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tv   News  Al Jazeera  July 8, 2015 7:00am-7:31am EDT

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china's stock market plunges after a surge of panic spending. the fear is spreading to other markets. welcome to johannesburg live from doha coming up in the next half hour... .. a show of support in the european parliament as the greek prime minister promises new reforms to get a bailout deal. where home is a giant pile of rubble. one year on, thousands of people are in desperate need: in gaza.
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plus... .. ..what does art sound like? we visit an exhibition in london we begin the newshour in china's government is scrambling to stop the main stock market from crumbling, the chang high composite closed 9.5%, a staggering one day lose. this is the tip of the iceberg. all in thaul $3.2 trillion has been wiped off the stock market. almost a third of the value, in the past 12 months stocks rose 150% despite a struggling economy. it's made many people rich. the problem, though is that many investors have literally mortgaged the house to pour money into the mark. chinese brokers loaned $339
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billion to traders. scott heidler is following the story from beijing. continuing a 4-week slide, market in china closed down. the biggest indicis, the shanghai index closed down 6%. adding to 30% of markets. the markets saw a sell off, 3.2 trillion. something else we see continuing on wednesday, and that is more companies are taking their stocks off the market. they are not allowing them to be traded. the total numbers are 1400, a few more hundred taken off the markets. the central government has reacted to what is going on. state controlled enterprises will continue to be traded and is encouraging senior managers and stock holders to continue to trade on a mash. the central government called what has happened a panic and irrational sell off. as we see, mechanisms put in
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place, statements and commitments - the market sell off is continuing. tony nash is chef economist for chief intelligence and explains how the slump in china will spillover. if you look at the markets in china, hong kong taiwan and japan. 730 billion was lost today. so what does it mean? it's lost wealth. and i think the potential spillover of this is greater than what is in the headlines over the past week which is grease. china is the second-largest economy in the world. it is the driver of north-east asia and greater ain economies. if you know with this lost wealth in the stock market. that means there's less liquidity in the system in china, and that means people and companies spend less. that can have an impact on asia
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europe and the states. this is not state government that people look at and say it only effect china turning to greece another financial crisis e.u. leaders set a deadline for a deal on a bail out. if there is none it will cut support to greek banks. prime minister alexis tsipras received applause and cheers as he baulk walked into the parliament of strasburg. dominik gaen is there. in an ig passioned address to parliament, alexis tsipras outlined the pain that his county endured. he acknowledged some errors by his government, but said other governments had a responsibility to bear equally, and outlined the sorts of proposals his country will make to try to get
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one last bailout from the european union and it was, in effect, an urgent call for help. >> translation: we demand an agreement with our neighbours, but one that gives a sign that we are on a long-lasting basis exiting the crisis, that demonstrates there is light at the end of the tunnel, an agreement bringing about incredible reforms. . >> the problem alexis tsipras faces is the eurozone leaders, the president of the european council and yoourp een commission have put a time limit on the negotiations. mr donald tusca said proposals need to be put forward by thursday and there must be a deal on sunday. overriding this is the greek economy owe considerable sums of money to creditors. the i.m.f. payment was meant to be made on june 30th they are in arrears to the tune of 1.6 billion, and must make a payment to the e.c.b. on july the 20th of 3.46 billion euros,
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there's no sign they'll be able to do that. let's get the view from athens with john psaropoulos, who is standing by for us. as we saw, sunday was said to be the deadline and some ideas of proposals must be submitted by thursday. any developments on that from greece. >> that is a good question. we know the government predicted that it would collect close to $3.5 billion from tax evasion before it was elected. that has not materialized. we do know that a bill has been prepared in the finance ministry we have seen it clamping down on corporate transactions between greece and overseas subsidiaries serving as a form of tax evasion and it
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would champ down on fuel smuggling estimated to cost the government a billion. had has not come to parliament. nor has it been posted for public consultation. we don't know how serious they are, that alexis tsipras talks about quite often and mentions in the european parliament. he seems to be extending your hand and asking for help. he doesn't seem to do anything on the ground. from any assistance from overseas. he doesn't reign in the economy. he spoke of a collusion between the established political parties, the oligarchs and the bankers, he hasn't taken steps against them. he hasn't checked them really. now we expect to hear that he is going to no forward with roughly what we saw last week in terms
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of propose a which is the package of austerity that he accepted before the referendum was held and that the european union proposed to him, we expect that's the only real basis for discussion, and nothing radically different will be put forward. >> in the meantime as the sunday deadline loorges the greek banks are running out of money, how are ordinary greeks coping on a daily base. >> well the economy is slowly as fixiated, in the words of the president of the trade federation here. businesses cannot cost money or draw loans contracted from banks. they have to live hand to mouth, and don't forget 90% employment is provided to small and
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medium-sized businesses. these are companies with not enormous cash reserve, but with exposure to firsty attitudes and are at the first your of levels and demand is dropping. less money is being spent and the position is becoming more and more desperate. >> thank you, john psaropoulos there with a pact of how greeks are hoping on a daily basis. reporting from athens. >> well, it's a year since israel began a bombardment of gaza, a war that went on for 50 days. despite pledges to rebuild the strip, an simented 100,000 -- estimated 100,000 are displaced. more than 2,000 palestinians were killed more than 10,000 wounded. a u.n. says 75% of the victims were civil yoons, among the israelis 66 soldiers and five
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civilians, the u.n. said 89,000 homes in gaza will be damage and will cost nearly $8 billion to rebuild. people that lost their homes are lying among the ruins of what is left. we spoke to a homeless man that can barely make ends meet. >> this man has not climbed these steps in nearly a year. they used to lead into what was a large home he shared with his extended family. now all that is left is rubble after israeli tank shelled it. they lost more than his house during the 50 day war, and they lost most of his family. the photos are all they have left of his wife, sons, daughter and grandson who were killed in a strike. for the past year, he and the surviving members have barely been able to make ends meet. and that hamas which controlled gaza and fatah, a party of
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palestinian president have not done enough. >> translation: hamma and fat e are too busy fighting each other to help us. they give money only to their own people only god can help us. international donors pledged billions of dollars to rebuild gaza, but israel's siege meant badly needed instruction -- construction materials lining cement have not been allowed in. despite offers by the united nations o oversee the process. israel's continuing blockade of gaza means just 1% of reconstruction material needed for gaza has been delivered. according to the united nations, the influx of goods is so slow that it could take up to 30 years to rebuild. which is why around 20,000 palestinians live in temporary shelters like these. most don't have electricity and
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running water. families have to share one room. as living conditions worsen, many are angry. senior hamas spokesman says he understands the frustration. >> people are suffering. we have to do everything to help people. we have to do everything, for example, to open the crossings. to give chance for construction. this is now the mission of hamas, and fatah, to work together and put the differences behind their back. >> reporter: that is small comfort to this man, who at 80 years old is the guardian of four of his grandsons after their parents were killed. he finds it difficult to worry for their futures when their lives now are hard. stay with us here on al jazeera, we'll have more on the debt crisis engulfing greece.
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the good times have gone for shop owners they are battling to keep businesses alive. plus, the report from rebel held territories, and commanders blaming government forces for starting the civil war.
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ja welcome back a reminder of the stop stories the shanghai composite closed down 5.9% on wednesday.
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3.2 trillion wiped off the stock market. greece applied for an aid programme from the eurozone bailout. prime minister alexis tsipras has until sunday to convince lenders to give his government more money. a year off into the war in gaza and there's little sign of a recovery. 100,000 are eternally displaced. it's estimated to cost $8 billion to rebuild the strip as time runs out for greece's money, greeks are struggling to make ends meet. hoda travelled to a port city to see how -- hoda abdel-hamid travelled to a poured city. >> for 20 years, the coffee shop was the pulse of the neighbourhood. full during the good times, barely anyone here during the days of austerity. >> from every day, from 9 o'clock in the morning to 7 o'clock at night.
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>> how do you keep it open? >> i don't pay anyone. nothing. all the best, you see. no pay. no pay. >> christos is not worried his landlord will throw him out. most of the shops shut down. >> reporter: no one is investing in new businesses. wherever you look around there's a feeling of abandonment. blinds are shut, doors are closed. sometimes there's a phone number if people are interested. but no one is. some have had to down size. these people let go of two employees. >> of course i was upset. they were together 20 years with us. something easy to say. no, there was something - a treat to unknown workers.
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they hope for something better. hope, instead of something that i know, making me close my business. >> this is not just a story of businesses going bust. it's about people's family history. this man's parents opened the shop 50 years ago. it is filled with childhood memories. >> translation: for the last five years, i'm forced to dig into my savings to keep running it. i grew up here, i have been working 35 years. i should retire in two or three so i have to keep it open to get my pension, i am stuck. i can't see the light at the end of the tunnel. >> they see few customers. barely anyone comes through here, now that his neighbours are gone. that is one of the biggest tragedies in the country. >> big, very big.
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>> he fears his son will never no the greece where it used to be. small businesses that are the heart of community life talks of iran's nuclear programme continue in vienna negotiators from six world powers and iran missed a self-imposed deadline a dispute on the missile programme is a main issue hampering talks. western leaders want train ror to prove it is not building a nuclear weapon in return for the lifting of sanctions. >> pakistan said peace talks have ended and will resume after the month of ramadan. it was one of the highest level contacts between the two parties. >> it is not clear as to who was repeating the afghan taliban, the foreign office issued a statement saying the meeting between representatives of the
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afghan taliban and the government in presence of representatives from the united states from china with full backing of the leadership which is 45 minutes drive from islamabad. it is a hills takes. those talks were held in a cordial atmosphere. parties thanked for popes. the afghan pakistan were on the offensive. there is also the threat of i.s.i.l. which is making inroads into afghanistan. on that count the taliban reportedly forced several skirmishes with i.s.i.l. and the government is concerned. there may be a convergens of interest, but it is early days and the important thing will be to see what thing the progress
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is made in a next round of talks to be held after ramadan. the u.s. security council imposed sanctions on generals loyal to the president and former vice president turned rebel leader. they have been accused of undermining the peace process killing thousands, forcing more than 2 million from their homes. catherine wambua-soi spoke to rebel commanders near the border of ethiopia. >> in this strategy meeting, south sudan's commanders weigh their options in the ongoing battle between the fighters and government troops in parts of the country. generals and other influential individuals from other sides of the country accused of being hardliners and negotiated on the international government yet to achieve peace. >> we are the first, who is he.
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this is what run away. >> so you don't consider yourself hardliners or spoilers of the peace process, as a general on the ground. >> yes, because i don't know the reason why. me, myself. >> they'll say they want peace, but fighting is going on despite a ceasefire, according to the u.n. many have been killed their homes burnt, women raped and tens of thousands of people displaced in the latest government offensive in the state. rebels are also on the offensive in a neighbouring state, but only functioning oil fields are, both blaming each other for starting the fight. >> we are not the ones rejecting piece let me ask you, if i kill two of your children, how do you start peace. the only thing that can stop the war in south sudan, is removing from the helm. >> the commanders insist that
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there was no coup attempt in mid december 2013 as claimed by the government. it was an development to ethnically cleanse the tribe, the second largest in the country. peace talks are expected to resume. there'll be a proposal on the formation of a traditional government. commanders will not accept anything less than armed forces for three years. the certainly says that 18 month assist not enough to heal wounds or build trust. >> for the two parmy to organise, come together as a national army that one will not be enough. these men are important to their leader, but will not accept a deal that does not properly address the root cause of the
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conflict in egypt, five civilians including a child have been killed by a mortar round. local media say a bomb hit the house. it's not clear who fired the mortar which wounded four others. the military is fighting a number of groups in the area including sinai province fighters. syria government forces have been accused of dropping barrel bombs on a district in aleppo killing five. in other parts of the city opposition activists say the government has used chlorine gas to stop a rebel offensive. they say the chemical attacks targeted a military research center which was taken over by rebels last week and in deraa, activists claim a barrel bomb attack kill tens of millions - women and children among the dead iraq has recovered hundreds
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of ancient art facts seized from the country, believed to have been looted by uncarded -- unguarded sites. >> reporter: these are not antick witties but are valuable. these are believed to have been dean from the baghdad museum. artefacts gifted to saddam hussein. they are believed to have been looted by american forces in baghdad at the time now recovered. this really is the prize peace. this would have been part of a statue of a winged bull a protective spirit outside the palaces. we have seen this before in villages of i.s.i.l. destroying statues. officials are not sure where it came from or when it was looted.
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it disappeared after 2003. and that's really part of the problem here. because the pieces are looted from the excavations and not the museums, it's not known what is missing until they turn up at auction. these ones here were not stolen but are important. they are tiny little things but speak volumes. they are part of two tablets that would have been marriage contracts, contracts for trade, and tell us what life was like thousands of years ago they were donated decades ago to an american museum and now returned. as well, they are investigating whether they are real or not. the release - they would have spoken volumes about life in some of the earliest civilizations and they are flooding the markets across the world. this is a small part of what the iraqis have been able to achieve in japan there are signs of process in the nuclear energy
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sector, with two years after it was shot done following the fukushima disaster workers are loading uranium fuel rods into this reactor. regulators will make checks before bringing it back online. japan lost billions by importing fossil fuels to generate power while the reactors were offline now, what do you hear when you line to a painting. well a new exhibition opening on wednesday at london's national gallery promises to let viewers hear paintings and see music. >> reporter: the ambassadors, pointed in 1533.
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listen to the music made by a violin with three strings, it's potent. >> >> i wanted to create a tension within the space. i think it is - it is palpable and defined in the shifting and hovering of sound. >> six musicians or sound artists were given a choice of a picture in the gallery. and commissioned to compose. electronic music - changes as one nears the picture. as the unified form of the painting dissolves into tiny points. [ ♪♪ ] >> the challenge for museums in this fast-paced world is to slow people done. visitors have a tendency to rush
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through the galies music makes people slow down they look at the paintings and see details they wouldn't have the noticed before. it would not have been quiet at the lakes, the sounds are recreated. >> it's amazing the sounds in the music force you to feel something and experience something, whether you like it or not. it's a viscerale experience, i would love people to take away an emotional connection with the painting they are looking at. an american composer, a portable alter piece made in the 20th -- in the 14th century. >> it's to make you look deeper. here, for me, a bell have you re mind you to look somewhere else. >> listening and looking. all designed to slow the visitor down and provide a new way of
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seeing art, and appreciating it even more a quick reminder to go to the website where we are marking the one year anniversary of the gaza conflict, at >> running out of cash and under pressure greece's prime minister tries to convince europe to turn over that bailout money. >> diplomats push for deadline in the iran nuclear program. >> suing for the right to marry a kentucky couple depend a marriage license even though the supreme court says it's now the law of the land.