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tv   [untitled]    November 19, 2012 1:30pm-2:00pm EST

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that. r.t. live here in moscow time now to join katie on the business desk katie b.p. is back in the spotlight what's happening now yeah it's been an incredibly busy year bill for the british oil found right now is that she apparently a share buyback of at least four billion dollars and that's off the back of the teen kay sell that we had earlier on in the year so b.p. really rather keen to deal once again with russia it would appear that way yes i mean at the moment they're just trying to get hold of some cash that's after the oil spill in mexico which is cost them four point five billion dollars so far that's all coming up analysis in the business but a to. think about. that welcome to the business bulletin of b.p. struggling to pay its dues and improve its image with investors is now thinking of
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doing that with russian money the british company is reportedly considering a buyback after closing the deal to sell its russian venture team k b p so last net now to discuss this in more detail it's course over to the business desk where dimitri medvedev is that for us for the story so to me is it fair to say that b.p.'s investors need to see is the outlook for the company really that gloomy at the moment with this week apart yes but when it comes to the outlook for the company i mean depends on how you look at it really on one hand of the gulf of mexico spill in two thousand and ten has already actually cost the company around thirty billion dollars altogether managing it all in dealing with the consequences and just the latest and latest claims that they've paid a four and a half of a billion dollars a record some one point three in fines one point three billion is absolutely an absolute record for for a charge actually the second investigation now going on it could amount to another twenty one billion dollars of the clear water act so indeed the company is
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requiring a lot of money to do. with this and investors not seeing that much of a promise for dividends so indeed they need some kind of incentive as in stimulation of the market price yeah but why a buyback style why not find another way of sourcing some kind of revenue or say the tentative to market buyback is actually generating good news and fall for b.p. that's a very hard task to do. either they promise new projects and new sources of income or they just go ahead and spend some cash as in four to six billion dollars that's what's being discussed right now to just buy back their own shares and stimulators and prices investors holding the shares are obviously happy that the share prices going up or there's another factor here involved the fact that ever since that gulf the gulf of mexico spill there have been speculations that companies like exxon mobil could for example or shell could for that matter buy up b.p.
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so indeed with buying back their own shares they maintain control of the company so is cast how then it is in a way because it's using the money that it's getting coming out of here but on the other hand there's another side to the story i mean. the use of russian british joint venture has been indeed a very successful venture for b.p. invested seven billion dollars sold it for twenty eight billion dollars so a lot of money made there but now that they've had to sell this business they basically have cut the chopped off the head of the golden goose in a way so they have just got rid of a huge contributor to the company's david so what is outlook in russia looking like right now is it fair to say that the good days i'll use are i will up actually not really because well for now they got rid of their joint venture business that they were quite tired of with the with all these disputes with russian shareholders they got a lot of cash from there and now they're becoming one of the biggest investors in
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ross near the top world company and actually we've talked to an analyst consented seem enough from a national energy security fund and he says that this partnership could develop even further in a couple of years this is where you have a. more than fifty percent of it will be in the hands of private investors it's meals that as you say maybe a year in the nearest future maybe it's also the question of two or three years b.p. can buy a serious share in the us and we will see the of b.p. instead of b.p. but it will be not maybe it will be not adjourn to ensure it will be really a new company. so that could indeed create a huge player on the market was because ross net right now is the biggest oil major after this deal with it and it could become at least twice as big ok i think this begs the question now that b.p. is dog itself out of this rather tumultuous relationship that it had will be paid
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whoa what would you say the difference is going to be with real sniffed it's going to be different a wall it will be different i'm sure of that because i'm sure that b.p. if that deal of course happens this is very too early to save indeed but if it does happen i'm sure b.p. has learned its lesson that basically a fifty fifty joint venture is something which is very slow and which is not flexible it's very hard to basically agree on things if you have an equal representation on the board of directors as was the case and. so basically they will learn from this and if they do choose to create a partnership with rosneft then we will have completely different terms of course it's very hard to speculate but if it's a merger they will have some kind of division of responsibilities between well with certainly be out watching their relationship or so to make sure that i thought thanks i was nuts about we're going to check out the markets not see what's happening with the u.s. because they already get
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a day and that's what is investors cheer progress in cisco negotiations in the u.s. i believe time with president barack obama expressing confidence that he will reach a budget agreement with kong west and really those comments have a positive effect on the european markets as well also be paid was one of the biggest gainers owner of course we were discussing just now plans of that multi billion dollars buyback and the encouraging news that the fiscal cliff is to be time to some what means the euro dollar as you can see just that is indeed meanwhile the russian ruble managed to finish up the trading week actually getting again seen cost of cars as. well the russian market then ended the day with use of us all prices always have a major effect on the energy dependent russian market and all it is advancing so well make. that the middle east and west will disrupt supply. a
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movie on russia's second biggest mobile phone operator megaphone has nominated a former u.k. finance minister as an independent director to the company's board i have a lot paul minus still a huge shareholder approval to get the job minus is not new to the mobile industry are you what is the director at zero two and orange megaphones decision comes days before an i.p.o. in london just to happen at this moment. and of you fancy a fat sorry then it will probably come as no surprise that bank executives here last year do pretty well for themselves forbes magazine has revealed a list of best paid top bank managers so let's sergio and our correspondent tom boston now so tom he came out on top. well the winner if you like to put it like that warner under a cost in the head of russia's state own v.t. bank here and say poultry thirty million dollars now that figure calculated
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by forbes not just from his salary in the company also from benefits from profit sharing other things like that possible money earned to broader as well. said that that figure is debatable and forbes came back sort of citing how it had calculated that figure it also pointed out that v.t. be owns a company in science russian commercial bank which has given out two hundred million dollars in dividends and also another eighty million dollars two. to one control shareholders that is it is so my by forbes that those on control shareholders are most probably shareholders and who else is a much less an hour. we've also keep up the trend with state own giant alexei miller head of gas prom and igor section darth vader or the as he's called by the russian media both of those figures very
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powerful igor search in from both of those earning twenty five million dollars very powerful figures indeed and then back to the banks german growth head of spare bank and one time economic development minister fifteen million dollars and bank of moscow had mikhail or because of you know of he also earning fifteen million. dollars although some are analysts say that that figure might be doubtful because bank of moscow has done absolutely terribly recently and has required a huge bailout although it wouldn't be the first time if it was true that a a struggling company or bank had paid its head managers ridiculously large sums none of those companies other than v.t. gave a reaction to this forbes says that it calculates the all these figures on the financial results of the companies on bonuses on possible payments from abroad and by talking
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to things like people like executive headhunters and other sources it was only one woman in the list she came in a twenty third place out of twenty five that's she's the head of bezel company earning four million dollars ok one woman that's not so great now just also want to ask how did these tanneries compare with international companies banks. to put it in a word i wateringly really if you compare it to do which a bank which recently had salaries cut after not doing as well because of the financial crisis we still got some really quite impressive salaries there head of in the in the investment section of georgia bank to become the head of deutsche bank earning seven point six million dollars and the famous bob diamond so criticized barclays will be earning ten million dollars none of that particular very much when you consider the three times that amount that andre costin earned so
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if you want to and a hell of a lot more than bob diamond with a hell of a lot less criticism it seems that you should be taking over russian bank ok tom boston thank you very much indeed that's all we've got time pal. as i was business in a couple of minutes r.t. sarah thought also the calls for my chancellor of the etc my general son who says his opinion on why there's no light at the end of the tunnel for the year i saying . it wasn't so long ago the euro skeptic was a form of insult something to be derided and sneered at but in the midst of a protracted euro crisis with no end in sight and with the own suit with. looking increasingly uncertain no one's laughing we're joined by former conservative lord lawson he wrote from the very start that the european project was in your words
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doomed to fail so thank you very much for joining us. in japan the average height for men is one hundred eighty two centimeters intention to meet a shortage because of that some employers refused to hire me one of them even told me directly that i was too short to deal with the clients could you just already spend three months in this hospital and plans to stay for another four to add the coveted seven santa majors to his stature invented by the famed soviet orthopedic. in the nineteen fifties these frames were initially used to treat fractures in deformities by cutting bones and slowly pulling them apart and therefore stimulating tissue regeneration it was sort of was able to receive arms and legs and people who thought they were crippled for life piecing together patients shattered bones and in many cases their shattered lives with the main goal when professor of design his first frame using bicycle parts sixty years later his
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invention is increasingly being used to help people who are eager to fracture their legs to become a few centimeters taller in the ultimate goal is still the same fixing somebodies live both literally and figuratively the body is third of patients admitted to the result of center now days seeking series focus magic reasons most of them and and most are not what you would. call vertically challenged professing novick of who operated on many of them sas it usually comes down to man's pride some of the first patient to turn to us with a leg length i mean a quest to meet his fifteen centimeters to be still want to surgery because it's panos tool than him we like to say that we need to break their legs in order to fix their head maybe nothing wrong with them from an orthopedic point of view but there is something psychological that prevents them from living below as fully being happy and we fix it like lengthening surgeries a band in many countries and even the out there pretty expensive in russia the
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entire course costs eleven thousand dollars about one tenth of the similar package in the united states financial considerations for one of the reasons that brought this washington state native to western siberia his main motive for the surgery had to do with how he fared in the others in america advertise his one seventy five i was one sixty seven or one sixty eight in so eight centimeters would have brought me right to average users wanted to be average for women height isn't so important you know i think girl can be sure it's not a big deal like your guy is like expected to be taller just before the operation most this matter a russian girl who found he's a regional hype quite endearing yet he still went ahead with the surgery adding seven more centimeters to the self-confidence she told me the whole time you're crazy you're normal you're perfect. for an hour so i call you so what
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a compliment for somebody who's used to falling short of his own expectations. it wasn't so long ago that the euro skeptic was a form of insult something to be derided and sneered at but in the midst of a protracted euro crisis with no end in sight and with the case with. the king increasingly. no one's laughing now we're joined by former conservative tells the lord lawson right from the very start that the european project was in your words to fail so thank you very much for joining us why those words why doing to fail i
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was trying to warn my friends and colleagues across the european union not to go down this road because it was doomed to failure was doomed to fail because you cannot have a currency union without a political. and you cannot have a political union in a democracy and list the people of the country wish to move away from independent nation states towards a full political union united states of europe which is what the architects of danceable do i live fearful that people don't believe nice they don't want to the great majority of the people of your don't want this political union. and they're not likely to want it therefore the currency union can't work and therefore you shouldn't buckle now at the beginning we saw euro skeptics there very much lost their opinions last at why they were those points that you were putting across at the time ignored i think the time. there were
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a lot of people didn't understand what monetary union really meant what it would lead to what you raised no what was necessary if it was to be even hopefully successful i don't think even with a political union there would be you know mic benefit but at least you could sustain it with a full political union. but i think going to happen i believe bill if you would not understand what the snouts were there were some people who are well it probably won't happen because this was a sin some years before it was due to happen and people probably would happen and also there has been a. for many years in throughout europe and we truly need only kingdom of form of political correctness in which it was felt that anything which was european was a noble ideal and anybody who criticize it was desperately politically incorrect or appear as it was so to the public put it with its basis in peace and democracy if
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the public didn't know any better did. i think the principal promoters of it knew that it was a gamble and in my judgment it was a grossly responsible gamble but they were gambling they wanted their objective and they had been for a long time was a full political union united states view and they thought that the room or service logic would of monetary would force the political union to arrive and that's what they wanted the reason why it was an irresponsible companies because as we see if in fact the peoples of europe don't want to going to get a politically then you have an economic disaster and that is what we have now but they of course one of the defects of the europeans the european movement notably
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the european people european movement the people the motive of over the years has been a fundamental contempt for democracy. they believe they know better than the public at large they were the main culprits well there were a number of the architect reluctant although i knew very well he was by. opposite numbers finance french finance minister when i was johnson exactly here for a number of years. very. dedicated. who believed passionately he was. responsible for it the there were also other name parities i don't want to single out individuals particularly there are other imperatives which drove both different bonds different crew france and drove germany. and everything happens within the european union is always a matter of what france and germany want they have the heart of the matter they are the great alliance maybe it's
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a marriage of convenience not of love but it is that marriage which is the core of the european union the germans believed in europe passionately they. felt particularly the older generation in it gradually changing they felt enormous guilt. over the behavior of germany during the twentieth century the two world wars which germany was responsible for and therefore they felt that germany was not trusted germany had to reinvent itself as not being german you being europe that was the only way germany could exercise a political influence in a political power which was commensurate with its economic strength. so there was why germany wanted to be as it were not just a european it's not so much the case with the german people. it's the political
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dots and that is why the german the germans have never put this thing to a referendum in germany because they know that the people aren't with them but the political class the leadership are all of that mind let's talk about the case position within the has there ever been a time when then the sit as being so in question now there has not tell you why because the nature of the european union is changing and it's changing in a way that we would never of joined it probably in the first place if it had been like that when we joined and it is having been an organization which was something which we can happily live with it is now moving towards. a different kind of organization which we would not want to be part of we wouldn't have good relations with friendly relations and trade with the rest but not be part of it if you like it so maybe past its sell by date where you say past its sell by date so all we know likely to see
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a referendum in the near future i think it's quite likely it's not up to me obviously it's up to the government but i think it is quite likely and the question is really what the terms of the river of them will be what the thing is tense if they. well it look as if the terms of the referendum if it comes in we shall see but what it looks like being is a referendum. some way to empower the government to insist on hey repatriation of a number of powers away from the european union back to the member states if they wish them and the united kingdom in particular does wished to be repatriated and the problem is of course that you have your referendum and the referendum. would undoubtedly be one hundred but then what happens you cause you that's not binding on the european union you say there's a referendum saying apartments be repatriated back from the center to from brussels
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to london to simplified language but what happens when the european years ago sorry john we don't do that it would be the others with a mountain of lead to a dismantling of the european dream and we don't want to do it so then where are you so it doesn't solve the problem and i think there will come a time when there needs to be a referendum on the basic question of do we remain in the european union or do we go outside and say the negotiator and i make a will relationship with the european union but from outside well david cameron be known as the man he dismantled. well you don't going to be what david cameron moved doing if he does do it in we shall see is not dismantling the you i mean he will presumably continue with the other members we should do but it will be
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a different relationship between the united kingdom and he will be one not one of membership or one of some kind of association why not i'll everything sets. the public when it comes to the i think it's. the public feel that there are a whole lot of petty restrictions which come to us from europe or european law which we can't change which we have to go along with even though we ourselves don't agree with them and they don't like that the they don't like the they feel the public feel also that the decisions of british judges are actually better decisions than the decisions of the european court and yet we have to be subordinated to the er european court and also i think that they can see although we're not of course part of the euro zone we're not thank god thank goodness we we had the good sense
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to keep out of the single currency but nevertheless they can see that the single currency is a mess the europe the european economy is a mess and therefore it is not particularly inspirational. i love that at the beginning you know vindicated that a lot of what you were warning about has come to pass i always found a position. on your pick stream comfortable. for a different reason. that the debates in the house of commons during my time there and this is continue to some extent have been extremely polarized been the euro fanatics who think that europe can do no wrong anything is european must be better than anything is national and then they'll be a whole group of xenophobes who hate foreigners who hate europe and think it's the work of the devil and the.
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they they both speak with loud voices both those groups over people in the middle like myself who are in no way hostile to europe as i said i live after a time in france and i voiced. enjoyed the company had many european friends people and a who's who look at the thing objectively and say what makes sense what is makes economic and political sense of both the united kingdom and indeed for europe when i tried to persuade the european countries not to go and i was transferred not to go down the route of monetary union it wasn't because i thought it would suck britain to drive a mother to you i knew perfectly world that we would never join i was trying to prevent my european friends from making this big mistake for their roads takes time to come back to reality and i think it's time to come back to reality yes and to learn the lessons of also thank you very much for joining us.
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