conversations with ubs, they say 120 is available. ubs say 120.r-yen moves, so too the near exporter and that is the korean won. >> i am anna edwards. jinpingbama has told xi that they did not have a hand in the pro-democracy protests in hong kong. president obama said the leaders had a healthy exchange on the issues of human rights. both men held a deal that will see china raised targets for cutting carbon emissions. >> this is a major milestone in the u.s.-china relationship and chose what is possible when we work together on a global challenge. in addition, we are making this announcement today together. we hope to encourage all major economies to be ambitious, all countries, developing and developed, to work across old divides. >> it is a big day for mark carney in more ways than one. he is marking 500 days as governor of the bank of england. in that time, he has introduced forward guidance on interest rates. later this morning, he will be presenting the banks inflation report and could cut the growth forecast for 2015. you can watch live cove

because ubs has been cooperating early on. we're still waiting for a settlement within precious metals in the gold feel. ubs has been trying to get ahead of rivals in terms of that, in some cases, it does. in some cases, it doesn't. ubs shares are actually up today, first of all, because this is well teledpraved. this has been leaked a couple of days ago. secondly, it was very, very well provisioned for that. it really shouldn't be a big concern. it's very, very strong. so there you go. from now on, ubs will continue to look for a bill, continue to look at the fundamental business. and their operating profitability. >> while some of the banks are underperforming today, the s&p financial index up about 10% year-to-date. >> september whole sale trade is out at 10:00 a.m. eastern. forecast to rise about 4.3%. macy's reports results before the opening bell. we'll get numbers from beazer homes and sea world. after the bell, we'll turn to cisco systems, netapp as well as retailer jcpenney. >>> let's take a look at today's top storie

ubs will pay the most. hsbc were jpmorgan, also fined.e discussed at a news conference of the top of the next hour. the bank of england's martin says the currency traders work sharing information about client orders. for more on the fx we are joined by liam. he led the bloomberg team that broke the story last year. let's sing her own praises. this was on the back of a story led by you. >> of this is correct. in june of last year, myself and a couple of colleagues wrote a story that highlighted this benchmark was used in the forex change market and is usually relevant for the valley of people's pensions around the world. it was being potentially gained by some of the traders of the world's biggest banks. here we are 18 months later and all the allegations we raised at that time turned out to be correct. >> let's talk about the numbers and the activities. i look at some of the names of these groups. the three musketeers -- the 18th. a-team. it is comical but serious nonetheless. >> when people talk about sending bottles to each other for a

ubs shares are up, this despite the fact that they had the biggest penalty. when you put those three regulators -- the three regulations together, they had the biggest penalty. royal bank of scotland trading slightly down. and barclays also down, even of they are not part of the settlement. they are still being investigated. they'll will face a fine at a later date. lessig a look at the broader european market. -- let's take a look at the broader european market. in germany but together, warnings from the independent economic panel that it's forecast was is the 1% next year, lower than expected. let's go back to the story involving those banks and the $3.4 billion fine. here are the details. >> is the result of a global investigation. altogether, $3.4 billion in fines handed down to five banks the largest ever imposed by the u.k. conduct financial authority. >> it reflects the failings we uncovered and the feelings that put the integrity of the financial system at risk. -- the failings that put the integrity of the financial system at risk. >> with $5.3 trill

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

banks are hsbc, rbs, citibank, ubs.dates back to 2008 and involves traders sharing information to insure they always made money. the precise amounts are not known. the five banks have agreed to pay a collective fine of $3.4 billion. another bank is still being investigated, barclays. are we at the end of the scandals? not according to the group analyst chris. >> there are suggestions the total global cost of the banks could be as much as $40 billion if the department of justice gets involved. that's obviously the financial course. they could start revoking licenses if it does get big enough. banks need to take action. they really clamp down far more. they need to show they are taking efforts. central banks don't come out particularly well. regulators look as if they weren't keeping as close an eye as they should have been. these now need to be far more clearly enforce sod you have a clear lead from the authorities in these countries around the world. uk, switzerland and u.s. to give the banks a steer on how markets shou

>> our central view at ubs is a they make a cut.ing is sort of a final crescendo of what is he said, she said kind of soap opera. bydo think they will cut somewhere between half a million and 8 million barrels a day and we think provide a lot of upside. >> ok, the thing is we will have oil prices as this level and commodities, many of these nations really relying and it is really a certain price in their budget. they have to defend it no matter what happens, right? >> that is our review. it is a point of opec where it is a make or break decision this time around. in an opecbeen meeting for some time. there are a number of members who on a budgetary side are really under pressure to do level. if they do not cut, the oil price would go down another five dollars a barrel. on a revenue basis, their best proposition to cut production. can't at ubs, we think they will cut production. >> wayne, that is it, isn't it? cut, the oildo price is falling and you have is incentive to cheat on the table as well, don't you? what is the mechanics of

metal traders at ubs are under investigation by the swiss finance regulator.t is according to people with knowledge of the matter. the regulator started proceedings just over two weeks ago. andinvestigation is ongoing no one has yet been found at fault. google will have to expand the right to be forgotten be on the european union under rules drafted by privacy regulators. that comes as google faces a vote today in european parliament that may call for a breakup of the search giant. the lawmaker bind the motion dismissed concerns that it could harm europe's reputation. appointed john coca as creative director. in october, mulberry announced profit warnings, saying trading positions were more difficult than expected. some good news. glaxosmithkline's vaccine was found to be safe in its first human trials. joining us with more is zoe. this is not a breakthrough but a first step. >> it is the first step in developing any vaccine. you develop the vaccine and then test it on healthy individuals to see if it is safe. that is the most important step. and whether it ha

dominic,g us now is head of commodities and fx for asia at ubs. joining us this morning. we got a half and half response this cut inpecting global production, not to cut rather. were you expecting this at all? >> we gave it a 50% probability that opec would cut. there was a high probability, 40%, they were not going to do anything. we leave it up to the market forces. that means further downside. in the environment where opec is not trying to balance the market, we need to save the marginal supplier. that is north america. they are operating at a lower level than we are right now. >> looking at your report, you finest or final hour. >> the fact that they didn't cut is not because they have no choice. they have a choice. the market is oversupplied. next year, there is some oversupply, probably much less. they are already 0.5 million barrels in production reduction. it is really a choice. i think it is really in the hands of the saudi's to say, we are not happy with the price, we want to see what the market is going to do without our help. they arec

banks are hsbc, rbs, ubs, jp morgan, citibank.his puts integrity at risk according to the financial authority that issued a one in three quarter fine for britain's finance. i should say the finance minister george osborne says the uk is cleaning up the city of london. take a listen. >> today we take tough action to clean up the corruption in the city by a few so that financial markets work for everyone. it's part of our long term plan to fix what went wrong in our economy and banking system. the syria fraud office is conducting criminal investigations. they have our full support in doing so. fines that banks will pay will be used for greater public good. that was something that didn't used to be the case in the past. the action we've take ton create this powerful regulator, the action to insure highest standards in banking is justified by these events. it shows we can now have confidence in the integrity of britain's financial markets. >> no, he's not getting fined. the managing partner of the law firm taking legal action against

ubs cut ate week ago. it's up 25% since that. focus on technicals. don't listen to price targets and when you see the selling dry up, it doesn't mean a bottom but it is a nice place to take a shot if you aric looing for entry. >> we also see when you mention stocks, they move. if somebody bought the stock on the day that you recommended that maybe it was worth taking a shot, the stock is up 15 percent since then. do you tell them now, look get out now? stay along for ride? >> it's tough to get general advice. i think if you are a short-term trade they are opened up at 11 and a quarter and promptly sold off. maybe now is a good time too exit. but if you are a long term investor and want to be in a gigantic foreign integrated ail oil name, maybe you hang on and use a trailing stock. i think it's too each his own. >> i bought it when josh mentioned it. i wasn't on tv that day. >> what do you do when you -- >> i don't have time for that. you bought it on josh's recommendations? >> i did. not because of the technicals although he made a strong point about

what did he think was going on at ubs to recruit the clients?here banks here in the united states to go to for legitimate banking services? >> part of the business that was involved this case was less than 1% of the wealth management business that he ran. he ran a $2 trillion wealth management business based all over the world. this is less than 1%. he had lots of people running it, people supposed to be running it honestly and they weren't. it was nothing wrong with going to the united states and meeting clients and trying to maintain relationships with clients who had accounts in switzerland. there were millions of people around the world who had such accounts but only 20,000 americans. so it's not like they were blan ketding the united states with sales people. this was a very, very small business. it could have been run lawfully and the greed of some of the people at the lower level persuaded them to go for it and notwithstanding rules and they knew they were violating them. >> carol? >> it seems to me with time and resources that are spent

enrollment and it also includes various kind of initiatives that we want to go forward with like updating or ub grading the website so it can handle more of the more period tinent kinds of information that we like to put out including wellness and some other types of activities. >> can you remind me the process for actually allocating those funds. does that go 32 you the regular city budget at the beginning it -- of the fiscal year you have to say we plan to spend this amount out of this fund or is that done out of ad hoc approval? >> >> the trust is outside of the board of supervisors purview. they don't actually approve other than the rates and benefits, but they don't approve the budget that we have the 205 that we have for these allowable activities. what we do is we bring forward to you the board, to review what the use is, the proposed uses are. we did that in january, so we provided the information about what kind of wellness types of activities we plan to do during this calendar year. we talk about the communications. we came forward and presented that and i believe it was, it's on the

i have asked before why there isn't an app on my phone -- ub complicated app that says, encrypt this. only let people who know the following pass code know it. there is pgp and stuff but they are clunky lt terrible. >> nobody builds a good, solid, quick app. >> it's hard to have security 57bd inconvenience. one of the mental revolutions they have had is in the world of security professionals who have realized we actually can't just sit back and scoff at the unwashed masses anymore. we really need to up our oh game and begin to i are care not just about the mathematics of cryptography but the user interface, too. we are beginning to see it happening. we are seeing companieses make decisions so it's invisible to the user. we are seeing people developing apps which are very easy to usement is. >> almost every day there is a security breach. i'm waiting for the day when the stocks get punished for breacheses so there is a cause and effect oothat forces them to -- >> to invest. we know what to do to secure the information. just people aren't doing it. if you do these five things you reduce

then they cut benefits so retirees, ub fortunately, it's happened in the past. >> don't you think otherent to let them deal with it so we don't have to? >> if they're going belly up for that reason alone, that's pathetic. >> a lot of them do. >> this has been running in the red for, what, 33 of the -- >> i know that. i think i know that. >> i'm just pointing that out. >> all right. >> and a ticking time bomb. sad and a lot of these, missed the stock market rally. >> right. >> nuts. missed this. i think $62 billion a drop in the bucket. >> and can't do anything crazy, right? >> no, no. a lot of companies themselves with pensions, afraid of the market, took all the money out and 150% later are looking at perhaps going belly up. >> adam, would you bail them out? >> if necessary, but the good news is, it's unlikely it will be necessary. money is still coming in into ch to this system and highly unlikely all of it would be needed at once. possible, but not -- >> and that's the same madoff said. >> you think belly up? >> no, i don't. they'll raise premiums before it comes to that. if they nee

. >> lenders include hsbc, royal bank of scotland and ubs agreeing to pay fines more than $3 billion. markets are down across the region. london lower by 0.25%. in asia most markets did see gains. tokyo's nikkei post a fresh seven-year high. investors pretty optimistic about the japanese economy due to a possible delay in a planned sales tax hike. chinese shares moved higher. moving on to currencies. the dollar largely unchanged against the yen currently trading at 115.24. analysts say market players are staying on the sidelines until japanese prime minister abe decides whether to postpone the tax increase. the gdp numbers are due out on monday. >>> japanese electronics firm tosheba is suing a major chip maker and engineer for allegedly stealing research data. the first hearing was held on wednesday. the man quit san disk to work for another company. toshiba is demanding the engineer pay damages and the company pay more than $945 million and seeking an injunction to ban production and sales of chips made using the stolen data. they said the south korean firm mass produced high quality

jonathan murray is managing director at ubs. great to have you with us.athan, we're sitting at the new highs, but as we were saying a moment ago, it doesn't feel so celebratory because there are such incremental moves here or there. what catalyst do we need to see to either break us out to the upside or give us a little downside for those that maybe have missed out on the rally? >> yeah, maggie, i think it's a really good question. investor who is had thrown in the towel back in '08 or '09 are waiting to get back in because of the sell-off in the fall just happened so quickly. and i think that is the way these markets seem to work. look, i don't think we're terribly over valued here at around 16 times earnings, but we are certainly more expensive than down at the bottom when trading down to 12 times earnings. so our ubs house view is pretty much a continuation of the same slow, steady growth. >> it sounds like you would like to see a dip, jonathan. >> absolutely. i always want to see dips because i like buying things on sale. and right now it's just becom

steve covers it hardware, ubs and also an institutional hall of famer. welcome back. >> thank you. >> how much of this call is based base ed on china? a fair amount actually. this is a propietary ubs evidence lab survey. we talked to 4,000 people around the world. and a thousand were in china. and surprisingly more want to buy iphone than any other countries. and in china they prefer the 6 plus, the larger phone which is good for apple. we see strong demand everywhere but i was surprised by the strength in china. >> people have obviously had high hopes for what is going happen in china. expectations it would be good. yet still enough to surprise you to raise your rm price target. >> tim cook has emphasized how important china is and and this supports it. it is about 16% of revenue. margins improved substantially. so the outlook right now is very positive. >> and steve you talk also about i think you mentioned in your note the market share. they are taking market share from samsung, obviously the bigger phone the attributing factor. but here is a question

hsbc, royal bank of scotland, ubs among the banks being fined billions.he luxury goods retailer insists it is well positioned for holiday season. spence packed seven hour dissent, the filet lander made an unprecedented touchdown on the surface of a comet a few moments ago. the mission control center at the time of the touchdown. $1.3 billion. ten year mission. it was released from the car sized rosetta. cheers in the room. probe has its own twitter account. touched, my new address, 67 p. #comet landing. the landing happened 28 minutes earlier but it takes that long for the news to travel to earth. i love the jokes today. the comet landing was faked. that's my favorite. >> i wonder if there is a way for dick costolo to monetize that. >> the comet is apparently 2 and a half miles long. the purpose is for it to travel through the galaxy and collect mms. >> and it is going to drill into the surface. and the materials of the comet may unlock secrets about the origins of the universe. we'll see. >> or how twitter can grow users. >> maybe that is what it's all a

morgan chase, britain's hbc -- a just royal bank of scotland and ubs. >> today, tough action to enoughorruption in the financial world. it is part of our long-term plan to fix what went wrong in our economy and in our banking system. >> the banks have acknowledged improper behavior by employees first of a number of traders were fired or suspended by cook -- because of colluding with others to fix rates. >> fines are a decision of the independent board of the royal bank of scotland. i think generally, the banking system needs to reflect on the very justified public anger. >> currency minute relation is just one of the serious misdeeds banking regulators have been investigating post up some of the banks find today have also been fine for interest rate manipulation and their roles in a timid -- and activities that led to the financial collapse. they are considering other financial institutions, including german banks suspected of currency manipulation. >> time to look at how the markets -- markets performed on wednesday. the dax in germany was down by more than 1.5% closing and 92.10. the

after the break, we'll be heading out live to the ubs congress in london. we needed 30 new hires for our call center. i'm spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast? go to ziprecruiter.com and post your job to over 30 of the web's leading job boards with a single click; then simply select the best candidates from one easy to review list. you put up one post and the next day you have all these candidates. makes my job a lot easier. [ female announcer ] over 100,000 businesses have already used zip recruiter and now you can use zip recruiter for free at a special site for tv viewers; go to ziprecruiter.com/offer2. >>> welcome to "worldwide exchange." i'm seema mody. >> and i'm wilfred frost. these are your headlines from around the world. >> u.s. futures point higher after another record close on wall street as dow transports lead the way higher. >> don't worry about the strength of the dollar, fed policymaker charles plosser tells cnbc the central bank's rate timeline won't be determined by short-t

i have been on the bicycle ub. i didn't know you were taking attendance. maybe you can tell me when i started. >> you only missed two. >> yeah, i do come to the meetings and very active. i run the -- i'm active in bike and pedestrian issues in district 5 and also in the seat no. 5 representing bicycle and non-motorized transportation. that is a key piece that i bring to bear to the bicycle committee and striving in communication that we've been having now and working on creating resolutions around supporting vision zero and i'm sphere heading the push to daylight to all the intersections. you probably know it's happening. i want to see it everywhere in the city to really take our safety seriously. i teach this kind of stuff and university of san francisco and i really enjoy being on the committee and feel like it's taken that amount of time to kind of understand how it all works and how we can maximize our effectiveness. i'm really looking forward to a reappointment and look forward to continuing to be more effective. >>supervisor norman yee: thank you. ri

former banker has been cleared of accusations -- the former employee of this was lender ubs was accused of conspiring with wealthy americans to hide $20 billion in secret offshore accounts. but he was acquitted by a jury in florida of all charges. and carmaker nissan has seen their profits rise by a quarter in the past year. earnings of 2.2 billion dollars from strong sales in north america and the weaker yen. >> just to wrap up, singer taylor swift has found herself in the middle of another break up. >> she does like to write songs about breakups. the singer's music has been removed from the online streaming service spotify. the record label or taylor swift have not explained why the step has been taken, but it is thought to be that she can make more money from conventional record sales done from online listening. spotify said in a blog post that it hopes she changes her mind. 16 million of their users listen to a taylor swift song in the past 30 days. her new album is when to break record sales in the u.s. this week. >> we will keep an eye on that. time for our press review on "france

citibank, hsbc, jpmorgan chase, rbs, and ubs will pay more than $600 million each.eff, walk us through the significance of these fines and is this just a, you know, a small drop in the fine bank for these people? >> yeah, it just seems -- doesn't it, that the banks can't get off the naughty step. in excess of $3 billion when you talk up the numbers. the reality is these are legacy issues, really. the investigation started mid 2013 and dozens of traders have either been suspended or lost their job around this story. now the implications, i guess, will be on the direction of bank share prices and how we view the opportunity in the banks going forward. there is still a lot of investors who are weary of putting money into the banks. not knowing whether the litigation risk has come to an end yet. clearly it hasn't. this fx probe may be close to settlement but we know there are still other issues surrounding the banks in other areas of trading. so just keep a weary eye around the financials as we continue to see news float on this litigation story. i wanted to move you on

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

the takes to form a ube any government of at the time contracts will take time.t period started in 2011 after the president was toppled in the wake of popular protests. they want to hold election to his ensure the process. they are dealing with decades old problems, poverty, tribalism, corruption and divided military and the influence of the former president the houthi rising power, the spread of al kited a and increasing separatist movement in the south. the u.n. warns without assistance yemen could collapse. >>> a u.s. nurse has won a court battle after being quarantined. state officials in maine tried to impose a 20 within-day isolation on casey hickox, a judge said she must continue daily monitoring but poses for threat. she defied the voluntary quarantine on thursday by taking a bike ride. it's the final weekend of campaigning in the u.s. midterm elects the republicans need to gain six seats to control the senate if they keep the house of representatives, the president barack obama will find his party pitted against the republican-controlled congress. here i

. >> i want to bring in my guest the hour, the former head of ubs america, friends of the president,golfing buddy who has also served on his job counsel as well. would you call this a wipeout? clemson a question and was a strong night for the republican party. i look at it in little differently. of the 24 states, the president lost. 80% on the ballot. i did not have high expectations. i think the democrats did not learn their lesson from 2010 when they try to detach themselves from the president's policies. parties. those i think it is naÏve you can -- to think you can caucus with the president on policies and then detach from the election. >> what his policies are not the policies of the american public? >> the truth is, we should have debated policies the railway. , i think it is a debate democrats should have taken. minimum wage, it was on five ballots. all five ballots slept. four of those ballots were republican states are arkansas, nebraska, south dakota. it annoyed. not going tou're vote democrat, does not make a difference one way or the other. but you're going after the inde

ubs will pay the most at about $800 for a three-way settlement. the cftc in the u.s. and the federal authority, as well. citibank will pay $668 million to the fca and the cftc as that bank adjusted earnings by $600 million just a few weeks ago as it was setting aside more money for this settlement. jp morgan chase will pay the two u.s. and uk regulators. hsbc, $618 million. even though these are pretty big sticker numbers, guys, it does seem like pretty small change compared to at least what we saw in terms of the mortgage settlement. bank of america, some are paying $17 billion to u.s. regulators. but, of course, with most of these issues, the banks aren't out of the woods yet. the investigation is ongoing. we had expected the occ, possibly, to join the settlement. they are still working on their findings as well as the federal reserve as well as the department of justice, which currently has a criminal inquiry ongoing into at least a few of these institutions and, of course, fact finding and discovery for those situations is still going on. but, guys, when you look

the strategist at ubs. thank you very much. we will head to the break.tle bit of a turn in the next 15 minutes. the dax is down. the ftse 100 stays low. it is off. more stocks on the move. we look at how the deal and speed up merck. stay with us. ♪ >> welcome back. .his is on the move here are companies on the move. access to had services in the u.k. and they said it would improve the profitable business. carefully weighing the other banks. there is a says merger proposal so far. there was the ecb stress test. secretly developing a new website to take on linkedin. the website would be called "facebook at work." it would compete directly with google drive and microsoft office. prices rose 0.8% all stop house prices across the u.k. fell ahead of the seasonal winter slowdown. prices curbntum as demand. one of thehing biggest movers in early trading that has agreed to pay $850 million for the right for a cancer drug developed by merck. sam, investors think this is a good deal. let's talk about the price. >> there are assets that are attractive. this is a mec

ubs was hit with the biggest individual fine of $661 million. i think for viewers, jim, it's hard to keep all of this in your head. fines coming here, coming there, doj, global regulators. in this case, instances that go back at least a year. >> there's a lot of checkbook writing. the thing i would point out is that when attorney general holder steps down, i think you're going to see a cessation of this. i think the new attorney general not going to be -- this is the swan song in the united states. this is one, by the way, where the tapes were bad. guys, when you're on tape, don't say things like, what a great cartel we have going here. let's just keep fixing it. i mean, honestly, when you're on tape, say things like, i'm a competitor. don't use that language that basically says you guys are losers who are not part of our cartel. the tapes destroy these guys. this was a an easy open and shut. >> does it mean anything for the way these shares trade? >> i think we got a couple jpmorgan downgrades today. >> one yesterday too. >> a key downgrade. i'

nider from the ubs says leaving it up to the market marks a change.ldn't be surprised to see an emergency meeting happen in the first half of next year given that the price is going to continue to be under pressure. testly, saudi's want to and look at where shale oil is breaking and where the supply growth is slowing. from that angle, yes, it is a new era. not everybody is happy and i think that is clear from some of the messages from other opec members. they wanted to reduce production, guide prices lower, but apparently not with the saudi's. >> what about future prices? it is likelysays that oil will go down even further. i don't think the pain has been great enough to invite discipline at opec. the reality is, we go back to the 80's and 90's, oil price can go a lot further than you think before it starts to see supply cutbacks. in that context, i don't think you can rule out $40 a barrel. i'm just guessing, but if you look at history, they do tend to fall further than you think. they don't have another meeting until june of next year. that is the w

we will ask the head of market structure and liquidity at ubs. >> thanks for having me. >> let's begining things into perspective. let's remind people of some of the size and scope around high-frequency trading and dark pools which get lumped into the same basket. >> broadly defined, high frequency trading is roughly 50% and a. equity volumes large minority of other markets print we are talking 20% to 40% of the u.s. and other countries. it's nothing really new. it's largely automation of what used to be done manually. to the question about dark pools, -- >> they need to revamp that. >> agreed, alternative trading systems -- we can use your help on that one. atf's are about 15% of u.s. equity volumes. and they are a minority in a number of other markets as well. we've got a pretty diverse group of customers whether it's retail or others and they've each got different views on it and different workflows so we are trying --an atf -- >> ubs should manage its own dark pools? >> but also routing to every other major atf >> out there. how things specifically change since the book came out? a

banks find, ubs, the royal bank of scotland, and bank of america.hares slide after third-quarter results fell more than estimated. ravens were hurt by shrinking attendance. seaworld has been criticized by animal rights use over its use of killer whales. stocks plunged after the company produced -- lower sales and the impact of those. and a program on the rosetta spacecraft makes a historic landing on a comment. this is a culmination of a decade-long mission to reach a comment currently between march and jupiter. it allows scientists to write it for the first time in history as a gets closer and closer to the sun. that is a look at the top stories of the day. let's get to the new congress. let's get to the senate and capitol hill for mutation today. congress needs to wrap up the instance in a lame-duck session. peter cook is on capitol hill. tell us about republicans. why would they do this before they have full control in january? >> the assurances that they have to drag some because some items have to get done before the end of the year. the other

an executive at ub, e rrksz suggests hiring a team to dig into the personal lives of his media critics. >> the culture of this company is so rotten. an executive was bragging about to a journalist at dinner. they don't even think there's anything wrong with this. >> that reporter joins me live tonight. "all in" starts rice now. >> good evening from new york. the keystone pipeline failed. with a vote of 59-41, the senate fame failed to become a filibuster on the bull. with 14 democrats voting for the bill to move forward, along with the entire republican caucus. and no single senator has been more instrumental in getting those votes than senator landrieu. after falling one vote short, she says she will continue her fight to get the pipeline built. >> it's been on my agenda. and it's staying on my agenda. and i'm going to do everything i can to help america become energy independent. for jobs, for economic opportunity, for independence, for energy independence, this fight was worth having. >> over the past six years, the project that's designed to carry over 830,000 barrels of oil per da

ubs says bankers have appetite for risk and there are rising a sluggishading to expansion and credit.re are three reasons behind this. the number one thing is the property downturn. prices are falling. as well as the overcapacity in cold, steel, and the textiles industry. as well as small and medium-sized companies. they are fighting for survival right now. there is a concern that this cooling economy will be further lessen theiranks lending to avoid credit risk. >> the bigger picture is growth at the end of the day. what can they do about it? there is a lot of weaponry they have, the central bank could simulate growth. >> economists say it is likely that they may have to do some rate cuts here, maybe early next year. that might be likely. a could discuss lowering the nation's growth rate as well. next year, they are expecting it to reduce to 7.4%. >> thank you very much. up next, japan's disappointing data and a snap election as well. we will discuss all of that and the rest of the days top stories after this short break. ♪ -- let's start things off with the awful number from japan t

joining us now for a conversation across all of our asset seems is a global allocation strategist at ubs investment bank. great to have you with us. just a commodity story? >> i think it is very much a commodity story. i think the price of oil is going to affect gdp positively in some countries. in the eurozone, we think it is very positive. in the u.s., it is slightly positive. , norway,y, for example russia, it will have a massive impact. i think it will have an effect on cpi, inflation, but also a massive effect on sectors. our investment strategy would also be affected. >> i want to look at another region as well. , russia has had wins and china has its separate headwinds as well. once again, we are looking at another commodity story. >> it is also about the housing market. people are not investing their money in the housing market in china. where are they going to put it? presumably somewhere dollar-based would be a good place to put it. that is another case for treasury yields to fall. >> when i look at the high-yield space, the french were tight. they came out a little bit and sai

>> i take you beers ev -- -- ub every day. >> you don't like fish it's grouper. >> jonathan gruber. >> you know mcgruber. >> i thought you were dead. >> the group dating? >> and you are gina? >> gina, what's up? >> i apologize. >> your major is economics? >> he wrote the healthcare law and he's at mit. >> he's the mit professor that called you stupid? >> what? >> no, i have not. >> what's your name? >> emilio. you have no idea who gruber is? never heard of it? >> scared her away. >> what is putin doing that is making everyone so nervous these days. >> invading ukraine. >> immigration. >> is that it? >> he is doing executive order instead of going to congress. >> how do you feel about that? >> i like it. >> you lock your doors? >> trying to love everybody. >> he is trying to love everybody. >> trying to love everybody? >> yeah. >> i think he said it was a tossup at the end. >> it is 12 minutes past the top of the hour. tracking terror here at home. what we have just learned about two men accused of helping isis. >> it is a feel good story of the year. the bengals fighting off the field

if you leave it later, the hard.s are you have to go >> what is the view at ubs right now?f this happy talk about it represents a policy a little bit of tightening. now everyone is saying, don't worry about it. >> i have been quite surprised how quickly the activity indicators have cooled off. certainly, that is no longer a reason for the bank to go early. that is one less concern. i wouldn't be overly concerned pru point of view. >> bank of england minutes, redundant or not? >> we get a little bit of shade and light out of them. >> do you think we should brace for the flip-flop? >> perhaps. >> david tinsley, thank you very much for joining us. next, a continuing crisis in europe. we bring you an exclusive interview with the ceo of italy's biggest insurer. why he says europe could stay in crisis for several more years. ♪ >> welcome back. this is "on the move." here are some companies on the move. areva abandoned its financial forecast for 2015-16. that is nearly four months after dropping the targets for 2014. the company has been racking up after the 2011 nuclear reaction

the law is going to fail because it is actuarial ub sound, it is operationly unsound. they can't even build a website. because of that it will fail. but i think it's incumbent upon us to try to remove as many of the bad thing that is we can where the president will sign it. there probably aren't many of those options. but then in 2017 depending on what happens in the presidential elections we'll have another bite at the apple. so again three things. repeal, replace. those will get vetoed by the president. if he really cared about american families he would approve them. but he will veto them. he will side with washington bureaucrats. and then thirdly is we need to try to do what we can to remove the economic damage that this is doing to hardworking american families. >> final question. >> as you're going through that process of trying to make the health care law better, how important will it be for house republicans to think about what can pass in snat where they will still need some democratic votes? >> let me clarify what i said before because i didn't say make the l

uber operates in 130 cities across the nation reports say ub ser in talks to raise financing.hat could value uber as much as $40 billion. big numbers despite all of these battles taking place in nevada and other areas. louisa and seema, back to you. >> and they're growing so fast, as well. thank you very much for that. courtney, thank you. >> politicians and trade organizations are reportedly s dismayed about calling for the break up of google. although the poll is completely unendporsble, it holds it will prompt eu regulators to tackle the dominant position. >> it's interesting, you know? we talked about it yesterday, right? so if you were off yesterday -- yes. obviously, this story carries no legal weight. that's important to note. this is basically the eu trying to clamp down on u.s. organizations that are perhaps trying to monopolize the tech landscape. >> yes. it might also be europe saying, look, we have rules and regulations on our side of the pond, as well. we'll talk more about this. >>> let's get to your headline this morning. crude oil prices continuing to tumble af

as you head towards next weekend, ub like the trend of the last two weekends.atures, but no rain in that seven-day forecast. we really needed it. this time of year usually we're talking lower snow levels and incoming systems. nothing showing up here over the next seven days heading through next weekend. back to you. >> when we stockpile, we need that. thanks so much, rob. >> cross our fingers. >>> bundle up and lace up the ice skates. the ice is back this week. the rink opens on wednesday in the middle of the city's most popular shopping destination. a portion of this will benefit the boys and girls club in the city's recreation parks department. >> you go down there? >> yeah. >> also, no net, no harness or no fear for this guy either. >> you're talking about nik wallenda. the aerialist walked between two skyscrapers 600 feet above the chicago river. there's nothing down below, folks. if he goes, he is gone. >> it is an uphill walk. even on a wire espned at a record-breaking 15-degree incline. it's like walking up eight stories with winds gusting across the wir

ubs acting as the sole underwriter. that's about $455 million in tuckeds raised. so again, sprouts farmers markell down in the after market. >> thanks. and of course this entries to mind what is going on with gopro. th this seem like a problem. >> and you have a lot of these high flying tech stocks where a lot of insiders are learning the company is not doing a lot with the stock but people looking to get out. and that's always a concern especially with valuations for a lot of these guys unsustainable. i think this is a case where the casual dining space is a little overdone. cmg taking a lot of people up with it. >> i tell you what, we don't talk about probably enough. almost a $5 billion market cap company. this is now going to push down to levels we last saw in may. they flush it out tomorrow, i think for a trade this one sets up really interesting. >> the natural gas weaning streak coming to an end. should investors buy? dennis gartman's take. and why the white house is getting involved with your internet. that's next. big day? ah, the usual. moved some new ca