there was wrong russia because well actually you don't need a strong russia or strong putin because of putin's gone you don't have a strong russia there's no one to replace him i mean you can't get anyone to someone who's going to i mean now i think it's really interesting is. very often we can look at reuters be able to bloomberg eccentrics address a sentence vladimir putin comma former k.g.b. agent comma now when i think back george bush sr he was head of the cia so have you ever seen george bush come a former head of the cia comma said today in texas i think the assumption is that let me put it is not necessarily a former k.g.b. . agent the job and he became president of the united states and. keeps his loyalty to his parent institutionalised that's how i would have had this headline. is it because this negative branding that russia get it's because it just doesn't fall in line i mean we look at we look at the post cold war narrative you know the soviet union was defeated and the defeated must accept terms of surrender and the terms of surrender is become like us ok because if i

welcome to on the money with the business of russia is business i'm peter lavelle russia makes its pitch at davos the country is open for business indeed russia's economy is growing and the envy of many but what about energy is there a russia story beyond oil and gas exports. to discuss russia's economy i'm joined by martin quinn he's managing partner at frontier. editor in chief of business new europe and phantom fletcher head of global asset allocation renaissance asset managers all right gentlemen let's start out with a marker my favorite segment here i want an up or down long short however you want to describe it the following topics oil prices stay roughly where they are israel doesn't have a mandate to rattle sabers around at the to go ahead been. dangerous for oil prices happening in the. trade i think the middle east conflict potential is decreased it's ok gentlemen this isn't crosstalk you can agree china. china soft landing seems to have happened. growth still seven percent or so i don't. get a lot of reforms and restructure to do this very. bones in there which they need to do

in the world a significant proportion to say to me things like russia is an investible you know russia is a place we don't want to invest and i think the thing that would really counteract that would be a launch a number of competitive for i think that what russia really lacks given it's got such talented people such a big market it's been growing so fast it doesn't have a large enough population of dynamic firms firms such as you know make me to gan decks that are creating new markets in russia and driving change there is going to those companies actually have a good reputation well that's the thing to take those you know there are success stories there significances story there was a paper out recently on foreign direct investment in russia and although it's very low one of the lowest in the region per capita basis is also the most profitable so in a quite country to being not known investable is actually one of the most profitable investments you can do in this form the equity markets and you know there are some great success stories here this is a huge market hundred forty three mi

everybody believes that russia sports. and as many. russian diplomats say no we don't but no one no one believes in fact russian position is very simple it's not about us it's not about syria it's not about the middle it's about to prevent the league build more build believed and precedent to become a model for future settlement of local conflicts. of couple of months ago when they said that that's was the key core of russian position. not just a question of the regional conflicts and the regime changes but i would say also and i'm sure you would agree with me also a question of the entire international order and we're talking the basic fundamental principles of the united nations charter so i state sovereignty not interference in domestic affairs and this of completely vanished from the western government and media lexicon they don't even because it's humanitarian interventions right that's sounds nice right it's well it's about other guys the problem is that there is this decor to me and so the west was gearing up for a melodrama wit

russia and united states identified couple of. profoundly but the little bit and the result was positive what we said his over reset was two thousand and eight two thousand and twelve because the two countries have to talk to each other they have things they common issues that they have to deal with i would draw a little bit of exception with what you said that there were there was no reset there was a limited reset and it was a tit for tat trade for deals and out of it the united states got russian cooperation on afghanistan. a limited form of at least dialogue on iran and north korea what the united. russia got out of this deal was the united states and the west stopped direct coverts if you want to call it the medic on conventional warfare as the united states military manual calls it interference in the countries of the near abroad the former soviet union that they call the revolutions in georgia and ukraine which have fallen of their own accord in kurdistan as well what do you think that's a fair trade off i mean they failed

with very strong growth in russia similar but russia cannot afford to grow any can't afford it you know there's no other country could afford it but still growth slowed through the year despite this big expansion i think that actually means that next year growth will be quite resilient because what happened i think if you had that sharp fall in the oil price back in the second quarter and that scared people i thought you know second wave of the crisis is coming so savings actually went up last year even though unemployment went down and i think that companies ran down their venture east and delayed investment because of political uncertainty because of this oil price shock but both a. those things that increase in savings that run down of inventor he's actually means that next year consumption investment should be pretty resilient so i think growth will probably slow a little bit from last year because we're full capacity in full employment manufacturing capacity pre-crisis levels but it'll be pretty resilient so russia looks to be quite comfortable for twenty thirteen percent jump in o

and what do you think needs to be done in this respect russia not just moscow russia not just resource sector you know russia is a waste but to you know from what you are still to some because from a good culture. of course. we should have been a better financial system but no one could grow it's not mushroom it's not enough to have a or a. financial system it's a commitment it was a country commitment you know state institutions in the center bankers and the people you know to grow proper infrastructure for capital markets for the markets we already have in a view on opportunities and begin are not just going to try to build capital it's not even democracy we know one no one has interest in democracy we haven't lost this and we're trying to build capital is world capital as well as market economy without people who understand you know how to run enterprise in the private enterprise and with hail and this failure cost us almost to sort of jaded now would try to develop the country was that market would try to bring innovation we tried to bring. in the end user put unit to. not to benef

then the prime minister of russia, dmitry medvedev, relations between the united states and russia are at a new low. some call it a new cold war. who's to blame and will russia help in syria? we'll discuss it all. also the algerian hostage crisis that left dozens dead. is this a sign of a grave new terror threat? i tell you my view. people like me try to get a sense of the mood of the place, take the temperature of the people in this frosty mountain resort. obviously i will give you a highly impressionistic and personal nature. since davos does bring together leaders in government, business, media, even the ngo community from all corners of the world. it is so what is the mood? well, there's a sense of calm, a relief that many storms that seemed like they might be overwhelming, like the euro crisis have been weathered. people from america are optim t optimist optimistic, those from emerging markets more so. but everywhere there is a sense of caution. mpw seeing -- released this week, 452% saw no change from the current tepid economic environment. 28% saw a decline and 18% said things w

shocks is one of the ironies of russia. you know on the one hand it's vulnerable to workers on the rest of the world with their problems as well as on the other hand because of the flexible ruble which is new and the fact that russia has no debt to speak of there is actually an incredibly strong position in so much as if europe does blow up of course it'll hurt the russian economy but it has a lot of capacity to absorb the pain and it'll it'll slow down but it will be able to cope with it unlike i think until there were so many things that actually despite the strong with form the lack of strong reform effort that that happened w t o accession and you first cool greater exchange rate flexibility as you mentioned yet the financial markets did not really woodward russia for a lot of the achievements that happened why because of the predominance of these global risks and global problems especially emanating from europe so the key problem with russia is that structurally it's still so dependent on oil prices on every minor prob

it's a little bit of a memoir of my travels in russia. we've gone through 20 years together, so it's a memoir of the last 20 years since the soviet union fell apart. it's a history of the oil industry, but it's also a history of russia these past 20 years, the initial collapse in the 1990s and then the gradual recovery the decade after. so we end up with the russia that we see today after this long cycle, the russian oil industry has gone through the same cycle. it's a biography, it's a multiple biography of o number of -- a number of people, but in particular of the clan that emerged in the 1990s in the city of st. peat user berg -- petersburg and came to moscow in the year 2000, and you could sum up the last 20 years of russian history by saying this is the revenge of st. petersburg over moscow as the clans from st. petersburg take over and are very largely without much exaggeration are in command. this is very much a st. petersburg crowd. so it's a history of the e emergence of that crowd, and this is the latest chapter in the 300-year

i think russia got a good deal and now russia just needs to learn how to make the best of it if the officials don't know the rules then they should do a training program so that the ministers are advised by officials who know ministers don't have the expertise and everything but i need to have officials that do so russia these two bit of homework. so bit of schooling a bit of homework that's never such a bad thing in any sector of word and analyzing government whatever your job is but mr graef also has some pretty harsh statements to make about globalization as well of russia's really position on that because he was saying that really the only thing ever brings is disparity between the rich and the part of its get rich or incredibly rich eisen say in the four don't really benefit tool he also said about russia's competitiveness and said that it's only really competitive now in the natural resource export industry so it wasn't just w.c. you know that kind of battering by mr graef today well the thing about competing too is we're talking about failing to compete as this it's a complet

science technology innovation all the latest developments from around russia we've gone to the future and covered. more news today violence is once again flared up. these are the images of world leaders and seeing from the streets of canada. the giant corporations are all today . welcome back now it is one of the holiest nights of the year for orthodox believe is all around the world as they celebrate christmas and mosco the birth of christ is marked by a religious ceremony with hundreds of people attending a holy service in the heart of the russian capital. was that for us. here at the christ the savior cathedral the main cathedral in the russian capital in churches and cathedrals both here across russia and in all for docs communities across the world it isn't fact christmas it would be awful lot church in the in the crisis a few cathedral worshippers have packed in to take part in to listen to the liturgy chanted and to feel the presence of of the spirit of christmas eve which is here celebrated on the sixth to the seventh of january not the twenty fifth of december because of the

/russia business council. so i refer you to him. but i think it's a fair prediction that the russians are going to, are going to defend their domestic industries every step of the way. i think the doctrines of free trade, the doctrines of globalization are not the doctrines that come first to the russians' minds. let's put it that way. and so we shall see. if china is considered a successful member of the wto, why surely russia will be as well. and on fedder cover sky. i think the, i think the fascinating thing about him is that one should resist the temptation to consider him an angel, a martyr or a criminal. he was a man who emerged in a revolutionary time. he was a student at the time the soviet union fell apart. just graduating as a chemical engineer. he was a political organizer of the institute, he belonged to the leninists briefly. he had that energy. there are pictures of him when he's in high school, and he's just growing his first moustache, and then he became famous for that rackish moustache he had on the public scene. t

twenty agenda russia has recently taken over the presidency of the g. twenty and employment is one of the most important topics since matter of fact moscow wants to include the poignant topic into the agenda of the next g. twenty meeting well actually the subject has been discussed in cannes in seoul in wherever so is there anything new to be said to said on this subject. my quick answer to you is. the same way so much new to be said but there's a great deal that needs to be done and i think this is the this is the point you're quite right to say that since. two thousand and nine the g twenty has put employment and jobs issues at the center of its work and indeed the ilo has been involved in the g. twenty is work but the problem is that we still face a dramatic crisis of jobs in the world around the world there's over two hundred million people without a job that's more than six percent of the global workforce and that's without counting part time work and under employment so we really do have to move action on jobs in the g twenty and i'm very very hap

it's interesting because russia is a threat if it's strong russia is a threat if it's weak i mean it's the flavor of the month i mean it's contradictory here well it definitely does contradictory and i think that you will never be able to satisfy everyone there are people in the twenty one is going to satisfy everyone in russia fair are you going to sort of you know russia therefore you know my take is that indeed we should pay much more attention to. the. in colleagues and i think that i guess i'm the oldest person sitting here so i still remember the soviet union and there are many bad things that we can say about the soviet union but there was at least one thing which i remember fairly well you know we were a proud people we're proud of our country we believe that the soviet union was the beacon of progress that we helped to save the humankind. we were in the vanguard of development and i think that this is something that have gone unfortunately if you talk to people in the streets of moscow or and i also hear you know well no longer a proud nation and this is something that has to

looking for my russia so did you actually find your russia the country that you were looking for her. or you follow very it was the last time when i visited my mother and the last time i came in moscow in two thousand and six. i found it very very much changed. and they preferred the last time the. yes they are there well molester come on to tony list information since a story my. advertisement. bill moyers less cars the scourge lesser. of baja the less likely less you hear the traffic. nor. of course traverse. but i think i am i am used to living in france i couldn't live in russia you could live with me i i have many friends international i appreciate very much but i think it too should be difficult but what this is interesting why why do you think it will be hard for you to live here in your own country a country boy. because the. habits in france one hundred elizabeth you'd yes airbus have what's different are different but laverton for miles you know at the end. maybe i don't or seeing. it in a just way i don't know but it is my. sort but what are those habits that are so differe

russias at the moment are a hit. they moved up very slightly to very nearly the soviet level of production. meanwhile the saudis have battles back in order to moderate the -- as a matter of fact why are they like that? we request come back to that. so anyway, there we have the russians who are the number one oil producers. but they have essentially been coasting on the asset inherited from the soviet union from another time and another place. and such was the wealthy of what was discovered such was the wealth of what is still producing 60% of russian oil production today comes from fields that were already in production at the time of the collapse in the soviet union. virtually all of russian oil today comes from fields already known. or have been very new discovery ies that are producing today. the drama of the situation is that the inheritance is starting to run down. and the place to look is west siberia, which has been the producing core of the soviet oil industry since the 1960s, has been the locomotive of the i

who's to blame and will russia help in syria? we'll discuss it all. >>> also, the algerian hostage crisis that left dozens dead. is this a sign of a grave, new terror threat? i'll tell you my view. >>> but, first, here's my take. every year at davos people like me try to get a sense of the mood of the place. take the temperature of people in this frosty mountain resort. obviously, i will give you a highly impressionistic and personal picture, but one i find useful since davod does bring together leaders and government, business and media and even the ngo community from all corners of the world. it is genuinely global in a way that few conferences are. so, what is the mood? well, there's a sense of calm, a relief that many storms that seem like they might be overwhelming like the euro crisis have been weathered. people from america are optimistic. those from emerging markets more so, but everywhere there is a sense of caution. in pwc's annual global ceo survey released this week, 52% saw no change from the current tepid economic e

russia responded with a ban on u.s. adoptions from russia and a threat to bar u.s. human rights abuses. some say this is all evidence of a new cold war. stephen cohen is a professor at nyu and william browder was his former employer and he is, of course, one of the biggest proponents behind the magnitski act. william, explain the importance of the act from your point of view? >> very simply, it is a piece of legislation which is sort of designed for the modern day problems of what's going on in russia. in russia, you have a regime which is basically out to steal as much money as possible from their own people. when people try to stop it in any way, like sergeis magnitsky, they get killed. the corrupt running russia today and creates consequences outside of russia by banning their visas and freezing their assets in america. >> steve cohen, you disagree with the magnitsky act. >> i do for many reasons, but as you said in your introduction i think moscow and washington are sliding into a new cold war, which would be very bad for national security and the magnitsky act

indeed in this sphere russia is making some progress for example last year russia's two stock market however have merged you're going to. get i think you know ok but overall overall the financial infrastructure needs changing it's becoming more healthy and competitive as the head of russia's second largest bank we have to be told us in davos right i should say that russian banking sector industry is one of the most competitive. that is near one thousand banks in russia. there's a major international bangs. present in russia so shouldn't say there's not enough banks or there's not enough competition is again the sector is one of the most competitive we should go to for clients and we would like to increase competition and we are eager to do so right you say proves what i said there interesting stuff absolutely you know what if more fabulous tall buildings going to in moscow. thank you very much dave in time thank you i will move on then the federal reserve begins its two day monetary policy mason today investors are watching closely full some clues on when or indeed if the federal rei

take you now to discuss russia's amazing. just. the. technology innovation. around russia. wealthy british style. was. financed scandal find out what's really happening to the global economy. financial headline news to report on our. secret laboratory tim curry was able to build the world's most sophisticated robot fortunately dorna found anything mission to teach the creation why it should care about humans and. this is why you should care only. you. a small and ancient russian merchant city sits at the confluence of three rivers. it's not quite europe but it's not a nation either. native of congo or he heads off to work each day at the same time. constant in has been conducting independent research for ten years now his professional news out of the ordinary for most people but it's quite natural for those living in the you'll see it mixes danger with excitement. the city's protected reserve early morning enjoys a few precious moments before being plunged into darkness. i constantine how are things at the site everything is alright no problem i'll give you the keys a group

russia is one of the most dynamic all to markets in the world off to japan and the u.s. and it's the second biggest in europe formula one tire maker italy's pirelli has invested over two hundred million euros in two factories in russia the company's managing director market on cate's explains why russia has become one of their strategic markets then makes we've changed a bit more and more a capacity of a better car because of the premium segment. we'll reach a certain level but the primo is going to grow you know britney's also please where we produce but here it's for more story for an alternate up but i really have a distribution chain it's quite a strong gun so russia. at the platform up from where we were and exports you said this one in four russians owns a car compared to one in two people in western europe russia is growing g.d.p. and stronger ruble helps support the industry the head of state corporation ross tech said again chances of says russia's w t o membership will also give a boost to the sector which affects the killswitch the but we hope that our car mar

steady oh and while there are still five more years to go before they eagerly awaited world cup comes to russia for spartak fans the long held dream of having their own grown will finally come true next year. the football club was founded in one thousand twenty two and toyed with two names before finally becoming sport in one nine hundred thirty five to four stars tim brothers were famous members of the early teams then he was the eldest nikolai who proposed the name inspired by the legendary bloody tear in slave sport if you wish this side quickly established themselves as savi at heavyweight winning three championships before the second world war however all the on the moscow clubs were backed by government agencies and had their own steady wins the nominee whether billy's side and say scar the army as well sparta was considered to be the people's team and the nomadic side had to play it to there is a ground zero and then in one thousand fifty sixty delusion e.q. steady and was erected and the biggest started sporting the arena became home for spartak for many years to come. i thought it was

you on wednesday also in barcelona twice former champions of russia were aged twenty eight twenty seven by slovenia they reached the semifinals of the world handball championship for the first time the russians had beaten their opponents at this level of all three previous occasions but poor discipline handed numerical advantage to slovenia who scored six vital goals before changing a seventh straight win though they later lost to host and eventually champions spain in the last four. on thursday almost two years after his near fatal rally crash dr robert rubin so was behind the wheel to test a missile eighty's touring car in valencia the pole almost lost his right arm as well as fracturing his elbow shoulder and leg in the accident which has left him with limited movement in his wrist however the twenty eight year old still hopes more driving practice will see him return to formula one and answer to the seventy six races he competed in the sabra and red no. thanks. then on friday in the absence of golfing great tiger woods chris wood held a straight shot lead after the third round of th

mark for france goes up to seventy five percent making russia even more trying to do so you know why the super rich would be wanting to move over here and stay certainly there when it comes to the global meltdown that we've been seeing for years particularly twenty twelve was not a good year for the eurozone or for much of the world indeed but somehow russia managed to avoid the global economic crisis didn't it that is certainly the case in fact it is one of the brics countries which means it is one of the emerging markets in the world but if you look at what's been happening around europe in fact in the past year we've been seeing austerity protests we've been seeing people come into the streets who are looking for jobs and in fact the unemployment rate's if you look at greece twenty six percent if you look at the e.u. in general the average there eleven percent if you look at the unemployment rate in russia only six point four percent so you can see there are more jobs to be had here less people looking for work less of a dire situation but it's also an emerging market it is a dive

the speed of here getting the job done in style but were aged by drugs or the local idol and one of russia's biggest downs you get a business so netting in the no will thing of beauty and returning west boston is full of like the queen's side have a good johnston make it to the playoffs you through the season just by being sung like they're feeling the shoot out the minute. greenhill. and traditionally with those with the best seats all the way. over by you know our team. on to basketball now and the yearly top sixteen where russian giants to scan i want to get is to lie join top a group he was rail madrid while he trashed mccabe the reigning champions and n.p.r. lost a multiple asking because it was out how small fall. days gust which down between one to nine straight matches in the euro lake as the russian powerhouse jogger is in front of a sellout the three and in crowd of almost sixteen thousand while the battle and of course water was died the army men later dominee did it both and delish doubtless each let the visitors with twenty four points and five assists and their missing a side i

and you saw in russia and around the world this is all see with me. and a very warm welcome to the program. they see we're in opposition and western leaders have rejected a peace plan proposed by president assad and instead they are again demanding that he should go in a raid to address bashar al assad offered a national dialogue and a constitutional referendum to end the nearly two years of a conflict that he pledged to continue fighting what he calls terrorist violence and urged foreign nations to stop funding his enemies assad's speech was punctuated with loud cheering for his supporters but his opponents dismissed the address as hypocritical political analyst marcus papadopoulos believes there are elements within the syrian opposition that will continue fighting despite any peace proposals. it's very important to make this clear in particular to western audiences who are unfortunately not fed the full picture when it comes to syria the free syrian army is a lethal cocktail or various groups including many islamist groups and many groups linked to

science technology innovation and all the latest developments from around russia we've got the future covered. if. you. live here in moscow this is the weekly orthodox believers all around the world are now enjoying themselves for one of the holiest nights of the year as they celebrate the birth of christ has more from right outside russia's main cathedral of christ the savior in moscow where celebrations are going at. here are the course to save you cathedral the main cathedral in the russian capital in churches and cathedrals both here across russia and in all for the communities across the world it isn't fact christmas eve for the often off church in the in the crisis a view cathedral behind me worshippers have packed in to take part in to listen to the liturgy chanted and to feel the presence of of the spirit of christmas eve which is here celebrated on the sixth to the seventh of january not the twenty fifth of december because of the use of the julian calendar here by the russian orthodox church rather than the gregorian calendar in other countries after the soviet union which i

salaries so with it's cheaper to work in russia so welcome. and we do you think because this is strange because my. any film directors in russia say that a big budget budget is not really is not really a blessing but rather a curse for a director and you don't think so you say you think the bigger the budget the better for their a director no. absolutely but that doesn't mean that there is. going to go through for its good when you have i love the money why not but i think you. use from the. fall for my being in. the first. the quality of film there are some very good films for the low budget that are really good films with the big budget the bands on the people who do this ok thank you thank you very much and yes it's a reminder that my guest on the show today was shocked nose out of a famous special film director who's going to compete for an oscar this year and also the boss of the mossville studios the biggest film studios in europe one of the largest in the world and that's it for now from all of us here spotlight will be back with more f

with russia and kazakhstan but so they obviously felt it was worth it. but why doesn't he cried that i suppose this is the question now isn't it appears that the country doesn't want last year trajectory to gas problems or for us to buy into its gas transportation system and now it's reluctant to joy in the customs union because being a full member of the customs union it will lose this opportunity to sign and now the free trade agreement with western partners european union so it's been told that at the moment by the by the two forces. yeah that's really hard for you. but i can tell you that last week ukraine's prime minister nicolaas out of syria but it was vitally important for ukraine to cooperate with russia and with the customs union his side to that ukraine's export to eastern neighbors amount to sixty billion dollars while exports to the european union found out only forty million dollars ok to tell you why doesn't i suppose in this day and age why can't they have both why can't the clay cooperate with europe have that relationship as well as get