Skip to main content

tv   [untitled]    December 3, 2012 1:30pm-2:00pm EST

1:30 pm
local business news labels illegal and controlled by criminals you know in order to protect our lives our families and to work in peace. we are forced to pay protection to illegal groups. going to pay. the price of the modest effect on. wealthy british. markets. find out what's really happening to the global economy with my stronger no holds barred look at the global financial headlines kaiser report.
1:31 pm
into business with me to me russia's richest all battling it out in london courts again billion as letting up outside in on a continuing that tug of war over north nicole and an arbitration case where more than a billion dollars. reports from the british capital. it's a clash of russian. but this case it's unlikely to be. which one told them months in the sun london law is at least a million pounds in fees this time it's two more billion paternity and. worth fourteen and a half billion and eight point eight billion dollars respectively according to
1:32 pm
forbes magazine. nickel the world's largest nickel and played and he's doing holder for time in for more than a billion dollars for violating his shareholder rights it's a conflict that's been going on for two years and on monday it went into arbitration here but it looks like it could be short and sweet because to say the two have already reached an agreement the terms would mean a restructuring of the company's management but the current director general stepping down making the head and bringing in fellow tycoon roman abramovich could by seven percent to two billion dollars to reduce these conflicts say the control. of the kremlin said to have the team to be phyllis's say they are anxious to avoid more mess. between oligarchs and the was the war in the case of. if it is resolved it's good news for anyone who holds. management stability would
1:33 pm
mean a probable write in the share price now one of the champions of europe. reportedly on the brink of pulling out of the project. revealed it's and talks to sell it to fellow consortium number three now this has raised further doubts about the pipeline originally intended to bring gas from central asia directly to europe more or less less joined nick poor business desk so nick does this effectively mean that the project is dead. although. germany second biggest utility and with it putting it out it's very tempting to say you know the end is knowing especially when you consider earlier this year the project was already sort of scaled back. enormously from its original conception now on w e has told the likes of reuters and the f.t. that it is in talks with. the australia's largest energy for also another
1:34 pm
part in. its statement however this will make the the biggest shareholder but it will do very little i think to push forward the prospects of the group to actually being built i will not broker was promoted for such a long time as a key element of europe's energy security you've got the backing of washington of brussels what has gone wrong why is it not being built the european energy market has fundamentally changed before the financial crisis in two thousand it was assumed that there was going to be a gas deficit that shortages would come in since two thousand and nine it's become clear that those deficits going to be pushed back by several years not just because of the crisis you also need to consider the gazprom is pushing ahead with south stream which is also going to. bring in rival capacity set to lose out to
1:35 pm
south stream on the basis that it is far more the just could be logistically complex as. capital explains the lack of supply and the like uncertainty over what works what contrail will be the main source of that gas and also it requires money many more countries and transit transit countries so complex to political complexity is. dealing with deal with just one source of gas there's russian gas and one supplier which is gas from so in some way it's much more convenient to deal with one company. so does that actually mean that the champagne bottles will be popping for gas problem and south street i think it's extremely unlikely in fact i think they almost preferred it was going ahead or at least the sort of the the logical reasons for it to exist were still there in as much that it was still strong in europe. gazprom has got big
1:36 pm
problems in it in europe and of course it is its biggest market it's partly to do with the crisis but more because there's been this sort of shift in the way the market operates that you know a radical change in the way gas is produced and this is best sort of demonstrated in the u.s. actually where they've had all this gas produced from alternative energies energy sources so-called fracking and they you can see it put huge pressure on gas prices u.s. prices for gas and one third of those in europe now it's not the case that this is going to be replicated exactly in europe however it is coming it is going to put more pressure on european prices we've already seen gas problems customers here. demanding really price cuts and in many cases getting them and i think that's probably going to face more of that in the future long before it actually turns around a price stock picking up again all right nick paul thank you very much for that let's go quickly through the markets traders are selling the on the bad
1:37 pm
macroeconomic dates i'll get to that in just a second on the russian ruble if they speak losing money as you can see that against both currencies on saturday now as stocks in the u.s. are down this hour on news manufacturing contracted in november as lawmakers are still mulling a way around the so-called fiscal cliff and it was a rather quiet day of trading in the year of power the results more. than in the united states we're seeing right now now financials and resources firms are down but industrials are high in london was brought through. well one point seven percent and here in the moscow equities closed higher more than one percent gains for both the r.t.s. and the my six indices as burbank the outstanding gain adds up more than five percent on news that signed a deal with turkey ex and bank for a billion dollars to finance trade between the two countries over the next previous . now the u.k.
1:38 pm
capital tracked a lot of investment but not just in property but also those interested in russian shares trading volumes for the first six most liquid russian stocks has a fall on the moscow bourse to forty percent as opposed to sixty percent on the london stock exchange and experts say such dynamics is seen with the most blue chips except for the t b where is the other way around now november trading changes have become the biggest in the last eight years and experts say it's not that bad as the days involves only companies with power stay. with us all we have for you this hour. the world the. technology innovation all the developments
1:39 pm
around russia we've got the future covered.
1:40 pm
you see a story. you think you understand it and then. you hear see. and realize everything is. welcome to the big picture. mission free accreditation and free storage free. range means free. three. free. download free blogs. and free media. tom. kelly. offers show. what's the matter you.
1:41 pm
never profited from the performances you'll see him coming our signature when you look up. the tree and he's. going on. right now. shells become income mortal danger and a piece of art. is exempt. from free. our team.
1:42 pm
today we're joined by dr lisa alter the writer behind the secret city documentary which is all about the city of london corporation the governing body of the one square mile that is home to the u.k. financial industry to actually sell to thank you very much for joining us today can you tell me what the city of london corporation is and what it does the corporation of london or city of london corporation is the government for the city of london the square mile the financial district which is actually the real city of london the rest of london isn't a city and its role is to basically lobby for the city but the thing is the city's been taken over by financial interests and banks so the corporations actual role has become to lobby nationally regionally internationally for the banks located in
1:43 pm
the city of london in the financial interests that it bought is the title of the documentary is secret city what's a secret about what it does i think in the first instance very very few people in london and certainly elsewhere in the country know about the corporation of london if i heard about the corporation of london they might have heard of the words the city of london but usually in the context of an economic reports that kind of flags it means a district within the city of london but it's actually a city and when you've got a city that people don't actually know about it's secretive ok the corporation of london itself is in many respects avoids freedom of information for example it's not publicly accountable in any other institution so secrecy is in its very nature what the formula if the city of london wields too much power and needs to be democratized how should that be done i think the only way it can be done is through strong campaigns that try to tackle the governing structures of the
1:44 pm
city of london. but also tried to lobby parliament but where is parliament reluctant to legislate for the corporation of london because of these constitutional issues it can do if it wants but the political wills never being there and so really every m.p. from london whether conservative labor or liberal democrats should be lobbying for change because if the vast wealth held by the corporation of london were integrated to the rest of london it would be a very different city and in the poverty you see he would probably be eradicated with that money do you feel that the city of london corporation would be morally exonerated if they did more to help the poor buyers around them not really the because the corporation of london is kind of a true a stick it gives quite a bit of money to charities it has all sorts of charitable charitable foundations but this is putting band-aids putting plasters on wind it's not doing anything structurally to change the relationship between this state within
1:45 pm
a state government within london that no one knows about and the surrounding boroughs which are extraordinarily poor but how is it possible to democratize the corporation if the financial industry in the u.k. and the government are so closely connected when there's no political will it's impossible to impossible to make that change i mean there's all sorts of things that could possibly be done which is by packing the corporation of london with people elected on a reform ticket a government that has the political will or that can be forced to have the political will through its manifesto for example can can make that legislation then perhaps things could change but it's a deep set problem and i think it's a bigger problem than just the corporation of london it's a problem about the role of capitalism in the world about the role of finance in particular as a force and a power but surely every industry has a lobby the manufacturing industry the tobacco industry isn't it
1:46 pm
a natural element of a capitalist society now. i mean it is in a sense in the sense that there's a lot be there ok but the problem is we have an effective governments. an effective state building built around a single interest so it's the integration of that lobbying function with the political structures with the governance of the city with its effectively a state that's the problem and that's distinct from all of the lobby groups there are there is that say that protecting the city's interests is what's keeping the u.k. out of the euro zone and it's what drives david cameron's hard stance on financial issues yes without a doubt it we mustn't mistake a relationship of force for what the real relationship is it's not that the city of london is could joe willing david cameron or even tony blair before him these are people who politically ideologically are in sync with the interests of the city of
1:47 pm
london but without a doubt british policy in relation to the euro in relation to the european union in relation to things like the financial transaction tax is about the interests of the city of london has a particular interest and that interest has damaging effects on other sectors of the british economy now it seems to have been prosecuted in the us or in the u.k. for what led to the global financial crisis back in two thousand and eight or for the interest rigging scandals here in the u.k. why do you think that is because there's a rich network of association between bankers lawyers judges politicians i mean this is a network of people who do each other favors rub each other's backs and so on and so forth the other reason for that and i think is really crucial in this is something that really people don't know about it's the the kind of propaganda effort the city in the corporation have put into changing public perceptions of the crisis if you remember in two thousand and seven there was a housing crisis it spilled out became a financial crisis
1:48 pm
a big financial crisis largely with private debt as well as other aspects of finance economics and public perceptions of that over these few years the recent years have changed to turn it into a. problem of public debt a problem of government spending it's not the fall of the bankers and the insurance companies and finances it's the problem that we've been giving too much money to wheelchair users that's what's caused the crisis that didn't come from nowhere that's not a change of mind by analysts the city of london corporation the city of london itself spent ninety million pounds in two thousand and eleven alone in propaganda in lobbying in trying to change people's minds about the nature of the crisis and this is one of the reasons attentions been taken away from that and it's other people are being punished a senior bank of england official recently said that the occupy movement was both morally and intellectually right in its attack on the international banking system
1:49 pm
do you think what's happened is going to bring about lost ing changes to the sector i don't think there have been changes i mean there have been some one way but most of them have been the other way you know we've heard of reductions in corporation tax they've avoided the tobin taxes financial transaction tax they have now reconsolidate their power i don't think anything has happened in this country to stem the power of the banks in fact quite the opposite they've got away with it they've got away with one of the biggest kind of financial crimes in human history london is now one of the three command centers of the global economy that wouldn't have been possible without the city of london germany's a much more powerful economy than the british economy but they haven't got any pockets of undemocratic nepotistic rule which is untouched by the german government lord glasman morris glassman you know has long argued for for the rest of london
1:50 pm
the whole of london to be incorporated the city of london has always resisted expansion to allow the rest of london to be part of it so we right now and people living in london are actually living in the city of london you call the city of an . some corporation and undemocratic pocket within london as a whole other any of the borrowers in the u.k. that are this similar type of exception to the general rule you know there's nothing like the corporation of london i don't think anywhere in the world i mean there are some anomalies we know of like the vatican and so on but they're very very distinct and we know about them the whole point of the corporation of london is people don't know about it people don't know what it does they don't know about its role as the financial crisis continues the media is increasingly hungry and searching for people to pin the blame on for the country's woes do you think that villainize in the city of london corporation conveniently fits into that quite fashionable anti banking narrative. i think again it's not really vilifying it's
1:51 pm
saying look there are some really good structures in the corporation of london and some very good ones but they've been subverted and i think when you've got an institution that's been taken over by particular interests whether it's finance or football you know if football runs the country that's probably a problem too and i think that if we shy away from asking questions about these institutions if we shy away from trying to shine a light on them then we're doing a disservice not just to ourselves but to the rest of the country and indeed the world i think the whole point of living in a system that's supposed to be democratic is that we're supposed to be able to shine a light anywhere and the more we hear that it's a form of bullying or a form of unfair attention the more we're probably doing the right thing what's their response to the film then like i know that you recently had a screening in the house of commons. the response was fantastic and in parliament
1:52 pm
certainly that was hosted by john mcdonnell and lots of activists and journalists and from from here and abroad turned up and you know they gave us their feedback in the session and i and a lot of it was wow just because they did i've never known about this stuff you know sort of eminent people professors and doctors who have never heard of the role of delivery companies have never heard of the role of thomas gresham setting up global financial capitalism so i think just exposing that historical fact was very well received but also the eventual consolidation of the power of finance as an explanation for how we got to the current situation today i think to hear a priest explaining how the corporation of london a set up or a religion of consumerism that in some respects can explain elements of the last year's riots it's positioned lots of different discourses lots of different ideas
1:53 pm
in relation to this. and historical explanation and i think people really appreciated that a lot of people were asking what do we do that and why how do we you know how do we change it and i think that's good to have that kind of response so he go to if you want to change yet there are various groups the grew up with the occupy movement actually in around that there's one organization called reclaim the city that's been trying to strategize at the moment and try to kind of. reclaimed that portion of london for the rest of london in the country as a whole to to drag it into the democratic system i know there are a number of people looking at running for election again to the city of london corporation and they're going to try to make some changes from the inside but it requires you know the media the press to start paying attention to this not just to have finance stories on the back page shoved the way for business people to read these things are relevant to our lives if you know the sun newspapers got
1:54 pm
a number of readers who have lost their jobs they need to start thinking about why those people have lost their jobs and how the economy is dominated by finance and tell this story to their readers because that change will benefit them. thank you very much thank you. for sure is that so much to me recently i mean to see these people see people out here even with an ever world maybe it is fond of the dramatic from want to risk
1:55 pm
when it comes to describing the future management of water resources. which brightened. from still some. please friends totty dot com. wealthy british style. that's not on. the. market weiner scandal. find out what's really happening to the global economy with max cause or
1:56 pm
there are no holds barred look at the global financial headlines tune into kaiser report. the news a secret laboratory to mccurry was able to build a new its most sophisticated robot which all unfortunately doesn't give a darn about anything tim's mission to teach music creation why it should care about humans in the world this is why you should care only on the dot com. the gold fever. turns thousands into slaves. my father but also among other involved in the mines and since i started working at the mine i stated i look at it if it multinationals. to cash cow to be milked dry and if i think that in this country gold medal edgy as an environmental cost which is an acceptable no to dismiss was labeled illegal and controlled by criminals you
1:57 pm
know in order to protect our lives our families and to work in peace. we are forced to pay protection to illegal groups what price is colombia going to pay. the poor modest effect on r.t. . i've. lived i've.
1:58 pm
i've . lived. lives.
1:59 pm

17 Views

info Stream Only

Uploaded by TV Archive on