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tv   [untitled]    December 14, 2012 1:30pm-2:00pm EST

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able to achieve something that many thought was just about impossible he was able to resolve a long running dispute between the companies chew being the shareholders of pasta and lodging their part time and he did that by bringing in the third party another russian all of garc. all romana from overture spent one point five million dollars on buying into the company and becoming a peace broker of sorts but the times i've spoken to a morgan stanley ross the chief. today and he seems to think that one hundred million is a lot of money to pay someone. and it just seems to me a very large amount of money to pay somebody to leave a company when it's difficult to see that they are making a major contribution to increasing shareholder value and it also seems to be debate so the incumbent has been successful in increasing shareholder value during his
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period. it was so difficult to see on what basis he's got one hundred million. metacity would have may well kill you but you have to realize that whatever he was able to contribute during that his time as the c.e.o. some would argue is the only shareholder value that really matters because this long running dispute between platonic and dura posco really stifled the company's development and it went on for years and years and years with no end in sight whatsoever and don't want you there was a lot to fight for for snow squiggles the world's largest producer of nickel and palladium and one of the world's largest producers of platinum rhodium and copper considering the scale of the company that it's bearing that in mind this golden parachute is still too big. well it's definitely
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a record by the russian standards you're definitely right about that in recent years of russian top executives received compensation between five and twenty million dollars it's certainly nothing outrageous by the international standards there were a number of top executives worldwide received way wore them out take a look at this you're seeing this for the second time but now let me explain what you're actually looking at jack welsh of general electric got four hundred seventy million dollars when he left the company now we're going to look at exxon mobil's lee raymond he got three hundred twenty million dollars stanley o'neal merrill lynch one hundred sixty one the same year the investment bank reported losses of ten billion and now charles prince of citigroup also the same ski so he is definitely in a very good company there and overall it katie despite
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a pretty serious public outcry over these so-called golden parachutes over the past decade more than twenty executives worldwide received compensation of one hundred million dollars or more bringing the total to a whopping four billion dollars in combined compensation wow to my goodness me i think in this instance a lot can be said for being a peace maker. as well. ok we're going to check out the markets and see what is happening with the u.s. on the stocks did indeed pull us extending yesterday's drawl as a slump in apple and budget concerns over saturday a rise in industrial production and data showing china's manufacturing may expand at a faster pace. of the markets ended up makes you can see that as investors watched u.s. small makers debate a new budget agreement to avoid also massive tax increases and spending cuts in the world's largest economy. the euro is showing more volatility in the friday session
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but the is still posting an impressive rally as you can see just meanwhile the russian ruble that finished up the day. against the u.s. dollar and the euro the domestic market here in moscow they finished up the week on a positive note albeit problem obviously that. standard and poor's is the latest of the big three credit rating agencies to threaten britain with a downgrade of its triple a rating now one of the reasons for as and b.'s warning is chancellor george osborne's face or certain measures which the agency says is dragging on growth now earlier i spoke to nick parsons from strategy and i started by asking him if britain will suffer as a result given that the boring rates of france and the us were not affected after their downgrades. ultimately credit is a relative measure aaa of itself would be of no use if everyone were
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aaa because the big no differentiation and so as long as some of our major trading partners and you mentioned the u.s. and france have already been downgraded then the stigma or the perception that somehow this would be a bad thing i think is not going to be too difficult to handle we have seen that borrowing costs in france a fall and despite them now being double a and we've seen that in the u.s. borrowing costs continue to fall even after it was downgraded by most of the ratings agencies in august of two thousand and eleven it's not such a big deal these days as far as person is concerned is it a case of bad policies or in international passes what's to blame i think it's a mixture of bad luck and bad policy the policy for sterrett ceasing to be a brutal one which was not well targeted that's to say that infrastructure investment was slashed rapidly but social spending continued to rise and we've seen
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benefits spending for the unemployed in the u.k. is gone up twenty percent over the course of the last four years so i think it's not been well targeted but it's been very very well publicized and that's created a mood of pessimism amongst both businesses and consumers such that even when we get good news on employment and we've seen private sector employment in the u.k. rise to an all time high in november of this year that the good news is being crowded out by this constant austerity message and i think it's time for the government to play a new chew so it's bad politics domestically and bad luck internationally the fact that fifty percent of the u.k.'s exports go to the euro zone has clearly been a factor which the chancellor had not been able to. to envisage the recession that we've seen over in your land and the sovereign debt crisis is simply decimated
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britain's export industries so it's been bad luck and bad policy time for a change and i'll be back in less than two hours time now but here on our table danielle after a short break with a fresh episode of the truth i think as a stay with us for that. trimmings in this tree even for specialists a voice can produce several sounds it warms the to do the means the art of throat singing comes naturally picked up like a language. a language of communicating with nature it said that's where throat singing originates from the unions believe not only animals but also all surrounding
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objects like reverse forests and even stones of souls by imitating the sounds they believe assumes can capture the power of nature. was. there are special instruments that accompany the singing guinea says there is even a legend about his instrument a gill it says once there lived a poor shefford who had the best horse that won every competition but jealous people killed it on the horse was revived as an instrument that was it is up to full is because of the spirit of the horse coming to his dream he said make an instrument from the tree the sounding board from the leather on my face the strings . and to remember me make an engraving of my head part of the instrument he did so i called the instrument again which means come back and this melody on these three
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men is called. to fly as one of the most famous groups in the republic there. next goal is to tour broad they say for you are peons it's difficult to pick up and sing so i asked them to teach me and see if i can do it. cheerleader the shit they were. sharing and oh you. did that was sure to say can you know who it was you think gang are oh oh. but now to be part of the song and not the actual through thing which i wouldn't even try to repeat. so maybe you have to be born here to be able to sing
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like this i thought so until i met she looks like it to vini and i don't even speak their language but she is from japan. most says to heart and mind that you come from two hundred years ago until sappy here she's not planning a professional singing career she keeps practicing just because it's become part of her nature. but i've done your post showed that and how replay it's in this show coming up i
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want to shift to a trillion in debt by love and money don't mix. and the fate of the euro in the three ways. credit banks still call nine hundred seventy three hostages freed off to a five day siege but the victims and their rescue is the saving them. both defending and praising the terrorists. one hostage kristin even falls in love with one of the villains and dumps her fiance when she gets out. it's a little cold to go greece and spain have full blown still cold syndrome finds the study host to just a crippling bit bonkers coas for the loans and dependency and a terrifying twist the state's so-called rescue is the same as the whole stitched take because first greek premier papademos then it's a nice moment see the link to multinational bank because full stints of power don't
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call us and thing us develop the theory he joins us now wanted to call it that. is because i can see there that governments are kidnapped by b.s. because late because capital and. they are not defended that. we can. see that greece and spain mainly because. instead of. being able to work on our. ways to go out of crisis they're getting here was the solution these of course he said games the interest of the people. in these various and example they decided not to use. odious international loans moultrie paid because taken against the interests of the
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people equate those debts repayments was loaded in favor of lenders like us chase bank president karimov declared it odious the billions saved doubled spending in hospitals and schools. as far as you could see into the future they were going to keep paying debt but would never reach a situation where the country actually benefits from the foreign capital. greece's most popular policy to resign already declared the national debt odious if it wins the next election it won't repay the banks we're joined by michael hudson who advises countries like the us on economic policy professor is greece is that odious . a minister. your it goes well wait a minute are you going to want us to really surrender our autonomy there has to be a. zero one zero. and angela merkel said you can't have
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a referendum if you have a referendum the democracy will vote against it we're going to own those and. a check at. a government you know and. so all of this. not our. only. son will. be a requirement on a. it's binding on the population with a halt if the population doesn't vote for that that if that is already here democracy replaced by ditto crissy but is this in the public interest when a bank makes a loan they're supposed to give him something when it is just flown by a lot of other words it's the borrower word and a definition of credit where it ends at the bar or on earned enough money off awkward way off the. activity to repaying along with the interest if it
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didn't exist or government and government if you do have a he's our and our rat yes that's what your assets take them away the terms of the bailout call for greece to sell off its land spend the rest lands its offshore oil resources the property of the kings that's a good play that's not worth it it's reached the point someday where finance is aiming at the same objectives that a military war thanks no waging military wars let's speak to great journalist nicholas motorists was the effect of this on the ground since two thousand and nine . thousand suicide since inside appends by people who know their beds their grief just go more big loans from foreign banks does this at least bring hope eight we didn't go to the present crisis if that but the greek
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government was two hundred sixty three being in yours. according to the recent bill passed in the parliament on november the governmental debt will be. pretty hundred forty six billion euro bond say to the greek people use make some painful sacrifices and the next ten years we're going to. reduce the debt but. he who tried. sacrifice like one in two jews out of work has bought the club made for this national debt in the last decade has skyrocketed most humiliating of all for greece portugal italy and spain the future only gets worse his health by buying slowed to one trillion on the type of player private lenders gambled and built three million houses people called to forward one of them thank you no runs off as it was of the national economy claiming that too big to fail
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government comes nationalize them turning a bankrupt bank into a bankrupt nation. the worst kept secret on the markets is no one will touch the euro while four of its members at least are on the brink. hardly anyone actually train zeroes any more random want of the drunken offspring of a failing marriage. bookmakers don't give greece a sporting chance they've stopped accepting bets on the country's euro exit it's all turning people not just off the road but of the european union itself. britain's anti e.u. party just beat the ruling tuileries to gain record support in elections checkmate the free citizens was founded by pizza mike a disillusioned advisor to the country's president you prison rules he told me stop nations putting their house in order we have. czechoslovakia
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and after it goes all out root out in the ninety nine three. then the relations between czechs and slovaks have improved and currently do relations between these two nations are better at it than ever and. the reason is that each nation is responsible for its own mattress reads well need to morrow until it leaves the euro zone so i think we did eventually do your oh so we'll have to break up anyway but how do you actually quit the currency wolfgang munch ells research just that's at the financial times he joins us now so how do you leave the euro there's no law that stops you know that stops greece from
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imposing you know the default there would be emergency laws naturally you would have to you know you would have to basically collect all the money stamp of the existing bank notes to you know make them greek euros so it's quite a bit of quite a bit of stuff that you need to do in order in order to get through and then you need to impose bank holidays so this is not doable in a weekend single probably have to close down the bank so what we hear of greece goes what will happen portugal is in between spain and greece it is it has some of the characteristics of who is a very poor country and has some of the characteristics of spain with a high private sector indebtedness especially foreign indebtedness supporter go you know if greece if greece could go then portugal could go its route of these are the two countries that are most like most endangered you know if spain were to go or for some reason the eurozone would be in in real trouble right greece looks weak but that actually puts things in a strong position talk about stockholm syndrome there is
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a certain certain amount that they become kind of voluntary captives in the system seven european countries that have been only recent democracies like greece and spain and portugal there is a certain fear. among political classes to stand up to germany you have to stand up to the c.p.a. to say look unless we get this this rescue done on our terms of even leave the eurozone and then you know if you take the losses i would assume that germany what not like the us and germany would really be scattered anyone who leaving the euro zone because there are risks involved and and the german political leadership is very risk averse at the moment so so so i think they would probably have the greeks the spaniards the portuguese proby would have a much stronger hand then they think and you know if they stood up to the job. so if greece stood its ground. the banks.
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greece. and merkel was tough to choose one to go down say in a showdown they know. this is the truth. it's perched atop a jaw drop and the view from that the ball scrubland stretches this fall as the eye
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can see up for a city that chilled all of siberia for centuries. it lost its economic importance even before it was bypassed by the chance siberian railway but the a spiritual center. things like these are a yearly occurrence thousands of orthodox worshippers of them selves and blessid water to commemorate the baptismal jesus. it doesn't matter if it's minus thirty it's a siberian tradition i do it myself every year for everyone to overcome their worst fears it is desirable to take the plunge. but that's picture postcard churches the story of a city built by opportunist explorers political exiles and crafty fur traders.
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in the fifteen eighties the russians had only just conquered siberia taking it from the muslims. surrounded by enemies to be their stronghold constructed on top of the city but soon enough it became an economic hub siberian fire was the oil of its time bringing in a third of all russia's state revenue but the ball location head of the says for the russians are. to moscow's one of the most popular places to send political dissenters not any people were exiled that once a giant bell that was used to incite riots was supposed to set a three hundred ten. the russian aristocrats who led a revolt against the eight hundred twenty five known as the decembrists worse than heroin drove. there they created a replica high society adopting the latest fashions as soon as they came out or at
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least once they made it from paris to siberia. but the city also served up some bitter irony for the russian royal family after the bolshevik revolution. this is the office was nicholas the second spend most of the last year of his life his whole family had been exiled here they led a fairly comfortable existence this was a big house but they weren't allowed to see visitors or go outside themselves. ordinary normal countryside life style they even had thoughts of escape but within the year bizarre and his family would be dead. never again its political significance but the streets will always echo with a glorious past and will likely provide the livelihood for some habitants in the future.
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