the managingn director and head of wealth management at citibank singapore.hank you for joining us this morning. >> thank you. tracy: let's start with that japan data we just saw, this export boom. what does that tell us about the economic growth of the asia region in particular? first and foremost, japan has been on an upswing. it has been one of the best run in a long while driven by productivity and labor participation. the demand coming to asia in particular in this market that we have been seeing. david: it is there anything not to like about japan at the moment? we just had a stellar earnings season, and you look at the multiples for that market, they word cheaper now than 18 months ago. talk to us about the outlook. >> we are feeling good about japan. gains on been making the political front. coming sos are not much from growth, because that is in decline, but from the road activity the labor market participation. lastly on the management of the economy, the liquidity has then managed and the boj has been purchasing bonds, but not setting a specific go

. >> citibank ordered to pay millions of overcharging customers. how this could benefit many people paying off student loans. who are these people? the energy conscious people among us say small actions can add up to something... humongous. a little thing here. a little thing there. starts to feel like a badge maybe millions can wear. who are all these caretakers, advocates too? turns out, it's californians it's me and it's you. don't stop now, it's easy to add to the routine. join energy upgrade california and do your thing. really? really? really? really? really? see zero in a whole new way. get zero down, zero deposit, zero first month's payment, and zero due at signing on select volkswagen models. now with the people first warranty. >>> good morning, i'm landon dowdy live at cnbc headquarters. wall street will try to add to yesterday's gains. the market closed at record highs. investors contribute it to the likes of dollar tree and hormel. the dow rising. the nasdaq up 71 to 6862. >>> a cover up of a cyber attack that took place last year. hack

to some extent, he is a sponsor within the kingdom for citibank.hink there is a real question to whether he is the only sponsor. some of the reporting i have done suggests that the bank's base of support is much broader than prince will eat -- prince all we. which raises the question to how important it is to the bank's future in that country. scarlet: we mentioned he was in -- process >> not to cross the line into what they can't do. they have been able to do something. scarlet: they have enabled bond sales, they are certainly getting tc's romp the kingdom. to receive expected that license later this year and begin doing business under that license. i have not talked to anybody who thinks that licenses -- that license is in jeopardy. julia: how important is saudi arabia for citibank's bigness overall? i guess my other question would be we don't know what the charges are, they may be unproven, nothing may go from here. do you think there will be a cautiousness in general? areuse a lot of people looking at the situation and don't understand what's g

. >>> in your money tonight, citibank stakes a big hit citibank will have to pay six and a half million as a fine for student lone violatio violations. the consumer financial protection bureau says citibank charged incorrect late fees and interest they also overstated minimum monthly payments and misled borrowers about the benefits of tax deductions. the bureau says the violations happened between 2006 and 2015 and they made it more costl cosd confusing for borrowers trying to pay back loans as part of that fine some customers to get a refund. >> need a new zest wheels. check out black friday deals. industry insiders say dealers are trying to make room for new cars offering big deals that they try to clear out their stock of two of 2017s. now dealers also face pressure to push out more sales at the end of the month to reach quotas and such. auto makers also looking to boost sales they were off by close to 2% for the first ten months of 2017. >>> good news for fans of the great white way and those who invest in broadway shows. the broadway league says ticket sales for shows are up 18% ov

citibank, bank of america where i worked, i had a large stakes in chinese banks.ion is, are big banks going to come back into the market? i'm not sure they are going to come back and size quickly, and they are not going to come back and size quickly because dealmaking activity is somewhat unit -- somewhat muted. there are still structural issues that will make it difficult for highly regulated u.s. institutions to do business in this market. byzantine shareholdings, for example. betty: jamie dimon has said if to the chinesen market, he wants 100% of the company. another thing he said that was interesting is the benefits he sees in foreign partners in these banks. i wanted to play for you what he said about this in china. >> when foreign investors come in, an investor can kind of be a pain. on the other hand, they demand transparency, government, bankruptcy laws. so jpmorgan, we can play a part to raise standards. betty: do you think that's the case in china? if more foreign banks were allowed to go into the system? stefan: that's the positive spin that if these fo

bin talal who owns or has owned major stakes in news corp owner of fox news citi group owner of citibank twitter and many other well known companies let's add them to the good to the list let's add all those companies to the big board of foreign agents also this week china energy investment course the world's largest power company has signed a memorandum of understanding to invest eighty three point seven billion dollars in shale gas power and chemical projects projects in west virginia west virginia. where there are a lot overall wearing through two with banjo players who are going to be none too pleased to learn they are chinese foreign agents. and you have to add north carolina to the list because as i report a few months ago most of the hawgs in north carolina are owned by a chinese company so there you go bacon and north carolina on the list for a day just add the nike swoosh to the list because nike is based in bermuda but the nike swoosh the actually based in ireland for a long time but then that's ok they decided to move. of their headquarters to jersey new jersey finally an amer

wells fargo but it's also some of the art other large financial institutions bank of america and citibank and do you think that that sort of thing will continue or might mick mulvaney just put an end to that. the worry is that he will put an end to that i think you can measure the hostility of the financial sector by that figure you've mentioned some twelve billion dollars has been returned from this industry to the some thirty million customers from her. when that was taken and i think that the the the propensity of financial firms to do that and do it even where c.f.p. is has yet taken force and action is so pervasive that as that a directive from a new director to fall asleep or to be less aggressive really imperils the american consumer the financial industry has grown to where it used to absorb something like three cents of every dollar american consumer dollar to something like six cents and it's not because they've become more efficient the way you know your smartphone which probably has more computer power than what got us you know navigated the apollo missions to land on the moon

investigative report on the russian meddling in the us election campaign the article tells you about citibank money transfers that were intended for russian embassies abroad wow. but the problem is that the russian duma had its own election in september twenty sixth being russia was choosing its new lawmakers and there were polling stations opened at embassies around the world to make sure that russian citizens who cannot vote at home can do that abroad and that does require some money russian officials did confirm that the transfers the money that was in these transfers was spent on opening these polling stations but if you go to the buzz feed article you don't read through it unless you scroll and you have to scroll a lot and i can tell you that some attention at that session was also drawn upon this serious bit of investigative reporting by buzz feed ok with the comprehensive updates on the news today thank you for trinket from central moscow this hour. well we actually got in touch with a number of global press freedom organizations to get their reaction to r.t. america being coerced into

citibank money transfers intended for russian embassies abroad wow the problem is though that russia also had its parliamentary election back in september twenty sixth staying and there were polling stations opened at russian embassies around the world for russian citizens who couldn't vote at home and that required some money russian officials did confirm that the cash in these transfers was spent on that but to read about this in the original buzz feed article you really have to scroll down and scroll down a lot so this bit of quality investigative journalism by buzz feed or maybe not was also brought up at the dumas session earlier this wednesday in the prank reporting now one of america's most popular news websites is getting caught up in the campaign against r.t. to the drudge report here which does link to hundreds of nice sites is under fire from the washington post for sharing stories from this channel the site's accused of publishing links to quote russian propaganda although that's only a small number of articles compared to the washington post article was that drudge links

this, of course, is the fact that alwaleed bin talal investor in such things aggies twitter and citibank, has been outspoken from saudi arabia and many under the surface here especially royal circles are uncomfortable with how outspoken he ho he has been. wondering if this is a power approach or the part of the son of the king to move this economy sfard and show corruption will not be tolerated. guys? >> certainly a new era there in saudi arabia. hadley, thank you. >> just ahead, we'll have an update for you on today's weather, plus more details on the deadliest mass shooting in texas history. you're watching "early today." and at our factory in boston, 1,200 workers are starting their day building on over a hundred years of heritage, craftsmanship and innovation. today we're bringing you america's number one shave at lower prices every day. putting money back in the pockets of millions of americans. as one of those workers, i'm proud to bring you gillette quality for less, because nobody can beat the men and women of gillette. gillette - the best a man can get. people would stare. psori

. -- citibank. all of them putting together youths, the service center. i'm looking forward to the young people who come through whose lives will be touched and changed so, when they say they're part of booker t., they're part of the city, they're part of the future. this is san francisco. love and compassion for everybody. thank you. [ applause ] >> supervisor breed has reminded many he we have not told everybody what this project is. we have 50 units of housing, half for young people that have aged out of foster 0 care or are at risk of homelessness. so those 25 units, more than half of them are filled now. we also have 24 units and 50%, 60% -- at 50%, 60% median income. that means it is, the rent is about $50 a month. i just had someone ask the city to buy that for $800,000. >> it was rick. >> that's right. that's exactly who it was. so we have -- for those 24 units, we had 1,300 applications. >> wow. >> so the housing situation here, particularly for young people and for poor people is really acute. and i will definitely be on hand tomorrow when mayor

groundbreaking investigative report on russian meddling in the us election the article tells you about citibank money transfers intended for russian embassies abroad wow the problem is though that russia also had its parliamentary election back in september twenty sixth staying and there were polling stations opened at russian embassies around the world for russian citizens who couldn't vote at home and that required some money. russian officials did confirm that the cash and these transfers was spent on that but to read about this in the original boss feet article you really have to scroll down and scroll down a lot so this bit of quality investigative journalism by buzz feed or maybe not was also brought up at the duma session earlier this wednesday well we got in touch with a number of global press freedom organizations to get their reactions to r.t. america being coerced into declaring itself a foreign agent but the response has been strangely muted as the explains. washington has had enough of. russia today a russian propaganda arm why have you not shut down r t on you tube it's a propagan

groundbreaking investigative report on russian meddling in the us election the article tells you about citibank money transfers intended for russian embassies abroad wow the problem is though that russia also had its parliamentary election back in september twenty sixth and there were polling stations opened at russian embassies around the world for russian citizens who couldn't vote at home and that required some money russian officials did confirm that the cash and these transfers was spent on that but to read about this in the original buzz feed article you really have to scroll down and scroll down a lot so this bit of quality investigative journalism by buzz feed or maybe not was also brought up at the duma session earlier this wednesday if you're trying to there well we also heard from was benedict he's the executive director of the libertarian national committee and he believes the decision to register as a foreign agent might actually violate the u.s. constitution the united states constitution is very clear when it comes to freedom of speech the first amendment of the constitution says

come out of it just actually when i started the trading company she had a booth in the market citibank's. and. and also she was he was one of my students. just his family they live in the countryside so sometimes we go and see them. and then he'd always places to see and he would it's not just to factories and buildings there is actually it's north scenic country so i. misspoke how i also missed my family and friends what i might. have. there's not a lot of that small you know you have sky you have already social media it's not like you have to write a letter and send photos now and also it's a very happening place and i'll never board i never have time to think about my life back home me and i see more he's doing something more he's busy. if i don't go back to england or if i don't moved to australia i can see the self moving to a high joint which is quite near here thing had a very nice city it's cleaner. wants me i would go to i wouldn't get married to life opposable thought i couldn't give him some you know i can't see myself even if it was small enough that he was big part of me. wa

groundbreaking investigative report on russian meddling in the us election the article tells you about citibank money transfers intended for russian embassies abroad wow the problem is though that russia also had its parliamentary election back in september twenty sixth staying and there were polling stations opened at russian embassies around the world for russian citizens who couldn't vote at home and that required some money. russian officials did confirm that the cash in these transfers was spent on that but to read about this in the original buzz feed article you really have to scroll down and scroll down a lot so this bit of quality investigative journalism by buzz feed or maybe not was also brought up at the do a session earlier this wednesday. you are preparing to reporting now let's get the thoughts now where benedict he's executive director of the libertarian national committee and joins us now whereas welcome to r.t. thursley just give us your reaction then to these developments over the last sort of twenty four hours or so and firstly r.t. being called a foreign agent. thanks for ha

he had an interest in citibank. citibank is trying to rebuild it saudi arabia and business.rles, walk us through the implications of the arrest and what citibank is trying to do? >> when it comes down to is did the prince play role in helping citi get its banking licenses? they were granted the ability to have a cma, which allowed them to do investment banking in the country. they met with the prince in march. that is the open question. and itdidn't play a role was improper, their ability to operate in that country could be setback. that could affect the growth of their institutional services, client services group. tox: does business flow hsbc? he is now the head of the economy and planning ministry in saudi arabia. do you see market share erosion? how important is this? charles: i don't want to overstate the importance overall. if you look at the projections about 2.5 billion of pretax earnings is supposed to come out of there corporate investment bank. the key product in that bank are things like treasury and trade solutions. are the products that have been driving growth

everything we have ever done, starting with when i began citibank's high yield bond fund in 1978, wasfitable at the beginning. you say, i think there is going to be an opportunity. you put some staff on it, you ramp up your expertise, and hopefully, the opportunity arises. in the interim, you did not do it for the money, you did it to be properly positioned. yvonne: are you hiring people? howard: we have people here. yvonne: in terms of regulations, is there a long-term strategy for oaktree? they say china is not exactly of foreigners market. how do you see the environment in china and india? the leadersink of of both china and india are moving their countries in a consideringection, outside capital being put to work. since the systems are different from ours, we cannot say categorically we know what the future holds in that regard. but we are optimistic enough to be moving in a positive direction in both countries. about howncertainty creditor rights will be treated. investor in less than stellar credit debt, you have to be able to rely on a restructuring process which delivers appro

for citibank $700 million for credit card companies. bank of america, $727 million for misleading customers and $11.7 billion in relief to consumers. if you say this helps the middle guy and the president who said he would be their voice is being put in charge. >> the other good example of this administration putting into place people who are there to sort of undermine what the previous administration had done. epa is another good example. there is a bigger issue at stake here. that is the question of independent agencies. there were many set up earing by democratic congresses. to keep them from the kinds of pressure that better than could exert. the out come legally and there was an out come of the fight between what are essentially dueling pieces of law in place, does the president have the ability to put a new director in and does the director come from the agency and has ramifications beyond the financial implications and issues we are talking about. how did they operate? >> behind the drama are two things. the first is the trump ad

he is a major player on wallstreet and investor in citibank, apple and parent company of fox news, 21st century fox. the arrest of so many senior saudi officials have raged suspicions. the purge wasn't just about tackling co uplgs but removing adversaries as well. >> he has gone after people that can under cut him politically and have the financial resources of alternative power centers. think he is also sending a message that no one is beyond his reach. >> salman has tried to craft a look at a reformer. he's counting as a valuable ally to president trump. -- intensifying the regional conflict with iran which this weekend escalated even further after a missile landed near theor the airport. >> we see this as an act of war. they can't lob missiles to us and not expect us to react. >> they report this as phase one of their crack down and promise to deliver evidence -- >> conner powell, thank you. next up the all-star panel weighs in on the president's trip to asia so far. first beyond the bordered tonight. the president is already out of jail and already criticizing spain. he tweet today

citibank, one of the biggest investors in twitter.is a forward thinker and has been very imaginative. he gave $20 million to georgetown university to create a center for understanding. this wasas roped into an incredible signal to anyone with any resources, the things they can buy their way out, or that money is a cushion. saudi arabia is in for a rough shop. charlie: are they put on trial, what will happen to them? robin: we have no idea. he one story about alwaleed, got into a twitter were with donald trump. in 2015 he sent out a tweet that trump was not only a disgrace to the republican party, but the entire u.s. and he should step down. eight hours later, trump tweeted back and called him guilty -- dopey and said he only excelled because of his father's money. of course, donald trump only did well because of his father's money. there's been tension between them since. charlie: someone said to me, it is either one of two things. a young man very confident in his own abilities, that he can take risky moves and prevail. very nervous

24 hours was friends alwaleed talal, one of the richest men in the world in a major investor in citibank, twitter that company i 21st century fox in a disputed with mr. president trump, accusing alwaleed talal at the guy who's been trying to buy u.s. politician in the leland coming typical saudi fashion, those arrested haven't been taken to a prison, but instead to the ritz carlton where they are being detained under house arrest. >> hearing some of the phone lines are down right now, noteworthy that the president talked with the saudi king in the past 12 or so hours. no mention in their readout of this corruption cleanup. that is something noteworthy to see if they did talk about or not. our white house unit working on those details. thank you. elizabeth: still ahead, isis new tactics have the terrorist group is why relying on the lone wolf terrorist attacks and what the challenges are in combating them. todd. hold on. [ engine revs ] arcade game: fist pump! your real bike's all fixed. man, you guys are good! well, we are the number-one motorcycle insurer in the country. -wait. you have

. >>> and citibank has been fined nearly $4 million for shady student loan practices. consumer financial protection bureau says the bank misled borrowers into believing they were ineligible for a tax deduction on interest they paid on certain loans. the bank also incorrectly charged late fees and extra interest to borrowers who were still in school and eligible to defer payments. >>> well, it is never too early to start thinking about where you might want to retire. unfortunately, the district may not be the place to do it. washington ranks tenth amongst the nation's 50 largest cities. thinkrate.com put out the list of best places to retire. they give scores for transportation, cultural vitality and crime rate, pittsburgh, boston and l.a. >>> ready, set, shop. >> black friday almost here. and our susan hogan has drop starting on thanksgiving day. >> stores and malls, they're all over the map, but for the most part many of our major malls and some of the bigger stores in our area are going to be open some time on thanksgiving. so who is actually open on thanksgiving? le

citibank came out and said they could generate $30 million a year in revenue. that's low spencer bogart thinks it's much higher than that we look at what coin base is doing, if they can take a fraction of that, they're going to kill it >> definitively, the last 10, 12% was from the bitcoin exposure yes, that's the tailwind, no doubt. but square services, people looked at at this early and thought it was a simple payment processor. square services, online food delivery, square cash, gift cards. there's so many tentacles to this story i was lucky enough to not be dumb and buy it and not listen to a lot of people who said it's just the same thing, it's a hardware company it's a services company. >> let's think about scale and throw into the mix facebook. facebook gets into the mix and acquires a payments business or they acquire this model facebook's user base, whatever billions of users they have, you look at it and say, how easy is it to replicate and can they come in and -- >> i don't think it's that easy for them to replicate. they have to go out and buy a pay

as we've talked about before, the banks, the jpmorgans, citibank of america, they're trading off two-year yields, not ten-year yields. it's taking those banks higher what was up today? bkx. banks are doing well >> the banks have come off 5% if you look at jp morgan, bank of america. citigroup especially, back towards those recent breakout levels is that a level where you get back in and reload on those things >> i think that's exactly it, the bkx pulls back and tests and holds the 50-day the high end of that well-defined trading range, jpmorgan these are stocks that are poised to test and hold and move higher again. that's exactly where we're set up to be >> rich, thanks. pete, what did you do today? >> he's not nervous. i can tell absolutely not nervous i only had one big trade today i actually didn't do as much as i normally would it was an interesting day. i brought something in the reit space. it's in senior living. because we saw some incredible, unusual activity in there. that brought me into brookdale >> i sold some halliburton today. i've been constructive on the energy center, ha

government provided $850 billion of combined support just to save financialnk centered conglomerates, citibank and bank of america. at is adding their lender of last resort assistance, capital assistance, sale of commercial paper to the government, and guarantees they received. that was just two of them. that was a small part of the bill that we paid. the problem with dodd frank, in my view was that it did not change the universal banking model. unlike the glass-steagall act which required a separation firmsn banks and security in 1933 in response to the great depression,. frank basically took the approach of saying, we have these nuclear reactors that blew up. rather than replace reactors or adopting a different form of reactor, let's just improve all of the valves and controls and tweaks. if we have better valves, controls, maybe -- maybe they will not blow up next time. unsound, andhat is an unviable approach. the last 20 years have made clear, in my view, that these giant financial conglomerates cannot be either effectively managed or regular dude -- regulated. if we do not change the mode

steve whiting of citibank. surprise of the weaker dollar over the summer. you don't buy this dollar rally. discuss. >> the dollars gain from 2011 to 2017 put it high on a trade weighted basis. the real purchasing power of the dollar has moved up tremendously. droverces that exceptional u.s. returns, the oil boom, the fed tightening before others, they have played out, but there are four things right now -- two of them, tax thought werekets not possible, and the other one and the thing we have had to worry about in the near term is a different approach on monetary policy out of the fed. ira, do you buy that idea? >> i think john taylor would be more hawkish than jerome powell. these dollar, we get 5-7-year cycles and the dollar. we had this big uptrend for five-six years, and now you are at the point where we know the fed will be more hawkish. europe is going to start their own version, and when that happens, the euros and other currencies will rally. nejra: on that point, how do you look at rate differentials a

goldman sachs and citibank warned of russia's reluctance to accept the cuts.was nine months, not six months, ok, so this is solid. the majority of members will agree that it will be in conformity with that. told aolm turnbull has after the banks themselves ask for an inquiry. scott morrison sang it is vital to rebuild public trust and into the political uncertainty depressing the sector. shares of the big lenders opening lower in sydney after thursday morning. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. betty: still ahead, we are counting down to the bank of career great decision. joining ushs and with the prediction on whether thursday is the day for a rate hike. plus, the clock is ticking on a u.s. tax deal by year end as president trump claims the bill would hurt him and his wealthy friends. this is bloomberg. ♪ ♪ looking at live pictures from the floor of the u.s. senate where republican lawmakers are voting to start .he debate on that tax bill republicans do have the votes to

major investor in citibank, apple and the parent company of fox news 21st century fox. the stability now in saudi arabia was that there was a missile fired from neighboring yemen into saudi arabia. saudi officials are holding iran responsible saying that it's a potential act of war. so there is a lot of issues going on right now, sandra, in saudi arabia that has a lot of people in the region and around the world on edge. >> sandra: very interesting story that continues to develop. connor powell, thank you. >> bill: 20 minutes before the hour. the white house put in a hard sell on tax reform hoping to have it done by the end of this year. special advisor to the president ivanka trump giving her pitch to tucker carlson. >> if i ran into you in an elevator and you had two floors to make a pitch for the campaign. >> a dual focus, provided much-needed tax relief to middle income families and cutting taxes generally so that our businesses can be competitive and thrive in a modern economy and in a global world where there is tremendous competition. and our tax plan accomplishe

. ♪ ♪ mark: a new timely report from citibank about how the economy is shaking the global economy withp growth could come as a result of pursuing gender equality in the workforce. one of the ways to achieve these targets is by reducing the additional hurdles women tend to face. we have with us tina fordham, at citigroup chief political analyst with insight. gina. >> morning. mark: 6%. a lot of growth. >> that's why we took on this topic. about women, write coverage of diversity. i want to suggest that this is not about diversity, it's not about fairness per se. it's not about female executives . lots of people are covering this. for about the sheer scope growth. 6% is what we arrive at for advanced economies, and for emerging markets countries, it's even higher. why aren't we going for it? mark: i just -- someone said it makes economic sense. >> it's not only the right thing to do; it's the smart thing. mark: your report backs that up in spades. >> i worked in the united nations high-level panel. panel ofthe high-level women's economic empowerment, they made recommendations to address