a rather outperformer today, carolin, ubs is. >> yes, absolutely. shares definitely getting the thumbs up today. if you look at the underperformance of equity markets in general today, that is a pretty good outperformance. it's the investment banking business, especially revenues in the advisory business and in the equity capital business. fixed income didn't do so well, but no one expected that going forward. secondly, we've got a very strong capital position and a very strong balance sheet. the company hiked its dividend more than expected. that is a whooping 12.8%. that's almost 100 basis points more than what an mists were expecting. despite that, a very good performance in the fourth quarter. when i spoke to the ceo, he was still fairley cautious about the outlook for 2014. obviously, it's clouded by a lot of events in the market. the volatility out there is quite huge. a lot of unresolved matters. you see what's going on in the last few days in emerging markets and overall opinion i think making prediction about stabilization of this environme

unlike ubs, the u.s. enforcement action against credit suisse has stalled even though the bank got a target letter three years ago in 2011. while seven of the bankers were indicted by guest prosecutors in 2011 none have stood trial and none have been the subject of a u.s. extradition request. less than a handful of the tax payers in the accounts have been indicted. that's not much accountability for the bankers or u.s. clients. the taxes owed on the leaves of dollars on the offshore assets remain uncollected. to collect those unpaid taxes and hold u.s. tax evaders accountable, the critical first step is to get their names. the prospect of the united states getting the names is what produced the ubs affect, the rush of u.s. offshore account holders making so-called account disclosures to the irs and pay them what they go to avoid embarrassment. but getting names is where the whole story goes bust. there is a chart i've ask we put up. it's a chart of the 22,000 u.s. clients with swiss accounts and credit su

ubs has one person who has been suspended. it looks like ubs have learned from what they did previously which is go first, go fast and go forth. if you can deal with the regulator, you are exonerated from any financial slap on the wrist here in europe. if you come in second, you only get a discount of 50%. you come in at number three, you only get a discount of 20%. to go first has significant financial impact. to go first in the united states goes you immunity. it still leaves you with the justice department to deal with on the small matter of fraud. >> thanks very much, manus cranny. here is what else is on our radar. malan fashion week wraps up. bloomberg has been speaking to a handbag maker. its chief executive says the company wants to branch out. >> we don't want to be a bag company. expanding in textiles, and jewelry, watches. nokia has introduced three android smartphones at the mobile world congress today. x plus, and xl. the phones will be able to access android apps and apps from nokia's own service. the products ar

in china--- ubs is in the midst of a hiring scandal. ubs has suspended two executives over allegations that the bank hired a close relative of a client. marketwatch reports one of the suspended executives includes a top ipo banker in asia. jpmorgan is currently involved in an investigation for similar hiring practices overseas. ubs declines to comment. united has reached a deal with its flight attendants. the airline was threatening to furlough nearly 700 employees claiming it sometimees has too many working o the united side and too few for contienntal. the two arilines merged in 2010 and are still facing turblence. a new deal will allow united flight attendants to cross over to continental while retaining seniority pay and vacation days. the airline industry is on track for its most profitable year ever. airlines worldwide are expected to rake in profits of 19.7 billion dollars up from 19.2 billion in 20-10. a spokeswoman for the trade group, airlines for america says some profits will go to adding seats, paying down debt, raising emp

i'm reading from a ubs note, the new company would dominate the cable industry and broadband services with 84 million homes passed, 73% of u.s. occupied households. 33 million subs, by the way, and a willingness to divest 3

still with us is bhanu baweja, head of emerging market cross exit strategy at ubs.ou for sticking around. ,e were talking about china some of the systemically important emerging markets. you mentioned turkey as being one of them, ukraine not one of them. as you said, it may burn investors and make them more risk-averse. talk to me about turkey. >> turkey has the classic symptoms of the 1980's and 1990's em, a fair amount of dollar debt. they have levered up massively. savings rates are extremely low. current account deficit is extremely high. inot of this money has come from turkish bonds. not necessarily in foreign direct investment or equity markets. as the rate begins to go up, some of this money is questioning what should the turkish real rate be? that is why this money is looking to get out. for the longest time, the central bank of turkey had not been hiking rates and had been intervening in the financial markets, making the same mistake as bank of thailand in the 1990's. now they have push rates higher but not by enough i think. they should probably do more.

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we had a case with ubs a couple years ago, ubs was twice as big as credit suisse and received a $780 they suffered reputational issues in the u.s. and beyond. credit suisse is in the same cap, their business was half as big but the damage will be very much the same. >> to what extent will senior management be exposed here? the allegations coming out of the committee are that this went right to the top. there's clearly no evidence of that at the moment that has been made public. gettingcould be involved, there is maybe a little bit more room to run on this story. how exposed is brady dougan personally? sec related part of this last week already. that is more or less done. the senior management is always difficult to say. do and only became ceo of credit suisse in 2007. shortly before the whole business was stopped. thatnot necessarily think he will have a big personal involvement in this case. in terms of what else we can expect for the rest of the swiss banking sector, we have had ubs and a much smaller swiss bank, we now have credit suisse. this is really driving on for .he swiss ba

>> former head of ubs. >> $740. $1,100. 5th avenue,uy it on $200.st priced iphones from around the world. some of that is because of import duties. >> very quickly, betty liu with what you have today. >> i am stocking your -- i am stalking your set. on pepsi and coca-cola, look at the charts. bottled water this way, so the sales that way. that is the way people are consuming. >> getting healthier. loop"our program, "in the in half an hour, leo hindery. did anyone watch "the tonight show"? >> i went to bed at 7:00. ps, hilarious.li >> i dvr'ed it. is going to be on. they should have the "surveillance" crew on "tonight." >> data check on a mixed picture between futures and bonds. >> good morning, "bloomberg surveillance" on bloomberg television and bloomberg radio, streaming on your tablet. all things digital, including apple tv. --m tom keene, will meet with me is adam johnson and alix steel. robert wolf, founder of 32 advisors. news, actavis $25iring forest labs at billion. cristina alesci, what is your take away? >> actavis felt like they needed to

that is what we did with ubs with the embarrassment in the investigation with ubs to turn over names.o a figure of guide -- died in the tax evaders that led to people paying their taxes this year that once ubs released names. names. location and location and location you have to have late -- names. the program that you have to get bits and pieces then make treaty request the -- that is a goose chase. what we need is to see aggressive implementation 2011 credit suisse subpoena. please don't see any enforcement. you issue a subpoena. you have not enforce it. one other thing about this treaty request. not so willing to rely on the process i hope we ratify the treaty. let me make that clear. i hope we ratified. those are the major names that credit suisse has before 2009. through the. and something else. the swiss unilaterally announced the protocol will mont apply unless the person that makes the treaty request will show the bank significantly contributed to a pattern of conduct. you don't have the names. it is the chicken and the egg kind of a deal. then to make a treaty request. it is

he's senior analyst at ubs. brent, you've probably heard all the talk on wall street today. they wanted a new ceo to run microsoft, someone that was an outsider from the company. so let's just begin with your point of view. is satya nadella the right guy for this job? >> yes, we think he is. he was our pick from the get-go while wall street wanted an outsider, we think they're most capable on the inside. he's been in the company over 20 years and successfully steered a number of their businesses, including turning around their server business, leading their cloud business. so there's a lot of question marks if he's the right guy. but we think he's shown internally that he is. >> a lot of questions also about what is microsoft going to be? some people on wall street saying they'd like to seat company split or at least spin off its consumer businesses like x-box, like tablets, and then just focus on the software side. what do you think? >> they're very strong in enterprise. their consumer business has been their weak link. we think satya's experience again on the enterprise bu

crackdown on offshore tax evasion has a ready nabbed ubs in 2009. they avoided prosecution by paying a $780 million from admitting it fostered tax evasion, and turning over the names of 4700 account holders. there are still more account holders out there who have not paid uncle sam. the question is -- >> >> i want to ask you this question. have you urged the government of switzerland, the parliament of switzerland to allow you to give us the names of your customers that you aided and abetted in 2008?ating taxes prior to >> yes, we have. the report was highly critical of the justice department for failing to go after those account holders. >> if john doe subpoenas and the justice department fully carried out what they could carry out in this country, would you will comply with those subpoenas? senator, that is difficult, impossible under swiss law we would all face criminal indictments in switzerland and most like we prison terms if we would hand over these client names. without the permission of the swiss government. if i may just say in the ubs mat

ubs wants immunity in the global investigation of currency markets. the swiss bank trying to become the first two report the conduct to american and european regulators. ubs employed a similar strategy last year when it disclosed is the liborle in scandal. las vegas sands targeting japan. they are ready to invest $10biln in the country according to the ceo. casinos are banned in japan but confidence is growing they will eventually be legalized. he said he would consider working with a local partner in the country. >> never thought about it. >> we call it las vegas sands, but 70% of the revenue comes from -- we ought to call it .lobal sands >> i can see the logos all over tokyo. we have much more coming up. dumping microsoft software for blackberry. how will this affect them? we will discuss that next. this is bloomberg television streaming on your tablet, television, and [indiscernible] bloomberg.com. ♪ lex good morning, everyone. i am tom keene. bonds are up. yields are low work. -- lower. still front and center in the news. 11.5.them at he will join

we have had former employees at ubs and citigroup charged with fraud. the u.s.arate charges against individuals. this investigation continues. one employeee that charged, his lawyer maintains his innocence. attorneys and spokesman for barclays did not comment. is so expensive. so wide ranging. it is global. there seems to be players around the globe. what is next in the investigation? is when the26 gentlemen are due in court in london for the initial apparent. the trials are at different stages around the world. some of the defenders are trying to work out deals with prosecutors. these are criminal charges. taking the banking community by surprise for what they saved -- for what they say is a practice which is part of normal business operations. it is between traders as they worked on libor rates. the prosecutors said umpire to set the rates which is fraud in the view of the law. >> could it go deeper than that, thank you for that. pulling out after years of trying to grow their operation in india, investment bankers are downsizing. mia saini is here with wide a

ubs says whatsapp is a growth and could approach revenues over $11 billion plus. many, though, have thought that the $16 billion price tag, what else could you buy for that amount? if you're looking for something in retail, how about victoria's secret? on our l brands, it's worth about that if you throw in the $3 billion in restricted stock, you could afford gap or macy's. you could also buy beam for over $13.7 billion. if you want to keep it at tech, what about sandisk? some interesting choices there. >> we've just received view that the presidency defended the central bank governor here. cnbc africa group president on, we spoke to the president's special adviser of media and publicity. he told us that the presidency has received some report from the financial report and console and other investigating bodies which revealed that the tenure has been characterized by various acts of recklessness and misconduct. he also said he has been investigating the governor since 2013 and now has evidence to suspend him from office. in the meantime, he's suspected to happened

economist at ubs and of course mike mckee, our own chief economist. we take you now to the other side of the world. in the ukraine, there is a deal to end the week of deadly violence in the apple city of kiev. the president and opposition leaders have agreed to hold early elections will stop at a few minutes ago, the ukraine parliament voted unanimously to amend the prosecution back to the 2004 standards. bloomberg correspondent is our man on the ground there. tell us first what this means, what do these concessions mean as far as for example amending the cause of tuition? -- amending the constitution? and sound like we are having technical issues there with ilya on the phone, but let me walk you through what is going on. we have eu leaders, this is the first time that high level eu leaders have really come into these negotiations. that is important because of course we reported there is a truce a couple of days ago, and six or seven hours later, another 50 people were dead. you need eu help in there, and you need russians. >> the question becomes wha

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ubs is a standout today.ness for ubs, particularly with the inflows from asia and the pacific region. up now 8% as you can see, sorry, that's the year to date trade. up 5% on the session so far. interesting comments from the ceo. he did an interview somewhere else suggest that the emerging markets sell-off had been over done but on the interview of record with cnbc, he was a little bit more sanguin. take a look. >> i do think make a prediction about stabilization of this environment is quite hard, so we are not counteding on markets to address our targets. we are working very hard on that. and clients' confidence, we come back only over time. >> the ceo of ubs there knocking it out of the park in terms of earnings. >> we await the ecb and boe meetings on thursday. let's bring in now bob pisani here on the floor of the big board, see what's moving. >> we talked about this morning, oversold conditions. we talked this morning about the arms index, the vix being at the highest level in over a year. 200 day moving

i don't know how well it was conducted by ubs.ut it's something you have -- what is the elasticity in terms of their ability to raise prices on prime without losing a lot of people. we know they signed up an enormous amount of people and, in fact, had to stop signing people up during the holiday season because it was such a successful offering. >> united parcel was stunned by the amount of business that was done online which we always want to presume to be amazon. when i had channel advisers on last week on "mad money," they're trying to figure out which channels work and they are saying don't necessarily flood the amazon channel. but amazon web service, david, the hidden gem. >> it is -- not as hidden, but, yes. i mean, so important to the backbone of so many companies now. and when you do speak to people, jim, they think this could be the real growth platform one day conceivably even swamping the marketplace in terms of revenues, you know, which seems impossible or profits i should say. >> do you see parallels to walmart? which

ubs downgrading amazon to neutral from buy. what do you make of this call?n't buy it, quite frankly. i'm not against amazon on this one. i think that they were mispricing. >> saying that they did a survey, they raised the price of prien. >> right. >> people aren't going to pay it. >> so, in other words, churn. they're losing existing customers, flip out, go some place else. >> where else are they going to go is this. >> exactly. that's what i think ubs misses here. >> i don't think anyone wants to pay an extra $20 or $40. if they raise the price that's going directly to their bottom line. sell-off of amazon is starting to look -- >> let me ask you this. bezos mied as tou be bezos midas touch has been to convince investors. trust me. >> so most important, once that leaves and there are questions now about their valuation post earnings. they got a problem. >> you question the valuation, you think the valuation on a particular equity is too rich, what's the first thing you do? short the stock. that's the tremendous mistake that anyone can do right now. you do w

drew mattis, chief economist at ubs joins us why he says this month's report may actually pose a big janet yellen. ashley: three years in the making. a farm bill, 500 billion in federal spending over the next five years. we're moments away from president obama's comments on that very same bill. tracy: why wine drinkers are say,, aurevoir, we have a fabulous, fabulous wine making family. ashley: dealing with the work place jerk. coming up we explore the difference between a certified jerk and a temporary jerk. all that as we do the jerk-free edition of this friday edition of "markets now." thank you for joining us. we appreciate it. stocks are near session highs. let's get down to nicole petallides on the floor of the new york stock exchange. nicole? >> we're very lucky at fox business and right here at the stock exchange. no jerks around. let's take a look, dow jones industrials up 142 points. 15,771. so we're positive for the week with today's move on the dow. that's a gain of .9%. nasdaq and s&p also higher. s&p up 1.9% and nasdaq composite up 1 1/2%. all 10 sectors are in the gree

ubs downgrading amazon from buy to neutral.g its price target on that stock from $450 to $375. >>> lorillard sinking, the cigarette maker hurt by higher costs. >>> owens corning surging, about 10% after an earnings beat. they also announced its first quarterly dividend in 14 years. owens corning's ceo will be on "street signs" at 2:00 p.m. eastern time. capital to make it happen? without the thinking that makes it real? what's a vision without the expertise to execute it... and the financing to make it grow? whatever your goal, it can change more than your business. it can change the future. that's why, at barclays, our ambition is to always realize yours. there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. they don't kno

ubs among them. >> yeah.ot short facebook and twitter, but what we're looking at is right now, if you believe in a balance in the global economy or at least recovery in the u.s., what you want to do is look at the commodity stocks. they are the most depressed sector out there. i'm bearish on gold and if you think the global slowdown continues in china, then you don't want to necessarily be in commodity stocks but at the same time, they do offer the best valuation. so we're looking at iron, steel, coal, aluminum and especially natural gas, which we think is the best place to be over the next couple years. so those offer good valuations at least if the economy does continue up. >> let me probe some of those short positions or ones that we have you down as saying you are bearish on, including we just showed jpmorgan and ubs and we had you bearish on twitter and facebook. maybe you're not short but you don't like them. >> yes. what we're looking at is companies that are especially vulnerable if there is a continu

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jules. >> stephane is still with us from ubs. you've mentioned in your note this week that investors are still very concerned about what the impact of emerging markets will be. on developed markets, you say there's not going to be a big issue, there's not going to be contagion effect. everybody is saying that. >> first of all, i do agree that it's a consensus view. again, to make it clear, we do not think it's big enough to contaminate dm. but let me give you two numbers. if you look at the size of the yen in the '90s, it was a third of the world economy. now it's about half. so problems are much bigger. but the exposure and the link to the yen is much bigger than it was before. so we all look at this story and say, look, digestment is not big enough. but again, that's my central case scenario. but i don't think the confusion is that straightforward. >> based on what you're saying there and what other analysts are out there saying right now, this is a great opportunity to buy u.s. equities, to sell u.s. treasuries and to sell gol

time workers for warehouses in virginia, kansas, south carolina, washington and tennessee.meanwhile--ubs is cutting the price target on the stock from $450 to $375.the firms survey--finds a majority of online shoppers will renew their prime status for the current $79 fee, but are less likely if amazon increases the fee by up to $40 dollars. the stock dropped $12 dollars wednesday. some federal workers are getting a raise. president obama issued an executive order yesterday, to raise the minimum wage for federal contractors to 10.10 an hour, up from the current 7.25.the changes start in january, 2015. the president then urged congress to raise wages across the nation. "we gotta make sure that the economy rewards hard work for every american. making hard work pay off, with economic security and decent wages, benefits, iis what we're about here today." the president says higher wages are good for workers and the economy. critics say it will cost jobs, because it will force employers to cut staff. the increasing problem of long- term unemployment, particularly among workers over 50 is contri

let's bring in the global chief from ubs. officer alexander friedman joins us live from zÜrich.k you for joining us today. alexander, do you think the games we've witnessed in u.s. stocks, almost at record highs, are warranted given the volatility and emerging markets? >> bottom line, yes. emerging markets you have to put into context. gdp014, we expect 3.5% growth worldwide. of that, the emerging markets, when you take out china, are only five percent. it's a small portion of the overall story. the real story is what happens in china. the headlines have been scary. why have they been? it's really because of the five fragile companies. >> let's talk about china. how worried are you about the measures being taken by the chinese government to try and slow things down intentionally and china? what are you factoring in terms of chinese growth? expect a little over 7.5% growth. i have confidence they will come in somewhere around 7.5 %-8%. draw ine line i would the sand. below that, we have a different story. autumn line, china will be able to manage growth this year in the neighborh

growth of -- a message that brings up the people that are poor among us and those that are long-term ub employed and find them jobs. our message is that, and we have to find out a way to make sure know knows that's what we're here for. >>> democratic groups are -- wendy davis have been called abortion barbie, and allison grimes who was called an empty dress. meanwhile, there are signs of division between the republican party's mainstream and its right wing. senator ted cruise of texas refused to endorse the senior senator from texas in his re-election bid against a tea party challenger. >> i'm leeblg going to stay out, and that is true outside of texas and inside of texas many congressional races. i like john cornyn. he and i have worked together very closely. we've agreed on the vast majority of things. there are some areas in which we've disagreed. >> cruz has been criticized for involving himself in other races. >>> well, we have a new troef of text messages that's been released in the george washington bridge scandal, and it shows more vin district courtive language. you'll remember

ubs is seeking immunity in investigations in the eu and u.s.ank saved itself billions of euros in fines in november by disclosing to the eu its role in manipulating libor. they may be the first to report conduct and currency markets to european and american regulators. italian prime minister matteo renzi faces confidence votes in parliament this week. it is the first test for the 39-year-old since taking office. renzi will address the senate at 2:00 p.m. in rome. for more on our italy top story, let's bring in our italian bureau chief. renzi faces his first confidence that. we are expecting numbers to be behind him because he has just unveiled the cabinet. talk to us about the cabinet. how important is it that these are the right guys to push the reforms through? >> obviously, mr. renzi is putting quite an ambitious program together. he has talked about reforming the labor market, changing the electoral law. in 100 days. not an easy task. he has tried to choose a very young cabinet, a small cabinet, 16 ministers, half of whom are women. clearly

experts of the swiss bank ubs report that us investors are again showing interest in gold despite a general decline in sales of this precious metals according to financial experts demand from china is increasing as well. free sample the volume of trading in gold medals but chinese organizations for the first few portraits of two thousand thirteen increased between two percent and reached one hundred and seventy six point six billion dollars at the same time the sale of gold bullion is by banks reached its highest level in four years. the sharp increase in the purchase of holding china partly compensated the significant drop in demand for gold in other countries. although the ceos of four point two two in the world increased by five one percent in two thousand thirteen the reserves of gold exchange traded funds fell by fifty one percent. which led to the return of eight hundred tonnes of metal to the market. foreign direct investment in china in january increased by sixteen foot eleven percent compared to the same period last year three to ten point seven to six billion us dollars the analys

but today investors were more focused on the downgrade the online retailer received from ubs. the firm lowered its rating on the stock to neutral from buy and slashed its price target by $50 because of concerns that amazon may raise the price for its prime service. shares of amazon down 3.5% today to 3.49. >>> mammography is a multimillion dollar business in america. tonight a new study is casting doubt on the value of that screening. a 25-year canadian study which tracked almost 90,000 women found that having an annual mammogram between the ages of 40 and 59 did not reduce the chance of dying from breast cancer and may increase the number of women getting treated unnecessarily. the researchers say the current guidelines should be reconsidered. >>> coming up tonight, why is this bus carrying workers to and from the office making some in san francisco so very angry? >>> good news about the federal deficit. uncle sam's budget shortfall for january was less than half what economists expected, just $10.4 billion. some say that's a sign of stronger federal tax receipts last month.

a number of banks including ubs and morgan stanley downgraded their forecasts for lenovo. since making the announcement lenovo stock has dropped by nearly one quarter. rumors spread over the weekend the lenovo is considering another major deal. blind of buying a pc business for sony the japanese company has issued a statement saying that is inaccurate. dell lenovo is not alone. world markets as a whole have taken will die in recent days as investors feeling the pressure on a number of fronts thursday market economies are seeing a sharp decline in currency worries the tokyo stock market took a beating on tuesday. export based japanese companies like toyota honda and so neat seeing their shares sink. one us economic data revealing a sharp downturn in us manufacturing activity in january. also weighed on markets. take a quick look at those broad market numbers now starting in frankfurt the dax was down by point six four percent to close at ninety one twenty seven year old stocks fifty down ever so slightly. twenty nine sixty two because they're over in new york the dow jones

port arthur was on r on the watch list for ub safe levels of benzene, a carcinogen.he epa responded to concerns and selected the community as a community in need of help. >> there's a problem. we are one of 10 communities selected as an epa showcase community project in 2010. >> the epa invested 100,000 in a partnership with the community. >> we are disproportionate abombarded by the toxic waste. and insirnerrate facilities. we were being disproportionately dumped on and attacked by the toxic pills. >> kelly joined forces with an environment enny deemiologist to study the expects on resist dents. there was a higher level of asthma, it's difficult to prove it's related to the environment. concern. >> it is possible that every in the complex can be in compliance with the emissions. if you live in the midst of that it may not be safe. >> oil was discovered in texas arthur. >> the petrochemical industry is what built texas, which is why it's the powerhouse economically that it is. it is rooted in this industry in this reege on. -- region >> by 1923, port arthur was bus l

you spend money in spite of putting it at the bank and its leaves quite sleepy to invest in stock at ub come at a business angels who needs a protest vote as they routinely thousand euros into this authentically and then cornes in now and then see you. and if it succeeds then you are part of the adventure of sites that i think it's a good batting deck to wait to have people normal citizens get closer and closer to what entrepreneurship is and it's a great adventure. have you ever thought of the real contents is to sue to silicon valley. the thoughts that folds who you are you sad because of this and because of the day that the weather cisco the end of the year is the easiest summoned to assist every weekend i haven't seen him once in a tu tu said is that optimism which has a mind to canteen two to help traditional helpanies to to move too entrepreneurs nine investing in them. i think the growth plates and mugs me of course and i and i like kids. there is a big difference next meets the king in california i believe i'm about sixteen thousand french citizens in california it's a lot of th

ubs today jumping on the open, up 5.6% as you can see after a swiss bank posted a bigger than expected fourth quarter profit of around 917 million swiss francs. most analysts pleased by a better performance at the investment bank, as well. and the ceo speaking, as well, this morning saying they are nulling, also using staff allowances to meet eu rules. remember, eu rules suggest some bankers can only be paid or suggest they say you can only be paid twice your salary in terms of a bonus. a lot of the banks are trying to figure out ways to get around it. bp today down 1.5%. they came out with figures, as well. not great, as expected following the likes of shell and exxon, as well. so a lot of refining pressures for these oil majors. that's where we stand in europe right now. back to you. >> thanks so much, ross westgate. there is always high interest in what apple is doing. now the company is tackling internet infrastructure. "the wall street journal" says apple is putting together a network capable of putting together large amounts of data to customers. al.'sonline needs have grown with

ubs said it when it comes to bhp is willducers, the lowest cost out of there.ut the us industry. they have had to go through massive cuts. >> and that is right. that's in a rise in metal prices and they pumped money back into investment. the investment did not pay back and investors want more pay cut. bhp said they cut costs by $5 billion over the last year. they said they can dupe $5.5 billion this year. it will cut capital expenditures as well from $22 billion to $16 billion. the issue is that they have announced they are going to increase their dividend by three .5%. rios said they would increase by 15%. they have catch up. the problem with bhp is debt. they have over $25 billion. if they can get it down to 25 bill -- $25 billion which they think they can do by the middle of the year, they announced they would and they would do a buyback. they hinted at the probability of a buyback. investors like that. that is what they want to see. >> thank you. the latest on bhp. up up and away. london housing prices keep rising. it has some investors were read. -- itm bu

. >> ubs put out a very sharp note.ubs have significant evaluation and a forecast for the ukrainian currency. wonder if its just finance their wars part of the deal that the opposition say that don't want that russian money. >> that was clearly part of it. we'll have to see how russia plays out in the next couple of days. let's do a data check. the stability away from what we see in the ukraine -- futures again.d to 275 that may be a good feeling of a good week. coffee may bethe more expensive than expected. we will talk to the ceo of the oldest coffee brand. ♪ >> good morning, everyone. is our guestett host. they always try to control the message. what do you do when the news flow is challenging echo look at walmart recently. the train wreck of hp over the last couple of years. and pepsi-cola and coca-cola dealing with tepid revenue growth in the marketing follow. it is really a time of struggling and trying to get a message. how do you find that message? >> you and i were participating yesterday in a thing called soci

ubs forlations to really calling that weaker ukrainian currency. they are at the precipice of insolvency. here is what else is going on. --s is the chinese run-in be something witnessing and 8, 9, 10 years, a sharply weaker renminbi. a very managed currency where the government steps then, take by tech. they decided to weaken the renminbi to tell a market -- no, we are in charge. >> that is a major difference. you think about the debate in the senate about that managed currency, obviously they are leading ago. >> we look at the newspapers this morning, the website as well. here is scarlet fu with the front page. >> on all the front pages this morning, credit suisse ceo brady washington today testifying before a senate subcommittee coming on the heels of the senate report released yesterday to assess the swiss bank helped u.s. clients hide as much as $10 billion in assets from the irs. this is the subcommittee headed by carl levin and of course it will be full of fireworks. that $10 million, by the way, more than double the amount previously known.

viewers, is the major distinction between ubs and credit suisse?ngy, two and very different directions. credit suisse has 50% of the revenue coming from investment banking. fixed income did not do well. ubs is valued as a wealth manager. valued more in the market then credit suisse. it is a wealth management company, with about 30% of the revenue coming from investment banking. if you really want to look at the differences, it is about capital. credit suisse has about 10% for capital. almost 13%. get the payout of nearly 50% of the income. >> thank you so much. i will see you at the bar tonight at 6:00. really wonderful american p&l player playing in zÜrich, player.and -- piano >> very stylish. i wonder who he is wearing. the reason i ask, because michael cores of officially became a billionaire this week. the company posted a profit that impressed analyst. rose the most in two years. he owns about two percent of the company valued at 390 million dollars and has collected more than 700 million selling stocks since the ipo. not bad. montclairut rimo

the ubs negative goes negative. steifel goes to downgrade.he equity research from wells fargo incredibly negative. okay, let me just be -- >> but advertising was all right, right? >> okay. let's take it at that. if you want to value twitter on the same multiple on 2017 earnings that you would multiple what you used for facebook, you're talking about a $20 stock. now, that's inconceivable to me because i'm sure someone would come in and buy the company and bet they can do a better job. >> b talking about facebook versus twitter. facebook has somehow become a utility. everybody feels the need to -- >> 3.4% user growth if i recall at facebook which is less than what twitter had but off a far larger base when you are getting to 1.2 billion people. >> first decline of 3.4% year over year in the timeline views, remember, that matters for the advertisers. only 1 million sequential growth in the u.s. a lot of international where people feel it's not that great. you can't monetize that. >> it was not as strong and it expects to be contracting almost.

ub der a-- under any circumstan without a life jacket. >> coming up, you will hear from blackwell's son who watched help le lessly from the shore. and he shouted good-byes to the family before he lost consciousness. >>> right now the white house is hosting a film festival, and we will take you there live. plus, it is a facial hair transplant craze. and you can't blame the hipsters for this. and why the men are flocking in droves to get a beard tra transplant. >>> while some categories appear a lock, this this could be one of the most unpredictable academy awards when it comes to best picture. "12 years a slave" and "gravity" and "american household" are all viable contender, and it could be a tossup between the best actress of jennifer lawrence and june squib who is also nominated for "nebraska" would be the oldest acting award winner if she takes home the statute. >> -- takes home the statue. >>> and now president obama is showing some films made by kids. in the east room, one made by a first grader made in silver spring. and kristen welker is going to tell us how it came about. how di

ubs going back to its core business, wealth management. rbs feels like a significant story. 18% government owned. a lot more socially-palatable for this bank to become more of a consumer, business-lending bank. there is a massive lyrical tread going right -- a lyrical thread -- political thread going right through this bank. we are well below rate even crisis. the biggest banking bailout in the history of this country. osborne and cameron have an election year. they want this bank off the books. it is about making progress now. it at the bottom of the chart. they have not made progress. >> they want a share price increase so they can sell off nicely before the election. withe same way they did lloyd's. rbs is something they want to get rid of, but cannot at the moment. you have got to say, they probably are not going to be able to. >> the latest on rbs. and earnings drop in 2013 due to the weakest growth in the gucci brand. manus cranny joins us to break down the numbers. ,> it is the gucci brand overall sales, in terms of what decentvers,