watch out for ubs.n the move after the ceo denied that they will spin off their investment banking business to meet regulator demands. ♪ >> welcome back to "on the move ." i am francine lacqua at bloomberg european headquarters in london. these are the bloomberg top headlines. he will testify today before european parliament lawmakers. she is said to join the board of the ecb from her current edition is vice president of bundesbank. at the expense of its monetary policy clout. will curtail its nuke activities under a deal with world powers. in return, iran will benefit from some sanctions relief and the start of a 6-12 month timetable to reach a permanent accord. the deal still faces skepticism in u.s. congress. lawmakers are still pushing for more sanctions. thai protesters began blocking major roads in bangkok. offnstrators also cut access to a complex last night. the government says it will deploy 20,000 soldiers and police to combat the blockade. the fashion spotlight moved from london to malan -- t

there are really only two ways to bring down the leverage ratios at ubs. get rid ofld be to the investment bank. you just heard him say, no, they are done with restructuring. the other is curtailing lending. that, politicalaly speaking is not possible in -- not possible. the finance minister has suggested she would like tighter leverage, leverage ratio of anywhere between six percent and 10% and this is ermotti's way of saying if you want to do that, something has to go. >> let's stay in switzerland the go to basel, the committee has an impact globally on banks around the world. they have been tweaking the rules. what has been going on? in june, the basel committee told the bank said the way they may calculate leverage ratios. make them stricter and force banks to set aside more capital and invest or gamble with the less money. well, they did an about-face for the last 24 hours saying, no, in fact, they will keep the rules as they were. ed is obviously positive role -- news for shareholders and we see it in banking stocks today. while the rules may have ma

the chief executive of ubs says he won't spin off its investment bank. bankthink the investment is very strategic for us. francois hollande has his hands full but with a french president's private life get in the way of economic reform? >> airbus is set to announce record orders today. we will be live at its press conference. welcome. you're watching "the pulse" live from bloomberg european headquarters in london. >> this is what we are talking about. and next close of look at the goldman sachs global strategy conference right here in london. manus cranny is standing by with a quick preview. manus. we got the european perspective, the japan view, next up, u.s. investing. in.d just popped it is all about share buyback, dividends. join me in just under 30 minutes for the goldman's view on the usa. >> thank you very much indeed, looking forward to that. the ubs chief executive sergio ermotti is denying reports that switzerland's biggest bank will spin off its investment banking business. he spoke to bloomberg an exclusive interview and shanghai. >> ryan chi

we spoke to the chairman for ubs. he told me he is confident that there is not going to be too much movement or correction in stocks. he still likes stocks in the u.s. we talked about ubs and some other things. he have a great panel coming up on energy. the energyk to chairman and the amex ceo later on. then we will talk about finances in nigeria with the finance minister. >> iran is the big story as well. francine lacqua, i know you. it is already day one of davos and you have been out there partying. >> it is all about the dancing, isn't it? myn't -- i tried to show dance moves to psy. but we are expecting celebrities. davos gets a lot of flack for celebrity-driven sometimes, many ostentatious parties. my take is it does not matter where you meet people, as long as you start that dialogue. a lot of celebrities -- we spoke to matt damon yesterday -- or here for a great cause. this is the biggest export for korea. the same format damon. he is here for a good cause. he wants everyone to have access to clean water in th

he serves as the global head of emerging market strategy of ubs. that sort of addresses why my viewers should care about what's going on in emerging markets and is having an effect on our stock market. why this is happening in emerging markets why do we care? >> i don't think the biggest risk of this is that it will affect the u.s. market. in fact the house view here is that the turbulence we have seen so far have not deter the u.s. and the european markets improving this year. certain amount of risks, markets don't like the volatility that we've seen recently and also there is the possibility that down the road you could wealth effects on consumers not just the u.s. of course but around the world and companies also don't like to see the current volatility because it might affect their desire to invest. but overall so far i think this turbulence is not significant enough to really affect the u.s. economy it's just a risk out there. >> but you did say something you did look at these companies that are suffering, when you look at the s&p 500 which af

i'm fighting all the time with my husband. >> reporter: in response, ubs says "for more than 20 years, investors in puerto rico municipal bond and closed end funds received excellent returns that frequently exceeded the returns available through investments in other bonds or bond funds." but securities lawyers like jake zamanski are flocking to the island in search of ubs kufts mers. >> the customers told me the brokers said these were safe and conservative investments. they were never told these were risky investments, there was limited liquidity. they've lost everything once the bonds started collapsing. >> reporter: but puerto rico hasn't missed a payment yet, and there are still buyers of the bonds because the yields are so high, as much as 8 or 9%. that's tax free to boot. but with higher yields always comes higher risks. for "nightly business report," michelle caruso-cabrera, san juan, puerto rico. >>> still ahead, why this bone-chilling winter across much of the country could also be an expensive one. very expensive. >>> get ready to pay a lot more to heat your home this winter

ubs shifted them down into a runoff unit.hink it will have all the excess capital. >> thank you so much for all of that. now, let's focus on swiss companies. swatch shares a rallying today. the watchmaker is optimistic on its 2014 outlook. here with more is caroline hyde. this is a strong start to the year. this is the owner of the omega brand. >> it is. it is very diverse and it is a real bellwether for the entire watch industry and for the entire jewelry industry. it owns 20 brands, omega among them as well as the swatch brand itself. not only does it take watches, it makes components for other watchmakers. two thirds of the swiss timepieces made have swatch mechanical movement. it really is the bellwether. they even on retailers. they are looking optimistic. sales for 2013 did slow. a were the slowest growth we have seen in four years. it did live up to expectations. they grew eight percent well ahead of the market. they say look, we are gaining in market share because the rest of the export watches were only up 1.8%. they

the report says that price-waterhouse, ubs and other western banks may have played a role in helpingts set up trusts and companies in the british virgin islands and samoa. this may be perfectly legal and the wealthy say they are diversifying their portfolios with you t but the number of wealthy rich moving their families overseas say the smart money may have left china. >> they are a step ahead. robert, thank you very much. sue? >>> we are going to put a face on the face of puerto rico's $70 billion debt crisis. see which of these bonds are in the biggest danger, coming up after a quick break. well another great thing about all this walking i've been doing is that it's given me time to reflect on some of life's biggest questions. like, if you could save hundreds on car insurance by making one simple call, why wouldn't you make that call? see, the only thing i can think of is that you can't get any... bars. ah, that's better. it's a beautiful view. i wonder if i can see mt. rushmore from here. geico. fifteen minutes could save you fifteen percent or more on car insurance. cozy or cool

alex friedman there, global chief investment officer at ubs.er the break, diageo's chief executive joins us on the program. i will ask about the company's latest earnings, the impact of emerging markets and cost-cutting. give it right here. we are "on the move." ♪ >> welcome back to "on the move ." i am francine lacqua at bloombergs european headquarters in london. these are the bloomberg top headlines. the federal reserve policymakers cut the peso bond buying by $10 billion for a second straight meeting. the fomc maintained its strategy of gradually withdrawing the stimulus program as janet yellen prepares to succeed ben bernanke. it was the first meaning without a dissenting vote since june of 2011. china manufacturing contracted for the first time in six months in january. a purchasing managers index fell to 49.5 from 50 point five in december adding to concerns about the world's second-biggest economy. the rating just missed the estimate of economists surveyed by bloomberg. bank of england governor mark carney says scotland will probably ha

special guests, robert wolf, ceo of 32 advisors and former chairman and ceo of ubs america, an adviser to president obama. you have us putting the money on the table. >> jobs numbers. 8:30. >> we don't take credit on wall street. margin?n do it on i don't know. >> we are talking about the jobs number. the december unemployment report at 8:30. 2013 might have been the best year for hiring since 2005, does not feel like it, but them's the numbers. lacker giving a speech. st. louis fed talking about the economy later. that is what is driving this market. >> everyone stops trading until a breath., 8:30, take everybody wants to see whether the momentum continues. it is not that we are 00 iserating, 197,0 forecast. the unemployment rate will be interesting. the labor department releasing revisions to the last five years. they could move it around a little bit. it is possible we could go below 7%. just on a revisions basis. street into aall tizzy, able take a while for people to absorb that. >> we are all above the consensus, we think what happened in december will play in january. we are tal

coming up we have an interview with the ubs chairman. he spoke with us last year.on -- the best to gauge what is going to happen in 2014 in terms of growth and where you want to put your money. that great interview is coming up in just a couple of minutes with axel weber, right here live from davos 2014. ♪ . . >> the following is a paid presentation. >> it is about time. >> the number one reason people are not working out is they don't have time. >> i have four kids. i work 60 or 70 hours a week. >> i do not have the time. >> no time to work out? no problem. the home fitness program

if you are upset ub the publishing, direct the criticism to them for publishing it, not for snowden for bringing the term to them. glen, about community when it comes to the prosecution or given clemency, they are erroring on the side of clemency. the people in the united states needed to know about the monitoring. jonathan saying a resounding yes. it is atrocious how we are blind and uncaring, but on the flip side snowden did it for the money and started when he was young. >> all right, so you like online gaming? >> yes. >> new meaning to the spy games and glen we'll keep answering your questions when we come back. attention and they care and the story continues to be one of the significant news stories in the world and sparking intense debate. as far as the stories about economic spying and the like, a huge bulk of the spying doesn't even argue have anything to do with the terrorist and spying. the answer is concluding that the more a government like the united states knows about what populations around the world are doing and planning and strategicizing and thinking, the more power t

and possible surprises for the year, let's welcome the senior global asset allocations strategist at ubs investment bank. thank you very much were coming to join us. you made it through the new year festivities. we find these markets open a little bit on the upside. are you expecting another strong year for equities in 2014? >> absolutely. our call is that europe will outperform. we see a further upside in europe. japan may be the surprise in 2014. we have seen a rally in europe and the u.s.. what we haven't seen in japan is a re-rating rally. if people buy into this and start to see these reforms having a positive effect on inflation and earnings continue to improve, then we could see japan surprise on the upside in 2014. >> you are expecting globally to see, would you say a sluggish recovery? >> absolutely. if you look at the u.s. growth over the last 40 years, there has been a secular slowdown. we are seeing sluggish growth globally for this year and next year. it is more of a return to trend growth and fairly sluggish growth at that. it is not an amazing economic recovery but i think

we're talking about a lot about the dollar figure what the ubs studocused, one millionive million.e saying is perspective. is it about, you know, paying all your bills and at the end of the month not feeling stressed about that or is it about having a more lavish lifestyle than how you grew up? what do you think? how do people feel? >> i think people have really changed their perceptions about wealthhese days. melissa: yea >> i can tell you that i work th a lot of college professors where i t at the college o medicine. a lost physicians d for them, wealth is being ableo pay your bills, putour kids through college and no matter where the market goe you're still comfortable enough to know that at some point you may retire, or, that you will have tenure or have a job for the rest of your life as long as you need it. so a long as you have access to money, to have the bas comforts in life, then you are wealthy. liz: jonathan, i mean a lot of peopleaid that online as well that it was about, it was about family in the sense of being able to take care o your extended family. you know you h

ubs and wells fargo, they like panera for that reason.s down today, but they see 2014 being a good year for the stock. lastly, what about classic fast food? what about your good old burgers and fries? mixed picture when it comes to companies like a mcdonald's. today morgan stanley coming out with an upgrade, saying this is still a classic business model. don't forget this company has more than a 3% dividend yield. here's some picks for you. when you're thinking about the restaurant sector overall, there was a tone of caution when it came from all of these analysts. today said, look, an improving economy doesn't always mean good news for restaurant stocks. just because consumers have more money in their wallets doesn't mean they're going to spend it on eating out. in fact, they may be saving up for bigger ticket items. and when you're talking about restaurants, you got to talk about commodities. falling commodity prices has been a good thing, but ubs does note falling commodity prices doesn't always mean fatter margins. definitely a little

provocando temperaturas no vistas en dÉcadas en illinois hay mÁs frÍo que en el polo sur, investigan si ubo criminal en el accidente de lÍder de autodefensas en michoacÁn. >> una pequeÑa de 9 aÑos pudo salvar a su mamÁ y su hermanita gracias a su programa favorito. >> un refrigerador que aviso cuando hay que ir al mercado y un celular que se repara solo lo Último en la feria de tecnologÍa mÁs grande del mundo, la ediciÓn lunes comienza ya. >> ♪ (mÚsica) ♪. >> este es "noticiero telemundo" con josÉ dÍaz-balart y maria celeste arrarÁs. >> (♪). >> que tal buenas tardes comenzamos con la ola de frÍo polar que estÁ afectando a mas de 140 millones de personas en gran parte de estados unidos. >> las temperaturas josÉ bajo cero y la abundante nieve han paralizado todo en illinois, wisconsin, michoacÁnigan y minn. >> y audio auto . >> esta maÑana habÍa mÁs frÍo que en el polo sur adelante alba. >> asÍ es josÉ te puedo decir que si dejas una botella de agua al intemperie esta se va a congelar en menos de 5 minutos, asÍ estÁ el clima aquÍ en la ciudad de chicago, los vientos que se sienten la sensaci

today, you have ubs cutting it five dollars.nevitable turnaround for jcpenney that just doesn't seem to be happening. there, stills showed improvement. they're laying off 2000 workers. lori: making money with charles payne. charles: they have a new generation of what they call plow data in a box. it is essentially for the data centers. they have a system ownership where they will have more power and less money. i think it will be huge. it is one of these companies, you know, i like these networking places. they used to be really hot. i think it is really off to the races. i like the risk reward. it is one of these names. the last five years, every year, the revenue was down 20%. every year, the revenue should be up 20%. ashley: having a losing season. managing a first for a professional sports franchise. lori: wall street banks warned on lending. jeff while going directly to the source next. ♪ [ male announcer ] this is the story of the little room over the pizza pla on chestnut street the modest first floor bedroom in tallinn,

litigation department at ubs.nd as part of that function, i was the internal investigations coordinator. so when a matter came up that was suspicious, it would land on my desk. and what happened was this hedge fund was flagged by compliance. >> narrator: john moon was alerted to a hedge fund, sedna capital, suspected of violating rules regarding what's known as "friends and family" money. >> there were two parts to this hedge fund-- a fund that had the public investor's money, and there was the fund that had the so-called "friends and family" money. and it appeared as though this hedge fund was allocating trades in a way that the friends and family would get all the winning trades, and the public money would get the losers. and i started to look into some of those trades, and it also appeared to me that the timing of at least one of those trades was more than fantastic. so it was determined that i should go down to the sec and report the matter. >> narrator: but it was the identity of sedna's owner that piqued the

goldman and ubs lowering price targets. shares trading lower today after that announcement yesterday. brian and mandy? >> courtney, stick around. bring in now, jan rodgers, and former department store, and cnbc contributor. herb greenburgh with us as well. jan, you've been a, not a defender of jcpenney but we've talked about this extensively on this show, keeping our little bet. 33 out of 1,100 stores. people laid off. if you liked jcpenney before, do you like to now because they're willing to take drastic action. >> at least at much. i think maybe you like it a little more. people are lowering their numbers on them. i'm a little surprised they took this as any kind of a negative. sort of the same we just saw macy's do. right? laying off 2,500 people. closing seven stores. making a portfolio more efficient. that's all that penney's is doing. i think the negative here is, what people don't like about it, is a lot of people think this takes a major restructuring of the real estate off the table. i don't believe that. i think

a theme that will be tackled by the likes of ceos for morgan stanley and goldman sachs and ubs and marriott and google to name a few. with such high profile attend ees all in one location, security is extremely tight. from snipers on rooftops to heavily guarded checkpoints getting around isn't easy. >> any time you have the chance to answer the questions of who, when and where and how, you give an adversary an advantage to do something. by its nature, i think you do increase the risk. >> it goes far beyond the advicible security though. the organizers are making sure information security is safe as well. that includes e-mails and phone calls and any electronic documents. in a statement the organizers write the world economic forum takes information security seriously. we look at it from various angles ranging from our reports drawing attention to it as a major area of global business risk to an operational level. we employ encryption technologies when required and subject ourselves to external and internal audits. >> this is the place where business meets business, meets philanthropy meets

provocando temperaturas no vistas en dÉcadas en illinois hay mÁs frÍo que en el polo sur, investigan si ube autodefensas en michoacÁn. >> una pequeÑa de 9 aÑos pudo salvar a su mamÁ y su hermanita gracias a su programa favorito. >> un refrigerador que aviso cuando hay que ir al mercado y un cel

citigroup, deutesche bank, goldman sachs, jp morgan chase, morgan stanley, royal bank of scotland and ubs official answers regarding boeing's 7-8-7 dreamliner troubles are due in march.details of last january's battery fire aboard a japan airlines dreamliner will be made available at the end of march.the national transportation safety board will also release its review of last year's boston dreamliner fire, this fall. fewer feet marched into stores for holiday shopping this year.according to shopper trak... foot traffic at malls and stores was down 14% compared to last year. however, shoppers spent more money this year... overall sales were up 2.7% in november and december. the survey also finds that black friday was the strongest sales day of the season as consumers turned out in droves for rock bottom deals. for jcpenney -- the devil is in the lack of details. shares of the retailer fell 10% yesterday after a brief review of holiday sales numbers was not enough to "cheer" investors. j-c-p says it is "pleased" with it's holiday performance -- and also stated that customers responded "wel

lori: the eyebrow raising story with ubs is wall street was taken off guard, you mentioned structural changes. i wonder if you can work in to the idea the reality that people are shopping online, ups had to hire something like 30,000 additional temporary workers and had to cut their forecasts, their margins were hurt by those extra costs and they were not anticipating that. >> that has been going on around the holiday season for a long time. pointing and clicking, easier know you will get decent deal and a lot of places, this was something we have been saying consistently. shopper track who have 60,000 such points in malls across the united states face an online sales increased two times sales and a lot of these brick and mortar places and this has been a big phenomena and. amazon bumping up against the $400 level fedex will outperform ubs today and has been because of that relationship so we have been seeing this trend accelerating more and more and i think the short holiday shopping season gave a little extra boost. lori: some of the disappointing reports, goldman sachs, a industrie

. >>> now to sports, a major ub set in the sugar bowl. the sooners led by four when a.j. led by a touchdown play. trevor night with this to take the lead back, 24-17. he throws an interception with not a minute left. time for the sooners to get another touchdown. oklahoma leads at the half. bama keeps it close with a 61-yard run. with seconds left, the ball is stripped and ran in for a sooners touchdown. oklahoma 45, alabama 31. the chiefs with a two and a half point spread to take on the colts. the eagles favored to beat the saints. on sunday, the chargers take on the seven-point underdog bangals. to the best of the best. beating out tiger woods, adam scott was named golf's player of the year by the golf association of america. check out the graffiti on ice. they turned the rink into amplt kids and parents exercised their creativity painting on the ice. in the nba, the nets joe johnson with this incredible buzzer beater. he drains it as the clock hits zero. kevin durant is not playing nice. not even against his own niece. really? check out this mean block. he writes whoo

detroit entered into the interest rate swaps with ubs and bank of america in 2005 to help keep interest rates steady on pension funds. the contract costs the city around 50 million dollars per year.to exit would have cost 165 million, which the judge deemed "too expensive." now that amazon workers have voted against joining a union...the company is responding. in an email to time.com a spokewoman for the company says our employees have made it clear that they prefer a direct connection with amazon.we apologize for accidentally broadcasting the union was a go in yesterday's show. trucking company y-r-c worldwide is back in talks with teamsters to refinance debt and avoid bankruptcy. earlier in the week y-r-c workers rejected a proposal that included a 15- percent wage cut, delayed salary increases and reduced vacation time.the company plans to revise its proposal shares of y-r-c raced up 21-percent on the news. american airlines is dropping flights from the east coast as a result of its merger with us airways.american will halt year-round, daily nonstop service to 17 cities from washingt

. >> we have a story on ubs.it puts an end to speculation -- they are not considering putting off their investment banking business. volkswagen passes general motors in china. they are selling 3.2 million vehicles last year. they edged a gm. this marks the first time in nine years double-click an out sold gm in china. it put them closer to being the world's biggest carmaker by 2018. in hewlett-packard plans to renominate its entire board of directors. this is an effort to build stability after years of turnover. the interim chairman could the renominated as part of this plan. that is today's company news. >> are they an emerging -- are they in the acquisition game" >> that has been what we're reading and hoping for. to be honest, it is a huge company. will you deal? you have to sell. 2014?t is the report in >> it is a private company. it is hard to tell what is going on. we know that they wanted to take an enormous amount of cost out of the company. you could probably bet that they're doing that right now. >> you

there is a problem out there -- ubs.t making the money they expected. >> let's look at the top 10 stocks as we head into the close. ups as a drop of nearly one percent as the shipping company missed analysts estimates. the attack of online shopping forced him to hire more temporary workers and they missed those holiday deliveries. as i know all too well. >> yeah. >> i was one of those angry ubs customers. >> oh, i am sorry. intel down six percent. the and simmerat outlook for the pc demand is declining in asia. -- consumer outlook for the pc demand is the climbing in asia. and a permissible company looking for approval from the fda for kemah jargon in the u.s. >> ok, we are looking at elizabeth arden, number seven. the beauty product maker gave a dismal fourth quarter. they have been reluctant to offer heavy promotions during the holiday season. >> i like how you said that. dismal. diss. get it. >> all right, electronic arts, jumping 11%. the maker of matt and football ames has been rated --madden buy. matt, you will be

not understood] including [speaker not understood], jeffery osborne and others, but i'll just say the ub 40 song is my favorite song of the whole movement. and it goes, we will fight for the right to be free, we will build our own society. we will sing, we will sing, we will sing our own songses. when the ancient drum ribbonses ring, the voice of our forefathers sing. forward africa run, our day of freedom has come. for me and for you, [speaker not understood]. thank you, nelson mandela. >> thank you, supervisor mar. colleagues, can we -- (applause) >> thank you. colleagues, can we do that in memoriam on behalf of the whole board? without objection, that should be the case. [gavel] >> madam clerk? >> thank you, mr. president. supervisor wiener? >> thank you, madam clerk. today i'm introducing a hearing request about the status of the roll out of the at&t uverse boxes. a year ago this board rejected the c-e-q-a appeal relating to those boxes and the roll out began almost a year ago ~. i'm sure, colleagues, that you all heard from constituents as the process moves forward. i know we work c

but paying $165 million to end so-called interest rate swap agreements with ubs and bank of america's merrill lynch unit was determined to be too high a price for the bankrupt city. >>> just two weeks to go before ben bernanke's second term as chairman of the federal reserve ends, and in his final scheduled public appearance as head of the fed, bernanke reflected on his eight dramatic years at the central bank and said the fed should give the economy the stimulus it needs during this tough recovery, even fit puts financial stability at risk. >> we're watching this very vigilantly. we've developed tremendous additional capacity for doing that. but at this point, we don't think that -- i think i can speak for my colleagues in this -- we don't think that financial stability concerns should at this point detract from the need for monetary policy accommodation. >> very interesting there. bernanke also recalled to the bookings institution in washington, d.c. what he called those very intense periods during the financial crisis, periods that he likened to trying to keep a car from going over

ubs has raised the stock to a buy from neutral. low cost of production. price target 96 euros. these guys had a blinding day yesterday. they put 200 million in. more speculation. i am surprised it is not higher. they may look at that stock. we have covered almost everything, but i want to go back to macquarrie. the most accurate forecaster of foreign exchange for the past four quarters. it is absolutely based on data. there is a lot of calls for the emerging markets to go lower. this is going to drop more than eight percent. market agrees. 80 on the way. back to you. on theks for the latest markets. our next guest expect more volatility for 2014, but it could still be a good year for equities. joining us is chris. great to have you on the program. talk to me about 2014. from an equity perspective? >> from industries or something you think will be a real bargain this year? generally we have seen towards the end of last year with cyclical stocks starting to outperform. it has just been upgraded. that has been a quiet stop for a couple years. we like technology. anythingndustrials

watch the baby cold day here in boulder on your wall imagining him and a double pack tn polar bear ubs are wowing the world from another germans these two new arrivals soon unique custom being shielded from visits. still the center of attention. the trim painted as a beagle which extends from the boldness of that case instead to just over a month ago. progress is being documented on camera. this book is the dirtiest it rains our unique experience to the sudanese to the system that it's not a fan stomach all day just being born and raised here. munson m to noon one of the last bit was twenty years ago on ski on if you have to stay inside the moment with them mom to ponder the many get him outside and meet the deputy history. until then however fans can watch their progress online. visit his website what do these don't disturb every bizarre. what you've seen it a few hints. and the yen. don't get to watch meets the world you were ever you go. she asks for your own tablet access program schedules on demand video. my name is pete over night stay i enjoyed the us versions available to secur

john: also the sierra ub said outdated ambac word dirty technology. >> thais what the anti- coal actists say. your previous guest talks about the importance of renewablenergy but for every gigawatt to you in the fossil fuel to backt up because when the open-ended does not flow you need reliable electricity. john: he is so obvious as talk to somebody who gets dirty. what has happened where you live? to the pple of losing jobs , the cars, homes, west virginia is taking a beating john: maybe it is good because of black lung diseases and people like you come to harm. >> the technology has come a long way ahead is think good side of our industry. >> con theater listings and i knew this kentucky, of west virginia, iay twice as much. >> it is the cheapest of fossil fuel we can produce it cheap isn't safe that we kick into is out call. john: we have natural gas symmetry you cannot give one company a monopoly. using the price will stay down? it will go up. john: they will do more. >> how many can you drill? will they be in everybody's backyard? john: i hope you and your friends keep your jobs. >>

today, we spoke to ubs and credit suisse.nd you areling off going to see more selling when we begin to differentiate in the week. >> thank you very much. they continue to be bothered by the tapering question. will the central banks follow suit or go in the opposite direction? says they will not reduce stimulus anytime soon. going to be more proactive because of deflation and economic growth. be emerging markets will trying to counter. they will need more help there. it will continue. you have a big hurdle. if you do not start with inflation, there will be another. >> here is what else is on the radar, snowden says there is no doubt that the united states engaged in industrial espionage. they said that companies were found to have useful information and the nsa would use it. he has disclosed mass surveillance by the nsa. sap is ramping up efforts from the united states government. it is data storage that signals which programs are safe. daft honk won five awards. duo. was another standout we will continue the conversation arou

senior strategist at ubs wealth management. i wanted to jump right in because today we saw a lot of different news events in the markets. what do you think was the message of the market? >> when i look at what happened in the market today, i think the biggest message was that the market was a little bit concerned about some of the softer data. we saw the nonfarm payroll support on friday that was weaker than expected, and i think you're seeing some sort of hangover from that. also we had some retailers out this morning with negative preannouncements about the holiday shopping season so, i think that also weighed a little bit on sentiment. that being said, we still think that the economic environment looks set to improve modestly as we go into '14. >> david, do you think investors are worried, to put it mildly, about the earnings season and what it's going to show? >> i think it's natural that you'll have -- there's a little bit of uncertainty as we're about to approach earnings season. it really kicks off in a small way this we

ubs had sainsbury on its list of top most likely targets for 2014. >> watch out for that.nk you. dennis robin made a trip to north korea. -- rodman made a trip to north korea. will this prove that any publicity is good publicity? ♪ >> i am mark barton. these are the bloomberg top headlines. asian stocks rising today after the imf decides to wait to deliver its economic forecast. mark mobius says he still sees fundamentals in emerging markets despite major wall street banks being bearish on the air. says there is a great opportunity. situation where institutional investors and other investors in the u.s. are overweight. they have to diversify or else they will be in trouble. >> millions of the u.s. are being urged to stay indoors to coldct against the bitter snap. record show tuesday was the coldest day in record years. chicago had a temperature of -20 degrees celsius. that was colder than the south pole. hello. welcome back to "countdown." the latest stop of the u.s. treasury jack lew's european tour takes into berlin. for more on what is on the agenda, we are joined by ha

the presence of french troops and african ube i don't know peacekeepers have failed to stop sectarian country. and there was also fierce fighting in other parts of the capital at least nine people were killed as christian and muslim fighters exchanged gunfire. french peacekeepers had to intervene as christian fighters moved in to the mostly muslim neighborhood. >>> turkey's currency is in trouble. it hit a record low against the dollar on friday and has lost 10% of its value in the past month. co-sign it'sing with the corruption scandal at the heart of the government. anita reports. >> reporter: turkey's economic bubble may be about to burst. turkey's buoyant economy is under threat from a steep slide? the vast turkish lira, it sunk 17% in the last month. >> well, because it will have major affects on the well of the people. >> reporter: the lira is at its lowest level against the dollar and euro in decades. the affects on turkey's new consumer society are already here, foreign imports are more expensive. inflation is set to rise. businesses have struggle to go pay foreign debt and th

we have had credit suisse, ubs and here today saying this is the beginning of a continued move.where we begin to differentiate between the structure really poor currencies. >> those with high deficit for example. >> exactly. --idn't see the exclamation escalation coming. 13 currencies have gone through the median forecast for the year. people are abandoning their original calls. that sums up the fx story. >> let's move onto stocks. this is being reflected in global equities. >> it is. let's look past the equity story and talk about volatility. you mentioned it in your market coverage. it is beginning to cost you place of statue a lot of money. volatility has jumped the most in two years. that is a contagion into mature markets. there is a very boring markets thing we look at. >> i am sure it is not. go ahead. >> is nine days in the s&p 500. me is what that says to that there is a preparedness for this correction that has been much touted, much mooted. goldman sachs said, get ready for a bit of a draw down. that is what is coming through in these volatility indexes. 82% jump in v

former ub s chair robert wolff knows how washington and wall street works. robert wolf will join us after the closing bell. keep it right here. mine was earned in korea in 1953. afghanistan, in 2009. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection. and because usaa's commitment to serve current and former military members and their families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to serve. [ female announcer ] who are we? we are the thinkers. the job jugglers. the up all-nighters. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can say, "i did it!" ♪ ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to help start yours. >>> welcome back to the floor of the stock exchange. dow is hangi

lou: here with his outlook, chief economist, ubs investment research. good to have you here.u to have been bernanke. he does not seem like a fellow that has warned the weight of the federal reserve well. >> well, he had one of the toughest jobs in the country. let's face it, that anyone could havead trouble facing a been dealing with the problems he had to deal with the last couple of years. so if he looks worn, he is. lou: his view of things, very ambiguous. the language very -- how about a concrete outlook, will happen this year. give us your outlook on this market and this economy for this year. >> said think we're probably going to have the best year we have had in this economic recovery. they should be the first year when we have 3 percent gdp growth. the empire rate continueso come down. we have it at six ana half% by the end of the year. and it will be an okay year from the stock-market. last year was a tough act to follow. for a lot of folks if you could just hold on the what he made last year into a little bit better to be perfectly satisfied we had a target at 1950.

the chairman of ubs told us what he thinks about the loss trip >> he's definitely a loss to any companyhe has been a great name and a good commentator on monetary policy. i know him for many years. he is very good to exchange views. i don't share all the views. we are very equity focused. it has served us well. it's a good sounding board if you talk to people like him. >> betty liu is out with a new book," work smart." all this week on "in the loop," the biggest names in business answer a different question every day in today's question -- what is the one skill every leader needs? >> credibility, both in the way he deals with people and the way he deals with numbers and the way he deals with the realities that are around him. >> good listener. >> listening, your team your people in the market, customers, suppliers, they have a lot to say and the best ideas will not come from you your cell. they will come from other people. >> great people skills is the ability to be intuitive about people and hire people that are different than you. >> i think we have to listen, learn before we can lead

that is the same view at seen from credit suisse and ubs. we will see a continuation of that selling process according to credit suisse but we will come out the other side. we are not done with this move on the downside yet. discerning around to or discriminating more clearly. argentinians have gone for devaluation. the turks went for intervention. the rand sees lows with mining strikes. there are big issues at each of those worked -- worst-performing currencies. what you have got here is currency called being torn up and thrown out the window. i don't think we are anywhere near done the end of this. it has more to do with taper than china and structural problems but the market will come back and discern. politics as well. >> any sense that the fed may change its tune as a result of this or will it continue to focus on domestic matters? inthe fed is not interested terms of what happens to markets outside. is the fed concerned about anything that goes on outside? the answer, no. they had their geo-mandate which is about unemployment, growth.

ubs boosting annual bonuses by 2013 10% in asia for according to people familiar. compensation could exceed $2.5 million. was top-ranked equity sales for the first time in five years. morgan stanley said to be top banks.posure for they will pay some portion for last year's performance in cash. also promoting a few employees to managing director and an ago.ase from 140 one year we will break morgan stanley earnings later today on "surveillance." ♪ hello. welcome back. i am mark barton. "countdown later on,"-- later on "countdown," iran side look at "the wolf of wall street" later. richest man, the founder of galaxy entertainment. taking a look at the rise of gambling in the region, our gaming analyst joins us now. lasts more than doubling year. one really differentiates it from its competitors is? >> it's interesting looking at galaxy versus the five other competitors in macau. it really has grasped the vision of where macau can go in the region where all of the growth is happening. they have a land bank larger than anyone else. they built one facility, one casino r