10/11/2015 BBC Business Live

This is Business Live from BBC News with Sally Bundock and

The British PM David Cameron rings the starting bell

on the renegotiation of Britain's European Union membership.

But the question is, has he got an impossible task ahead?

Live from London, that's our top story

Negotiating a "better deal", David Cameron lays

out his demands in a letter to the European Council we go live to

Easyjet calls for a tightening of security at certain airports

around the world, in the wake of the suspected bomb attack

The European trading day is under way. We have had figures in.

And how much do you like your luxury brands?

Ever been to Bicester Village near Oxford, England?

The discount shopping outlet gets 6 million plus visitors a year and we

will be speaking to the founder Scott Malkin about the secret to

its success his big plans for further expansion in China.

Today we want to know how do you feel about Easyjets call

Let us know; just use the hashtag BBCBizLive.

Welcome to the programme and we start with the task ahead

for Prime Minister David Cameron who will set out his stall today

His demands will be outlined in a letter to the president of

With the UK electorate being presented

with an in-out referendum by the end of 2017 it's critical they know what

So what will the letter to President Donald Tusk likely include?

Top of the list of demands is expected to be an opt-out

from the ambition of some EU members to form a European super-state

The British Government is also likely to do everything it can to

negotiate a restriction to benefits for EU migrants living in Britain.

Another of Cameron's renegotiation points will be to see

if he can gain greater powers so the British Parliament can block the

The UK also wants measures to prevent vast migrations from any new

Something strongly opposed by other members.

Zolt Darvas is a Senior Fellow at the European economic think tank

Bruegel and he joins me now from Brussels In other news.

We are not talking about an itemised shopping list here are we, Britain

wants the key objectives? In my view, the least of Mr Cameron -- the

list of Mr Cameron is moderately ambitious and I think it may not be

that difficult to find a deal with both parties, I mean both the UK and

its other European Union members. It will declare, as victory, that there

are some certain issues like limiting migration or migrant

benefits. There'll be a huge debate but I am reasonably positive that

the deal will be reached and then it would depend on British people

whether they want to stay or leave. Is it all-or-nothing though, if much

of Europe or the other member states may have a problem about the

migration of new member states, you said that could cause a problem. If

that's not passed but the others are, is that all-or-nothing for the

British Prime Minister? Compromise can be reached. I don't see a

prospect for limiting inter-European Union migration to a significant

degree, but on the other hand, I think agreeing that European Union

migrants going to Britain, but also other countries, may be able to

benefit from the domestic system only after some time that they have

in the country. I think that's a natural demand which may be agreed

and likely be agreed, in my view. Just to ask you a question, Zolt,

about what is put forward to the UK electorate, as you say, it's the

choice of the people of the UK at the end of the day, but what is

always difficult for those trying to make that decision is to understand

what the decision means for them. You are from an economic think-tank

quite often the man in the street argues, I just don't understand the

pros and cons, the arguments for and against, we need clarity don't we

and Europe's not very good at that, is it Yes, my feeling is that there

are many compromises. Some demands will be accepted, some will not. On

the other hand, you know, the impact of UK membership and exit, the

impact on the economy, the impact on people will be not clear at all.

There are certain calculations showing how much GDP will be lost

here and there, probably not reliable and also, if Britain would

leave the European Union, a lot will depend on that new relationship that

the UK have with the rest of the European Union. Will it be a

Norway-type relationship where it benefits from the single market but

doesn't have any say on things or will it be much lighter? A lot will

depend on what the relationship will be. The saga will continue. Thank

you very much. As and when more details come through, we'll bring it

to you. General Motors may

face larger penalties in trials with punitive damages for knowledge

it had about faulty switches. GM argued it should not face these

charges because its 2009 bankruptcy An absence

of big civil aircraft orders on the second day of the Dubai Airshow has

underlined a slowdown in the rate of Defence deals were again

the main focus, although Emirates Airline signed

a $16 billion deal for GE Aviation The previous Dubai show, in 2013,

notched up a record $206bn Let's talk about easyJet now. We

have talked about the British tourists who've been stranded in

Egypt. EasyJet flies a lot between Luton and Sharm El-Sheikh. It's

Europe's second largest carrier, it said it had 4,500 down in Sharm

El-Sheikh at the height of the disaster. We'll hear more about what

the boss had to say about that and what her feeling is about it later,

it's all there on the website for you to read.

First, Rajeshni Naidu-Ghelani is in Singapore where the latest data

continues to fuel concerns about the slowing Chinese economy...

The Government's rolled out measures to boost the economy. The data today

shows the Consumer Price Index rose 1.3% in October from a year ago and

that's below forecast slower than the 1.6% rise we saw in September.

Of course, there's still persistent deflation as well in factory gate

prices which fell for the 44th month in a row. So what does all this

mean? Economists say the door is wide-open for more stimulus. It

seems that the measures are not spurring spending because food

prices are fallingthing and there's not enough demand. At this point,

it's really hard to see how Beijing is going to hit that target of about

3% inflation this year. The Chinese perhaps could do more to boost its

economy. The Nikkei slightly up. Hang Seng down. Shanghai having a

difficult session. That is the night before on Wall Street who had a

rough session because of concerns about what it means if interest

rates in the US go up in December. Let's look at Europe. We have had

news from all sorts of companies in Europe, including the likes of

Vodafone. Lufthansa is still embroiled in strike action, but also

Hornby shares caught my attention. Trading in London, they make the

tiny toy trains, down over 7%, their second profits warning in just two

months. Hornby is struggling in the run-up to Christmas, how can that

be? ! That's the European markets behind me, as you can see they are

all higher. Looking ahead to wall To Wall Street, Nada Tawfik is there

for us. There is been a speciality pharmacy faking sales in order to

inflate drug prices. Companies deny the allegations and the Chief

Executive will discuss the company's plans now that it's ended its

relationship. The labour department will put out import and export

prices for October while the commerce department will issue

wholesale inventories for December. We'll get an idea how small

businesses were feeling in October when the small business optimism

index is released, making up the majority of new job creation so

could point to even more growth in the US economy.

Joining us is James Bevan, Chief Investment Officer at CCLA

Investment Management Still to come how much do you like shopping?

What's been the challenge? The real challenge has been when there have

been big problems, people say, excuse me, we need you to bail us

out, everybody thinks this is great and they want someone else to bail

out the problem, this is the global regulator saying, guys, this time

it's going to be different, you are going to have lots of debt,

therefore you don't have to come back to the taxpayer. This is an

announcement made late yesterday and it's all over the business pages

today. Is it enough, does this mean the banks are safe and we won't be

having to bail them out again? It's a step in the right direction. Of

course, what is critically important is that there is enough cash set

aside for bad things that go wrong and it's very difficult to tell what

might next go wrong. After all, the global financial crisis arrives to

this news that there were creeks and strains but there is a dynamic

tension between the banks that want to make money and the regulators

that want safety. Lufthansa is in the middle of a strike which started

last Friday for a week. This is an airline that's lost $140 million

because of pilot strike, it's losing 10 million euros a day because of

this. Can it just keep going? I'm afraid it can. Sales of 32 billions

a year, so it is a huge company, it has 5,000 pilots, it says it doesn't

mind some of them retiring leave. Have they put enough cost

restructuring in place? The consensus is they have probably done

enough. What is going to happen with euro wings, they can't give way on

that, can they contain costs going forward, that's what the strike is

about. You will go through the papers with us later. Can't wait.

Really exciting stuff. Still to come: How much do you like to shop?

Would you believe some people choose their holiday destinations so they

can go shopping. Really? ! Is that you, definitely not me! Bicester

village attracts thousands every year for the shopping.

You're with Business Live from BBC News The chief executive

of Easyjet has called for a tightening of security at certain

airports around the world, in the wake of the suspected bomb attack

Carolyn McCall has been speaking to our business editor Kamal Ahmed.

What else did she say? She was talking about this situation in

Sharm El-Sheikh with the airliners putting global airport security back

in the headlines? Yes, I spoke to Carolyn and she had a big message

for her customers, she did apologise for the frustrations and delays that

they have faced. She said that a lot of the situation in Sharm El-Sheikh

and Egypt was out of her control but she did pledge to

Ella mac the really big message, as you said, was on the issue of

airport security. I raised that with her when I spoke to her earlier.

Some airport security is very tight and very strict, British airports do

security very well. I think that, there are some other countries that

airlines fly to, where it perhaps needs to be tightened. Do you think

Sharm el-Sheikh is one of those? The government has said quite clearly,

that they need to tighten airport security, they have also said that

Sharm is not the issue but airport security is next to it. Do you agree

with that? I think I do. It is not a blanket message, it is a specific

message about certain airports around the world, this is a global

thing. And I think that passengers will be happy about that and I think

that airlines will support that. She is clearly making a far wider

message about global airline security that goes well beyond the

events in Egypt, and I think these are pretty significant interventions

by the chief Executive of easyJet. STUDIO: Thank you very much, we have

got more details online. How about this one? Indian group sues the

Queen. Over what they say is a stolen diamonds. This is in the

women's addition of the New York Times, this is a group of Bollywood

stars and Indian business people who are suing the Queen apparently. You

are watching business live, the top story is that our British Prime

Minister David Cameron is going to set out his renegotiation with the

European Union, he is going to do it later today. In a letter to The

European Council president Donald Tusk, he is set to press for four

things, restricting benefits to migrants. The Prime Minister says

that reforming PE you will be a big task but not an impossible one. So

there you go. -- reforming the EU. There are few towns that are better

known around the world as a shopping destination than a place to live,

and Bicester Village in the UK is one of them. A small town in

Oxfordshire has got a population of 30,000 people, but it attracts more

than 6 million people a year from all over the world. Why? The calls

they are all heading to Bicester Village, it is a shopping outlet

that has hundreds of designer brands, at discount prices. The

statistics are remarkable, like-for-like sales have grown in

double jujitsu, since it opened 20 years ago. More than half of the

visitors are from overseas, particularly China. The man who

created this global shopping phenomenon, is Scott Markham, an

American, it actually operates nine of them.

It has opened two in China. And one opening very soon. He says that his

entrepreneurial side comes from his family, his father is a real estate

tycoon who owns the Empire State building. He is also the owner of

the New York Islanders professional hockey team. That is one of his

passions. Nice to see you. Let us start with a bit about you, there

are allsorts of retail avenues that you could have gone into. Why the

outlet business model? The business brands and fashion is fascinating,

the way that those brands create value, and interject themselves in

the lives of you and me is what keeps them going. The energy, the

cycle of seasons, the fashion is fundamental to a big part of our

economy. Those brands, it is clear that when they have surplus and the

financial markets expect them to deal with the surplus in a

progressive way, that was the tipping point that allowed projects

like Bicester Village to emerge. White but it is also brutal, anyone

who works in retail will say that you need to have a really thick

skin. You have clearly got a model that works, what we were saying

about like-for-like sales growing every year since you started 20

years ago. How have you done that? Hard work, good luck and the rising

tide. A lot of what we have accomplished has been the brands

themselves growing, what were local and regional brands become Europe

and global brands beyond Europe into China across the world. So we serve

them, we try to halt them in Asia and across Europe, we are now really

a long haul tourism business now, bringing people from across the

world to Bicester Village. White so we are talking about Chanel, Ralph

Lauren, Burberry,. All of those high-end luxury brands that are

mainly based, is that true? So we are based on fashion brands, rather

than high street brands. We are not really in the business of delivering

high Street, we are more the fashion hub and, fashion and retail when

they work they are really about experience and memories. Our

business is about making women happy, I have got four daughters and

that is my training. My dad and you should chat sometimes. Let us talk

about this, China, very interesting, you have been in China for one

year, you have got one in Shanghai, outside, only one year. I am

wondering, is that a bomb in China, given the slowdown? The Chinese

economy overall is growing steadily, not as fast as it did but it is the

fastest-growing economy globally, the key thing of China, is

discovering the openness and opening up to Europe. Travelling across an

incredible digital country, everyone transmits online, and the awareness

of what goes on in the West, transplants to China. So we are

delivering the authentic European experience to China and that really

work. What is your main competitor, is it duty free in airports? Who do

you see as your competitor? Well I think that we are quite a lot about

tourism shopping which relates to airports. We are like terminal six,

like Keith robot without the planes, just the spa and the shops. I would

say that the main competition would be efficiency which is online,

versus experience. So we really complements that. Thank you very

much, that is a very interesting insight into the shopping experience

for the global traveller. Making women happy. I tried. The world's

second-largest operator Vodafone is offering better than expected

figures, until the six months to October. Beating expectations.

Results came in at the time of increased merger activity, talking

exclusively to the BBC, Vodafone chief executive said it had major

concerns about the deal to buy EE. Lure I think storage

Telecom is now becoming the biggest shareholder of BT are clearly trying

to remodel the sector, trying to unwind 30 years of competition. They

have tried to use their own copper network to force older technologies,

slow lanes, to become the way to deliver broadband. I find it

interesting that in the UK you talk about 10 megabits per second, in

southern Europe, in Spain in Portugal, in Italy, it is actually

100, 200, 300 megabits per second. We are going backwards, we are

trying to re-monopolise, they are trying to reduce competition and

choice. Let us get straight into it. We are going to talk about Russia

and the anti-doping, we have seen sponsors already trying to make

murmurs? Yes, this time around, the sponsors saying that we not only

care about the number of people watching, this is all about who is

interested in tuning in. But also are we going to be associated with

the right storyboard? Just quickly, on the airport story, we have had a

lot of tweets about this from viewers, saying that "airport

security should be increased hundred percent no matter what the cost".

"Yes more security but will that not tax the patience of passengers".

What do you think about that? I think it is a tough one, what I have

found fascinating is how resilient people are too these outrages. If

one goes back to the terrible 911 catastrophe actually passenger

numbers got back very quickly. Let us quickly talk about this, a $170

million new deed. There it is. Apparently a Chinese buyer may be.

Your thoughts about an overheated art market? The problem with the art

market, is that supply is truly limited for the masterpieces and

when you have a small amount of people with enormous amounts of

money, they can pay anything. They can. James, always a pleasure. Thank

you very much. Thank you for your company, we will see you soon.

Goodbye.