>> from bloomberg's offices, this is bottom line. to our viewers in the united states, and those of you joining us from around the world, welcome. we have full coverage of the stocks in stories making headlines today. peter cook has the details on defense secretaries resignation. phil mattingly has the latest on efforts to reach a deal on iran's nuclear program, and shall be holiday looks at the most annoying airports in north america. first, let's get you to the top

stories of the day. it starts with a grand jury deciding whether to charge a police officer in the death of 18-year-old michael brown. that reconvenes in ferguson. area,ts in the ferguson and in states around the country after the panel's decision. president barack obama, it eric holder, and brown's father, are all calling for peaceful demonstrations. the city has been bracing for a decision that could come at any point today or any day in the very near future. opec is considering sparing three countries from dissipating in the potential oil production cut. the three countries are said to be iraq, iran, and libya. producingies are below their potential now. former shell oil president spoke on bloomberg today about how opec has to -- lands to respond to plunging oil prices. >> if there will be in a cut at

all, i think it would be at best, symbolic. it's something the saudi ministers -- put yourself in the saudi ministers choose. the saudi's take a long-term view. not competing with anyone except themselves for what the long-term future looks like. they know that $100 oil has repressed global growth. they know they have a lot of oil for the future. you take a long-term view, why would we cut oil to get prices up to restrain economic growth? let's promote economic growth. >> opec meets in vienna this week on the 28th. we will all be watching closely well eating turkey. turkey, we could be looking for another restaurant to buy. the $1.8 billion operator of i hop in the casual dining chain applebee's will have more cash to spend after refinancing its debt during last months of learning call. the idea would be an emerging

restaurant with the potential for international or u.s. expansion. so pretty much any small restaurant. ups is rushing to hire as many as 95,000 people by next week to cope with projected record deliveries. that's a holiday workforce bigger than macy's. recruits are getting a crash course on lifting heavy loads, andling up on socks, fending off snarling dogs with hand-held computers. hopefully they get the stuff there on time, unlike last year. that's a look at the top stories of the day. let's go to washington. president obama needs a new secretary of defense. chuck hagel announced he is stepping down after less than two years on the job. his departure comes as the country faces new security challenges. peter cook has more on what drove the decision. was this his call? >> the president said the announcement meant that hagel came to him a month ago and said it was time to step aside at the pentagon. it's pretty clear the president didn't try to talk and out of it.

there have been tensions between hegel and the president's national security team since he first took this job less than two years ago. a was described to me as mutual decision between the president and the secretary of defense. hagel, the lone republican and decorated vietnam war veteran felt marginalized. he had to go around the president staff to give his opinion. after today's announcement, the president called him an exemplary secretary of offense -- defense. >> if there is one thing i know about chuck it's that he does not make this or any decision lightly. this decision does not come easily to him, but i consider myself extraordinarily lucky to have had him by my side for two years. i'm grateful that chuck has agreed to stay on until i nominate a successor. that successor is confirmed by the senate, which means he will continue to guide our troops at this challenging time. have set notwe only this department, the

department of defense, but the nation on a stronger course toward security, stability, and prosperity. if i didn't believe that, i would not have done this job. agreed to serve until his successor has been made. it's another big opening in the president's cabinet with less than two years remitting in this job. it's not just the is like state the successor will have to take on, they have to deal with the return of sequestration, the budget is a big issue for whoever takes on this issue. shortlist?on the >> people who have been confirmed before and worked at the paragon of this president. ashton carter was the temporary -- deputy secretary defense. he was bypassed in favor of chuck hagel. michele flournoy could make history as the first woman appointed to this position. numbero bob work, the two to hagel and the pentagon.

he spent more than 20 years in the marine corps. those are three fuel and confirmed for jobs at the paragon. they would be among the easiest fix. >> peter, thank you very much. their deadline, international investigators agreed to extend talks with iran over its nuclear program. iran and the group of world powers agreed to give their teams till march 1 two agreed on a political framework until july 1 to iron out the details. phil mattingly was a from the white house. is this being viewed as a failure or setback? >> it depends on who you ask. it's a setback in terms of negotiators really thought they could move up to this deadline, stick hard to this deadline, and try and suss out an agreement. as john kerry said today in vienna, it's a complex process. one need more time to figure out. hard,have worked long and

not just over these past days, but for months. an order to achieve a conference of agreement that addresses concerns about iran's nuclear program. this takes time. the stakes are high. the issues are kabul kate it and technical. -- complicated and technical. donegotiators on both sides stress that progress was made. but they feel like more time is needed. that time will start pretty quickly after the thanks giving holiday. >> one of the major sticking points -- what are the major sticking points? >> you heard him talk about it comprehensive agreement. until every thing is hammered out, there's no way to move forward. that includes the capacity of the iranians to continue to a rich in rain -- uranium. it's how quickly they will start

to ratchet back sanctions. iran wants them all off it wants. until the can figure pathways forward on either of those things, it will be difficult to reach an agreement. >> phil mattingly joining us from the white house. coming up, the president of general motors joins me. he talks about his efforts to change the way gm produces and sells cars around the world. and how they deal with investors, because selling cars hasn't been that productive. ♪

>> we turn our focus to general motors. shares have fallen 22% this year as u.s. sales of the strongest since 2007. analysts project a global record next year. dan ammann joins me in studio. we had lunch together, it was great to have you here. we are glad you could come on tv with us. investork about that perception versus customer acceptance. why do you think this is? >> fundamentally, it's our golden look out for the customer, do the right thing by the customer come up with the right vehicles on the road. that will drive sales. it's what you have been seeing this year, the sales run the bottom line. been seeing that consistently, quarter in quarter out. the stock will catch up with reality. >> i have wondered. obviously, mary barra, the ceo,

is trying to lead a turnaround in gm's culture. i want to talk about that as well. the cars you put out have been so successful, and such high-quality vehicles -- those must have started a development long before mary was in the ceos office. were workingo you on the beginning of the ats, which we're looking at here. >> you know how the development cycle works. it's a long cycle business. we have been doing great cars for a number of years. it is not something that just happened this year last year, it's been a big part of the recovery of general motors. we have been building world-class product. what we are doing now is taking that in saying it's not just about the product, it's also about the customer experience. the experience in the dealer store, the after sales. it's true through the whole lifecycle. -- the recall issue is what brought this need for change. side, it seemser like customers have watched,

they have understood, and they are still going into showrooms of buying the cars. as we pointed out, investors don't seem to have that same appreciation. why is that? is there an certainty how much this will finally cost? >> investors don't like uncertainty. we have been going through a period that had uncertainty attached to it. we can control doing the right thing by the customer. having the right customer experience. having sales continue as they have with results in the bottom line. the stock will follow that. >> your team seems to have done every thing right with regards to giving ken feinberg control of this fund. letting a third-party takeover. you are working with regulators as well. don't you need to allow investors to brace for certain costs, like a fine? toyota had a $1.2 billion fine. can you say to investors we are probably going to have to pay something like that as far as

fines are concerned. >> there is uncertainty with investors about that. we are working through these issues as quickly as we can. we have to keep doing the right thing. it's been our fundamental mantra as we have gone to the situation. do the right thing with the competition -- the compensation program. do the right thing by getting in touch with every customer we can to repair the vehicles and to let them know what the plan is of how we are going to go through that. we are just going to work through this one step at a time. make sure we do the right thing all the way through. >> how close are you getting all the vehicles that were problematic at the beginning of the year repaired and dealt with? >> we are well over half way. we are working aggressively to find every customer we can. we have gone through a whole unique series of ways of getting a hold of people that we haven't used before. i think it really set the standard in going out and trying to find every possible customer we can to make sure we get this repair made. >> you are saying we are now in an area where the customer expects zero defects. is it going to be the norm going forward if you find a problem,

even if it's not a safety issue, say something having to do with rolling her window up, are you going to be recalling vehicles for stuff like that going forward? >> we put the customer at the center of every decision we make. as soon as we see any evidence of an issue, the first thing we do is act on that. we get people to go out and understand is there a real issue there, and if there is, it's only when you to act on, and how are we going to act on it to get it done quickly? that's why we have gone through a number of loopholes on the small numbers of vehicles. on,dentified issues early acted on those effectively, it's not just about safety. it's also about customer satisfaction. finding issues customers aren't happy with, bringing that feedback into the development cycle, and making the cars the best we can. -- how areyou doing you bring about this change? you talked about going to dealerships yourself and meeting customers. or taking actual e-mails or phone calls, complaints. actually watching what goes on on twitter and facebook and

social media. >> this is about getting the organization can -- connected to the customer. we do it as a senior leadership team. we have engineers spending time in dealerships. we have engineers spending time in call centers. it's all about walking the talk and making sure the organization understands we will put the customer in the center of that decision making. they make sure they embrace that. >> has anything surprised you? >> we learned a lot. as we are connected and these data fields, and making sure we understand every thing that is going on, what we find as can identify issues very early on, with very small sample sizes over a limited field of data. we are much better connected around what is understanding what is going on with the customer. >> we will take a quick rate. stick around and talk about whether this is the second golden age for cars. the 60's being the first. are we at now. after thedan ammann break. still ahead, the most annoying airport in north america. i will have a survival guide for

travelers coming up this things giving holiday. we actually sent shelby to these incredibly annoying travel hubs. stay with us. ♪

>> we continue our conversation with dan ammann, president of general motors. through the difficult heavy news, the recall issues. we finally get to talk about what i'm excited about -- the cars. i was saying during the commercial break, something else happened in 2005, 2006. someone at gm said i give you permission to go out to go out and make these incredible performance cars. then, the cpscd was started then. the chevrolet ss. there was a huge focus from gm on high-performance sports cars. >> is not just high-performance

sports cars. it's the whole portfolio. you saw a fundamental realization from the true believers in the organization that we need to do great cars. will be great cars, it the first important step to building a successful business around that. that realization happened early on. you have seen the evidence of that coming through over the last few years. the resources, financial resources, engineering resources, everything else to put around not just great correspondent -- great cars, but the customer experience to go with that. >> it brings cadillac to mind. that original cts was revolutionary. won second-generation cts motor trend car of the year. them ins aren't buying droves. what is your strategy for building the cadillac brand? >> that shows what i was describing. a wonderful vehicle, world-class vehicle, better than the competition in summary

dimensions. but the awareness of the brand and recognition of what the brand stands for has yet to catch up. we have to rebuild awareness around cadillac and the brand as it relates to the vehicles come as a relates to the customer experience, to the dealership experience. that's why we are bringing in someone to run that business, why we need to set it up as a separate business within the company. >> i'm excited to see how he deals with breaking it out, and the name change. the name changing strategy has gotten a lot of press. what do you think about that? >> everyone has a point of view on that. his team are responsible for running the business. >> he was successful for doing this at audi. let me ask about the trucks. i have been a big fan of the nice american v8. it turns out even with the 700 pounds that ford has shed using body, their v8 isn't going to be your old v8 in fuel efficiency.

what does that mean as far as the game changing trucks? >> we will continue to sell a lot of silverado and sierras because they aren't a winning truck and they are doing great in the market. we are delivering what the customer wants, and showing up in the results. >> customers wanted a midsize truck as well. a diesel with a stick, at least i wanted one. you were actually putting one out. are you getting sales figures? >> the colorado will be a huge home run. , everything we hear has been tremendous. the fact of the matter is there are a lot of people that don't want or need a full-size pickup, but do want or need a well executed super top-quality midsize truck. that is what they are getting with colorado. returnfully we see the of the cts the wagon with a stick shift and mental transition. dan, extra joining us. dan ammann, president of general motors. hip-hop group wu-tang clan

prepares to commercially released its first album in seven years. we asked why the wu-tang forever remix hasn't happened. >> i wanted to do it. i'm still willing to do it. let's do it. >> it's hard to get wu-tang together to do our own album. appreciate thewe name checking. to see that wu-tang has inspired him as well. we said wu-tang forever, the song was one of the best lyrics written and have all. -- in hip-hop. the point being made that that album was called we tend forever. it wasn't only about us, it was about the spirit and the music of we put out there. we continue to inspire, continue to go on for generations past this. that's forever.

>> the group's album, "a better tomorrow," will be released on december 2. for a guy my age, that is must-see tv. that was my college band, i guess you could call it hip-hop group a band, back in the 90's. "taking stock," at 5:30 with the wu-tang clan. are they coming back? it's 26 minutes after the hour, which means bloomberg is on the market. are you a wu-tang fan? >> a bit. sadly, i did not get to conduct that interview. let's talk about what stocks are doing right now. we are seeing green on years great with the s&p and dow once trading at records. the dow is just barely there. consumer discretionary stocks lead in the game today. let's talk about individual movers. 3-d systems is one of them. though shares having their best day since july. the company announced it was

buying some of tron. 3-d systems says the all-cash deal has complementary products and technology to its 3-d printing business. more on the markets in 30 minutes. more "bottom line," is next. . .

>> welcome back to bloomberg "bottom line." i am matt miller in for mark crumpton. it is holiday travel week. at two that the weather system bringing snow and rain to the east coast -- which airports top of the airport frustration index and which makes flying a breeze. shelley halliday has the story. la guardia is the most

frustrating airport and all of north america. it takes an hour to get there. let's hail a cab. you, you, you. just getting to la guardia is a total headache. you have traffic, i told, and it will cost at least $60 in cap fare.- cab you get herehance quickly, there is not much to do, depending on what terminal you are ran. ratehops and restaurants poorly and the bathrooms are the worst in the u.s. and canada. guardia ranksla seventh for delays. lucky for me, i am getting out of here. holiday joins me now

from the least frustrating airport -- is there a least frustrating airport in america? where are you? >> yeah, if there is, we are here. vancouver. i am standing in front of the jade can knew. least rated the frustrating. when i talked to passengers, i have been talking to them throughout the day, they say on the rare chance their flight is delayed, they do not mind being here. there is plenty of shopping, great restaurants, and a lot of features throughout the airport. water features, and aquarium. it is actually relaxing. another factor in the rankings -- and i understand this is not

your strong suit -- but getting to the airport on time. >> [laughter] >>. passengers love it it is reliable. >> i feel like that is not fair. .ancouver is in canada it is not fair. there are so few people there. >> no, it is a major international airport. >> is it? what else is on the list? >> the most frustrating airports on the bloomberg rankings list includes three in the new york washington, dulles, chicago o'hare. avoid them at all costs. least frustrating, portland, calgary, phoenix.

airports are not the best, but i have been here since 3:00 a.m. and i cannot complain. >> the corporate -- the airports that are closer to the border. are the highest maybe the key is to move to canada where they do not celebrate thanksgiving on thursday. maybe that is part of it. >> all right, miller. areawesome -- are awesome. me.y amolson for take a picture if you see a moose. one of the retailers that is set to gain is walmart. so, what is walmart doing to improve the experience for all of us? >> first of all, the company

came out with these three principles for the holiday season. -- we are obsessing over our customers -- seriously, we are, that is what they said. they are talking about the usual things, the deals, etc. they are trying to improve flow in the stores. they have a reputation of people stampeding into stores. this.e to someone about >> we are really focused on being able to serve the customer. you need to find what you need through the aisles. the investments we are making will be in both. way,l right, so -- by the i always feel that if their employees were happier -- >> that is number two, actually.

walmart has come under fire for mistreatment of their employees. there are protests that are planned. we do not see this as any heavier this year than in the past. i went to an event at a store new jersey. they brought out a man who worked at the store to promote him in front of all live these people to show -- and front of all these people to show walmart cares -- >> to promote him as end out -- >> they made him the deputy manager in front of all of us as a way of showing they are taking care of their employees. >> i kind of like that. it is a dramatic move. >> it was nice. i wonder if it would have meant more to him if he were in front of people that knew him, that

worked in the store. >> everyone wants to be on television, jules. >> it was not filmed. >> oh, ok. julie hyman there with our retail report. coming up, a four night stay at mbia couldotel in colo cost you a billion pesos. ? we will tell you. ♪

>> yahoo! is keeping its focus on acquisitions. emily chang sat down with their chief marketing officer and joins us from san francisco. so, awesome for you. good job. good interview. what is going on? >> thank you. know, has been getting into original content,

hiring people like katie and tech journalists. they are working on comedies, like "community" and two original sitcoms they are using to hold out yahoo! content for users. is yahoo! a tech company or a media company? do they have to choose? >> yahoo! from the beginning has only been steeped in technology. we are using our technological innovations on the things we consume and use every day. some of that is media. some of that is about the never-ending quest of curiosity. >> would you say yahoo! is a technology and the media company? yahoo! isd say

innovation company, a consumer focused company that uses technology to innovate media, to innovate communications. >> because steve jobs said you had to choose. do you have to choose? is to figuree task out what your customers want, what they need, and focus on something you feel you can deliver uniquely. >> i don't know about you ,matt, but that did not sound like a straight answer to me. >> saying a lot, but not really saying much specifically. thatabout alibaba, because seems to be the most interesting thing to the company right now. >> that is the burning question. that is really a question for marissa mayer, the cfo. what will yahoo! do with the

proceeds it reads from the alibaba's shares? they cannot sell those shares until next year, but huge tax implications. they could roll the shares into a completely separate company which would leave marissa mayer with a much smaller company to run, but i guess how do you think marissa mayer and the board will respond to this tax question? take a look to what she had to say. they have been very straightforward in saying we are going to answer that question before the end of january, but certainly, we're going to have besthareholders' interests at heart and be committed to returning value for our shareholders. >> we may not get an answer on the tax question until the next yahoo! earnings call. there will be a lot of speculation about what exactly yahoo! has plan to stop there will be a lot of meeting,

greeting. the text perspective certainly a big issue. >> i will tune into "bloomberg west" for further speculation on this issue. >> thank you so much. >> it is time for the latin ombia's report, and col finance minister -- this is a conversion rate that can put everyday purchases well into six digit. joining me, our correspondent who looks at that mark a -- latin america news. this sends me running scared. mbia, it is nothing more than a cosmetic reason. they do not have an inflation problem. it sounds like it is a problem

-- >> it does. >> it makes everything a little bit harder. you do not have to divide everything by 10. it creates more room for error when you go to accounting all stop generally in day-to-day, a ombians do not even know the last three digits. >> that is how i roll, by the way. about even 8g billion for a luxury hotel. >> stay and in spanish, you do not say billion -- you say thousand million. the gets very confusing if you are a tourist there. aching get well into the high

numbers. only with inflation are they having a problem and they do not have one. >> other companies down there do, right? in argentina, a lot of people and will just use u.s. dollars instead. colombia is the only country in latin america that has not completely rebased bear currency in recent history. in argentina, and brazil, and peru, there were replacements. in countries like venezuela and mexico, they just chop off the last reason euros -- 3 zeroes. countries where things get really crazy like zimbabwe [indiscernible] colombia is essentially

playing catch-up? >> they do not have an inflation problem, but they got to these high numbers because they used to have an inflation problem. was at 14%'s, it it and remained in the 20% range in the 1990's. but because they did not have the problem that all of these countries had that had completely eliminate the currency, there was no urgency to do anything about it. >> americans think of it as a dangerous place, cocaine, drug cartels, wild west. has it become much safer? >> absolutely. they have reduced murder rates by a third. >> absolutely. they really cracked down on security and that is what made it more of an investment

friendly place. it is not like they have radical policies of the neighbors like venezuela or argentina. they are a market only place and have been great while, except for these scary security. >> law and order is a big part of it. katia, thank you. trish regan will join us with a preview for what is coming up on "street smart" at the top of the hour. "bottom line stay with us on." ♪

>> a dangerous piece of software that has been around since 2008 has just been covered by a security researcher. research institutes and individuals in 10 countries may have used it. "street smart" anchor trish regan joins me to talk about this story. >> i thought i would just like to tell you about what is coming up on the big show.

definitely stay tuned. we will have fire i looking into this --fire eye looking into this. >> i feel like i would rather watch steve forbes. >> i will leave with steve forbes then. he will give his reaction to chuck hagel being asked to step down. with mr.alk about that forrest, the editor-in-chief of "forbes" magazine. we will talk about the potential for a nuclear deal with iran. we have all that and -- and, if you have ever watched "the affair" on showtime -- >> no. >> you are the only one in the studio. people are really excited about the show. >> i'm against infidelity.

>> i am glad to hear that. >> all right, we will see you then. ♪

>> get the latest headlines at the top of the hour on bloomberg radio and streaming on bloomberg.com. that does it for this edition of "bottom line." i am matt miller in for mark crumpton. . i will be back tomorrow i bid you a fair -- what is it? farewell? >> all right, it is 26 minutes hour -- 56 minutes past the. hour i am julie hyman. techtionary and

stocks are leaving the s&p higher. we will look at two large chemical companies. dow made a deal to a point for independent directors to export. dewpoint is lost in a fierce battle. a fund manager calling for a breakup of the company. about why to talk these companies drew the attention of these activists and what they might be doing about it -- because is fascinating both of them have had to deal with these activists, that they have dealt with in a different fashion. dow opened the door and said come on in. -- said come on in. dewpoint did not. tell us about this. beenoth companies have

missing earnings targets according to the activists. --dan loeb put up a website, very critical of the ceo for what he called broken promises. it was a week after that that allow danok, we will loeb chosen nominees to sit on the board, and that meant the website came down. dan loeb will not be criticizing dow for another year. devonte on the other hand has been missing its earnings .argets for years triad is trying to get board members on dupont's board to provide a device.

they are frustrated the company has not engaged in discussions with the ceo. they have rarely met. dupont follows dow thrown lead and allows some concession for the activist moving forward, there will be a battle. dowell has performed better -- i mean, it is playing ball and the stock is performing better. dupont is not playing ball. the market has not outperformed in the way that the dow has. is it in part because of these activists? >> trying to point out that dupont is still below its 1998 peak when the company owns a stake in conoco oil. know, dow is probably

outperforming because it is benefiting from the shale gas boom in the u.s. it gives it a much lower raw materials cost, for refineries around the world that use oil. they are very profitable and that is probably what you're seeing in the stock price more than -- >> the activist activity. --t quickly here -- dewpoint dupont. does it look like in the end the activists will get what they want anyway, a couple of directors on the board? dupont'ssome of investors, and from what i hear, there may be a breakup of dupont . there may be more activist voices on the board. i think maybe the company will hold together or they will