>> cameron's crackdown. the british prime minister expected to introduce new hours in curb immigration. >> france and italy may face punishment for their rule-busting budgets. >> and shopping stampede. black friday comes to the u.k. we'll talk with one british etailer hoping to cash in. good morning, everybody. welcome. you're watching "the pulse". we are live from bloomberg's

european headquarters here in london. i'm guy johnson. >> i'm francine lacqua. david cameron will raise the prospect of britain leaving the european union if he is not benefits resfraket or migrants. anna? >> thanks very much. in terms of those details, he mentioned some of them around qualifying for benefits if you have been here for four years and some for statehousing. no unemployment benefits for those people and being removed from the people if you haven't found work within six months of arriving. this is very interesting. the focus up until now has been on migrants without work. now it is on mige rapts who have jobs. this could then have an impact on british -- migrant who is have jobs. this could have an i pact on

british citizens. if they are able to claim benefits that i go alongside their income. immigration is going to be a key part of the negotiations into the e.u. he is also expected to say that today. it looks as though he is going step away from nixed quotas trying to take on brussels in that sense. that is something that will possibly go down quite well in germany and other parts of europe. he is goge to be stressing today according to people familiar -- going to be stressing today according to people familiar, to have control on the number of people coming into the country. >> yeesd numbers obviously blew all pretense that the u.k. has any ability to control immigration particularly from the e.u. out of the water. he needed to respond those numbers quickly. today is the response. >> migration numbers.

ong-term arrivals. that was the latest figures. of course david cameron wanted to be talking about tens of thousands. that is clearly not in the same ballpark. that was in 2010 that he made that initial pledge. this is not the first time that he talked about immigration. he preeted it in 2011. he was talking about this number of tens of thousands and he said a promise buts, it is that we will be keeping. then in 2013, as we know, as we saw the rise of the u.k. independence party, right here in this building, david cameron then made the announcement that he was going to renegotiate britain's membership of the european union and hold a referendum on leaving it. immigration is going to play a key part in the negotiations that no now go on between the

u.k. and the e.u.. >> this is david cameron chasing voters? >> it seems to be. when we saw the u.k. victory where they got their second member of parliament, we spoke to a number of voices whether that is from academia. many were stressing the need for political parties and they put distance between themselves. one of the thoughts is you can't out ukip. it seems like the agenda very much at the center of things. the most recent poll on what are the big issues facing great britain, immigration is there at number one. politicians, even if they wanted to clearly feel they have to talk about it and we are going to hear from david cameron in about 25 minutes from central england. >> looking forward to that. we will take that speech live. thank you very much indeed. >> here is what else is on our radar this morning. >> european commission announces

its judgment of member states. france and italy are expected to escape immediate punishment over their budget proposals. they may face action in march if they do not follow through on pledges of cutting deficits and paying their economies more competitive. countries are required to narrow deficits to within 3% of g.d.p. and reduce debt to 60% of g.d.p.. one of those issues affects france and the other italy. >> we're watching the price of oil which touched a four-year low after opec refrained from cutting output. they decided not cut production deit into the steepest slump of prices since the global recession. > voting on three initiatives. polls indicate all three

proposals could get rejects, the large number of undecided voters will prove decisive. >> coming up up, cameron's crackdown in a few minutes. migrant welfare benefits. with the general elections oming, is getting tougher on immigration enough to keep ukip at bay? ♪

>> good morning, everybody. welcome back. you're watching "the pulse." we're on your tablet. we're on your phone. let's get back to our top story. david cameron is getting tougher on e.u. migration. immigration the word of the morning. at 9:30 u.k. time he is expected to outline regulations that restrict access to welfare payments for migrants and he is using the prospect of the u.k. use -- leaving the e.u. as everage. joining us now is the head of economic research in open europe. good morning. what does the prime minister need to deliver? everybody talks about him walking on a tight rope. >> he is balancing the views in europe and at home. at home he needs to show a strong line that he wants to address this immigration issue

and address the concerns of the people. it is a top issue for most voters but he also has to find the right balance for europe. i want to make it fairer. i want to make it work better for all european countries. >> what does it mean from a business point of view? if this actually happens. does it impact the bottom line of britain p.l.c.? >> possibly. we have to accept on a whole migrants may have a positive impact when they come to work in britain. that being said, there are pocket s of problems. they have some pressure on local services, housing and scooling. addressing those issues will help make things a bit more placid and help address the surgeons. on the hole whole, if this is combined with programs to retrain the british workforce and improve education and make sure we still have the competitive -- education of people coming into the

workforce. >> will he say if he doesn't get what he wants, he will campaign the side of an were he to gain a mandate in next year's general election? >> i'm not sure he will go that far. if i don't get anything on immigration then i'm out. that would be a tough line to take. he is not ruling it out. if he doesn't get his reform package as a whole. i don't think he'll make it a complete red line. that would back him into a corner too much with europe. >> how tough a stance is he going to take? >> i think he will present the factors. if you look at the voting and the polling, this is a concern for british voters. if you don't have something -- a lot of people will feel not enough has been done to try and make the reforms in europe and that the issues have not really

been addressed so it will actually increase the chance of the u.k. leaving. it will just present that problem. this is an issue i need to address. i know people in your country as well see the rise in populist partieses across europe on these issues. a lot of people are concerned about it as well. he will get support for addressing that smument >> how will angela merkel -- if they don't want to start putting their forces into play to try and prevent the u.k. from leaving. it is too early. if they full trigger too early on this one, it starts to become a long, drawn out campaign. when does merkel start helping cameron out? is there a danger goes too far in the meantime because of the upcoming election? >> possibly. i think the a very difficult balance to strike. these types of reform in europe take time. it is a big negotiation between 28 countries. you need to get agreement from dwroverp make this go through. you do need to start having that

discussion. i hope behind the scenes cameron will be saying need to lay out my policies. i understand negotiation also take place in 2015, 2016. there is a balance to strike there. if you look at the timeline, to get the reform through as significant as this, a year and a half, two years is not really a massive period. i think people understand how things work in europe and that they do take time. >> i know this is almost an impossible question but what are the chance s of the u.k. leaving the e.u.? is it 50/50 in your mind? is it too early to say? if you're a business and you're listening to the speech a little bit later, do you worry? >> it is certainly a concern. we work on the probabilities, i would say anywhere between 10% and 20% risk of us leaving given the number of factors, whether conservative also win. how big the majority will be. if there will be a coalition. the reform program will go. 10% to 20%, if you're a

business, that is not a minimum risk. it is something they have to consider. if these issues are not addressed, in the medium to long-term, it will continue in britain for europe. you may put it off for a few years if you don't talk about this business. the fact is we have decided on a referendum and i think these issues need to be addressed stand you continue to put them off, people will become more disenchanted with europe and the british approach to it. kip point of view and clearly this is the driving force. do you think that is the case? before once cameron has moved does that create space for the other other parties? how does that shift the landscape? >> i don't think it will be necessarily ukip driven. they want us to leave the e.u. this is not a policy for them.

this is a policy for the other 30%, 40% in the policy that say we have concerns about immigration. on benefits. how they impact our wages and public services. this is really for the majority. not ukippers. the second point, how it will affect the broader picture. certainly we see a lot of the parties already, we saw nick klegg coming in behind this proposal. we see labor. generally there is an across party consensus on this issue. >> will labor be forced into a position where they have to back a referendum as well? we have a party ahead if the polls saying it will not have an in-out vote, do you think we'll end up in a situation where we will been forced to make that move? >> i think the pressure will be huge. certainly there are concerns he needs to address. i think he also has to look at what's going on in europe.

there are huge changes going on with the eurozone. they are still discussing their structures. the germans want change to address the eurozone concerns. i think it would be very naive of labor to say we don't have to deal with this issue at all. there are fundamental changes going on with the way the e.u. works at the moment. >> thanks for that. >> the u.k. is not the only country grappling with immigration. voters in switzerland will cast their ballots on three pro postals this week. -- proposals this weekend. it is growing in big cities and eating into valuable countryside. that is a problem for the skiss. a nationwide vote could drastically reduce immigration and the output of some of their big businesses. >> mountains, lakes and woods make up more than half of

switzerland, but for the population almost doubling since the 1950's, the countryside has been rapidly urbanized. that may sound dramatic for some. new york has about the same number of people living on an area 50 types smaller. one solution, planning immigration. 20% of the country's 8 million nhabitants are foreigners. the government may cap the 9.2% of om abroad to the country's population. -- 0.2%. many say it is racist. switzerland gets to participate in the e.u.'s common markets although it is not a member. freedom of movement on one of

four keystones in the market, officials in brussels sate renegotiating immigration is not an option. >> let's move to one of the other big stories we're watching. up next, crude keeps getting crushed. here is a picture of brent this week. we have hit the lowest level since 2010. >> we'll hear from one of opec's key players and more insight on why the group didn't cut output. ♪

>> welcome back to "the pulse." live on bloomberg television and radio, also streaming on your tablet, phone and bloomberg.com. oil companies are taking a big hit today. they are the worst performers on the stoxx 600 after opec decide not to cut output. ryan chilcote was on the ground in ve yena and caught up with the oil minister just after the decision. >> can can you give us your view f if decision and a sense of a -- the deliberations in the room? >> very serious. however it was felt that maintaining the levels would in

fact help to stabilize the prices. we'll watch and see what happens. >> what about venezuela's act argument that a cut is -- venezuela's asht that a cut is necessary? >> a number of economies do. we would always come to a consensus because that is the best thing for opec and for the world, the global oil market. >> was there a sense that maybe at these levels, american crude producers can be shaken out of the market? >> i'm not sure they can be shaken out now but over the next few months, supply and demand will come to some equilibrium they will or later share the burden. >> next time around you reckon there will be a cut? >> it depends entirely on what happens the next few months.

we have to share the burden. >> ok. let's talk about how the markets have been reacting to all of this. let's show you oil first of all. this is the brent five-year. let me show you this. it really encapsulates the degree to which oil prices have fallen and may continue to fall. we're at 71.81. people talking about going as low as 60. this is a long-term positive for the eurozone. a short-term negative for mario draghi. what this will continue to do is driver inflation down. the base effect is large here. that may change inflation expectations. that is why he has been talking about the need to raise inflation quickly so we don't get embedded into our consciousness the idea that prices fall. sbrent a big, big part of that. watch how the u.s. reacts to this when it comes back to the

field monday as well. talking about e.c.b. reaction and talking about what's going on here and talking about the inflation rates that we're seeing around europe, remember, we're going to get data on that at the top of the next hour as well. we continue to see oil prices drive down equity markets but quity markets are watching carefully to see the balance here. talking about further liquidity measures that may continue to drive equities higher. it could affect equity markets, which are down today. bond markets are fascinating in all of this as well. the expectation continues to be built in. that we will see further action from the e.c.b. yesterday, we saw the french go below 1% on the 10-year. the italians were pushed lower. the germans went below 1.7. this was amazing unchartered territory that we're in now. the canary the coal mine

continues to be greece. they have been trading higher over the last few days. it is not a one-way street when it comes to european bonds. oil at the snr of it. driving inflation expectations down. at the top of the next hour you going to get eurozone inflation data. people will be watching that number carefully. >> a breakup of google is unlikely to happen no matter what lawmakers say. that is the message from european ministers and officials and members of the e.u. parliament yesterday voted on on unbundling their search engines from other services. they didn't mention google by name. >> the world's second biggest miner delayed plans to delay an iron ore mine. it is seen as part of rio's strategy after a merger with

glencore. >> the e. sumbings selling off spanish asset according to the wall street journal which identifies people familiar with he matter. the board will meet today to approve the deal. >> the british prime minister expected to introduce tough new ckurb immigration. you can follow us on twitter. uy johnson tv and flacqua. >> we need to watch out for two things. first of all, what what kind of rhetoric and the message that he gives to the european union, allow this or else or whether he is little bit soft --

a little bit softer. >> we will take that speech live here on "the pulse." we'll take a break. david cameron's speech coming up very, very shortly. ♪

>> welcome back to "the pulse." i'm francine lacqua. >> i'm guy johnson. these are the bloomberg top headlines. >> france and italy escape media punishment over weaknesses in their present proposals. that is according to any you -- u official speaking on anonymity. they will have until march to follow through on cutting deficits or face possible sanctions. >> retail salesman fell more

than forecast. cing increased, the whenalent of a 2.9% gain the sales tax hike is excluded. the tax hike also impacted sales. japanese prime and its or shinzo abe has ordered preparations for a stimulus package, another stimulus package, as he prepares for an early election next month. >> more bad news for japan. it has lost its position as the world's second-largest stock market to china. china's market capitalization climbed to $4.48 trillion yesterday while japan slipped to 4.46 troy and others. .46 trillion. now, discounts are being

offered across department stores today. we have even seen scuffles, got to love that word, breaking out in tesco stores. alsobespoke businesses are plugging their own black friday deals. diamond designer bobby white says the day always brings in new customers. manus cranny went to meet him in the heart of london's diamond district. we have been working on a few pieces. this one is around 200,000. >> made bobby white, london's very own diamond geezer. he is at the heart of the capital's diamond district. enjoyable one was working with beyonce. >> her and jay-z? two were my highlight. >> you are a master craftsman. that doesn't happen overnight.

the skills involved in putting a 200,000 pound piece together, it is time and skill. >> it does take a long time. i am really passionate about making things perfect. it looks like the stone is floating. i have little back stairways and offices in the back. streets with all the pretty shops, that is not really where i do my business. it is all upstairs, basements, that sort of -- >> design, service and master craftsmanship. all the elements that go into creating the perfect piece. america. quite like andcustomers might start buy things online, then they want to meet us. >> the budgets can be i watering. canary yellow diamond, 200,000 pounds.

bobby's signature compression ring, 25,000 pounds. perhaps maybe even a little bit too bling for me. >> they are more standout pieces. i don't think i can. that is not me. >> in his element. >> what a great fun package to do. we are standing by for the speech from prime and cameron on immigration. it is due to start any minute. all eyes on that. it is the story of the day if not the year. >> we are watching for that to come through from the midlands. as soon as we have it, we are looking at transmission. we will be back. we will bring you that speech live. ♪

>> welcome back to "the pulse." >> company news for you now. hsbc coming under fire in argentina. authorities say they have found thousands of bank accounts under the swiss unit to help argentine he and invade -- evade taxes. hsbc denied the claims. >> club med has posted a net loss of 9 million euros. in europe andown africa.

the company is staying positive. club med says it could make a profit in 2015. growth hasse price slowed to the weakest in almost a year according to the nationwide building society. tougher mortgage rules and concerns about affordability have slowed housing activity. >> one of three nationwide votes facing the swiss this weekend. it might affect you. tom gibson reports. >> there's a reason formula one champions and russian billionaires live in geneva, money. wealthy foreigners can take advantage of a flat tax that helps them duck the major costs. introduced in 1852 to get wealthy brits to pay for local services, geneva generates around $750 million. some politicians say it can mean attack rates of less than 1%. they want it to stop.

could the wealthy flea? the firsturich was institute to abolish forfait. wealthy foreigners who benefited soon left. swiss banks say exodus of clients could damage the local economy as a result. geneva's local commerce says thousands of jobs could go. there are still plenty of options. the u.k., belgium and portugal are still offering tax breaks to foreign billionaires. ok, coming up, the save theld that could u.k. economy more than a billion pounds in wasted energy cost. how? by putting a new spin on the old power switch in your house. they could be about to be upgraded. that is our new energy focus. plus, we are preparing to listen

to david cameron. that is the live shot. we will take the cameron speech as soon as it starts. ♪

good morning, everybody. welcome back. you are watching "the pulse." we are watching very carefully a speech that is about to be delivered by david cameron at the jcb headquarters in the midlands here in the u k let me show you a live shot. a gaggle of executives and local business leaders finding their seats in anticipation of the prime minister starting. in the meantime, let's talk about hopefully other engineering success here in the u k in today's new energy, a teenager possible power play. has invented an intelligent light switch that could save the u.k. from wasting energy by as much as 1.7 billion pounds. joining us now is ceo and founder of ben. good morning to you. >> thanks for having me today.

>> tell me what you do. [indiscernible] >> how? >> we created a smart and appliancesay to use through a range of remotes. >> sounds expensive. >> definitely not. we are aiming for a mass-market solution. there are systems on the market that are high-end systems. we are aiming for mass-market. like at the front end a standard plug socket. but it is the back where the nuts and bolts work. i have to put holes in my walls again, don't i? >> this is one of the post-ups. the final product will -- >> talk me through this. how does it save energy? >> you are allowed to control

the switch through a range of phones, sensors and smart applications. as you go to bed, you turn off all the lights and appliances that are currently left on standby to make sure you are saving energy. >> this is what, me being lazy and not wanting to get up? but --ourse, >> i am lazy. >> in the home, we've got 30 switches. it is hard for the individual homeowners to walk around and monitor the switches. you can only control them from a fixed location. we are enabling people to control them from their smartphone. you can swipe through the application and check whether it is on or off. >> i have a number of questions. my children and my wife love leaving light switches on. is this going to solve that problem? if they walk out of the room, the lights go off? some cases, that will happen.

it is up to the user. >> it doesn't have sensors so it is not when you walk out of the room. >> you can incorporate sensors. >> how much would that cost me? >> 14.99. there is a button on the switch. you hold it down for three seconds and you are connected. there is no need for an electrician. that is the key. we want the homeowners to have the choice to connect themselves. >> the one problem and i've looked into this a lot is that some of these things to set up are very complicated. what you just described is a fairly straightforward set up. >> that is the key here. we want a mass-market product. we don't want to target the wealthy homeowner. we are creating a product with a simple user experience. >> where are you in terms of scaling this process up? >> we are waiting to receive an investment that is going to help us grow across europe and the usa. >> where did the idea come from?

engineering lab or someone different? >> i was young, 15. i bought some things from china and ended up making 20,000 pounds. i was very interested in inventions and how people could invent something that could make a difference to the world. i was in bed one day and i needed to get out of bed to turn off my light switch while i was reading my book. i fancied from there. since then, we have developed. >> do you want to go after the u.s. market first? the u.s. market in general are much more -- you have the one that you clap and the lights which goes off. they seem to be embracing these sorts of gadgets a bit more. -- we u.s. market first are developing a range of markets for the u.s. -- products for the u.s. market and the u.k. market. we will see what happens.

>> what is the regulatory story around this? electricians have to take all kind of tests. i'm assuming this has to be up to spec. how big a challenge is it to get this in the market? >> it is not a huge problem. i'm currently going through the testing that is necessary. we are aiming to go into new builds. newhe moment, millions of buildings are being built every single year. >> so one of the big ceos of the building companies are watching now. you want their business. this isn't a retail story. this is, you want to do this as a b2b story. 140,000e aiming to go in the u.k., 9000 in the usa. they buy the current switch on the market when they can use ours? >> why would i want to switch off my plug from my mobile

phone? >> a whole range of things. when you are on the way to work in the morning, you can see that you've left your iron on from the smart phone application. you can then turn them off. as you are about to go to bed at night, rather than having to walk around the home turning things off one by one, you can make sure all your lights are not left on standby. >> in terms of the funding for this, there is a lot of engineering you need to do at the front end. you talk about the funding story. do you need to be bought by somebody to scale this one properly? do you need to have a very close tie up with somebody? what is the medium-term business plan? currently being approached by some bigger companies to partner with. let's see how it goes. we will need a large amount of investment. let's see whether we partner with the big companies are not.

it is potentially going to happen. >> what is the timeline on all this? when do you see this being a retail product? >> the product is going to be available on the market towards the end of 2015. we have a lot of work to do. >> thank you so much. >> we are currently crowdfunding. the public can invest. >> ok, thank you. >> tell us about that very quickly. >> we are crowdfunding. >> something that we follow very closely. cannyone from the public invest as little as 10 pounds to get a share of the business. >> do you get a product? >> you get shares and you get to help a business concerned with the environment. >> thank you very much. hour, wehe man of the have been waiting of course for david cameron to start talking. let's listen in.

>> i think we are having a little bit of technical difficulties because we are not exactly hearing the prime minister. we'll get back to that in a couple of seconds. this is the big story of the day. he is now outlining what he wants to do in terms of curbing benefits. >> let's -- i know the sound isn't very good, but it is probably better that we try and listen to him than here our buildup to him. there is the sound. >> it needs to be fair and it needs to be centered around our national interest. i want to tell you today why i care so passionately about getting this right and getting a hold on immigration in our country. when i think about what makes me proud to be british, yes it is our history -- [inaudible]

i'm extremely proud that together we have built a country where in one or two generations, people can, with nothing and rise as high as their talent allows. a country whose success has been founded not on building separate futures, but on coming together to build a common home. we've always been an open nation, welcoming those who want to make a contribution and build a decent life for themselves and their families. from the jewish communities who came to britain before world war i to the west indians who docked and helped to rebuild our country after world war ii, even , whenes of war and danger our island status has protected

us, we've offered sanctuary to those fleeing tyranny and persecution. we will never forget the polish zech pilots who helped save this country in its time of need and the poles who helped build postwar britain. we are proud, very proud, of the role we played in providing a asians inhe ugandan the early 1970's who now count amongst their number four members of the house of lords, some of the u.k.'s most successful businessmen, and the owner of a company providing china to the royal households. our openness is part of who we are. we should celebrate it. we should never allow anyone to demonize it. we must never give in to those who would throw away our values to the appalling prospect of repatriating migrants who are here legally and have lived here

for years. we are great britain because of immigration, not in spite of it. it is fundamental to the future of our country that we get this issue right. in doing so, there are three dangerous views that we need to confront. first is the complacent view, the view that says the levels of immigration we've seen in the past decade aren't a problem at all. the view that says that mass migration is just an unavoidable byproduct of a new order of globalization and that only good andis those complaining about immigration need to get with the modern world. often, the people who have these views are people who have no direct experience on the impact of high levels of immigration. they have never waited on a housing list or found that their

child's classroom was overcrowded. what makes everyone else angry is that if they dare to express these concerns, they can be made to feel guilty about doing so. we should be clear. it is not wrong to express concern about the scale of people coming into our country. people are understandably frustrated. --boils down to one word control. people want the government to have control over the number of people coming here, and the circumstances in which they come , both from around the world and from within the eu. they want control over who has the right to receive benefits and what is expected of them in return. they want to know that foreign criminals can be excluded or removed. and they want us to manage carefully the pressure on our

schools, our hospitals, and our housing. if we are to maintain this successful, open, meritocratic democracy that we treasure, we have to maintain faith in government's ability to control the rate at which people come to our country. and yet in recent years, it has become clear the successive government lacked control. people want grip. i get that. i completely agree with that. withspond to this view complacency is wrong and dangerous. the second dangerous view is to think that we can somehow put up the drawbridge am a retreat from the world, and shut off immigration altogether. people who make this argument try to address it up as speaking up for our country. but this isolationism is actually deeply unpatriotic. britain is an island nation, but

we have never been an insular one. throughout our history, we've always looked outward, not in word. we have used the seas that surround our shores not to cut ourselves off from the world but to reach out to it, to carry our trade to the four corners of the earth. with that trade has come people, companies, jobs and investment. we've always understood that our national greatness is built on openness. we see that every day. we see it on national health service which would grind to a halt without the hundreds of thousands who come from overseas to help run it. we see it in london, the financial epicenter of the world, where so many have come to make britain their home. we have it in the bank of england, where the best central bank governor in the world, a canadian, is our governor. world-class our universities, where students and professors have come from all

over the world. this is modern britain, a country that has come out of recession to become the most advanced economy in the world. that has happened in part because we are an open nation. jobs,e sake of british british livelihood, british opportunity, we must fight this dangerous and misguided view that our nation can withdraw from the world and somehow all will be well. the third view that we need to confront is the idea that a successful plan to control immigration is only about immigration policy and immigration controls. a modern immigration plan is not just about the decisions you take on the people you allow into your country. it is also about the education you provide to your own people and the rights and responsibilities you have at the heart of your own welfare system. let's be frank, the problem just been a simplistic

one of too many people coming here. it has also been a problem of too many british people untrained, too many british people without the incentive to work because they can get a better income living on benefits. even at the end of the so-called boom years, there were around 5 million people in our country of working age on out of work benefits. this was at the same time as the last government enabled the largest wave of migration in our country's history. i want young british people schooled enough, skilled enough and keen and off to work so there is less demand for foreign workers. our job is to educate and train our youth so we are less reliant on immigration to fill our skills gap. politician who doesn't have a serious plan for welfare and education does not have a serious long-term plan for controlling immigration either.

views, weon these also need to choose our language carefully. we must anchor this debate in fact, not prejudice. no track with those who use immigration to ferment division or other agendas. we should distrust managing immigration is hard, not only here but in every developed country. certainly in europe. look at italy where migration from africa is a vital issue. states, theunited ultimate melting pot, where president obama has just announced sweeping reforms. whoset australia, point-based system we now operate in britain where the issue of immigration dominated their last election campaign,

but where migrant numbers are higher than here in the u.k.. i think the british paper understand this. they know that a modern, knowledge-based economy like ours needs immigration. there is a parallel here. most british people don't want a false choice between the status quo or leaving. they want reform and then a referendum. immigration, they don't want limitless immigration and they don't want no immigration. they want controlled immigration. and so do i. so what are the facts? over the last 10 years, immigration to the united kingdom has soared while the number of britons go to work remained roughly the same. as a result, net migration, a reasonably good way of measuring the pressure of immigration has gone up significantly.

figures, in the 30 years leading up to 2004, net migration to the u.k. was around one million. in the next seven years, it was 1.5 million. the 8.3s figures are million people came to the u.k. and long talk -- a long-term migration. the next 4 million came in the next seven years. what caused this increase? to immigration by the last government who have have included a category from outside the european union with no skills at all to come to the united kingdom. was clearly mad. it was too easy for foreign nationals to become citizens. claims ina huge

asylum claims. there were disproportionate numbers of jobs going to foreign workers. the welfare system allowed new to apply immediately without having paid in. and there was a decision by the last government not to impose transitional controls on the eight new countries which entered the european union in 2004. thentheir economies were hours and with every other country having unique controls, it had the u.k. an attractive destination for the citizens of those countries and a million people came to britain after that decision. inwhen we came to office 2010, we were determined to get to grips with this problem. we set a clear target to return net migration to 1990's levels. even though we had an open economy, we had proper immigration controls and that

meant that immigration within the tens of thousands, not the hundreds of thousands, and we sit to work on it immediately with a clear plan to tackle the north eu migration in a targeted way while continuing to permit companies to bring in the skilled workers they need and allowing universities to attract the best talent from around the world. so it took action to cut numbers, to tackle abuse on every one of the visa roots coming to britain from outside europe. we posed an annual cap uneconomic migration of 20,700. we clamped down on the bogus students, and stop 800 fake colleges from bringing people in. we insisted those wanting to have family joined them had to earn at least 18,600 pounds a year and they had to pass in english language test. in addition, we made britain a much harder place to exist if you are an illegal migrant.

this is all relentless, painstaking work. my have been out on the ground with the border staff. i talked to immigration officers who had no choice but to admit who they felt sure were fake commit tolaiming to study but not able to speaking word of english. so we have time things not only at the border but inside the country, too. stopping illegal immigrants from opening a bank account or getting a drivers license or owning a home. i think they are essential and need to be carried out forward, faster, and further. we brought back vital exit checks at our airports and ports. by next your, those checks will be in effect at all of our airports. we have created a 12 million-pound fun to say thing

security and we were -- and we are working harder to track down the people smugglers who people with see such frustration on the television screens every night. this determined effort was making a real different. even after yesterday's disappointing figures, net migration from outside europe is dialed by a must a quarter and probably close to the late 1990's. from0 more migrants outside the eu would have come into the u.k. but if i am prime minister after the next election, we will go further. we will revert licenses from colleges and businesses which failed to do enough to prevent large numbers of migrants that staying thereover be says. rapidly implement the

requirement, including the 2014 immigration act, to check the immigration status of their tenants. we do all of these things and we will continue with our welfare and education reforms, making sure it always pays to work, training more british workers right across the country, but especially in local areas that are heavily reliant on migrant labor. also would introduce stronger powers to tackle the criminal gangs of bring people into our country and then withhold their passports and their pay. i am proud today that we will be -- ishing but our action to cut migration from outside the eu has not been enough to meet our target of cutting our numbers by the tens

of thousands. as we reduce the numbers coming to the u.k. from outside the european union, the numbers from inside the european union have risen. in other words, the squeeze in one area has been offset by a -- a bulge a bulge in the other. it will take more time and more work and more difficult long-term decisions in order to get there. in theople disagree with whole concept of a net migration target because they say you can be blown off course by the numbers of people emigrating, the numbers of people leaving britain each year. but i think there are two -- reasons. it measures the overall impact of migration on our country. then figures from britain have or still are coached.

as well as sticking to our ambitions, we will send out additional measure's in the future so that people can chart the progress from outside the eu and from within it. why -- et up chubby to britain that's a many people want to come here. this is not always the case. in the 1990 -- in the 1970's, writtenople were leaving europ than coming here. now they are coming here. we are currently the jobs factory of europe. our in employment is dumbly and is now about half the level that it is in france and a quarter of the level it is in spain. and whereas in the past the majority of the growth in employment was taken at the by foreign nationals, two thirds of the group benefited british

workers. our economy is now growing faster than every major economy in europe and india did is the fastest-growing economy -- and indeed is the fastest-growing economy in the g7. it makes the united kingdom a magnetic destination for workers from other european countries. but let me be clear. the great majority of those coming from europe come to work, work hard and they pay their taxes. they contribute to our country. they're willing to travel across the continent and search for a better life for themselves and their families. some comforters disher period, a year or two before returning home. once economic growth comes to the economies of europe and they start to grow and prosper, the economic pendulum will start to swing back. four-regionquire structure -- that will require

far-reaching shropshire old reform. will have the whole hearted support of the united kingdom in doing so. so sometimes my european counter bars tell me, what is the issue? you have unemployment falling, your economy is growing. this does not look to us like a series problem. haded, many say we wish we the sort of problems you've got in britain. and some in europe think our problems is because our welfare system is a soft touch. but this government has already taken a -- unprecedented action to make sure our welfare system is fair and less open to abuse. and these reforms, including restricting entitlements, that will save you are taxpayers half a billion pounds over the next five years. but even with these changes, the pressure is still very great.

in some areas, the number of migrants we are seeing is far more than our hospitals and schools can cope with. are five -- they're far higher than the founding fathers or what margaret cather -- what margaret thatcher had in mind. one million people coming to a one-member state. that is a large migration on a scale that has not happened before in peacetime. yesterday's figures show that the scale of migration is still very great. so many people, so fast, is putting real burdens on our public services. there are secondary schools as onehey can be high

third. there are hospitals where maternity units are under great pressure where birth have increased dramatically. there are emergency departments under serious pressure. there is pressure on social housing that can't be met. all of this in a country with a generous, non-contra b terry contributoryon- welfare system. they find a income presentable that a family coming from another eu country can claim child benefits from the u.k., at u.k. rates, and send it back to children still living in their home country. trust in the european union is already so low, we cannot leave injustices like this to fester. some of our partners will say you are not unique.

germany, for instance, has had more eu migrants than the u.k.. the germany is in a different situation. germany's population is falling where as britain's is rising. dealing with this issue in the european union is not straightforward. because the freedom of movement that all eu member states sign up. i want to be clear again. britain supports the principle of the free movement of workers. we benefit from it and 1.3 million registered citizens exercise their right to go and live and work and, in many cases, retire in other european countries. accepting the principle of free movement of workers is a key to being part of the civil market. hasrket from which written benefited enormously. so we don't want to destroy the principal or turn it on its head. those that argue that norway or switzerland offer a better model

for britain, they ignore one crucial fact. they have each had to sign up to the principle of the freedom of movement in order to get access to the single market. higherse countries have per capita immigration than the united kingdom. but freedom of movement has ever been an unqualified right. we now need to allow it to operate on a more sustainable basis in the life and experience in recent years. that does not mean a closed-door regime or fundamental assault, but the principle of free movement. people that we can have restore a sense of fairness and bring down the current spike in numbers. my objective is simple, to make our immigration system fairer and to produce the high level of migration from within the eu right into the u.k.

i am completely committed to delivering that and i am to discuss with our partners any methods worth of while maintaining the overall principle to which they and we attach such importance. [alarm] how are we going on? we will have a brief pause while we try and spot the -- where -- a a speech speech in a car plant where they did not stop the production line. thank you to interrupt

production and jcb. mina demand is high. i know your product are superb. i know they are required around the world. i'm sure as soon as i am finished me can get it going again. thank you for that pause. let me sit at their reaction winter to take to cut migration from within europe by dealing with abuse, by restricting the ability of migrants to stay here without a job, and by reducing the incentives for lower paid, lower skilled workers to come here in the first place. first, we want to create the toughest reform. we must also deal with the itraordinary situation where is easier for an eu citizen to bring a non-eu spouse to britain

than it is for a british citizen to do exactly the same thing. moment, if a british citizen wants to bring a partner from south america, they have to show proof of income. but not so in the you -- in the eu. a loophole accounts for more than 4000 bogus match -- bogus marriages that are thought to take place in a country every year. we have got to end this abuse. want eu job seekers to have a job offer before they come here and to stop u.k. taxpayers having to support the if they don't. this government inherited an indefensible system where the state, our taxpayers, paid eu

job seekers to look for work indefinitely and even paid their rent while they did so. in total, that meant the british taxpayer was supporting a typical eu job seeker with 600 pounds a month. we have already begun to change this. we scrapped housing benefits for eu job seekers. we have limited benefit claims to three months for those eu migrants who have no prospects of a job. but now we will go further. we are overhauling our welfare system with a new benefit called universal credit. this will replace existing benefits such as jobseekers help support people while they are out of work. their legal status means we can regain control over who we pick. it yourrsal credit is dues, we will pass a new law which means that eu jobseekers will not be able to claim it. we will do this within existing eu law. so instead of 600 pounds, they will get nothing.

to respect to the time that jobseekers can legally stay in this country. let's be clear about what this will mean. has not job seeker found work within six months, they will be required to leave. why this matters is that, at the moment, 40 percent of those coming to work in the u.k. who do not actually have a job offer when they arrived, that is the highest proportion for any eu country. i believe with this change, many of those will no longer come. eu jobseekers who do not pay in will no longer get anything out. and those who do come will no longer be able to stay if they can't find work. there was a time where freedom of movement met member states could expect workers to have a job offer before they arrived. and to these measures will return us closer to that position. reduce theant to number of eu workers coming to the u.k. of course, that means never repeating a mistake that was

made in 2004. we will insist when you countries are admitted to the eu in the future, free movement will not apply to those new members until their economies have converged much more closely with existing member states. further, accession treaties when they country joins, require unanimous agreement of all the states. need to do more now to reduce migration from current member states. that means reducing the incentives for lower paid, lower skilled eu workers to come here in the first place. welfare system is unusual in europe. it pays out before you pay into it. particularly difficult especially with respect to benefits while you are working, the so-called in-work benefits. someone coming to the u.k. from elsewhere in europe was employed

on the minimum wage and has two children back in their home country, they today would receive around 700 pounds per in the u.k..fits that is more than twice what they would receive in germany and three times more than they would receive in france. wonder so many people want to come to britain. we know that more than 4000 eu migrants take advantage of this. this has got to change. in the future, those who want to , they muslimefits in the country for a minimum of four years. if their child is living abroad, there should be no child benefit or no tax credit at all, no matter how long they worked in the u.k. and a matter how much tax they paid. and we will introduce a new residency requirement for social housing.

you can't even be considered for a council house unless you have been here for at least four years. it should be like a national club. it is made up by the contributions of faithful taxpayers generation after generation. migrants be right that can turn up and take full rights of it straightaway. eu migrants should have a job offer before they come here. u.k. taxpayers will not support them if they don't. once they are in work, they will get benefits or social housing from britain unless they have been here for at least four years. yes, these are radical reforms but they are also reasonable and fair. and the british people need to know that changes to welfare to cut eu migration, they will be

an absolute requirement in the negotiation that i am going to undertake. i am confident they will reduce significantly eu migration to the u.k. and that is what i am determined to deliver. aim is to negotiate these changes for the whole eu because i think they will benefit the whole eu. they take into account the circumstances of our own welfare system. of course, we would expect them to apply on a reciprocal basis to british citizens elsewhere in the you -- in the eu. theif negotiating for entire eu should not be possible, i would like to see them in a u.k.-only settlement. i know that many people will say this is impossible, just impossible. some of the most ardent supporters of the european union will say it is impossible, fearing that if an accommodation is made for britain, the whole european union will unravel.

and those who passionately wanted britain to leave, they will say it is impossible and the only way to control immigration is for united kingdom to leave the european union. on this they would at least agree. to those who claim that change is impossible, i respond with one word, the most powerful word in the english language. why? why is it impossible? why is it impossible to find a way forward on this issue and other issues that meet the real concerns of a major member state , one of? the biggest net contributors to the eu budget i simply? accept such stiff eaters. i say to european partners -- we have real concerns. our concerns are not outlandish or unreasonable. we deserve to be heard and we must be heard. not only for merchants say, but for the rest of europe as a whole. because what is happening in

britain is not unique to britain . across the european union come issues of migration are causing real concern and read zero questions. can movements on the scale we have seen in recent years always be in the best interest of the eu and why the european solidarity? canopy in the interest of whilel european states some of the rightist investor drawn away from home when they need the most? this concern takes a different form in different member states and has different causes. but it has one common feature. it is contributing to a corrosion of trust in the european union and the rise of populist parties. if we ignore it, it will not go away. across the european union, we are seeing the frustration of our citizens demonstrated in the results of the recent european elections. leadership means dealing with those frustrations.

friends inr europe, it is time we talked about this properly and to conversation cannot begin with the word no. is entire european union based on a gift of compromise, finding difficult ways around difficult corners. that is the way the eu operates. rigidity,y, not creativity, not to dogma. foundhis month, a way was to accommodate france reaching its budget. two years ago at a bloomberg, i reformedy vision for a european union. i stand by every word of that speech today. a reformed eu, in the interest not only of britain but of every member state.

willw the arguments that be pushed it will be argued that freedom of movement is a holy principle, one of the four cardinal principles of the eu alongside freedom of capital, of services, and of goods. and people will say what we are suggesting is heresy, to which i would say, hang on a minute. no one claims that the other -- have been the yet fully implemented. far from it. for astill difficult british optician to trade in italy. freedom of movement itself is not absolute. there are new rules for when member states join the eu precisely to cope with excessive numbers. so why can't there be steps to allow member states a great degree of control in order to uphold a general and important

principle? , but? one which is already qualified? of course, freedom of movement has evolved significantly over the years from applying to job holders to job seekers, too. from job seekers to their non-european family members, and from a right to work to a right to claim a range of benefits. i ask you to work with us on this. i know some of you will be saying why bother? you may even sit in public. to which my answer is clear. because it is worth it. britain brings to europe, the fastest-growing economy and the second-largest, one of europe's strongest powers, a country which in many ways invented the single market and which brings real have to europe's influence on the world stage. here is an issue which matters to the british people and to our future in the european union. the british people will not understand, frankly i will not

understand if a sensible way through cannot be found which will help settle this country's place in the eu once and for all. enter the british people i say this. i share your concern and im acting on it. i know how much this matters. judge me by my record in europe. i promised we would get the eu budget and we have. -- if it wasd veto not in our best interest and i did. i do not contend this will be easy. it won't be. it will require a lot of heart pounding, a lot of negotiation, but it will be worth it because those who promise you simple solutions, they are betraying you. those who say we would certainly be better off outside the eu only tell you one part of the story. of course, we could survive. there is no doubt about that. but we need to weigh in the balance the loss of access to the single market and our right

to take the decisions that regulate us. and we lose the automatic right to the 1.3 million british citizens who today are living and working elsewhere in europe to do so. that is something we would want to think carefully before giving up. test., i have one what is in the best? long-term interest of the people of our country? that is the measure against which everything must be judged. if you elect me as pie mr. in may, i will negotiate to reform the european union and britain's relationship within it. this issue of free movement will be a key part of that negotiation. , i will campaign to a reformeduntry in european union. if our concerns fall on deaf ears and we cannot put our relationship with eu on a better footing, then of course i rule nothing out. confident that with

goodwill and understanding, we can and we will succeed. and at the end of the day, whatever happens, the final decision will be yours. in theu place your cost ballot paper in a referendum to decide whether britain remains in the european union or not. that decision is for you, for the british people and for you alone. thank you. [applause] >> david cameron speaking at the factory in the midlands. david cameron getting very close to saying if negotiations on changing the uk's relationship with the eu do not go successfully, i would say he went very close to say he will

support the out. i thought he was tougher on that than we were expecting him to. it is not a thread but it comes as close as. he is campaigning for the next elections in may. will be hard on that. we need to renegotiate the place of the u.k. in the a year because we are such a big contributor to the budget. >> we have to have changed. if there is no change, i will do what is in the best interest of the british people. he certainly is pointing the british people toward 2015 and the election, saying he will go arther if you were to win mandate in 2015. >> the premise are taking questions from the audience. in the center of the u.k.. it is quite timely. it is interesting that he picked

that because he is tried to counter the rising u.k. this is the prime minister tried to be reactionary to the rise in popularity of the u.k. independent party. >> one of the things that he talked about is the jobs factory at the moment and he pointed to the disappointing economic growth that is being shown on the confidence and we have seen further evidence of that this morning. saw .3 was0 hour, we the number. that is a five-year low. 4.7 fairly stable, but nevertheless we are dealing with a situation that is significantly off the ecb mandate. so what happens next? a bloombergs now is chief economist. quick reaction to david cameron. this will be no a fight, i guess, if ever there was one between the u.k. and the rest of the member states of the eu.

>> you could say this is a dangerous route for britain that he is taken. the free movement of labor is one of the core principles of the market. there's no way the other 27 countries will agree to restrict that freedom in any meaningful way. the use ofwn on welfare benefits, yes. you could probably get a consensus for that. but by saying it -- by tying it to specific numbers am aware he wants immigration to be, he isn't giving a quarter but setting explicit targets which may be difficult to meet, difficult to deliver on. so he will face very tough negotiations with the rest of europe. the rest of europe would like to see a much stronger commitment to remain intain the you -- in the eu.

so the rest of europe would like to see a much stronger commitment of the pie minister to stay there. and then, the rest of europe will be reluctant to grant a lots on the free movement of labor. the problem is, with the raising expectations now, for instance, linking it to specific kind of to deliver may fail again as he has in the past on that. >> one of the ways we can sell this problem is to drive stronger economic growth in the continents. we have seen very poor inflation numbers this morning. .3, well off the mandate by the ecb. draghi is ratcheting up expectations. taking the recent fall in oil prices that would probably add or 0.5ng like 0.4

increase in the economy. >> but draghi is making it clear that expectations get embedded. he appreciates the story is positive. but he understands the short-term story is much more negative. >> it is very clear. low oil prices are good. of course, inflation have been below.low -- far it is likely to stay below for his far as the eye can see. as a result, the ecb ought to do more. ideally, they would announce new measures such as widening the approach to corporate bonds this thursday. >> will they wait until they know more about the balance sheet link to the tiaras?

>> ideally, they would say we have to cut our forecast. let's go. but it's quite properly -- proper they would say we have to wait to see how they affect the balance sheet and they would just now confirm hopes that there will be more action if they failed to reach the balance sheet targets and probably deliver sometime probably in march next year. are one of my barometers. you have been very positive about the euro. you have been less negative about the euro. you have made it clear that you feel the ecb probably has done enough. that was the view through the summer. what has changed your view? >> it is very clear. the economic outlook changed a lot for the near term when putin

attacked ukraine. we have seen the collapse in german business confidence, especially the expectations, investment over the summer. spain is fine. it is to some extent italy but italy is in the same recession it was in last year. the change was germany falling from 2% growth to stagnation now. that changed early summer. the outlook for the european economy is not to the outlook for -- >> thank you very much. next, find out why a vote in switzerland has application for the press.

>> welcome back. sunday, the referendum to decide whether the swiss will change their current system of storing and selling gold referred -- reserves. what it means.

good morning, gentlemen impair the market hasn't price to this in. what impact would it have on the gold price? theirst of all, i don't see market placing it in a negative vote. it is interesting to see the factors all around it are still continuing to climb, the ethics moving in terms of the dollar. -- the fx moving and terms of the dollar. you would see gold significantly higher if we get that yes vote. >> john, what is your take? they pose are a very close call. yet voters are undecided. >> definitely. with david that of

the swiss vote in favor of this measure. it would be seen as something of a shocker, and a morning when the gold market and currency markets opened. i think there is a perception that this is a conservative swiss vote in my think this is a good thing. it is a move back to a gold standard. that -- there have been some unhappy about the way the swiss government has ramped up its balance sheet. there is a substantial amount of euro assets as they tried to keep the swiss franc from appreciating too much against the euro. it is a little bit of a close call. there is a vote in favor of this initiative, it will be seen as a shocker. no doubt the swiss franc will see a word pressure on monday and you will also see gold prices go up.

>> give me a sense of how educated everybody is on the subject. i'm sure the people who follow the markets understand the implications. >> in most cases, i think the swiss electorate are pretty sophisticated group of people. a i say, there is quite native conservative element to the swiss population and i'm sure we all know the swiss national bank is seen as more hawkish than the old bundesbank was in many cases. people are happy about this unusual monetary policy in terms of what they did to support the euro against the swiss franc in the last couple of years. on the other side, i think some people out there also recognize that this could be damaging to the business sector. this would put pressure on the

currency. the swiss franc would appreciate again. this would hurt a lot of the backbone of switzerland and of course, a lot of their product is exported into germany. business leaders and government have been pounding the streets warning against this initiative. i think that will hold sway. an monday, let's just say this initiative is approved. is it really that bad? what they have to spend, about 70 billion swiss francs on gold, they have enough dollar reserves to buy that. swissr thing would be bank -- swiss franc's to buy the gold. i think people are worried will they have to sell their euros, which is about half of their foreign assets.

this would go against the whole frank-euro issue. we will it be an absolute catastrophe? i think there will be a ways around this thing. obviously, we have to watch their faces at work. >> even if they do vote no and we do get some respite and simulated, do you think that is a temporary relief and that floor will be under pressure? if the ecb is about to start a huge round of qe in the next couple of weeks or months, saying that it is try to put upward pressure on the swiss franc, the swiss national bank is somewhat aware of that, talking about other unusual measures it could take in terms what could potentially -- you know, negative interest rates and coming into the currency market to support the euro against the swiss franc. it is a bit worrying.

looking at what will happen, when qe stars, that will put a lot of pressure on the euro. i'm sure the swiss national bank, which has been absent from the currency market the last couple of years, will be back in thatn, having to defend 1.20 level. volatility, in terms of the clear tradeve seen, has been the case the last few weeks. that will still be a trade that will last. things that will happen or not happen. we will say. >> thanks so much. up next, the shopping stampede black friday comes to the u.k. we will talk with one of the biggest british retailers looking to cash in.

>> welcome back. very friday used to be a american event. people went wild in the shops after thanksgiving. there were hundreds of discounts on offer but it has gone global now. a single day coming out of china, we have black friday coming out of the united states,

and it is here in europe. caroline joins us from the headquarters of the online retailer airsoft. black friday.ust it is cyber weekend. who better to be with than this .ominant force i am joined by david williams, director of custom intelligence. >> i team is responsible for measuring the experience that our customers have across all air digital channels and then using that base to make that experience better. >> has 20% at the moment. they must be going wild. this is great. mrs. interactive. this is live. real-time a activation around the world. you can see people looking at products. >> it is going crazy in your

deck in the u.k. at the moment. and even australia and america. >> it reflects the global nature of the business. of our sales are u.k. putting things in a bag and saving for later and then people purchasing pay >> give us a sense of how people are spending for black friday. a lot are transitioning to mobile. >> that is a trend that we would have seen over the past year. trending almost 50% of traffic coming from mobile devices. if you look at the micro trends within that, people using different devices during different times of day. so morning on the way to work or the way to union. it is desktop during the day. then it is tablet in the evening. christ how will it shifts throughout the day?

are you waiting for asia eventually to pick up as we start to go to bed? you see that premise globally already. people will be changing their hours a little bit because it is black friday. it will be europe predominately now. is coming online followed by west coast. you havere an issue -- 20% off this weekend. what happens to the trajectory over christmas? how do you make sure the people are still spending? weekend, it is all about discount special offers. we expect that a lot of customers will have new customers as well and some will proposition for the first time. may massive amount of products. that should lead us into christmas and the year beyond. >> you have 75,000 different outfits, things that can be purchased on your website at any one time. where do you feel that this is moving? you have been here for four and

a half years. is there a climate to try to understand how people are buying? yes, we want to understand what is driving sales. but it is not just about --counting itasos discounting. asos is the only place that you can buy asos products. >> really, we are a destination for twentysomethings globally for fashion. >> it is about moving digital. this is a brilliant map. best of luck for the rest of looking at how trends change in how we all shop. that is david williams, director of customer intelligence here at asos. the amount of people who are shopping in north america at 5:00 a.m.

>> thank you very much. that is why i get up in the morning. >> i can see it, picturing all the new yorkers shopping, watching "to the pulse." >> first of all, to recap what david cameron said, cracking down on the immigration story. that story will resonate across europe. the other one is that we have march.ven until probably >> the swiss vote and then the inflation figure. tuesday, we have the ecb. a lot of people thinking it may not happen next thursday. keep it right here on bloomberg

tv. "surveillance" is up next. .> you can follow us on twitter you have a good weekend. we will see you all monday.

>> oil marcus reverberate worldwide.

santa makes an appearance at the macy's day parade. black friday, aid comes to beijing and all of china. good morning, everyone. this is "bloomberg surveillance." it is black friday, november 28. i am tom keene. joining me is joseph wiesenthal. scarlet fu. right now, we need to get to the top headlines. we haven't seen the price of oil this low in four years. opec decided not to take action to ease the oil supply glut.