not in china, not in india or europe but here in america. [applause] now, let me talk brief -- briefly about energy. there's an estimated $29 billion-plus in natural gas just offshore. you set a standard so it's far enough offshore it doesn't affect tourism or the fishing industry. that's thousands of high-value jobs. in louisiana that industry averages $80,000 a year. it also produces royalties and i like a bill introduced by two democratic senators. webb and warner of virginia. it says that for virginia, thebling they can develop offshore. 50% of royalties go to the federal government 37.5 demro go to the commonwealth of virginia. the other goes to land conservation. you would regenerate enough money to get the rail and road structure to create the necessary jobs. you create jobs in the infrastructure energy. that improves the chance to export, creates jobs in manufacturing. suddenly you dramatically expanded the job base of south carolina and you put people back to work. we have today the finest, most effective fooled stamp president in a

percent on their exams in a twist to india's traditional brain drain where india's top talent was looking to the u.s. or europe for. better opportunities now india's smartest students are exploring the west as a backup plan if their dreams of getting into an indian institution don't work out so ironic because you know in the u.s. which is sort of like going for. amazing secondary level studies i mean higher level studies is actually our safety as compared but it does happen and it's in fact not a possibility it's the problem mollica powell is applying early decision to princeton university in the united states she believes she actually has a better chance of getting into the ivy league american school than she does at being admitted to a prestigious indian one and the u.s. admission process is much more holistic. admission process literally just one mock and in an interview experts in indian college admissions are also seeing the trend of indian students having a broad out of need rather than desire they say the india needs to focus on a stablish in more higher education programs for its students and even when

or the european union. all on top of that there are bilateral agreements. which europe japan china india. us have or which go farther than the degree which has been multilaterally accepted in the world trade organization so is this a good thing or a bad thing is a very good question very difficult question to answer in a way it's a good thing because it opens trade lol and after all our business being to open trade in old up to increase the potential of the way for economy is ease as well as served by a bilateral trade opening as it is by a multi outraged over opening so that's the good side if on the contrary a buyout through agreement leads to restrict trade not least for instance if you agree on regulatory standards which would be by that too and not multilateral and then it can be a problem so it's not all black or white them. depends very much on what their reasons are in these bilateral negotiations you know once russia has joined the world trade have shrunk my expectation is that russia like all there is a. into but not true and trade relationship which go beyond what they do. for i

or more. while europe may be close to a recession, china and india certainly are not. their economies are growing and their oil use along with it, providing a floor for prices. >> glor: some supporters of alabama's controversial immigration crackdown are having second thoughts. a promising new approach to treat combat injuries. and the ancient feud that had christian monks attacking each other inside church when the cbs evening news continues. >> glor: the obama administration has deported more illegal immigrants than any prior administration, and latino voters have taken notice. in a pew survey out today, 59% say they disapprove of how the president has handled the deportations. states are also cracking down. mark strassman went to alabama, where some are having second thoughts now about a tough new law. >> reporter: construction company owner tommy seals supports alabama's controversial new immigration law. it requires noncitizens to carry documentation and fines employers who hire illegal immigrants. >> we have people that go out there and hire people at a cut-rate

europe. also coming up, more than 70 elderly people are killed in a fire in india. also, is it change or no change in the climate change talks? hello. a long night of the drama and disagreement has finally led to a deal, but it is limited. the leaders of the 17 countries inside the eurozone have accepted a plan that brings stricter control on their economies. germany has a new treaty involving all of the countries in the eu was scuttled when the british rejected it. david cameron demanded concessions on financial services that germany and france would not grant. >> david cameron of arriving at the summit this morning after 23 leaders agreed to a tighter integration with stricter budget rules for the single-currency area, mr. cameron, among them. during the night, britain said it could not accept proposed amendments to the eu treaty after it failed to win concessions for itself. >> the key question for britain is do we allow that to happen within the european union treaty if you are not happy with the safeguards you are given? i was not agreed to -- i was not willing to take it to my parl

dictatorships, as in the arab countries that we discussed, or even in democratic countries like the united states, like much of europe and indiae the fact that those were democracies, their voices were not being heard. their leaders were not paying attention to their causes. >> let me tell but the common thread. we know it is common belief that corruption is rampant. that the leadership, the policies are not there for the people. i want to talk about the timing here. these feelings are not new. >> no, they're not. and basically, what it took, and as we say in our story in the magazine, it was waiting for a spark. you had a sort of confluence of events, frustration and anger building up over a long time. and gradually, the availability of these new technologies, social media, facebook, twitter, young people to communicate with each other. then all it was waiting for was a spark. a young man in tunisia, frustrated about not getting justice, sets himself on fire and you have the spark. >> that is amazing. was there a great debate over whether the protesters should be the -- >> always a debate for person of the year. >> what made

india whether there are protesters or politicians that are following this whole trial very closely and don't forget our web site has plenty more stories news and comments including sun to in the sky over europe have been fooled by mysterious flying objects on christmas eve a shooting star a space ship or magical sleigh and so christmas conundrum on our website. it's lights camera plenty of action the sex scandal surrounding the former head of the international monetary fund dominique strauss set to make it to the big screen discover who's going to play the lead so if you don't. like this business news now with you. thanks care available and welcome to the business program a near it is beginning for the russian economy the country fast applied for membership of the world trade organization back in one thousand nine hundred ninety three finally that long ago over and russia has been formally invited to join in richmond virginia looks at the changes this will bring. becoming a member of the world trade organization is both a political and economic milestone the fact that for such a long time russia now a top ten global economy was outside the trading club that unites ninety eight percent of the

india, brazil indonesia, egypt. other countries where we can expand or trading relationships. we need to double down on our relationships with europe. this is a time where europe and the united states need to really invest in jobs and growth and i think this is an opportune time for the united states to engage europe and expand our relationship there. at a lemonade are terraced between europe and the united states. let's look at regulatory cooperation. let's look at investment and let's eliminate any investment hurdles there and let's look at service liberalization. essentially many to think about the markets of asia. that is where the transpacific partnership form is so critical and i was pleased that the president made a commitment in hawaii to move that forward. let's get it done. let's not allow an election year to undermine the ability of the united states to show leadership in the economic growth. other areas that i will just take off and we will come back to. second secondly to have sensible immigration policies in our country. we need to invite people, this is what makes our country so wonderful and so great. we need to inv