sixth largest share sale this year. they must be smiling at blackstone. they get to keep 76% of the business. we will talk about what it means later on. >> i like this story too. we will have much more on the hotel business throughout the program. that's head over to elliott gotkine. it looks like stanley fischer is being considered for the number two job at the fed. >> it does. personrstand from a familiar with the process that he has not only been offered the job i president obama already, but he has accepted as well. that would leave the only hurdle as the senate to approve him in the job. we are also waiting for the senate to approve janet yellen as the chairman of the u.s. federal reserve. >> elliott, thank you so much. john, you're watching rbs. >> $100 million they are going to be paying to settle an

investigation into sanction violations. this has got to be one of the worst months for rbs in many years. has stepped down, customers losing access to their accounts. just two weeks, that has all happened. stunning details and the story. i will give you more in 20 minutes. >> tank you so much. tara line, you're watching peugeot. >> we could see it down as much as 10%. 1.1 billion euros as the chart they are getting. foreign exchange weakness in brazil and latin america, russia , but also the cooperation with general motors is not meeting the savings they are expected. if they are the wearing their estimates, down goes the stock. >> we'll keep an eye on peugeot and rbs. we have macro news. mario draghi is about to speak at parliament. >> we are pretty sure he will reaffirm what he said in rome. we are doing our bit, get on with it. deutsche bank says tapering is a

50-50 possibility. over three be percent. asia closes at the lowest in two months. the first back-to-back drop in the s&p in almost two months. we will wait for a little bit of data in terms of inflation. we don't really have inflation in europe. we have got it in germany, but you don't have it around the rest of europe. equity markets open a little bit lower. -- stephen joined us and going into 2014 for the bank of japan, for the fed, the european central bank. equities are coming lower. the first back-to-back losses in the u.s. we have seen in some time. wait for retail sales later today. industrial production is expected to turn around in europe. the number you're looking for is a rise of 0.3%. there is the executive member of the ecb, he is talking about risks for bonds in europe. actually making banks take

account of that. that's have a look at the scorecard in terms of the companies that we talked about at the top. it is quite incredible. rbs sent a memo to the people in london, what not to include to avoid being caught for sanctions. compliance? peugeot down by 5.7%. the stock, capital raising, foreign exchange, caroline will take you through that. metro, david tweed will go through those numbers. let's check in with the currencies. aussie-dollar seems to be where the real focus is for market practitioners at the moment. here we go. yesterday i was saying that some people suggest stood -- suggested this was oversold. unemployment comes in at the lowest level since 2009. you have rising unemployment, dropping aussie dollar, the new zealand dollar also, reaffirmation that we may have

to raise rates going forward. euro-dollar, this is what you call persistence and stubbornness. almost like me on a bad day. , euro-dollar, seven straight days of gains. the longest rally since 2011. can draghi put a cap on the euro-dollar trade at 1.38? words sometimes mean a lot more than action. >> they sometimes do especially if you are the ecb. our next guest thinks that the fed will start tapering in december and sees good opportunities and emerging- market equities. for more on that, let's welcome andrew goldberg. talk to me first of all about your favorite flavor 2014. >> my favorite flavor 2014 would actually be -- you have to rotate from some of the more defensive parts of the equity market into the more cyclical.

one of the things we like to keep track of is the number of countries who have a pmi above 50. that is new highs. the cyclical upturn in the economy is taking hold. it is time to start rotating from those more expensive higher-yielding names into the more cyclical sectors. >> this is more u.s.? valuations here in europe seem ready attractive compared to the united states. >> broadly speaking, if you look at the index level, they are not as cheap as you would like to see. there are pockets of the value that i think can be exploited in europe. that is the key. it sounds like a self-serving thing to say but it is absolutely true. now that correlations have come down, it is much more about being selective. not everybody will get it right, but if you think you are going to play europe with an index, it is going to be much tougher. >> where do you see these pockets of the value? is it some of the italian banks maybe? >> there are a couple of opportunities and i can't get into specific names, but yes

there are opportunities in the banking sector. that is one of the things we are looking at with the asset quality review and the stress test coming up. there is going to be a lot of volatility there. opportunity to sweep up those names on the weakness. we like some of the technology names and the industrial names on a cyclical upturn play. >> how concerned are you that we are going to see a very big correction on the back of the beginning of fed tapering? >> not too concerned. i think the way the markets are pricing right now, they have made peace with the fact that tapering is not tightening of monetary policy. the fed is not going to raise interest rates for a long time. i do think that markets have made he's with it and understand that any tapering is predicated on an improving economy. >> what i am concerned about is that we have a massive rally in equities over the last eight months. not really based on anything fundamentally. growth is there, this much.

stabilization,ly not growth. how much further can markets go? >> i look at it a little differently in the sense that the fundamentals were delivered in 2011 and 2012. last year we reached a record high in earnings but the macro backdrop was not sufficient enough to give the markets comfort to reward that. this year things have been a little bit better. we had draghi's speech in the middle of 2012. ding said settle down. this is the year that the markets rewarded those earnings. that said, the markets have come a long way. you will not see a repeat of 2013 next year. to your point, growth in the market will be constrained by earnings. i think earnings growth will be moderate. strong single digits next year. >> andrew, thank you so much for that. this is what is coming up on "on the move." stanley fischer for the fed. what the former governor could

bring to the number two job. currency moves are hitting peugeot pretty hard. a massive charge that the automaker says it will take this year. russian companies take a page out of the netflix playbook. we look at that next. ♪

>> welcome back. i am francine lacqua in london. this is "on the move" on bloomberg television and radio. here is a stock that is on the move.

peugeot, you can see the stock was down seven percent at the open. it is now down 4.8%. we had varying news on peugeot. the carmaker said on its website that it is in preliminary talks with possible partners. potential project partners include the chinese dongfeng motors. peugeot didn't give any amount for a possible capital increase. the other store we know is that peugeot will take a charge of about 1.1 billion euros because of foreign exchange moves but also because of savings with general motors will be less than planned. stock prices the dropped. it is quite volatile. we have had a lot of movement with peugeot over the last two years. tonley fischer looks set become vice chairman of the u.s. federal reserve. according to a person familiar with the process, president obama has already offered him the job which he has accepted. elliott gotkine has more. is it a surprising choice?

i feel it is surprising in the sense that you wouldn't ordinarily expect the u.s. to appoint someone to a position of this nature when they just finished working for a foreign government. sense, he has u.s. citizenship as well, in the sense of his qualifications, it is not that surprising. he has just been the head of the bank of israel for eight years. he helped the country whether the financial crisis. israeli economy kept on growing. he was a trailblazer, the first to raise interest rates when the going got tough. he bought called foreign currency by the boatload. in 2010, he was voted central- bank governor of the year. let's not also forget that he was the mentor and teacher to ben bernanke, also marriott draghi. even larry summers. very well known in economic

circles, very well respected. he has the experience and track record to back up this kind of position. >> we have interviewed him many times. senate, approved by the what kind of policies will he favor? u.s. suggested that the ought to taper its bond buying program sooner rather than later. he has also suggested perhaps forward guidance isn't something he is a huge fan of either. >> there is a slight problem with forward guidance. you have to decide whether you give dates which is what they gave in the beginning or whether you give conditions. moved to giving conditions. that is more appropriate. that should be the forward guidance. that means you have to understand that there are lots of unexpected things that could happen. >> despite his misgivings, he has said forward guidance does seem to have worked so far. in that sense, he has come out

-- not totally against this. >> he was just in the studio a couple of months ago. he seems very young in his thinking. he is ready for a challenge and also quite upbeat about things. >> he is very decisive as he showed at the helm of the bank of israel. he is very patient. he takes these questions -- he is worried self-deprecating. you can't find anyone in this country that will have a bad word to say about him. >> very true. elliott, thank you. blackstone took the world's largest hotel operator public yesterday in an ipo that could result in one of the biggest private equity profits of all time. the ipo priced at $20 per share raising 2.3 5 billion euros. manus cranny has more. what exactly are investors getting? >> i think they are getting access to a fairly major real

estate portfolio. they are getting access to the u.s. recovery. 60% of the revenue for hilton at the moment comes from the united states where unemployment is falling. revenue per available room is on the up. they are the kings of timing. that is what somebody said to me at lunchtime time when we were chatting about this. they said these guys are the kings of timing. they are taking this zeitgeist moment of recovery and really beginning to tempt institutional investors. you have to make a choice what you want on your portfolio. how do you want to be positioned? who has the assets that you want? a well-run franchise and they have five people on the board. they are not letting go of the management of this company. if you think of some of the brands that are in there, could the next step be real estate insurance trust?

10 big brands, luxury to budget, it is all in there. >> it certainly is. blackrock but hilton in 2007. many people at the time questioned the deal. they have been proved wrong. >> absolutely. i think when you look through the detail of what blackstone actually did, they paid down the debt. they bought back debt. they brought financing with this company. they were able to weather the storm. they rebalanced the portfolio. just look at it. they have got 171 new hotels being built in china. it was barely six at the time when they took it over. they financed it smartly. they know a thing or two about property portfolios. >> they certainly do. thank you. manus cranny with the latest on hilton. the chief executive will be on bloomberg tv later today.

don't miss that conversation coming up at 3:00 p.m. london time. still with us is andrew goldberg, global market strategist at j.p. morgan asset management. andrew, thank you so much for sticking around. talk to me about ipos in general. there has always been a strong correlation between market sentiment and stocks going up. this year it has felt a little bit different. >> one thing that you have to see is strong ceo and cfo confidence too. it takes guts to do some of this stuff. the other thing that you need is cash out there. you need to see favorable credit environments. if you look at all of this together, 2014 should be a decent year overall for ipos. our team is not in the business of predicting volume but we have a sense that it is going to be a better year into 2014. >> what about m&a? is it too difficult? times -- therst

share price usually rises. >> it is hard to pick them. said, there are people who go out and screen for those companies that they think are going to be involved in the deals. it is really tough to do. that is not our cup of tea. >> you like emerging-market equities. the cio at j.p. morgan asset management likes to say that when you invest in emerging markets, you're dealing with lying, cheating and stealing. you have to be able to navigate in that marketplace. when i say i like emerging markets i want to offer one caveat. right now, they are screaming cheap. you cannot ignore it. if a year from now someone comes to me and says they haven't performed this year, i don't care. i have a 3, 4, 5 year horizon on this one.

it may not work in 2014, don't care. they're still cheap. >> you have to pick country by country, right? no two emerging markets are created equal? >> i will give you an example. we talk about if you are investing in russia. i know that rush is going to be in the news a lot lately. if you look at the composition of the index in russia, a lot of it is basically in energy. if you look at south korea, you're taking a big bet on technology. in china, a lot of it is government owned banks. you have to be very selective. i would go beyond the country level or the sector level. you have to get right down to the stocks. get to know management when you make those investments. that is pretty important. overall, right now emerging markets as an asset class is trading at a price of around 1.5. that is as good as you're going to see it get. >> we are just getting mario

draghi starting to address parliament. we are seeing live pictures of that as we speak. how concerned are you about currency movement? this is going to be the big battle that the ecb has to fight in 2014. >> in my opinion, there is more that the ecb could be doing. , heard you discussing before mario draghi's you is we are doing everything we could. if we could create jobs, we would have done it years ago. it is about structural reform. i think they could be doing more. in particular, what they could be doing not just to help the currency situation but small and medium-sized businesses are the lifeblood of the european economy. i have done some work on it recently and found it is even more important than it is in the u.s.. what the ecb might be about to do is go out, buy up some of to drive backed loans those rates lower, encourage borrowing. it is probably not going to happen until after the bank stress test.

>> andrew, thank you so much. monitor whatnue to mario draghi has to say over there at the european parliament. currency moves are hitting peugeot hard. that is coming up next. ♪

>> welcome back to "on the move ." we are just getting some

breaking news at liberty global. liberty global according to people familiar with the matter is ready and is preparing to make a renewed bid for his ego. a very successful cable operator in the netherlands. what we know so far is that john malone has run 30% of ziggo. they did make an offer earlier this week. -- earlier this year. i was rejected as inadequate. we have been talking about m&a for a long time. european cable broadband providers are attracting deals as we see more and more competition in mobile phone services. ziggo gaining 5.7% as we speak on the back of that breaking news. peugeot shares are falling as the carmaker takes a 1.1 billion euro charge. here with more is caroline hyde. exactly is the charge related to? >> the charge, they warned us in

the third quarter that currencies are going to be hitting profits. down six percent as they outline it is going to be 1.1 billion euros in total and it is the weakening currencies. foreign currency moves in russia, latin america, as they weaken your getting less bang for your buck when you sell each car in that area. a one percent move in the euro will equal 80 million lost profits. it is related to foreign exchange. it is also related to worsening auto markets across the board. also, a key concern today is an update with their relationship with general motors. it is not being as successful as they hoped. the savings target had been for $20 billion in synergies by 2016. we have cut that by 40%. you are not going to get it until 2018. they are sharing those synergies with gm. >> the problem with peugeot is it has come out with bad news over many years. it doesn't really have cars that

people want to buy yet they are still trying to convince investors that they have it under control. >> exactly. they are so desperate to get into growing markets in asia. they have outlined how they are going to be easing investors concerns. they're offsetting these exchange rate fluctuations. they're going to have a taxable increase. if you are selling more shares, you are diluted if you already hold them. they are looking to reduce that cash flow. it is 3 billion euros they were burning through last year. there are going to half that i this year. more important is forging partnerships in asia. they keep telling us about dongfeng. today, they are still in preliminary stages with dongfeng and other potential partners. many feel this is the last lifeline. i have got to get into china. they have got to get out of the independents on europe. no signs of video quite yet. >> yesterday, we reported that

rbs's ceo resigned after two months on the job. the bank is paying up to settle a sanctions probe. details next. ♪

>> welcome back to "on the move ." i am francine lacqua at bloomberg's european headquarters here in london. mario draghi is speaking at the european parliament. he is saying that the measures implemented by the ecb have helped. he is talking about the role of women in boards and senior management positions. let's have a quick listen. >> also, progress on the unions. only then can we say we have se a genuine european union.

let us say the opportunity of the next elections to have an open public debate on the further steps needed to strengthen the architecture of the european monetary union. thank you for your attention. [applause] >> that was mario draghi speaking there at the european parliament, talking about his hope to find a banking union. he is also talking of course about supervising and theyvision, the fact that will take account of the banks after the asset quality review in november. he says that so far ecb measures have helped small and medium after prizes but the supervision overall needs a different and ability to monetary policy. we will monitor any questions that mario draghi answers in the neck couple of minutes. these are the bloomberg top headlines. nearly 90% of economists say that next year's stress test by

the ecb will be more credible than previous exercises. mario draghi has said he won't hesitate to fail banks if needed. aboutles of the exams of 130 lenders are due to be released at the end of january. for a bag of israel governor stanley fischer is said to be the leading candidate for the number two job at the fed. though a newcomer, he offers experience and strong credentials. taught ben bernanke and mario draghi and was a professor at m.i.t.. to will pay $100 million settle accusations that it violated sanctions programs targeting iran, sudan and cuba. bankregulators say the failed to disclose information about the identities of sanctions parties from 2002 to 2011. rbs says it deeply regrets its oversight failures. let's get jonathan ferro for more on that story.

what else can you tell us? million in comparison to the fines we have seen, this is nothing. what is surprising is the actual allegations. 3.5 thousand transactions valued at millions of dollars. information that they failed to realose -- here is the interesting part. according to regulators, a processing center here in the u k received written instructions on how to avoid detection. written instructions. rbs hasn't just been accused of doing business with countries they shouldn't have been, this is about evading detection as well. >> this is another hit to the reputation of rbs in what has been quite a month for the bank. >> what a month. eu fines, u.s. fines, customers losing access to accounts. the cfo quit in the past week as well. on this occasion, rbs say they are deeply regretting oversight failures and pledge to

strengthen compliance controls. that is going to be a big effort. the government still owns 81% of this bank, a bank that at some point the government here in the u k would quite like to sell. with the stock down over 1% and these events coming up one after another, it does not make their job any easier. >> it really doesn't. thank you so much. for more on hilton's ipo, let's welcome melvin goldman. great to have you on the program. talk to me about hilton. this was what blackstone bought in 2007. everyone said, i wouldn't want it. now it is probably one of the most successful ipos ever. >> amazing. to be raising this amount of money on the public markets at this point, the company has undergone quite a transition. the two hilton entities came together. they went asset-light and have been selling off assets. it has been an amazing success story of financial engineering.

i think there was refinancing even in 2010. we have progressed to this point. they are going to raise over $2 billion on the public markets, the biggest hotel fund raising ever. quite remarkable. >> ura hotel expert. if you were in charge of hilton, that the franchise so big you can actually spin off into more lucrative brands? something high market or more mniche? >> they will pursue the strategy. there are a few assets still on the books. i am not sure they can sell all of those immediately. those may well go. think that is an obvious cap -- gap in the 10 brands they have at the moment. they are in different tiers of the market.

the lifestyle would appear to be a network gap but i think the market as a whole is probably ready for them to continue. they are one of the three largest hotel companies in the world. they are not that -- not get the largest. marriott and hilton are right up there. those will fight it out to the whole is the largest. marriott is quite interesting because they have got -- they are taking over in south africa. could well be by the end of 2014, we might see a change in leadership. >> the big difference between intercontinental and hilton is that hilton is still hanging onto assets. intercontinental has gone on a fully franchise faces apart from three or four hotels. >> yes exactly, just three or four. >> do you think hilton will go

down the intercontinental route? >> it has been going that way. only about 150 of their hotels are sitting on their books as assets. that theyeem logical will continue to pursue that strategy. i think that is what is coming up. the new shareholders will continue to put pressure there. we shouldn't disregard the fact that blackstone retains the majority of the company at the moment. they will probably also exit some further shares over the coming years. , they are set with 76%. they are driving the strategy. they have been driving that strategy in recent years. i guess they will continue to do so. >> thank you so much for all of that. "oming up on "on the move russian companies take a page out of the netflix playbook. can legal streaming dethrone russia's last pirated content?

we will find out next. ♪

>> i am francine lacqua in london. this is "on the move" on bloomberg television, streaming

live on bloomberg.com. let's take a look at shopping in the year to come. bloomberg industries analyst joins us. he is part of a team of 140 that provide global data on all major sectors. we are looking at 2014. talk to me about valuations. asos,e online shopping, amazon, valuations are so high. --i think what we have got fear and greed. we have investors who are terrified of missing out on the second big coming of the internet retailers. sales growth remains very strong there. some of them are still struggling with profitability. thatwe have got the fear the traditional retailers are going to have things taken away from them. even if they have got good at internet operations as many of them have, there is worry about the traditional part of the business. >> are we going to see a lot more retailers trying to be more aggressive online?

there are barriers of entry. >> what we are seeing is that people who weren't online, they have a great electronics business and store, but they are melding -- building an online presence as well. we are seeing them committing their business to be absolutely integrated into the digital world. spencer, another one that is moving strongly digital. we are seeing this one way or another almost everywhere. >> give me a sense of who is going online. we have figures from metro today. this is the biggest german retailer. we are struggling aren't they? >> a bit better in some of the less glamorous areas, but the electronics business, they have an ownership issue. it was a great business model to have each individual store 10% owned by the manager. he had control of price range, everything like that.

as soon as you try to get a national internet offer, you get this huge clash about who earns sales, what the pricing should be and that. it was problems that had to be overcome in a business model. legacy ande had a were able to go online very easily. >> it is still important for a lot of companies to have flagship stores. >> what we are also seeing is this idea that you need experience if you're going to go to the store. we have the into text -- indi tex figures yesterday. it has been the year of the zara flagship. massimoar is the , flagship. it is the idea that they have to build much bigger units. if you go out shopping, you experience something. >> i look at the way i shop and i do a little bit online. i look online and then i go

brick-and-mortar's. or i go to the shop and then buy online. for the moment -- >> actually that is the really key thing. we had some figures. a couple of people reported recently. hugo boss said their multi channel shopper, the person who does what you do, spends twice as much as the online only or off-line only. we are seeing the same sort of thing with supermarkets as well. the multichannel customer is worth a lot more to retailers than the online only or off-line only one. >> charles, thank you so much for coming on for a look at the trends in retail for 2014. let's check in on some breaking news that we have on nifty global and ziggo. we find out that they were looking at ziggo. ziggo is confirming that it is in talks with liberty global. this as we have been talking more and more about consolidation. iggo is a cable provider in

the netherlands. it has been quite challenging. it has been what you call a disruptor. it has been seen as a very young , a very cool cable provider. the bird a global has in the past already set their sights on it. but they30% of ziggo made an offer to buy it and the offer was judged as inadequate a month ago. we will keep watching the story very closely. ziggo now confirming it is in talks with liberty global. the stock prices gaining some seven percent. we will have more on this breaking news throughout the morning. the pulse is coming up in about 15 minutes. i am joined by my coanchor guy johnson. what we thought was going to be a quiet day has turned into quite some corporate fast with peugeot and liberty global. >> there is no such thing as a quiet day. let's be clear about that. and --o continue the pt

p theme we are focusing on the three p's. as france says, we have peugeot. we are talking about the future for this business. does it light in china, detroit? what is the story there? we are continuing the conversation. then we have putin in russia delivering this big speech today. very relevant to the story in the ukraine as well. what is the future for a democratic russia or ukraine? and hotels. planes numbers at half past nine london time. we will get a take on where you should be going for holiday inn 2014. >> thank you so much. guy johnson in about 14 minutes from now. there are some company's on the move. facebook will join the s&p 500 next week. facebook will also join the s&p 100 index.

nearlyk shares climbed five percent in extended trading following the announcement. japan surpassed the u.s. as the top grossing market for apps in october. that is as smart phone surges. app revenue in japan tripled from a year earlier while downloads increased after docomo started offering the iphone in september. the new xbox one console reached more than 2 million in sales on its first 18 days on the market. the company is trying to keep up with a 4 this holiday season. milliond it sold 2.1 machines since they went online. as aa has long been known hotspot for pirated movies. as the country makes it harder for websites to host illegal videos, they are seeing an opportunity. >> absolutely. this is a tiny industry which has huge potential. online advertising on these

online video sites is where almost all of the money comes from. people still aren't prepared to pay to download videos. if you look at the projections for that advertising revenue for 2014 in russia, it is about $75 million compared to more than $4 billion in the united states. that means the u.s. market is more than 50 times larger than the russian market. people in russia say, we have less than half the population. russians don't make as much money, but 50 times, that is too much. we can clearly catch up. maybe a tenfold difference cap would make more sense. marketans the russian can grow by five fold just to catch up. they have more than 60 million internet users, the biggest internet market in europe. growing at a 15% a year pace. there is a lot of potential there. >> who are the big players? >> one of the interesting things

is they are not the company you have heard of before. there is no netflix. it is all your early you leaders within russia. ivi.ru is one of them. these companies have gotten established. netflix which has 30 million users in the u.s., 8 million outside, just set up shop here in the u k. it hasn't moved in yet. it will be interesting to see if netflix does go to russia. there is that potential there. whether it goes there on its own or tries to buy one of these companies or whether these companies like we have seen elsewhere are able to go on their own and keep the likes of netflix to the side. >> ryan, thank you so much for that. you have been watching russia for 25 minutes. has the industry evolved much? >> it is pretty interesting. in the 1990's, there was this open-air flea market where you

could buy any cd or dvd in the world. often of movies before they came out in the theater. you remember where people shop -- shot the--shot screen. russia introduced a law that makes it much more difficult for those filesharing sites to thrive. there is a crackdown. or is a chance for this industry to grow. >> thank you so much for that. coming up, anchorman is back with a vengeance. more on how ron burgundy is reinventing the motion. stay classy. we are "on the move." ♪

the news team is back and it is not us. ron burgundy has been busy prevent -- promoting the "anchorman" sequel. me get this straight, a movie that came out nine years ago and earned a respectable but not extraordinary $95 million is about to spawn a sequel that may well be the hit of the holiday season. doubt the without a dumbest thing i have ever heard. >> let's get the obvious out of the way. "anchorman" was wicked funny and became a cult classic. 2" ist know if "anchorman

any good. already it is a marketing juggernaut. >> the news team is back. >> there has been a museum ,xhibit, a book, tv commercials a mobile game, tv cameos. they even renamed a college. movie tie-ins are no new thing but anchorman is taking things to a whole new level. >> this is ron burgundy reporting for espn. ferrell andke will the director are no strangers to digital media. there, the website funny or die already makes more than $30 million a year. ron burgundy is a character that comes along once a decade. will ferrell is genetically engineered to play him. >> i love scotch. here it goes down. down into my belly. >> you can put burgundy and we love him. we love him when he is selling a

dodge durango. we love that there is an ice cream flavor we are named after him. i guess "anchorman 2" could tank but there is a likelihood it won't. a strategy is an work unless you have got the goods. well, i don't know how to put this but -- >> i am kind of a big deal. >> ron burgundy is kind of a big deal. >> i don't think i can keep it together after that. for a recap, let's check back in with caroline hyde and john ferro. he is so funny. >> i do want the burgundy suit. i need a lot more. you are a big deal though. classics -- eclectic. talk to us about peugeot. >> it is down by 6%. we get details on how much the

charges. with weakening currencies in latin america and russia, 1.1 billion euros charge plus savings from this deal with general motors. the partnership is not as big as the savings had hoped. the second-biggest carmaker in europe. ,> rbs in the last two weeks you find, u.s. fines, customers losing access to their accounts, the cfo steps down. the government breaks even with this bank. right now, down 2%. we are not getting any closer to that price. they questions about the management of this company. >> very big questions after the cfo stepped down yesterday. this is what i am watching. liberty global said to be in renewed takeover talks. outhink liberty global put an offer. liberty already owns dirty percent of ziggo. i try to buy the company earlier this year but ziggo said the offer was inadequate.

ziggo gaining seven percent. it is one of our top corporate stories. stay with bloomberg tv. guy johnson and i are back with the pulse. that is coming up next. ♪ . . . .

>> another bump in the road. gm fails to gain traction. >> resident food and gives his state of union speech and he says that russia's unity must be defended. flight.uture of issuing the outlook for 2014. we are joined on "the pulse." good morning. welcome to "the pulse." i'm guy johns