ubs says it's we tried to get answers from ubs at its headquarters in downtown san juan where we asked to see the head of ubs puerto rico. after waiting for someone to come to the lobby, we were eventually told no one was available. thers no one who can talk with us? nobod here who can talk to us, the ceo is not in the building and they referred me back to comm department. we repeatedly asked for an on-camera intervi with ubs. the company sent us a written response instead. "the puerto rico funds generated more than $3 billion in earnings for investors in a wide variety of market conditions for two decades," a spokesman for ubs wrote. he added that ubs sent all holders of the funds multiple writte in plain language the risks, including the use and risk of leverage, the possibility that they could become illiquid and that the concentration in puerto rican securities made them sensitive to changes in the puerto rican economy. the spokesman also said many of the funds generated tax-free returns greater t 12% in 2010, 2011, and 2012. the company adds that in 2013, the sec's chief administr

the bigger threat is probably ubs and the big banks. they were last time...on, bitcoin, all the others, they will be up at least 100% next year. whether they should is a different matter because there's something behind the technology that's really useful which is why banks are using it. the last lorry, we'll have to be quick, the idea that pupils are being streamed from the age of two for reading ability —— last story. —— screened. for reading ability —— last story. -- screened. my wife is pregnant, we have a baby due in march, we wondering whether we need to signup for schools? of course it is extreme, never mind the kids, the pa rents a re extreme, never mind the kids, the parents are going to have low self—esteem when they don't get screened for the right thing! crazy, isn't it? ridiculous. great pleasure and thanks for joining isn't it? ridiculous. great pleasure and thanks forjoining us. . thanks for watching the briefing. stay with us for watching the briefing. stay with us for much more. hello. some of us during thursday night experiencing more snow s

we are back with the chairman of ubs, axel weber.his president has made energy a focus, a priority. is that an infrastructure play? when you look at the energy space, we can drill and be an incredible producer. that will and job creator. >> as we are seeing infrastructure investment start taking hold and energy investment normalize, that will contribute to growth. what does energy consumption and non-tree newable energies do to climate. in the short term there are some risks from basically exploiting all the biological sources of energy. but as an economic stimulus it will take hold. and you must see the key issue of what caused weakness two or three years ago was the massive drop in oil price. it's normalizing. what we are talking about is a world economy that is coming out of a crisis that is normalizing. even if the fed goes to 2 1/2, 3/4 percent, that's a normal average interest rate. the feds will not go as far as restrictive. if you look at what drives growth in the u.s. it's people and unemployment at all-time low. it's capita

bonds also >> the bravos say they are also in litigation against ubs. the claim, saying that during the bravos' tenure, they received more than $1.6 million in loans from ubs, which they refused to pay back any comments they make now should be viewed in light of their obvious financial incentives, ubs says do you believe that you share any blame in what happened >> in a way, i guess i did because of believing in ubs management believing that they were telling me 100% the facts. believing that they were protecting our clients' assets believing that this is going to be the best for the clients, but now i see that, of course, i didn't have the information. >> ubs declined to make anyone available for an interview, but a spokesman wrote in a statement to cnbc that concerns about the puerto rico economy and its prospects have been the subject of wide public debate and press coverage for many years, but no ratings agency or analysts predicted anything like the precipitous drop in bond prices that occurred in august and september of 2013. he added there were n

. >>> and a cnbc investigation has revealed ubs has been covering up the risks associated with puertounds both from clients and brokers that shocking story mi ucongp. us. it's what this country is made of. but right now, our bond is fraying. how do we get back to "us"? the y fills the gaps. and bridges our divides. donate to your local y today. because where there's a y, there's an us. so how old do you want uhh, i was thinking around 70. alright, and before that? you mean after that? no, i'm talking before that. do you have things you want to do before you retire? oh yeah sure... ok, like what? but i thought we were supposed to be talking about investing for retirement? we're absolutely doing that. but there's no law you can't make the most of today. what do you want to do? i'd really like to run with the bulls. wow. yea. hope you're fast. i am. get a portfolio that works for you now and as your needs change. investment management services from td ameritrade. >>> the republican tax plan hasn't passed yet and some businesses are already gearing up to game the system. robert frank join

he joined ubs last year. he was heading the swiss unit.d of -- accompanied by other changes of the executive board. a new chief operating officer and also a new head of the swiss unit. this was yesterday raising further speculation about who will be the next ceo down the road. this is what we are understanding as of now that blessing is largely to be seen as a top candidate for the job. not so much experience with wealth management, but well-regarded within the bank. this is what we have an understanding so far. mark: what is going on with swiss private banking right now? we had musical chairs. what is behind all this sudden movement? >> you know zurich. this other movement announced a couple of weeks ago, the ceo stepped down and now there is speculation that he might be a possible candidate. we have not had anything confirmed. he could be a good fit for the job. it will be more speculation. on the other hand, they say they stage and at this we have not said this is just an interim solution. we have no reason at this point in time to spec

ubs is not saying why the current chief is leaving.has rejected a takeover bid by atos. they cited doubts about the deal's strategic rationale. atos says it is pressing forward with the offer. it will be the biggest deal ever for the world's largest entertainment company. disney is expected to announce it is buying a chunk of rupert murdoch's empire. disney will acquire the 21st century fox film and tv studio, cable channels such as fx, and international assets. the deal is valued at about $60 billion including debt. tom: taylor, thanks so much. i want to bring up this chart right now. this chart is a little hard to see, but it is so important. i think we've got to bring it up. here's what mr. murdock wants to keep. these are in billions of dollars. this is sean hannity, fox, all of that, fox business. this is the fox sports assets. down here are the stations, as well. here are the parts of fox they want to unload. that is a good precursor. exactly what is fox giving up? >> they are giving up entertainment assets. the strategic thrust

rates strategy and economics, ubs. program usingthis tv . watch it on your bloomberg terminal as well as a video stream, interactive tv. click on radio and get live radio. ofyou do click in to one these tabs, you will see at the bottom of the screen with a little blue link, ask the guest a question. take a part in the conversation. coming up, could a century-old dispute over 2.5 square miles of land divide another obstacle to the u.k. and eu negotiations. we'll talk brexit next. this is bloomberg. ♪ matt: welcome back to the european open. i am here at our new european headquarters. that's look at how markets are shaping up. not a lot of direction as the u.s. tax reform -- i don't want to say in limbo, it was expected to pass through the house and go to the president's desk. you see very little change in france. very little change in spain. very little change in the u.k.. again in germany. a lot of that do to the energy to thet of that due energy rise. the trend is to the upside, but there is not a lot of movement in the equity index. right

many blamed ubs whose broker sold them funds that were over concentrated with puerto rico bonds thatnbc investigation found that within ubs some brokers raised red flags early on leslie picker joins us right now with part of her story "broken bonds. >> hey, becky. that's right we've reviewed thousands of confidential documents, including internal emails showing that employees at ubs were worried about the risks from selling bond funds to clients in puerto rico instead of fixing the problems, brokers were pushed to continue selling the funds. >> years before the funds imploded, a branch manager in puerto rico compiled a list of 22 concerns in an e-mail that his brokers had. among them, excessive lefrmg, instability of prices, it excess supply, and geographic concentration. several years later ubs puerto rico chairman miguel ferrara wrote to his bosses in april 2013 that financial advisors were requesting a risk analysis of the total puerto rico bonds held on margin to understand the worst and probable scenarios over the next 12 to 18 months. that prompted a sharp response from the sec

let's bring in an analyst at ubs wealth management for forex.et's get into your expectations, the fed funds rate hike.% for a what clues were get about future rate hikes here? -- will we get about future rate hikes here? are aure rate hikes foregone conclusion, so markets will be focusing on the seminary of economic rejections, and that is where interesting stuff -- the summary of economic projections, and that is where interesting stuff could emerge. they could not stand the unemployment forecast to come but should leave the inflation forecast unchanged. lot fort leave the dot p three rate hikes unchanged, so plotisk is if the median shifts to four, then the markets could i the dollar in a knee-jerk reaction. -- could buy the dollar in a knee-jerk reaction. yousef: we put up this chart to showcase what is going on. 3293.s yields and for hurting, morgan , morgan-- inverting stanley the latest to get behind that. that, how could that derail the plans of the fed for 2018? how worried are you about that? >> we don't think the yield curve will inver

dean turner of ubs private bank lombardthan fenby of ts , thank you so much.eak with tony chris enzi of pimco. this is bloomberg. ♪ ♪ copper surging to a three-year high after china orders its top producer to limit production. bitcoin and its wild ride. dipping below $16,000 after having ended a five-sessions a lot. the secret to success. sitting down with francine lacqua. how the world's largest products company stands to play best stay on top. good morning, everybody. this is "bloomberg surveillance." lacqua --and francine francine is busy, but she does have the day off overall. let's get things started with the first word news with taylor riggs. taylor: starting with that oil story. oil trading near the highest close in more than two years after an explosion at a pipeline carrying crude to libya's biggest export terminal curb to the nation's production. , pipeline exploded yesterday reducing output by 70,000 to 100,000 barrels per day. said it expects oil revenues to jump about 80% by 2023 to help the kingdom record its first budget surplus in a decade. the

. >> we're joined from zurich by the global chief investor for ubs. we've seen health is a prospect of that driving global equities market do you think this bill as currently constituted will continue to do that? >> we definitely think as we enter the new year that global equities can go higher and if you look at the global index, of course, the u.s. plays an important part in that tax reform as a first order of effect, it may have a small impact but there's lots of secondary effects. if the republicans can continue to deregulate in the united states, that can give a boost, but all of these factors are underpinned by global gdp growth, continued corporate earnings growth and the still stimulative central bank policy around the world. >> talk about europe, specifically europe versus u.k. equities we're looking at forecasts for the u.k. how will that weigh on the stocks in london >> well, we think that european equities should be overweight versus u.k. equities because we believe a lot of the good things that would happen to the u.k. due to the weakenin

was -- iton ubs, what was a very difficult day.u remember the conversations where you realized something had to be done that would be unpopular? philipp: we had done conversations about what it would look like. we had engaged with the bank to study some swap operations. we never told them we were prepared to actually buy the assets or take them over, so we were well prepared, but the actual moment i remember very well was at breakfast at my apartment at the time in zurich, with the ceo and the chairman came by and basically told, -- thomas jordan was there at the time, myself, and the head regulator, and they told us that they now needed help. that was a very clear, decisive moment. from then on, the plan went into action. and that was a tough moment, because we knew that we had to do it. but we also knew that it would be the gravest thing to do in many ways. francine: talk to me about the capping of the franc to the euro. again were there other possible , scenarios? why did you go for that one in the end? philipp: we knew this had

senior equities judges at ubs. mark: what a day. let's talk about the euro giving today.aratist parties prevailing in the catalonia elections. vonnie: in new york, i'm vonnie quinn. mark: and live from bloomberg's new european headquarters in london, i'm mark barton. this is "bloomberg markets." let's get back to the election in catalonia. joins us fromt barcelona with a special guest. : yeah, we do have a special guest getting reaction from the messy n -- catalan election. you did very well in this election, welcome, but it is not good enough to form a government. are you going to try, or will you concede that this is the pro-independence party? important views in this election -- very important for spain, europe, the world, to fight populism and nationalism, os, ae managed, ciudadan party that did not exist five years ago, has become the first party in the election, crucial after what they've done, after telling us we had to go to different regions because we weren't born here -- the leader of the party, for instance -- we managed to win, more than one million votes. a

about a week ago for an undisclosed amount ub ubs declined to comment on a settlement a spokesman wrote and its prospects had been a subject of wide public debate and press coverage for many years. no ratings agency or analysts predicted anything like the precipitous drop in bond prices that occurred in august and december 2013. he added there were no undisclosed issues with the funds and that the funds generated tax-free returns greater than 12% in 2010, 2011 and 2012 cn cnbc's investigation prompted a senior member of the house financial services committee to call for a hearing over these sales practices in puerto rico representative nidia velasquez sent a setter today to the chairman of the committee writing, "the reported claims of deception, mismanagement and coercion highlighted in the cnbc article, if true, are egregious, unethical and potentially illegal. the chairman sets the calendar for the hearing. guys >> and if they do, what are the next steps, leslie, as now she's said that this could, you know, something she obviously wants to follow up on. >> it's up to the chairman to

what might this change mean at ubs?'s on theresa may, another leader of the government in the u.k.. she's heading to brussels today for the european summit. but with that to be a celebration is been overshadowed by an embarrassment at home in her own parliament. votearantees a meaningful in 2019. anna is in brussels. i suppose the question is this, cable dropped on the back of this and then has rallied. it's his defeat in context politically and within the brexit context. does not take us to a erratically softer exit outcome. anna: it seems to be the conclusion. this is something more to go stronger on in the interpretation there that this -- thisomething softer leads to something softer. something parliamentarians will vote through. it's no good if she crab soup brexit deal that appeals to the brexiteers in her -- if she .rafts a brexit deal the parliamentarian will be given a chance to veto the deal on the table. what they will be choosing between is not entirely clear, whether it some way of getting back into the e.u

dominic schnider still with us from ubs management.t oil in the previous segment. i want to segue into some of your currency picks this year. prices point, higher oil will spur the rupee and other asian currencies. at theselook economies, why are they dealing with account deficits? dominic: i agree with regard to the indian rupee. here, the risk is that inflation had stored 5% to read we are looking at 2.5% for 2018. at,the market is looking looking at 6.6% this year headed toward 7.4%. but the story will be growth acceleration taking place. the indian rupee might be quite stable. you have the growth story, which is supportive. higher energy prices for asian economies -- yes, it weighs on the current account. but keep in mind, overall their current accounts are quite high. inflation increases, it can motivate asian central banks in terms of tightening monetary visit -- positions. export mind 2016 we had coverage continuing. we had earnings recovering come as you mentioned. we mention the chinese earnings development quite strongly and

david: jim forbes of ubs will be staying with us.hat the tax plan overhaul will mean for future mergers and acquisitions. live from new york, this is bloomberg. ♪ ash to the finish line. ceo confidence has remained very hard. waiting for clarity on tax reform. that would spur lots of m&a activity. joining us now is jim forbes of ubs investment bank. does it? >> absolutely. lowering tax rates, what that does to corporate profits and cash flow. don't forget the repatriation -- trillion of$2 profits trapped overseas by u.s. companies at the end of the day. even at a 14% tax rate it's not all going to be repatriated at once. will be used for share buybacks. some for new capital equipment. some will be used for m&a. i think it's another spur for m&a. how? it's going to be diluted. >> i don't think the big lbo's is over. if you talk to private equity professionals i think what you are saying is if you cap the deductibility at 30% or adjust the taxable income it's not that significant impact. what they will do in terms of capital structure

the ub sushs for your friday. for the heeg on sunday. 24 on sword and then into the teens for ne your's eve. mid to upper 20s on you your friday. afternoon snow showers not happening on sunday we don't have one but to rounds of brutal weter coming in. sfo let's check in with jessica boyington. >> a look at schuylkill. good morning. >>'re cameras, bedidn't a lot of that construction so talk about that so americ-- 422 is good al. we watch that pseudoo because it typically getening jammed up. and it's roogt know no, aemplg speeds into the mid f 60s. we'll have another update when i cam in about ten. >>> mistier use death. how did a little girl die at a sleepover. >> winners batake the wheel. an e-mail scandal shocked the organization and ring the in few new year, a hand to getting their little ones into bed tfr real ball really drops well eel sew you how coming up . >>> philadelphia nainvestigator hope an autopsy will have some answers. the crime scene unit serge searched a home on anggus street. >> obviously an 1-ye

ub -- for years we shared the same bedroom in my parents' house. michael, my brother vinny and me, our lives intertwined. i looked around courtroom and as i heard our name around the chair, the judge's desk. if only i had a sponge i would scrub the walls to make our name vanish. i wanted everything to disappear but could not keep myself away from the courtroom. i had to find out what i suspected but denied for years. yet there was something more, much more, i thought of my mother sitting in the living room in her small apartment in california watching her afternoon stories as the world turns in search for tomorrow, seeing how everything would somehow take place in the courtroom. i saw her big round glasses, watching in disbelief, what a way to first-born child. i imagined her fingering her rosery beads and defending, forever defending her son. i could not leave. real mobsters an friends of mobsters flooded around our family as long as i can remember. unlike the characters played in movies or television by de niro, pacino, there was nothing funny or

and credit suisse expecting a 2.3 billion swiss franc writedown because of the tax bill and ubs says it will have to write down 2.86 billion swiss francs >>> both seen as potential buyers of germany's commerce bank but the folks at reuters breaking views point out, it's not bank executives leading the way. it's the regulators. now, the editor from reuters breaking news joins us on the show peter, that's an interesting point you raise there. i understand there is a need for consolidation in the european banking sector, but you're saying it's being driven by the regulators this time >> this is one of the big puzzles. before the financial crisis ten years ago, there was a lot of talk about consolidation in europe and then what happened was taken over that was university agreed to have been a total disaster i mean, basically two of the banks that were involved in the takeover got nationalized. the british government is still 70% shareholder as a result. so after that for a long period of time, regulators, politicians, nobody wanted to hear about cross-border consolidati consolidation. bu

because they cut capex so we see energy as one of the better sectors >> that is nick nelson from ubs. e-mail the show on these topics or any others. the address is streetsignseurope@cnbc.com you can also tweet us and follow us on streetsignseurope@cnbc. >>> coming up, our door is open to trade that's the message from beijing's vice premiere. find out what the u.s. ambassador to china had to say about that next. happy anniversary dinnedarlin' i'm messing up every dish, pot, and plate... ...to show my love. ta-da! all this devotion only calls for a little bit of dawn ultra. so concentrated, just one bottle has the grease cleaning power of three... ...bottles of this other liquid. a drop of dawn and grease is gone. try using dawn beyond the sink. or a little internet machine? [ phone rings ] it makes you wonder. shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. choose by the gig or unlimited. and ask how to get a $200 prepaid card when you

falta del tiro libre ---lo ejecut, anot y real madrid termin con vict oria0 y co con del mundial de ubesia que barcelona le haga pasillo al real madrid este 23 de diciembre cuando se enfrenten en paÑol --eugar -- el estado animico de los tuzos estuvo por las nubes la fiesta --mubarak lo empat ---franco jara -- roberto d60 segundos en el t juego anotaba un gol en este torneo --gan pachuca 4-1 --- igualaron a necaxa y monterrey como equipos mexicanos en terminar terceros en un mundial de clubes utbol ala donde el paso jueves municipal y ---maÑana definiran al campeon --- tambien maÑana pero en el atlan ---alianza buscar que la tercera sea la vencida ante santa tecla -- losle a liga espaÑola eibar frente al valeia que busmantenerse segundo en la clasificacion --- gol de "inui" --- valencia herido se fue por el del empate lo lograron con anotacin de santi minenasi terminaria el juego pero a 4 del final ---joan jordan le daba la victoria a un eibar que sigue sumando y subiendo peldaÑos )x--- barcelona que maÑana enfrentar al deportivo sigue de lider con 39 unidades --- atletico se ubic segu

from ubs and a tenfold increase to their foundation. ap did a study and they found that half of thehe nongovernmenl people who gained access to hillary clinton donated lavishly to her foundation. if she was peddling access, isn't she also capable of peddling influence? >> kimberly: that are such a good question. when you learn about this, tom, you see the tentacles that really suggest corruption and collusion and again, this is an ongoing investigation. we have to see where it goes. we do believe in our system of justice are not an investigation should not, like i said, determent and outcome come because they wanted it to be one the side of the clintons. >> the justice department and fbi were ruined under president obama, attorney general lynch, and james comey. there is no doubt on that. compare and contrast how they handle the dossier last year with uranium one and the pay to play allegations of the clinton foundation. that reportedly according to fox news, andrew mccabe talked about how the fbi works so hard to verify that dossier an

low 20s for the ub sushs. and just a degree warmer in philadelphia. cold start yes, but by 7:00 they start moving up in philadelphia just by a degree. 46 v 36 degrees in the 10 in the morning. very little wind to start with. and lots of sunshine too. 73. 27 degrees at 7:00 this morning. 33 degrees at 10 o'clock. 42 in philadelphia. 40s into the suburbs and low 40s as well. i'll break each of these forecasts down. show you when each of those start when i'm back in traffic. >>> moving through center city, so right there they're going to divert yuf off. this is part of that construction project that closes the town from this point at the pine street expressway headed to south street. to watches that this morning an also watching how zwar that modern main break that happened yesterday is back again. we drove through here yesterday afternoon. 18th street though again, is shut down between spruce and wall nit and the share is shut down until rose mary and 19th. >> we continue to follow breaking news out of melt bourne australia where a driver collided into

that's typical for this time of year. 40s for the ub sussuburbs as we. sunshine and a few scattered clouds, a high of 48 degrees and close to 50 degrees at the shore for atlantic city and ocean city and upper 40s for wilmington. it's the delaware beaches that will get a lit bit closer to the 50 degree mark. hour by hour shows nice and clear by 7:00 this morning but if you're on the go at that hour, we'll see temperatures right on through most of south jersey. a look ahead toward the weekend forecast when i'm back in ten minutes. >>> we've been on the air for less than 15 minutes. we've had a crash on the boulevard and it looks like we've got one on 95. >> this is right at wood haven drive. you can see all the police activity now. this is the southbound onramp that's closed right now because there's an overturned truck. it's hard to see because of all the police activity there, but there's a truck over on its side. we'll keep an eye on that for you this morning. also watching an accident on the boulevard. we're talking about the southbound lanes, there wa

low 20s for the ub sushs. and just a degree warmer in philadelphia.old start yes, but by 7:00 they start moving up in philadelphia just by a degree. 46 v 36 degrees in the 10 in the morning. very little wind to start with. and lots of sunshine too. 73. 27 degrees at 7:00 this morning. 33 degrees at 10 o'clock. 42 in philadelphia. 40s into the suburbs and low 40s as well. i'll break each of these forecasts down. show you when each of those start when i'm back in traffic. >>>

ubs,: we are back here at the latest victim here is adam simpson of e.w. scripps. three months into the job. fresh meat. what have you learned? >> it is more complicated than it looks from the outside. the company is in great shape. we have been around for 180 years. >> ura journalist yourself. what is the state of journalist now in your estimation across the platform you are working on? >> this is the golden age of media. there is more information than ever before. it is more difficult for those that actually practice journalism but i am all for the access to consumers, to read on the internet, to watch television. we are witnessing an evolution with technology bringing more information to consumers than ever before. summerfcc loosening rules. are you a buyer in this market? >> we are looking to execute our eyes and swap strategy. it is a terrific opportunity to take a look at our portfolio and identify ways we can sit with peers at a table and both walk out of the room with a more profitable operation. it is because of that technological innovation these rules ha

investment office for ubs.ll stick around and the ceo of cboe, edward tilley will join us at 4:30 p.m. u.k. time. how does it go and where does he see it going? u.k.'s david davis says he is confident that a trade agreement .an be reached with the eu will that start to unravel? there is a big cabinet meeting later this morning. we will talk about that next. this is bloomberg. ♪ ♪ 12 minutes into the equity market session. let us look at some of the market -- some of the stocks on the move. steinhoff. definitely on the move. up about 18% this morning. the company has said it is in talks with the bank. the standstill accord would until 2018.ock sale the market seems to me liking what it is hearing. and you can see the kind of volatility that we have seen with this stock. it has crashed lower. move in no way compensates for that. you can see the five-day story which is now moving to the outside but a small move on the five-day chart. 18%. it is that tiny little dot you can see on the right-hand side of your screen

itlipp: the rescue of ubs, was a very difficult moment.nt against everything we believed in, yet we knew we needed to do it. we knew it would create tremendous anger in the population. that was clear. of course it has turned out that way at a global level. that it would take a long time for banking to redeem itself. so we knew the consequences were significant, and yet we had the that we had no choice but to proceed. the other one, obviously, was the introduction of the minimum rate. a difficult day. do you remember the conversations? something had to be done. philipp: we had done conversations about what it would look like. we had engaged with the bank to study some swap operations. we never told them we were prepared to buy the assets or take them over, so we were well prepared. but the actual moment i remember very well was breakfast at my apartment at the time in zÜrich, when the ceo and chairman came by, and basically told thomas jordan was there at the time, myself, and the head regulator that they needed help. that was a clear, deci

the office had of for ubs wealth management.licans passed their major reform bill and president trump aims to sign it into law in the new year. we will discuss what this means for markets next. it looks to be a good thing for employees now as companies from wells fargo and pfizer, come at&t boostcast, and bonuses and hourly wages. this is bloomberg. ♪ berlin.od morning from this anna: is bloomberg daybreak: europe. i am matt miller. anna:i am anna edwards. these are today's top stories. victory lap. house republicans approved the tax bill. will the president signed it into law on january 3? anna: the cape prime minister heads to poland in search of a new ally after firing heard deputy damien green. bank of america's ceo tells bloomberg brexit is not good for europe. it is negative play i do not think it is a strong negative. there is no incentive to have this thing screw up there growth rate. matt: saudi arabia's angie minister said level stockpiles will not be anywhere close to a picks target when the group meets in june. >> i

he's an economist at ubs wealth management. up next, we have the fed.y will deliver their decision at 7:00 p.m. london time. we will bring you that here. the former donald trump white house comedic asians director anthony scaramucci joins us at 1:30 u.k. time. anna? anna: let's go to the bloomberg business flash. initex has declared a growth. the words largest clothing retailer raised their operating profit to 3 billion euros. revenue advanced 13%. toshiba and western digital have ended a month-long legal battle. western digital is dropping arbitration claims in the u.s. that were aimed at stopping the sale to consortium led by bank capital. in return, the japanese company will in its legal claims against western digital. ceo tom enders has reportedly decided not to stand for his third term. figaro says he won't renew his mandate for airbus. this is just as the plane maker grapples with a bribery probe and slack demand. i never bust spokesman told the report pure immediate and said no decision had been made. that's your business flash. anna: thank you v

economy as we head into the final weeks of the year joining us is paul donovan, global economist at ubsealth management, joining us live in london paul, i've got to say, as we talk about the political picture in the u.s., there's so much chat about whether or not politics has any kind of an effect on the economy overall. will it here in the u.s. and will it globally, i guess, is the big question? >> the honest answer is, no, not in the short term. politicians are not nearly as important as they think they are. economists are important, obviously, but politicians are not, not in the short term in the short term, people care about the fact, do i have a job, can i afford to buy what i want to buy and politicians don't really impact the answer to those questions near term. now on a full five-year view, if you want to talk about trend growth, if you want to talk about competitiveness, yes, there politics and policies really do matter, but in the short term, basically, this is quite a lot of noise as far as the economy's concerned. >> that's quite funny. so, the economists matter, coming from

ubs says there are slight delays in the package deliveries following the cyber monday surge. overwhelmed its network, causing a one-day or to a delay in delivery -- delivery.lay in th joe: coming up, what you need to know for tomorrow's trading day. this is bloomberg. ♪ scarlet: "what'd you miss?" stocks closing down just off of session lows. coming up, do not miss this. the adp report for november. joe: after they go tomorrow, broadcom earnings. lots of interest in them and all of their acquisition attempts. julia: don't miss this. david addresses the brexit parliament. we are watching that. scarlet: that does it for "what'd you miss?" julia: "bloomberg technology" is up next. >> i'm in washington, and you are watching "bloomberg technology." let's start with a check of your first word news. president trump plans to sign a six-month waiver on moving the u.s. embassy to jerusalem. he reportedly told palestinian authority president has plans to move the embassy from tel aviv. abbass reportedly warned the president against taking that step, moving the embassy is said to be a re

the head of ubs's wealth management unit is stepping down.y help oversee retail banking and corporate lending for swiss clients and he will succeed him in january. the move is the second departure in two weeks after the chief left the bank. rocked by an accounting scandal will restate its financial results after an investigation uncovered fresh concerns. the company which aren't -- owns the mattress firm chain discovered problems with its balance sheet accounting when reviewing 2017. shares have plunged 80% in the wake of the scandal. airbus will hold a board meeting today that could prove pivotal in determining the future direction of the plane maker as it prepares for hefty fines stemming from bribery allegations. at the top of the agenda is the fate of the ceo. he warned employees to expect severe consequences including significant penalties in a probe into corruption related to the use of middlemen in defense fields. that is your bloomberg business flash. matt: thanks very much for that. angela merkel met with martin schulz to sound out s

we'll kick it around back on the desk keith parker again with ubs and this note. you guys want to debate this >> yeah. >> i mean, if only 20% to 40% is priced in now, he obviously leaves the door wide open for a much higher s&p. >> well, we're seeing earnings going up, but the question i would have asked him is how much multiple expansion from the s&p versus earnings growth earnings growth has been there, unquestioned the economic data didn't speak good i think that the misperception here in terms of going forward is what companies do when they repatriate dollars, because they have had great cash balances in the u.s., and what have they chosen to do they have chosen to buy back stock, so all of a sudden at this point in the cycle to go out and pick up cap "x," i think you've got to watch out for in a. >> so goldman, right, over the weekend says growth is only going to get a .3 of 1% bump in '18 and '19 on the tax plan, exactly what you're alluding to. >> exactly what i'm saying, and i know i'll be paying more taxes. there's no tax cut for me in this bill. there's

numerous reports of boys club culture in silicon valley taking down several executives including former ube ceo, powerful men losing their positions as the hashtag me too movement gains steam. finally the year ends with a question everybody is asking: is bit coin a bubble or the real deal? the cript tow currency explode untiling 2017, starting the year at $1,000, incredibly cracking the $20,000 range, where it goes from here will surely be major story next year. as we close out a truly remarkable business year in 2017. i'm maria, fox business network new york. >>> fox 29 weather authority right now. live look at a very cold reading berks county. but that can be anything. it is cold in reading. it is cold everywhere. yes, you definitely don't want to head out unless you have to. scott says the bitter cold is here to stay. his very cold forecast in 15 seconds. >> some of the coldest december temperatures we've seen in several years around the delaware valley. overnight lows tonight, the teens, the single digits, but you have to factor in the wind. and feels-like temperatures will dip below ze

the frenchman has been late with a host of t european ubs but on barcelona arehe subject of the complaint. the club is accused of directly approaching his family members who also represent him. that would break people's roles. barcelona currently leads the spanish league by six points with athletic out there occurred -- closest challengers. anti-doping authorities have launched an investigation after an undercover sting from britain's daily telegraph newspaper called world 100 meter champion into question. the american sprinters agent at the time robert wagner offered testosterone and human growth hormone for a fictional client, the undercover reporters were represented. the meetings were secretly recorded on tape, the american sprinter insisted he was clean. he has been banned twice in the past in 2001 and 2006 as a result of the undercover interview, he fired wagner who now says he was just playing along with the reporters. >> is here a reminder of the top store we are following, berlin has been marking the anniversary of a terror attack on a christmas market that killed while people an

philipp: the rescue of ubs, it which was a very difficult moment. ways it went against everything we believed in, yet we knew we needed to do it. we also knew it would create tremendous anger in the population. that was clear. of course it has turned out that way at a global level. that it would take a long time for banking to redeem itself. so we knew the consequences were in many ways very significant, and yet we had deep conviction that at that moment we had no choice but to proceed. the other one, obviously, was the introduction of the minimum rate. philipp: it was a difficult day. do you remember the conversations? that something would have to be done there would be unpopular? philipp: we had done conversations about what it would look like. we had engaged with the bank to study some swap operations. we never told them we were prepared to buy the assets or take them over, so we were well prepared. but the actual moment i remember very well was breakfast at my apartment at the time in zÜrich, when the ceo and chairman came by, and basically told

from worldzay beating ubs as well.e morning, coast-to-coast and across canada, bloomberg karenak, bob moon, moscow, coast-to-coast. this is bloomberg. ♪ ♪ london, tomnson in keene in new york he is let's turn our attention to what is happening in south africa. the ruling south african congress world -- will elect a new leader. inherit anwill economy that is performing well below its potential. -- ing us a second.t to her in tom, let me talk to you. why have you decided to be on the same ticket as sir ramaposa? process ofa primaries. we allow the branches to be delicate. they indicate, through their poll, what kind of position. they have given the largest theer of nominations and to myselfmber of -- and the other delegates. it seems to me the thing that would come together. guy: do you think the pair of you can see off a downgrade from moody's the beginning of next year? we: yes. even before you finish the yes.ion, a we are quite certain that one of our first responsibilities is to make sure our economy is put back on t