>> from bloomberg world headquarters in new york, i am mark crumpton, this is "bottom line." latest news and business economics with the mainstream perspective. here in thers united states and to those of you joining us from around the world, welcome. we have full coverage of the stocks and stories making headlines this tuesday. review ofn has it darden earnings for in the search for a new ceo. aboutchang speaks live

1.0. jeb bush, poking you tell them to the 2016 presidential race. we will get into all three of those stories in just a moment. first of a we go to pakistan where over 100 people, many of them children, were killed by taliban militants. the attack is the deadliest in seven years. it took place at an army run school in the northwestern region. we have been on the ground in the aftermath and we are joined by phone. thank you for your time. what is the latest on this shooting. who did this and why? >> the attack on the school in northwest pakistan, the death toll has gone up to more than 140. most of the debt our students.

they told us that the attackers and chargene by one on them, point blank. >> what has been the government's response thus far? what are we hearing? >> statements were made on militants who wage war against the state. the operation against terrorist would not only continue, but would be further intensified. theaid that none of terrorists would be spared. on the other hand, politicians and people are saying -- enough

is enough and are calling for ruthless action against militants who have killed more than 50,000 palestinian people since 2001. >> what about the fear of reprisals at this point? are we hearing anything from government or police officials about perhaps more planned attacks? look, the police and security officials are saying that their investigation, they don't know who they are over they are , but that they did get some clues. definitely they are saying that there are going to be actions taken against those involved in the attack.

thank you for joining us on the phone there from pakistan, where that deadly shooting has left several people dead. thank you. let's get you to the other top stories on this tuesday. stocks are mixed right now ahead of the two-day federal reserve policymaking meeting. the dow jones industrial average, you can see it is up 65 points. climbing asindex is well, up over one quarter of 1%. the nasdaq composite index is points, 3600.r here is a look at crude oil on this thursday, intraday crude is down at more than half of 1% at 5577. we tracked down daniel juergen at ihs. >> this is a new world in which there is no price set anymore and oil is trying to find its bottom and it probably, at these

kind of prices, is kind of overshooting everything, but it is the mood and there is nothing right now to stop it until there is either some geopolitical event that disrupts it or you start to see some kind of action to stabilize the price. plummeted into a freefall, losing as much as 19%. panic swept across the russian financial markets after they raise interest rates by the most in 16 years. that surprise interest rate research -- interest-rate crash caused the nile of speculation that the government would turn to currency restrictions next to stop russians from converting their money and dollars. >> you would have thought that raising interest rates by 6.5% might have been the kind of strong signal that would reassure the markets. it's got to be a scary moment when you do something that began

dramatically and it does not state or in traction, that has to be a scary moment. >> new home construction fell slightly in november. the commerce department says that builders started at a seasonally adjusted rate. that was a decline of 1.6% from october. the weakness came from a 5.4% fall in construction of single-family homes. cbs has a new prescription for investors, they plan to buy back as much as $10 billion in stock, raising their dividend by 26%, benefiting from the increased number of americans with health insurance. speaking of health care, an recentto round away from consumer headaches, the insurance industry says they will give customers more time to pay their january premiums. the american health insurance main injury trade group said that it includes a commitment to properly refund overpayments by

consumers who switched plans and may have been doublebilled by mistake. that is a look at the top stories we're following this tuesday. jeb bush announced today that he is actively exploring a presidential campaign. this marks a first step into the moves andtalked about phil mattingly joins me from washington. first off, what, exactly, does this announcement mean? >> great question, first off. we know that jeb bush has been actively exploring a presidential campaign for a number of months, but what he has done is publicly state what people have in trying to guess about his intentions. or foures after three days after a solid indications of his intentions. wants toose out, he

release. that is key for couple of reasons. transparency, some candidates might have problems with ongoing investigations. maybe chris christie. maybe scott walker. jeb bush is willing to go out there and say -- look, i am as a to release conservative reformer. he can get out in front of a policy issues and i think the last thing we saw yesterday that he ended up at the university of south carolina giving a commencement address. why does that matter? that is the earliest date -- state in which people think you will have a major impact. what we saw today was an important announcement that it was the culmination of a lot of little things. of excitement,ot

particularly on wall street, about a bush candidacy. what are the drawbacks? >> a couple of things. two of them that were met -- that will matter, where conservatives really decide who moves on. first and foremost, his immigration stance. probably one of his greatest attributes in a general election is the fact that he is wrote comprehensive immigration reform. fluent in spanish, he can reach out to a community that has felt alienated over the last couple of election cycles, but that puts him at odds. it is the support for education standards known as common core. another area where people on the right have major concerns. the generalto election? josh green had a good story laying out some of his private equity funds that he has been managing for the last apple of years. there are some issues there that if he moves into a general

that it will show practical experience to go along with government experience. there are some issues there that people will need to pay attention to. >> phil mattingly, joining us from washington. thank you. coming up, a study of u.s. financial diaries. how does income uncertainty households in the united states? stay tuned. ♪

>> welcome back. her recent study from the u.s. financial diaries collected detailed financial aid from 200 low to moderate income households over the course of the year and it found that income uncertainty and financial stability caused by it were a major challenge. rachel schneider is the senior vice president of insights and analytics at the center for financial service innovation and is a principal investigator on

the research study. the chief joined me in the studio. welcome to "bottom line." >> thank you for having me. usede methodology that you , it is called a person centered approach that you used to reach your conclusions. what is that? how does it give you a more intimate and detailed analysis? >> what we did in some ways was insane, over 200 families that agree to work with us and field researchers that went to visit them every few weeks over the course of the year. incredible volume of data. we call it entirely, but it is not, not really. >> you are literally sitting down, perhaps at a kitchen table, perhaps a cut -- at a coffee shop, getting intimate financial details. >> we asked people to tell us about every dollar that they earned, borrowed, spend, give away people were incredibly generous with their time and in

sharing that information. along the way we were able to ask them why they do it that way. >> one of the things that jumped out at me on the report, there was one sentence that said that the national poverty rate had seen little sustained improvement since the 1960's. been so much income volatility in the united states for over half a century? >> so many reasons. one, we have seen a shift in what sort of jobs people have. we were looking at the fact that people not only maybe don't have enough income, but their income goes up and down in ways that make it hard to plan. >> income spikes. >> exactly. a lot of that is just what we see a lot of our communities. more people working part-time, cobbling together multiple jobs to fill their financial life. >> low wages and multiple jobs. how have they impacted the ability of many households to not only pay their bills but

saved their money for emergencies, health care, whatever? >> one way to think about it is if you have a steady income, being told to slowly put away money every week over a long. of time might add up to something big, which is how we tend to think of savings. help people avoid spending today in order to eventually, a long time from now, have accumulated a lot of money. >> some people do not have that luxury. >> exactly. if you have a lot of income spikes and dips over time, maybe what you want to do is grab that spike and save the short burst. >> the report cited a statistic from the u.s. federal reserve -- nearly 20% of employment in the u.s. economy is part-time. how does that place low and moderate income households into a position -- i guess the only way to say it is the unwise decision of finances that might not be in their best interest but they do it out of desperation?

>> it does put people into what i would describe as a precarious position. also cometime jobs with uncertainty. if you are a waitress, you do not know how many tips you will earn. if you work retail you don't know if you will be given a 32 hour week or a 42 hour week. differences make a big difference for someone like that. and moderate income households, are they really in control of their finances? or are exited circumstances in control of their finances? >> it is a hard question. on the one hand, everything we are seeing is outside people's control. they cannot necessarily change the kinds of jobs available. >> this is not the conventional wisdom that you hear from people who might be misinformed and say -- well, people of the certain income bracket, all they do is go spend every dollar as soon as it comes in. >> that is not what we saw in our research.

we see people who are extraordinarily resilient, creative, and struggling through pretty hard times because of the report -- through the resourcefulness of the situation. other thoughts on solutions? >> i think there are tons of possibilities for solutions. if you think about it, someone who doesn't have enough money rather than someone who has enough over a. of time? goodwe could solve with credit products, good savings products, good insurance products. it is a slightly different problem. still hard, still difficult to come up with solutions for it, but we should be able to help people do better. >> i will be doing a segment coming up on female entrepreneurs. as we know, during the recession a lot of men lost their jobs, women became heads of households , but they are still not making as much on the dollar. >> what you see is a lot of households with dual income and the expense base is tied to

meeting both incomes. as more women entered the workforce the overall risk of , becausefairs grows they no longer have this excess capacity, if you think about it, a wife not working who could go into the workforce. if either party had absorbed downs in their financial life, the whole family would feel it. , at thel schneider center for financial service information, principal investigator on the financial diaries research study. thank you. >> thank you so much. >> up next, we haven't on the markets update. later, emily chang speak live with the t-mobile ceo, john leger, about on carrier 8.0. ♪

>> welcome back. this is "bottom line." is out withurants earnings after the close of trading today. the owner of the olive garden is under the control of star board value, cutting costs and making management changes. julie hyman is here with the details. >> it looks like they are improving to some degree, due in part to changes that they made and the trend that followed garden was on anyway. in the month of september they said that their comparable sales were 6/10 of 1%, representing a rebound with sales at their other chains, like steakhouse and capital grille, pushing strength that their specialty work, including some of those other brands. so, that has been consistent.

they have indeed been cutting costs. the company has been selling its corporate airplanes and it cut about 15 jobs, saying they would save about $20 million per year. the cfo will be departing in march or sooner. the ceo, clarence otis, has already left the company, was supposed to leave at the end of the year but he left earlier because of, again, the influence of starboard. at earnings per share of $.28 after the close. again, comparable sales pretty much in line for what we saw in september, maybe half of 1%. >> talk to the about olive garden. a lot of people like it. a lot of people don't. >> it's true. some of the people who don't are the people led by jeffrey smith. that group came out with an extensive report couple of months ago, almost 300 pages.

it was very detailed about the changes that they thought that olive garden should make. everything from the salt in the postel water to offer a more breadsticks, trying to do some up selling on the liquor, the beer and the wind sold at all of garden. it is not clear how many of those changes they have implemented yet, but you can be sure that if they remain in the driver seat they will probably do some of those and the biggest change, potentially, will be a new ceo for the firm. flex back in november when we heard that they were making moves that would save between $10 million in $20 million or year, is that still the target? >> it does look like it. one analyst yesterday said that there is still more cost savings to be wrung out and it will depend on the new ceo. he thinks it will be brad blum, who was appointed to the board. he ran the company before. he ran olive garden from 1994 to

2002. he has also run burger king and macaroni grill. right, julie hyman, with the latest on olive garden. thank you. 26 minutes past the hour, bloomberg tv is on the markets. my colleague standing by with the details. >> good afternoon q. let's get you caught up with where stocks are trading. afternoon to you. let's get you caught up with where stocks are trading. no exceptions for the s&p, up 3/10 of 1%, trimming the gains earlier in the session. 3m, shares of the post-it maker, that's right, enjoying their birthday after they raised their quarterly dividend to just over one dollar per share. check out shares of priceline.com, trading at the lowest level in two months. this was after goldman sachs removed them from their vilest based on expectations or a

multiyear decline in the value of the euro. you can see right there that the stock is on the way down to its session low, seeing a boost despite problems in the ruble. we are on the markets again and 30. ♪

the secondback to half hour of "bottom line" on bloomberg television. i'm due in new york. thanks for staying with us. -- i'm mark crumpton in new york. thanks for staying with us. t-mobile is lowering subscribers from verizon and at&t. it has a new plan called data -- to -- thatmers

datas customers to keep for up to year. >> joining me, t-mobile president and ceo john ledger legeref -- john himself. why data now? do people really need and want this much data? i like -- this is what the best. it's not a carrier move. they are not marketing programs. they are fundamental industry changes that are permanent. this was one of the most infuriating, gigantic issues that customers have pointed out to me. about 40,000 social media messages. what it is about is if you think about it, of the 231 million

postpaid customers that exist, about 110 million of them have feature phones were unlimited, which means the rest have to purchase data. 90% have no idea how much they need. they are painfully reminded about the penalties if they use too much. in5 billion last year overage penalties. we do none of that. and the rest of the people, they purchase an average of four gigabytes to five gigabytes of data and at the end of the month, three gigabytes are unused. that is about $12 a gigabyte. that is $15 billion a year. if you went to the gas station and filled up your car and at the end of the month, they take back the gas you didn't use. that is why this is a big issue. it's very important to consumers, a big pink point, and to make it even more fun because it's a holidays, we will give everyone of our qualifying customers and new customers 10 gigabytes to start the free gift.

it is a big deal. need aow you personally lot of data because you are on twitter all the time, but i wonder if you've reached the end of the line in cutting prices. the moves up to this point had involved price cuts. >> actually, they haven't. if you look at the moves ranging from anterior one, it is no contract. it is just freedom. and a totallyade different experience. international overages we eliminated for data roaming. it's a pile of money that the big carriers were charging that were penalties. those are not price moves. streaming, 70 billion free songs streamed a day. that is not about price, nor is wi-fi calling unleashed. it is really about changing the way the industry is. in this case, this $1.5 billion

in overages, we already didn't do that. and if you buy five gigabytes of data, you should be able to use it. ." is not "up to pic all of the price wars that are going on, i feel pretty good. guysemember, those big make so much money it's disgusting. they are warning you that instead of making unbelievable amounts of money, they will make a little less than something egregious as well. >> those big guys, let's talk about at&t and verizon. something you've been talking a lot about his net neutrality. how do you differ on the neutrality money comes to at&t and verizon. call limbo and larry as opposed to at&t and verizon. >> [laughter] >> on net neutrality, t-mobile, as you would expect, we are fully supportive of an open and free internet.

i would assume we all agree on that. the conversation that takes place more so has to do with how. , anybody into ntegration -- innovation is concerned with that. i don't think we would disagree on the internet. sentunderstand you stocking still with call to your competition, i believe? >> that was last year. i will tell you that my christmas message is coming. it's not quite done yet, but i might even outdo last year's mime video. >> we cannot wait to see it. i'm curious what's on your christmas list this year. >> on my christmas list, it's pretty clear that if you have to define who has been 90 and less than nice, i'm really not -- who has been naughty and who has been nice, i'm really not on senders list of nice.

-- santa path list of nice. next year is going to be a really busy start for the un carrier and you can expect more uncarrier moves this coming year. egere, as always, thank you much for some greg coming up, outstanding women entrepreneurs. we will talk to one about what she and her company are doing to food,t business in technology, and fashion industries. ♪

but it's time for today's latin america report. bloomberg news has learned for changes in

the premium one and premium to find a reason northeast was ill and fell access to cash positions. the exploration will focus on projects that are behind schedule. that is your latin america report for this tuesday. we turn our focus now to outstanding female entrepreneurs. has aleen fisher company campaign to recognize 30 different up-and-coming businesses. joining me in studio, eileen fisher, founder and chief creative officer for eileen fisher incorporated and melissa manning. ladies, thank you for joining me on "bottom line." it is not a bottom line issue for you. education and about change. tell us about your company's mission. >> the idea is to support women

and to amplify the voices of women who are actually making a difference in the world. so women who are creating businesses that are actually used for the greater good, for social purposes and for sustainability, like we'll is a for example. >> 30 years ago when you started, -- like melissa for example. >> 30 years ago when you started, who was there to help you? who was there to amplify your voice? >> i don't think anyone did, really. that is why this is so important to me. i had friends and a support network and that was critical. >> miss manning, what was your support network like for you --e named the eileen grant eileen fisher grant recipient. >> being part of this new community has really helped engender a lot of confidence and a voice where before i felt

isolated. creativity, how has this new community amplified your ability to be creative in what you do? >> i think the best example is solving problems. been able to -- being able to take part and it has allowed me to take more risks with my work. i think the jewelry has gotten more engaging and i'm proud of it. ofyour level has been one collaboration throughout your career. how has that culture helped you to key in on what women want and what women need, not just in an -- in a fashion sense, but an empowerment cents? sense? >> i think it is all about connecting. that is what it is all about. as we listen, then we know that

women need support. they don't deal confident and they need help with that. >> you are not the first successful person who's told me that one of the keys is listening. why is that so important? >> we learn a lot more when we listen than when we talk, that's for sure. and for me, it's listening to customers and listening to the people i work with. it makes everything better. >> ms. manning, you have said you want your jewelry to tell the story of people who purchase it, of the people who buy it. you,s that important to and what message does that send to other female entrepreneurs? >> as a child, i was so interested in my mothers and grandmothers jewelry. he told a story and had a history. -- it told a story and had a history. it speaks of individuality. for them to purchase something , andbelieve is made well creates more community, is

really a inspiring as a designer. >> both of you keep coming back to that word "community." how has that community expanded the work that you do? >> reaching out to other designers, not just in fashion, but other female entrepreneur's who are using their business to create change both the social and environmental. starting other programs as well when we can support each other and can change resonate throughout the market. >> are both of you comfortable with being role models? because that is what you are. maybe that is not what you set out to be, but it is where you are now. someonee the idea that might hear what i mean and i are saying and make a change in their lives, whether it is the consumer realizing that in the demand economy we can create a lot of criminal -- sheila to change.

--cumulative change. if anyone here the message and is able to incorporate into ther lives, that is message. >> when his journey began, your dreams were bigger than the big account. $350 when youthan started eileen fisher incorporated. you are a brand and you are a brand. thato you tell young woman there are times that you will be knocked down, but you can get back up. thrive in the tough times? >> challenges and opportunities to learn and grow. and like eileen said about everything i look back on is an opportunity to build a better business and create a stronger community, and have a long-term vision and believe in yourself. which is why this is so important, because you are

surrounded by people who believe in you. >> ms. fisher, successful entrepreneurs, whether male or female, is the change that you're going to have more failures than successes? >> yes, and i actually tell my kids that the reason i am so successful is that i feel more often than other people. it is about opportunity in the mistakes. it became a joke. when something would go wrong, we would say, what good will come from this? >> it always does. eileen fisher, founder and chiefe chief -- creative officer of eileen fisher incorporated, and melissa joy manning. coming up, trish regan has details on the rule when bottom line continues in just a moment. ♪

>> ruvell is in a freefall, losing as much as 19% today in a after theate hike russian central bank failed to stop a run on the currency. trish regan joins me in studio. this is pretty bad. i was reading a report on bloomberg economist, mike , andna -- mike mcdonough this is almost like a runaway train now. >> yes, the ruble is in freefall, and not just because of interest rates, but also due to oil prices. there is concern over how russia dll manage to pay it get -- ebt. 134 billion dollars in outflow in the country, double the amount of money last year. i think investors are growing increasingly nervous.

it is interesting. when you think historically wast the situation there, i talking to gary kasparov recently, and he was making the comparison to germany after world war i. was struggling with this nation that once was great and the reputation it once put all of the world these war reparations on top of them and the west with seeing as the enemy as a result. -- the west was seen as the enemy as a result. when you look at russia right now, a lot of people have memories of the great soviet union. they are dealing with factions, which you could say are a version of those -- with sanctions, which agreed they are a version of those war reparations. and they are dealing with a tremendous amount of inflation, which is also similar to post-world war i germany.

you have a leader that has gained a lot of political power through this land grab with ukraine. they are hopeful they can make something of this eurasia pact, which is set to begin in january and would give a free-trade zone with a lot of asian countries, but that is in question right now. a very interesting situation. >> and coming up at the top of the hour, jim record of russia funds. >> yes, we will be talking to jim. we will be talking about the decline in the ruble. optionsill look at the that are left for the russian central bank. we will also discuss what it means for russia's overall economy, how it is affecting how youset classes and should be looking at russia right now. is this an opportunity in the near-term? at the top of the hour. thanks so much. stay with us. ♪

>> get the latest headlines on the top of the hour on bloomberg radio and streaming on your tablet and at bloomberg.com. that is it for this edition of "bottom line" on bloomberg television. i'm mark crumpton. thanks for joining me. i will see you tomorrow. it is 56 that the hour,

which means little television is on the market. let's get you caught up on where's talks are currently trading. for the next eight weeks, you can see how the benchmarks are doing. the u.s. stocks fluctuating as the fed kicked off their two-day meeting. a never seen him china, those figures fell. it's very much flat in the session. and let's not forget that oil fallen because of inflation. it hit a new 52-week low this morning before rebounding. joining me today is the sector report with what below $60 a barrel means. by a bloomberg gas analyst. you're the expert. what is the number one thing we

need to watch out for in 2015? number one, things, thinking about capital spending -- and e&p's. but that is export and isduction, for anyone who who is not sure. >> right. they will be recalibrating. only talk about this a year from now, we will be talking about forresilient it has been the outlook for 2015. we think that the cost are lower for these companies as they become more efficient in what they do. consider,thing to credit availability. credit is the fuel that drives --e&p's. the mps

any of the negatives, higher borrowing costs, that will negatively reflect on their ability to accelerate activity. any tightening of the standards, higher borrowing costs, that will have a negative impact on cash flow and activity. and it will reduce their flex ability. >> what happens to gas if oil journaling is curtailed? -- oil drilling is curtailed? class this last couple of years of strong growth, the outgrowth in oil and you also had the associated output, but that supply demand and curtailment. thee tighter balances on gas side, given the growth in

gas output would likely be more curtailed. lookwonder how that will again. >> if you think about crude oil relative to the broader s&p, if not trading below -- it's now trading below the 2008 and 2009 lows. e&p's are also trading below. >> interesting. what are some of the challenges? >> simply put, if the demand -supply imbalances. we need to see demand, back to tighten those balances. >> i'm sure you are all watching this as well. my thanks to you, vincent. state for street smart.

>> welcome to the most important hour of the session. i'm trish regan. this is "street smart." tomorrow's fedo decision and news