. -- andre estevez. good to be checking back in with you.sus about this latest headline in terms of the new ceo. that throughout the day, global sources had told will be thechairman interim ceo. while andre estevez is in jail. we don't know exactly how long that will be. he was arrested today, initially for five days. that can be extended. we still don't know for how long. we think we are removed from this story, but it is a big story. we've been following the unfolding story with petrobras and brazil and government connections. how important is this? what it means for the business climate and political climate in brazil. >> this is pretty big news. the biggest arrest since the ceo of the big construction company in brazil was jailed in june. seeing arrests and arrests and more developments and more deals being made. what investors were telling us is that we don't know where the next she was going to fall. we don't know how long this is going to get in town of people will get caught in it. we've had clear reaction on that. currency and stock

andre estevez is the chief executive, the first major business official who has been implicated. catherine has the details. .> it was must see tv in brazil the arrest of a sitting senator and billionaire baker -- banker as part of an ongoing corruption investigation. senatorors alleged the and banker obstructed justice by promising to pay the family of nestor said varro, the petrobras toad of keep quiet. >> these facts make it clear that the senator and banker actively cooperated to prevent the executions of a plea bargain between the attorney general and nestor said barrow, and also to prevent themselves from being condemned. >> the ongoing petrobras scandal is a blow to the president. he was the leader of the governing workers party in the senate and the first sitting politician to be arrested. >> i think a new door has opened now in the battle against corruption. it shows no one is untouchable and some people who previously robbed this country fearlessly must have more respect to the people. >> more than 100 people have been arrested in the two year investigation, from politic

andre estevez was jailed after the country's largest corruption probe. he has denied the accusations made against him. turkey and eu leaders agreed on a deal. they will get a package of 3 in exchange for meanwhile,ugees and russia has announced measures against turkey in response the downing of one of its military jets. another big story today, in china, the imf officials gather today in washington to find out if they should make them one of the reserve currencies. if approved it sits alongside the dollar. our chief agent economics correspondent will be joining us very shortly. julian chillingworth's alongside me to discuss it. does it change anything? the yuan? do you care? does it matter to you? >> i think long-term, it will matter because it's legislation of the yuan and it means that large pension funds will overtime be a cumulative that you one assets, but in the short term, much of this has been leaked already so consequently in the very short term, the chinese will not be keen to see the currency appreciate anyway and they will be building up rese

andre estevez denied any wrongdoing. p the stock sto from falling almost 39%. the euro fell to its weakest level against the dollar in seven months. that is after ecb president mario draghi reiterated that he will do what it takes to accelerate inflation towards the 2% target. that was last week. the leak coming, what a week. thursday, ecb decision. friday, opec meeting, u.s. payrolls. the whole of bloomberg is busy. richard will also be a busy man. , the most i asked you important event next week out of those three. throw in the climate talks as well. richard: always stick with your first instinct. i think payrolls. we talked about the ecb. expectations are high. let's see what they deliver. i think the payrolls are going to the very important. as much as we are watching the ecb, the oil price, a lot of this really comes down to the fed. 2016 will be a year driven by what the fed does. jonathan: you are an fx strategist. i see the calls for euro-dollar. the calls have come down. we are down at 1.06. is that how much upside is left for the short euro trade goin

andre estevez was arrested last week in a correction investigation -- in a corruption investigation.r, holiday shoppers would rather be online than in line. the research firm says in-store sales for thanksgiving on black friday this year fell 10%. that is our bloomberg business flash. francine: thank you so much. the imf meets today to make china's yuan one of its reserve currency. our chief asia economics correspondent, enda curran, joins us from hong kong. gemma godfrey and jonathan fenby are all still still with us. -- are also still with us. what does it mean for china and investors? can we have faith that it means that china's economy is better, or is it just a first step? big symbolics the victory for china. it will encourage them that they can win arguments against the conservative side against the chinese government. it comes after a pretty tough year for policymakers in china. they had the stock market debacle, then the exchange -- then the change they made did not go too well. and now they are stepping in and saying, hang on, it is merely a bump in the road and china is on

in brazil, jailed billionaire andre estevez posts atned all of his his investment bank.e will be in jail indefinitely. --'s leaders are emergency are in emergency talks to sell aspects and sell estevez's controlling stake. it will's largest investment bank is leading -- leaving its bonus unchanged from last year. that bucks the trend of its european rival deutsche bank, which is preparing to cut bonuses. some beer brands may be sold to help clear the way for the merger of the two biggest rumors. ab inbev has agreed to buy bank -- to buy seb miller. two brands may be sold, peroni and grolsch. david: in today's global go, we had to hong kong where investors are seeing a second day of price swings. bloomberg's enda curran joins us now. let's start with two questions. is this a done deal in terms of including the yuan? number two, why do we care? what does it really matter? enda: good morning. all the indications are that it is a done deal to some extent. it has already been a has already-- it been recommended to the executive board. maybe we willn is have some connections.

no word with what andre estevez has been charged with. scandal is already ensnared brazil's biggest builders. and the state-run oil company. ae worst commodity selloff in generation may not be over for a while according to blackrock, the largest money manager and the world. they tell bloomberg that commodities are headed lower. we are seeing a slowdown in demand, especially in commodities in places like china. forecast disappointing as a standalone company. the pc and printer units were split this month into separate companies. the divisions that tell equipment services and software now known as hewlett-packard enterprises. stephanie? stephanie: now it is time to return to global go, we focus on tensions between russia and turkey after a russian fighter jet was shot down in the syrian border. has moved ton reinforce operations in syria while turkey showed no signs of backing down. our middle east editor elliott joint is now. turkish and russian counterparts are both speaking today, and it is not telling anyone is backing down. elliott: we