change the international lending game, and what challenges does it pose for the united states and western countries? still with us in our washington studios our guests. let's ask you something that you've been bringing up a lot. how will these loans develop, and how will the competing interests of all these countries be able to agree upon some of the basic perimeters? how will they get there? >> that is still a question to be answered. the location and the theme of choosing the presidency, the border and so on and so forth. but the main question is still what these countries understand. what is the understanding of what development is about. we don't know that yet. as far as we know, the banks lend money to infrastructure projects abroad using their own using their own companies for the infrastructure projects. but we don't know much about what was agreed for the development bank. the other--but there is another

brics nations lay down the gauntlet challenging the west by agreeing to a new global development bank an internet free of mass surveillance. british intelligence about to get legal backing to monitor private citizens as an emergency law goes before parliament whistleblower edward snowden saying it's step through all. three pm in moscow good to have you with us r.t. international our top story this hour hamas will pay a steep price for refusing to accept an egyptian brokered cease fire that's the message from israel is a resume is heavy bombardment of gaza palestinian death toll has risen to two hundred five the u.n. reporting that about eighty schools and twenty three health care facilities have been damaged in the offensive are you fear reports for r t from gaza. egypt's efforts to facilitate a cease fire barely got off the starting block israel formally accepted the proposal but hamas continued firing dozens of rockets saying that its terms were not met the islamic resistance movement says it never received any direct contact about a cease fire and only so media reports they accuses

as a new foreign secretary after william hague's resignation and in brazil the bric summit is looking to end the dominance of the i.m.f. and the world bank these stories and more after a short break. told you my language as well but i will only react to situations i have read the reports for. the pollution you know i will leave that to the state department to comment on your latter point to say. the security of a car is on the job. no. thank you no more weasel words. when you need a direct question be prepared for a change when you have one you should be ready for a. freedom of speech. down the freedom to walk. dramas that's just being ignored. stories others use to notice. things is changing the world right now. so the picture. from around the. globe. thanks for staying with us quarter past the hour meet philip hammond britain's new foreign secretary having served as defense minister for years he'll now be replacing william hague who's overnight resignation came as something of a surprise so who is philip hammond as a defense minister the british media called him the ultimate mr bori

the brics nations lay the ground to even up the world's financial influences is some of the most populated countries signed up to multi billion dollar cooperation. on from hijacking your email address to manipulating online poll of british intelligence that exposed u.b.s. range of spying tricks with shipping granted this out rights and legal. good evening it's eleven pm here in moscow my name is kevin i was in first and i was just mentioned news that four palestinian children have been killed on a beach in gaza resists rail resumes its operation as i explain this story to you please be warned we're going to be showing you some pictures from the aftermath we just got through which includes images of children who have been injured. ok well they were part of a bigger group apparently playing on the shore at the time where it's reported a bomb was fired from an israeli ship some of the injured children managed to hide in a nearby hotel that attack took place near where many foreign journalists are staying so help to give aid first aid to the children the children apparently were in a group tha