it was to art basel in basel makes it stand out.you have a long day ahead of you. anank you for joining us joh jervoe of ubs. next, we'll anp investment in chocolate proved to be a sweet success for a japanese oil company? ♪ angie: welcome to the stock exchange. we are looking ahead to the opens in japan and south korea. and we have our intrepid reporters here. reporter: we are looking at sk broadband. up 10% year to date. it could be active today to the downside. we will watch. look at you already hedging your bets. reporter: it is a disclaimer. hass on trading in korea been there will likely be a restructuring of the sk telecom group. this is a major player in the telecom space in south korea. not a merger target at this moment, but that could change. angie: anything interesting that you have? we are talking about fuji oils. they are digging into the chocolate industry. they are going to be acquiring brazil chocolate maker harold. about an 83% stake overall. about $198 million. the stock is 30% up in the past year. up 12% this yea

>> the swiss city of basel, on the river rhine. plenty of up market watch shops here, but right now they're firmly focused on the global market. here at basel world, there's no escaping that some luxury brands are seeing their sales slip. and that's because the fastest growing economies have been slowing. so the brands have having to change their strategies. >> there has been a slowdown particularly in the asian markets. as a matter of fact, we are still operating at a pretty high level of business. in order to make our watches still affordable in europe we are looking at offering models at affordable prices. and this is one of the measures we have taken. >> for me passion is the kind of watches. this is an automatic movement. it's self-winding. >> the market's high-end mechanical watches is being revitalized by new lower priced designs. designs. >> normally more expensive watches, and that's quite interesting, because, a brand that has its sort of positioning and brand personality and you have to be careful you don't lose that cac

stephanie: would you say art basel hong kong is all about the business or the party? it has turned into such a social scene, some might say it is less about the art. >> it is both but it is definitely the partying as well. art basel anchors what has been dubbed art week here in hong kong, and that brings together luxury brands, banks, michelin restaurants trying to get the business of everyone coming into hong kong. you are seeing the social life going into overdrive with charity auctions, gallery openings, rooftop parties hollywood a listers. we have learned talk tro, victoria beckham, rubbing shoulders with the stars here in asia. a lot of art but it is also about partying, which is also big business. and it is not just about the glitz and glam. for those with a more modest budget, you have other art events like art central in hong kong, which brings together pieces which are worth between $1000 to $100,000 stephanie: what are celebrities like gwyneth paltrow and vittorio beckham doing their are they paid to make appearances or are they collectors? >> they were invi

porto through after thumping basel 4-0 on the night. >> i'm sorry. we played badly.his is not a good image of us, of our club. for that i am sorry. i believe that the whistles were deserved. the supporters were right. this is going to motivate us even more in our next game. i want to say my confidence in this team and this club, i know how much they can give. >> looking for a champions league revenge as they face chelsea wednesday. traveling to west london, knocked out of the quarterfinals last year. the french champions need to score after a 1-1 draw in paris. the coach thinks clarity could help his side. >> we are out of ba chelsea has an advantagesel. -- basel. chelsea has an advantage. we need to do what they did in paris. our objective is be well prepared to do what we need to do. we know what we need to do in the second leg. chelsea knows. they will be asking themselves whether they will attack or defend. that is their problem. we have to have one goal to have a chance to qualify. that our task wednesday. >> for the fourth year and five, chelsea could secure a

security is tight at the basel museum where the attack took place on wednesday. this is the scene live. we'll be reporting from tunis. >>> also gun

basel standing by at art at one of the best-known galleries.oined with rollout, founder and -- carl l amb, founder and owner of the gallery. how busy argue with everything going on? carl: i have just exhausted myself. in hong kong, including my beginner. -- big dinner in the event i am doing. to do anotherg big event. hoping to provide for the. sherry: are things changing in hong kong? is thishat is great year, the hong kong government are recognizing how art can change all of that. in hongve been waiting kong for years, my whole life, to have this happening. international people are all coming, it is really cool. everyone is talking about art even if they are not into art here. it is a great sense. hong kong over the last three years has greatly changed a lot. jerry: how is that impacting business? our sale -- how are sales? earl: every day there is no interest from around the world. sherry: are we talking mainland chinese buyers? pearl: international -- international. sherry: how are you compared doing to last year? pearl: last year we did as

there has been a watch and jewelry show in basel since 1917.the 1970's, it took off from a industrial exhibition and became its own fair. the new building -- new halls have over 1.5 million square feet of exhibition space. they will play host to 15 brands from 40 countries. for most of them there is a spread so on-demand demand. there will be about 150,000 guest is coming through before the show is over. every year, it has a different atmosphere. this year, there are two big questions on everyone's lips. what is how the strength of the swiss franc is going to affect prices. and how watchmakers are going to respond to the evolving smart watch market. market: enjoy the conversation on twitter. tell us what you think of the show. there we are. caroline: more thing. -- bling. manus: i want to add up the prices of the london and hong kong tickers. i am going to teach you what they are in the next commercial break. scotch whiskey. the latest on the winners and losers from the newly announced tax policy. ♪ caroline: time for a look at the top stories.

. >>> also later on in about an hour's time we'll be going to the swiss city of basel, where thousands of the world's watchmakers, sellers, and enthusiasts are all gathered for the annual basel world watch fair. a luxury swiss watch, of course high on the shopping list for growing ranks of wealthy and middle class people across the globe. switzerland exported about 28 million watches last year. but times really are getting tougher. slowdown in china, of course and the surge in the value of the swiss franc makes them a whole lot more expensive. more in about an hour. >> nice watches. jamie, thanks very much. >>> myanmar's president says the country's reform process is now irreversible. in an exclusive interview with the bbc, thein sein said there would be no backsliding and the country would continue towards greater democracy. our correspondent, jonah fisher spoke to the president and first asked him if there was any scenario whereby the army would take back full control. >> translator: let me say that there will be no backsliding. our reform process is going step by step. we are now go

once we defeat the terrorists, we will be better equipped to advance north towards basel -- mosul. reporter: the army offensive in and around tikrit has been underway for weeks. i.s. fighters in the city are surrounded and shiite militias have joined in the struggle. the iraqi army is ill-equipped a. the irani and-backed militias are an important source of manpower and -- the iranian-backed militias are an important source of manpower. the relationship between militia fighters and regulars is strained but necessary. the majority of iraqis are shiite. an alliance comes naturally to one of iraq's most important clerics, an influential politician. >> iran was the first country to support us unconditionally. without ulterior motives. there are around 100 iranian military advisers in iraq. we have thousands of american advisers. reporter: iraq needs all the help it can get, especially when it comes to specialized recruits such as snipers. i.s. is prepared for the house-to-house fighting to come into greek and other cities across northern iraq -- in tikrit and other cities across norther

we saw with the revelation, the release of information regarding the possible offense against basel, that muzzle is clearly one of the key objectives. logic would take that it would be since it is the second-largest city in iraq and captured by islamic states. -- by a slavic state. iraq needs to recapture it if it's going to keep its viability as a state. >> is it mostly shia militias -- a rating in general is commanding some of the troops will stop >> yes stop he's basically responsible for all of the operations external to it ran -- external to iran. what he is doing is taking a personal interest in this. he is reported to be in and around tikrit, managing and leading the forces in this area. he's obviously a very hands-on commander. ask how are the americans supporting this battle? >> it's interesting because according to official statements from the pentagon, there's no direct u.s. involvement in this in terms of air support, logistics or anything else. there are probably some elements of support there, especially on the logistical side. there may be some kind of support that is

take vo angel --y con este zadito hector herrera hizo su aporte para que el porto aniquilara al basel-mi casemiro y abou-bakar tambien pasaron factura con estos golazos que le dieron una clasificacion facil a los de portugal. --herrera hablo de su buen momento en el equipo eur take vo angel --m,ucha atencion porque rafa marquez esta lesionado segun un comunicado dado --m,ucha atencion porque rafa marquez esta lesionado segun un comunicado dado a conocer hoy por su club el verona de italia. --el veterano defensa mexicano tiene un esguince de rodilla que lo marginara de las canchas por varias semanas. --por esta razon estara fuera de la convocatoria a la seleccion mexicana a la que precisamente fue llamado ayer... cesar ---un 35 por ciento de las mujeres en el mundo es victima de la violencia domestica. take vo --esto segun un nuevo estudio presentado por las naciones unidas. --segun el informe una de cada tres mujeres a nivel mundial experimenta algun tipo de violencia y una de cada diez son menores de edad. --para erika villa de la organizacion "next door solution" aunque lo ideal ser

de filadelfia, el incidente ocurriÓ a las 11.45 de la maÑana de hoy en la cuadra 9800 de la avenida baselhospital autoridades investigan las causas. otro accidente mortal fue reportado esta vez en el condado burks al menos una persona perdiÓ la vida y varias resultaron heridas a las cinco de la maÑana de hoy en los carriles en direcciÓn oeste. imÁgenes aÉreas de nuestros socios muestran a un camiÓn de carga de la firma fedex volcado lo que obligÓ al cierre de la interestatal 78 muy concurrido en las horas de la maÑana. una jovencita de 15 aÑos ha sido reportada como desaparecida faith pÉrez de 15 aÑos fue vista por Última vez ayer a las siete de la noche saliendo de su residencia la cuadra 1600 de la calle filmoore miembros de la familia creen que esta se fue de la casa a raÍz de una discusiÓn. segÚn se indicÓ la joven sufre depresiÓn y trastorno bipolar que requiere medicamentos si sabe del paradero de esta joven o tiene alguna informaciÓn que ayude a dar con ella debe llamar a la policÍa al 215 6863153. ♪♪ ♪♪ ♪♪ el departamento de justicia ha presentado su apelaciÓn para eliminar el blo

here is the tag heuer ceo at basel world, the world's biggest watch and jewelry trade fair. >> we announce a huge partnership. silicon valley has met switzerland. by doing a partnership with the two giants from silicon valley, google and intel, google and intel will partner together in order to make the next tag heuer connected watch. cory: other swiss watchmakers are adding digital features to their products. go daddy has plans to sell 22 million shares priced between $17 and $19 appears -- apiece. go daddy's ipo comes three years after the company was taken private. they are hoping to get an uptick from that investment. go daddy posted a loss last year and revenues of $1.4 billion. the ncaa tournament kicks off in minutes. 36 leaders from top corporations are taking part in a bloomberg's brackets for a cause. tech titans include eric schmidt, john chamberss. undefeated kentucky was the top tick -- pick of the 23 entries. now to the lead. tesla's ceo has a message for model 4s drivers he says. with the new software update, it will be impossible for a car to run out of a charge, released b

. >> basel lee is a brewer in new york.rchitect started making their brew at home. they named it after a species of whale. >> what did you name it. >> originally nor wall. >> why did you have to change it? >> we changed it bus wei had a little trade issue with sierra nevada. >> they had already requested but not yet received a trademark for a nor wall stout. >> our only request at the time was take it out to the public a little bit. we posted on social media. >> were you hoping? >> certainly. >> when the oven of lagunitas tried, he was publicly sue. alleged the bold letters in the hop beer were remarkably similar to his best selling ale. immediately after the beer drinkers blast him on twitter and he responded. today i was seriously schooled and i heard you well. he dropped the suit within 24 hours calling it the worst day in 23 years of growing his brewery. dan is own over dog head brewery. he was feature last year in beer wars. >> last year in 20134 we penalty $213,000 defending our trade marx. we spent more in defejdings

at art basel miami, check it out. it's called art basel. an art sale that lasts three days.n a day before everyone else. when the doors open the super rich rush is on. on sale here -- six figure paintings, pricey sculptures, and lots of really expensive stuff that doesn't even look like art. >> like hunting. >> reporter: we've got rare access to the first two people in line this morning. steve wilson and his wife laura lee brown. they already spent millions building a 2,000 piece art collection and they're here because they want even more. >> i'd like to buy the whole booth. >> reporter: in a single transaction, this power couple will spend more on art than some people make in a year. and it was like black friday at walmart, i mean, literally hundreds of pouring in. this guy $300,000 in one hour. i'll take one of those. >> which is more than most people make in one year or even five years. >> at art basel they sell $3 billion worth of art on the weekend. >> no sign of a slow down? >> no sign of a slow down. the picasso could become the most expensive painting ever sold. the

angel --y con este golazo asi cruzadito hector herrera hizo su aporte para que el porto aniquilara al baselctura con estos golazos que le dieron una clasificacion facil a los de portugal. --herrera hablo de su buen momento en el equipo europeo take vo angel --m,ucha atencion, porque rafa marquez esta lesionado segun un comunicado dado a conocer hoy por su club el verona de italia. --el veterano defensa mexicano tiene un esguince de rodilla que lo marginara de las canchas por varias semanas. --por esta razon estara fuera de la convocatoria a la seleccion mexicana a la que precisamente fue llamado ayer... angel live --vamonos con el deporte local donde las noticias de los 49ers son bastante tristes ademas de la partida de algunos de sus pilares... vo --los rojo y dorados tienen el record de mayor cantidad de jugadores arrestados... --y es que desde 2012 el equipo ha tenido a 11 de ellos detenidos... -- ademas del arresto realizado la semana pasada del ofensivo bruce miller estrellas como ray mcdonald y aldon smith tambien han estado tras las rejas. --algunos de ellos como mcdonald y miller po

a former neighbor from maryland, she and her husband saw brad bishop in basel, switzerland on a trainand then there was roy harrell, who was a friend and colleague. >> all these years, i really thought nothing more about brad bishop until sorrento. i don't normally speak to people in men's rooms. i thought he was a vagrant. he was standing there, and i came and stood right next to him. and for some reason, turned. in my mind's eye, i stripped off the beard and saw the foreign services officer i'd seen in washington, d.c. i just impulsively said, you're brad bishop, aren't you? and he began trembling and shaking. said oh, god, no. and turned and ran. i have no doubt that -- that it was him. >> after that many years, a book was all of a sudden found. >> it really is as good as a bloody fingerprint at the scene. at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping. "what is it that we can do that is impactful?" what the cloud enables is computing to empower cancer researchers. it used to take two weeks to sequence and analyze a genome

and a comfortable win for porto 4-0 against basel. >>> taking on the cuban national side in a match expectedto take place in havana on june. well, the president of cycling's world governing body has told al jazeera he believes organized doping by teams is a thing of the past. a report from an independent commission claim drug use is still common. cookson did con seem there is still some cheating in the sport. >> well, i don't believe there is organized doping in teams any longer, but i do believe that there are still people chasing and the report has told us that doping has pretty much gone underground. it does give us encouragement because it says that the methods that have been introduced to tackle doping in recent years have been effective things like the biological passport that we have, and doping and testing methods that are very much better than they were. the problem is reduced but it has not gone away. it is possible for riders and teams to compete without doping, they are doing that. they're very successful. i want to support those riders and those teams, and root out the remaining

vo --y con este golazo asi cruzadito hector herrera hizo su aporte para que el porto aniquilara al basel y abou-bakar tambien pasaron factura con estos golazos que le dieron una clasificacion facil a los de portugal. la final anticipada le llaman la liga de campeones se creó para disfrutar de partidos como el que se disputará este miércoles (20:45 horas en directo en radio marca y marca.com) en stamford bridge. el psg de ibrahimovic cavani y compañía frente al chelsea de mourinho. un duelo que dado el resultado de ida (1-1) promete un intercambio de golpes espectacular. una cuestión de mérito el shakhtar llega al allianz dispuesto a dar la campanada de la temporada en champions. a los ucranianos les vale incluso el empate con goles frente a un bayern que no convenció en la ida. guardiola ha vendido el partido como una final y ha advertido que si su equipo no es capaz de ganarla será porque no merece seguir entre los mejores de europa. lorena --- hoy telemundo 48 estar presente en el "relevo del baln" de los earthqakes de san jose , a partir de las 12 30 de la tarde desde san pedro square

security is tight at the basel museum where the attack took place on wednesday. this is the scene live. we'll be reporting from tunis. >>> also gun battles in the yemen yemenese city of adan. >>> yahoo! pulls out of china. we'll look at what's behind the move. >>> and why letter writing is making a comeback among students in nairobi, as the bbc's school report goes global. >>> hello. thanks for joining us. the tunisian authorities say the country's intelligence services did know about one of the two gunman who carried out the attack at the prestigious bardo museum in tunis. it's now been confirmed that 23 people were shot dead 20 of them foreign tourists. we're just focusing right here on the bardo museum there, adjacent to the tunisian parliament. there were tourists terrified, running from the museum. two gunmen were killed by security forces. three people two of them foreign tourists actually spent the whole night hiding out in the building. that's emerged in the course of the last few hours. well tunisia's president has promised to wage what he's calling a me

basel seed drink with honey. how about this? this is good. anti-aging chocolate.sts have created a 39-calorie chocolate bar that will make you look up to 30 years younger! we want some of that! apparently, certain cocoa and a potent algae extract are the ingredients that become up these claims. or what about meat without the guilt? the laboratory-grown beef burger is making strides towards tasting better and costing less to produce. it's not unrealistic to think that our meat could come from a lab and not a field too soon. i'm not too sure about that. and furn't growing it in a lab, you could be printing it at home. yes, in the future connections between your wearable health tech means that consumers could monitor exactly what calories they eat by deciding exactly what nutritional content go into their 3-d printed food. okay mike fairs is managing director and director of food innovation services and joins us. mike, it all sounds very sci-fi but it's great to have you with us. hey, briefly, tell us what goes on at this gathering. it's only been going for about fiv

the new liquidity coverage ratio, part of basel iii went into effect in january.t gets phased in and gets ever tighter for the next three years but this particular rule which is a new rule that is supposed to keep banks liquid is actually working, working at odds with that. it is forcing deposits out of the banking system. david: so bottom line, let me simplify it for our viewers. what is happening, banks, new rules banks have to follow, require them to spend money on deposits, correct? >> in the u.s. especially. when a large bank takes in a deposit, it has to pay the federal deposit insurance corporation a premium to keep that money in the bank, even though all of it isn't insured. that is around 20 basis points these days. the bank has to do something with that deposit in order to earn a return so the bank, it is economic for the bank to keep it. right now it can keep reserves in the federal reserve system and it would earn 25 basis points. but that is not nearly enough to cover the cost of employees and systems, all that sort of thing. david: hold on a second,

these are unintended consequences that you're seeing from unintended regulation and basel and the kindams that we operated. betty: how does all of this type to mcdonald's? >> he meant number two. >> betty: i was saying i wonder what matt is meeting about this. >> people have to eat at mcdonald's because they are not making any damn money. betty: we heard mcdonald's dropped 4% in the u.s.. the challenge faced by the new ceo the mcdonald's better in who took over as ceo this month. you cannot blame him. >> not at all that did you read the article in the new york times over the weekend, it was truly fascinating. i really deep dive into the logistics of where they go wrong and why the u.s. markets are different than markets abroad. case and point, analysts that i talked to say we like the customization of mcdonald's you can make your own burger but they put the cost of about $100,000 per store which is a lot of money for a franchisee and there is the battle. >> you are using the term burger very loosely. i'm not sure what is in there all beef patty. >> it is a burger. >> it is not very goo

we tried that with basel. thanks greek sovereign debt and fannie and freddie mortgage-backed securities. we know where that got us. yet fsoc has seemingly rubberstamp decisions made by this international board when it comes to deciding whether non-bank financial institutions should be designated as too big to fail. this does not to be coordination appears to be committed to choice is capitulation today said the designation sense consequences for the american people. imposition of one global standard of financial regulation by this administration will undoubtedly harm american innovation and american economic growth. it can impinge on u.s. sovereignty and bypass the constitutional check and balance of the united states congress. even more importantly americans will find themselves paying more to insure their homes and families investors who rely on mutual funds for college education or retirement will find a burned lesson small businesses on main street will suffer as capital began to dry up. we must not allow

she referred to a study by the basel committee as a reference point that i pointed out that it's fiveyears old and i read her mind you obviously in long before we fully implemented or got this far in the process of new regulations. but as chair of the fsoc has there have been an study done on the kimmitt of cost. >> congressman the regulators are attentive to the cumulative impact of the steps. >> so attentive but is there some point of reference for the cumulative cost of these new regulations? >> each one for example -- the. >> you can say no, it's okay. i'm just trying to get straightforward answer. >> i'm happy to answer the question. i'm trying to. if you look at each of the steps taken you can look and see with the capital requirements are and you can add up the burden as it were. it has been very clear that there was a goal of internalizing risk and firms which does increase some at of the cost to firms of their activities. we think it's appropriate because it should be the burden of the firm and not the burden of the public if anything goes wrong. having things like more capit

she referred to a study by the basel committee as a reference point that i pointed out that it's five years old and i read her mind you obviously in long before we fully implemented or got this far in the process of new regulations. but as chair of the fsoc has there have been an study done on the kimmitt of cost. >> congressman the regulators are attentive to the cumulative impact of the steps. >> so attentive but is there some point of reference for the cumulative cost of these new regulations? >> each one for example -- the. >> you can say no, it's okay. i'm just trying to get straightforward answer. >> i'm happy to answer the question. i'm trying to. if you look at each of the steps taken you can look and see with the capital requirements are and you can add up the burden as it were. it has been very clear that there was a goal of internalizing risk and firms which does increase some at of the cost to firms of their activities. we think it's appropriate because it should be the burden of the firm and not the burden of the public if anything goes wrong. having things like more capi

or these days the germans choose to run a current accounts surplus other than pounding the table in basel and that she 20 meetings, the fed can't do much. do you agree with that? >> this is a complex discussion but i would say that ben bernanke himself were adamant that the fed should do what it can. that monetary policy is not a panacea and that there are situations in which monetary policy is doing everything he can and that still may not be enough to lease quickly but -- quickly to back to full employment. i think i was the first of all, again the analysis that we have done, and i stand behind it in many cases i'm the first person to say we are really uncertain about this a not quite sure how to read it, i would stand behind his descendent we think that there's still a lot of labor market slack and nominal wage inflation has been pretty darned flat at 2% and the likely summers we think would be premature to start normalizing policy or tightening policy right now. we also see very significant downside risk to the u.s. economy. i think some of them are from abroad but frankly this mornin

using systemic indicators and they used a framework, i think, of five factors, categories under the basel committee. interestingly enough, the results demonstrated huge variation between systemic importance between the largest banks in the regional regional banks, were you familiar with that report? secretary lew: yes. mr. neugebauer: were you surprised by the results of that? secretary lew: congressman, i think i'd have to look at the details of the report to comment on it in detail. mr. neugebauer: did you find any flaws in that analysis? did you think that was a fair analysis of the factors and that the results were -- it's your report. secretary lew: no. they did independent work. i'd be happy to look at it and give you a thoughtful comment on it. i'm not surprised they're looking at the issue, no. mr. neugebauer: i guess the question is, since you have the authority under section 115 to do that, and there's been a lot of discussion about that, and even bipartisan support, bicameral support to do that, i'm just kind of surprised why fsoc hasn't taken on the features of 115 to do that.

whether it's in the financial stability board the basel committee, g-20 or bilateral. we have a bilateral dialogue with the eu over financial regulatory issues that the treasury department leads on behalf of our regulators. our position has been that that's where we ought to make progress in parallel alongside ttp on financial regulations by looking at and strengthening existing mechanisms. >> thank you. senator widen. >> thank you mr. chairman. ambassador, i want to talk to you for a couple minutes about the importance of a free and open internet. it is obviously critically important to the economy but it's also a platform not just for commerce but for the free exchange of ideas. of course, there have been a lot of battles. a lot of them waged in this room to come up with the policies that will ensure that the net stays free and open. i know that years ago we were faced with the challenge that if you held a website you could be held libel for something posted on the website, which pretty much meant you wouldn't have social media because no one would be comfortable inv