Browse content similar to 07/01/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from the BBC with Ben Thompson and Aaron | :00:07. | :00:09. | |
Oil falls to a fresh 11 year low as global markets fall sharply. | :00:10. | :00:14. | |
Live from London, that's our top story on Thursday seventh January | :00:15. | :00:37. | |
Brent crude price tumble over 4% to levels not seen since April 2004 | :00:38. | :00:41. | |
- the global economic slowdown triggers Thursday's moves. | :00:42. | :00:48. | |
The slide in oil is triggered by a weakening yuan and another | :00:49. | :00:51. | |
emergency trading halt in China's stock markets leaving Asian | :00:52. | :00:53. | |
And European markets follow their Asian counterparts | :00:54. | :00:59. | |
The FTSE 100 is done by nearly 2%. The Frankfurt Dax is down nearly 2%, | :01:00. | :01:08. | |
as well. Ouch! As the latest Star Wars release | :01:09. | :01:13. | |
breaks box office records around the world, cinemas are | :01:14. | :01:16. | |
reaping the rewards. But in an age of streaming | :01:17. | :01:20. | |
and downloads, do movie theatres The boss of the global cinema chain, | :01:21. | :01:22. | |
Imax will join us Live. And with global markets in turmoil, | :01:23. | :01:31. | |
is there anywhere safe Under the mattress as Ben does, | :01:32. | :01:33. | |
or just go out and spend it? That is assuming any of us have | :01:34. | :01:57. | |
money to put under the mattress. Nevertheless... | :01:58. | :01:58. | |
We start with oil, Brent crude - the global oil benchmark - | :01:59. | :02:02. | |
slumped by another six per cent yesterday to hit its lowest level | :02:03. | :02:05. | |
in more than 11 years - and it's still falling. | :02:06. | :02:07. | |
And over in China, soon after stock markets there opened, | :02:08. | :02:09. | |
Triggering an automatic shutdown of the market - | :02:10. | :02:18. | |
Unsurprisingly, that's having an big impact on commodity prices. | :02:19. | :02:23. | |
Brent crude for delivery in February has now fallen below $33 | :02:24. | :02:25. | |
for the first time since February 2004. | :02:26. | :02:39. | |
Just 18 months ago, oil was well over $100 a barrel. | :02:40. | :02:45. | |
It has now lost more than two thirds of its value in the past year | :02:46. | :02:48. | |
The big reason - there's too much supply and not enough demand. | :02:49. | :02:52. | |
Normally tensions in the Middle East would push up prices. | :02:53. | :02:55. | |
But traders say the current row between Opec members Saudi and Iran | :02:56. | :02:57. | |
- means they're both cutting prices to try to win market share. | :02:58. | :03:00. | |
And it's unlikely that Opec members will be able to agree a deal | :03:01. | :03:03. | |
Tom James, Founder and CEO of Navitas Resources | :03:04. | :03:09. | |
Let's start with this... Typically, we've been hearing, you have middle | :03:10. | :03:22. | |
East tensions, you would see the price of oil go up, typically. | :03:23. | :03:27. | |
Correct me if I'm wrong. Four years ago, when sanctions were imposed on | :03:28. | :03:31. | |
Iran, they stopped Iran selling to the west, the Saudis came in and | :03:32. | :03:35. | |
grabbed the market share. The Saudis won't give that up freely, will | :03:36. | :03:40. | |
they? The early part of last year they increased their market share to | :03:41. | :03:46. | |
Asia some ten, 15% in a few months as oil prices were sliding down. | :03:47. | :03:50. | |
They started to lose out a bit. They are eager to keep a hold of it. They | :03:51. | :03:59. | |
are selling oil way below their anticipated Budget level. The middle | :04:00. | :04:03. | |
East mainly want to sell at about $80 per barrel to pay the bills. | :04:04. | :04:07. | |
They are down 32, 33, so they are sweating. They are indeed. Now, this | :04:08. | :04:15. | |
remarkable picture, that 18 months ago, as Ben showed, oil around $100 | :04:16. | :04:24. | |
per barrel. It is 33 now, as you say. At that time, some people were | :04:25. | :04:29. | |
saying, there is a shortage, we are going to run out. The picture now | :04:30. | :04:33. | |
is, we don't have enough storage facilities for the oil, right? | :04:34. | :04:40. | |
That's right. Talking about currency devaluation in China, that impacts | :04:41. | :04:44. | |
the price. That devaluation is seen as another signal that the China | :04:45. | :04:49. | |
slowdown is continuing. And the demand won't be there. China and | :04:50. | :04:57. | |
India, the two big growth sectors, where people have been watching to | :04:58. | :05:02. | |
see if the growth will be used up. With Iran coming back to the market | :05:03. | :05:06. | |
and possibly increasing production, that is another hit to the price. | :05:07. | :05:10. | |
You've already touched on the idea of the Middle East tensions spiking | :05:11. | :05:20. | |
the price. Opec, they have the power on the prices normally, but that | :05:21. | :05:24. | |
power has all but disappeared. There are these internal battles between | :05:25. | :05:30. | |
Saudi and Iran, they just want to win customers. It is amazing. 18 | :05:31. | :05:38. | |
months ago $100, now about 33. Opec could not do anything before because | :05:39. | :05:43. | |
we were running out of oil. The Saudis were the only ones who could | :05:44. | :05:49. | |
have stabilised prices. The Saudis, in the past, for decades, has been | :05:50. | :05:52. | |
the stabiliser of the market. Last time we were down here, in the low | :05:53. | :05:57. | |
30s, back in 2008 after the financial crash in the markets, | :05:58. | :06:02. | |
Saudi cut back by 10%, their production, and triggered a recovery | :06:03. | :06:06. | |
in oil prices. They are not doing that. There has been a lot of | :06:07. | :06:10. | |
changes, the crown prince, strategies are changing, or we are | :06:11. | :06:14. | |
saying -- that they are saying, we are fed up of overproducing and | :06:15. | :06:18. | |
letting everybody else make money, anybody else want to cut back? They | :06:19. | :06:24. | |
are not flinching. It seems to be a situation of who is going to blink | :06:25. | :06:31. | |
first, doesn't it? Very much. Thanks very much. Let's have a look at some | :06:32. | :06:35. | |
of the other stories making the headlines in the business world this | :06:36. | :06:36. | |
morning. US department store giant Macy's | :06:37. | :06:38. | |
said it will cut thousands of jobs An additional 600 jobs will be lost | :06:39. | :06:44. | |
in back-office operations, while 750 workers will go | :06:45. | :06:47. | |
through the closing Global food prices have continued | :06:48. | :06:49. | |
to fall for the fourth year A report out today from | :06:50. | :06:56. | |
the United Nations' Food and Agriculture Organisation says | :06:57. | :07:02. | |
prices in 2015 were down around 19% It's blamed the weak economic | :07:03. | :07:05. | |
environment and an oversupply The company behind a controversial | :07:06. | :07:10. | |
pipeline project between Canada and the US is suing the US | :07:11. | :07:23. | |
government for $15 billion. TransCanada says President Obama's | :07:24. | :07:26. | |
decision to axe the project The pipeline was meant to transport | :07:27. | :07:28. | |
oil produced from Canadian tar sands in Alberta to the US Gulf coast, | :07:29. | :07:36. | |
but the Obama administration said it would harm the fight | :07:37. | :07:39. | |
against climate change. We will talk about Marks Spencer | :07:40. | :07:53. | |
shortly. But we cannot get away from China. Some experts out there | :07:54. | :07:57. | |
suggesting that what we are seeing with China, that this could spur a | :07:58. | :08:01. | |
further worrying picture of deflation. Because of the rate drop, | :08:02. | :08:11. | |
it could be more deflation, that is a problem. Consumers think the price | :08:12. | :08:14. | |
will drop. You put off purchases, and it is a | :08:15. | :08:16. | |
visual downward cycle. We have had an update from Marks | :08:17. | :08:28. | |
Spencer. Sales over the crucial Christmas period were down. 2.5% | :08:29. | :08:37. | |
fall. Crucially, you can see, the boss is off. He said he will retire. | :08:38. | :08:44. | |
The Chief Executive will retire this year. He will be replaced by | :08:45. | :08:52. | |
somebody in the company who has been there for a long time. | :08:53. | :08:56. | |
Trading on the main Chinese stock markets has been suspended - | :08:57. | :08:59. | |
What impact is it have cost -- we know it is not having a good impact. | :09:00. | :09:14. | |
This is about investors being worried about what the central bank | :09:15. | :09:24. | |
is going to do. Suggesting that the Chinese economy is not doing well. | :09:25. | :09:28. | |
That's right and as a result it has been a turbulent day on the markets | :09:29. | :09:33. | |
throughout the region. Following the shock news this morning that the | :09:34. | :09:36. | |
mainland Chinese market would be shocked all day after the | :09:37. | :09:40. | |
government's new circuit breaker mechanisms kick in. This is for the | :09:41. | :09:44. | |
second time in a week. Within half an hour early morning trading on the | :09:45. | :09:48. | |
stocks in China had fallen by a whopping 7%. That was when trading | :09:49. | :09:52. | |
was suspended for the day, as you said, because Chinese authorities | :09:53. | :10:00. | |
devalued the yuan. It sparked off worries among investors. They were | :10:01. | :10:05. | |
very nervous about what they said about the state of the Chinese | :10:06. | :10:09. | |
economy. As a result, currencies have fallen, as well as stock | :10:10. | :10:13. | |
markets. In Hong Kong, Japan, Singapore, in Australia stocks lost | :10:14. | :10:18. | |
$33 billion of its market value today. Thanks throw much. What a | :10:19. | :10:27. | |
week it has been. The holiday seem a long time ago. | :10:28. | :10:36. | |
Chinese shares falling. The weakening of the yuan has been | :10:37. | :10:51. | |
fanning the fires. All of this comes on top of regional tensions after | :10:52. | :10:55. | |
yesterday North Korea claimed it had a successful hydrogen bomb test. | :10:56. | :11:02. | |
This is why the numbers are red. This is how Europe is looking. Three | :11:03. | :11:07. | |
days into the year... The Frankfurt Dax losing about 5%, you can see it | :11:08. | :11:12. | |
is down another 3% today. The FTSE 100 is down almost 3%. All of that | :11:13. | :11:20. | |
on breast is enough to wipe $2.5 trillion off the value of global | :11:21. | :11:24. | |
stocks in the first six days of the year. -- all of that unrest. We now | :11:25. | :11:33. | |
have the details from New York. The markets have taken a beating this | :11:34. | :11:37. | |
week off plunging oil prices and more concerned that the world's | :11:38. | :11:41. | |
second-largest economy, China, is slowing down even more than | :11:42. | :11:45. | |
anticipated. Will Cirstea bring a rally, or another headshaking day on | :11:46. | :11:51. | |
Wall Street? -- will this bring a. The number of Americans filing for | :11:52. | :11:55. | |
unemployment fell last week to 275,000, from 287,000, it is | :11:56. | :12:03. | |
expected. Wall Street is likely to disappoint investors, a quarter | :12:04. | :12:09. | |
review is expected to be below expected. | :12:10. | :12:28. | |
Joining us is Bronwyn Curtis from the Society of Business Economists. | :12:29. | :12:31. | |
Happy New Year. Let's start with the Chinese story. $2.5 trillion wiped | :12:32. | :12:42. | |
off the global markets because of the worries over in China. Help us | :12:43. | :12:47. | |
out, it is not so much the rest of the markets are looking at the | :12:48. | :12:51. | |
Chinese markets, it is the story behind that, it is the economy, | :12:52. | :12:57. | |
right? The Chinese economy. It isn't just the Chinese economy. Clearly | :12:58. | :13:02. | |
this is the biggest worry that the financial markets have at the | :13:03. | :13:06. | |
moment. Global growth, actually, in 2015 was the weakest since the | :13:07. | :13:12. | |
crisis. In other words, you know, we are not seeing that pick up in | :13:13. | :13:16. | |
global growth we are expecting. You look at the US, we have a rate hike, | :13:17. | :13:23. | |
remember, back in December? Yeah. The minutes came out last night. The | :13:24. | :13:29. | |
decision was actually closer than we anticipated. I think the markets are | :13:30. | :13:34. | |
nervous. The hedge fund is, well-established hedge funds, and | :13:35. | :13:36. | |
there was one overnight giving back money to the investors, these are | :13:37. | :13:41. | |
hedge funds that have made a lot of money for investors. Everyone is | :13:42. | :13:46. | |
very nervous. We will hear from George Osborne later today. He is | :13:47. | :13:52. | |
going to talk about whether we are feeling more complacent about the | :13:53. | :13:55. | |
economy, and whether we think we are over the worst, things are fine, | :13:56. | :13:59. | |
things can go back to the way they were before. But there is also a | :14:00. | :14:02. | |
warning that there are still a lot of work to do that we shouldn't be | :14:03. | :14:07. | |
complacent. But that is the general feeling, isn't it? It isn't as bad | :14:08. | :14:11. | |
as 2009, 2010, things are picking up, we can take the foot of the | :14:12. | :14:18. | |
pedal, but we can't do can we? -- foot off. I don't think we can. We | :14:19. | :14:23. | |
have seen a series of weak data coming out of the UK. George | :14:24. | :14:28. | |
Osborne's number of 2.4% growth for 2015 maybe closer to 2% by the time | :14:29. | :14:35. | |
we get the revisions. That is what we are worrying about. He is saying, | :14:36. | :14:41. | |
look, austerity, we cannot just stop it. Tax revenues may not come in, we | :14:42. | :14:46. | |
may not have the money. We have to be very careful. I think he is | :14:47. | :14:49. | |
right. You just have to have a look at the first week of the markets, | :14:50. | :14:55. | |
you know, tomorrow we have the big jobs numbers coming out. Nobody is | :14:56. | :14:58. | |
talking about it at the moment because everybody is focused on | :14:59. | :15:02. | |
China, which is clearly more important. But if we got a bad | :15:03. | :15:05. | |
number there, that would just hit things again. Happy New Year, | :15:06. | :15:11. | |
everybody! You know the routine, you will take us through the newspapers | :15:12. | :15:13. | |
in a bit. How The Force is awakening | :15:14. | :15:16. | |
box office receipts... The latest Star Wars movie smashes | :15:17. | :15:20. | |
a new record being the highest But with the rise of | :15:21. | :15:25. | |
streaming and downloads - do we still need the big | :15:26. | :15:29. | |
screen experience? Boss of cinema chain | :15:30. | :15:31. | |
IMAX will join us live. You're with Business | :15:32. | :15:34. | |
Live from BBC News. Boss Marc Bolland is to retire | :15:35. | :15:41. | |
from the retailer - as the firm reported | :15:42. | :15:45. | |
third-quarter sales, including that crucial | :15:46. | :15:51. | |
Christmas period, down 5.8%. So, two stories here, one is the | :15:52. | :16:01. | |
figures for Christmas, we have been looking at those closely for all of | :16:02. | :16:05. | |
the big retailers, but news this morning that Marc Bolland is | :16:06. | :16:09. | |
leaving? That was a surprise, back in October, he said he was going to | :16:10. | :16:13. | |
stay for another two years, now we have found out that he will step | :16:14. | :16:18. | |
down in April. He's been there six years, coming from supermarket | :16:19. | :16:21. | |
Morrisons. As he's been here, the food business at M has thrived, it | :16:22. | :16:28. | |
did well in figures today, but it is the core clothing element, general | :16:29. | :16:32. | |
merchandise is down, nearly 6%. Worse than expected, despite | :16:33. | :16:37. | |
hundreds of millions being spent on revamps. He has not moved the | :16:38. | :16:41. | |
needle, announcing he will go. I always feel bad for executives when | :16:42. | :16:47. | |
share prices go up on the day that they announced they will leave, but | :16:48. | :16:52. | |
I think investors lost faith, David Cumming, he was on notice from last | :16:53. | :16:57. | |
year, today the axe has fallen. He maintains it was his decision, he | :16:58. | :17:00. | |
gave it to the board at the end of last year, he's off in April and | :17:01. | :17:08. | |
will be succeeded by Steve wrote, a 25 year veteran at M, he knows | :17:09. | :17:15. | |
what a difficult job he has. How do the M numbers compare to other | :17:16. | :17:18. | |
retailers we have seen so far this year? It's interesting you say that, | :17:19. | :17:25. | |
we have the Next numbers, they were a little soft, not as bad as these, | :17:26. | :17:29. | |
they blame the weather. M said the poor performance was partly due to | :17:30. | :17:33. | |
weather, partly to do with stock availability. They cannot do | :17:34. | :17:37. | |
anything about the weather but can do stuff about stock availability, | :17:38. | :17:40. | |
that looks like a management issue and they have seen changes today. | :17:41. | :17:42. | |
Thank you for joining us. If you want more on any of those | :17:43. | :17:53. | |
stories, look at the website. The team not only on the Live page, but | :17:54. | :17:58. | |
they have special coverage of news from Marks Spencer, all of the | :17:59. | :18:01. | |
figures and results you need to know, and details on the man who | :18:02. | :18:05. | |
will take over. The picture of Marc Bolland. Whether he has done enough | :18:06. | :18:13. | |
to turn it around, it is down to the new guide to turn around fortunes | :18:14. | :18:17. | |
for the retailer. Full coverage on the BBC website. | :18:18. | :18:21. | |
You're watching Business Live - our top story: Asian markets | :18:22. | :18:24. | |
in turmoil as Chinese share trading is suspended for a second | :18:25. | :18:26. | |
The move sends key commodities lower - Brent crude hits a fresh 11 year | :18:27. | :18:32. | |
It's very close to a 12 year low. Looking at the numbers, the FTSE 100 | :18:33. | :18:48. | |
is down 2.3%. Certainly, not a great start to the | :18:49. | :18:49. | |
year. The entertainment headlines have | :18:50. | :18:51. | |
been dominated by the huge success of the new Star Wars | :18:52. | :18:53. | |
movie at the box office. But we live in an age of streaming | :18:54. | :18:56. | |
and downloading movies So how can cinemas keep on making | :18:57. | :18:59. | |
big money from hit movies? Our next guest knows | :19:00. | :19:06. | |
a thing or two about that. He's one of the big bosses | :19:07. | :19:11. | |
at the IMAX chain of movie theatres. Since it started in 1970, | :19:12. | :19:15. | |
the company has expanded to operate It now has more than 1,000 | :19:16. | :19:19. | |
cinemas around the world. It reckons that since it launched, | :19:20. | :19:25. | |
more than a billion people have China features prominently | :19:26. | :19:28. | |
in its future - it's Chinese subsidiary last year started trading | :19:29. | :19:34. | |
on the Hong Kong Stock Exchange. Andrew Cripps is the boss | :19:35. | :19:37. | |
of Europe Middle East and Africa Welcome to the programme. Can we | :19:38. | :19:47. | |
begin with that challenge, I guess? I don't if you would call it this, | :19:48. | :19:51. | |
it is an interesting time for the business? We have so much content | :19:52. | :19:56. | |
out there, we have Netflix telling us that recent announcement that it | :19:57. | :20:02. | |
is launching a new 130 -- it is launching in 130 countries, we watch | :20:03. | :20:05. | |
at home and on the go, it is a challenge for you to get bottoms on | :20:06. | :20:10. | |
seats? Consumers are watching more movies than in any time in history, | :20:11. | :20:16. | |
unable righty of devices, but at IMAX, we show blockbusters in a | :20:17. | :20:20. | |
special environment, at the cinema, people look for an experience. They | :20:21. | :20:24. | |
are willing to pay more for a premium experience, that is why we | :20:25. | :20:28. | |
have seen tremendous growth at IMAX. Does that mean you have to rely on | :20:29. | :20:32. | |
the big films, James Bond and Star Wars? We do show big blockbusters, | :20:33. | :20:38. | |
but movies change, there are more blockbusters, as the size of the | :20:39. | :20:45. | |
global movie going economy grows, there are a lot of blockbusters out | :20:46. | :20:50. | |
there. Are we seeing a shift away from just showing films in a theatre | :20:51. | :20:54. | |
where you sit on seats, it is about the experience and going to the | :20:55. | :20:57. | |
cinema? At everything that goes with it? I suppose you well placed to do | :20:58. | :21:02. | |
that, with big screens and the best sound system. You charge a premium | :21:03. | :21:07. | |
price for it. But also, it's about giving people a reason to go to the | :21:08. | :21:14. | |
cinema,? Yes, they have big plasma screens at home and surround sound, | :21:15. | :21:18. | |
at the cinema, paying a baby-sitter and driving to the multiplex, you | :21:19. | :21:22. | |
want a special experience, I think that is why IMAX has thrived, it is | :21:23. | :21:27. | |
a special experience. Speaking of plasmas at home and the home | :21:28. | :21:30. | |
experience, you guys have a IMAX home product, for about ?2 million, | :21:31. | :21:34. | |
you can get it installed on your house and have IMAX at home! It is | :21:35. | :21:40. | |
quite a niche market... But there is a market? You don't have one! It is | :21:41. | :21:44. | |
designed for high net worth individuals but we have announced a | :21:45. | :21:47. | |
new product launched in China and the Middle East, it is called the | :21:48. | :21:52. | |
NACRO one Palais, priced at $451,000. -- the IMAX Pele will stop | :21:53. | :22:06. | |
how do you advance your product? Is it the quality of the screen or the | :22:07. | :22:10. | |
sound? You look at a screen now and go, how much better can they get? | :22:11. | :22:15. | |
Technology is an important component in making sure that consumers | :22:16. | :22:19. | |
continue to go to the cinema, we have introduced laser, at Empire | :22:20. | :22:23. | |
Leicester Square London, you can see IMAX inlays, we have a new surround | :22:24. | :22:29. | |
sound system, it is immersion in the cinema experience and making it more | :22:30. | :22:35. | |
special. What about you? How did you get into the entertainment industry? | :22:36. | :22:39. | |
Did you always have a desire? I wanted to be a surgeon! Did you | :22:40. | :22:44. | |
really?! 30 years in the movie business, I grew up in Japan, I | :22:45. | :22:48. | |
speak Japanese, I worked for Paramount for 25 years, and now IMAX | :22:49. | :22:54. | |
in the last four years. From a surgeon to that? It's incredible. | :22:55. | :22:58. | |
When we talk about the number of people coming to the cinema, you | :22:59. | :23:04. | |
talk about the demand. How related is that to the state of the wider | :23:05. | :23:08. | |
economy? As a premium product, people feel a little worse off than | :23:09. | :23:14. | |
their pocket and say they will not do IMAX today... Is there a | :23:15. | :23:19. | |
correlation? Cinemas have been resilient against economic times, at | :23:20. | :23:24. | |
IMAX, we are an affordable luxury. People may postpone a vacation or | :23:25. | :23:28. | |
not buy a new car, they still need entertainment. They still want good | :23:29. | :23:32. | |
quality entertainment. I still don't know why you don't have one of those | :23:33. | :23:38. | |
home systems?! Mates rates? It was a pleasure, good luck with everything. | :23:39. | :23:43. | |
Have you seen the Star Wars film? Yes, I loved it. Have you? I've seen | :23:44. | :23:48. | |
it a few times. Great movie. I have not seen it! Yet the hint? We will | :23:49. | :23:56. | |
get you some IMAX ticket! We are not allowed! -- do you get the hint? | :23:57. | :23:59. | |
Thanks for joining us. Hopefully we can take you to | :24:00. | :24:07. | |
Germany, David Cameron is speaking about events, he is laying out the | :24:08. | :24:12. | |
case for the UK's continuing membership of the EU. He has been | :24:13. | :24:15. | |
speaking to his German counterpart about that relationship that the EU | :24:16. | :24:21. | |
has -- the UK has with Europe. We are waiting for those pictures, but | :24:22. | :24:24. | |
here is a quick reminder of how you can get in touch with us. | :24:25. | :24:30. | |
The business live pages where you can stay ahead with all of the day | :24:31. | :24:36. | |
is breaking business news. We keep you up-to-date with the latest | :24:37. | :24:39. | |
details, with insight and analysis from the BBC's team of editors | :24:40. | :24:44. | |
around the world. We want to hear from you as well, get involved on | :24:45. | :24:52. | |
the BBC business life web -- life web page. You can find us on Twitter | :24:53. | :24:59. | |
and Facebook. On TV and online whenever you need | :25:00. | :25:01. | |
to know. The relationship between Britain and | :25:02. | :25:09. | |
Germany is strong and important, we look at the world in many of the | :25:10. | :25:13. | |
same ways, you know you have two earned money before you spend it, | :25:14. | :25:17. | |
and we know the importance of backing enterprise and business in | :25:18. | :25:20. | |
creating good jobs. We know the importance of the Atlantic Alliance | :25:21. | :25:24. | |
for Security and how important it is, as we enter 2016, that we | :25:25. | :25:29. | |
confront Islamist extremism and terrorism, and do so together. Our | :25:30. | :25:33. | |
relationship is deep and strong, as members of the EU as members of | :25:34. | :25:39. | |
Nato, and the relationship between our parties, parties at the centre | :25:40. | :25:43. | |
right, that has been strong and will continue to be in future. I have | :25:44. | :25:46. | |
really enjoyed the discussion is here today, at the present take -- | :25:47. | :25:52. | |
and the presentation I was able to make. I would like to secure the | :25:53. | :25:57. | |
future of Britain in a reformed European Union. But, this reform is | :25:58. | :26:02. | |
vital. Britain does have real issues with the way the EU works today. My | :26:03. | :26:07. | |
negotiation is about dealing with each of those issues. Making sure | :26:08. | :26:13. | |
that we are in full cooperation and working together, but we are not | :26:14. | :26:17. | |
part of an ever deepening political union, making sure Europe is adding | :26:18. | :26:21. | |
to the competitiveness of countries like Britain and Germany, rather | :26:22. | :26:25. | |
than holding back our competitors. Making sure there are fair rules for | :26:26. | :26:29. | |
both countries that are inside of the Eurozone and countries like | :26:30. | :26:32. | |
Britain who will not join the euro zone, but want the euro zone to be a | :26:33. | :26:37. | |
success and make sure that outside of the Eurozone, there are no | :26:38. | :26:40. | |
disadvantages, we are not called upon to support the Eurozone | :26:41. | :26:45. | |
financially. These are important issues, as are the issues of | :26:46. | :26:47. | |
migration and movement across Europe. Britain supports free | :26:48. | :26:53. | |
movement, many British citizens live and work elsewhere in Europe, but we | :26:54. | :26:58. | |
want to make sure that welfare systems, particularly our welfare | :26:59. | :27:01. | |
system, is not an unnatural drawer to Britain, because we feel the | :27:02. | :27:06. | |
pressure of excessive migration that we have had in recent years. We | :27:07. | :27:10. | |
believe these issues can be dealt with, the discussions are going | :27:11. | :27:13. | |
well. They are hard and tough, they are difficult issues but I am | :27:14. | :27:17. | |
confident, with goodwill, and there is good will on all sides, we can | :27:18. | :27:21. | |
bring the negotiations to a conclusion and hold the referendum | :27:22. | :27:25. | |
that we promised in our election manifesto, and we have legislated | :27:26. | :27:29. | |
for in Parliament. In the end, the choices for the British people, but | :27:30. | :27:37. | |
I want to make sure that they have of staying in a reformed European | :27:38. | :27:39. | |
Union. Giving Britain the best of both worlds. Part of Europe for | :27:40. | :27:43. | |
trade and cooperation, working together over security challenges | :27:44. | :27:47. | |
that we face, helping to keep our people safe, particularly in the | :27:48. | :27:51. | |
difficult and dangerous world we face, but not joining the euro, the | :27:52. | :27:55. | |
currency many have in the European Union. Not being part of the | :27:56. | :28:00. | |
Schengen no borders agreement, we keep our borders in Britain and will | :28:01. | :28:03. | |
strengthen them, and make sure we address each and every one of the | :28:04. | :28:07. | |
four issues I've raised. I'm even more confident after the excellent | :28:08. | :28:11. | |
discussions I've had here in Bavaria with colleagues in the CSU that | :28:12. | :28:15. | |
these things are possible, not just good for Britain, but good for | :28:16. | :28:20. | |
Europe. Not simply because other countries will benefit from Britain | :28:21. | :28:24. | |
continued to be a member of Europe, but it is important that this | :28:25. | :28:29. | |
organisation shows it has the flexibility of a network, and | :28:30. | :28:32. | |
address concerns of individual members rather than a block. I'm | :28:33. | :28:36. | |
confident we can reach conclusions but it will take a lot of hard work, | :28:37. | :28:40. | |
but I've been heartened by the goodwill I felt from sister party | :28:41. | :28:46. | |
members in the CSU here in Bavaria today. Once again, let me thank you | :28:47. | :28:50. | |
for the warmth of your welcome. I remember coming seven years ago, | :28:51. | :28:54. | |
it's been more pleasurable to come back again and have these | :28:55. | :28:56. | |
discussions with you. Thank | :28:57. | :28:57. |