i want to ask but ubs, the clintons. >> yep. trish: and the irs.back to hillary clinton as secretary of state, you were then running ubs americas, and bill clinton was getting about 1.5 million dollars in payouts from ubs for speak engagements. at the same time, hillary clinton intervened on pafl of your bank to help out with some irs inquiries. they were looking for roughly 52,000 people's information for tax evasion purposes and wound up with 4400 they had to give. this was considered a win for ubs and she helped you in all of this. critics are saying it was a conflict of interest. what do you say you? were there at the bank at the time? >> as you know, as i went through presidential appointee vetting, i wasn't part of that. part of wealth management and also the irs was handled out of switzerland not out of the u.s. i don't see the conflict. i think it was handled by a department of justice, not by the state department, and with respect to clinton global initiative, the things they're doing is incredibly positive for the country and the globe. t

ubs has a warning on their website as well. -- ups has a warning on their website as well.t is ok, you can wait. up next, my interview with white, nader's president and read it board member, sam alton. ♪ a startup that has helped investors get products off the ground, details about the rise and fall of quirky is next. ♪ emily: welcome back, i am unleashing. -- i am emily chang. earlier today i set down with sam alton. he recently tweeted, i am more scared of economics and burn rate. not bad byate is itself, companies losing tons of money before they make tons of money, that happened at facebook and google. that is ok, when i worry about is companies that are losing tons of money and have no plan. that is the problem. the super low-margin businesses that operate as if it was a high-margin business, that i think is a problem. many people are not taking about how this will make money. if you have the operating culture of a facebook, but you have a margins of a amazon, that is a problem. emily: what are you telling your startups? sam: have a plan. go, i'll yeah, i actually do n

joining me in a fox business exclusive is former ubs chairman and route 9 b technologies joe grano. first off, you and i were listening to buffett as he spoke, and he's very honest about the fact, yeah, i'm going borrow 10 billion dollars to pay for precision cast parts because borrowing is so cheap. >> that's correct. liz: the rich get richer, right? >> that's what happens. anyone who is long assets when have you zero interest rates, the present equity goes through the moon. the commercial real estate done really well, the wealth gap is real because of zero interest rates. liz: the fed. >> the fed. liz: if you were running the fed, will you tighten rates this coming september 17th? >> i think between now and the end of the year they will, but i also believe that they're getting pressure not to from imf, from the eu, and you've had this contagion problem with literally a collapse of currency values in the emerging markets, so stronger dollar only exacerbates that. i think they may be a little more cautious. liz: people say if they tighten rates now, they could derail the tent of rec

is janet yellen catching up with ubs? >> i think it is difficult to think of the fomc as a single person. it is a cluster of dots. -- not necessarily a cluster of dots, there are different views. but it is not as though there are two competing ideas. there are 17 competing ideas, and they are all being talked about. we do not even know what the probability of a rate move is. vonnie, you said 32%. if you look at the 2-year note, it is higher than 32%. higher commercial rates -- there are all these different ways to look at what the probability is. because we are moving in a range, it is less certain. say 17 opinions, but the three top opinions carry more weight, right? stan fischer, janet yellen, and dudley? drew: i would say with the rest of them, there are people who are very well regarded. the question is, how much do financial conditions matter? that is the only question because they talked about the model driven. it was no model i know of that the fed would used that would say we are going through our natural rate of

julian emanuel of ubs. washington doesn't matter to the markets until it does, and when it does, it does with a vengeance. will we be surprised with a second shutdown? julian: i don't think we will be surprised by a shutdown. if we get to a point where they will bring us to the brink of debt default, as in 2011, there is real risk. the main point is that in washington, we should expect it to be a source of volatility between now and two novembers from now. .he playing field is unstable as chair yellen told us last washington matters. the underlying soundness of the the threats from the weakness in china and the emerging markets and elsewhere is -- , we all's be honest treat politicians with economics and international relations degrees differently, don't we? mike: we do, indeed, because they are nerds like us. [laughter] they have a football team, right? michael: let's talk about john boehner. since 2011, he is basically the speaker you have known. resignation to his -- your reaction to his resignation and

we at ubs think they will raise rates in december. the u.s.sumer, generally speaking momentum in the u.s. economy, is doing pretty well. that is fairly buoyant for oil prices into next year. however, that's not to say we won't see further weakness in the third quarter, largely around the fact that we still have an oversupplied market. prices are still going to be fairly volatile as we go through the back end of this year. certainly next year, things are starting to look like they will tighten up. as the u.s. raises rates, that has an impact on the gold price and the u.s. dollar. yvonne: i was just going to ask you about gold, because it did drop from the one-month high comments.en's investors seemed interested in the precious metal a month ago, but you guys are pretty underwhelmed about gold overall. wayne: yeah, on a 12-month basis, we are fairly constructive. weuess it's more the timing see around what is negative for gold and what is positive for gold. if the fed raises rates as we expect in december, we see that as a negative catalyst for

we are joined by the global asset allocation strategies that ubs.also the director of asset allocation research. great to have you with us. i will go straight to a quote from the bearish bank of international settlements, "we are seeing a release of pressure that has gradually accumulated among the major full lines." that tells me that this unwind, this shakeup, is going to continue. do you agree? >> i think a lot of our clients are certainly concerned about what will happen. if we do see markets disrupted, they will step in and look for the value after the selloff. the volatility is not over -- i think it will continue and i think the fed will drive it further. china probably will stabilize, but over the short term, definitely -- this is high volatile. jonathan: we asked the question -- what are we pricing in? you look at a slow down, people looking at the next five chapters. next 20 turned to the chapters. how do you model what china looks like in 10 years? >> we have looked at all the other asian tigers, and of course there is the famous middle i

on top of that we like ubs but to be honest ubs is turning more to be a private bank, a nice yield playthan investment bank. >> overall looking at your report it seems the assumptions are based more on what investors would perceive the rules to be rather than what the regulations are. do you expect these banks to go riskier and get closer to the regulations than some investors may want? >> it's a good point and i do believe that interestingly what you mentioned earlier the discussion by the ecbt capital levels are moving to what we have in our numbers. let's assume that's not the case and banks say i don't see the capital that you're projecting, then they will trade at a discount. ultimately the investor decides what the capital of the banks has to be. not the regulator. we will trade you at a discount. >> thank you for joining us in that report today. >> jp morgan is quitting open outcry trading at the london medals exchange. it reduces the number of firms trading to just nine. it's the only european exchange that still uses open outcry. it reaffirmed it's commitment with plans to inve

tom hayes was found guilty of relating libor while working for ubs and citigroup will stop a london judgeust decide whether to let the appeal go forward. i want to bring in our next guest, mark tao. ow.mark d volatility in the markets has been the scene this week. but you look at the volatility swings inies, currencies are at a seven month high. talk to us about how investors are positioned with less than 72 hours to go before the fomc announcement. mark: a lot of investors are nervous. they were expecting the fed to peopleut the backdrop is expect to see a stronger dollar over time. direction, but they are afraid to hop on the train or continue with the trend to the extent they have been before because of the odds the fed does not hike this time. if the fed does hike, what does that mean for global markets? do you think they will and what kind of ramifications would you expect to see? mark: there's a big issue people have not fleshed out and that is the crisis, the strongest advocates of aggressive monetary policy have been disappointed with the input on output. the largest attractors ha

he says he's not too concerned about what in a means for ubs's big investment in it's bewealth management unit. 10% of their total assets worldwide. they want to increase in ten years time. the market correction, that was healthy. >> all right. good stuff. let's get to sab miller. >> we have some flashes coming out on that. quite an interesting couple of flashes. so sab miller just responded to some press speculation about a possible take over from abi. of course that speculation came out a couple of weeks ago. so slightly odd timing and of course an odd reason to release a statement themselves because it's only been press speculation and not more serious. they jumped to almost 10% because they have said that they believe that abi intends to make a proposal to buy sab miller and they said he will review and respond to any proposal as it comes in but no proposal has been received. this is a slightly odd statement saying that they're expecting a takeover offer from abi but they haven't got it yet and the reason they're making this announcement is that they are responding to press speculatio

we talked a lot about china and ubs. they have been pinning their hopes on u.s. pacific. they have around $275 billion in assets undermanaged from that region. that's 10% of their total asset base. they want to increase that share to roughly 30% in about ten years time but then you have to wonder naturally, to what extent are they worried about the recent slow down in the economy and volatility at markets? >> we're at the point where we'll see the turning of u.s. monetary policy and that's always been a moment for the world economy but the world economy has gone through some volatility so i think most of what we're seeing at the moment in the market is a global reorientation of markets around the fed which is the largest central bank in the world and of course the slow down in china is noticeable but it was by design. the g-20 asked china to rebalance growth from being externally driven to being more domestically driven and china is going through a policy adjustment. the central banked eased it and it's likely to ease further. i'm not concerned about china. there was some

let's ask the head of asia-pacific investment at ubs management.0 communique about the slowdown, and also from the pboc governor, saying calm has returned to the markets, is going to have any impact on the markets. >> from our perspective, it's a positive that all the leaders sit at a table together and address problems frankly. i think there were two key takeaways. no currency wars. second, the discussion around fed hikes. for investors, i would say the message will stay the same. protect your downside in these markets. make sure you have participation on the upside. last time i was here with you in february, i made a strong call that investor verse -- investors should have alternatives in hedge fund portfolios. at august, global equity markets were down 8%, 9%. hedge funds delivered 0% or slightly positive. angie: some hedge funds, even better than that, and really, it's about volatility market that we are expecting to resume today, no doubt. do you think the calm will return, at least to the chinese markets? retail investors have really differen

ubs keeps it at neutral, but cuts the price target to $20 from $40.ou are seeing a lot of pain in anyone who relies on the mining sector. joy global the biggest maker of underground mining equipment, not getting a lot of orders right now. olivia: thank you, matt miller. some top stories at this hour, amazon expanding its portfolio of cloud computing services, buying a little technologies which announces -- elemental technologies. amazon is paying about $500 million. u.s. prosecutors are spelling out their case against a traitor they blame for the so-called flash crash. a grand jury has indicted the man. u.s. will try to have him extradited from london. investigators say he made many of the trades that led to the market flash crash now five years ago. on international space station, nine is a crowd. the crew grew by three after the arrival of a russian spacecraft. there haven't been nine people at once on the station in two years. are returningrs to earth in about a week. those are your top stories. instability in chinese markets continues to be a majo

. ♪ john: our guest tonight is robert wolfe, the former chairman of ubs america, founder of a new consultingirm, a longtime economic advisor, and bundler for barack obama. even though he is in hillary clinton's corner he met with joe biden a few weeks ago. robert, after that story came out, you heard from a lot of different people around the world on the democratic side, from every possible camp. my question -- what have you heard from the clinton camp? robert: well, i am supporting the sectarian. i saw her when i was in the vineyard, and over the last few weeks i sat down with the chair of hillary for america. a lot of good exchanges. secretary,d from the who is going to be meeting with her, probably within the next week or so. john: it is the case that when you met with vice president biden, none of those things you described had occurred. robert: well, i just got back. john: i just want to place the vineyard thing in time. robert: how often do you get to see -- john: there has been a lot of outreach from the clinton campaign showing their love. robert: i would like to say that there was a

equities ubs global asset management. were you shaking your head?i think he made a good point that your time horizon is five to ten years, whether or not the fed starts hiking rates in september or december is not terribly relevant. the one issue that i would take with some of that is this idea that valuation is somehow a green light. it's not. because number one it's a moving target. we know what the p is right now, we don't know what the e will be. we had companies come out with phenomenal earnings reports and are selling at 10% to 20% discounts from where they were on the day they reported. that's a. b, if you want to take things further and look long-term on a adjusted price earnings multiple basis we're on the top decile of all regimes going back to 1926. i'm not sure how we can say valuation, stocks may look cheaper. >> i think people a couple of weeks ago were saying valuation it's time to get out. because the market was overvalued. >> they've been saying that for four years, the reality su cannot time a market on valuation and you should nev

and cuba and telling reporters that new york was a bit iks ub rant, the holy father capped his trip with an open air mass in philadelphia sunday afternoon. an estimated 1 million people jammed the benjamin franklin park way to hear him on the plane to rome he answered reporter's about immigration saying that waves of migrants coming to countries like the u.s. and it's not easy to find a solution but one must be found through dialogue between countries. walls are never the solution, instead bridges are always. >>> the pope's message has been popular on social media. since last tuesday there have been more than 4.6 million tweets pertaining to the pope. they peaked during his speech to congress on thursday. on facebook more than 32 million people created 100 million posts about the pope's historic visit e philadelphia had the largest number of social media posts followed by wilmington, delaware and washington, d.c. >>> the dalai lama is at the mayo clinic in minnesota this morning. there for a medical evaluation but no further details have been released. the 80-year-old buddhist leader has

flex is an ube servicer-like, -- and uber like service. $18-$20 a pop, only available in seattle rightlthough they expect to expand. they could lower amazon's overall shipping costs but will pose a competitive threat to fedex, ups, and the u.s. postal service. now to tesla. the company will ship their chick car, the suv crossover model x. elon musk unveiled the car in 2012 with an expected ship date of 2014. a you're behind schedule, this car will rollout factory doors tonight. what can we expect from the launch? we are joined right now. matt, this is an important -- i can emphasize how important this is, to go beyond their $95,000 model s. >> they are going in the wrong direction. they are making something that is almost net more expensive, p85d turned into a crossover. cory: this is going to be bigger, much heavier. matt: it is the same platform as the two-engine model acts. it is going to be much heavier with big, heavy doors, that this is basically another model s. we should give credit for great engineering, but let's not give them too much credit for inventing an entirely new car

aÑitos de edad abandonado por su madre alcohÓlica sobrevivio gracias a la leche que pudo tomar de las ub un auto que se accidentÓ en mÉxico, la respuesta en telemundo espectacular. >> le contamos cÓmo inicio la era de tuca ferreti con el tri mexicano. >> (♪). >> la guerra de las galaxias vuelve a demostrar que es una mÁquina de producir dinero veremos es normal que te acostumbres a los malos olores de tu baño. tú crees que huele bien, pero tus invitados huelen esto. ding! febreze air effects heavy duty elimina el doble... ...de esos malos olores del baño a los que te acostumbraste. usa febreze air effects hasta que huela fresco. y prueba febreze small spaces... ...para constantemente eliminar el doble... de olores por 30 días. febreze small spaces y air effects, dos formas más de respirar tranquilo. más datos significa que tienes la libertad de hacer...lo que quieras. por eso at&t te está dando 50% más datos. eso son 15 gigas de datos por el precio de 10. porque entre más datos tienes, mejor. y ahora obtén $300 de crédito por cada línea que cambias. cuando intercambias un smartphone y co

we have to look overtly at the huge issues with which the ube peen union is now confronted and that'swant to focus on now. our european union, i don't really want to fall in to dispond, but it's not in a good situation. there is no point of the presents and the commission the representatives of the european democracy and the peoples of europe to just put things in rosy colors. no, we are not in a good place. [applause] >> there is a lack of european in this union and a lack of union in this union. [applause] >> translator: and that has to change. we have to change it, and now. work together to that end. i think that is the remit that we have got from the european electorate. and that actually corresponds to the remit you gave to me. i don't know why you are becoming nervous when you are speaking about the european union. [ inaudible ] >> you can't interrupt me. [ inaudible ] >> [applause] >> mr. president, ladies and gentlemen, whatever work programs or legislative agendas, say the first priority today is and must be the refugees crisis. since the beginning of the year, nearly 500,000

you can see both event without tickets but you'll ub two and a half block away. >>> president obama and the first lady will greet pope francis when he arrives in the u.s. in two weeks. the pope is scheduled to fly into andrews air fos base on september 22nd. presidents almost never welcome visiting foreign leaders at andrews but the white house says president obama will make a papal exception in this case. new transportation information for you. south jersey to the papal events on the parkway you will able to bring your bicycle to philadelphia if you walk over the ben franklin bridge during the pedestrian only times. you have to walk your bike across the bridge. you can't ride it over. also you cannot bring your bike on the patco train and if you do ride the train and you have a tried, you have to collapse strollers because those trains are expected to be packed. local leaders say they are doing everything they can to answer questions that linger about the papal visit. johnson held a meeting yesterday to discuss some of the issues still lingering and he says even he still has questions

that's 90 days since the ub -- u.n.ecurity council voted to approve this agreement. >> libby thank you. >>> military officials are investigating a deadly accident today. one marine was killed and another 18 injured when a vehicle they were in rolled over. a spokeswoman says the accident took place during a routine training mission. they are not yet releasing the name of the marine who was killed. >>> there has been another shooting on an arizona highway, the 11th incident in the last 12 days. in the latest incident a delivery truck was hit. one or more shooters appear to be firing at vehicles in the area. they don't have any major leads and that has residences on edge. >> i use the side streets. >> it is scary. it makes me more cautious to be on that stretch. >> reporter: so far the only injury has been a young girl hit by flying glass. >>> in the race for the white house, vice president joe biden is expressing doubts over his ability to run for the presidency. on the late show last night he got emotional in talking abo

thank you for the ub p -- update from jerusalem. imtiaz tyab >>> united states have approached iran to help find a solution. u.s. secretary of state john kerry, and the european policy chief, discussing the issue with the iranian foreign minister in new york. talks are expected to take place as diplomatic editor james bays reports. >> all eyes will be on russian president vladimir putin, when he makes a whistle-stop trip to new york, spending a full day in the u.s., spending the day in the general assembly. everyone wants to know what the intentions are regarding syria. on the one hand vladimir putin sent marines, helicopters and tanks to a base on the syrian coast. on the other he said he wants a political solution. in an interview with talk to al jazeera, i asked the e.u.'s representative if she'd been given any idea what russia was up to. >> i was talking about that with our russian friends, with sergey lavrov in those days and last time i talked to him about this, his fear was that of a complete collapse of the state structures

a 3-month long protest by all students against the appointment of an actor whom the students say is ub qualified to -- unqualified to be chairman. organizers say it's part of a string of questionable appointments. >> basically incap ability as an artist, it makes us feel that freedom much expression will be hampered. and we'll be asked to major certain propaganda. and a decent against any decisions of the government. insecurity is massive. earlier, some of the students were arrested. after a consultation with the institute's director. now the crowds have thinned. most stayed in the hospital, waiting for word that the strike is having effect. the government says students are unreasonable and this was the only candidate willing to take the job. the minister said on thursday, unfortunately the students have taken a hard line stance, and we are ready to resolve all issues and have had multiple talks with them. meanwhile they'll continue their protest. the fact that the protest has been going for three months, it demonstrates their determination to force the chairman out. so some of their s

. >> donned trump tunes ub before tonight's republican debate but the gop front-runner is blasted by one potential contender not yet in the race. >> this isn't about democrat/republican. it's about a sick message. >>> big changes could be coming to your facebook feed. the social network promises to go beyond the like button. >>> on-field attack. a high school football player is caught on camera swinging a helmet at an opponent's head. >>> this is the "cbs morning news" for wednesday, september 16th, 2015. good morning. good to be with us. i'm anne-marie green. >>> we still don't know the full scope of the devastation of monday's flash flood ruins in utah. this morning, crews are searching for three missing hikers in a park and the bodies of four other hikers have been recovered. they couldn't escape the fast moving floodwaters and the group were warned that flooding was likely. just to the south, the same flash floods killed at least 12 people, when a wall of water swept away two vehicles near the utah/arizona border. residents say it's the worst flood in memory. chris miller of our

>> virtually never but in that last round with the five banks, ubs, right?> credit suisse. >> credit suisse? hard to keep track. basically all of them have these agreements but i think ubs they said, we didn't criminally charge them but they said we're going to prosecute you for the old thing because you violated the agreement. that is about the only example of i know where the repeat wrongdoer got caught up in the first deferred prosecution agreement. >> the obvious question is, what good are those agreements? >> well, i tell what you they say. they say you hire a corporate monitor and you set up this very elaborate system where the corporate monitor is watching over what the company is doing, generally it is a friend of the prosecutor. so one of the greatest avocats was chris christie, the governor of new jersey. and he was hiring his friends in blue chip law firms to be the monitors. he also somehow engineered a contribution to seton hall law school as part of one of these agreements and ended up getting a hauled up on the hill for a hearing to ask him wh

. >> holly: ub welcome. >> larry: so who's the candidate you're most interested in talking about?holly: larry, there is a very exciting dark horse out of pennsylvania. she's a female candidate who has a lot to say. >> larry: great, what's her name? >> deez titties! (cheers and applause) >> larry: okay. i can't believe this, holly. now you're doing it, too? >> holly: no, larry. i'm completely serious. deez titties sprang outta nowhere. (laughter) (cheers and applause) >> larry: really. >> holly: yes, larry. the campaign was sagging, but now they're starting to pick up, and they're getting a lot of support. her poll numbers are lifting and separating through the swing states. (cheers and applause) >> larry: that doesn't even make sense! mike yard, what are you doing there? i thought you were working with deez nuts. >> mike: i was until i heard about deez titties. >> holly: deez nuts! >> ricky: larry, i'm getting information that deez nuts and deez titties are joining forces. >> larry: i know. i've heard. okay. i've had enough of this. mic, holly and ricky, everybody. we'll be right

they are going to raise wages to my believe delta said they are going to raise wages, a story about ubsaving trouble finding hourly workers. on their plenty of signs that the labor market tightness we want to see is happening? ike: again, i don't know if really see it. we don't see it with corporate profits or the capital share of national income, which is one place you could see significant wage growth without actual inflationary pressures, if workers got more of the surplus created by industry. a lot of the job openings happened in 2010 when there was a big shift, and it seemed like there were a lot more job openings relative to the unemployed, and that hasn't really changed much. job openings are relatively high given historical indicators, but that has been true for for four or five years and we haven't seen any chaos. wages -- yes people are talking about wage rates but in the context of which is being flat for five or six years. there is a lot of slack there. i don't see any immediate pressures. we talk a lot about month-to-month or these kinds of ephemeral indicators but the cens

of ubs americas, a huge bundler for o decided no the to goomeone with hillary clinton in 200 will, raised a lot of money for obama an became personally close to obama in a which that almost no one else in the business community has. >> rose: and a golfing buddy. >> and a golfing buddy. he is nominally for secretary clintonton. he has in the raised any money or signed up to be a meggar bundlering. so if you have thinking of defecters, me would be someone you what want to talk to. the vice president met with him on secret on friday, not on his public schedule for about 90 minutes. the way i would describe it is the beginning of a courtship. you know, vase president bideis to the asking donors to sign up with him yet because he doesn't know if he is going to run yet. but he's starting to lay the ground work for that conversation. and this is an audacious move by biden in some ways. he's to the been out public leigh himself. his campaign is talking to a lot of donors, he himself has done a little bit of that. but to go and do this and that, they wanted to keep it quiet and that didn't happen

investigating several international banks alleged to have manipulated pressure metal prices including ubsbank, hsbc and barclays. >>> the emissions scandal at volkswagen is growing. the auto make is audi division say more than three million of their cars are fitted with emission test cheating devices and now germany has started an investigation against the vw former bombs. >> reporter: the public prosecutor's office in the german city has announced that it is watching a criminal investigation in to martin, the former ceo of volkswagen group. who resigned under pressure last week. the focus of the probe says the prosecutor's office will be on potential fraud surrounding volkswagen's now admitted scheme to cheat emission testing by implanting special software in to 11 million of its vehicles that make their diesel engines appear when tested to be less polluting when, in fact, they were much more polluting when driven on the highway under actual driving conditions. now, it was less than a week ago that he was a highly respected german executive with nearly unlimited ambitions and running the

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what seems entrenched right wing politics corbin is as par for the left as any political leader in ubet british weapons. he wants a peace conference on syria rather than the government's proposed bombing payment campaign, he's a staunch opponent of the controversial trans at lake tick trade talk. and he demands that big corporations in london stop avoiding tack, he wants the re redistribution of the wealth to the poor. this victory ray was like an oasis of hope in the dirts the brand, core prop program ticked. >> it's a socialist leading lake or party for the first time in third years, what's not yet to like. >> reporter: for the architect of tony players modern party it was a total disaster. >> i think it's almost unconceivable that jeremy corbin can let load the party to victory in the 2020 election, but are but a huge number of people disagree, they voted for him today. he is the leader the party so he has the right to try to prove people like me wrong. >> reporter: jeremy corbin sporters knows he faces months if not years of open political warfare from many inside even his own part

. >> reporter: the students' kidnapping has i g ignited mass protest and ube fights mexicans in griefanger after years of bloodshed. more than 25,000 people have gone missing in mexico but it's this case and the mothers and fathers and you can see behind me that have really shaken the country and help bring international attention to the rest of the disappeared here. as the anniversary of the tragedy looms the parents bust in to meet president enrique peÑa neito for the second time. his spokesman said he promise today create a new special prosecutors for the thousands of missing. >> translator: the president closed the meeting by saying we are on the same side and working towards the same aim to find out what happen today your children and punish those responsible. >> reporter: these parents have heard the same before from an administration criticized for its incomplete and deeply flawed investigation in to this case and many others. >> translator: we already knew how the government would respond that it isn't so easy to go back but they have to accept their mistakes and if they can't

thing is interesting that we get a story yesterday in which we had somebody from ubs billion in cross shareholdings will be unwound in the next couple years. so his message today was totally in line with that. angie: how would sick -- how successful would you say that abenomics has been? >> i think it is kind of a mixed result. the markets have been successful for sure. there is a good reason why the nikkei is still up about 70% since they took office. i think the question about whether his policies are feeding into the macro economy are still unanswered. them raise seen wages and a meaningful way and i think that is what they're waiting to see before they really bite the apple, so to speak. angie: he is losing political support at home domestically 2.0. launching abenomics it is a little confusing but will it be any more successful echo -- successful? >> it is hard to say. these three new era seem less like arrows and more like targets. he wants to do more for child welfare spending to help with education payments. he hasn't really said how he will do this and today we heard from the

ubs is saying these oil and gas is our negative development. meanwhile, let's focus on the green.ra is up 3%. tweet me. how do we say it? .t plans to exit asia it plans to get out of the ex soviet countries. it plans to focus on home. at one point was up 12%. that was a record move. the cable operator here in europe going for u.s. assets. jonathan: talk me through that. altice splashing the cash. what are the intricacies of that deal? caroline: splashing the cash is part of that. it is a 22% premium. this is one of the top five players in the cable market in the u.s.. value.illion enterprise feelss how much out this cablevision is worth. office is paying $3.3 billion of its own cash. -- out this is paying 3.3 billion of its own cash. we saw the move for cablevision yesterday. there was a spike in after-hours trading. living 70% once we got the news out -- leaping 17% once we got the news out. at why they look are setting their sights across the atlantic. this is the second deal for him, creating the fourth largest cable operator in the u.s. sudden link at the deal he made back in

i am in the mclaren center by heathrow airport at the ubs global leadership debate. will be discussing everything from trends in energy, technology and medicine. professor robert horovitz is from m.i.t., but is a nobel prize winner for working -- work in oncology and cancer. you've worked together with individuals in cambridge, but it is a huge personal price that people pay with cancer and an economic price as well in terms of the sheer scale of money you feel is being paid for cancer. , it affectsall patients and caregivers. the economics not be so obvious. $835number i saw was billion for the year 2008 in the u.s. alone. that is an enormous cost in terms of workforce and death disability. unmatched by the rattle -- rather miniscule investments that have been going into the research that will lead to the breakthroughs for this horrible disease. caroline: tell us about the excitement we may see in the moment. are we starting to see these trends make a difference? cures areonal cancer things like radiation and chemo. the problem is they kill not healthycer cells but

matt: ubs has its worst-case scenario. about hong kong and the hong kong stock market -- that market is made up primarily of real estate related companies. if you are looking at hong kong to give you some sense of what is going on in the big world, you're not getting a picture. you are getting a decent picture of what is happening to property in asia and china. matt: hong kong is one of the most extensive cities in the world. erik: let's move on to number three. if you think we are entering a bond bear market, put this in your-and smoke it. says that the people being punished for the financial recession will still buy treasuries and 10 year yield at 3%. a former economist at morgan stanley evokes the same theory to explain why rates are as well as they are an unlikely to rise , at least very much as the fed tightens monetary policy. do you buy that? will see ank we slowdown in economic growth and that by itself will keep rates lower than otherwise. erik: the spectrum inflation will rear its ugly head. jack: i'm not shows s

frome joined byfelipe, ubs. also jim mcdonald is joining us from nordic trust. me a classicis to example of a ceo that was dammed if he did in damped if he didn't. did he change anything? felipe: we knew from the beginning this was going to happen. go, and there was nothing unexpected there. jonathan: jim, when you have a company in crisis, is a morbid tr stunt to get rid of the chief executive? does it change anything fundamentally in terms of management going forward? jim: i think in this situation you do have to make some changes at the top. this will take a lot of time to clear out and determine what actually occurred. --e interesting angle is will this dent auto sales? will it hurt the euro? i think those fears are over exaggerated. the most for you, bullish analyst on vw stock, what scenario gets me to your price target when -- up an of the 4% this morning. how to begin anywhere near where you are pricing? ippe: we don't know the total cost, but we have some estimates. it is important to keep in mind over what. of time -- what period of time w e have to se

and it found so many unreturned calls were piling up 4,000 ub returned voice mails from patients. it happened because of an underequipped it system which took over the army fee assistance program last year. the gsa says it's making improvements and adding stats to reduce the backlog. but the committee saw our story. >> you can see the i team's original report into the army day care program and send them a tip at nbc washington.com/investigates. >> a solemn service for a national guardsman who was killed in a helicopter crash earlier this year. thomas was laid to rest at arlington national cemetery today. he lived in fairfax county. he and ten other service members were killed when a helicopter went down during a training exercise in florida. family members first were told that he was not eligible for burial because he wasn't on active duty when he died. the army reversed that decision in june. clark joined the national guard in 2007 and was only 26 years old. >> we are back with more about the weather. we want to hear about this pattern change you were forecasting. >> how did you

they are down by zero point 41% but ubs coming through saying they have cut the targets for the hang seng index by 25%. that did not add to the already downbeat move we had in the region. most markets lower and the australian asx did get a boost from some of the mining players that have really off yesterday raising by about 0.25%. this is the picture of the overall asian benchmark region. today, not really anywhere for investors to hide. every other sector heavily sold off and we have house teen the benchmark index closing lower for the seventh straight week, the longest weekly decline since june 2011 and its worst weekly decline since september 2012. also looking ahead to what will happen in china when the shanghai market reopens. ainese stocks moving to two-year low. the hang seng china enterprises index being heavily sold off. nowhere for investors to park their money apart from some of the currencies. the aussie dollar and look at the japanese yen, a flight to the safe haven there actually stronger against the u.s. dollar. back to you. have a greatiet, morning. we are looking for

tom hayes was found guilty of manipulating libor while working at ubs and citigroup and is serving a 14 year term. a london judge must decide whether to let the appeal go forward. scarlet: fulks wagon plans to take advantage of the weaker euro. in an exclusive interview, the chairman spoke with hans nichols at the frankfurt auto show. >> the euro at the moment is undervalued. but you know how the world economy goes, some too low, sometimes it is too high, which is why we are trying to manage our production of components to uncouple us from these risks which is why we are investing in the u.s., mexico and china. false leg and brands include porsche and lamborghini. mark: the kentucky county clerk is back at work this monday. she promised not to interfere with issuing gay marriage licenses. but she did question there validity. she was overcome with emotion while discussing her predicament. >> i am no hero. i'm just a person placed here by the grace of god. i just want to serve my neighbors quietly without violating my conscience. released davis was from jail with strict orders not to e

hayes was found guilty last month of manipulating a libor rate while working at ubs and the group.e is serving a 14-year term. a london judge may -- must decide whether to let the appeal go forward. if you own the irs more than $100 million, get the check in the mail. starting next year the agency will no longer accept checks or that amount. -- for that amount. the big checks must be processed manually. that is a look at the top stories at this hour. mark: you want to say something, the check is in the mail, right? up, watch out hollywood. how toronto has become a hotbed for movie production and oscar contenders. work: the united auto union has made the choice of fiat. taking the weakest of the big three automakers this year. chinese stocks want today the most in three weeks. the shanghai composite dropping 2.7%. industrial output lighter than forecast. with tremendous volatility in china, many analysts looking at commodities to predict the countries future. globalhe head of commodity research at bank of america merrill lynch joint bloomberg. a we think we won't be in more balanced

ubs estimates, the property market makes up over a quarter of the economy if you consider things like furnishings, electrical's. a fairly big chunk. that's what we have. this is the latest data. showing some signs of life. angie: there is a pulse. let's stay on china. the reported its foreign reserves stated to the imf for the first time, but not fully. this is a move towards transparency. david: correct, it is partial data. they promised to move towards full disclosure in two years. but beijing said if you look at the partial data, that is representative of what our holdings are. it is essentially a breakdown. they have reserves of three and a half trillion. as a breakdown of what part is currency. the imf takes that in china and 95 other countries, coming out with a breakdown of global reserve. 11 and a half trillion is the total. there is allocated and unallocated, the difference is basically disclosure. this is thechart, key take away. it is still the u.s. dollar that is the main, dominant reserve currency. 64%. 20%.uro, i believe the latest data suggests it was just over 1%. angi

jeff smisekna threatened to is used -- to reduce flight team in houston which is the date of -- ub and them in time for the oil bust and a little bit of both, the horse and jockey. erik: some of the people we talked yesterday about jeff what theyay that went believe took place was this program will with david samson, the former chairman of the new york port authority of new york and new jersey, was an outlier situation. in your experience covering the airline industry, have you seen more of those kinds of backroom deals between airlines and the people who sort of have authority over the hubs out of which they fly? seth: interesting question because i mentioned a minute ago, but much bigger ways, airlines do this publicly and very legally. i mentioned what united insulted in houston a couple of years ago even if it was to the own detriment. americans threatened that if charlotte would not keep the exemption on some school taxes -- stuff -- that's the that's what i mentioned back room. that stuff is all at least in the public domain and it should be, a disagreement. each side is incentiv