i want to go back to the ubs issue. we got names about ubs and this is what started this. it was the threat that the names would be disclosed following ubs that began the flood. with ubs, one of you said we got the names through treaty process. that is very inaccurate technically because as a matter of fact the treaty process was not working. the testimony that i read before was testimony about the failure of the treaty process in that matter and it was only because there was criminal evidence in the united states and an indictment was going to be issued against ubs. it was the fear of that indictment that led to a deferred prosecution agreement. the treaty process wasn't working so now you have a deferred restitution agreement with ubs and then a john doe summons another one of the tools in the toolkit as requested as the treaty process wasn't working and then and only then this was a read to release the names quote under the treaty process because it believes that the results either if we had followed a deferred prosecution agreement or a john doe summons would have been

. >> what about the ubs? >> we got some results. ubs model that we want the justice department to follow here, it is all models that involves using our tools, tools of grand juries, using salmons and subpoenas and indictments that then produces the results. otherwise it is just negotiation year after year after year which you see finally an outcome which does not produce what you need to go after the tax evaders which is their names. in the swiss parliament passing a law, it says you have to prove something else unilaterally. you have to prove that the bank that you think has the names of the tax evaders you have to prove that they have substantial participation in some wrongdoing, no way to shows that unless you have the names of tax evaders who they are aiding and abetting. a chicken and egg problem the swiss parliament law has put us in. >> was anything said to you that convinced you they would be more aggressive in pursuing? >> tasted didn't say anything that convinces me. >> have they done anything recently? >> this hearing may

ubs signaled a shift in the off size world. switzerland declared they would no longer use secrecy laws. a flurry of new tax information agreements were signed around the world promising new transparency. the g-20 world leeraders declar quote the era of bank secrecy is over. well five years later it isn't gone. billions in unpaid taxes remain uncollected thanks to tax evaders use of bank secrecy and we have great concern the battle to collect the assets seems stalled. our investigation chronicles the uneven process made in identifying u.s. taxpayer who cheated uncle sam by using offshore accounts. a bipartisan reports states chapter and verse of the failure to collect taxes hold and hold them accountable for the person that evaded and the tax agents that helped him. we have a detailed case study involving credit sweeps. after the ubs standal broke, credit sweeps admitted to investigators they were involved in this, but they were going to clean up. seven were indicted by the just department in 2011. we checked in again and found

after the break i will be back with mark, of ubs.e'll tell russia and carmakers and why he sees value in stocks that fell last year. ♪ >> welcome to "on the move." i am francine lacqua. let's get back to our main guest of the hour. mark at ubs. than $2 trillion of assets. thank you for sticking around. theere talking about implication of ukraine and russia and what it meant for global selloff yesterday. is the russianrn investments. what do you do with them at this point? telling investors to stick with positions especially if they are focus on emerging economies that could pick up more exposure given we do not think the crisis is going to extend from here. stay a 50% chance it will at the level. the valuation now is very compelling. >> in terms of your best bet globally, is it the once that were hard hit last year like a european equities and recovering stores? >> -- stories? >> all you have to do is look at the indexes last year -- yesterday. this has been our focus for some time now. the u.s. assess was the improving economy and w

chief economist at ubs investment bank. >>> steep housing cuts. houses lingering on the market. that formula makes cleveland, ohio, the top home buyers market in the country. but this isn't exactly a badge of honor. the area is still struggling to recover from the recession. home prices have not increased since 2004. poverty is increasing, and people there can't qualify for loans. stan, thank you for being with us. >> glad to be here, ali. >> my pleasure. let's talk about cleveland. cleveland is a story that didn't get as much uncle as other places. i know you gave it the ink but most people focused on detroit and the desolation even before the recession . but cleveland had similar problems. >> oh, yes, both are manufacturing economies, both had boons before the 21st century. but clevelanders are proud to say they're not from detroit. >> draw us a picture for people who don't have a sense of it. draw us a picture of the housing market in cleveland. >> okay, it's one of these things where cleveland is a very inexpensive housing market all the time. when you factor that into the c

bill o'neill from ubs wealth management.e us your assessment of the housing market, focused on supply and demand. the knee has predominantly been the focus here in the u.k.. -- the need has been predominantly the focus in the u.k. >> surveys are suggesting that there are a dearth of structures to sell. if you look at the national level, mortgage approvals are running at about 6% of the previous peak. net secured lending per mark net , repaying mortgage payments, is limited. you cannot talk about oval conditions at the national level. there is a constraint of the supplier. ell.just of structures to sai buyense is that hard to structures will be with us for a while because it is seen now as a way of closing a gap in the market to basically create -- again, to seek out or incentivize construction of homes. >> do you think the treasury and the bank of england seem to be on a collision course over housing? >> my sense here is that pre-election is going to be more difficult. our view is that is going to be up to 10% year-end infla

in that case they built a case against ubs.at the end of the day as i understand out the names cantor it was through the resolution of that case and then ultimately actually enter the request that produced the 4700 account names. many, many more were sought at that time, but only 4700 were produced. and it was part of a treaty request process in relation to they're deferred prosecution agreement. what does that tell me about the best way for us to go about this what it tells me is the best way to go about it is to build a strong criminal case against the banks in switzerland who are fostering that tax evasion by the u.s. citizens. what i have been focusing on is ways that i can go about getting information that i can use to build a solid criminal case against the 14 banks, and that involves many that the account records. lessons to be the real '. a lot of the discussions we had were bucking the internal bank records cannot account records, about how those banks conducted their business, but to the employees were in the bank's w

unlike ubs, u.s. enforcement action against credit swiss talled.in 2011, while seven of the bankers were indicted by u.s. prosecutors in 2011, none has stood trial and none has been the subject of a u.s. extradition request. less than a handful of u.s. taxpayers with credit swiss accounts have been indicted. that's not much accountability for the bank, its bankers, or u.s. clients. taxes joed on billions of dollars in hidden offshore assets remain uncollected. to collect those unpaid taxes, and to hold us tax evaders accountable the critical first step is to get their names. the prospect of the united states getting names is what produced the effect. the rush of u.s. offshore account holders make so-called voluntary account disclosure to the irs and paying what they owe to avoid embarrassment and worse.

ubs open review of its currency operations last year.that is after bloomberg news reported in june that traders and industry had colluded to rick a global benchmark it. >> agreed to pay $9.3 billion over dispute. felt18 things over there mortgage products. it alleges that falsely percent of the loans by the security. -- rupp presented the loans down the security. in the annual round of stress tests. the banks fail because of concerns about the quality of their capital plans will stop bank of america won approval for its first dividend increase since the financial crisis. we're just getting some figures out of the u.k. >> retail sales are incredibly strong for the month of february. the weather at that point was pretty poor. much stronger rate versus the dollar. the number came in at 1.7. the expectation was half of that. despite the weather, the brits were out shopping. >> they certainly were. a court in turkey has overturned the ban on twitter. our middle east editor has more. a little bit of a blow to the ruling party just days before

the head of emerging markets across asset strategy at ubs. ballmer callsve microsoft a two trick pony and we will bring you what he had to say after the break. >> welcome back. oxford unione debate with the newly retired microsoft executive. he spoke after handing the reins over and it seems that he was very candid with this interview. had a lot said about software, hardware, and what microsoft wants to be. he was flamboyant as ever and he went to the oxford union to address students. that microsoftly was ahead of the game to begin with and he feels that they topped the ball when it came hardware and software together and combining the two. he says that companies generally have one trick. if you are good, you have two tricks. he says that microsoft was a two trick pony and the question is ow about -- >> people said, why did you not do the third trick right? toi do not know if we were busy or if we only knew the jewels of the first two tricks. do you know what the challenges are now? the tricks go for a lot of years and in our industry, you ha

. >> ramming the keys are there with the ubs investment bank -- nakisa there with the ubs investmentank. stay tuned for much much more. ♪ >> jonathan ferro has more. this is a huge market. china is market where trying to be more transparent. >> you hit the nail on the head. you have a market that art they're trying to dominate. that is absolutely massive. minerals are elements for everything we need to make. the problem here is -- has always been price transparency within china. with china are doing is bringing these rare earth elements to an exchange in a similar you can buy copper over the metals exchange. they're trying to increase transparency to bring some free market discipline to the market and hope put -- and hopefully deflect criticism. >> you are also getting trade disputes between u.s. and china. >> yes. whenever you have a country that produces an element him a commodity and dominates it, they're going to get attention. to dispute was between the likes of the eu and the u.s.. they are essentially saying look, you're limiting our accent -- our access to these elements. chi

still here with alex friedman from ubs wealth management.g to the close of this first quarter, which has not been great. i mean, the s&p is literally unchanged for this first quarter. what do you see for the next three months in this market? >> well, i think first of all, the geopolitical risk will come down. i think we'll stop talking about russia too much. the china worries will come down. we'll start coming back to the u.s. story of, are we seeing cap-ex accelerate? if so, is that going to drive earnings? i expect we head in that direction. we see ten-year start to move towards 3%, something in that neighborhood. >> i was going so say, how much will fed policy and especially interest rates play into the story of the stock market? logic would suggest that if it was the easy money policy that gave us the big gains we saw the last few years, you would think that as they slowly reverse that, the stock market would reverse itself. do you see that happening? >> yes, it would happen if you don't see earnings acceleration. that's the cap-ex story

and this is something that is not all that ub usual, an american president being greeted in this fashionhe will, we might add do a little site seeing at the conclusion of this press conference, scheduled to go to the coliseum in rome. and then tomorrow on to saudi arabia and a meeting to patch things up with the king there, del. >> mike viqueira for us in rome. mike, thank you very much. just minutes ago the united nations passed a resolution condemning russian's actions in crimea. 100 voted for the measure, only 11 against it, most notably, of course, russia. >> instead of a government of national unity, a so-called government of victors appeared. the shots were conducted by those who preached according to the decoration of the parliament racist, views that seemed to hate everything that is russia. >> the u.s. and european union delegations throwing their support behind that resolution. >>> the imf is promising $18 billion in loans for ukraine. he saying he will put the country on the right track in his address today. they also debated a u.s. aid package as well, if it passes america wo

now on the floor of the new york stock exchange with paul richards who has joined us now from ubs. we're beyond now yellen, we've corrected ourselves here, or what? >> i think the market is very tough on a pretty good first showing, actually. i think the market is jealous of the fact that the fed is reading the economy better than your average commentator on the wall street. what i saw from yellen is confidence. she said they might be moving on rates six months after tapering so what? three months before the market thought that, she thinks it's better than it is. and i agree with that. >> guys, so, if that's the case, not so negative for the stock market. maybe that's the gyrations that we had post-fed are finally being settled out. you look at the action today in the market. there are definitely trades that have worked great, that seem to be unwinding a bit. biotech is one of them. what do you make of this pullback today? >> judge, i point out just real quick that what has happened basically has been a series of storms, events in ukraine and crimea, as well as other issues that ha

at ubs they boosted the second quarter growth rate allowing for a weather-related snap back.the risk to the forecast seen mostly overseas. china reported a sharp drop in experts. that could have a slowdown in the economy and the outlook for europe is uncertain. obviously, a potential negative shock that could come from a worsening of the situation in ukraine. for now, the consensus is there is a thaw coming and should heal the u.s. economy. >>> the rise in stocks over the past two years hasn't done much to alleviate a decade's worth of problems funding public employee pension funds. roughly half of u.s. state pension plans have big gaps between what they have promised retirees and the funds they have on hand to pay the benefits as contributions have failed to keep pace with what is needed. >>> the white house is pulling the plug on proposed changes to the medicare prescription drug program after an uproar on capitol hill. the proposal would have given insurers more leeway to limit the number of drugs they cover for medicare beneficiaries. now this change means that medicare w

france and the european ube youn are ready to make a contribution to the peace. for rabbit and coordinated action of the european union which will be decided upon at the third of march council of european foreign ministers, i thank you. >> translator: i thank the representative of france for his statement. there are numerous speakers on my list. i would now like to invite members of the council to informal consultations of the issue the meeting is now adjourned. >>> and you have been listening to live coverage of the u.n. general assembly meeting discussion the ongoing cries let ukraine, earlier we heard the russian ambassador addressing the assembly and bra blaming the west for spurring the con football takes an takesconfronto the fall of president victor yanukovych and heard from am ambassador samantha powers and other world leaders urge russia to stop its intervention ambassador powers saying very clearly actions speed louder than words and the united states is deeply disturbed by russia's interim vision in the ukraine i want to brings in james deputy director

mandy spotted this morning ubs raising price to a heady 46 bucks. one look today on the technicals. rich, the last time that microsoft hit $46 was around march or april of the year 2000. i admire ubs' boldness, but is there anything technical you're seeing that makes you think it can get there? >> i've got mixed emotions with the stock. obviously acting well here in the short-term. but i can't help but think the recent strength is more an indictment of high flying technology stocks than it is an endorsement of microsoft here. i think we're seeing a flight to safety which is pushing shares too high here. bring up the one-year chart. i'll show you why. you can see since last year we broke above the 200 day up over 40%. nice well defined trend line. then we see this head and shoulders continuation pattern. that's all good. now let's zoom out. you see this very long-term monthly chart. this is fairly impressive here. you can see we've now broken out from a 14-year base of support taking out that $40 level. i feel this a trap, though, brian. we had a similar move back in 2007. you can se

in the ub ushes they go for $120 a month. realising the problems 10 years ago. they introduced a mass housing scheme to build affordable homes. it provide basic infrastructure to developers who would turn around cost effective units. city planning officials admits the plan failed to see objectives. developers are being accused of using the land for unexpected purposes. the government failed to provide infrastructure. >> we have to do roads, electricity, and add it to the cost of the land. the construction of the house. you find that. to the people that are going to buy it, it is higher than what it would be. >> the federal capital territory says it formed a committee to fix the problem. it's not clear about the measures, administrative officials were unavailable for comment. for now, hundreds of thousands have to deal with this. not the thing to look forward to. >> now, australia is hosting the asia pacific biggest contemporary art festival. many are threatening to boycott the bienale, unless it drops the main sponsor. andrew thomas explains why. with live perfo

they arefrom ubs, maintaining their target for the yuan at 6.1 to the dollar.is only strike -- slightly stronger to what it is today. even the weak exports on the slowing pace of growth, ubs sees little outside. -- upside. >> the company behind the world's biggest skyscraper has plans to show it should -- so it's shopping. ♪ glaxosmithkline plans to hire doctors to educate their peers about its drugs instead of paying external speakers. the move comes amid changes to its marketing practices following a record fraud settlement in the united states. nikon will fix digital cameras at no charge. its -- evenerve as after warranties expired. to bechoo owner is said in early talks with banks about a possible state sale. they would retain majority interest and used the sale to fund expansion in asia. "countdown."to developer of the the world's tallest skyscraper searched on sunday after it announced plans to spin off its shopping mall business. it is the biggest company to take advantage of the emirates rebounding economy. elliott has more. this is mark something of a

along with ubs wealth manager rob seech em. a baron's top 100 advisor. stocks a rough first quarter. momentum names weighed heavily on the major averages. the dow dropping 1.5% in q-1. nasdaq off its worst week in about a year and a half. will a new quarter bring a new run for the rally or more tough sledding? take that to the panel. josh brown, how is this april going to be compared to march? >> that's a good question. >> do you think it's going to be good or bad? >> well, we're positioned for a little more of the same to tell you the truth. when the year rolled over to january, we took gains in equities, added back to some of the if i canned income that drastically underperformed. so far that's been a right move. we're not making any huge changes because essentially you have a flat market through the first three months of the year. and if you look at it from an earnings standpoint it makes total sense. scott, when we started off this year the street was looking for about 5% earnings growth for this quarter that we're in right now. they've been lowering

ubs are the high side of everybody on the street, boosted q-2 to a 3.8% annual rate allowing for weatherbacks. the risk to the forecast, mostly global. if china's slow-down is worse than expected, if europe slips back into slow growth or recession, obviously there is potential as michelle said for negative shock that could come from a worsening of the situation in ukraine but right now, guys, the consensus is that there's a thaw coming and it should heat up the u.s. economy. >> we should hope for that. thank you very much. >>> nike reportedly set to strike a $1 billion record sponsorship deal but what exactly will they get out of it? >>> why america's love affair with the car may be ending. >>> and where bill ackman really should have spent his money. why are house repu"retreating," ng," and privately saying they'd rather do "nothing" on immigration reform this year? doing nothing puts jobs on ice... forces us to lose out on revenue for roads and schools. and sends a message to millions of dreamers, who study hard and want to serve our country, they might as well dream on. no, nothing wo

internal chat 100 messages containing change requests by several ubs traders.london today. he is meeting with the russian foreign minister in a last-ditch attempt over the crimean vote on sunday. they're voting to join russia. this violates ukraine's constitution and international law. >> we are getting the latest out of russia. what do we know? benchmark rate in russia. it is on hold at seven percent. we had a surprise hike last month. are 150 basis points, the highest since 1998. that was to prevent inflation. the ruble is still at a record is. only one analyst forecasting another cut to 6.5%. you can see the ruble pushing just a touch higher. >> thank you so much for that. jon ferro is with the latest on this russian central bank. >> billionaires in russia and the ukraine are bracing for further losses. helping to quantify the losses is robert lafranco. who is being affected? how is this impacting it rushes richest? youf you're in russia and have money, you are being affected. we are talking about the richest of them all in russia. indexre 19 guys on our and

a little bit later, francine usually has the privilege of talking to axel weber, the chair of ubs. i will have a word or two about japan. quite knowledgeable about japan now. >> you prepared. manus cranny, the latest on the conference. we have two great interviews and are back in just a couple of minutes. ♪ >> welcome back. you are watching "the pulse." interviewsging you from the gip conference. christian noyer joins us this hour. >> we will be live with axa weber later. >> you can make a case, had we pursued -- started at a faster pace. given that we embarked on this measure reduction, it is important to give some certainty or clarity to markets about what we are doing. that is why a it is ok to continue. the hurdle rate for changing is pretty high. >> we saw wages rose. in terms raise flags of inflation? are you happy with that data? >> the data is encouraging. we had a low wage growth over the years. people have to remember that wage growth is not a precursor to inflation. wage growth is a lagging indicator. usually it is through inflation and then the wages catch up. >> intere

steps is turning to bring the team bounced back in line german exports grew at their fastest rate in ub two years. imports grew even faster and four point one percent compared to the previous month. critics have blasted the german economy for relying too much on goods sold abroad. some analysts pointed to strong exports as a reason for the input stage. didn't study increase in exports is leading to higher demand among german businesses for intermediate students total this means that german exports to countries outside the eurozone are really driving up imports more than i can also lead to the solid development of the domestic economy especially consumer spending climbed up on zoom on investments are also picking up resulting in strong domestic demand in the national fund for the german economy is still strongly hinted towards exports the country doesn't import nearly enough to balance its trade surplus which reached record highs last year. and that's with germany's your eyes and trading partners to call for berlin to step in and stimulate domestic spending for example by investing in in

the problem of ubs also says she doesn't expect to be the depreciation in hand with what you really interesting. thank you very much the bidding for us live from shanghai. chinese e commerce time i leave out the group has decided to hole his long awaited ipo in the united states the decision ends months of speculation at the hong kong listing did not push through last year. right now i try to be a nyse in order to ask that could come and win something. what can i say i could raise up to fifteen in interest on the scene this ipo and that would be the highest profile pretty often seems facebook sixteen b and dominance in twenty twelve this is seen as the second wave of major chinese in and i killed when a boy and gina not combine the two other key in that for this one for us these things i bought a set on its website might consider any future h macy. so at times investors can share in its growth. well santa many hong kong was dampened by a rising tensions in ukraine held the losses would have to buy a rebound in shanghai market the ship's bell today that by ten cents ahead of its annual results d

. >> ubs takes price target on facebook to 90., in terms of ad pricing, lasting much longer than expected. the price paid per ad up 92% year-over-year. i don't know, you like the name. are you that aggressive? >> well, yes, actually, i think what happens is that 2016, 2017 stock looks cheap. i have to tell you, when we talk about people who say things are overvalued, what they're -- the subtext after you go through elon musk it's facebook. skeptics hated $19 billion bid. they hated how much money facebook's spending on whatsapp. facebook is extremely lucrative and move to mobile quickly. their whole business on fire. it's difficult to compare a company making money versus comparing a company that was having a lot of eyeballs, what we were looking at in 1999. >> jim, we can also talk about amazon in a second, especially interesting to compare it with what's happened in the past there. people saying that has a lot of runway. to stick with facebook for a minute, we're talking about a heavy advertising platform that appears to have mo

ub is my oldest who signed up to seventy old pensioner should be spending his toy ninety as relaxing. these days he's ok on the street working twelve hour shifts. we finally came home for his eye is one that has enticed us to see him crying. in a tight construction would take is terrified everything he's devoted the last forty five years of these like working towards could be destroyed but with only a fifty two pages of my home and an icon stay away from it. i must steal the little guy must be there. i'm being completely voluntarily alone five thousand people have signed up. swearing in regions to the people of crime yet the numbers of swimming. back at headquarters unit tells me another con has been stopped going to into crimea with hidden with pens for the people of crime yet things are now heating up but the army says they aren't just going to stand by and do nothing. we see auntie some falafel the submarine for an attack is jenna's have to ask about but he still lives in a band called right now. at that very night to see near a heater right now is that at work will be a lonely wha

to a graduation should be less than your annual starting story the world as the senior knowing from ub of payback or student loans in ten years or a bus. the part that does not just going to a less expensive college such as an in state college but also you need to look at the living expenses which are about half of your costs. you need to live like a student lawyer in school so you don't have to look like a student to graduate. very good planners their promise stands out their market cancer as a senior vice president and publisher advisers now work in teal. thank you. well if you live in the boston area and happened to be a female rethink your undergarments massachusetts highest court ruled yesterday that a man who had been secretly snapping photos of the woman's skirt did absolutely nothing wrong the charges were dismissed against michael robertson and over was arrested over three years ago by transit police after numerous reports in the end and taking photos and video from underneath the skirts and dresses of female writers. robertson attorneys argue that their client was protected b

ublic comment at this point and i am going to be letting these two speakers come up and there is also steven from the sffederal credit union as well. we are going to be asking people through the chair to limit their comments to one minute, per person. and i am sorry that we have to do that because we have a number of other items on the ago agenda. >> so is there dolan here? >> right. >> and again, condolences to the lou family. >> thank you for holding this hearing and on behalf of the lou family i have been asked to come here and say please keep our streets safe, this child died unnecessarily because of the use of an application in the provision of uber services and uber, is denying all responsible to this family for what happened. these services show empty vehicles, that is what they sell, this man was on the service, he was an empty vehicle, he was providing goods and services for uber and they are turning its back on this family, and now i have heard that this is the new industry. an

ubs began investigating its currency operations last year after bloomberg reported traders and industry colluded to rate a benchmark for exchange rate. authorities in the u.k., u.s. car and other countries are looking at a possible rate fixing as well. charlie ergen sets his sights on directv. the chairman of the dish network recently contacted the ceo of the satellite-tv competitor to talk merger according to people with knowledge of the matter. you said to have made them earn just made the move -- he is said to have made the move. the second biggest bank in the second offer was two decades, financial increase in base pay by half of 20% and bonuses will increase by 5%. this comes as the prime minister callsign companies to boost wages to help sustain japan's economy. that is today's company news. >> coming up, five years after the financial crisis. citigroup failed the bank stress test. we will discuss the management issues with chris wheeler. struggling. this is "bloomberg surveillance." ♪ >> good morning, "bloomberg surveillance." we welcome all of you worldwide. coming up, timothy a

art cashin of ubs joins us on the floor.g and stocks shaking off the last few days of losses. what are you hearing? >> so far, sara, it's pretty much a relief rally. traders on the floor look at odd things. the s&p and nasdaq both spiked on the opening but they failed to get as high as the opening yesterday so that's kind of an inside day. that tells me that the market is a little uncertain here. it's checking its own vital signs. taking its own pulse. taking its own temperature. do we feel strong enough to go and make new highs? do we feel like we're going to break out here and there's some uncertainty as they continue to test. it would appear we got a boost this morning out of europe even the russian markets bounced. people think crimea's not a major burning issue anymore. for today. >> but with troops massing on the border all week. art, fatigued is how some people describe the market at the moment. bank of america says there's near-term vulnerability, but as far as the vital signs are concerned they are pointing to the b

animal spirits and invest capital equipment, factory, equipment software, if that investment picks ubormal levels this year, then we could see some continuing momentum in the economy. lou: i am glad to hear you say, that with so many economists who are ignoreing responsibility of business leadership. i think it guess beyond animal spirits. this is a responsibility to invest in your home market, almost $3 trillion in capital that needs to be repatrioted by u.s. multinational in particular from overseas, i would love to see that capital in this economy. >> there is plenty in this economy they could be invested domestically. i'm a capitalist, shareholders, corporation's well th responsibs to its shareholders that is how the system works, but you are right, lou, when you say we want a environment where companies feel best thing they can do are all in our national interest. lou: my experience that best companies understand their stake holders, and also their employees not just shareholders and understand their stake holders are also community in this case the nation in this grace fabulous

ubs coming out saying the headline risk from that crimea referendum should keep gold supported shorterm there needs to be a catalyst to persuade long investors to keep adding to those positions. we are also watching emerging markets. look at stocks there. the biggest weekly drop since november. all that unbelievably bad data we have seen out of china and growth concerns as well as a volatile currency. this morning on "in the loop," betty liu asked director of discipline portfolio strategies at wells fargo how he would invest in emerging markets. >> em is an area we are trying onget constructive but it is difficult. em.le want exposure to a great way to play that is through low volatility fund s. you can get exposure but you do not have as much of a risk profile as an active manager. >> a variety of data on the economy. adam takes a look at some of the reports and what we can expect in the week ahead in insight and action. >> 2 steps forward, one step back. thank you, paula abdul. who says we cannot have fun with economics? look at the pattern. two steps forward, one step back. two st

story last night in london that said that half a dozen traders around the world have been suspended by ubse is the latest round of anpensions that is running sprawling investigation into wrongdoing in the foreign exchange market. >> what do we know about the traders? a foreign-exchange trader. we hope to continue our report and we know that he is a senior guy in the world. one of the differences between this and libor scandal is that they are principally focused on london and this is a global investigation and market. they know these guys work in zÜrich and singapore. it is a global thing. probe me now -- mean now? >> the personnel is small. you're talking about a dozen people. foreign-exchange and it is common. >> how bad is it for the banks? >> this is the beginning. the regulator start the investigation in october and we expect it to continue. they take it seriously. you are in a situation of this suspended. it does not look good for them? -- for them. >> coming up, we go to an inside look at how the industry takes. company.a london stay with us. we are on the move. >> welcome back. in

ubs had estimated in case of a significant military escalation, the could be a $20 rally in oil.. i'm alix steel. ♪

now, ubs, which is a good firm, has been building the neutral case. they are saying once you start analyzing, you know what, wait a second, food's not doing well. you have their numbers. you can tell me if that's not the case. >> that is unequivocally not the case. >> it's wrong. >> we are seeing almost in every market that it opens up food, we're seeing incrementally not only in core foods, but because we have food that satisfies a different need at a different time of day. flat out wrong. i'm taking it off the table. i'm not going to mention it again. a lot of people worry we solved the problem of higher coffee prices. but, are you finding there are people who bought those cards for others, this is the gift of choice that you talked about in december and january, are indeed buying other things than coffee? >> we have seen incrementally behind the face cards. in terms of reloads. this is a big piece. the majority of people who receive gift card, aren't everyday starbucks customers. when they get that gift card, they generally reload. >> okay, i want

that is amazing that the number of cars increase because of ub er, rather than cars being diverted toll gurley, venture capitalist. you can watch bloomberg west monday through friday. don't miss it. ♪

with us is alex friedman, global chief investment officer for ubs wealth management.hank you for sticking around. we were talking about how you are suggesting some of your clients invest through uncertainty. you are saying maybe your favorite play maybe in the u.s.. you also mentioned some chinese equities. what is your play on china? we are at a crossroads where we are trying to figure out what this corporate default means for the country. >> the first thing we have to figure out is, china is slowing in some surprising ways. butth may come down a bit we think it is not the hard landing. china is engaged in the proverbial handoff on state control to what adam smith would call the invisible hand of the market. that is a good thing. the fundamental is that there is a set of reforms underway which should be good for certain industries. financials and energy should benefit. now might not be a bad time to look at it given the uncertainty around the region. into thatuld you buy country? do you buy also possible companies that are based in europe but with a lot of exposure t

max ubs the thoughts of the questioners before an audit the seven colonels have sensitive informationews again to get personal gain. beware when you click on. >> : another treat religion is is are fat on the web self pictures with people wraping there is in see-through tape. >> : in taking a picture of the result. it's rooted in the steep rate solo tape self picture unit and then see the fund on the self pictures. >> : apple a year-on-year >> : knee-length coming up nobody can top this act we have more of this jaw dropping a performance next >> : female announcer: what will you get with your new sleep train mattre man: i'm getting a camera! - i'm getting an espresso maker! - i'm getting a new smart phone! female announcer: during sleep train's big gift event get a $200 best buy gift card with purchase of selected beautyrest, posturepedic or tempur-pedic mattresses. or, get 24-months interest-free financing. - a new tv... - a laptop... - a game console! female announcer: sleep train's big gift event is ending soon. ♪ sleep train ♪ ♪ your ticket to a better night's sleep ♪ in is an offi

. >>> you are ub -- turning to the weather, looking at a mixed bag? >> yes, drama. string is fighting to get in, and within a 10-hour period, this week, we can see anywhere from thunderstorms to some snow flurries around the area. but let's head on over to the weather wall, and you can see the woodrow wilson bridge, and now getting some sunshine before the sunsets, and it is 7:16 today. and looking at where it is 59 degrees right now with very dry air over the area, and the wind is 18 miles per hour, and tomorrow morning a cool start with a few clouds, and yes, you will need a jacket tomorrow. all right. not a coat, but 36 to 45 as we start out with a light wind around the area, and here is how we get to the 60s tomorrow, and we should hit it by noon time, and 60-61 degrees and nice conditions. while we start out partly cloudy, we will see the more clouds by the afternoon, but it is a warm day tomorrow getting up to 67 degrees, and that is where we were saturday and it did feel nice. with all of the warmth coming in, and out ahead of the next weath weather system co

rare situation where we end up with a catastrophic accident like this, that is the only time we sit ubans and make notice of this kind of a problem. but travelling public should rift assured in some ways that triple 7 that went down. is a terrific plane. and you know, i worked on these, major catastrophic failures, for this one, i can tell you, i believe evidence will points to you have an i an instain -- instantous catastrophic failure. i'm leaning toward some terrorist activity. neil: we shall see thank you for taking the time, this particular development is disturbing. a lot of have you made up your mind on who you want to see run in 2016. >> i would like to see christie run. >> hillary. >> rub rubio looks interesting. >> hillary appears a lock for democrats. >> i don't think that anybody has the leadership that this country needs. >> you might be missing somebody. a contendor, after this. this is the quicksilver cash back card from capital one. it's not the "juggle a bunch of rotating categories" card. it's not the "sign up for rewards each quarter" card. it's the no-games, no-mess

ubs looking for $90 a share. up from 72. just over $71. finally some good news for mark. over ebay. just under 2 million facebook shares. he just made an extra $4 billion. like he needed it. classified ventures is said to be in the early stages of selling auto sales website. it follows last week's sale of apartments.com for just over half a billion dollars. also making money, the hard-working american public. that is who. fannie mae and freddie mac could return within $179 billion to taxpayers over the next few years. both companies have turned profitable once more. it is time for a little fun with spare change. consumers are loving a new fashion collection inspired by mcdonald's. some of the pieces are already selling out. i was looking at the $1265 leather bag. it has a big mcdonald's on it. i was thinking, i am not loving not so much. what is going on here? >> i think it has to be a italian for "what the hell were they thinking." i think what they are thinking was a fashion designer poking fun at pop culture. >> it is ugly, first of all. that is one huge problem. most

[laughter] interestingly, they instructed c ubs broadcasters to call it c park, as if people were goingo the park. there was this riff about baseball. wanted to go home. life?a metaphor for life is cool -- cruel? >> baseball is the democracy. no one gets everything they want. you go to spring training, every tom knows it is going lose 60 games. sort itke a marathon to out. if you win 10 of 20 games, your mediocre. planu and 11, you get the october. the difference between good and mediocre, and no good at all, is pretty small. kerry did not like kerry . >> he is one of the reasons why chose the cubs. there is a statue of him outside the ballpark now. >> he would leave singing at the seventh inning. >> and they still do that. it was a tradition he started, and it lasted. >> what is the difference between a cubs fan and he white sox fan? >> job three. geography. >> they were going to full around with that their field either. are there changes that you think baseball needs? >> let me give you the really good changes. selig ballparks since bud became the active commissioner. he took over in

to ubs ceo and a current christie supporter -- he is not worried about this. >> that poll has yet toator. post reagan, you had jack kemp winning it, you had phil graham. and in 1999, how bat gentleman by the name of gear bauer. >> oh, yeah. you don't put much stock in it. >> i don't. >> it does reflect sentiment when the top three finish i are nonmainstreamers. >> i had a chance to look at some of rand paul's commentary. i thought he did a very good job in his commentary, and a little bit of a wakeup call for the republican party. the other part i like is half of the attendees are young people between 18 and 22. very important that the republican party gets an inclusive message to the youth of our nation. >> telling me if republicans succeed in getting a couple percent more of the young or minorities they would win. >> and women. don't count out women. >> right. why can't they? >> because their message is, today, too far right. it has to move to center, and it has to be more exclusive. you have -- >> what makes it far right? >> i think the radical positions and -- >> you don't like t

ubs, santander and hsbc all trending lower. >>> plus, nar dell la takes the stage after taking the firstt microsoft. will he unveil the ipad? >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> good morning to you. u.s. futures are indicated a little higher after the fall we've seen first thing this morning. the s&p and dow are down respectively. the dow is now some 37 points above fair value. the s&p at the moment is 2 points above fair value and the nasdaq is currently 10 points above fair value. european equities after being fairley flat yesterday, the ftse, it was down. it's currently up 0.3%. it's turned around a little bit here in europe in the last hour. the xetra dax is up 0.1 the cac 40 is flat and the ftse mib is up 0.2%. we've had some data, as well, out of the uk. first of all, we've heard from the bank of england. and some strong retail sales data, as well. gilt is shedding 15.6 on strong retail sales data this morning. february retail up 7% month on more. the forecast is for it to be up 0.5% month on month. clearly better than expe