23/11/2015 BBC Business Live


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


European leaders look to the United States


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


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


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


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


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


And with Brussels on a third day of lockdown over


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


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


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


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


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


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


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


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


They include Iran, Qatar and Russia, and together


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


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


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


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


European countries have instead looked to the United States where


vast quantities of gas from fracking has helped push


The US is currently a small time player in


the export market - because of the infrastructure needed to pressurise


But with billions of dollars being invested in export facilities


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


But what will that mean for the price and the other


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


And now some other The mayor of Buenos Aires,


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


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


promised to liberalise the economy The pharmaceutical giant Pfizer is


reportedly on the brink of striking a $150 billion


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


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


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


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


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


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


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


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


attacks in Paris on the 13th of November.


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


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


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


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


about health studies which highlighted the impacted of eating a


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


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


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


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


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


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


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


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


of November. Rajeshni is in Singapore


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


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


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


would be replacing him with a temporarily CEO and their shares


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


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


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


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


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


for joining us. These are the numbers.


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


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


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


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


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


Concerns over the latest terror threat still spooking investors.


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


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


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


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


the terror threat could mean in In Brussels,


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


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


on Wall Street. Welcome to a shorter trading week


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


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


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


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


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


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


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


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


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


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


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


French national anthem and the tricolours during the football game


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


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


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


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


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


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


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


between France and the United Kingdom with regard questions of


defence and we have common obligations beyond what we can do


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


the United Nations Security Council resolution which will describe the


objectives for the international community, to destroy its Isil and


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


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


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


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


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


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


number of countries will have this objective to find a particular


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


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


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


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


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


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


or intend to carry out terrorist actions bust up the verifications


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


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


between France and the United Kingdom, but also the responsibility


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


terrorism and to protect our populations because it is our


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


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


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


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


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


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


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


response algebra vent further attacks in Paris. And in particular


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


right to take decisive action to stop terrorists when they are


threatening the lives of innocent citizens. United Kingdom will do


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


death cult. Today, President Hollande and I have


have discussed how we can strengthen the counter-terrorism strategy


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


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


and intelligence to better protect ourselves from these brutal


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


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


closely with our European neighbours. In particular, we must


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


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


to protect our security more effectively with screening,


systematic security checks and greater sharing of data amongst


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


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


frankly ridiculous we can get more information from countries outside


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


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


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


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


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


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


counter Isil coalition, striking targets in Iraq, providing


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


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


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


will set out in Parliament our comprehensive strategy for tackling


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


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


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


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


French aircraft and additional assistance with air to air


refuelling. We discussed ongoing efforts to secure a political


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


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


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


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


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


this week President Hollande have hold discussions with President


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


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


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


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


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


will destroy this evil threat. Thank you.


The press conference there between the French President, Francois


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


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


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


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


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


words of reassurance saying that the terrorists will never win and


agreeing to step up efforts to share information and intelligence and


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


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


progresses there is more discussions with world leaders. President


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


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


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


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


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


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


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


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


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


talking about political transition, talking about the Vienna talks which


were overshadowed by events in France, but which actually brought


the international community together around forcing a political


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


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


that political leaders are aware that a political transition needs to


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


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


talking about the need for European countries to protect themselves at


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


President Hollande there talking about being certain that the people


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


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


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


ministers from Europe gathered to talk about just that. Reinforcing


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


saying this morning it was ridiculous that European countries


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


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


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


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


migration routes that refugees were using to get into western European


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


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


this extremist threat that needs to be dealt with.


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


there in Paris. Richard Jeffrey,


Chief Investment Officer from Cazenove Capital Management is


joining us again to discuss. Brussels remains paralysed right now


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


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


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


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


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


prolonged escalation of this higher security situation and that could be


damaging to consumer confidence because clearly, if you get


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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