the brics nations lay down a challenge to the west by agreeing a new global development bank and an internet. intelligence to get legal backing. parliament.

the 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.

developing bank and the thieves in c. reserve a mechanism the can help all their countries up part from themselves in terms of infrastructure projects and sustainable developments. global diplomacy has seen a shift away from its classic dry languages russia's ambassador to the u.n. batali talking how to watch me back and forth with his american counterpart portnoy i found out who had the last word in this high profile. the russian and american ambassadors to the united nations usually keep their negotiations and debates within the chambers of the world body headquarters however a tit for tat between the two diplomats is currently playing out in the public domain sparked by something written in the pages of a glossy magazine the august issue of vanity fair features an article on samantha power in which she strikes a bit of verbal jabs against her russian counterpart here's the contacts the reporter says he reminded miss power that ambassador vitaly churkin jokingly asked her if she'd join the russian punk group chrissy riot after she met with the two famous band members and bassett or power says she told mr churkin that their first concert stop on tour would be where ru

brics nations lay down a challenge to the west by bringing new global development bank and internet mass surveillance meanwhile british intelligence about to get legal backing to monitor private citizens is an emergency law goes before parliament whistleblower edward snowden says it's a step too far. i welcome you watching r.t. international now hamas will pay the price for refusing to accept an egyptian brokered cease fire that's the message from israel is it resumes its heavy bombardment of gaza the palestinian death toll has now risen to two hundred five r.t. s'pore slayer is in tel aviv. in the latest news at least two palestinians have been killed in a targeted assassination in southern gaza it comes as the 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 on tuesday the first israeli victim was killed in mortar fire he was a volunteer delivering food to soldiers along the israel gaza border since that peace was broken there have be

brics nations lay down a challenge to the west by agreeing a new global development bank and 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 says it's a step too far. are you watching international coming to you live from moscow. pay the price for refusing to accept an egyptian brokered cease fire that is the message from israel as it regimes its heavy bombardment of gaza the palestinian death toll has now risen to almost two hundred tens of thousands of residents in northern and eastern garza were to leave their homes by the israeli military on wednesday morning an apparent warning of more airstrikes there well let's get the latest now from artie's paula slayer who's in tel aviv for us. paula it seems that the chance of hope has slipped away. that said he does seem that in the latest news at least two palestinians have been killed in a targeted assassination in southern gaza it comes as the israeli defense forces drops leaflets wednesday morning on t

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

brics nations lay down a challenge to the west by growing a new global development bank and an internet free of mass surveillance plus british intelligence is about to get legal backing to monitor private citizens as an emergency law goes before parliament.

brics nations lay down a challenge to the west by agreeing a new global development bank and an internet surveillance meanwhile 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.

brics 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 before parliament whistleblower edward snowden's.

the nation signed off on a long awaited one hundred billion dollars development bank seen as a rival to the i.m.f. world bank and global dominance of the u.s. dollar on top of numerous trade deals so it may have taken less than a week but president vladimir putin no doubt hoping that his whistle stop tour will cement russia latin america types asia times correspondent pepe escobar saying that the new brics financial institution will help the group build muscle what are we having nowadays is the predominance of i call it casino capitalism in fact which is a speculative capitalism which you know hot money a traverse in the world digital speeds enormous that this has nothing to do with productive investment and sustainable development what the brics the brics are trying to steer the debate and in fact the conditions of the olds and vast meant towards productive capitalism now that they have this mechanism of a developing bank and contingency reserve a mechanism they can help all their countries up part from themselves in terms of infrastructure projects and sustainable developments. to the brics powerhouses have been give

king of global banking well the powers the five nations brazil russia india china and south africa aidid in brazil for the eve of the summit a message to finalize the details of the development bank that we've got are very i missed calls start he's in the country just now for a stop or tell me what do i expect asians 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 and their economies can act as a buffer if there is a future financial global crisis and 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 a rival if you like to the i.m.f. and the world bank let's talk about facts and figures because this new. this new bridge bank is going to have one hundred billion u.s. dollars in reserve and forty one billion of those are going to be provided by china eighteen billion will be provided by russia india and brazil each well south africa will provide for i've been there. and i suppose the burning question has to be do we need this bank

several years, but the announcement about the creation of a development bank and a reserve fund marks real progress and pursuit of power and global respect. >> a bank to call their own. the brics bank is an alternative. criticized, legislation in the u.s. congress. >> this point is mainly a political statement by the rising powers, that they're increasingly important in the global economy and they deserve a say, and that is why the west should take this seriously. >> headquartered in china with india holding the first presidency, the brics bank will launch with a $50 billion fund, and a $1 billion reserve fund to help with the short-term crisis and shock. such as capital from emerging markets, triggered by a change in u.s. monetary policy. 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 get money out of politics with others and the very very ugly the world bank for you to think progress the global developmentinstitution is considering doing away with key protections for the environment and indigenous peoples to improve the world banks do policy would allow companies receiving world bank loans to opt out of abiding by the organisation's rules protecting the rights of individuals of indigenous peoples this is a terrible true development takes into account the rights of indigenous people and the environment allowing company a countries to opt out of doing this is a recipe for disaster and very clearly. coming up as we speak california is suffering through one of its worst droughts in history and unfortunately it looks like things are only going to get worse for the golden state i'll tell you why in tonight's territory. there. dramas that trying to be ignored. stories others refuse to notice. the faces changing the world lights now. so picture of today's my home to and from around the globe. local. t.v. . i marinate join me on. that impartial and financial reporting commentary and for news and

it's the new development bank which i believe leaves a door open for other areas like mexico, indonesia and nigeria to join in the structure of the bank. this is all very positive for globalfairs since the i.m.f. and the world bank had a hard time modernizing, bringing up to date and the international arena is interesting with a new animal. how much will the bank bring to the infrastructure party. >> the capital is a $50 billion. there's no limit to raising its capital structure. there's also the possibility for private corporations and other development banks to join in the different infrastructure projects. i understand that other others of investment such as research and development will be considered. this is a positive outcome for those nations that are considered to be the rising powers of the 21st century. >> do you think it limbing maces the -- legitimizes the summit. some called it a talking club. >> if you compare the bric summit to the g7. they never wept beyond proto -- went beyond protocol meeting and exchanging view points on how the global economic structure works pt the brics travelled further than the g7 did. >> looking at the global partners, who has the

topping the agenda, creating a new development bank and reserve fund for member countries. geoffrey dennis ahead of globalerging margaret strategy in boston. welcome. thank you for your time today. >> thank you. bricks are expected to create a $50 billion bank. are these measures enough to boost growth? >> to be honest, i do not think they have much impact on growth. i think these are small, relatively minor innovations. i think they are an attempt to increase the relevance of the bricks that have suffered in the past three or four years from disappointing growth performance in disappointing stock market performance. i think the structural issues that all of them face are more than can be solved i the creation of a reserve fund, especially if most of them are in good shape in terms of the external accounts. therefore, we are not sure a reserve fund is needed. >> you just talked about disappointing growth. the median estimate shows economic growth in the bricks countries projected to average 5.37% this year, half the pace seen in seven years ago. why the drop-off? >> i think unfortunately we have to look a

awaited one hundred billion dollars development bank which is being seen as a rival to the international monetary fund the world bank and the dominance of the global dominance of the u.s. dollar this is on top of our other numerous trade deals so the whole toe may have taken less than awake to president putin no doubt hoping other the whistle stop tour of latin america has helped cement russian latin american ties while let's examine the prospects show a professor from the jindal school of international affairs joins us now live to talk about it hi there thanks to be with us so the briggs's got his own bank now what do you make of that we'll talk about that and also is this a rival coming up to the g seven grouping do you think or not. the bank is very significant institution development i think in the economic history of the last of post-war the last sixty sixty five years i don't think we have seen anything of this nature because it's a paradigm shift we're talking about a bank where you know washington or the europeans. presence to have a warning here don't have a dominance and we're talking about are different ideologies not going to be neolib

awaited one hundred billion dollars development bank which is being seen as a rival to the international monetary fund the world bank on the dominance of the global dominance of the us dollar this is on top of the other numerous trade deals so the whole toll may have taken less than awake the president putin no doubt hoping other the whistle stop tour of latin america has helped cement russian latin american ties right artie's paul scott life for us and for delays in brazil thanks very much for that update asia times correspondent pepe escobar says the new brics financial institution may help the group build muscle. what are we having now adays is the predominance of i call it casino capitalism in fact which is speculative capitalism which you know hawks money a traverse in the world digital speeds in all this that this has nothing to do with productive investment and sustainable development what the brics the brics are trying to steer the debate and in fact the conditions of the olds and investment towards productive capitalism now that the have this mechanism of developing banks and contingency reserve a mechanism became how all their countries

awaited one hundred billion dollars development bank which is being seen as a rival to the international monetary fund the world bank and the dominance of the global dominance of the us dollar this is on top of other numerous trade deals so the whole tour may have taken less than awake but president putin no doubt hoping other the whistle stop tour of latin america has helped cement russian latin american ties both scolding foreigners there for us cuba is returning a military intelligence base near back to moscow president putin was in the country just a few days ago during his ongoing latin american summit to russia used the facility until two thousand and one but it was shut down then under pressure from u.s. congress for decades radios at the base help to intercept signals in the americas russian i want to reopen that priscilla to move seen by experts to strengthening strategic cooperation with cuba. professor and shelley from the gentle school of international affairs thinks the west will eventually have to admit it's losing its global dominance. be philosophical to you and it's going to also reduce the power of the new liberal institution of

. >>> and a new player on the global seen as they create a world imf. >> the new development bank will have $100 billion in commitments when it starts handing out loans in 2016. the bricks nations behind it said they could not get a loud enough voice in the international lending even though they're a huge contributor to the economy. we'll look at this live at the top of the hour. >> al jazeera america presents a global finacial powerhouse >> the roman catholic church, they have an enormous amount of power >> accusations of corruption... >> there is a portion of the budget that takes care of all the clerical abuse issues. >> now we follow the money and take you inside the vatican's financial empire. >> when it comes to money, this is one of the sloppiest organizations on earth... >> al jazeera america presents... holy money only on al jazeera america >> yothe storm has killed at least 20 people. it brings back memories of the typhoon haiyan. the storm is now headed to china to the west and vietnam. for that and more we turn to nicole mitchell with the latest. >> yes, the tolls have gone

hefty pile of deals wrapped up the six summits of top developing countries namely brics the most significant is the establishment of a new global bank that's set up to rival the i.m.f. and the world bank artie's paul scholes explains. the brics nations really good to strengthen ties in court countries across the continent here in latin america as they look to develop and build what's being described as this new multi-polar world in an attempt to try and wrestle influence our global influence away from washington on his tour over the last six days putin has visited cuba nicaragua argentina and then finally here in brazil for the two thousand and fourteen brics summit the highlight of which was the announcement of the new one hundred billion dollar development bank and also the sustainability fund is well worth the same amount of money one hundred billion u.s. dollars is going to be seen as a long term rival to the international monetary fund and the world bank but in a putin's visit to the region also gave some of the latin american nations the chance to sign some lucrative agreements with moscow russia will help cuba explore its off

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 or brazil the way the new brics development bret bank is going to be organized each of t

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 poorer nations a possible history of the global south thank you so much for coming on vision. 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 or brazil the way the new brics development bret bank is going to be organized ea

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 africa or brazil the way the new brics development bret bank is going to be organized each of th

deals wrapped up in the sixth summit of top developing countries that of the brics the most significant significant was the establishment of a new global bank set up to rival the i.m.f. and world bank the founder members have provided one hundred billion dollars in funding and some other latin american nations use of lot of mayor putin's visit to the region as a chance to make some lucrative agreements with russia in fact russia will help cuba explore its off shore oil reserves with both also agreeing to work together on global information security moscow's atomic energy corporation corporation is likely to bolster its presence in argentina all as part of a nuclear cooperation deal and russia's trade and security ties with our fellow brics member brazil should also now increase increase significantly there was a time for more than just business at the summit as artie's call scott had a chance to find out six days four countries and numerous photo opportunities hussein's tour of latin america considered a success. everyone knows that russia has always stood side by side with india during the toughest moments and without demanding anything in

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 videotape. my pleasure thanks for having me so i want to be done by getting a 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 africa or brazil the way the new brics development bret bank is going to be org

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 africa or brazil the way the new brics development bret bank is going to be organized each of th

. >>> the asian development bank on friday has cut its growth forecast for southeast asia. the region is seen as a main engine of global economic growth. the adb cites indonesia's export ban on minerals and the coup in thailand as reasons. the adb says the region is expected to grow 4.7% this year. the figure is down 0.3 of a percentage point from the april forecast. the numbers appear in the adb's 2014 outlook supplement on asia's developing economies. the report mentions indonesia's ban on exports of unrefined nickel, copper, and other minerals. the move came into force in january this year. indonesia has southeast asia's largest gdp. the region's number two economy is thailand. the coup erupted in may following prolonged political clashes. the turmoil has dragged down domestic demand and tourism. the adb also touched on the physical damage foreign companies and factories suffered in vietnam after some anti-china demonstrators turned violent. relations between vietnam and china were aggravated after china installed an oil rig in disputed waters in the south china sea. as for india, the adb left its 2014 growth figure

global finance order. emerging nations joining to compete with the i.f.m. and world back. bris.is they have confirmed they plan to create a new development bank. the bank will be based in hang high, but the first presidency will go to india. t will have initial captain of $100 billion. the idea is to provide a counterbalance with banks like the e.m.s. brazilian president said the banks should work on reforms to better represent countries like her own, but the new bank may be a better representation of the world's order. >> we find that the main global and political institutions have lost their power to represent and their effectiveness because they have not adapted to the new political and economic eality of today's world. >> thaddeus young has been elected head of the european commission, and he has already set out ambitious investment program to revive the economy. he has committed 300 billion euros to boost industry and broadband networks. he is trying to convince two groups with opposing ideas on how best to boost growth. >> applause for the new president elect of the european commission, the most powerful job in brussels. thaddeus young w