are jpmorgan, hsbc, citigroup, ubs, and rbs.imated fines of between 225 million pounds and 250 million pounds. citi, 235, jpmorgan, 222. 1.1total not of fines is billion dollars. analysts expected it to be in the range of 1.3 and 1.5. that would have included barclays. so five out of six have been fined. is in ongoing discussions with the fca. cftc has also not included barclays in these announcements this morning. theillion worth of fines to banks that you mentioned and that was an estimate of about 1.5 billion. just a shade below that. >> and for ubs, we have levies here for them from their own regulator, which is finma, the american regulator, which is cftc, and from the fca. 100 34 million swiss franc's. the americans, 290 million -- sorry, 200 -- 280 million swiss francs. 234 million u.k., pounds. so total swiss franc levies on ubs, 770 3 million swiss francs. that is well within what ubs had already provisioned for. my estimates for provisioning was somewhere around $1.74 billion. we do have other american institutions. we

have been achieved advocate for women and women's initiatives for citigroup.e were speaking during a break about your diversity numbers, which are actually much better than the technology companies. tell me about the numbers at citigroup. classless have half of our community is women. focused on is having more women represented in our seniormost ranks. >> is far less than 50%? by cs we started program several ago about creating a very different way to help women achieve their potential by giving them advocates who work alongside them, and bring their capability to the forefront so when leaders are looking for the next opportunity for events, their names are front and center. we have seen great success. >> apple and facebook are offering benefits. ago aboutthey will pay for womo freeze their eggs. a good thing or a bad thing? >> i'm having a hard time. so many young women work from the nec people waiting, and you worry about, having first children at much later ages, but maybe it was because i was so young when i had a child at 20 next, it seemed a lot simpler.

antonin jullier, global head of equity trading strategy at citigroup.ays indices are not calculating due to technical problems. more on that throughout the hour. up next, a breakthrough in the fight against ebola. glaxosmithkline's vaccine shows promise in human trials. we will bring you details after the break. ♪ >> welcome back to "on the move ." let's bring you up to speed with some of the companies on the move. apple is raising the price of its iphone by 25% in russia. until now, the drop of the ruble had attracted tourist from other countries to buy the iphone 6 in moscow. samsung cut the cost of its competing smartphone. the iphone now costs 60% more than the galaxy s5 in russia. metal traders at ubs are under investigation by the swiss finance regulator. that is according to people with knowledge of the matter. the regulator started proceedings just over two weeks ago. andinvestigation is ongoing no one has yet been found at fault. google will have to expand the right to be forgotten be on the european union under rules drafted by privacy regulat

citigroup had a rough week this week with some legal expenses, and citigroup takes a piece of -- charles: yeah, the real thing. >> i know. [laughter] [inaudible conversations] >> charles, i'm with you. charles: we don't trust them, right? >> how much more bad news can they have? charles: i don't know. >> that's what we're afraid of. [laughter] >> there's value there, there's scale, and as long as the consumer is expanding, citigroup can gain. charles: matt, what else? >> an ipo recently, it's a cf company. consumer relationship management? >> yeah, yeah, helps get every dollar out of your clients that you have. when businesses start spending more, which they are, i think that's going to go there first. studies show about 18% growth between mow and 2020. there's going to be amazing earnings, revenue up after the bell last night. charles: i know you like that name. all right. now, you've been talking a lot of retailers, they've been doing very well. we talk about the fed printing money in this thing called velocity. that's money seeping out of the banks and into society and moving around.

that this was a huge investment portfolio from citigroup.nd out that sandy weill knew i was doing this because he had private investigator told me. obviously he had a private investigator in some way tangentially or specifically, look at my activities. i'm just going to say this. get used to it. these guys play tough. i would like to hear exactly what this guy said during this meeting, like point-blank, what he meant by going after reporters but it happens every day in corporate america. >> according to buzzfeed he basically said that he would be open to the idea of using a million dollars to hire oppositional researchers, as you said in the introduction and journalists to go after journalists and expose personal information in the event they didn't like what they say. >> that happens a lot. >> entire situation, yes, it happens but -- >> all the time. >> uber is an $18 billion valued company, probably going public in the next few years and this is bad reflection of their corporate behavior. >> citigroup, citigroup was $250 billion company wh

see group -- citigroup says it could fall. how low can the price of iron or go?the prices of iron ore. for us, what is important is the spread between the iron price and the market price. the spread is growing and that gives us better earnings. andspread between iron ore customer prices is too low to earn the cost of capital. that is what we are targeting for. we do not have guidance on iron ore were steel prices. >> your contract has been 2000 20.until congratulations. what are your omissions during your second term -- ambitions during your second term? >> first of all, thank you. the level which you have achieved for us is nothing more than a milestone in the transformation of our company. we know the level of income is too low. the next up, we need to achieve a level which is good enough that we on a protectable basis can generate free cash flow. on a growtho back path. to support that, i'm getting involved heavily in identifying market opportunities that drive our innovation pipeline. >> thank you very much for joining us. ofnrich hiesinger, the ceo thyssenkr

strategy at citigroup joins us now.oing to conversation about currency it we may not talk about dollar/yen. the bank of russia out this morning putting 4% inflation from 2016 and cutting its forecast of growth to 0% for next year. no surprise here. the dollar/ruble, short-lived, come to a little bit? >> it may be tricky to call the end of the rally of the dollar/ruble. how i look at it from the risks may further upside from here over longer-term particular to continues to it deteriorate on the back of weaker commodity prices also and furtherr russia escalation of the tensions may lead to new sanctions over time. the bank of russia will have to consider more options to stabilize the currency until they come, the risk can still to the upside. theet's talk about what central bank of russia has and ammunition. they have went through quite quickly. >> they have amount of reserves, 300 billion and gold resource. it should be more than 400 billion and the faqs once a currency crisis occurs, the becomethe reserves could quite a

jpmorgan and citigroup or find more than a billion dollars each.aces a $250 million penalty. we may be on the verge of a huge takeover in the medical industry. is in the talks to buy the maker of botox. this is a bloomberg scoop. there was a gap of about $3 billion between what they want to pay and what allergan is asking for. valiant pharmaceuticals has the backing of the largest shareholder. in the banking industry. bb&t has agreed to buy susquehanna bank. premium. 39% bb&t also bought a bank in texas branches. republicans pushing back on the climate change deal between the united states and china. they made the announcement in beijing. china has agreed to cut carbon emissions and the president obama agreed to deeper carbon cuts here. >> this is a major milestone. it shows what is possible when we work together on an urgent global challenge. by making this announcement together, we hope to encourage all major economies to be ambitious. all countries, developing and developed, to work across some of the old divides so we can have a global climate

the banks include ubs, citigroup, royal bank of scotland, and hbc. ubs will pay the biggest penalties of all, a total of $800 million, and more fines may be underway. the u.s. office of the comptroller may announce today. dow chemical may be moving raising itsdow is orderly dividend to $.42, a 5% this. also reducing its buyback two $5 billion to nine and a half billion dollars. it was said earlier this year do dow should spin off to improve profits. marissa mayer has another marketing tool for yahoo!. she makes one of the biggest deals yet. about $640 million in cash. that acquisition will help in a growing part of the digital ad market. 87 of the top 100 advertisers in the u.s. are served by it. breaking news out moments ago. it looks like their earnings in the third quarter beat estimates but they cut their estimates. the forecast is what we care about and it is negative. you're looking at a mixed picture here. the company said comparable sales fell in the quarter by 1.4%. that was unexpected. they were looking for a 1.9% gain. it has really been a

. >> just a week ago, melissa, i was talking about the same exact thing with citigroup. we get a little more detail about exactly what's going on. now we're getting the 10q from bank of america. this $400 million charge or the $400 million adjustment to its third quarter profit is related to the multibank foreign currency probe. here's what the 10q says. the bank in particular in late october, the corporation received formal draft documents from certain u.s. banking regulators concerning the imposition of mandatory remedial measures and penalties associated with its fx business and its systems and its controls. that is the most specific language yet that we've gotten from a bank about how close these companies might be with regulators. at least here in the u.s. remember, regulators or federal authorities in the uk and europe and switzerland are also looking into this matter. on some levels as a criminal matter. we are hearing from bank of america now that u.s. banking authorities have been providing some formal draft documents of what we'd believe to be a potential settl

traders at jpmorgan, hsbc and citigroup with went so far to email each other to protect themselves from their fraud and own branch bosses from finding out. so far more than 30 currency traders have been fired or suspended. the bank of england dismissed its top currency official. the royal bank of scotland is probing 50 current and former workers pulling their bonuses as well. regulators are moving to file enforcement actions against potentially 11 ubs traders. this is the first chapter in the forex trading probe. banks like jpmorgan chase still face criminal probes by the department of justice. gerri. gerri: liz, thanks for that. and later in the show it is day three of our user'sfied to shopping. -- user's guide to shopping. wait until you see some the gifts we have for you. speaking of gifts s black friday becoming non-existents r tent? changing hours of traditional retailers is putting this traditional shopping day to shame. stay with us. gerri: third quarter earnings for embattled jcpenney coming about an hour ago and it was not good. sales falling shy of analyst estimates and it wa

individuals, unless they can say that the supervisors and so forth all the way up to the top at citigrouprica. >> some banks still being looked a the for potential criminal activity, but kevin, the question remains how much more expensive is it to fight it in court if the evidence is ultimately against them? >> kayla, when we were -- >> why wouldn't you do that? >> in the middle of financial turmoil in 2007, 2008, we went to these banks and asked this emfor favors. i say we, i mean the taxpayer, the government, now we have turned around -- >> i think we rescued the banks, bailed them out. >> they paid us back, made money, now top to screw them into the boards with these costs. i, as a shareholder, just one voice, i'm now giving permission to the ceo to fight back. i'm done. i'm -- i have a he had enough. 17 billion. i'm gonna hold i don't to it, this company, if it ever was give a fair chance of a court of law, could make me money, increase dividend shall, the only reason i up it. >> this particular case, hard to prove, in the for rex market, $5 trillion a day what toward prove that they

. >> and now the bank settling with the regulators were citigroup, j.p. morgan chase, royal bank of scotland, hsbc and >>> sales at j.c. penney fell and shares of the retailer followed suit. the company's loss was smaller than expect as as a drop in operating expenses helped improve margin. but shopping momentum dwindled after back to school sales. after the share initially fell, during the regular session the stock rose almost 8% to $7.76. >>> american eagle guided higher, lifting shares in today's session. the teen retailer pointed to reduced mark downs and lower expenses. the company will officially report its results in a few weeks. shares popped at 10% ahead of that to $13.80. >>> visa homes posted the first full year of profitability in eight years and beat estimates by a wide ma the home builders results had better margins and a tax benefit. shares fell 3% to $18.62. >>> shares of sea world tanked today after it announced a disappointing third quarter fall as it's been dealing with controversy over its treatment of killer whales. shares tumbled 9.5

. >> the five banks that are -- that agreed to settlements are american citigroup and j.p.organ chase, britain's hbc -- a just royal bank of scotland and ubs. >> today, tough action to enough corruption in the financial world. it is part of our long-term plan to fix what went wrong in our economy and in our banking system. >> the banks have acknowledged improper behavior by employees first of a number of traders were fired or suspended by cook -- because of colluding with others to fix rates. >> fines are a decision of the independent board of the royal bank of scotland. i think generally, the banking system needs to reflect on the very justified public anger. >> currency minute relation is just one of the serious misdeeds banking regulators have been investigating post up some of the banks find today have also been fine for interest rate manipulation and their roles in a timid -- and activities that led to the financial collapse. they are considering other financial institutions, including german banks suspected of currency manipulation. >> time to look at how the markets

the banks include ubs, jpmorgan, citigroup, rbs and hsbc. stateside, the cftc has ordered the financial institutions to pay $1.4 billion in penalties. now, barclay's is not included in the fines as it is working with the cftc and fca for a more coordinated settlement. overall, wilfred, not good news here, these fines. but we have to point out, while some of these banks are trading lower today, financials index is still up about 10% year-to-date. the question is do they care about these fines and are they willing to brush that over and focus on earnings? >> i think they care. but with these fines in particular, it was a bit priced in as you can see by the move today. some are up, some are down but nothing too significant. i think what's more interesting moving forward is the fca here in london has said they will announce a carryout. for firm toes drive up standards across the market, yes, these fines are big in terms of the fca's history of imposing fines. but more of a risk moving forward, more red tape, more regulatory pressure for the bank

the companies include boeing, verizon and citigroup. the firms dispute the study. >>> honda is offering to replace potentially defective air bags nationwide even though a recall covers cars in 13 high humidity states. honda is recalling cars with takata air bags that can explode and display metal shrapnel in a crash. >>> jose canseco's most bizarre behavior yet. >>> and winning streaks fall by the way side as we roll into tuesday with all of your sports highlights. >>> this morning on "today," the dirty truth. a new rossen reports exposes some hotel chains' biggest secrets. is housekeeping really getting your room clean? a hidden camera investigation later on "today." >>> now to the latest in sports. i'll turn it over to my colleague betty nguyen. good morning, betty. >> good morning, milissa. we begin with monday night football. >> from the 20, mettenburger has thrown a pick six. downfield, and the former steeler is going to score a touchdown. >> the giants took a 17-13 lead at the half and added another touchdown in the third but the

the banks including citigroup and jpmorgan chase agreed to the fines.th investigation in a dozen countries. regulators say the banks didn't supervise employees who traded for their own. here on wall street the banks open at an all-time high following modest gain. the dow closed just over a point higher as did the s&p 500. the nasdaq gains nearly 9 points. best buy says it is not pulling a thanksgiving giving all-nighter like a lot of the retailers. they will open their stores at 5:00 p.m. thanksgiving day but close at 1:00 a.m. the stores will reopen at 8:00 a.m. on black friday. they say shopping closes considerably wednesday night and it doesn't pay to stay open. >>> the retail giant alibaba wraps up $9.3 billion in sales during its annual single-day shopping extravaganza. they offered large singldiscoun. >>> and the ceo of spotify says he's disappoint thad taylor swift pulled her music from the popular streaming service. her songs are the most streamed among the service. she pulled them last week saying they're not compensated another. spotify protec

citigroup, j.p. morgan chase, and ubs. paying for than $3 billion to settle charges of wrong doing in foreign currently markets. >>> and the worst airports for winter travelers. chicago's o'hare to be the worst, 42% of winter flights delayed. newark, denver and ft. lauderdale, more than a third delays in the winter. >>> a sure sign that winter is on the way. the building hype around black friday. more than two weeks away. but several major retailers are jumping in, giving a sneak peek. target, best buy and walmart releasing planned deals now so black friday shoppers can plan accordingly. some are in line two weeks ahead of time. there they are. forming outside of this best buy in beau month, california. they're bundled up and settled in. they have a lot of food and layers. waiting. and they'll be waiting for 16 days to get in and get whatever it is is worth that. >> they must not have heard the weather forecast. they need more than a blanket like that. space heaters. >>> the final days of robin williams. new details about

biggest banks more than $3 billion it is for manipulating the foreign exchange markets, this includes citigroup, jp morgan chase and hsbc and it follows an 18 month investigation in the dozen countries. regulators say that the banks didn't supervise employees who traded for their own accounts, ukee and quarter. >> we know taylor swift pulled her music from the streaming service spotify and now the ceo has something to say. >> reporter: that is right, spotify is defending its business model. this comes after a week after taylor swift pulled her music from the streaming post. the ceo says that their company fights pie racecy and they pay more than $2 billion to label list and recording artists since it lawn inched 2008. maybe we will get another taylor swift song out of this whole break up/make up situation. >> that is right. >> thanks, jill, appreciate it. >>> coming up after a short break traffic and weather together and we will do it on >>> let's get traffic and weather together. good morning, vittoria. >> good morning everyone. traffic wise we're not dealing with any major delays. all majors

citigroup, jpmorgan, bank of america. they have been fined collectively.he feds say that these things need to do a better job of detecting bad behavior by rogue traders. all of the stocks are down one percentage point. the price of oil at $77 right now. all downhill from there. now we are hearing that senate democrats are thinking about improving the keystone pipeline during the lame-duck session. do not look now. down a fraction of a penny. there are some individual stocks that are moving today. here they are. yahoo! goes shopping again by bright role. what do you think the price was. yahoo! at 49 right now. that is a new high. up to 116 right now. we've were sold on single day. that is a lot of money. look at what we have for you and 10 minutes. dramatic and revealing. yes, it is. president obama. a deep reduction in greenhouse gases. he is expanding. china about reduction. china can increase its emissions for the next three years. look who is here. "wall street journal" editorial board member, mary kessel. >> i think you are right. he is calling climate

the companies are falling, ford, chevron, citigroup, verizon, general motors, which has already disputed the report. global entrepreneurship. it is a world wide campaign designed to inspire the next generation of entrepreneurs. it comes at a time when many companies are looking for innovative ways to jump start growth and jobs. the initiative is taking place in countries and coincides two a relief of an index that measures global start-up activity. kate rogers is here with the index, why it is grabbing people's attention. kate the bottom line question here, where is the best place to do a start-up? >> of course, it's us here in the u.s. no surprise t. u.s. took the top spot followed by canada, australia and the united kingdom. the regions seeing the fastest growth are what caught my eye in the survey. it's the middle east and north africa, despite the political turmoil they face and the country with the most start-up growth year over year is iran. >> so no go china. >> not on the list. >> not in the top spots at all. >> what about who is starting the companies? are they men, women, older

storing away billions of dollars in expectation of these charges, most recently bank of america and citigroup adjusting their third quarter earnings in order to put more money away as well so this is the first sign that this multi-year investigation could be coming to a close, although there are several regulators, including the department of justice, that are still investigating. for "nightly business report," i'm kayla tausche in new york. >>> still ahead, should the federal reserve change the way some central bank officials are appointed? we'll talk to the head of one group who says yes. >>> this was supposed to be a turnaround year for xerox but the company projected flat revenues for 2014 and lower than expected earnings for next year. speaking to analysts in new york, ursula byrnes told me thinks will look better next year. >> i am very confident we can grow. we have a great client engagement. i'm very confident on our growth. >> xerox also announced an expansion of a stock buyback plan to $1.5 million and the stock rose more than 1%. >>> coming up tomorrow, we'll have more of my interv

below.g seng is citigroup would on a notice -- put out a notice on a program.ives that will connect between the shenzhen exchange and also the hong kong exchange. onigroup reiterated the by the hong kong exchanges which you can see is the stock right there, rallying. he says that the shares will climb. after this, 16 buys and seven holds. citigroup reiterating their take. that is the hong kong stock, the best performers hong kong. hang seng, there it is, up 3.4%. there is the global map. hong kong, i will trick it around if you can, and there it is. number two when the charts, up by 4%, followed by galaxy. galaxy is up because casino stocks are seeing gains. if you look at this, this is aboute mainlanders make 92% if not more of those that go to macau and bet on whatever it is. mgm china, for example. macau galaxy. these are the ones to go to. but they cannot invest in them until next monday. that is crucial. the tax situation must be cleared up as well but overall a good day. have a date, november 17, next wednesday -- monday, even. the connect is up and runni

[inaudible] one vikram pandit says about the future of citigroup.nd don't even think about going shopping without watching this. the hottest toys of the season. ♪ >> you are watching "market makers." took a this month we look into our crystal ball, gearhead summit in washington, where we are brought together business and policy leaders to talk about the biggest issue they see in 2015. among them, vikram pant it, now chairman of the ttg group. the reality is the need for financial services is vast and wide, trillions of dollars of need. while banks did serve a number of clients and areas, we have always had white space, always segments of the economy that needed more financial services. what is happening is because of the cost structure of technology, what is known as the social, mobile, applications cloud data analysis. you can bring a lot of financial services to a lot of different some of thefrankly, things the banks are doing. it is that combination that is exciting. frankly, create more competition. good for the consumer and the world. arehat is

we had citigroup estimating that the u.s.as going to be significantly higher than the u.k. element. billion, which41 is a very big number. who ise have any idea most likely to lose or put more money in than others? >> indeed. 500ave seen barclays million pounds is much bigger than it today. beenood rule of thumb has a survey of the size of market share and currency transactions. citigroup, barclays, deutsche bank were all big in there. they might be more exposed to this investigation. --how should investigate his investors pick their banks? do you pick them where the economy is stronger? we talk about fines and that is important. they have to be in an economy with a can lend and continue to make money. one of the elements is in this challenging environment, the bright side has been private banking. they have achieved this sort of financial with the regulators are a better investment at this stage. there is so much unknown still. exposure, terms of there is a stronger ability to withstand the changes. >> thank you so much. pro

metlife might not be required to meet the same level of capital cushions or you might see jpmorgan or citigroup or bank of america not necessarily face quite the same regulatory burdens going forward. >> and yet, another hot spot for possible republican attention is health care. lawmakers could look to help boost medicare payment rates to insurers and change tax policy targeted at other parts of the health care business. >> one of the targets that the republicans have talked about is eliminating the medical device taxation. that has been onerous it has impacted those companies and certainly cause them to be moirls in a fetal tuck position in terms of their sending and their outlook. i think there's probably some effort on that basis. >> those are just a handful of the places some investors are placing bets. and many are hoping stocks can continue their record-breaking run no matter which party is in power. for "nightly business report," i'm dominick chu. >> still ahead, china was supposed to hold the key to qualcomm's future. but are the risks related to do business in that country outweighing

they're clling it thi citigroup and a jpmoanhase personaithat.y knether wasscrewup bu talki about the univer which is like ve tide ofe nitpickin.ngg >>idulous. t meantime onto issue two ishe message behind inrstellar less than stel the newovie follows mth mcconaughey tonotr plat because climate ch made the eartt uninhabitable. leverage bi? >> yes, i agreeheessage is le tn ear. s pushing clitenge to act. global warming message pshed o children >> holwo oil companies i ller uins. >> exactly ghtt >>>what do you think? >> the is the need f per oo story. i'm skeptical tg this is se agenda-driven situion. >> you're a litt young, it wouldn'tehe first time we've seen his. this is not the fst time we'ven tkind of thing. >> not the fst t we've seen this kind of thg. if yoo looked at story ne that make ney, u canno foethis is abuiness. they are tryi to mak cash, ng to be number o at the bo offi whatorks rly outer spe, alypc snarios work very we. how do you get to apocaic enio. armagdonroht toou by a forne 5500 comany. >> eentilyha it's beco >> less plausibn

let's bring in the citigroup managing director, good to see you again. >> good to see you. thank you. >> and you're noticing some signs that may suggest that perhaps the run is fatigued at this point in terms of technical levels and flows. >> yeah. if you look at the sector fundamentals, they continue to be very robust. we're seeing a lot of interest. fundamentals are good. earnings are going up. and pipelines are pretty healthy. but if you look near-term, fund flows are pretty stable. we're not seeing any new money coming into the sector. if you look at tterrelltivat th strength index, it's back to the overbought levels. so there might be a correction at some point. i do think people will come back and buy any dips. >> you see a correction in 2015. >> i think it's going to be early '15. i don't think it's going to happen late this year. i do think people will continue to own the stocks into the end of this year. there's a big conference early next year and i think after that, we could see a correction. >> you also say that investors seem to be preferring large over small b

including boeing, verizon, and citigro citigroup. those firms dispute it saying they abide by all u.s. tax laws. >>> honda's offering to replace potentially defective air bags nationwide. even though a recall only covers cars in 13 high-humidity states. honda's recalling 2.8 million cars with taka air bags that can explode and spray shrapnel in a crash. >>> terror strikes, they soared in 2013. but just four groups are responsible for 66% of the death and destruction. we will name them. >>> it is coming to orlando and it may just be the biggest one on the planet. >>> just getting word, new york state thruway is closed near buffalo because of this intent lake-effect snow. you won't believe how much snow i'm forecasting for the region. ♪hark how the bells, sweet silver bells, all seem♪ ♪to say, throw care away. ♪from everywhere, filling the air♪ chex party mix. easy fifteen-minute homemade recipes you just pop in a microwave. like chocolate caramel drizzles. happier holidays. chex party mix. dad,thank you mom for said this oftprotecting

the petition calls on banks like citigroup, jpmorgan and wells fargo to stop puting the no lawsuit clausesin their contracts. those clauses typically say customers cannot sue the bank or file a class action even if they have a legal claim. instead, customers must agree to binding arbitration. almost every bank has this. the u.s. supreme court says it is absolutely legal. industries are putting similar clauses in their agreements, too. so far, 20,000 supporters have signed the petition. banks have not yet responded. >>> industry observers warn getting ready for a possible shipping fiasco again this holiday season. you may remember last year, many gift giveres reported packages did not arrive in time for the holidays. this year, shippers are determined not to let that happen again. however, a report today predicts online spending will jump by $10 billion this year. that means a lot more packages going through the u.s. mail, ups, fed ex and amazon will be shipping a great deal. but you will be in ship-shape if you shop and ship early. that's the advice. >>> coming up on abc 7 news at 11:00, l

. >> joining us from citigroup is citigroup's head of fx strategy for asia.the reaction right across the trading floor -- the bank of japan surprise with an increase in stimulus -- how shocked were you? >> it certainly was a shock to most everyone in the market, and i don't think what is important was the actual decision they made. i think it was the timing. it came much, much sooner than most anticipated. it concurred with the announcements we saw from the gprs. it's going to feed the perception that there is a political push to weaken the yen. we do view that as a significant signal. i think the dollar-yen is headed higher. i don't think there's going to be much chance to fade the sharp move we've seen so far. the market was under positioned. any investor you have talked to over the past few years has been negative on the yen, but the ownership of the shore yen position has been much lower. i think people are going to be forced to change. >> we have chase and unicredit 120 fivee point -- yen of next year. do you think that is realistic? >> >> it is sort of

they didn't allow citigroup to return more o shareholders than before.ave made those banks stronger in the last two years. isn't this a step in the right direction that they recognize their missteps and are trying to address them? >> what we need is public accountability for the new york fed. we need an independent outside come a rigorous, robust, data driven analysis of what they are supposed to do. >> what does that mean? >> they are the frontline supervisors and regulators of this handful of to be detailed banks that threaten the economy as everyone saw in 2008. too many americans are still suffering from that today. we have too many banks and regulators who investigate themselves, and then give themselves a clean bill of health. goldman sachs just a us -- just did this. they are holding the second day of hearings today on these two bigger fail -- too big to fail banks and commodity markets. not only are the banks doing it, but the federal reserve has allow them to do it. >> what do you propose -- some separate agency? >> i think that what has to happ

among the banks involved, jpmorgan come citigroup, and barclays. a new home for some of google's newest technologies. leavempany has agreed to silicon valley for 60 years. roboticsll use it for and space exploration. the airfield is known for anger 1, 198-foot tall structure. it was built back in the 1930's. oklahoma oil billionaire harold hamm has to pay his wife $972 million. but he is worth a total of $16 billion. he gets to keep people coveys 60% stake in continental resources -- the ball of his 60% stake in continental resources bit he told trish regan that control of the company was not an issue. >> we said it would not have an effect on the company and it won't. not a part of this. wifelawyer for hamm's says he's considering whether or not to appeal. there is speculation about whether his client would receive $1 billion in divorce. and the best business school in the country -- there is a new name at the top of bloomberg's ranking. it is the duke university school of business. harvard business school fell out of the top five for the very fir

. >>> time now 5:22 getting ready to, he can bands its sales such as citigroup.for corporate clients and they are selling them on the idea of apple devices. >>> a fairfield police car was ripped apart involving a police officer, coming up, the dramatic rescue efforts to save that officer's life what they are doing in light of the accident and they are looking inside to see how the gorillas are coping with the loss. . >>> welcome back to the morning news, we are learning more about the death of the zoo's youngest gorilla. they sent us a picture of the family mourning the loss of for reeling la. they have -- gorilla, they have hired an animal psychologist. maple has redesigned other closures to make them safer. the gorilla was crushed and the zoo was working properly but it is unclear if it had an automatic shut off sensor. >> i think it could have been prevented. >> very sad. it sounds like it is negligence if they were not watching when the automatic doors were not watching. >> news has been ad all news cameras and we did shoot this left at the for reeling -- gor

citigroup agrees that the tightening -- the timing of the bank of japan's announcement did take the markets by surprise. >> i don't think it was the actual decision, it was the timing, it came much sooner than most in the market anticipated. it came concurrent with the announcements that we saw from the gpif. we do view that as a significant signal. i think dollar-yen is heading higher. i don't think there is going to be much chance -- >> that is the word on the yen from asia. airways has debuted with declines on the thai stock exchange. they haven't had a particularly smooth flight. tell us a little bit about bangkok air. i guess, to be expected a little bit. >> they set their sale price at 25 baht. it is trading below that, around 24. they marketed within a midpoint of their range. the ipo'ed last month. bangkok airways is the oldest private carrier in thailand. overseas, mainly to southeast asian resort destinations such as malaysia, myanmar, as well as china and japan. the airline industry here in asia is moving toward overcapacity. it hasn't been profitable for a lot of airlines. >> cr

the former citigroup and