brics nns min sfers met ahead of friday's session of the international monetary fund. china's vice finance minister headed his country's delegation. the officials agreed problems in countries are having a severe impact on their own economies. the issues include uncertainties in the u.s. and europe's ongoing crisis. india's finance minister chaired the meeting. he urged advanced economies to put their house in order quickly so growth will be revived. brazil's finance minister said the brics meeting helped accelerate talks on setting up a new fund that could complement the existing international lending framework. china's deputy central bank governor also atemded the meeting. he denied speculation that the governor stayed away from the imf world bank conference because of the dispute with japan over the senkaku islands. >> translator: i think this is very normal. you look at what happened in 2008, i led the delegation when we attended the conference in washington. it's normal. >> the u.s. treasury secretary addressed one of the issues, the brics nations, and many other n

other brits and what respects is russia stronger you think like now first of all the whole concept of brics is is a sham an absurd and i've told jim o'neill this he didn't know what he was doing when he came up with all of that he never would bend it never invented three of the countries so i totally ignored the idea of bricks and you should too i am more optimistic about china going forward over the next century than i am about russia there billion three hundred million chinese i can go on and on but i'm optimistic about both there's no reason that both nations together if they're in partnership or they cooperate can't make a fortune there's all of those assets in siberia that china needs russia and china can develop those assets and can be extremely powerful economically but i think one of the issues there is also that russia as opposed to a lot of the other brics countries that does not have capital controls while virtually all of the others do so i think that's one difference that really isn't that well known out there in the market i think. no no you're exactly right that's one of the

[music playing] bridging resources in communities, bric, is the acronym. we, as the name implies, we bridge resources in communities with a prevention focus. our primary role is to partner with great organizations like the far southeast family strengthening collaborative. the mission of the far southeast family strengthening collaborative is to be a catalyst for the ward 8 community, really helping the community coalesce around issues of families and children and the issues that they deal with. i think that anytime there is an issue within the family, the entire family is impacted. whether it is mental health, substance abuse, hiv, whatever it is. if one family member is impacted, then it impacts the entire family. family really is anybody that you can rely on. any resource that you have at your disposal to build your own strengths. you do have to look at the whole picture because if you're constantly just focusing on the children or the youth and not their parents or other caregivers, then when they go home there's going to be a disconnect. and if you hav

meanwhile the man who coined the term bric says china is starting to see a shift towards quality. jim o'neill told me earlier the move will have important implications for the balance of global economic power. >> we're in the early stages of china going to a quality as opposed to quantity and the winners and losers will be pretty different. australia will certainly not be as big a winner as it was and it could be a loser. p. >> jim says one of the economies that might benefit most from the new chinese economic model could be mexico. >> mexico is arguably one of the many big winners. they're deliberately raising wages. so low value added chinese manufacturing is nowhere near as competitive as it once was. you see evidence of the u.s. getting some of it back. so mexico has sort of had its breakfast, lunch and dinner at the past 20 years by china appearing on the scene is probably in the early stages of regaining some of that. so i think mexico is a big winner. >> so jim had this trade on this morning. go short the aussie dollar, long the mexico peso. european stocks just a little bi

also a huge one for us because everybody loves, especially if you travel a lot, these tote bags from bricsexcited to get these. this is such a big brand. the three-way shopper converts to a cross-body bag, a shoulder bag and then you see here it has a removable pocket. >> that's great. >> i like to sometimes carry something around, especially when you're travel. lightweight nilon and comes in black, olive and navy blue. the retail 125. the deal 43.75. that's 65% off. >> fantastic for traveling. as i said, jill martin, as always. great stuff for your "steals and deals." let's just again review what the products, are the shawls from april marin, the random house book sets, the perfume stick sets from perfumies, sterling watches and finally the handbags from brics. any questions about these products or past orders go, to our website today.com/stealsanddeals. >>> coming up, answering your family questions about money. first, these messages. ve said ♪ ♪ 'cause at the pump it's miles ahead ♪ ♪ let's hum, hum, hum, hum ♪ let's hum ♪ a prius for everyone ♪ the perfect match, electric and gas ♪ ♪ m

. >> well, you've also had tremendous growth in other bric countries. brazil has been a big focus for you. it's working, right? >> we've been in brazil for 50 years. we got in the paper business first, and as you know, yesterday, we announced the acquisition, 75% acquisition of a corrugated box company in brazil, which really puts us into the number two or number three position in a growing market. between mexico and brazil, that's almost 60% latin american corrugated business. we've got a strong position in mexico and now we've got the footprint in brazil. >> now, when my dad was selling corrugated paper for international paper, the one thing that we knew was that only wholesalers knew what corrugated paper was. it used to be one of those things where big businesses knew. we all get packages now at home. we come home every night and there's a package from amazon that's in corrugated. everybody ships them because of the internet. how do you think that the holiday season is going to be for international paper, because of all this internet ordering? >> we

a commune that there are many regulations that impede development of pure bric reddick thinks every day enterprise chief has to approve with his lawyers and accountants and then sent to different ministers at least two papers on social environmental or fiscal security can you imagine how much effort that takes while it could be directed to really worthwhile things it's not wise and with the eurozone economies in such trouble greece a high these not twice could become too late the industry seems could well and truly be over borrow more ational should not be reporting from france. next we have the business update when the time shannon turns now it's very intriguing actually reported there there were numbers are still quite of beat on russia tell us more absolutely and mainly thanks to consumer spending all of the details in just a couple of minutes let's first check out the equity markets voice straight to europe which is gaining this hour mainly on reports that spain is well on its way to a bailout plan and the global optimism fuels buying on the russian markets let's see those numbers t

well you have two big trends you have the globalization where china plays a big role all the brics brazil russia india and of course china and the european countries can only compete if they fit into a big block that's the european union with five hundred inhabitants of this big market on the other hand the trend is regionalization and i see no contradiction in having a europe of the regions with less influence of the nation states stronger influence of the regions but a very very fragile aspect of what you're also saying is that your identity is european if you like it or not that's what the logic dictates yes there are a lot of european patricks already. all over europe there are there are a lot of germans who live. on the spanish island all over the year they look they watch german t.v. they read german newspapers but they live in another country so you have a lot of these europeans they are european patriots and they want the european union well they have a they have here a peon passports robert what do you think about that identity it's an identity issue as well not only a bureaucrat

could help over seat the bric diamond of the spanish if we haven't got there yet but certainly there's a movement happening and there is tangible evidence that spin is on the brink of disaster. thoughts there executive director of investment consultancy devi advisors it's no twenty two and a half minutes past eleven at night on the way bankers beware cards is coming up the latest r.t. business with demetrius after the break. and welcome to the business update media reports suggest the rock wants to kick out the exxon mobile from its giant west colonel one project apparently the company has infuriated baghdad by signing deals with the northern kurdish region iraq is reportedly considering russia's lukoil and gazprom nets both of them already involved in the country companies declines. comment so far. capital outflow from russia could reach eighty four billion dollars this year same as two thousand and eleven according to the deputy minister for economic development since two thousand and eight outflows amounted to almost three hundred sixty billion dollars which is equal to the g.d.p. o

there are many regulations that impede development to bring your bric rating thinks every do. the enterprise chief has to prove with his lawyers and accountants about and then sent to different ministers at least to people on social environmental or fiscal security can you imagine how much effort that it takes while it could be directed to really worthwhile things it's not wants and with the eurozone economies in such trouble risks a high these not twice could become too late the industry teams could well and truly be over a borrow more if not t. repulsion from france. are just a couple of minutes or an aussie that. will be joining us with the best. news in sigrid laboratory to mccurry was able to build a new most sophisticated robot which all unfortunately doesn't give a darn about anything tim's mission to teach music creation and why it should care about humans and world this is why you should care only on the dog. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and real

. >> when you look at the bric nas nations, do you see them as one group that move this is tandem or can you break out brazil from russia, from india? >> you it definitely have to break it out. india, china, russia, brazil, all very different. the concept, bric concept was very clever because it gives customers who buys funds a good way to conceptualize emerging markets. >> you mentioned brazil is a place that you're still pretty concerned about? >> i like brazil because it's such a varied economy. you have very active consumer market. you have commodities. bothing ing are growing. the problem in brazil is the currency. it's too expensive. they're trying to do something about it. they want to print, but they went to hyperinflation in the early 90s that they don't want to move the way the u.s. moves. which is why they complain about the currency war. but that's the only negative i would say. otherwise it's very exciting. the other thing we have to watch of course government intervention in the economy. as you know, they've been imposed upon by the government to do social project which

the bank for the brics. the biggest in mexico and asia. that had been his mandate. he was following up on that mandate. and you saw from yesterday's quarter he's been winning. that was a magnificent quarter. but the second thing is how about the regulators. is he going to be able to get the dividend, get the money back? fresh guy can go in front -- >> can i bring up a third thing which is maybe more to the conspiracy side. john havens also resigned. if it was purely about vikram's pay, what was it about havens? maybe they did have very separate reasons for leaving. but you have to admit, jim, you've been doing this a long time, mandy, you've been doing it a long time. there's a smell test that maybe is not quayet fully passed. >> i agree. and if it was about compensation, why does havens go. they were joined at the hip. >> or were they considered a package deal. >> i know they were very proud of this quarter, so obviously it seems like the stock was on on the incline because of the quarter. it is easier to go to the regulators and say the guy who submitted the last

meantime, brazil also getting clipped, remanufacture sizing the point that there may be trouble in that bric paradise we keep talking about the main issue though, if the economy is hitting another bout of turbulence or whether the current slow down is something more long lasting. melissa? >> all right, jackie deangeles, thanks for that in terms of the china numbers getting ratcheted down, we have a preview of that from the world bank today which causes concerns about china growth. we are on the eve of yum earn eggs tomorrow. so karen, as we are hearing all of these estimates ratcheted -- get ratcheted down, are you concerned at all about the yum story? >> i exited the yum story way too early. i just think it is sort of fully valued in there it is a great company. it's a great franchise but i feel like it's already priced in and at some point, timmy can answer this better, some point, i don't know when china's slowing growth becomes a positive in the expectation of more aggressive stimulus there. >> we own the stock. holding yum into the numbers after the last couple of quarters is a bit of a

when you look at the bric countries, the sales are strong there. that's where the growth comes from. they've been focusing themselves. if you look at the stock, nice trajectory to the upside. pulling back today. i think this stock is going a lot higher. >> would you buy it here? >> absolutely. >> you would use this pullback as a buying opportunity? >> 100%. >> intel down, apple down, cisco downgraded. are you worried about tech? >> absolutely not. there's components of tech that will continue to struggle. anything related to pcs. the hardware. you talk about ibm, look at the hardware revenues, they slipped under $4 billion. what does that tell you about what you will hear from hewlett-packard and what you will hear from dell in the next couple of weeks? going back to the semis, i think you divide the conversation and the investments between the pc and the tablet. take a look at a name like s sandisk. i own sandisk. you're going to get a very strong core out of sandisk. it's tied to the tablet. don't be tied to pc. >> wasn't only a hardware story fo

it slowed even in the brics and next 11 and that's taking its toll on company earnings.o 2013 and the survey that again the business council did, it doesn't say that things will improve in 2013 either. and many companies are saying that for the next three years in the united states, growth will be under pressure and they really want the government to deal with the fiscal cliff issues and the deficit issues. not dissimilar to some of the things we saw in the uk a year or two years ago. >> sir martin sorrell, it is great to have you on the show. apologize for cutting you a little bit short. but again with the breaking news of google's quite early earnings release, we've been tied up with that obviously. we'll welcome you back soon though, sir. thanks so much. >> thanks very much, indeed. bye. >> again, google shares halted right now. the stock did take a big slide down on that early earnings release and this on the top and bottom lines. we'll have much more with our final trades on the other side of the break. final reflections. back in a moment. [ male announcer ] now you

. >>> goldman sachs is failing on the "b" and the "i" on the term brics it did in fact coin a couple. >> these funds haven't even been around long. >> they only launched them last year. they launched four of them along with a china fund. they're keeping the china fund but they are shuttering the south korean, indian and also brazilian mutual funds. problem is since they launched them they've only been able to garner less than $10 million, or around $10 million. >> that's million with an "m," not "b." >> for goldman, that's an epic fail. no, maybe it is the tipping point for etfs. >>> investors are waiting for the big announcement from apple tomorrow regarding the ipad mini. you will be there. more and more kids like ours are using tablets like the ipad. what's that mean for the poor old traditional toymakers and their stocks? let's ask an equity research managing director at needham and company. goldman downgraded hasbro to sell. you're saying for mattel and hasbro a hold because the future is not that bleak. why? >> well, it all has do with expectations. nobody's expecting these toy

the three countries, brazil, india -- the bric countries, brazil, south africa, russia, are playing a very important role in the region. we don't talk about this but it's going, it is a shift year. for many reasons it's going to have an impact. on the countries, on the relationship between israel and arab other countries, because remember china has not the same relationship to israel than the united states of america. but this is a very big concern. what's going to happen in the region. we have to take this seriously. it's not only political or economic. this is the second point, the economic vision coming from the arab world. when i was talking, to the current president in tunisia i was with him recently, i don't have a problem as long as they deal with rule of law and democratic transparency for all this is is fun. my main problem with them is not the fact that the refer to islam. i'm -- my main problem is take on economic liberal economy. so this is my problem. he's a secular he has a problem with islamists because they're very, very conservative on religious terms and very liberal

. >> what about the bric countries?if you want to buy quality businesses, they're really expensive. i just spent a week and a half in brazil and in chile, and you know, certainly there's a great deal of economic activity occurring in these places. now china is slowing down a little bit. russia is doing okay. brazil is supposedly going to pick up again. by the way brazil is really a country that lives beneath its potential, it's strangled with regulations and taxes and corruption still and yet it really does have a lot of potential as they slowly begin to lower their grip on these things, but the quality is expensive, the minors are cheap, the market looks cheap but it really isn't. >> how much is in the fund now? >> just over $9 billion is in the fund. >> been there the whole time? >> not the whole time. we started with zero 20 years ago. >> but you've been there the whole time. >> i've been there the whole time. >> we'll have you back and talk more. >> thank you. >> you're a hero to us. >> thank you. >> it's an amazing

remember bric took over, bric. you're bringing apple.f course, apple is part of the tech cohort, opens every day -- when you come in at 6:30, 7:00, then goes down. i don't think anything involved with pcs, i don't like hewlett-packard, dell, nothing in the guts of a pc. it's not working. people are talking about ipads, the new ipad, they like devices that supplant the pc. these are going away. listen, we're putting 500 million out. it doesn't matter. they were putting 80 million nokia -- remember when nokia customers -- rimm customers. it doesn't matter. this is not a winner anymore. >> small with a key board. >> oh, you mean the ultra next whatever book? listen, not reading books and not reading notebooks. i feel strongly anyone trying to catch a bottom in the pc world is dreadfully wrong. the only reason -- let me go so far as to say during the case against intel, what was intel's hope? that advanced micro stayed alive so they wouldn't own 100% of the pc market. intel has got to be worried again. can amd stay alive? >> intel should be

minister of south africa earlier on this year who is trying to put together a bank particularly for the bric economy ahead of their summit meeting. this would be an innovative move first since the it was set up in 1991. here's what he had to say 00 progress on that front. >> a department bank has already gone through very systemic processes and we hope that by the time we get to march, we can say here's a road map in terms of how we put it on the street. >> it's fascinating as we listen to sort of there someone from south africa, spending so much of the meetings focusing on the issues planlging the western world. do emerging nations feel overlooked in a sense? >> i think the numbers have been fairly clear. we'll hear from todea spending s a result of the crisis is down for the first time in 15 years, so they are feeling the pinch. but it's also interesting that some of the clients are also going as direct foreign investors in to some of these emerging economies like africa and taking afternoon more sort of pragmatic approach of development in knows regions. i'll be talking to the managing di

. >> what they say is we're on the bric of taking off. now the president has a five-point plan. number one, energy. 600,000 jobs in natural gas. we're going to exploit american energy. we're going to cut our imports in half. jobs. a million manufacturing jobs brought back to the united states, and we're going to cut -- double our exports. and we're going to increase our jobs in the energy sector. skills. >> so -- >> hire -- >> i'm going to stop you there because the five-point plan we've heard about over the last -- >> everybody's been complaining he doesn't. this is -- >> my question is this. it's neck and neck. 47% to 47% if you look at national polling. how worried are you about those numbers? >> i believe that as a result of last night and the last debate before that, the president has made it clear he has the agenda for the country. the country's economy is coming back. we're respected in the world. he's ended the war in iraq. he is ending the war in afghanistan. he showed clear leadership in libya. last night, after all his complaints, mitt romney said the president's done

all of the brics are going through economic problems. they're facing major political issues one sort or another with the possible exception of brazil. all of them face inequality and gaps within their society. none of them are used to being big global players with the exception of the russians and that was in a completely different context. we have major powers that are also kind of toddlers in terms ever being major powers and having real limitations and i wonder how that should change our view or even if you agree with it? no well i quantity it take note of the american exceptionalist attitude that these powers are toddlers but that is a typical american approach to these things. >> thank you. that's correct. >> i felt -- on behalf of the rest of the globe too. >> they're delighted to finally have you speaking out. >> i know they are. the problem is, first of all agree these countries will have more problems than did he were saying three years ago when it was obvious the "bric"s would take over and the united states was in declines. sh

you are of the opinion that the brics are broken. do you want to explain why you think they're broken and why we need to look beyond that for new growth? >> yeah, i think that -- slowing down quite sharply. that's the beg story of this your. so you have china going from 10% down to 6%, 7% at best. india done to 6%, as well. and russia growing at 2%, 3%. and south africa down to about 2.5%. so i think this is a disappointment in what were the stars of the emerging markets space over the past decade. and it's time to look beyond these stars in search of the new breakout nations. countries likely to beat expectations and grow faster than what people expect. but i think this is a new era that we're entering and it has major implications including for commodity prices. the super cycle seems to be draw to go a close. this is a major defining shift and possibly marks the first year in that shift. >> that's an incredible interesting thesis. yesterday we had marc faber on the program and he took a look at what's been happening with the chines

it was the bric bank and this would be a repudiation of that strategy. >> could be. it could be.hat -- at the end of the day the most significant thing that's coming out of this. >> the bank moving in a different direction than we heard articulated yesterday. >> not a personal issue. not a compensation issue. not anything -- no smoke gun. this is my people say, but a genuine belief that pandit's wa. those of us who became accustomed with pandit are stunned. because the board seems to not favor any further international. >> well we don't know that for certain. >> we don't like the way he was doing it. >> but we do need to hear an articulation of strategy from the current ceo. >> if you're a shareholder and liked what you heard yesterday and with ceo and coo out today i would question whether that strategy is intact. 66% gain here. >> stocks up 1.5%. dow broadly up triple digits. jim thank you for that. >> thank you very much. >> after the break a lot more on the breaking news of the day of vikram pandit's departure from citi. a current board member will weigh in. [ male announcer

bric i would like to thank everyone watching.his election may be the most important election in our lifetime. you know if we don't get our country back on track, to path of growth and prosperity of our children and grandchildren will not inherit the same country that we did. a senator i will fight against barack obama's failed policies and ford for the idea that north dakotans shouldn't be decisions about their family money and opportunities. i was raised in north dakota and i served in the best citizen legislature in the country where worked with senators and we craft a policy that has make north dakota the economic enemy of the nation. washington likes to make a complicated but it's simple. balancer budget by living within our means making the tough decisions, not tomorrow but today m. are time and on our watch. that is the north dakota way and that is what i will fight for an washington. >> heidi heitkamp. heitkamp: 11 months ago i got into the race of the united states senate. i got in because like many of you i believe washi