so hsbc wasn't charged with money laundering. if this was a money-laundering case in a cage> anyone had seen before, it was charged with violations of the bank secrecy act which had a lot of money laundering related requirements that you have a good compliance program to detect money laundering and stuff like that so basically is a rich charged with more technical crime which didn't involve loss of their charter in the united states. the prosecutors to and want to destroy the bank, they wanted to fix it which is maybe a good thing. there were some nasty people at hsbc approving these violations for many years but they were good people at hsbc, maybe you don't want to destroy the bank, fine. then the bank enters a deferred prosecution agreement and the eastern district of new york. the bank wouldn't exactly be prosecuted at all. the lesser crime would not be convicted and what i noticed when i started collecting data on corporate prosecutions, it turned into basically a corporate offender registry, maintained with the university o

. >> hsbc. alleges management wasn't aware of lax control at its swiss bank. >> and tech leaders embarking on barcelona. we go to the conference for the latest gadget unveiling and interviews. >> hello. welcome to "countdown." i'm mark barton. >> i'm manus cranny. >> it is malan's -- milan's turn for fashion week. despite russia's economic growth -- >> is still feel they have in luxury one of the best consumer goods. >> tens of thousands marched to moscow to honor the slain political activists boris nemtsov. what was intended to be in opposition rally turned into a memorial march read ryan chilcote has the story. >> this is the opposition's first protest of the year. it is no ordinary demonstration. it was a post about russia's economic growth and a protest against the war in ukraine. it is now a march of mourning. one opposition leaders organized this very protests. this is the spot where nemtsov was struck down friday night. he was going for a stroll by the kremlin. thousands of people have co

we talk about hsbc.d about the swiss authorities and really his day-to-day life. >> the top management is aware and was aware of the problem that was phased by private bank. i was really surprised the top management -- and even try to get inside. >> he declined to identify any bank executives ended -- and declined to describe to me his evidence. he also doesn't have any signed documents by the management. there could be some software that links back to management or certainly the way the accounts were set up. >> what has been their response to this, considering they have been trying so hard to get the bank back on track? them are they declined to comment on what he told me. they said please refer to the earlier statement on the ici g report. in a full-page advertisement ellis taking three weeks ago, the ceo offered his sincerest apologies for the swiss private bank and wrote that the unit had been completely overhauled. >> when and what kind of data will you end up seeing next? >> we know he has more dat

describe the kind of pressure hsbc is under right now. >> hsbc is under a lot of pressure.lk to analysts and insiders, there's a lot of pressure for this bank to possibly be broken up. we were hearing the ceo last week being grilled by parliamentarians of lawmakers in the u.k. not only about what he knew but why he did not have oversight. when you look at the sheer size of hsbc it points to some analysts saying if he did not have oversight, then it's just too big a bank and maybe they need to be thinking about splitting it up to make it more sizable to keep a check on things. >> where have i heard that before? >> never heard that argument before. erik: he declined to describe the nature of his evidence. in fact, he was quite vague. are there any reasons for us to doubt what he is saying and the claims he is making? >> that is a very good point because he is a controversial figure. some even accused him seven or eight years ago for -- of stealing the data for money. he denies this and what he has leaked so far has been investigated so it gives you the impression something ha

i'm surprised that the top management of hsbc are pretending a lot of things.are not trying even to know what it is about. they did not even try to get inside that. of course they didn't receive information. francine: i really tried to get out of him who he was accusing. he didn't give any names. he declined to identify any executives or to describe the evidence, saying all he has is logical proof. he says he doesn't have anything signed by the managers. he wouldn't tell us anything but it could be either software that was downloaded in a certain way, or the way the accounts were set up. guy: how have hsbc responded to this? francine: after the interview, they declined to comment. they referred act of the bank's earlier statement on this icig report, the data that was analyzed by this entity of executive journalists in washington. he had the hiles for eight years -- the files for eight years. it was only when he showed it to reporters that this thing blew up. guy: so i guess the next question is, what is next for him? you talked about the fact that he is trying

on the greek situation, let's go to hsbc's stephen. we are -- you are the most accurate forecasts are in terms of what bond yields would do in 2014. your insight is important. if you look at the greek situation. >> i think the point about naivete is important. the opposite of being cynical. it is probably quite nice. flattering. the ela is not increasing as fast as it was before. that is a more interesting development. it is a big number. the rate of increase if that is slowing down that is what people are looking for. if mr. weidmann is worried about monetary financing, we can find a couple examples around the eurozone. it is not just greece. francine: how worried are you about greece? >> i'm really not. i was involved with esi -- francine: why? is that naive? >> it's the quantum. one day qe is 3 billion euros. on day one of qe it was 3 billion euros, that is all greece needs. there's a lot of noise around this. with all the respect, there's been a fair bit of misreporting. not by bloomberg, of course. just grabbing headlines and jump

hsbc rbs, all being told by u.s. regulators to amend their living wills.y would wind up their businesses if they got in trouble without too much chaos for the rest of the sector or the broader economy. these changes to the living wills by the fdic and the fed in the u.s. and more details required. an adequate analysis said the regulators when looking at the plans submitted by the european banks. last year, the u.s. thanks were told -- a banks were told to shape up and carry out similar changes to their similar will. another reminder how it is shaving post crisis is deutsche bank and people familiar, suggesting that business is looking to shrink trading activity especially around interest and some of the services of the hedge fund industry. a lot of moving parts at deutsche bank. one of the banks took care on the universal banking model the spy other banks facing with the increasing regulatory burdens and increasing capital requirements deciding to pare back. interesting to see the regulatory environment falling into place and that is topical. here it is 20

i don't know whether that was wrongdoing subsequently at hsbc, we will have to see. jeremy paxman: did you ask him about it? prime minister cameron: i did not ask him that specific question, we went through the normal procedures, proper checks including by the revenue into somebody's tax affairs and it was probably dealt with. if you want to raise the issue and i said very clearly i didn't what happened and i will not comment extensively, i just answered a question explaining he was a friend of mine but i am absolutely clear, treating the people you work with badly is not acceptable and they made that decision. the dispersions that you are trying to cast is ridiculous. the government i've led the last five years has an economy growing back to work, the taxes in the country and i'm not saying we've achieved everything we set out to do. the economy is stronger. jeremy paxman: art from broken britain, one of the slogans last time was the country is overwhelmed in debt. how much money have you borrowed? prime minister cameron: we cut the budget deficit in half. as compar

hsbc has a history of major u.s. sanctions and money laundering violations. they now have these new charges of facilitating tax evasion. summarize, if you will for the committee what the fed has done with respect to hsbc to pursue these tax evasion allegations, what conclusions you may have reached regarding hsbc's responsibility for these activities and what steps you're taking with other federal officials to pursue these matters. >> okay. well, first of all, again, i can't really speak to the specific matter that is under investigation, but i can tell you with regard to hsbc we have three, we've entered into three formal enforcement actions, consent, cease and desist orders, and those related to compliance. activities and one related to compliance risk management in general. so we have been, obviously, working on issues with the firm related to compliance generally. i will say that in any situation, wlr there's an investigation, if we have evidence or we are provided with evidence that there is a violation of law or breach of safety and soundness based on a

high treason from hsbc. david bloom joins us after the break.we head to the break, we leave you with the beginning of a solar eclipse, partial eclipse , that will cast a shadow over europe. it has a business angle. the moon will block about 80% of the sun's light. what does that mean for solar panels? ♪ jonathan: good morning and welcome back to "on the move." 30 minutes into the trading day. we are wrapping up the weakness this friday a little higher in london. the dax heading back to 12,000 points. 62 points higher. there are deals to talk about. let's get to our stock stories with caroline hyde. caroline: top of the leaderboards are those that are winning out by the labarge-holcim megadeal. lafarge up almost 3.5% this morning. it has been 11 months in the making. at last, they come to a compromise on management and the financial terms of the deal. lafarge not getting quite as sweet a deal as holcim shareholders, but everyone relieved. crh shareholders are pretty pleased as well. this stock up 3.5%. they had six point 5 billion euros of assets

hsbc slow to fix compliance lapses. to two people familiar with the material, they are falling short of its agreement with the u.s. to cleanup operations. the head of the royal bank of scotland's security unit is leaving over a clash on how to implement a strategy to scale back the bank. today marks the deadline for countries to commit to becoming founding members of the asia infrastructure investment bank. in may lack standards of institutions such as the world bank. taiwan well seek to join the bank and japan has expressed reservations. a merger could create one of the largest copper producers. that is according to people with knowledge of the matter. miners have held early stage talks. both companies deny they are in negotiation. jay-z is teaming up with a star-studded cast to take on spotify and apple. tidal, part of a swedish company he bought will be offered in the u.s. for $9.99 a month. sprint will be partner. the service has the backing of beyonce, coldplay, and kanye west. the second hour of the pulse is comin

lawmakers told hsbc's top banker that he is incompetent.c's chief executive defended his personal tax arrangement. >> my inability to convince anyone that these were not tax evasions caused cap -- reputation damage to the bank. francine: investigations into sanction violations on commerzbank. guy: there has never been a better time to be born female. even the women still do not enjoy the economic opportunities that men do. that is according to the bill and melinda gates foundation. there is still a lot of work to do on women's issues. melinda gates: i don't think we are there yet in terms of really empowering women. it is all types of work. until we have far more women as ceos and far more women in congress in all of those different ways, i don't think we are even close to where we need to be. francine: it depends very much on where you are born as a woman. euro area finance ministers are piling the pressure on greece. they're questioning great commitments -- greek commitments on delivering. guy: last night, the ministers were gathering. th

the gauge of hsbc data fell into a contraction. an 11 year low. out to the data master. he is in a whole,. -- he is in hong kong. dan run us through. dan: the headline tells the story. the estimate was 50.5. in this part of the world when the estimate is so far off, that is a concern in the big thing about the numbers and the sub factors, not a good news. march is doing what we thought might happen in february, going soft. the data we are seeing more recent times. chinese data has been on the softer side and more underwhelming side. a big take away a 49.2 versus contractionary number first what we expected a small expansion. pmi case, it has flown through to the currencies. we are seeing the fed signaling possibly raising rates in the latter part of the year which is been a welcome relief from commodity price currencies and the kiwi. they will take no joy of the report. and really to say, it is a terrible read. not what the markets expecting. we really wait and see what the gdp numbers reflect in the first quarter. simply put, just seeing such a weak and anemic number wa

chief economist at hsbc. good morning. >> good morning. >> what are you anticipating to hear from the ecb today and more importantly how much of a reaction would you think it could have on markets, on the euro, on bonds. >> overall i think the reactions are going to be pretty muted. this is going to be all about the details. we'll be pouring over the detail of the growth and the inflation forecast. all the execution details regarding how they're going to do the qe. of course announcements on greece but i'll be surprise first degree there are big market reactions in response to anything. >> what do you think they'll tell us? what are they going to be buying? how are they going to do the stimulus? >> we already know that the ecb's way of conducting the qe is going to be quite different from the other central banks that embarked on those programs. we're motte going to get the reverse auction process. a certain amount of discretion will be left to the national central banks in terms of how they conduct the purcha

hsbc has a history of major u.s. sanctions and money laundering violations.hey now have these new charges of facilitating tax evasion. summarize, if you will for the committee what the fed has done with respect to hsbc to pursue these tax evasion allegations, what conclusions you may have reached regarding hsbc's responsibility for these

we had hsbc/pmi this morning. that fell to an 11 month low missing analyst forecasts.y supported expectations for further stimulus. that allows shares to regain some ground in the close. of course the data hurt the likes of oil prices as you can see we closed just above flat in shanghai. hang seng is down about .4%. joining us now is charlie, the head of macro strategy. we have seen shares rally into the close. of course expectations of easing. when does the equity market inspired by liquidity and easing bubble burst based on the weakness in the fundamental economy? >> it's a very good question. we're being driven higher and higher in anticipation of the policy response. i think that's one of the things that's keeping the policy makers in china is that they're not going to be too keen on the concept of this bubble forming in asset prices but the fundamentals are the fundamentals. it's proving to be weaker than they think and that means they will have to respond. >> the rmb has plenty of economies near it facing weak currencies whether because of the stronger dollar or

hsbc says it is overvalued. jpmorgan says it is overvalued. the most overvalued currency in the world? at the moment the trend is coming a little bit easier into the morning trade. how is it playing out with the asian currencies? you have the dollar trading higher and the malaysian ringgit lower. they say they are probably going to downgrade malaysia. the currency down over 1% on the week. that is carrying through as well. when it comes to how to move your currency. we saw the dollar move quite aggressively. one of the biggest intraday moves on the euro since 2000. we had that big move higher in the dollar. retracing its steps. 76 point 93. glenn stevens from the reserve bank of australia saying there is a debate in the margins over how much we cut our interest rates by. when he was asked to name his chosen level and december: stevens referred to $.75 against the united states being his preferred measure. when he was asked, can you give a level on the aussie dollar you are going to be happy with, he declined to comment. traders are betting a 5

last month, and 2000 seven, he stole data from hsbc.to authorities in france and that got passed on to the u.s. this sets the scene. it was brought to the forefront a couple of weeks ago when the press poured over this data and not only was it a breach, but the allegations that people were helped to evade taxes came to light. i spoke to him on friday. we talked about this and he is saying he can prove hsbc management knew about alledge it tax abuses. >> i can prove that the top management is aware and was aware of the program that -- i am really surprised top management is pretending a lot of things, but not try to know what it is about. they do not even try to get inside from their own way to receive information. francine: i tried to get out of him any bank executives. he declined to describe his evidence. he says he can provide logical proof. it could be something in the way the accounts were set up or some kind of software. brendan: did he tell you why he did this? was this moral on bridge? -- moral umbridge? francine: some people sa

hsbc's ceo says he is incompetent. he was not aware of tax evasion as the unit.executive defended his personal tax arrangement. >> my inability to convince anyone that these were tax evasion has caused reputational damage to the bank. >> there was criticism to fair head that fairhad -- fairhead. he was either naive -- she was either naive or incompetent. fairhead is committed to her role. anna: you can join in the conversation, should you wish to. let us know what you are thinking. this is where you'll find me. @markbarton. mark: apple watch is trending. anna: we will take a short break on the program. mark: we will take a look at risks and opportunities in european equities after the break. stay where you are. ♪ anna: welcome back. the bowl run for u.s. stocks entered the seventh year. what does it mean for equities? let's ring in the global head for strategies. we love these conversations. is it looking good? >> it is more advanced than it would be in europe. you have profit margins at a record high and earnings at a record high. you have the nominal gdp at a r

who's right, hsbc or goldman sachs? >> hsbc. liz: why?u're seeing with yellen's testimony this week, basically taking the fed raises off the table from immediate standpoint so june is not in the cards. so if the fed isn't raising rates, the dollar is going to be weaker, plus the euro has been so low for the last six weeks or three months, actually, that the export growth out of europe is really expanded quite a bit. you're going to see numbers of german gdp growth and so on and so forth do better. i think the euro is going to do before. a low of 104, and i see a little resistance at 112. i think it's going to go to 117. liz: kevin? >> i don't think we'll reach parity at all. on the upside $1.15. liz: howard lutnick is wrong? he's been right and right on the dollar. >> in these conditions, i can't see given where we are in the cycle right now. liz: now to oil, kevin, oil has continued to plummet today, happens to be strengthening because the dollar got weak, if the weakness continues, does that mean oil has seen the lowest levels for now?

first round of the hsbc championship today. the par 3. why else would we show this? it is an ace. i think i would have done a happy dance. but that's me. and american be lehigh -- beat lehigh. i know the quality gentlemen's sport, but there should be a happy dance once in a while, hole in one. leon: you earned it. alison: and sleeveless in the sunshine has to make you happy too. leon: a snow day rebellion, breaking the law. alison: civil disobedience through sledding. last night we told you that capitol police said no to sledding on capitol hill, today people were there. the police were there, but they did not ticket anyone, they let them have fun. leon: in arlington, there was an organized snowball fight. the was a battle between the kids and the adults. -- there was a battle between the kids in the adults. alison: today you could call it an unexpected tribute of sorts in the form of two snowmen. mike can mean was live on air when this happened. mike: take a look at these people, guess who they are. notice the mustache year, the baby bump. that is right leon and alison in snow fo

for tax cheats is ongoing. >> pelley: after our story aired last month, swiss authorities raided hsbc's bank's british c.e.o. has publicly apologized for his company's "terrible list of failures." i'm scott pelley. we'll be back next week with another edition of "60 minutes." tomorrow, be sure to watch cbs this morning and the cbs evening news. captioning funded by cbs and ford captioned by media access group at wgbh access.wgbh.org elizabeth: so jason comes home and tells us that he is joining the debate team at school. we're thrilled. what better use of his naturally argumentative nature, right? mmm. then... (laughs) then he leaves the room and henry turns to me and says “do we really want him getting better at it?” (laughs) i'm sorry, i'm talking too much about my kids. oh, no, because you can't talk about work, it's understood. oh, i can-- everybody is. ah, you're going before the house appropriations committee this week, huh? to defend my budget. isabelle: oh, squaring off with chairman everard burke. mmm, affectionately known on the hill as burke the ripper. every single one of ou

that is what hsbc put the number at 32017. a new analysis by hsbc.lding near latestter the boj's round of quantitative easing. not much a refuge elsewhere. , yields have turned negative. look at the numbers. the 10 year yields in japan not aware investors want to see it. the u.s. 10 year bond looking more attractive. the euro, negative yield because of the ecb's latest move. the prospect of the fed raising rates and the dollar';s -- dollar's meteoric rise. it is attractive for japanese itestors are you angie: is at the levels we have seen coming out of china yet? zeb: almost. japan is the number two creditor to the u.s.. china is number one. guess how much in japan house? -- has? $1.23 trillion. angie: thank you. some other stories. reporter: the latest targets of anticorruption campaign. the chairman of the group is accused of serious violations of the law according to a government website. it has partnered with toyota and has not commented. the country -- it makes the country's most expensive vehicles. selling isctric is australian and new zealand

hsbc falling short on its agreement with the u.s. to cleanup operations.nd on the part of a 2012 agreement hsbc agreed to pay a record one point $9 billion fine -- $1.9 billion fine. some of the in spotify introducing the playstation streaming circuit -- streaming service. it will replace unlimited. we are 30 minutes to the close of trading. achieve market correspondent scarlet who is looking at the big mover of the session. there were a few big ones today. scarlet: i am focusing on the companies that see the biggest spikes and leadership in the past hour. these are terminal users that are clicking on these company names. shares of the canadian minor are rising the most in more than five years because bloomberg is reporting that tech is in talks to merge in a stock-based deal. if they do combine the first transactions and's commodity prices begin or dissent in the second half of last year and perhaps one area where they could perhaps cooperate and cut cost of debt cut costs is. alix: a long mosque saying a new product line will be introduced this thursday.

he accused of removing his relatives' names from a list of undid claireed swiss bank accounts at hsbc as the laguard list, he denies tampering with the documents. >>> the trial of a prominent angolan human rights campaigner is set to begin in the capital. rafael is accused of defaming army generals in his reporting on human rights abuses in angola's diamonds fields, barnaby phillips gives us the background leading up to the trial. >> our second co winner is rafael. >> reporter: an award ceremony in landon and rafael is hailed as a champion of free speech. the timing is significant. with his trial about to begin in angola. accused by a group of powerful army generals of defamation after he wrote about killings and human rights abuses in angola's diamonds fields. he argues that the generals are complicit because they are profiting from the diamonds trade. he says his trial is a rare opportunity to put angola's human rights record under scrutiny. >> i am not a victim here. i am a proactive citizen and i have raised these issues knowing very well what the consequences are. and and i am pr

. >>> in the hsbc women's championship in singapore, florida's lexsi thompson lands a hole in one ining her three shots off the lead heading into the weekend. >>> just ahead, have you seen the photo? kim kardashian's shocking makeover. plus martha stewart, snoop dogg and justin bieber will soon have in common. " and "sheesh, i wish i'd looked some more." that's why walgreens makes it easy to switch your prescriptions and save money. just stop by. and leave all the legwork to us. switch your prescriptions to walgreens where you could save even more on medicare part d with copays as low as zero dollars. at the corner of happy and healthy. you use tide pods? yeah! but i thought you were the queen of the pre-treat soak treat soak? those are fond memories, but those things are amazing. once i saw what they did, i actually started to relax. don't touch my things. those little guys clean, brighten and fight stains. so now i can focus on more pressing matters. like your containers. isn't it beautiful? your sweet peppers aren't next to your hot peppers. [ gasps ] [ sarah ] that's my tide. wha

today we had pmi, hsbc 50 points. >> the official showing contraction? >> correct. all of that ties into what they said back in february. pboc would consider easing if the january data disappointed which it did. february has also. that is what they face when they go into this congress meeting on thursday, the annual debate about growth, what to do etc. that is the backdrop for us. >> thank you very much. >> india is bumping up infrastructure spending by more than $11 billion as part of its first full year budget. narendra modi their mark marquess for roads, bridges, and power plants to spur growth -- earmarked cash for roads, bridges and power plants to spur growth. imports are expected to surge in the coming weeks as traders replenish stock. many have put off buying gold the cause of concessions in the budget. they have no options than to buy a current prices. india wants to tackle so-called black money stashed away in overseas bank accounts. arun jaitley said the government is planning new legislation that went reduce steep fines and prison terms for tax invaders.

hsbc manufacturing pmi and expansion. telling me two -- telling me two different things. >> these are two separate surveys. february did show expansion at 50.7. this is a smaller survey of 400 respondents mostly private. it showed contraction in february at 49 .9. below 50 is contraction. that's the second month in a row of contraction after many months of expansion. it tends to be more bullish so when the official pmi goes into contraction there is serious weakness in china. that is something we need to look closely at. whether this is the beginning of a long-term trend. >> thank you for joining us this morning. that's the latest move in what is shaping up to be the year of easing. another cut for china. we are joined by the global head of equity trading at citigroup. great to have you with us. china joining that club as well. is 2010 turning out to be different outside of europe? wexler think we are sticking with the liquidity story. -- >> i think we are sticking with the liquidity story. a lot of that is a continuation

are averse to risk, yen is rising against all of its major currency counterparts across the globe, hsbclso this morning saying get ready for more quantitative easing, that might be something that would bolster that, the yen is rising in the dollar is declining as if any to show you enter additional map there is a host of reasons going on at the moment, equity markets coming under pressure, oil prices are rising and that should help, but what you've got is a weaker durable goods number, you have the chief fixed income at morgan stanley, they say it is not impossible that they could reduce rates, so there is a whole host of critical issues, dollar is a little bit lower, longer-term morgan stanley say that it will rise, sometimes you have to give up the ghost and they did, they told the market we will not stand in the rate way of the brazilian real, this is the dollar up the brazilian rail down. the question you have to ask yourself -- i'd away, it is given the moniker of the worst performing currency in 2015. that takes some pretty achievement. what once you have dollar real have to ask y

we know hsbc has a history of major u.s. sanctions and major money laundering violations and they now face major new charges of facilitating fax evasion and i know you may be unable to address details of an ongoing investigation but summarize what the fed would normally do to pursue allegations like these regarding tax evasions by major financial institutions and how long you would expect an investigation to take, not specifically here, if you are not able to do that and what steps you would normally take with other federal officials and other countryies' regulators? >> we would have some responsibility for this if it affected operations of a bank in the united states. in this case, the information has been provided to the justice department. the justice department has primary enforcement responsibilities related to u.s. tax laws. along with the irs. and the justice department normally cooperates with us and provides information to us if they think that we would have jurisdiction, that if banking laws had been violated in th

hsbc, over $600 million. again, it is an open ended trade for barclays.pen ended a four jenkins on till he closes that. -- until he closes that. one of the better performing stocks. >> this time last year, anthony jenkins, he was under pressure, the stock was down at one point i almost 20%. we started talking about legacies. is he started to put a stamp on this bank? >> it is beginning to come the room. jenkins has a big agenda on corporate change. he said it could take as long as 10 years. investors have want to see the change. we have a new chairman of coming in and perhaps he will add more pressure on the ceo to change in the bank quicker. we do not know. however, jenkins is somebody under pressure to perform. the performance of this year has been better. they are up almost 9% year to date and that is better than last year. he must be doing something right. he certainly has -- some way to go. >> at the start of the interview, the politics a phrase you use. a political set a result in some way? >> trying to make it a little bit more interesting. getting

david bloom is hsbc posco global head of currency strategy. >> we are beginning with the beginning ofhe head. this is not the time to turn bullish with sensible forecasts. most of the meat of the dollar-bull run is done. eu leaders meet in brussels. greece might get additional funds next week if they provide an adequate package of reforms. deutsche bank has cut the compensation of the co-ceo's by 11%. they receive 7.2 million last year. the stock was the worst performer among the global ranks. the company's net profit did improve on lower litigation costs and better results. the former rap mogul shook night collapses after a judge said the bail at $25 million. he was taken to the hospital on a stretcher. he hit his head on a chair when he fainted. this is the fourth time he has fainted. the world health organization says monsanto's pop of the weed killer probably causes cancer. there is limited evidence that it cause non-hodgkin's lymphoma and convincing evidence that it can cause cancer in lab animals. the findings are inconsistent with health reviews by the u.s. and eu nearly all of

guy: earlier hsbc called and end to the dollar-bull run.he euro has come down aggressively over the last few weeks. what you're right do you think will it take to maintain -- what euro rate do you think it will take to maintain a very early recovery in the european economy? dr. schmieding: it is more dependent on sentiment. oil helps. the eurozone would still have a recovery with growth rates getting towards 2% late this year if the dollar-euro moves back to 1.12 or 1.15, which i consider possible. guy: it stays on track at that level? if they get stronger than that does it start to have an undermining effect? dr. schmieding: a modest one. that is not big stuff. if it goes to 1.35, that will be a big thing. one point 10 or 1.2 zero that is 0.1% of your -- eurogroup. guy: always a pleasure. berenberg's chief economist. tweet us, send us your thoughts. holger thinks russia is the bigger threat and greece an irritant. we have had a few tweets suggesting a similar sentiment or join the conversation @flacqua in @guyjohnsontv. we'll meet a couple

hsbc downgraded their growth forecast with south africa in january this year. the south african reserve bank has already done so twice this year. last month from 2.4%, it is down to 2.2 and this month in the budget speech last week, down to 2%. they've also brought the economic forecast for next year down, as well, which tells you a lot about what the actual growth rate is then likely to be in this country. >> afghan women have come a long way in the 14 years since the fall of the taliban. back then, they were basically confined to their homes. now 3 million girls are in school, women are in businesses and in parliament. they're still fighting for their rights. >> she has been attacked twice because of her prominent role in local politics but says she won't quit. she's the deputy head of the a conservative province where women's rights are often ignored. >> i'm a woman i'm a legitimate representative of the people. people voted for me. i'm trying my best to solve people's problems like education, health and reconstruction. >> one of her constituents accuses a m

international analysts such as the hsbc downgraded their growth forecast for south africa in januaryyear and the south african reserve bank has already done so twice this year. last month from 2.4%, down to 2.2. and this month in the budget speech last week down to 2%. and it also brought the economic forecast for next year down as well. which tells you a lot about what the actual growth rate is likely to be in this country. >>> now since the fall of the taliban in afghanistan, women have made great strides in trying to end sexism there are some 3 million women in schools now, they are allowed to own businesses and there are female representatives in parliament, but women are still fighting for their rights. >> reporter: this woman has been attacked twice because of her prominent role in local politics but she says she won't quit. she is the head of the provincial council in a conservative province where women's rights are often ignored. >> translator: i'm a woman. i'm a legitimate representative of the people. people voted for me. i'm trying my best to solve problems like education,

hsbc showed their investment bank again was struggling in terms of revenue.cotland they did the annual results he said job cuts would be significant. i asked if it would be thousands he said yes. i think over 10,000. whether it will be the specific number of 14,000 of the 18,000 they have in their investment bank i think too difficult to tell at this stage but they are pulling out of 25 countries going back from 38 to 13. clearly there are going to be job losses there. investment banking was the powerhouse. rbs used to have a sheet bigger than british government pre2008. now it wants to be a smaller retail focused british bank retail and that is where the money is now. i think there is a bigger issue. global investment banks are necessary for global trade and at the moment the big players are either america, jp morgan bank of america or germany deutsche. are there going to be other players in the market in five years time? that is a big issue for all businesses that work on a global stage. >> we will keep it across when the rbs statement comes out. where is t

the hsbc manufacturing bmi, we need something north of 5.1, remember that. you need 5.1 in order to be able to make this thing tick. or else i suspect we will open down on monday morning. tuesday morning, giii which has beaten the numbers. mccorm mick the staple spice company, another good buy. but the one to buy is sonic, which i just reiterated on yesterday's show. it's part of the restaurant trade that started the moment gasoline went below $3 and only gained steam. unfortunately, sonic is also at its 52-week high which means while weit can still go up, we're hardly early. wednesday, we've been behind paychex, the payroll processing company that i'm a proud client of in the mid 30s and it's now at 51. there are so many analysts that don't care for the stock because they think the client base isn't growing fast enough and there's not enough money to be made on the float the interest paychex can make on the cash they hold while you wait to get your cash from your check. i think some analysts break ranks and go positive on paychex after the quarter even as t

in fact, international analysts such as the hsbc downgrade their growth forecast in january of this yearth african reserve bank has done so twice this year last month from 2.4% down to 2.2 and this month in the budget speech last week down to 2% and it also brought the economic forecast for next year down as well which tells you a lot about what the actual growth rate is then likely to be in this country. >> thanks for that in johanesburg, nigeria president says the troops are narrowing down the areas controlled by boko haram and goodluck jonathan said the army is closer to finding the school girls abduct abducted and taken by the fighters in november and schools are being rebuilt. >> reporter: on a mission to secure schools a nigerian delegation traveling to tobuk is cleared of boko haram fighters and trying to come to terms with the abduction of school girls last year and this is how, a product supported by britain, the united states, qatar and others, the idea is simple go into areas that have been freed from boko haram control and build new, safe schools. it's a new part of the strat

it is leading some banks including hsbc to say the currency surge since august is coming to an end andunds have trimmed their bullish dollar future position to the least sense december. a couple of fed speakers. san francisco fed president and he votes on policy and is scheduled to speak later and so is the cleveland fed president, loretta master. she will speak to manus cranny later. the dollar is still on track for the ninth consecutive monthly gain, largest winning run since the series that in january 2005. it is 2.3% below the record reached on a march 13th. the dollar spot index is down. caroline: looking at your top stories. the chairman facing a strategy challenge from investors. according to reports he is preparing resolutions for next month which urges the company to take action to increase the share prices. investors questioned what he intends to do with 15 billion euros of cash gained by selling assets. the french cement maker has identified 2 potential people to lead. the cfo and executive vice president are the suggested candidates. china is considering changing to a secur

when you look at the list that keri mentioned i would add hsbc. you're talking showing it down. deal with the felon or deal with the fx markets. that is almost too far to go. someone will sit there in say we are going to find you as if it they will find some way for the good -- alix: there are a lot of guilty if situations. there was once a feeling that if a bank needed guilty or was indicted it would be the end of the world for the financial system and now they have come up with a way for banks to plead guilty and continuing operating. it has lost some of its sting. stick right here because we will talk about bill ackman and herbalife. you are looking at a triple digit loss on the dow. the s&p off by 16 points. oil taking a hit their re and the dollar is where everybody wants to be. be right back. ♪ alix: billionaire activist bill ackman's for -- firm -- said no one from his office has been questioned. >> you do not need to make a false state about herbalife to be negative. the truth is what is powerful and the truth is the company is harming people. what is your take on that?

dollar is done, according to hsbc, its meat has been chewed up. not everyone agrees.ss. u.s. airlines' take on persian gulf carriers. around the world, a trip to the front lines in eastern ukraine. what cease-fire? in sports, someone's brackets are being busted in an upset.

james steel with hsbc commodities. tom: oil falling beneath $50 a barrel. good morning, everyone.bloomberg surveillance." ♪ tom: good morning everyone. "bloomberg surveillance." futures up 6. here is olivia sterns. olivia: my morning must-read comes from ambrose prichard writing in the "daily telegraph" -- gerardo rodriguez of blackrock still with us on set. how punishing will this be to the emerging markets you look at? gerardo: i think most of the pain has already been processed through the system, and we are seeing some policy actions and reaction to this thanks to the central bank rate cut by korea last night, mexico announced fx measures to lower the volatility of fx markets, but again, you take a step back and major currencies are dragging these movements. there is not much in e.m. that is specific. olivia: we will leave it there. "bloomberg surveillance" will be right back. ♪ tom: good morning everyone. "bloomberg surveillance." some stability in the markets after a wild 3:00 a.m. morning in europe. let's get to top headlines. olivia: two police officer's have been shot at

. >> the hsbc purchasing managers index coming in above expectations.ure ofing for 50.1, and we got a figure of 50.7. attraction when it came in 49.7. itsvo, its promise to purge of software. this ons get more on the ever evolving situation of computer security. what did you make of this software? and what about the reaction to all of this? adwareproblem, rish, the software, this created a potential risk to the customers. so, basically, they are trying to breach and compromise lenovo's corporate security. and this is a result of the compromise of security. and the damage to their reputation. >> right. well, what does this software actually do? >> so the software, i would say, is benign. adware does.all to kind of user habits, just make the next marketing campaign successful. there is nothing criminal in what they collect, i think, but what they missed is the security side. not protect the channel that they used to communicate, and this is a critical issue. >> let's talk a little bit now about the threat that we do have, i suppose, from the cyber securit

hsbc has been slow to -- a report has found. the report says it is falling short of its agreement with the u.s.. ahead head of scotland security unit is leaving the country. you can find much more on all these stories at bloomberg.com. mark: join us all in the twitter sphere. --manus: join us all on the twitter sphere. there is another barton in the family. congratulations. anna: coming up greek stocks heading for a fourth quarter of losses. after the break, we will ask our guest why investors can't keep their hands off these volatili ties. ♪ mark: the greek prime minister is looking for a consensus in parliament after his proposals for a bailout failed to satisfy european creditors. i have been away for a week -- what has changed? jen: i think the key thing to understand is that it is a political discussion, which means it takes a lot of time to get these things through. it is a bit frustrating because we all get excited and we hear monday is the deadline of monday comes and goes and we aren't any closer. the point is -- the pr

they're criticizing banks by hsbc rms and bnp. they focus on how it will go through times of crisis. >> in washington news broadband providers we knew this was coming have now filed lawsuits against the sec's recently approved net newutrality rules. the new ones are in it's words arbitrary, capricious and an abuse of discretion. it violated various laws regulations and rule making procedures. better strap yourself in for a long fight on this one. we'll talk about it for years to come and congress is also trying to look at things too and they went e-mails between the fcc commissioner and the president and all kinds of different things to see how that happened. to see how that happened because i think if it walks like a duck talks like a duck quacks like a duck, all of a sudden he says we want title 2. >> we knew the industry would put up a fight about it. we'll see where things head from here. in the meantime a check on the markets this morning. the futures are indicated higher this morning. the dow futures look about 40 points abo

hsbc. you begin to see is shape of why we focused on that. you still haven't settled and you still haven't done a deal and payment protection insurance, another 200 million pounds in provisioning there. that takes the bank up to 1.1 billion pounds. >> the plan is definitely working. i guess inside the investment bank it is. costs are down. bonuses are down. there is the issue of these fines. what is the market paying attention to when you look at the investment bank? what is the key metric we need to focus on? >> i reread everything post jenkins. return on equity -- after the investment bank, for 2014 came in at the princely sum of 2.7%. the benchmark they set this time last year for the whole core business was a target of 12% by 2016. the rest of his businesses are doing well. let's be fair and balanced in what we say. the the core of what they are doing at barclays. barclay card. africa hitting those double digit level offense core return. the investment level, 2.7%. how do you get from 2.7% to 12%? >> that is the issue. >> there are a few

authorities and also for example banks consenting to external monitors at deutsche bank or hsbc and barclaysrk: has the bank set aside enough money to cover the settlement? shane: that was one of the big questions because nobody could see what they had the legal provision set aside for. the only disclosure for all legal provisions. the bank cannot yesterday and said they are going to take a one-time charge of 338 million euros to cover the rest of the settlement. that gives investors clarity how much they had set aside for the case and how much they still had to put aside. mark: what does it mean for the bank in the coming year? shane: this coming year they're working toward targets set for 2016. they set these targets a few years back and just a few weeks ago the ceo less things came out -- lestings, came out and said we didn't know the euro would be stuck and this slow growth rate for such a long time. now with this payment the $1.45 billion that everybody is saying they could have used in a better way to reach their targets, they have a capital ratio target. they could have used this mone