23/11/2015 BBC Business Live


23/11/2015

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This is Business Live from the BBC with Ben Thompson and Sally Bundock.

:00:00.:00:09.

European leaders look to the United States

:00:10.:00:20.

Live from London, that's our top story on Monday, 23rd November.

:00:21.:00:34.

But as America enters the shale gas fray - we'll assess

:00:35.:00:38.

the impact on other major energy players - and what it means

:00:39.:00:41.

drugs giant Pfizer is on the verge of a $150 billion deal for

:00:42.:00:54.

We'll bring you confirmation as soon as we have it.

:00:55.:00:57.

And with Brussels on a third day of lockdown over

:00:58.:01:00.

security fears, we'll discuss the toll a terror alert is taking

:01:01.:01:03.

And from dorm room to boardroom we hear from the man who redefined

:01:04.:01:13.

the face of social media by founding Hootsuite - a site that manages

:01:14.:01:17.

And Jack Dorsey has revealed the secret to running two tech giants

:01:18.:01:26.

at once - he's the boss of Twitter and the payments firm Square.

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He says it's all down to having "great people around him".

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So today we want to know - can you do two jobs at once -

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Foreign leaders are in the Iranian capital Tehran today for a summit

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They include Iran, Qatar and Russia, and together

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the 12 members control over 70% of the world's natural gas reserves.

:02:01.:02:06.

Top of the agenda - how to deal with the growing threat of the United

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States - which isn't a member of the group but is fast becoming a major

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Well, some of Europe's largest economies are heavily reliant

:02:15.:02:19.

European countries have instead looked to the United States where

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vast quantities of gas from fracking has helped push

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The US is currently a small time player in

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the export market - because of the infrastructure needed to pressurise

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But with billions of dollars being invested in export facilities

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that's expected to change by 2020 - making the US one of the major

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But what will that mean for the price and the other

:02:58.:03:00.

Joining me now is John Meyer, a Gas Analyst at SP Angel.

:03:01.:03:10.

While these gas exporters gather this week in Iran to talk about the

:03:11.:03:15.

environment, it is changing significantly. Yes, it is, this is a

:03:16.:03:21.

key conference, the major players are getting together to thrash out

:03:22.:03:24.

how they will supply a growing need for natural gas and that is seen as

:03:25.:03:30.

a greener alternative to coal and other fossil fuels. What they will

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try and do, improve supply at the same time as trying to move some of

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the high prices that we see in the East, Japan and Korea, towards

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Western markets, and you can be sure they will try and do a bit of an

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Opec and raise prices for the rest of us. They are not like Opec, in

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the sense that Opec is a cartel where they work together as a group

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and have a significant influence, but this group would like to be like

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that but they are not. Iran is hosting this event and they want a

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big part of the action when its market opens up. The Iranians are

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opening up as we speak, they are setting out new and very flexible

:04:15.:04:21.

contracts, attracting capital, and expertise, but gas is significantly

:04:22.:04:24.

different to the oil market, it is about how you supply and transport

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that gas, the infrastructure costs billions of dollars, pipelines,

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terminals, it is very big, and contracts are managed very

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differently to the oil market. The US is investing those billions of

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dollars to start in earnest as an exporter of gas, so watch change

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will that bring? How worried is the likes of Russia? Russia is not

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worried about US exports, not just yet, the Americans have rules and

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restrictions in place on the export of petroleum products, anyway, and

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the infrastructure is there in the US, but they have got to, rather

:05:04.:05:09.

than import liquid gas, they can turn around and start exporting more

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of it, but I do not think there will be a rush. Prices are cheaper in

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America, but it's a question of supply, and I think Europe will be

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majorly supplied by Russia, Algeria, and other countries which already

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have pipelines in place. John, thanks for joining us. If we get any

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news out of that forum which is ongoing in Iran, we will update you.

:05:33.:05:36.

And now some other The mayor of Buenos Aires,

:05:37.:05:40.

Mauricio Macri, has won Argentina's It brings and end to 12 years

:05:41.:05:42.

of centre-left Peronist government. Mr Macri, who is a conservative, has

:05:43.:05:48.

promised to liberalise the economy The pharmaceutical giant Pfizer is

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reportedly on the brink of striking a $150 billion

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deal to take over Allergan. The merger would create the world's

:05:56.:05:58.

biggest drug maker by sales. If it goes ahead, Pfizer's chief

:05:59.:06:00.

executive, Ian Read, will be chief China's state planner has approved

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a $12.6 billion high-speed The rail link will run between the

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Northern Chinese cities of Yin-chuan to Sheean in neighbouring Shaanxi

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province - that's around 618km. news: This is what is being

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discussed on the business live page online, and they have posted a story

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about the French services sector, growth slowing in the wake of the

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attacks in Paris on the 13th of November.

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We will also discuss about the effect of the shutdown in Brussels,

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which is a small economy, but strategically very important. We

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will assess what that can mean. It might seem very trivial in

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comparison, but this is one which at the time got a lot of attention,

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about health studies which highlighted the impacted of eating a

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lot of bacon and sausages and the possible effects of that causing

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cancer, but apparently since that report there has been a fall in

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sales because of fears of what it might do to your health. A

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significant fall, so for farmers and businesses and retailers involved in

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the industry, that is a big effect on them. Plenty of details on the

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live page. Let's take you to Asia now -

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where concerns are growing the for the Chief Executive and Chairman of

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one of China's largest brokerages. He's been missing since the 18th

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of November. Rajeshni is in Singapore

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and following this for us. What do we know? Very little. The

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Hong Kong unit said it has not been in contact with its chief executive

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since last week Wednesday, the company told the stock exchange it

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would be replacing him with a temporarily CEO and their shares

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fell by as much as 17% this morning. What we do know, the replacement was

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the deputy head of the firm, and he was invited to assist with an

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anti-corruption investigation in December last year. We have seen

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China's brokerages and a growing scrutiny because of the mainland

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stock market slumping in the summer. -- under a growing scrutiny. Thanks

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for joining us. These are the numbers.

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Pretty thin trade in Asia this Monday - with Japan's

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That's Friday's close for the DOW in New York, but remember US markets

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will be closed this Thursday for the Thanksgiving holiday and it's

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But in Europe, this is how the numbers have opened:

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Ahead of what's expected to be a pretty patchy week of trading.

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Concerns over the latest terror threat still spooking investors.

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Stocks in defence companies rising this morning, after the UK announced

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it was going to boost anti-terrorism measures by 30%. We have seen a rise

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in the stocks of things like Bae. Despite rebounding after the

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tragedy in Paris, and the subsequent Businesses are also assessing what

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the terror threat could mean in In Brussels,

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schools and trains remain closed We'll discuss that in a moment,

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but first Michelle has all you need to know for the business day ahead

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on Wall Street. Welcome to a shorter trading week

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than usual, US markets will be closed on Thursday for the

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Thanksgiving holiday and early on Friday. That does not mean there is

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a shortage of economic data to look at, from revised growth figures to

:10:16.:10:20.

the US housing market, plenty to give a sense of the health of the US

:10:21.:10:25.

economy. Figures out on Monday are respected to show that existing home

:10:26.:10:31.

sales actually slowed in October, -- expected. Moderate growth has been

:10:32.:10:37.

forecast for next year, and this comes as the US housing market

:10:38.:10:40.

enjoys its best year since the financial crisis. Also, watch out

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for the outcome of trade talks over the weekend between the world's

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to... Sorry to interrupt we have a live press conference from President

:10:58.:11:00.

Hollande and David Cameron. TRANSLATION: I have the sound of the

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French national anthem and the tricolours during the football game

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at Wembley, and David Cameron, like the British people, has shown a

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great solidarity. And today, we have replaced a rose out side the

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Bataclan Theatre to mark our grief and to mark the victims. -- we have

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placed. The objective this morning was to reinforce, if it is Mrs very,

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-- if it is necessary, the system of communications to combat terrorism

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and to have a clear vision of what we have to do against Isis because

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this organisation is launching a war against us. There is an agreement

:11:58.:12:03.

between France and the United Kingdom with regard questions of

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defence and we have common obligations beyond what we can do

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within European governments, and we want to act on the 1 hand to protect

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our people's populations and also outside our territories, like in

:12:24.:12:32.

Syria, to protect our territory and people, we will have exchanged

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further information and improve the system of information and to be more

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efficient. And the European plan, decision should be taken, and this

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is why it was imperative that the interior ministers last Friday were

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able to focus on the border controls to combat arms trafficking and to

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take decisions and to act as fast as possible. We should also coordinate

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our efforts on the international front. The United Kingdom, like

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France, is part of a coalition in Iraq and we should make sure that

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our strikes are effective. We will have two act inside Syria, France

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has taken this decision last September, and it is up to the

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United Kingdom is how it can commit and operate but as far as France as

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concerned it will Kari Arnason -- Carreon, we will intensify our

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strikes and we will choose a target which will yield the best possible

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damage against the terrorist army, and our aircraft carrier will arrive

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soon in the area will stop it has been mandated clearly to launch

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strikes, strong strikes, against Isis. We will back our decision and

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the United Nations Security Council resolution which will describe the

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objectives for the international community, to destroy its Isil and

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to find a political solution in Syria, we are working on this

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alongside David Cameron for the past three years. The political solution

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is to be able to form a government of national unity and to say clearly

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President Assad cannot be part of the future of the country, that he

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has contributed to a massacre. Within this condition, the process

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is the best framework and the best formula and we should act so that a

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number of countries will have this objective to find a particular

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solution in Syria, but at the same time we carry on hitting Isil.

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Finally, we wanted, and the European level, to have a new decision, I'm

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thinking about passports, names, records, and the control of air

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traffic, and the exchange of information. About people coming in

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and leaving the country, for foreign frontiers, we should be certain that

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the people who come to our countries cannot be accomplices of terrorists

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or intend to carry out terrorist actions bust up the verifications

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done on entry to the European Union should be certain information for

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our services and today I would like to underline not only the friendship

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between France and the United Kingdom, but also the responsibility

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that we share and it will lead us to make our choices in the face of

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terrorism and to protect our populations because it is our

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responsibility today. Paris and its people have shown such courage and

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determination and resilience, a city where millions came out on Friday

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night to live their lives and to send a very clear message to the

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terrorists, that you will never win, you will never beat us. One week on

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from the terrorist attacks, our thoughts are with all those who lost

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loved ones and with the injured who are still recovering. I want to

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praise the swift and decisive action taken by the French authorities in

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response algebra vent further attacks in Paris. And in particular

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to pay tribute to the bravery of police officers in France, it is

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right to take decisive action to stop terrorists when they are

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threatening the lives of innocent citizens. United Kingdom will do

:17:05.:17:09.

everything to support our friend and ally France to defeat this evil

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death cult. Today, President Hollande and I have

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have discussed how we can strengthen the counter-terrorism strategy

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between our two countries. Let me say a word about each. First count

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are terrorism. We face a shared threat and we must share information

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and intelligence to better protect ourselves from these brutal

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terrorists. The UK and France are already doing this, but today we

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have agreed to step up our efforts even further and to work more

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closely with our European neighbours. In particular, we must

:17:44.:17:47.

do more to tackle the threat of returning foreign fighters. This

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requires a Pan-European effort. We need a stronger, external EU border

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to protect our security more effectively with screening,

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systematic security checks and greater sharing of data amongst

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member states. We must without further delay, finally agree the

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rules that will enable us to share passenger name records. It is

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frankly ridiculous we can get more information from countries outside

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the EU than we can from each other and we must do more to crackdown on

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on the trade of illegal firearms. I welcome the strong backing of the EU

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justice and home affairs council for the measures, but now we have got to

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turn those words into actions. We simply cannot afford to wait any

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longer. While we do more to protect ourselves here in Europe, we must do

:18:39.:18:44.

for mo defeat Isil. The UK is playing its parts a member of the

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counter Isil coalition, striking targets in Iraq, providing

:18:49.:18:51.

intelligence over the skies of Syria and helping our allies with vital

:18:52.:18:57.

air to air refuelling. On Friday, the United Nations unanimously

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backed action against Isil in Syria and Iraq. And later this week, I

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will set out in Parliament our comprehensive strategy for tackling

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Isil. I firmly support the action that President Hollande has taken to

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strike Isil in Syria and it is my firm conviction that Britain should

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do so too. Of course, that will be a decision for Parliament to make.

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Today I have offered President Hollande the use of a RAF base for

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French aircraft and additional assistance with air to air

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refuelling. We discussed ongoing efforts to secure a political

:19:34.:19:36.

solution to the conflict in Syria. We welcome the recent talks in

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Vienna and we will do all we can to sustain this momentum and to bring

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all parties to the table so they can agree on a way forward that ends the

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bloodshed and puts Syria on the path to a more democratic, inclusive and

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stable future. These have been important talks this morning. Later

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this week President Hollande have hold discussions with President

:19:56.:19:59.

Obama, President Putin and Chancellor Merkel. It is clear that

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the world is coming together to tackle this evil terrorist threat.

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That was clear on Friday night when almost one week after the brutal

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terrorists murdered people in Paris and sought to divide us, the world

:20:14.:20:16.

united in New York. We have shown our firm resolve and together, we

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will destroy this evil threat. Thank you.

:20:23.:20:38.

The press conference there between the French President, Francois

:20:39.:20:41.

Hollande and David Cameron. Talking about the response that the two

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countries would make in terms of defee eting so-called IS. President

:20:47.:20:50.

Hollande making sure that he says, "Our strikes are effective. The two

:20:51.:20:55.

countries must work together." Pointing out that it is up to the UK

:20:56.:21:00.

how it will operate as far as Syria is concerned. David Cameron offering

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words of reassurance saying that the terrorists will never win and

:21:05.:21:07.

agreeing to step up efforts to share information and intelligence and

:21:08.:21:10.

make sure that the two countries work more closely, calling it a

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Pan-European effort. As well, both of them pointing out that as the qek

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progresses there is more discussions with world leaders. President

:21:19.:21:22.

Hollande going to Washington to speak to President Obama. Moscow to

:21:23.:21:26.

speak to President Putin and also speaking to Angela Merkel as the

:21:27.:21:30.

week progresses. Let's go to our correspondent who has been in Paris

:21:31.:21:34.

with us throughout last week and this week. James Longman. James, the

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two standing side by side. A sign of solidarity there. Both of them

:21:41.:21:46.

talking about more co-ordinated action, stepping up their actions to

:21:47.:21:54.

counter what they call, "Isil." Yes, absolutely and Francois Hollande

:21:55.:22:00.

making it clear that he wants to intensify attacks against IS saying

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this morning air aircraft carrier sharl degall will be employed. Also

:22:10.:22:15.

talking about political transition, talking about the Vienna talks which

:22:16.:22:20.

were overshadowed by events in France, but which actually brought

:22:21.:22:24.

the international community together around forcing a political

:22:25.:22:27.

transition in the country. So I think there is a two-pronged

:22:28.:22:32.

response here. First to trying to eliminate the IS threat and a sense

:22:33.:22:36.

that political leaders are aware that a political transition needs to

:22:37.:22:40.

take place in Syria whilst also the iflt S threat needs to be

:22:41.:22:45.

eliminated. James, it is interesting we heard from David Cameron there

:22:46.:22:48.

talking about the need for European countries to protect themselves at

:22:49.:22:51.

home, but also to make sure that they do more in Syria. And also from

:22:52.:22:56.

President Hollande there talking about being certain that the people

:22:57.:22:59.

who are coming to Europe are in fact who they say they are and that's all

:23:00.:23:03.

about reinforcing the borders that we have heard so much about?

:23:04.:23:09.

Absolutely. Just earlier this week in Brussels, interior and justice

:23:10.:23:12.

ministers from Europe gathered to talk about just that. Reinforcing

:23:13.:23:16.

the European borders and sharing data, passenger lists, David Cameron

:23:17.:23:19.

saying this morning it was ridiculous that European countries

:23:20.:23:22.

found it easier to get hold of information from outside of Europe

:23:23.:23:25.

than from their allies inside and there was news last night here in

:23:26.:23:30.

France that one of the attackers, another one of the attackers did

:23:31.:23:35.

make his way up from Greece into France, taking advantage of the

:23:36.:23:39.

migration routes that refugees were using to get into western European

:23:40.:23:44.

countries. A real sense that Europe's borders do need to be

:23:45.:23:53.

reinforced and a sense also that Syria and Iraq no is pumping out

:23:54.:23:57.

this extremist threat that needs to be dealt with.

:23:58.:24:02.

James, more from you at the top of the hour I'm sure following events

:24:03.:24:05.

there in Paris. Richard Jeffrey,

:24:06.:24:12.

Chief Investment Officer from Cazenove Capital Management is

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joining us again to discuss. Brussels remains paralysed right now

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with a high level security alert in place. Your reaction to all of this

:24:24.:24:30.

going on whilst businesses, markets are still trying to carry on as if

:24:31.:24:34.

business as usual. Well, that's is the point, I think. When you look at

:24:35.:24:41.

this intense political situation and the threat from Isil, economies need

:24:42.:24:45.

to work as usual if they can. I think the risk is that we see a

:24:46.:24:52.

prolonged escalation of this higher security situation and that could be

:24:53.:24:55.

damaging to consumer confidence because clearly, if you get

:24:56.:24:59.

lockdowns in a lot of major cities that's going to hit consumer

:25:00.:25:02.

confidence. If they are major cities, that could actually have an

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economic consequence as well. It is a critical time as well, for some

:25:07.:25:13.

cities. Belgium, it is about the Christmas fairs that attracts

:25:14.:25:16.

American travellers and travellers from all over the place? It has a

:25:17.:25:21.

lot of implications and a large proportion of the retailer's sales

:25:22.:25:24.

are achieved during the Christmas period whether in the run-up or in

:25:25.:25:27.

the New Year. It could have serious consequences. What we have been used

:25:28.:25:31.

to, I think, we have had an event and then the impact of that event

:25:32.:25:38.

has disappeared quickly and hasn't been a big measurable economic

:25:39.:25:42.

consequence. This time, it could be different. Richard, good to see you.

:25:43.:25:50.

Thank you for talking throughs that. Full covering of those events in

:25:51.:25:54.

Paris at the top of the hour. We will see you at the same time

:25:55.:25:55.

tomorrow. Bye-bye. Hello there. It was another cold

:25:56.:26:12.

start, wasn't it? But throughout this week, we are gradually going

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