courtney: wonderful to have you on.nd our editor at large, cory johnson, thank you very much for your time now is to really you're watching red hat shares falling as much as 13% in extended trading. the next reported -- linux reported disappointing earnings and are -- [indiscernible] announced his decision to leave the company. coming up, we dive into the european startup with the head of the leading -- firm -- optimist ventures. has seen ahe u.k. number of startups have impressive exits this year. of $215 million. the vc firm that counts both is optimist ventures. i recently spoke with the head and got his take on the >> exit strategies for u.k. startups. this remains a big challenge for europe which we are starting to see developed and it is about taking those businesses from a few hundred million to being billion-dollar businesses. now, the ecosystem in the silicon valley is well-established. our ecosystem is being established. andneed those entrepreneurs investors to take the businesses the entire way. clearly, when

well, courtney is.omberg. ♪ ♪ mark: some of the most telling charts of the day and what they mean for investors. three special guests. three for the price of one. kicking things off, dani burger. two for middle opponents, but i will do my best to be victorious. assetooking at two classes and positioning. the white line is the vix. the blue line, i have speculative positioning in the dollar. it should surprise no one that these tend to track each other. basically, when you have a risk on atmosphere, you have them both right up in tandem. let's look at august over here and both are rising. this is when china devalued their currency. risk on, both rising up. lately, the dollar has been surging to new highs, so likewise, the dollar positioning has also been rising. check out what has happened since the election. these have diverged. although it makes sense that people are not thinking that the vix is going to rise considering how much money has come into u.s. equities, we could see increased turbulence beca

>> thank you courtney.[applause] >> . . >> here's a look at some authors recently featured on both tvs afterwards, our weekly author interview program. >> there are good things and bad things as with anything spin what are the good things? >> the good things are certainly that would have a reliable accessible food supply. and just as you said, that the cost of food in real dollars is significantly less, that is of animal-based protein particularly but also wheat and milk as you know. those are the good things. the bad things are that this is an industry that has not really come under the appropriate purview, and that's because -- >> our view of whom? >> consumer. >> you can watch all previous programs on our website, booktv.org. >> michael dake am your book is called obama is like a sikh. what would you say is the most significant accomplishment of the obama administration? >> right out of the gate he pretty much save our economy. look what he was handed in 2009. we were in really bad shape and he went to w

i'm so happy to be here with courtney and that you can can all be here with us. i do want to say is one of the cofounders of the project and courtney's editor on the block. he's sick today and i just want to bring his name in here and -- >> yeah. >> there's something. >> that's right. >> so courtney sent an e-mail yesterday, i guess, when we planned this he weren't looking at the calendar and saying, what's happening that week. and courtney e-mailed yesterday and said, should we do this, should we have a book launch in the sal oan to talk about the new better off in a week with this momentous and unsettling election or unsettled political landscape and i said absolutely because of what happened this week and how unsettling it's important that we sit together in rooms and talks about things that matter to us and so i -- i was thinking this morning, i was sitting down of introducing courtney. i am not going to do introduction and the blog where i love the present she brings to our media where she really, i think, walks that line that is so life-giving and illuminat

that is your job, courtney. i need you in the rooms talking to the white people, even though you hate it. that friendship where i wrestle with it. there is something in the power of friendship in this moment and ways in which maybe our families are going to sometimes be divided and alienating but what about our friendships? is that where hope in this moment is. >> family is actually the hardest place to make progress. that is an irony. in those intimate spaces are probably the last place that we can break open. i love that about friendship. so, we should, we should close this down and then you're going to sign some books, is that right? >> sure. >> i wonder how you would think about your, how would you, understanding that vocation is your defining it is something that is constantly going to be evolving, in a life, but, right now, your vocation, your calling or your callings, at this moment? >> i do want to say, i think you are such an interesting example of what we were talking about with vocation. you are a jou

courtney collins has more from the newsroom. courtney. courtney: thanks so much, ramy.demning a new round of sanctions against russia. ariel cohen is a senior fellow and e atlantic council spoke about president-elect trump's view. ariel: what he's trying to do is negotiate a new understanding of putin. he wrote "the art of the deal." the question mr. trump should be asking if we lift sanctions, for example, what are we getting back? courtney: president obama's move puts trump in the position of having to decide whether to roll back the sanctions once he takes office. meanwhile, senate armed services chairman john mccain has scheduled a hearing for -- hacking re cyber from russia is supposed to be the theme. and president obama returns from vacation in the new year with less than three weeks left in office. first on his agenda, a strategy session with democratic lawmakers on blocking republican efforts to dismantle his affordable care act. the president will also hold a live interview next friday with the new headquarter legislation. the following week on january 10, mr.

somehow i want to introduce courtney is i love her.y. [laughter] she is a journalist, but she is a new journalist. she is one of the people who is modeling and incubatingor new forms of journalism for the 21st century. the old forms are failing us but here we are.s true o >> this true right now in the early the 21st century of the things that made sense even 10 years ago just don't make sense anymore. with madison and present it is true with religion and it is what we get this week. how we do that? not clear but you are one of those people who is figuring this out close to thean ground. and today with some of the best journalists are the hysterical apocalyptic analysis of what will happen in the next four years and the end of civilization?e what w and these are people who did not see what was right in front of them last 18 months. that kind of hysteria is not helpful.l.be of so how can and journalism me of service to common life?ment e mrs. it is where humility is called for. one of the of things and what i find helpful and to think abou

courtney donohoe has more.ise from vladimir putin for russian troops at the annual end of the year meeting with the defense ministry. saying russia's military might is now stronger than that of any potential foe. his annual televised news conference is set for tomorrow. the marathon event lasted three hours in 2015. this year's event was delayed by a day so he could attend the funeral of the russian ambassador murdered in turkey. former nsa contractor edward snowden has remained in contact with russia's spy services since arriving in russia three years ago. the heavily redacted report did not provide proof of its accusations. three years ago he revealed the government efforts to hack into the data pipeline used by u.s. companies to serve customers overseas. he fled the country to avoid prosecution. in france, national front leader is having a hard time finding cash. she needs $21 million to fund french presidential and legislative campaigns next year. her problem is that the national front russian lender has ba

back over to you. >> courtney reagan with cnbc. courtney, thanks. >>> and after a weekend that included snow, ice, rain and 60 degree temperatures, we're back to reality. chilly start out there and the winds still picking up a bit with this live look outside, but conditions do get better. just stay cold. we'll have the details coming up and in traffic. >>> thanks, krystal. 422. cameras around 29. no big problems or delays. an easy commute. more updates for you when i come back at 5:30. >>> plus with new calls to investigate russia possibly influencing the presidential election, hear why a republican leader is calling the whole thing a spin job.

courtney has more.ney: thought the hour, where rival political parties are jockeying for power. the prime minister ren announced he will -- renzi announced he will resign. italian saw this as a chance to get rid of renzi, after he said he would quit if the referendum loss. a finance minister told bloomberg not to read too much into the result. it is not the brexit referendum or even the vote in the united states which did signal much more fundamental political change. thertney: polls show antiestablishment movement is not in a neck with renzi's democratic -- neck and neck with renzi's democratic party. voters in austria have endorsed a pro-european union path. theerbilin defeated candidate from the far right. that opponent advocated limits on the eu power. prime minister theresa may's cabinet has split over whether union for european access to its markets over brexit. boris johnson that declined to endorsed the idea. that suggests that may is struggling to develop a brexit strategy. in north carolina, t

courtney is editor on the blog is really sad he can't be here today. he's sick. i just want to bring his name in here. i guess when we planned this we were not looking at the calendar of things. courtney e-mailed and sent should we do this and have a book launch to talk about the new better off in this unsettling political landscape. because of what happened this weekend how unsettled we are, it's important that we sit together and talk about things that matter to us. i was sitting down this morning thinking about how to introduce her. you can read all of her credentials. she looks at what is so wife giving and eliminatin illuminat. she is in her full message every week. i wrote down how i want to introduce courtney and i'm so glad she's here because i love her.ou [laughter] she is a journalist, but she is a new journalist and is one of the people that is modeling and innovating and incubating new forms of journalism for the 21st century. all of the institutions right now in the early 21st century things that made sense and seems to be were even ten years ago doe

i'm courtney donohoe. this is bloomberg. back to our big banking story out of europe. shares of lenders tumbling after eu's top court ruled that spanish lenders may have to hand back billions of euros to mortgage customers. shares fell to a record low earlier. now from our bureau eporter, andur r from our metro reporter, we are joined by the bloomberg spain economy reporter. what is this ruling actually about now? ruling, shares tumbling all morning really take the industry by surprise. the ruling says that spanish banks overcharged their clients when it comes to their mortgage they wouldthat means have to pay this money back to their clients. a ruling that has put clients first, and this is to clarify, to mention it is a retroactive ruling. it can go anywhere back in time and it can go up to billions of euros. the bank of spain estimates it can cost up to 4 billion euros. mark: what does it mean for the spanish banking industry? >> today there has been a big reaction. every single spanish trade low. but they have to pay the

i am courtney collins. this is bloomberg. former official has been convicted in involvement in a monday -- a money laundering case. not see the latest from our southeast asia -- let's see the latest from our southeast asia correspondent. the banker we're talking about, 34 years old, he five years.or the court found him guilty for extracting justice. he was found to try to temper with witnesses. what we know as well as that he tried to hide his illicit wealth. a reported $18 million, u.s. dollars that he received in secret profits from transactions. we're told that he downplayed his trade. this is a man at the heart of all investigations better known low.e the charges but the court described him as unreliable, not a credible witness. the obstruction of justice carries a jail sentence of up to six years and a fine as well. -- has he faced other charges? sevenda: he faces separate charges but the trial will happen in april. prosecutors say he could face even more charges. singapore as you can understand, nt is clamping down on e

first word news with courtney collins. courtney: a russian official says there is a higher risk of opec faulting on its output commitment. moscow will seek assurances at talks on saturday about how the cartel will comply with its plan to cut 32 million barrels a day. tosia will only fill its cut dust pledge to cut if opec -- russia will only fulfill its pledge to cut if opec delivers. a trump pick was an economic advisor during the campaign and donor. he is said to be against raising the minimum wage. one of wall street's top cops is stepping down. is the latest leaving before an expected shift in the agency's priorities under the new president to read the 45-year-old has run the sec enforcement division since 2013, overseeing an increase in prosecutions by the agency. and the british supreme court has said triggering brexit without the approval of parliament would crucify human rights. similarly, on july merkel's merkel'sr -- angela chancellor said brexit his is taking far too long. in asia,ur top story the south korean p

courtney is in our newsroom. courtney? obama administration is set to announce sanctions against russian officials in ages he's trying to interfere with the presidential election hacking into gmail's. that is according to people familiar with the process. those targeted include the russian intelligence agency, including security company -- companies hacking the democratic national committee and party officials. donald trump has repeatedly dismissed claims that russia is behind the attack. a cease-fire will take effect at 5:00 p.m. eastern time today. tracks the syrian government and turkey affects most of the syrian forces. talks aimed ator ending the conflict. donald trump's administration can join the peace process once he takes office. in the u.k. labor party leader jeremy orbit is accusing the prime minister theresa may of being autocratic like king henry viii. in an interview, corbin said it would be extraordinary if the product -- prerogative was used. not reached as vote on the agreement. u.k. efforts to fight globa

i'm courtney collins, this is bloomberg. much,t: thank you so courtney.dollar rose versus the euro or had been, gained spread amongst other g 10 peers, causing the dollar index to reverse. you know what? this is the one week chart and it is not loading properly. steven englander is still with us. we talk about the dollar strength, we thought hit trade and corporate profits -- we saw it hits corporate profits. do we think the same thing will happen this time? steven: i think so, but if we are talking about the rally that began in 2014, i think the market and even the fed was very pessimistic about the impact and it turned out to be much less dramatic than they expected, so i think there was a fear factor because at one point, i think the dollar rally was the strongest over an eight-month period that had been in 70 years or something so they were really nervous, but the damage in terms of real be doesn't look that bad. that said, adding ahead we have rates higher, and the -- looking ahead, we have the rates higher in the dollar higher, but the wealth offens

courtney donohoe has more. courtney: the french government has heightened security.ountry's prime minister says french and german authorities have worked closely for months to help them do security in both countries. queen elizabeth will step down from her role as patron of more than 20 charities and organizations at the end of the year. she will follow her husband prince philip's example and reduce her charitable work at the end of her 90th earth day year. he did the same when he turned 90. she will still be more than -- patron of more than 600 organization. the michigan attorney general has filed more charges. two former emergency managers were charged with multiple felonies to protect residents from health hazards. nine others have been contaminated in the probe. might face a financial loss of he sells his washington hotel. he would be on both sides of the lease for the trump international hotel in washington dc, which opened in september. for the trump organization to get back its investment, a buyer would have to hey more than $800,000. it's unclear whether the

courtney has more. courtney: syrian forces have regained 98% of aleppo.he syrian the lee terry says rebels only have a tiny enclave. they launched an offensive against aleppo earlier this month. renzi's foreign minister is trying to form a new government. an italian new services reporting that he has arrived at the presidential palace in rome. the new government is likely to be sworn in deceiving. the european union will sound out japan about a breakthrough in trade talks. the negotiations are away for the eu to underscore commercial importance. the european trade commissioner says she expects donald trump to scrap a plan once he takes office. nine members of the electoral college want to know more about russian interference in the u.s. election and they have asked intelligence officials to brief them. russia tried to swing the election to donald trump. donald trump calls that idea in the -- ridiculous. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, this is bloomberg. i am courtney donohoe. mobil

i am courtney donohoe. this is bloomberg.ark: let's get back to the big story, the ecb. walk us through the big stimulus changes. are we still going through the semantics of the word? that.eel like we are past proven thishi has is not a taper and he is establishing a stronger and longer foothold -- maybe stronger is not the right word. he will steep the -- keep the stimulus through the end of 2000 17. altogether it will be much more stimulus than it would have been had he gone with plan a, the consensus plan that he was expecting $80 million -- 80 million euros a month for extended six months. now we are going to only see 60 billion euros a month of purchases, but for nine months. instead of 480 billion dollars of stimulus, he will be around longer and given themselves wiggle room. he and the council said they are reserving the right to buy even more bonds if they think the inflation warrants it. someone asked if they would also reduce the stimulus if the inflation warranted it and he said they -- we do not have that kind of

courtney: i am courtney collins.libyan plane ended with no casualties. the man surrendered and was taken into custody. handgun and hand grenade was found in their possession. it forced the plane to land with 118 people in malta. tense negotiations and soon, and within a few hours the passengers and the crew were allowed to leave the plane. all flights to malta international airport were immediately diverted an emergency teams sent to the tarmac. germany's top prosecutor says investigators are trying to determine whether the suspect in the deadly truck attack on a berlin christmas market had help from a network of supporters. ri, a 24-year-old tunisian, was shot and killed by police conducting a routine stop in milan, italy. the prosecutor says his office is working with italian authorities to reconstruct the route you took to get there from berlin. he says authorities in milan were able to identify amri with finger prints provided by german authorities. islamic state has released unverified

i'm am courtney collins. this is bloomberg. >> now onto the top story, the 30-year-old all market in bonds looks to be ending with a bang. the global aggregate total return index lost 4% in november. bonds in europe declined with opec's's agreement to cut production with a prospect of higher inflation. where is this creating opportunities for investors? the head of global aggregate fixed income, thank you. great to have you on the program. you on the chart which shows what is happening the treasuries index. u.s. debt being hit by stronger economic data. the expectation of red hikes on the fed. further does this rate have to go? >> if you look at where the index is, it is back to where it theat the beginning of year. it is not necessarily the case the market will move at the same rate. we have taken away the deflation pricing at thee middle of the year. we have taken away the fears the bank of japan of the ecb forever cut into negative territory. we are back to pricing in on the two fed hikes. it reflects the

i am courtney collins. this is bloomberg. stocks as well as bonds are rallying around the world as the european central bank prepares to meet and markets are expecting another stimulus move. the central bank watcher kathleen hays is here. in india this week, it was all about potential rate cuts in india. we were expecting it. we were looking at bond buying in the ecb. kathleen: that is the only tool they have. when your key rates are around zero, you do not have much more to do than by bonds which they started doing in march of last year. buying 80 billion. that seems to be the limit of what they want to buy but the economy has not picked up that much. so what else can they do? they will -- can say we will keep buying longer, make sure we do not withdraw the stimulus too fast. the consensus view is the program is supposed to and in march and it will be carried over. one of the big reasons they are sticking with it, inflation. let's take a look. jumping into the chart. the white line shows where inflation is right now. at 0.6%

courtney donohoe has more from our newsroom. courtney: theresa may says it's time for the vladimir putin to say, enough is enough in aleppo. a cease-fire in aleppo broke down today. russian backed forces resumed hounding the few rebel areas that are holding out. the fighting has threatened plans to evacuate rebels and civilians. president-elect donald trump has head theck perry to agency he wants promise to shut down. when running for 2012 presidential nomination, perry said he would shut down the energy department. the goldman sachs ceo lloyd blankfein is happy that having former goldman bankers in government is no longer seen as a negative. gary: is stepping down to serve as head of the national economic council in the trunk administration. another goldman alum, steve mention, has been nominated to be treasury secretary. blankfein spoke in london. recognize how much it does for society to have people working in banks in government. >> blankfein appeared at a business0,000 small panel hosted by bloomberg. the new prime minister

hi, courtney.oking at a slightly firmer start in wellington this morning, despite that soggy lead from wall street. that is partly due to a strong gdp number. the new zealand dollar got an initial blip up on that. it has come back a bit and is trading flat. coming up today, a couple rate decisions to look out for, philippines and taiwan will both release their decisions, no change expected there. yes trillion markets, looks like it might open slightly lower. two two stocks to watch, seven west media and caltech made announcements this morning. more from "bloomberg technology" next. ♪ ♪ >> this is "bloomberg technology ." i'm caroline hyde. 2016 has been a year filled with executive departures for twitter , which recently the companies chief technology officer announced his departure just weeks after the coo resigned. more than half of twitter's leadership team departed this year. to bempany is seen increasingly in limbo. seo jack dorsey faces mounting challenges to turn around the network. joining

but they're also attracting grinches. 10news reporter courtney robinson shows you what some are doing to stop laser sharp thieves. 2008 43 it's not beginning to look like christmas check it out for yourself it is christmas from twinkling lights to reindeer to elves and tinsel is just about everything and this year laser lights. they've become a target for grinches 56 -- -- each year since 1982 . vance mcilwaine aka pop . puts out the goods. -- 200016-21 and i just keep on doing it. i do a little bit each day, keep on going. -- part of his process is protecting his winter wonderland. -- 2001 59 is this a it was in the beginning -- now. look close. do you see his traps? -- 200212 now i put fish line around and if they're going to steal one they're gonna have to take them all 0217. they'll pull them all down and that'll wake me up 0220 -- but some decorations you just can't tie down. we checked out laser light displays across tampa the starry showers are beautiful . the gadget they come from ... 2010 18 it just plugs in, there's a stake in the ground and these things aren't expensive on

but courtney, your chart is amazing.e a check on european markets in general, where they ended the day including a record for the ftse 100 thanks to the likes of metals and mining companies. not so for the dax. ♪ vonnie: it is noon in new york, 5:00 p.m. in london, and 1:00 in hong kong. i am vonnie quinn. oliver: i am oliver renick. from bloomberg world headquarters in new york we will be covering stories from cleveland to london, jerusalem and the arctic circle. u.s. stocks retreat from record highs as the dollar trades at its highest level in decades. at itsr confidence is highest level since 2001. what does that mean for the retail sector and the u.s. economy as a whole? we ask that question to jack kleiman. the world's most famous pop up .otel, a behind-the-scenes look halfway into the trading day, avalanche -- abigail doolittle joins us. abigail: yesterday's rally has evaporated. stocks opened slightlhi

courtney collins.. david? after the reform referendum failed, what about the rest of europe? earlier today on "surveillance," ian belsky and brian discussed how it affects the eu, especially on july merkel. merkel.a >> there is no force other than her for a stronger or tighter integration as a whole and obviously the transatlantic relationship, the most important in sort of underpinning u.s. localization has been for cicely repudiated by everything in europe over the last year, as well as what the elections were decided three weeks ago. but look, it certainly seems very likely that she gets another term as chancellor in germany. the problem is, her ability to lead. >> brian belsky is an expert on equity markets. he has been right. he has been confirmed. we have new information from trump and others. is that going to widen the gap that you study with political economics? what he has for a bull market, will it be ever farther apart because of the working-class people? no reason to believe that populism i

i am courtney collins. this is bloomberg. oliver? oliver: thank you, courtney.plans have fueled optimism for growth, mohamed el-erian warns that the successes will depend on other major economies. trumpd: in order for this rallied to be sustained, it is not just about him many policies at home. there's going to have to be rebalancing in three key countries -- germany, japan, and china. china isoining us from president of a sovereign and opportunities. it seems like the investing community at large sees the surprise election as an opportunity. where do you fall? >> it views it as an opportunity, oliver, but the rest of the world continues to be very important. we are not in the situation we were 10 or 15 years ago when u.s. economy dominated the whole world. and we could take the rest of the world for granted. the variousr, among countries that mohamed el-erian talked about earlier in the bloomberg program, i would consider china to be particularly challenging. i was in china all of last week. and the situation with respect to capital outflows, the pressure on th

i am courtney collins. this is bloomberg. limbic -- bloomberg technology is next. caroline: this is bloomberg technology. the dow and nasdaq close at all-time highs. is silicon valley finally joining the trump trade? a move pays off. we dig into the company. they -- facebook takes on fake news. now to the lead. the market rally in the u.s. and the dow clears a record highs -- to get my bloomberg. the last few months have been -- compared stocks to average is create cory johnson joins me to break it down. if you take out the s&p 500 cisco is the worst performing and we have significant tech stocks within some of those overall benchmarks. corey: there are legitimate reasons to suspect tech will underperform. for example, if there is a shakeup in international trade, tech companies are big exporters. companies like oracle. you have companies like tesla. if there is a disruption in international relations at which white start with a tweet or policy. that might affect this. caroline: looking at another key chart situation. you can get into these charts of [indiscernible

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courtney reagan is live at queen center mall in elmhurst, new york. courtney. >> hi, jon.oint, millions of americans have been shopping online, pushing sales up 11% according to adobe. if that's your claim going forward, you're out of luck. you'll need to hit the store because we're two days from christmas. today is the day for traditional store retail. shop attract predicts today will be the third busiest shopping day of the year, the 26th will be the second busiest day behind black friday. our cnbc all america economic survey, again this year says it's the men the last-minute shoppers, we found a couple of them. >> i'm looking for a charm for the wife. last-minute thing i have to pick up. >> no, i'm actually quite done. i had to check one more thing for my little brother and that's it. >> all of it today or -- >> no, just the last-minute gifts, the little things that were left on the list that i didn't have time to get to before thanksgiving. >> now, a slice intelligence scan of 1.7 million online e-mailed receipt said amazon is dominating e-commerce sales so far this se

>> i do. >> courtney, thank you so much. >> thank you so much for joining us. next week, year end tax tips. there is still time to make movesment to lower your 2016 tax bill. each week, keep it here. we are "on the money." have a great weekend. we will see you next weekend. >> here's what's coming up on the show. >> visa, it's everywhere you want to be. >> and maybe some places you don't. like your portfolio. because some things happening on the charts suggest visa is going lower. we'll give you the trade and big money and big oil. >> me, i'm going to have more money than you ever thought you would have. >> we will break it down. plus, is it time to bet the farm on ag stock? >> okay. you must have we heard that.

courtney: and markets -- the prime minister is assuming leadership.eds of civilians fleeing aleppo today in the wake of selling by government troops. the u.n. says they are concerned about reports that hundreds have gone missing after crossing into government controlled areas. 100,000 civilians are estimated to be under the control of the opposition groups. and a new report in the systemic resident doping has detailed conspiracy, involving more than 1000 athletes across more than 30 sports. the report from the anti-doping agency includes evidence corroborating large-scale sample swapping in the 2014 sochi olympics. the russian ministry has denied any doping. and wrapped -- rats outnumber people in paris. officials have closed some parks and trash bins are being redesigned to keep the rats out. and former u.s. senator john glenn will lie in state and a memorial service is also being planned. his funeral will take place at arlington national cemetery. he died yesterday at the age of 95. global news, 24 hours a day cannot powered by more than 2600 journa

courtney: the prime minister is assuming leadership.undreds of civilians fleeing aleppo today in the wake of shelling by government troops. the u.n. says they are concerned about reports that hundreds have gone missing after crossing into government controlled areas. 100,000 civilians are estimated to be under the control of the opposition groups. and a new report in the systemic russian doping has detailed conspiracy, involving more than 1000 athletes across more than 30 sports. the report from the world anti-doping agency includes evidence corroborating large-scale sample swapping in the 2014 sochi olympics. the russian ministry has denied any doping. and rats outnumber people in paris. officials have closed some parks and trash bins are being redesigned to keep the rats out. and former u.s. senator john glenn will lie in state in ohio and a memorial service is also being planned. his funeral will take place at arlington national cemetery. he died yesterday at the age of 95. global news, 24 hours a day, powered by more than 2600 journ

i am courtney donohoe. this is bloomberg.ark: the financials of been the best performing sector in the u.s.. there are expectations of higher rates and easing bank regulations. ank schatzker is back with exclusive interview. erik: the hits keep on coming. thank you so much for coming. it's good to see you here at bloomberg. two of your rivals last week indicated they were having a very solid quarter in trading. how are things going for morgan stanley? things are going fine. there was some over exuberance as to how people are doing. overall theme is only marginally up on the year. we are getting in increased share on that. i don't think this is a significant pick up in activity. erik: can we put a number on it? jamie dimon says sales were up 15%. brian talked about a year and increase. have a crystal ball and the quarters not over yet. it's hard for us to compare ourselves to the fourth quarter of last year. we had a weak fourth-quarter with fixed income. erik: you had a very good third quarter this year. colm: the sense i am

betty: let's get to the first word news with courtney collins.irst up, the fed has raised interest rate for the first time this year, saying the outlook for inflation has increased considerably. inrowing costs set to rise 2017, with central bankers expecting 0.75% increases next year. janet yellen stressed nothing is certain. ms. yellen: we have time to wait what changes occur and to factor those into our decision-making as we gain greater clarity. yahoo! fell in extended trade after announcing another extended security breach. the incident is separate from that which yahoo! reported last september. it may have included, email addresses, and security questions and answers. firsts. has filed its charges in a generic price-fixing investigation. the justice department accuses executives of conspiring with fix pricesakers to of an antibiotic. the two executives intend to plead guilty and are cooperating with authorities. a plea hearing is scheduled for next month. general motors fell in new york on reports its chinese joint venture is under investiga

this is bloomberg. ♪ you'm courtney collins and are watching bloomberg technology.is a check of your first word news. lawmakers voted overwhelmingly for theresa may's timeline to leave the european union. they plan to trigger article 50 to leave the block at the end of march. they also agreed to publish exit plan for lawmakers consideration before beginning proceedings. -- italian per minister prime minister resigned today after a crushing defeat on his reform agenda. italy's president has asked him to stay on in a caretaker role until a new government can be put into place. president far right candidate says she will organize a referendum on france's european union membership if she wins. the national front party chief spoke today in a televised interview, where she also pledged a challenge to france's use of the euro. and south korea, opposition lawmakers are moving ahead with plans to begin impeachment proceedings against president park, who has been caught up in an influence peddling scandal. if two thirds of the national assembly votes to in peter, she will han

i am courtney collins, this is bloomberg. julie? julie: thank you, courtney.t to death at an art exhibition in ankara. erdogan president heard says he contends the attack, and russian president vladimir putin says it is an act of "publication. -- of "provocation." eurasia group's ian bremmer joins us. russia says this is "a provocation" and is threatening to retaliate. what can they do since we do not know much beyond this point? we don't. we know it is someone who infiltrated the turkish special fo police forces, which means turkey need to do a better job on its own security, which is not surprising given the amount of terrorism we have seen in turkey over the last few months. both russia and turkey have strong reasons to want to work more closely together, both globally as well as in their backyards right now. and they also have terrorist organizations that they want to do their best. those are not the same organizations all the time. the turkish concern overwhelmingly is the kurdish separatist groups both in syria and in turkey. in the case of russia, it is

courtney griffin has the story. >> he is a good dog. you can just tell he is -- a little bit nervous. trying to learn the ways of the world without eyesight. >> five-year-old brian is mostly blind and his eye sight will only get worse over time. >> he has a progressive retinal right now and sees shadows and shapes a little more so than anything else. >> the arizona humane society held a for day adoption special over the thanksgiving weekend. but brian didn't get so lucky. >> he was the one dog remaining when it was all said and done after 313 pets went home. of course it just broke our hearts. >> today they are pushing for him to get a forever home and they may not have to try so hard. >> i live by myself and no other pets so i'm looking to have a companion, somebody i can tak >> we found benjamin baker waiting outside to meet brian. >> i had a few dogs in the past and i always had like instant connections with them. that's what i'm hoping will happen. >> brian's adoption fee is $50. nelson just asks that whoever takes him home, is pati

commissioner courtney >> i wish you give up report monthly. in a perfect world right. there's always really informative. you guys do great work and the numbers that you put together, especially districts 10, nine, four is a bit of surprise to me but that is all trades. that's not just entry-level were talking about. that's going to be all trades. i do a quick question. great report. i do a quick question about the green infrastructure peas specifically the maintenance fees. do you perceive that's going to be performed by public-sector workforce were private-sector workforce? can you develop a little bit on that piece for me please? >> i think really that to the general manager. >> i think as part of rolling out green infrastructure we will have a workforce component . what we're seeing that's really helping us on the green infrastructure is our storm water ordinance which we are asking developers to actually put in green infrastructure as a requirement. that's one way that we've seen significant ways that we can do green infrastructure. as part of green infrastructure-

commissioner courtney >> i wish you give up report monthly. in a perfect world right. there's always really informative. you guys do great work and the numbers that you put together, especially districts 10, nine, four is a bit of surprise to me but that is all trades. that's not just entry-level were talking about. that's going to be all trades. i do a quick question. great report. i do a quick question about the green infrastructure peas specifically the maintenance fees. do you perceive that's going to be performed by public-sector workforce were private-sector workforce? can you develop a little bit on that piece for me please? >> i think really that to the general manager. >> i think as part of rolling out green infrastructure we will have a workforce component . what we're seeing that's really helping us on the green infrastructure is our storm water ordinance which we are asking developers to actually put in green infrastructure as a requirement. that's one way that we've seen significant ways that we can do green infrastructure. as part of green infrastructure-

i am courtney collins. this is bloomberg. oliver: thank you, courtney.n fund, calpers. they voted to drop the assumed return to 7% over the next three years from 7.5%. the change will affect the budgets of california courts and agencies and influence of the public pension funds because of calpers' big size. it is the biggest pension fund. joining us is jeffrey snyder, an insider and leading voice at a firm. it is in the news today, calpers' big pension fund. if you look at where they are protecting the returns to be, they are not there. what is this tell you about the shape the industry is in? calpers is the biggest pension fund in the united states but we are seeing it with the other pension funds where they lower the assumed interest rate. everyone has to manage it. it is not only define pension plans like calpers. it is the defined contribution plans as well. it runs the gamut --i'm sorry. oliver: it doesn't seem like a lot, but when you think of what they have under them, is that a big deal? jeffrey: oh, certainly. it forces them to recalibrate and l

prudential wealth advisor cio, tim courtney, with us live.n stocks you did pretty well throughout this entire year with a lot of bumps. what happens starting 2017. what are you predicting? >> we think because of odds of u.s. recession are very low, most of the recession indicators are trending towards strength, because we should come through relatively good economically, there is a lot of potentially good policies coming up in terms of tax reform for companies, stocks should do well, although it wouldn't be surprising if we have kind of a typical five to 10% pullback with levels we're seeing in equity market today. potential small pull backs but good overall. liz: but no recession. that is what we'll like to hear. we'll put tim courtney's picks up on the facebook.com liz claman facebook page. thanks for joining us. >> thank you very much. [closing bell rings] one more chance of 20,000. there is the closing bell. david asman, melissa francis, here for "after the bell." melissa: the dow falling further from the 20,000 milestone. i'm melissa fra

>> reporter: yes, we did, courtney. a couple hours of sleep last night, but as you pointed out, a resounding, deafening loss here for prime minister matteo renzi. his response perfectly clear in the small hours of this morning. >> translator: i lost and i say it loud and clear, even if i have a lump in my throat. because we are not robots. i wasn't able to win. i begged you to believe that i did everything i thought was possible at this stage. >> reporter: so even though the result was expected here, there were a few surprises. voter turnout was incredibly high, above 65%. that's far higher here than the last general election in italy. also the win for the no-camp here left renzi with 0% space to move. he did announce he would resign later today. and now we wait for that. what next? he goes to resign and hands in his resignation to the president. the president can accept it or reject it. if he rejects it, prime minister renzi stays at the helm and then has to face a confidence vote to come at the back end of this week.

it's what courtney gibson and our clients are doing right now. around currently at loop look at the time we're in. clients don't want to miss the rally. some in the beginning were sitting on their hands a bit. there's a desire to be a part of the rally and make sure you're well positioned going into the end of this year but the beginning of next year. even names that have run up 20%, if you think about the repatriation, potential tax cuts, retail in the highest tax bracket, those are huge, huge potential gains for these companies and our clients want to get ahead of it. >> you have an s&p target, are you re-assessing that by the moment now? >> definitely not. we deem to be about 18%, 19% higher than now. that incorporates a stimulus on other things you may want to get gridlock. and then a year from now -- >> are we pulling forward? >> for sure. i have 18% higher earnings two years from now and a year from now on the pace over 16 times th that. we are bullish for four years. >> you're not about to put on the adam parker bear suit, are you? >> no,

courtney reagan in mt.uliet, tennessee. >> if you received a gift that's not quite right, we have some ideas. stacey tisdale is a financial journalist and author and the big problem i see with unwanted gifts is telling someone who had the kindness and generosity to give you a gift that you would like to return it. is there a gift receipt, do you need one. >> you do need a gift receipt and do need some of the original tags. otherwise you're probably not going to get a return but we have to rethink this. >> okay. >> it's really hard to tell someone that you want to return their gift. so we really have to think of it as you're wasting their money. >> but you're saying the people who love you enough to give you a gift or like you enough or feel obligated enough to have a gift want you to have a gift that you're actually using so better to ask them for a receipt and when you go to the store are you bound to encounter problems at the stores? >> big retailers like walmart and target have a 90-day return policy. >>

courtney reagan is in mt.ia, tennessee, where one company is looking to corner the market on returned goods. >>> measures returned $260 billion in merchandise to retailers last year. or 8% of total purchases. even higher around the holiday season. according to gartner research, less than half is resold. leaving retailers booking big losses, in some cases as much as 10% of total sales. unwanted and damaged goods either get tossed out or sent through a lengthy chain of liquidators and whole solers paying phenomenon pennies on the dollar. add in the surge of online shopping and the problem gets even bigger. return rates from online sales can be 30% or more, and that has research from gartner warning retailers the old way of dealing with returns is a ticking time bomb. >> retailers are not very good at managing returns right now. unless they invest in their ability to manage returns, the volume of returns coming back will cause problems in their overall supply chain. >> reporter: best buy is working on ways, addin