ubs, why the shift? what we are understanding, ubs is making cuts to asset management. happening over the last month. areas like distribution and sales, to keep costs in check out the asset management unit. it recently had the highest cost income ratio that may be of self-funded investments in that unit. of self-funded investment in that unit. i don't know if this is something that will happen going forward, if they make more cuts to the business. as of now, they are taking costs out of the asset management unit. they want to shift resources aing taken out to china, specific growth area for the bank. att: word you draw the line between shrinkage and accessing the unit? asset management is the thing that swiss banks historically do. how do they hold on to this unit, control margins, boost revenues? wealth management and asset isagement, the model of ubs centered around asset gathering. there are a lot of outflows. that was made because of the restructuring. it was pursued over the last year. flown into passive investing strategies. they were very compelling to this is a

is ubs the jpmorgan of europe? >> yes. >> is ubs the jpmorgan of europe? >> yes. on that? >> ok. let's think of it this way. sergio ermotti is the longest-serving bank ceo. he has seen two or three different variations. they are picking up flow and effects and equities. efficient in terms of capturing the market share they want at a price they are prepared to do business at. he is the italian jamie dimon. francine: he does not like being called italian. >> he is swiss italian. tom: thank you so much. bomberg daybreak. this is bloomberg. ♪ >> this is bloomberg surveillance. let's get your bloomberg business flash. the u.s. has asked saudi arabia and other opec members to boost production. the trump administration wants another million barrels a day to be pumped. gasoline prices have hit their highest level in three years. president trump has publicly complained about opec and rising oil prices. the visit -- the biggest maker of semi conductors for smart phones has come up with a new chip for person or -- for personal computers. qualcomm is trying to get its mobile

the same is true for ubs. they still have an investment bank but they want to center it around these high net to serve private banking clients. future isbanks, the wealth management and they leave no doubt about that. around that, ubs also has its asset management business which the bank is saying is a critical part of the future of the bank. it is all about asset gathering in managing money for other people. vonnie: are european finance reporter, thank you for joining us. it is time to check in on first word news. >> the u.s. has reached an agreement with the zte, the chinese telecom maker that was shut down. zte will pay a billion-dollar fine and put another 400 million into escrow. appliance team will monitor the company. zte was penalized for breaking a sanctions agreement. to increaseling imports from the u.s. if the trump administration meets it halfway in trade talks. the chinese ministry of commerce said the two sides have had deep and detailed talks on energy products. increased imports is an establis

later today, bloomberg television will be speaking to ubs us the ceo. that comes asian with manus cranny from zurich. we will start giving you a taste of what is going on at 9:00 a.m. u.k. time. what also we got coming up? we will take a look at how the gas which nation is faring one ar on from the saudi led boycott. that is next. erg. matt: welcome back to bloomberg markets, this is the european open. 17 minutes away from the european open. business the bloomberg flash with juliette saly. iniette:taucks dipped trade on news that howard schultz is stepping down. he took the company from 11 outlets to more than 28,000 across 77 countries. the departure comes as u.s. sales growth slowed and in the wake of criticism over the arrest of two black man in a philadelphia starbucks. he will take the title of chairman emeritus and the is some speculation he may run for president. twitter and netflix are getting a leg up in the s&p indexes. monsanto in replace the s&p 500 while netflix will replace the agricultural products company and the s&p 100. that comes as b

is the us from boston ubs head of global markets equity strategy.has been underway turkish equities, but has upgraded other emerging markets where he is still a bull. let's start on turkey. hike in may,oints now 125 basis points, is it enough to stem the slide of the lira? >> a lot of this depends on the dollar. we think in the short-term it will help stem the tide on the falling lira. it looks like the central bank is trying to regain control of monetary policy or reassure the markets it is in control of monetary policy, but it continues to be a weak story fundamentally. they have a large current account deficit. you have the election coming up. i think it is a temporary respite, but a lot depends on where the dollar goes. alix: if you look at some of the other asset class, bond yields are at record highs. at what point is there an attractive enough yield to be compensated for the risk? >> it is a fair point. probably not yet. there is enough uncertainty out there. the election is one. you would like to see inflation rolling over and turkey coming

erik: and the ubs ceo offers this advice during the recent volatility. >> this is not an environment in which you put on more risk. erik: it is all straight ahead on "bloomberg best." ♪ erik: hello and welcome. i am erik schatzker. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. last weekend, officials from the u.s. and china met in beijing hoping to make headway on trade issues that of but the nations at odds. despite a cordial veneer, by monday, the two sides were playing the blame game again. >> u.s. commerce secretary ross met with the chinese vice premier to discuss trade. while he said that talks were friendly, china is warning it will withdraw commitments if president trump carries out his threat to impose tariffs on $50 billion worth of goods. >> they have said from the beginning, the line has been from beijing they are willing to negotiate, want to buy more goods and shrink that trade deficit, but now this language suggesting if you go ahead with these tariffs mr. trump has

the ubs ceo told manus cranny that investors should stay in the market despite the volatility.sat down with an exclusive interview in zurich, switzerland. >> volatility has spiked on bonds, but if you go back into the levels of the vix in general, fx movements, yes, some movement, but not a lot of volatility compared to the standards we are used. i would say overall investors are very cautious. they are out there observing the situation. they are not panicking. they are starting to get concerned. manus: was there any reduction of risk? did you take any risk off the table? >> i think we have been focused on managing our risk for a while. this is clearly not an environment in which you put on more risk. manus: what about italy? did you have any exposure to italy? >> no. our exposure in terms of countries is well within our risk appetite. i am comfortable that there is no substantial short-term risk posed to europe or any countries in europe. manus: one thing i focused on last week was sovereign risk and banks, alive and well. it had not gone away. >> at the end of the day, banks

david: still with us is vassili serebriakov of ubs.s is your boss so i don't expect you to disagree. , it can becomere quite a ways and came back up but now sees where is the dollar going. the last year was a turnaround long-term turnaround. people of started getting nervous about whether this is a really corrective rebound or more than that. we think it's just a correction. you have to at this point be bullish on the dollar. you have to think about it. the u.s. side of the story is relatively played out. if you look ahead of the meeting , what is priced into the market? it's pricing in 10 basis points more of hikes this year. we expect this to move higher to four hikes in 2018 but that seems to be relatively well priced in. if you look at the two-year sector, it seems to us there is not a lot -- you are bullish on the dollar for u.s. reasons that probably not a good argument. where the dollar can still do well is during those periods in europe, some trade tensions and so on. that will be the main upside potential for the dollar but th

nejra: ubs said to be cutting asset management jobs amid a pivot to china.phasis on sustainability. what do you read? reporter: the asset management business has been the problem child at ubs. it is smaller but it has also been the one where they have struggled the most to adapt the model to a shift toward passive investing. on the cost side, that was also a concern. them tackling that is potentially a positive. tom: i will pick on nick silver, who works for deutsche bank in he he leftccident -- in the last 24 hours to credit suisse. based on your team's work, i don't see it. switch, link leadership everyone has their resume out, mr. silver exits stage right -- i get it. how do you link that into revenue and revenue dynamics forward? reporter: this will be, they will try and answer in the next few months. theicularly on equity, entrenchment they are pushing through is quite unprecedented. we have not had an investment bank so big in equities pullback. not yet clear to anyone how they will maintain the leadership in the market that benefit from equities prese

paul donovan at ubs wealth management, your thoughts.hink it is largely expected, the forward guidance on interest rates is in line with what the market six active. we were expecting a summer rate hike in 2019 anyway. isward guidance itself perhaps a little unusual. i do not think that matters a great deal. most people do not know what central banks do, far less whether interest rates are, so you cannot forget that reaction. the bond taper i think is largely to be expected. we will for them to carry on until the end of the year. we were expecting 30 billion. they have got to scale it back. what they should've done some time ago, this is what the markets was expecting them to do, so it is just locking them in a bit. today, we are getting the announcement that the bond buying is done by december. today, we are getting the announcement implying that rates may go up in september. they have not actually set the. in playing we will get a summer rate hike without coming out and saying that. david: in a broader sense, is this mario draghi announ

ubs andis yianos of henrietta pacquement of wells fargo. criminals on morningside heights, you never saw a headline with that. how can a central bank aggregate decision-making out 12 months? yianos: i never see a title like this every day nowadays. , is the concept of forward guidance. we have to take a leap of faith. in the word of another academic which i will not name, one of the biggest problem central banks have had in the course of has beenfew years communication. it is hard to communicate what you are doing and how you unwind policies that were hard to explain to begin with. in that context, you have to be a bit more intense in the way you communicate. this is the gist of forward governance. my personal opinion is a different chapter. let's leave that aside. tom: i want to go to what i see an interview after interview, which is economists during the financial ramifications of relatively sound economic theory. to banks,it mean finance, and the foreign exchange market if you have a headline like this that we are on a holiday until june

the highlights we'll do them next later this morning, don't miss a live interview with the ceo of ubs. stay tuned, you're watching "squawk box" right here on cnbc. let's get started. show of hands. who wants customle options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. zbroo we >>> welcome back to "squawk box. brooks koepka battling back. one of the commentators was the last guy to do it, curtis strange there. 30 years ago only six people have done it the last guy before curtis strange was ben hogan. all the usual stuff that goes on with the u.s. open, all the carping about the conditions this place is tough enough without the wind and without the greens getting all baked and on saturday there was a lot of carping by guys that weren't doing as well. >> what was with phil mickelson? >>

head of the united kingdom ubs, thankoffice of you very much for joining us.up, if interest rates rise, every instrument in your portfolio will drop in anna: this is "bloomberg daybreak: europe." are turning around rapidly in the u.s. futures. about futures up by 0.25%. that is a more positive picture than a half hour ago. let's check out the broad market accident -- now. >> we are seeing a more positive picture compared to the last five days. we are seeing a fair amount of green. seen a lulle have in the rhetoric when it comes to trade tensions between the u.s. and china. mighte question of what happen with the u.n. in terms of negotiating. a strongert i -- fixing on that than expected. asian equities gaining. we can see some risk on and some of the fx trades. i was talking about the aussie dollar dropping to a 12 month low yesterday area some are that.ing 70 on aussie yen is rebounding a bit today. fromchart is normalized the month of march. if you compare it to dollar-yen, it is interesting. some people have said, it has not moved as much as much as you mig

the question is adidas is covered in europe ubs. and adidas stull is making strong progress in the u.s., in the family channel and other places doing a great job controlling costs. right now at the premium channels like footlocker, nike has the newness that's really winning. that's a reason people are so bullish on nike. >> one of the things i thought was missing from the call was amazon they brushed over the partnership quickly saying it's a new partnership. any insight into what's going on with that? >> i think nike is taking their time to make sure when they go on amazon in a big way, it's a way that's accretive to their brand so they're great on zolando, they found out how to do pure play online retail it's going to take more time to get amazon just where they want it >> may solve your problem with the size 13s >> believe me, it doesn't. i tried. so they did not make a big splash on amazon i totally agree with you, jj, and it looks like the first phase was let's just clean up what's there because when you visit under armour on a

. >> el tiroteo en el ub marco un evento mÁs violento y mortÍfero en la historia de la ciudad de orlandoguridad mÁs efectiva. >> la industria de las discotecas, restaurantes el problema es que no quieren pa r pagar,as primeros dÍas toman medidas pero mÁs nada. >> presiden residentes del Área preocupan por la seguridad nocturna. >> se hace revisiÓn pero deberÍa haber mÁs seguridad. dos aÑos despuÉs de lo que pasÓ las cosas siguen igual? >> si sigue igual. >> no hay suficiente seguridad para detectar metales. >> las personas y familias deben prepararse para cualquier eventualid de anmano. >> con el lema si ves algo dilo, es imprescindible la cooperaciÓn de todos. >> despuÉs de 24 horas un atrincheramiento con rehenes en orlanlorida el sospechoso y cuatro niÑos perdieron la vida, un hombre de 35 aÑos sospechoso de golpear a su novia le disparo a un policÍa antes de para apretarse en apre parapetarse con los niÑos de su via punto >> durante el incidente estaba en el jardÍn de el Área intentÓ recoger a un animal el cual reaccionÓ mordiÉndolo el menor lucho con lo que pensaba que era un gato,

some banks, such as the swiss investment bank ubs say they want to remain your‘s —— they want londonhub of europe to balance in new york. banks are waiting to see what the outcome of the negotiation is. the eu is our biggest export market, particularly for services. it is crucial for the financial services sector that we get a good deal. i think you can see that although there may not be that many moves by banks yet, they are merely waiting to see what the outcome is sunday will be looking closely at the speech from the chancellor this evening. you think the bank of england and the government are prepared to the possibility of some kind of possible financial shock? if we left the eu without a deal it would be an enormous financial shock. i think there is a concern at the moment that we would be relying on the bank of england to question asked from that low of a brexit shock just as we look to the bank of england after the eu referendum. at that point, the eu referendum. at that point, the bank of england forward interest rates and expanded the quantitive easing programme. we could no

inflation numbers out of the ub. cpi numbers in line. we have the headline print, which came in at 2.4%. slightly lower than the consensus of 2.5%. we got the core cpi up in of 2.5%, versus 2.1% expectations so pretty much in line a quick one, the rpi also came in at 3.4%, which was also in line sterling is trading weaker today. >>> all right. prime minister may has narrowly avoided parliamentary defeat the prime minister struck an 11th-hour deal with conservative party rebels which grants concessions on amendments which would have given mps a meaningful vote on a final brexit agreement willem is in westminster on the surface it looks like a victory for the government they won all 12 votes that took place yesterday. the prime minister has succeeded at keeping the tory rebels at bay, but the question is for how long >> that's a good question. to help me i'm joined by a policy analyst what my colleague was asking is how long does this hold off those back bench rebels for theresmay? you saw this vote yesterday, relatively narrow, 324-298 i

other performance shoes, but, you know, it changes, it changed the equation >> how about this call by ubsce we're on this subject. >> go. i'm excited. >> you sure? >> yeah. every word you say i just can't wait that's excitement. >> chill out for a minute. >> he's defending you. >> ubs initiated on retail, buy skechers, buy american eagle, buy nordstrom, buy tapestry, former coach sell tjx, sell burlington. >> a great call. the last one was a momentum call i don't need that from a research analyst this is the sort of call i need. cut against the grain. sell on tjx and burlington these are darlings you need a catalyst for this to go down. i respect an analyst who is calling a turn that's rare. that's 10% of the analyst community if you ask me. >> i'm so excited. i got yoexcited. >> my telemundo world cup. do you like that >> i d >> world cup on telemundo. let's get the headlines from contessa brewer. >> reporter: changing the message from homeland security chief kirstjen nielsen she says securing our southern border doesn't have to come at the expense of migrant families. >> what the presid

this is taking place in the death zone, above 8,000 meters, once ub cross there, every second you are dying. humans only take in about 30% of the oxygen compared to if they're at sea level and at the same time, you are still trying to climb. >> like this is how high planes go when they reach their cruising altitude. >> that's exactly why it is so dangerous. even if you have oxygen, he's just not on the acrept, she shooting the ascent. as such he is using more and more energy, the guys are walking towards the famous par everest. the hillary step. but the next stop you will see is him at the top, basically he shot all the way ahead so he can pluck himself here and get an absolutely incredible shot of this teen then approaching and making their way up. now you see this cracking shot right here. what this also gives, if you listen to the sound of this video, it shows you just how hard it is to do anything. >> i was down that way after five minutes on the series's steper. >> tell me about it. you see them making it down this shuttle rocks, then he has to pass ten other climbers to get to t

well, apple shares are higher after ubs raises its price target to $201 up from 190 citing the premium brand, apple right now at 189, ubs predicting apple will sell more expensive iphones as consumers perceive the plan as aspirational and may hit a record closed to. bitcoin trading slightly lower as a research firm says a third of wealthy individuals are in cryptos or planning to enter the cryptocurrency market. others may be coming around due to the potential of the asset class. up next, our expert panel on trade discusses if we should run kicking and screaming like chicken little now that steel and aluminum tariffs are imposed on us by our allies. keep it right here. ♪ ♪ i'm a small business, but i have... big dreams... and big plans. so how do i make the efforts of 8 employees... feel like 50? how can i share new plans virtually? how can i download an e-file? virtual tours? zip-file? really big files? in seconds, not minutes... just like that. like everything... the answer is simple. i'll do what i've always done... dream more, dream faster, and above all... now, i'll dream gig. now

which ubs what he has the boys and girls who are simmering away sweating at this point in time?e are hairs breath away from inversion. data murray -- they don't worry that much at ubs? basis points is reasonably substantial. in u.s. raten hiking cycle's for the yield curve to flatten. we are concerned -- we are surprised how much people focus on it, frank in late -- frankly. as long as u.s. longer data yields are so far above their equivalents in the core eurozone or in the u.k.. we don't think we've seen the end of the flattening by any stretch of the imagination. there does come a point where if the fed seems to be over tightening in due course where inversion could be much more ominous signal that the moment ais is nothing more than fairly typical and ordered the flattening in a rate hike. anna: tell me more of what this does to the fed. inversion, he of said, that's my job to make sure that doesn't happen. fed is using that kind of language around it. does it send the same signal? for us it says that for the front end of the market, short in yields are pretty much where they

of a minnesota building made it an internet starthe critter made headlines as it was spotted scaling ubspaul's tallest buildingssome speculated the little daredevil may have regretted its decision ... as it stopped short of the top -- instead, taking a siesta outside the 23rd flooras the raccoon rested, the internet went bananasin no time, the vertiginous varmint's journey became a top trending topic on twittereventually, the raccoon did succeed, making it to the top in the middle of the night ubs tower officials later tweeted that the raccoon had been caught, fed, and was waiting to be safely collected by wildlife management officialsfarewell, our furry, free-climbing friend! it was fun while it lasted.for take a look at this, i'm jeremy roth. (pam)an update on the raccoon: according to a post on the minnesota wildlife management facebook page, she was released on private residential property in the suburbs of saint paul, minnesota. so, this city girl is now bound for a rural life. officials credited canned cat food for the capture and release... a favorite for raccoons. (ken) new at si

juliette: ubs is said to be cutting jobs to focus on china and sustainable investing.ivision has eliminated at least 100 positions in recent months. about 30 of them in the u.s., leslie in new york. the unit miss for cap -- mostly in new york. the unit missed forecast. deutsche bank says it will probably report another quarter of declining revenue for the period through june as it scales back investment banking operations and cuts of jobs. it is accelerating focus on europe and a retreat from wall street, having already announced positions.ash 7000 warren buffett and jamie dimon are doubling down to stop providing quarterly earnings guidance. dimn editorial, buffett and movingthey are urging away from quarterly earnings, saying guidance stifle long-term investments. china's biggest carmaker says the industry faces a major shakeup in the next four years. beijingrman of the automotive made the comments in the recent interview with bloomberg. >> some will survive. some will be consolidated. while some will be eliminated. in my opinion, at least one third of the chinese au

ubs says they are executing well i think they are at a hold price. >> i mentioned stitch pics.er this week. there were rumors that oprah was taking a stake those were denied by oprah's people the stock continues higher now about to challenge the spring high. >> where did you get in? >> 26 and change. >> "power lunch" starts now. >>> i'm michelle caruso-cabrera, the dow with its gains today trying to avoid its longest losing streak since the '70s however, as investors keep pulling money out of the market could now be the perfect time to dive in? we'll be the on "power lunch." >>> gm is bringing back the blazer it's building the suv in mexico. it comes as president trump fires another warning shot on trade calling for a tariff on cars. >>> this red hot stock is up

but the ubsas headquarters -- about the ubs asset hasrs -- ck bought ubs london.our bloomberg business flash. anna? >> juliette saly in singapore commitments very much. the bank of japan is falling further behind it global peers. the central bank left the policy unchanged and downgraded its assessment. the boj is likely to continue on its own path. >> when it comes to the ending of qe, i think until the inflation prince approaches something closer to the boj's target, we are looking at continued central-bank divergence for quite some time. anna: goldman sachs japan vice chair and cohead of macro research in asia speaking there. aton french, chief economist panmure gordon is still with us. her say that the central bank divergence is going to continue for a while. how much longer? simon: outside my forecasting horizon. the interesting thing about what the bank of japan said overnight is that it begins an actual downgrade in the inflation forecast when the reissued them in july. they are talking about less than 1% been the run rate for japan's cpi. actually having se

and two-thirds of those are ub. >> this is not about technology. this is about a lack of regulation. >> reporter: in many cities, cab owners have to buy permits called medallions to operate. they cost hundreds of thousands of dollars that limited competition and rose in value until uber and lyft came along. >>> the it's not equal fee, equal licenses, equal everything. >> reporter: gabriel wants fairness for his father's fellow drivers so cabs will once again be a route to a secure financial future. anne thompson, nbc news, new york. >>> still ahead, are you worried your child's love of video games could become an addiction? the new warning about gaming from world health officials. >>> also, it's hot at the box office, but hear why disney is warning audiences >>> back now with important health news especially for parents worried about the impact from video games and the internet on our kids. the world health organization said today it's adding video game addiction to its new list of mental health disorders, calling it gaming disorder. with gaming an

passive, ubs strategy products account for $310 billion, almost 40% assets managemented.'s plan to impose 25% tennessee whiskey could be bad news for the maker of jack daniel's. the biggeste of growth markets. it's hard to accurately forecast future sales because of uncertainty around the tariffs. mexico retaliating for president trump's tariffs on aluminum and exports. and jessica alba's honest a $200 is getting million investment from private equity firm l. catterton. the investment is for a stake in the baby goods and personal care retail company that was cofounded by the actress. size ofyet on the the stake. financialted as advisor on the deal. and that is your business flash update. joe: coming up what you need to know for tomorrow's trading day. this is bloomberg trading day. this is bloomberg scarlet: coming up, the japanese prime minister meets with president trump house.white joe: then i'll be looking at economic data. initial jobless claims at 8:30 a.m. scarlet: and broadcom reporting earnings. that does it for "what'd you miss?." bloomberg technology up next. j

. >>> an overnight ub date on the situation in guatemala. some of the youngist victims of the deadly fuego eruption have arrived in south texas for medical attention. six children, all in critical condition arrived in galveston last night. doctors say they will likely undergo surgery this morning at the shriner's hospital for children. it specializes in burn treatment. this comes as the death toll rises again. it's at least 99 people. nearly 200 others are still missing. >> [ speaking foreign language ]. >> she just wants help finding her family. >> i want to show you this photo from nasa. it shows ow big that ash plume is and how it looks from space. you can see this is where the volcano is, this dark spot here. away.mala city nearly 40 miles - that plume has gone that far at this point. to really affecting a huge portion of that country, natasha. >> jessica, thank you. it's 4:35 now. now on to san francisco's mayoral race which is nowhere near over this morning. less than a percentage point separates the top two candidates, london breed an

paul's ubs tower one of the city's tallest skyscraper and started to climb, one floor at a time, pausingational audience along the way. finally after many attempts to lure it to safety, the raccoon made it to the roof. >> trevor: yes! (applause). >> trevor: yes. the la coot i love how desperate people are for an uplifting story, now a das, what wonderous news, a raccoon is climbing something taller thn usual. fe is beautiful again. guys, he's a rcoon. i don't scare what he climbs up, as soon as he is back on the ground people are going to call animal control on him. and i get t i get it, i'm seussed to americans frequenting out about animal stores but just so you know this with never happen inafter-- africa mostly because our animals are taller than our buildings so it do workand thers so much speculation over why the raccoon was climbing this building, you know, did he think it was a massive garbage can? was he trying to get french nship? either way, that raccoon is our hero. at least until someone discovers his racist tweets, then it allct well, that was a fun story. let've on to some

i have the other warnings coming up >>> i'm michelle caruso-cabrera in for kelly evans the ceo of ubs in the financial services industry, not a pretty picture. find out why as the "closing bell" starts right now >>> good afternoon, welcome, everyone, we'll get to the stories in a moment, but first, a warm welcome to michelle good afternoon to you. >> pleasure. >> thank you for joining us, kelly is back tomorrow let's check in on markets, first of all, the dow coming back after being down 264 points at the low of the day, which is pretty much at the open, the s&p and nasdaq both down for the third day in four, but we are down much less than we were at the top, dow down .6%, and a third percent at the s&p >> let's get to bob pisani bob? >> well, i think -- i love this animation. michelle, you've known me for a long time, you tell me if my hair is gray >> i love that animation >> you'd tell me too >> i love it and envy it >> grasso would tell me about the hair you know what happens in the business if the hair gets gray trade is a big issue -- thank you very much, get rid of that trade is

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susan fowler who wrote the r,ral blog post about ube about sexual harassment command -- sexualtion discriminationmately resulted in the ceo of uber leaving the company, she works at stripe. what do you see yourselves continuing to work to attract and retain whether it is women are underrepresented minorities? >> there is a whole bunch of specific initiatives. making sure that people are becoming moms and parents stay with the company. we track those numbers carefully. we are delighted they are as high as they are. hiring goals, what we set for managers. i think sometimes people leave a bit too quickly to what their checklist is of initiatives. if you are actually going to take this seriously and do it well, it has to be something that is really deeply suffused in the culture and everybody lives every day. again, you can have a good list of initiatives. but if it is not really in the culture, it is just going to -- not going to work. emily: before we go, i understand there is a third brother who as i hear is even more tech savvy than you are? tell me about tommy. >> tommy is four years my junior.

.>> andhe ubs evid. >> yeah. where they stand now, it's trading $16 and change below the bid. >> there was a moment it was up 12 i called you it was a tuesday and you had monday off. >> that's true. >> no, the south china morning telegraph. >> i know. >> south china morning post. >> we thought it was the government saying it's done. >> yeah. >> and that was a false one. >> or maybe that $50 billion in tariffs had something to do with it. >> plus twitter is down today. jd.com is up sharply in the s premarket. the e commerce company gets a $550 million investment in google partnership will include promion of j.d. on google's shopping service in an interview the ceo said that a prolonged trade war would be horrible. horrible in his words. and would hurt american brands take a listen. >> you know for a long time. okay it would be horrible it will hurt, you know, the brands american brands. because,iously, china -- for the next five or ten years, almost half shopping come from -- it will hurt a lot of american brands.

>> reporter: late tuesday she nearly made it to the top of the ubs building, and the top trending spotn twitter before descending to the 17th floor for a nap. leading many to wonder, what could be done to get the furry creature down? the answer -- call the professionals, and use cat food. authorities using the tasty snack to lure the raccoon onto the roof, into this cage, and away to safety. and this was her today, released into the backyard of a twin cities suburb. the exact home undisclosed. after all, she had to avoid the paparazzi. matt gutman, abc news, new york. >> thank you, matt. >> we thought our trip was never ending. but 25 stories, her journey now over. one more flight for us. we'll see you tomorrow back in the u.s. have a great evening. good night. >> announcer: now from abc 7, live breaking news. >>> and that breaking news is in san francisco. a city worker has been killed in a traffic collision. zuckerberg san francisco general hospital confirmed that to abc 7 news within the last 15 minutes. hpened on 28th street between castro and diamond in knowy valley. >> live over

. >>> meanwhile, ubs is reaffirming its sell rating on tesla. the analyst is predicting that the company is going to need to raise capital by the end of the year. price target now $195, and that stock fell more than 2% to $284.73. >>> still ahead, the milk market runs dry for some american dairy farmers. >>> i'm contessa brewer in smithfield, kentucky, at more than 100 dairy farms facing a loomi ining deadline tonight. are there anymore buyers for the american dairy farms? coming up on "nightly business report." >>> the federal reserve has reportedly labeled deutsch bank's u.s. operations as troubled. in fact, according to "the wall street journal," this rare designation by the fed actually took place about a year ago. that means that germany's biggest bank has been subject to operational constraints, like having to seek approval before hiring and firing senior managers. the central bank has also influenced moves by deutsch bank to reduce risk. stock hit an all time low today. it fell 4%. >>> uber's ceo says his ride sharing company is on track

united rentals was to buy from neutral at ubs. the analyst cited thes stoc valuation after pulling back 20% over the last three months. he also sees better margin performance for the equipment rental company. the firm has a price target of $196. today share csed at $154.95. that was up more than 1%. >>> coming up, if you have asiig de to make about your portfolio, this week's market monitor says your best bet may be to think small. >> the ruling said obtaining the data fromireless carriers without a warrant amounts to unreasonable search and seizure. the court did grant exceptions like pursuing a suspect or protecting someone who is in immediate danger. >> in that ruling the court said cell phones are a pervasive part of our daily life, so it's no rprise that a lot of advertising money has been moving away from traditional media and intol. digi that trend is also facing a number of challenges. it was one of theops of conversation among ad executivek this w at the l kaunsn festival in cannes, france. julia borestein was there. >> t

those gains despite twitter falling 2% today and despite an upgrade from ubs, citing the world cup asatalyst for engagement and ad demand make sure to tune in monday morning to "squawk on the street" when i sit down with the co-founder and ceo evan spiegel. >> if you missed the run in snap, don't worry, mike has got a way to buy the stock for less than a buck. he's going to show you how to do it in his call to action. >> hi, there julia just mentioned the stock is up 23% in about a month, maybe a little less. it's moving very sharply off of those lows that's one of the reasons we'll look at buying options here. one of the issues though is that options because of all of that movement are fairly expensive, we'll look to our spread and we're going to try to find a fairly good risk reward. bear in mind if the stock was going to retrace the upswing we've just seen, that's going to be $2 to the potential downside. i'm going to look for a move of a comparable magnitude we've seen it up two bucks what if we could get another two dollars to the upside and not take the risk? we're looking at to

we say thank you to geoffrey dennis from ubs.r former secretary julian castro will be with us at the noon hour. stay with us through the day. this is bloomberg. ♪ two, down, back up! our phones are more than just phones. they're pocket-sized personal trainers. last minute gift finders. [phone voice] destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet which could save you $400 or more a year. it's a new kind of network designed to save you money. click, call, or visit a store today. tom: good morning, everyone. "bloomberg surveillance." a lot going on this morning. a monday briefing. taylor: a bloomberg investigation. some hedge funds hired polling companies that sold them advance information on the eu referendum including data that would be illegal for them to give to the public. this allowed some of them to gain fortunes. although confidentiality agreements has made it difficult to discover the identities of the hedge funds, bloomberg h

>> reporter: late tuesday she nearly made it to the top of the ubs building, and to the top trendingpot on twitter before descending to the 17th floor for a nap. leading many to wonder, what could be done to get the furry creature down? the answer -- call the professionals, and use cat food. authorities using the tasty snack to lure the raccoon onto the roof, into this cage, and away to safety. and this was her today, released into the backyard of a twin cities suburb. the exact home undisclosed. after all, she had to avoid the paparazzi. matt gutman, abc news, new york. >> thank you, matt. and we thought our trip was neverending. but 25 stories, her journey now over. one more flight for us. we'll see you tomorrow back in the u.s. until then, have a great evening. good night. evening. good night. reat evening. good night. >>> a tragic accident blocks off a seat. a run away car struck and killed a city worker. of our city. ul about theutur >> historic day, for the first time an african american woman has claimed victory in a mayoral election. >>> an everyday workday turns tragic. taki

ramy: the hong kong ck asset has theht ubs headquarters in financial district for $1.3 billion.ffice building was sold by british land company and dropped out-- they to of talks to buy the building earlier this month. bhp billiton has approved a $2.9 billion development of the iron or project in western australia. the move will help a minor increase at a time when high-grade material is selling. coming up, the end of an era. mario draghi surprises investors with plans to wind back stimulus but can the european economy really beat the risk? we talk about that next. this is bloomberg. ♪ haidi: markets open for the friday session in about 90 minutes time. about .6 percent, a dovish exit plan and looking ahead to the bank of japan. and any guidance on their monetary policy path. i'm haidi lun in sydney. it is just past 6:30 p.m. and you are it is just past 6:3. and you are watching daybreak austria. >> the trump administration will receive a -- release a refined list. it is shortly after the release. mario draghi has put the european central bank on the road to raising interest rate

be 500he moment it would rupees two 800 ub's.t's a lot more than your average pay tv, which is three dollars, four dollars, five dollars, more in line with high-end tv. netflix has countered that it is similar to high-end movies. the biggestne of hurdles. it's something read hastings has been asked about, something that executive tips -- executives, analysts have said that netflix will have to lower its prices. netflix has been steadfast. they say they have a one price fits all model, given patricians and currency, and they do not want to change that. right, lucas shaw for us in hollywood. bikely, the crowded sharing market. is now worth $2.5 billion. the ceo told bloomberg from shanghai how his company stacks up against the competition. believe we have definitely surpassed our competition which used to be much bigger than us, last year. >> where do you see how a bike going in the future? >> we do not want to be limiting sharing, to only bike but bike sharing is a very important sector for us. once we feel we have enough user bas

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ubs has cut 100 positions in recent months in the united states. the highest cost to income ratio among all divisions. : deutsche bank will probably post another quarter of declining revenue. accelerating its focus on the number of trades with wall street and will/7000 position -- will slash 7000 positions. rishaad: let's take a look at state-owned banks in india. rudderless when they need some strong leadership. nine out of 21 lenders are due to lose their top executives. four are due to report replacements. another boss was stripped of her title due to fraud charges. let's go to our guest. india is in a bad cleanup drive. why don't people want these jobs? why aren't they being filled? rupees islion 42,000 u.s. dollars. compare that with 400,000 u.s. dollars. that is what the chairman and to state owned banks get. 42,000 is what the ceos of private banks get. a huge difference. the other is government interference in state-owned banks. they want to make sure priorities are managed. everything you do can be second-guessed. people are really scared

and with germany now out of the world cup, it's been revealed that ubs & commerzbank had predicted germanyld win the tournament. so, have you placed a flutter and lost out? and what is the use of sports predictions? just let us know. use the hashtag bbcbizlive. hello and welcome to business live. we start in the us where president trump has said he supports tougher restrictions on foreign investment amid growing concerns that china is buying up sensitive us technology. markets have been rattled this week by fears that trade tensions could escalate from tariffs on goods to curbs on international investment. so have they? mr trump wants to combat what he calls the "predatory investment practices" that threaten america's leadership in technology, national security and future prosperity. so, there will be more power and scope for the committee on foreign investment in the us to block transactions. but for now no specific rules limiting investment by china. that's being seen as a victory for treasury secretary steve mnuchin. the us is not alone. the european union has been looking into curbing

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