or china or brazil returns on education for individuals is greater now than history.me in human francine: one of the biggest shake-ups in the media world the times and economists two brands pearson sold this year. talk the break we acquisitions strategy and leadership. ohn: if we can find cquisitions that create opportunities we will take them. c.e.o. : more from the of pearson john fallon when we return. back.ne: welcome publishing group pearson will billion pounds from the economist and f.t. but the money?t do with john: if we can find create value hat to shareholders and long-term sustainable opportunities as we will take them. but we don't need to hurry. and we need to rush will do that in context of other ways of achieving value and returning capital to shareholders. francine: do you worry about currency movement? we judge things at constant exchange rates. a u.k. listed company so clearly probably the most rate ant exchange shareholders look at is the poun pound-dollar exchange rate. i think over the cycle we and lookshareholders will just through that and clearly you someplace lak

if you look at that, in the united kingdom or the u.s., china or brazil, returns on investment and educationividuals is greater now than at any time in human history. francine: one of the biggest him shakeups in the the media world. "the financial times" and "the economist," two brands that pearson sold. after the break, we talk acquisitions, strategy, and leadership. john: if we can find acquisitions that create quick and immediate value to shareholders, and long-term sustainable opportunities as well, we will take them. francine: more from the ceo of pearson, john fallon, when we return. ♪ francine: welcome back to "leaders with lacqua." publishing group pearson will him him him him gain nearly a billion pounds from the sale of the "ft" and "the economist." but, what will it do with the money? john: if we can find acquisitions that create quick and immediate value to shareholders and long-term, sustainable opportunities as well, we will take them. but, we do not need to hurry, we do not need to rush, and we will do that in ways in the context of returning capital to shareholders. francine:

the situation in the emerging markets, as we have seen connecting cases like argentina or brazil, theyuse fiscal monetary policy to boost their economy. the u.s. doesn't have that situation. joe: you are talking about this huge debt overhang. the thing will rebuild of a lot of dead or is there something policy wise that keeps encouraging the creation of bubbles and taking on debt that policymakers need to address? guest: that is an interesting question. there is a tendency as economies grow and mature the more the biggerthey are, balances that come, the more aggressively you have to keep selling debt and pushing debt to keep that process. there are a lot of complex dynamics. it is not a cyclical thing. in six years, they put to shame the u.s. debt bubble of the last 30 years. these are unsustainable phenomenon and the thing that economists have to highlight is that what you did in the past matters. there are financial complications. things will rebalance gdp. >> i'm going to ask what may be a concurrent opinion. where do you see growth? it is not so much in growth. u.s. is still growin

brazil. which basically means you are talking about an fob price of 25 dollars from australia or $15 from brazilthere are a lot of high-cost producers that just aren't going to pass muster that sort of price range. it's not sustainable. it is fantasyland at that level. jonathan: is that what needs to happen to wash out the excess supplies? >> this is what happens in every cycle, and i suspect that right arethere are people that suffering pretty loudly. jonathan: it is still looking pretty crowded in many ways. crowded, and there are a lot of producers that are hanging on by their fingers. tough love. they are burning up their cash reserves and that is a decision for them, not for me. the rio tinto ceo spoke to jonathan ferro in an exclusive interview. let's continue the conversation on commodities with the investment director at london and capital. you say it will get worse from here. if you think about the reduction in the capital spending cycle we have seen, we have only barely started. we have capital spending down by 35% from peak levels and we are still putting in new capital to create new

brazil. you're talking about an fab price of $25 from australia or $15 from brazil.lot of high-cost -- it is not sustainable. it is fantasyland. jonathan: is that what needs to happen to wash out some of the extra supplies? prices need to go lower? what happens in every cycle. i suspect right now, there are people that are suffering. jonathan: you said it would be a lonely place if we got anywhere near $30. it is still looking pretty crowded. crowded, and there are a lot of producers that we believe would leave the market that are hanging on by their fingernails. they are burning up cash reserves from their shareholders. that is a decision for them, not for me. manus: mike bell is still with us it global strategist at jpmorgan. getting this of stuff from the shores of australia and south america. this is the reality of commodity crunch. moment?pm see that the are we anywhere near a baseline in this? mike: commodity is suffering from oversupply. that are oversupply are not go to bounce anytime soon. if you look at copper, the copper price can go lower than it is. manu

>> i honestly don't know precisely but you have to wait until xiaomi gets real momentum in india or brazil which will probably be late next year and can prove something good and positive to the market and investors. >> okay. thank you. >> now you can read more by heading to the tech transformers special report page right there on our website. cnbc.com. >> facebook at work. the professional version of the social network is set to launch in the coming months. a facebook spokesman says the new service is fwegeared toward collaboration in the work place. it looks like your personal facebook page with news feed likes and chat function but users will have separate profiles from their existing ones. facebook plans to charge a few dollars per month for users. >> you would hope that's a little bit different from the personal ones. >> exactly. it needs to have quite a different feel, doesn't it? >> let's talk about walmart quickly. jumping into the crowded mobile payments market launching it's own system later on today called walmart pay. in select stores near it's headquaters in arkansas. a full u.

or korea or in australia or brazil. those folks that we have hired roughly two-thirds of everybody we have hired comes from someone we know so it's definitely word-of-mouth. we go to great length to find the key people to build teams around a lot of that was personal. i spent several hundred thousand miles a year and airplanes from 2,722,010 establishing these risk centers and that was with an excellent team in place that manages relationships and make sure we are working together as one unified team. >> host: what you look oregon analyst quit do you look for programmer? >> guest: we have a variety of skills to work together as one system. a lot of folks am going to hired the star guide and build everything around them and if you lose that person then you are toast. you rely on them for everything. you have built this interdependent system in capability. all that tools development and engineering that built their analytical workbench 12 and was better putting together the puzzle their technical support system send it ov

rights campaigners saw the trial as a test of whether the justice system values black lives or not >>> brazil supreme court is expected to decide on the next stage of impeachment proceedings against dilma rousseff late on thursday. people have been reallying on her behalf. -- rallying. >> reporter: what you see here is president dilma rousseff's political party and it forms the face of her support. there are a lot of public employees here. they don't necessarily support dilma rousseff, but what they do support, they say, is the democratic process and they say the impeachment process is not that. they are saying it is a coup. they say there is no wrongdoing to her part. people here say they believe that this impeachment is purely political. >> we must respect the domestic cease. i'm not here because i love hum human. >> reporter: you will see the name here, and it is about the impeachment being pushed by a rival of dilma rousseff. he is also being investigated. they say it is he who needs to be removed from office. >> translation: we know better than the rest of the country because he is a pol

$30 you need to take five dollars from australia, $15 from brazil, which basically means you are talking about a price of $25 from australia orazil. there's a lot of high-cost producers that are going to pass muster at that sort of price range. it's not sustainable. it is fantasyland that level. jonathan: is that what needs to happen to wash out the excess supply, prices need to go lower? >> this is what happens every cycle. i suspect that right now, there are people that are suffering pretty loudly. jonathan: you've also said it would be a lonely place. it's still looking pretty crowded in many ways. >> it is crowded. there are a lot of producers that we believed would leave the market hanging on. that's life. they're burning up cash reserves. that is a decision for them, not for me. jonathan: joining us now on set is the commodity mining analyst. great to have you with us. that interview, and i said early on, their stock is down 40%. incredibly confident about his strategy. should he be? >> i think he has a reasonable reason to be. the cost of production is the lowest in the industry. you are sitting in a position of streng

continue his rule in the country but i'm completely sure that he will never succeed in defeating isis or brazil in the coming years. i think of mr. putin wants to do this, let him try, and if you want to have a very necessary and good ally on the ground you should openly speak about the possibility of an independent state. so i think syria is gone. the strong coalition with russia is out of the question. thank you. >> i see a painful overlap in your validation of the assumptions particularly struck by your point that you don't see a common purpose between what russia is about and what secretary carries about for example. that is a very sobering thought. so we are back in the zero-sum game days, we were going to split today's program into this first panel to talk about how we got here with the idea on the second panel would be where we go from here. there is substantial overlap and i don't know if you want to have the presenters were find anything before before we go to the other commentators on this. >> thank you very much and thank you for inviting me here. i enjoyed reading both papers very m

but, very quickly, isn't that a wealth reduction for south africa or even for mexico or brazil?illing to their balance sheets away from exporters, right? steven: i think you could argue that is the case. but i think the point is it is very difficult for them to do much about it. i think this is a trend that i has breen going on for quite some time and it will continue on. since november when we got those payrolls, it is clear what is going to happen next. tom: a true briefing this way to get us started. he is with bnp paribas. coming up, we will talk about a slower american economy. the commodity knock on effect. later this morning, our guests. bloomberg "surveillance" on radio. stay with us. ♪ tom: welcome to fantasy land company as iron ore and -- rio capex.uts , theyats and republicans scream as donald trump screams "keep the muslims out." hillary calls trump divisive. and on america posner non-recession, recession, lakshman achuthan. "bloomberg surveillance." we are live from our world headquarters in new york. jon ferro is in london. what have you learned in the last 24 hou

if you are mining iron ore in brazil or he shall producer -- shale producer, with prices as low as theyh as possible just to make your interest payment. because of the overproduction overbuilding the commodities sector because of the super cycle, you have ended up where we are now. it is crashing. look at the junk bond market. we're looking at the natural course of events. when this happens, companies go out of business and supply of eventually stops. is yielding close to 4%, they will pay that your they will increase it over time. you don't have to worry about when. the problem about trading is they can carry any time. right here you could have an oversupply that lasts longer than anyone expects. michael: we will continue our discussion in a moment with michael holland and jonathan miller. coming up, we will talk to deltec investment manager, atul his emerging-market outlook for 2016. happy new year to everyone. coming up on bloomberg "surveillance." ♪ ♪ michael: times square is where we were expecting to go, but we will go to the report. .- to the forex report the euro is trading lowe

for every china or korea, whose liberal force is shrinking, you have an india or a brazil, where theor force continues to grow. so i think that we will have to solve this problem at home by giving the skills and training and education to american workers, that they need. rather than hoping that the pressure of globalization will receive. -- reseed. ,oe: we recently saw the ecb the market perceived them as having under delivered on stimulus. generally, the recovery has been slower and took more time. do you think that they are doing enough to recover and you have written a lot about this currency scheme, do you think that the euro is flawed and will it survive in 20 years? >> i was surprised that the ecb did not do more at its last meeting. i think that it will eventually, the european central bank is a supertanker that takes a lot of time to turn, but it will turn and there will be more similar -- stimulus. is the euro flawed, absolutely. will it survive, absolutely. i think that breaking it up would be too costly and disruptive, that he will have to make it work. it was fundamentall

the referendum will does whether he can stand for a third or fourth term. >> brazil's supreme court has suspended a committee deciding whether to impeach the president rousseff for alleged corruption. opposition politicians accuse rousseff of mismanaging the budget. >>> the government in colombia is close to signing a peace deal with farc rebels aimed at ending more than 50 years of civil war. "has been given exclusive access to a rebel camp where fighters preparing to reenter mainstream society. >> farc fighters exercising at dawn their rifles in hand. those gathered in this camp are not here to practice how to fight. >> it's time to start a literacy campaign, mathematics, fills see, economy and bolivarian ideas. >> the commander leads the first morning class. its part of the strongest military faction of the group. he tells the rebels about the changing focus. >> recently, farc highest commander ordering the end of ominous and explosives, preparing for civil life. >> for the past three years, farc has been holding peace talks in havana with the colombian government while the conflict

continue his rule in the country but i'm completely sure that he will never succeed in defeating isis or brazilin the coming years. i think of mr. putin wants to do this, let him try, and if you want to have a very necessary and good ally on the ground you should openly speak about the possibility of an independent state. so i think syria is gone. the strong coalition with russia is out of the question. thank you. >> i see a painful overlap in your validation of the assumptions particularly struck by your point that you don't see a common purpose between what russia is about and what secretary carries about for example. that is a very sobering thought. so we are back in the zero-sum game days, we were going to split today's program into this first panel to talk about how we got here with the idea on the second panel would be where we go from here. there is substantial overlap and i don't know if you want to have the presenters were find anything before before we go to the other commentators on this. >> thank you very much and thank you for inviting me here. i enjoyed reading both papers very mu

brazil. is it time to market or old? jorge: is it a country that rebound strongly? yes.nd to happen? it depends on a couple of things. one is china, remember, they sell so much raw materials to china and the second is political. stephanie: what are you going to do? you already have projects there. slowly inare selling those projects. we came in at a very good time. we are waiting. i have investments that i sold and now off back -- and now bought them back. real estate is really undervalued. i maybe wrong, it could be undervalued more. you, jorgei warn perez has over 1000 pieces in storage. when we talk about potential in miami ors is latin america or brazil, he said the key right now is that there is less leverage in the system. the same thing we hear about the financial markets. , in terms ofcuba real estate and art, they are the next great place. next we will review highlights from today's broadcast of bloomberg go. ♪ david: welcome back to bloomberg go. you'll take a look at what we had on the program today. >> i don't agree with donald trump's approach but i do agree

whether it is brazil or the other emerging markets it is hard to say. bt in these places. tom: peter, have you seen a good study on black markets. brazil is one big black market. almost like a two tier system. they have to normalize that pickpeter: can i throw one comment in? you mentioned contagion. it is not necessarily from the trade link but you look at the way south america is going in general, none of these economies is in great shape for not necessarily because brazil is bad but it is an impact. causes that are impacting -- tom: you did the internet story at business.com. credit suisse talking about an overpriced ruvell, someone like it overpriced real in brazil. jonathan: we talk about transmission mechanisms. the dominant one has been through the commodity market. the question i keep asking is at what point do we see it to the credit market? >> i'll answer your question -- but let me stress this point. are seeingyou through the commodity markets not only on russia, brazil, or have gotat you see, we the opec meeting on friday. a lot of these guys

from the $30, you have to take five dollars, $15 for brazil, and you are talking about an fob price of 25 dollars from australia orrom brazil. there is a lot of high cost reduces in that price range. so it is not sustainable. it is fantasyland at that level. >> is that what needs to happen to wash out some supply? the prices need to go lower? >> it is what happens in every cycle. evenpect that right now, at $39 of ton, there are people that are suffering. you also said it would be a lonely place if he got near $30. it is looking crowded. sam: it is crowded. whoe are a lot of producers are thinking on by their fingernails. they are burning up their shareholders and that is a decision for them, not for me. >> i do recognize the political oursphere now as not for party. theyg the past 7.5 years, successfully put their tech on kmt. what is the problem today in , including the end the theration's, all because of policy. check this response from the denver generation or the response from the people -- from the younger generation or the people. >> if they were perhaps to win and take control of parliament, what would be

if saudi follows russia or mexico or brazil and some of the other emerging market oil exporters and let's the real go it will change t structure for the whole industry in oil. >> let me ask you on another kmod i will i have been keeping an eye on that's lumber and the impact it has on the housing market in the united states. it's been acting pretty well here the last couple of months, yesterday in the face of the commodities slide it was up 2%, today earlier it was up 2%. is it starting to tell us something about the housing market or what's going on there? >> well, you know, the housing market in the u.s. has become in some ways the new safe haven, the new el dorado, the new gold. we have seen a move away from gold and now we're seeing u.s. housing activity picking up, people buying homes, not just americans by the way, we're seeing people from all over the world coming in and buying houses in the u.s. and apartments. that i think is leading to a big pickup in construction activity and is driving the demand for not just lumber but the demand for domestic steel in the u.s. is going to be

or two. david: go ahead. for ang back to brazilhis question of whether an impeachment of dilma rousseff would be a positive or negative is something a lot of people have been debating this whole time, never thinking it could happen. investors don't seem to like instability, but everything is rallying -- all brazilian assets are rallying on this impeachment. i'm curious as to where you see this coming if this scandal keeps unraveling an unfolding and we never know who's clear, who's out of the woods in terms of being investigated, politicians are no safe bet now either, i'm curious as to where you see the stability coming from. the market thinks there are two fundamental problems on that. the first is the impeachment scandal. an end to that process, nobody will really know who comes there. mostlyl last week it was politicians and a few construction companies and trouble. and everyonenker is wondering whether this is more judgment on the brazilian way of doing business much more than anything else. on one hand you have this corruptio

there is another scenario which is more negative, that would mean more years of low growth or recession. we think brazilen the right measures so far and we are confident that after maybe 15, 16 or half of 16, we will see growth again. the currency has depreciated significantly and this would allow exports and volumes to grow hopefully in the next year. not now, but a year forward. francine: how much do you worry about currencies? do you have a fair value for the euro? at the moment, it looks like it is going all over the place. -- and this will have an influence, of course, on santander. ana: so, currencies have been positive for santander this year. there will probably be a negative effect on our p&l next year, right? because of the latin american currencies. our businesses, we expect to do very well, but we will be dragged down by the currency when we convert our earnings into euros. we hedge our capital 100% so that is not an issue. it is very difficult to know what the fair value of the euro is. i do not know if it is 115, 112, 118. usually currencies tend to overshoot, so we have the euro at 135, 1

brazil. a means you're talking about price of $25 for must really a or $15 from brazil.of high-cost producers that will not pass that price range. it is not sustainable. it is fantasyland at that level. >> is that what needs to happen to wash out some of this excess supply? >> is what happens in every cycle. i suspect that right now the regular price of $39 a ton -- there are people that are suffering pretty loudly. it is still looking pretty crowded in many ways. >> it is crowded. there are a lot of producers that we believe would lead the market. that's life. they are burning up cash reserves of the shareholders. that it does the decision for them and offer me. >> i recognize the political atmosphere now as not for our party. 7.5 years, they have successfully put the attack on kmt. it is too close to -- including, the younger generations going to the mainland because of the policy. response -- the response from the people. >> it they were to win the presidential election and take control of parliament, will it be the obvious political impact, but also the economic impa

brazil. it means you're talking about a price of $25 for must really a or $15 from brazil.of high-cost producers that will not pass that price range. it is not sustainable. it is fantasyland at that level. >> is that what needs to happen to wash out some of this excess supply? >> is what happens in every cycle. i suspect that right now the regular price of $39 a ton -- there are people that are suffering pretty loudly. >> it is still looking pretty crowded in many ways. >> it is crowded. there are a lot of producers that we believe would lead the market. that's life. they are burning up cash reserves of the shareholders. that it does the decision for them and offer me. >> i recognize the political atmosphere now as not for our party. during the past 7.5 years, they have successfully put the attack on kmt. it is too close to -- including, the younger generations going to the mainland because of the policy. we have to do a response -- the response from the people. >> it they were to win the presidential election and take control of parliament, will it be the obvious political

brazil. so that means you are talking about a price of 25 from australia or 15 from brazil. are a lot of high cost producers that are not going to pass muster at that sort of price range. it is not sustainable. it is fantasyland at that level. happenhat what needs to -- that prices need to go lower? grexit is what happens in every cycle. that thereight now are people suffering pretty loudly. be a lonelyit would place if we got anywhere near 30. it is still looking pretty crowded in many ways. it is crowded and there are a lot of producers hanging on by their fingernails. up the cashning reserves of their shareholders. that's a decision for them, not for me. that was sam walsh. before we go to break, u.s. natural gas sold at its lowest level since 1999 and you can thank el niÑo for that and the warmer than expected winter we have had. 20ing up in the next minutes, the republican presidential hopefuls are gathering in las vegas. their fifth debate is tonight. a lot has changed in the country and the world since they met last month. apple is said to have opened a secret product

something that was in brazil or the carribean. what our goal is, is to use the sao jose as a launching pad for a many year project to showcase what our goal is, is to use the sao jose as a launching pad for a many year project to showcase the work of other people and . help people begin to understand how complicated and how essential the slave trade is to our understanding of who we are today. >> the recovery effort was kept under wraps for several years. at a fear of treasure hunters. are there other projects that you are currently working on that are under wraps? paul: we are working in a number of areas around the world. we have the submerged resources center. we are doing active work in and around st. croix in the u.s. virgin islands. we have archival material that documents shipwrecks there. the smithsonian is coming in. not all of these sites may prove to have shipwrecks. but all of them, whether they are in st. croix, cuba, senegal, or other sites, they all contain potential and contain those crucial historical and communit

are you distracted by brazil or totally focused on climate change?n you are a mayor, you're never distracted. think this meeting is a great opportunity to get together. 400 mayors from different institutions, and talking about this important issue of climate change. at this time in a city like paris, with what happened three weeks ago, i think it is good to be back in this amazing city to talk about the future. it shows that terrorist attacks will never stop us from making a better world. francine: there was something that struck me. when we look at the figures this morning, 70% of emissions come from cities. what can we learn from each other? how much information sharing is there among mayors? eduardo: that is the beauty of this. obviously, there are different levels of civilization, of development. rio is more similar to mexico city than it is with paris. but there are great solutions that will work for real -- for rio. there are great solutions in paris that will work for new york. networks, we think about transportation, a bunch of solutions. thi

mostly it has to do with what exists in west africa that doesn't exist in places like brazil or parts of north america, is you have these large civilizations that are at war with each other, so the wars and politics of west africa -- most slaves are were cap gives greater during internal affairs in west africa and european tapped into that existing slave market which geographically might seem more distant actually is a lot of ways easier for europeans to show up in both and make that trade. to the coast of brazil, you have these amazonian cultures who do not have these large state system to do not have this massive warfare do not have these existing captive markets. europeans would have had to create this and that is much more difficult. this is, again, sort of a -- one of the tricks of the slave trade. europeans always find it easier, legally and in terms of their conscience and economically, to purchase people that they made slaves by some one else. that way they can plug them into their own slave system. in many cases, a much more brutal form of slavery than they would have known i

looking at the radar, a patch or two of brazil coming off of -- of drizzle coming off of cape cod bay. just a heads up, you may encounter that this morning. if you do, with temperatures in the 20' s, it could be freezing on contact. otherwise, a lot of cloud cover clouds will be tough to scour cloudy day. lower 20' s, boston at 25. -- we are warming above freezing. 40 form lette -- 40 on cape cod. cloudy but dry, sunset at 4:20. upper 30' s from worcester up into the we watched the system approach from the south and west tonight cured through the evening commute, it will be dry, but up from the south. once it travels north of the around manchester. through the overnight hours. by 6:00 tomorrow morning, that is moving out. there he light, 1/10 or of an inch. down. it will be a little chilly. keep that in mind. temperatures tomorrow will be in the 40' s for the most part. just one thing if you' re heading into the city -- it looks like temperatures are not too bad initially, right around 40 degrees early in the evening, but we will be dropping cluster that freezing mark as we ring in th

markets have been attractive enough to them in a country like brazil or even china, which is cooling off, investors who have money and want to know where to park their money for better effect will be streaming over here again. >> tom ackerman outside of the federal reserve, tom, thank you. let's get more now on the new interest rate rise. kristen saloomey. >> well, the markets closed up on the news that the feds were raising interest rates. i'm joined by empire executions. this is against conventional wisdom. everyone expected the market to go down. >> you would think so. i think it was a little bit of anxiety releasing, clarity, getting more clarification of where we are, what to expect. i think that's more what really took hold today. that clarification. >> the market was happy that this uncertainty over the rate increase. >> yes. >> had finally happened. >> yes, one piece of that puzzle, this next puzzle that we're going to have to decipher over the next six months to a year, you know, it is what it is. >> janet yellen indicated that any future increases would be gradual. maybe an

same situation as china in a way deciding whether they are developed countries or developing countries. some of the like brazil fall very much into both camps. so quite how these policies apply for them will often depend on how they define themselves as developed or developing countries. thank you very much. daniel live for news buenos aires. joining how. >> they will come back together in five years and agree to increase the level of ambition. it's a step by step process that will last until the end of the century. >> how crucial is that mcniche by which countries will continue to evaluate their climate commitments every five years. how important is that? >> into my view it's absolutely. >> how can we text to mobilize clean energy? that will be very important. >> absolutely. as one of the previous speakers mentioned it's going to change the regular landscape. so we need to first of all think about the end game. what we need is low carbon energy. it doesn't matter whether it comes from renewable sources, nuclear sources or clean fossil fuels as long as the end product is clean carbon energy. how do we get to t

if the commission rejects it, both houses of congress will then vote on whether or not rousseff stays in power as brazil's first female president. blade runner oscar pistorius -- has been found guilty of murder by a south african appeals court-- that threw out a former manslaughter conviction. the paralympic champion had originally been sentenced to five years in jail for shooting girlfriend reeva steenkamp back in 20-13. he claims he mistook her for an intruder -- when he pulled the trigger -- shooting her four times through a locked door on valentine's day. "the principles of dolus evuantalis including error in objecto were found proved to be relevant to the conduct of the accused. and two the trial court did not correctly conceive and apply the legal principles pertaining to circumstantial evidence." pistorius had been under house arrest after serving one year in prison. but, he now faces up to fifteen years in prison on the new conviction. getting your house decorated is one of the best parts of the holiday season. but you need to be careful, because some of those decorations could be dangerous to you

. >> of course not just china and india, but last 24 hours or so brazil coming to the table, willingso-called high-ambition coalition. why is that important? talk about that. >> this high-ambition coalition is something that emerged publicly here at the paris attacks. it's an alliance of about 100 countries. it's led in part by the marshall islands. the country i mentioned to you that has this existential threat that it's facing. but also the u.s., the e.u., newly brazil as you mentioned. i think there is something that has surprised a lot of people here including me. the level of ambition that these countries including the biggest polluters in the world are putting forward in saying they want to limit climate change to two degrees celsius or 1.5, something sort of unheard of before the talks emerged. there are all these countries coming together to say this is the moment the world can do something about climb change. we made it this it change to be firm and lasting. we need it to turn the global corner away from the fossil fuel area and toward a economy. that group is driving this,

or independent band? a band? all right, the answer is? government waste. nasa researchers put braces on simulate the effects of micro gravity. jets to brazil. government waste or indie band? all right, most of the audience says band. and it is? yes, a band. [ cheers and applause ] super furry animals. it's split on this one. the answer is? indie band. couple more. life-sized pac man, government waste or indie up and down? indie band? let's see. it is, yeah, government waste. next, car seat headrest what do you think? government waste? a couple -- all right, it is an indie band. one more, suspicious bar coasters. government waste, yes. of course for the i think like ninth year run the most wasteful program to come out of congress in 2015 is congress itself. [ cheers and applause ] anyone finished their holiday shopping? a couple you? couple of lunatics, yes? holiday shopping can be a nightmare, let's be honest, it's hard to figure out what to get people, let alone where to get the stuffr this year, perhaps it's time to revisit the ways of our forefathers. this year may i suggest that you do your holiday shopping here? >> factory outlets are o