ubs will beh think very interesting. we were joined at the briefing in they say that the highest france was 70 million euros and the wealth management missed. the money out the door is $2 million. the asset management prices dipped. the investment banking paid 579 million francs. where are we? in a big cycle of investment banking. have we trust? they pulled the plug too early. >> thanks. see you later. tensions andobal optimism. >> time for company news. dropping the order for jumbos. that is according to people familiar with the decision. they are struggling to keep customers. they failed to attract a new customer in two years. anaysia air is facing increase in passenger cancellations and they passenger carrier had the second disaster. that it wouldid refund the fair to customers. that is including nonrefundable once. --eans group has explored hired morgan stanley to explore the business and the sale would 700 million euros. brothersarted by three in 1973. it is owned by a private equity firm. deutsche bank, the largest

ubs posts higher profit. i will have more. stay with us. ♪ >> welcome back. 10 minutes into trading. this is "on the move," streaming online. it on my mom's tv. more europeans. things are tight. we sought evidence in renault's results. 's we saw evidence in renault results. hans nichols has a more. hans, what will growth look like? for grim.look 10% for the year. more immediate, the stock is down from 2.5% this morning. they had a good quarter and a good first half of the year, largely based on third down market cars, budget brands throughout europe on it is in russia where they see challenges. 13% sales decrease in the month of june. the previous 10 months, it was down 8%. they are expecting 10% for the year. look at the brand. they have such a strong footprint in russia. they have 30% of the market. it is not just all renault. au have companies like volkswagen that has a pretty big market share. it will be interesting to see if it is a report effect through the other auto companies. when you look at the brand, some are down

ubs lower by 1.8%. there are thoughts of coming in better than expected, the bank posted profits 1.2 billion higher than the 1 billion the company forecast. they said the situation in ukraine was unlikely to affect business. >> we have to respect any sanctions that will be imposed.d but we are not going to go and discriminate. we have committed to the russian market. >> some other stocks that we're looking at, too, bp higher by around 0.4%. they've reported a rise in second quarter profits due to investment in russian energy group lognet. bp says despite the company's production falling 6% in the quarter due to $1 million barrels of oil a day. they've warned production would dip in the third quarter, too. we'll skip over to michelin, who reported a 13% rise in first half net profits to 224 million euros. the french tiremaker said demand slowed in the second quarter. puma, meanwhile, higher by 2.9%. the second quarter results came in line with costs. sales fap to 652 million euros. they've reiterated the

credit suisse will be lagging behind ubs and now this is the time for ubs. >> thank you for joining usble] holdings presents results. guest joining us at the top of the hour. pushing licenses? ♪ >> welcome back. investalways wanted to in the saudi stock market your wish has just been granted. editor has more. until now you had to be a local or from the gulf. >> that is right. we are talking about a half trillion dollar stock market. this new move has not come into effect just yet. it opened today for seven countries including saudi arabia. they are doing this for a couple of reasons. they hope to increase foreign investment and diversify their economy away from oil. it might be a good way to get them promoted by msci which designate which countries [inaudible] get promoted to emerging markets days -- status. >> what stocks might investors be able to get their hands on? saudi basicnumber, industries. linked to the oil industry. kingdom holding. assets -- of unlisted they have stakes in citigroup thenew score and raj bank, largest islamic bank in the world. it has not come into effect ye

for example, ubs just broke through.of capital that you need it every time you have another investigation -- how many investigations have there been? they have cleaned up libor. they've just made another 90 billion pounds. you have foreign exchange. i don't have any insight. how do you work out a foreign-exchange fund? on ubs, which is nowhere near the same scale of participant in the foreign exchange market as barclays, and i am seeing numbers for ubs of anywhere from between 3 billion, 4 billion, 5 billion, $9 billion. if that is ubs, which is nowhere --r the scale of barclays >> it makes you think. thank you for joining us. we've got some big stories breaking pitch i'm going to do persia. it is europe's second-biggest carmaker. it has reported soft -- a better-than-expected profits. cost cuts, new models hoping that return. operating income before one-time gains and charges amounting to 477 million euros. of 100a loss last year million. that beat the average estimate. this company has been profitable since 2011. it ha

a global asset strategist at ubs.ou have been taking risk out of your portfolio but as you said, it is hard to get the timing right because all you hear the moment is silence. in a sense from the trading floor because things are quiet. do we wait then for the fed to make a significant change in its rhetoric, and that is what is going to create a trigger for something in the markets? >> that will be one of the things. the uk's going to hike sooner. first out of the gate will be the bank of england. let's see what happens here. let's see if risk appetite stays when rates start to rise, especially the housing market. then the fed will come out of the gate next. those are the known unknowns. then we have the politics. >> tricky. >> there we think about what is happening with china and japan. japan thinking about re militarizing. what is happening in the south china sea is something that could be very important. >> the extent to which you are reducing your risk in your portfolio is substantial. >> absolutely. we were runni

ubs says it remains committed to russia. and the fighting in gaza intensifies. the leader of hamas says the conflict will not end until the world stands up to israel. ♪ >> good morning, everybody. you are watching "the pulse." we are live from bloomberg's european headquarters. we have a great show coming up. lots of news breaking and some great business stories as well. we will be talking about shoemakers to the stars. and clients like rafa nadal big bucks for his brand. and we will sit down with jamie oliver as he expand his empire to hong kong. we begin with one of our big stories of the day. bp, profit rose by a third during the second quarter. the british oil giant is warning that new sanctions against russia, which are expected today, could hurt its relationship and investment in rosneft. ryan chilcote is tracking all of the action. we have learned what is at stake today. >> another one of these stories, we start at the beginning. bp had a joint venture with russia. a got a fistful of cash and 20% stake in rosneft, which looked like a smart move. is in the

ubs put a cautionary tone. the stock dropped 3%.wngraded the stock to neutral from a buy and that is because they have concern over the recent revenue trend and they're looking at that and they believe that they're going to be forecasting some slower growth for monster. they think that the energy drink business is maturing and so with that, they have taken the risk of pulling this downgrade. they said there is a possible beat in their next report, it is possible but however they are being a little more cautious. what is interesting on this one, is last week we saw jeffries, also cutting the stock. they put an $80 target down from 82. i read some analyst reports recently, also just about channel checks where they go to stores. they look at the registers and look at the ring-ups and they try to get a gauge what they're seeing and i remember reading something last week in the middle of last week, saying there were concerns that there may be slower growth for monster. so ubs may be also finding that as well. so we'll see. tell you what

what is the ubs take now? ♪>> china has flagged for severl years now.the numbers turning around -- >> the market the last two years is up. >> all of a sudden, investors are interested in the china story again. everything looks like it is expensive in the u.s. or getting there. >> what is the catalyst? >> that the government is going to engineer, as it seemingly does, a soft landing. >> how do you judge those that are skeptical of china like mr. chanos. is it a large audience? >> it is a steady audience. you look at corporate governance and the political system and they're always going to be clas ses. >> he has given a shot to the new york historical society. >> be sure not to miss the full interview on "charlie rose" on bloomberg tv. >> we went to oppose the twitter question of the day. can the u.s. negotiate with putin? tweet us. ♪ >> good morning everyone. olivia sterns is with me today. adam johnson as well. let's do a quick data check. it is friday and a four-day -- no, futures -4. there's a lot going on. yields are higher. weaker euro, stronger u.s

ubs down 1.5%. a beat on the bottom line for ubs, we saw, goldman, citi calling this a solid set of results. it's down to weak client confidence. geosplits isn't helping, too. these impact barclay's, too. talking to regulators about that. bp lower by around 0.9%. they've impacted and come in with a 34% rise in q2 profits. they have a 20% stake in class. lower production in q2. they've said production will be lower in q3, too. they've made a point of saying right now they're not seeing a sanction impact on themselves or on roznet. but they say if we do see a step up in sanctions, they could see an adverse impact right now. that stock right now lower by 0.9%. on that note, guys, i'll hand it back to you. >> we'll take a look right now and say that the futures, the dow closed higher by about 22 points. you'll see right now the nasdaq futures are down by just over a point. dow futures down by 8.5 points. s&p is down by close to 2 points. wti is down by 5 cents, $101.62. also, the ten-year is worth watch

. >> denunciamos a estados ub unidos que es una crisis humanitar humanitaria. >> este es mi reporte noticiasÓn 14. >> gracias flavio, un inmigrante conocido, el pero dishiodista y activista intentaba subir bien aviÓn, visitaba la frontera para llamar la atenciÓn sobre la crisis que viven. >> miembros de san josÉ reaccionar tras la liberaciÓn del periodistas y pidieron liberaciÓn a los jovenes que estÁn f detenciÓn. >> cada una de las personas deberÍamos alzar ngs voz para defender nuestros derechos. >> los asistentes tambiÉn pidieron acciÓn para cambiar las reyes migratorias del paÍs y asi poner fin a la crisis migratoria. >> niÑos que llegan a la frontera siguen, y un proyecto buscan modifico ar la ley con un requisito que obliga a las menoress antes de ser deportados por victimas de trÁfico de personas. >> la rayo dÍ la los casos los jueces rechazan eso, pero a una stigs de un juez y queremos ocupar mÁs jueces que oigo oigan esos casos. >> el plan koshth rÍa menos de los 3. 3 millones de pesos. >> en el sal varz lanzaron una avrn con la difusiÓn del nenes je no pongas en riesgo su vida que

again, we have ubs near 16. not where the bull markets go to die, usually it's in the lower 20s. you may see that in q3. >> thank you so much. that's it for today's show. thank you for watching "worldwide exchange." "squawk box" is on in just a few minutes' time. >>> good morning. welcome to "squawk box." a giant week ahead for earnings. a job report with a big fed meeting in the middle of all of it. and secretary treasurer jack lew coming out swinging against inversion. and global risk continuing to rise with more violence in ukraine and gaza. it is monday, jewel 28, 2014. "squawk box" begins right now. >>> good morning. welcome to "squawk box." i'm becky quick along with andrew ross sore kksorkin. joe is off this week. maybe that's why joe is on vacation this week, we have six dow components coming. among the interesting names, go pro will mark its public debut as a public company. and the fed begins a two-day meeting tomorrow getting a first reading on the gdp on wednesday. and it is jobs friday this week. th

on germany's prospects competing in the global currency markets, let's ring senior of fx strategy at ubsfrankfurt competing with london and even south korea all to become trading hubs for the yuan. let's start with the basics. why is it so important? why does everybody want to be a trading center? >> it depends who you ask. ,rom the chinese point of view internationalization has been going on for a while now. it is threading around the world. there is a perception in the country on the receiving end of these trading hubs that they believe the immediate benefit will not be from jobs, but it will use transaction costs and capital markets in particular. for example, companies will be able to issue offshore in these respective centers and that leads to job creation and boost economic ties between the nations. it can only be a positive. >> where does frankfurt stand in the running? china is germany's third biggest trading partner. frankfurt is fast becoming a leading offshore hubs. will be infrankfurt an extremely strong position if there is some sort of exclusivity agreement with the chinese

como ser y pidieron la intervenciÓn de la presidenta christina fernÁndez pero hasta ahora no ub respuestae dijeron anoche josÉ no podemos irnos sin felicitarte por el premio que recibiste anoche por parte del consejo nacional de la raza en los Ángeles por eso que estas ahÍ en la convenciÓn an l anual. hlebbing no cero a periodistas que a travÉs de su trabajo sirven a la chcomunidad hispana asÍ que regresar pronto para celebrar con todo el equipo. >> mary muchÍsimas gracias un verdadero privilegio haberrecibido el reconocimiento >> esta mujer es la esposa del hombre que me violÓ. >> mi esposo muriÓ hace 18 meses, y esta mujer dice que tiene un hijo de Él que tiene tres meses. >> un presunto narcotraficante, yo no lo dije... >> Él nunca fue... un narcotraficante. >> ...lo dijeron en las noticias. >> ella no sabe en el peligro en que estamos metidos. doctora: ¿estÁs bien...? >> perdÓn. >> no, perdÓn no... siento de verdad tu miedo.

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some 70 countries have agreed to only after swiss banks, ubs, and credit suisse were hit with fines for helping americans hide their many. for residents planning a summer holiday to another country and the union, mobile phone data roaming costs will be capped so you should not go home to a terrifying phone bill. the top prize for one megabyte of data has been cut to $.20 of a euro from 45 and text messages will also fall by a quarter. the commission wants to abolish roaming fees altogether by 2016. the founder of telecom here in france says it is good news for everyone. for the northns frequently go on holiday to the south and they are used to playing -- paying roaming charges in spain and italy. they are higher from the north to the south. so for many years, they have lobbied the european commission and eventually won. >> some other stories, unemployment in the euro zone fell slightly in may, adding to fears the normal way to recovery may be leaving millions behind. were added jobs across the continent, even in the biggest economy, germany. unemployment stayed at 6.7% when it had been

adam: jeff stennis from ubs. thanks for joining us. >> thank you.th a rich cigar-making history may soon lose its last 104-year-old factory. we've got that story coming up next. adam: plus, if a new concept for military drones is any guide, future battlefields may look a lot like scenes from the transformers movies. we have details when we go off the desk. ♪ ♪ hey there! starting your search for the right used car? i am, but i don't want one that's had a bunch of owners. well, our team's on the lookout for one-owner cars. (peck, peck, peck) found a great car... low mileage... one-owner... it takes years to learn woodpecker. now there's a whole new way to shop for used cars. it's perfect! start your search at the new carfax.com cheryl: travelers appear to be waiting more and more when flying. according to the transportation department, 76.9% of u.s. flights arrived on time in may, down from 79.6% in april. the tsa also reporting that the largest airlines canceled almost 2% of their u.s. flights and may nearly double the rate in april. adam: so who wi

art harbin joins us from ubs. what do you think of the market at these levels?ake a rest here. maybe challenged by that 2000 level in the s&p. but it doesn't have the oomph it had as we've discussed. you don't have a broad number of new highs. even though the s&p's at a new high. the percent of stocks above their 50-day moving average isn't a vast majority. so the divergences within it tells you the market may want to consolidate a little. a big data week coming next week. certainly for now, they look like they want to rest a bit. >> funny you mention the moving average. discussing that in some respects wondering where the values are left in the market, whether they're becoming harold eharder as the s&p 500 continues to hit new highs. yesterday, art, it was the 27th or so intraday high for the s&p this year. >> and we haven't had that many weeks this year. so it's -- but lately it is doing it almost incrementally. tiptoeing up an inch at a time. no vast leaps. yesterday, for example, we had very, very narrow breadth of the market. so we'll see. >> i wonder what

always always art cashin on the floor of from ubs. >>> halfway through the year, folks.e temperature of the economy through areas -- housing, automobiles and retail, with three very different experts. stay with us. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. ugh. heartburn. did someone say burn? try alka seltzer reliefchews. they work just as fast and taste better than tums smoothies assorted fruit. mmm. amazing. yeah, i get that a lot. alka seltzer heartburn reliefchews. enjoy the relief. means keeping seven billion ctransactions flowing.g, and when weather hits, it's data mayhem. but airlines running hp end-to-end solutions are always calm during a storm. so if your business deals with the unexpected, hp big data and cloud solutions make sure

the ub said about 17,000 palestinians have reached shelters. even though leaders of hamas urge them not to leave northern gaza. they warned them by leaflets and phone calls. despite international calls for a ceasefire, both sides seem reluctant to embrace a peaceful solution. yesterday more than 130 rockets were fired out of gaza into israel. 22 were intercepted by the iron dome system. gaza officials say more than 150 palestinians have been killed since the conflict began last week. >>> it has been an uphill battle for president obama to convince congress and state politicians to follow his course of action to fix the situation on the southern border. the new head of the health and human services group trying to jam up support meeting with privately with governors as they prep for the impact of the absorbing thousands of people who have fled to the u.s. and in their states. but governor rick perry of texas has repeatedly slammed the nearly $4 billion calling for the national guard to be deployed. and many governors and members of congress are

ubs. >>> and when josh brown pounds the table on a stock, you might want to listen. on a soapbox about a rail play winning big. what's his trade now. >>> and black ber spent the first half of the year gaining 40%. one of our traders doesn't believe it's really back from the dead. jon and murph, debating next. >>> and trading the most american stocks the team can think of. beer, burgers, banks. it's a mixed bag. that and much more ahead on "the half." just take a closer look. it works how you want to work. with a fidelity investment professional... or managing your investments on your own. helping you find new ways to plan for retirement. and save on taxes where you can. so you can invest in the life that you want today. tap into the full power of your fidelity greenline. call or come in today for a free one-on-one review. and our luggage was immediately... taken to... stolen from... our room. the hotel manager was clearly behind it. he was such a... kind man. con man. my husband wanted to... hug him. strangle him. and to this day we're still in contact with... the ma

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

>> well, i personally presume they're not guilty, they innocent ub 'til proven guilty, but for the purposes of setting bail, the judge looks at all the facts. in this particular instance the obviously the next step is not to see whether or not they comply with the court rules or the court program in case get dismissed, the next step is determining how the case is resolved. >> i think in listening to what this legislation is proposing at the committee meeting twice, what i like about it is really -- and it doesn't really -- as other supervisors have reported now, it's not about whether or not our jails are overcrowded at this point. it's matter of for those that are deemed not necessary immediate threat and it goes through a process that they could get -- be reintroduced to the community as soon as possible and for them to be away for a length of time could do more damage than not and yet, they're going to be more in this monitoring system so they're -- and i ask the question what's the track record on that and the answer was that 93%. and the other thing i ask for as amendment for this legi

if the data are strong, ubs thinks they will not see a fed hike sooner but faster once it starts. >> the real reason is, they are going to be hitting all of their targets with the fed funds rated zero, and a balance sheet that's $3 trillion too large. for us, that math doesn't give up. something's got to give, if you're trying to tighten policy, and a balance sheet that creates stimulus on its own, that's going to be $3 trillion too high, the rates have to go up faster. >> the con tense us is that yellin won't blink. only a slight tweak is expected wednesday to take note of the improving jobs market. >> yellin is likely to resist calls for moving faster because of the housing data. which she views as keys to the recovery, has been so mixed. the question is whether the data or better jobs growth forces her hand. for nightly business report, i'm steve liesman. >> here to give us the advisement advisements, andreas let me begin with you let's focus specifically on the geo political tensions that are around the globe right now. do they fundamentally change your view of the global economi

again very good questions about where ub erer is in terms of jobs and i think it's something all of us would like to look into the future. >> any other comments. it's limited to two minutes 2 minutes in the interest of time. >> howard chad ner again. >> howard, if you can approach the microphone? >> can you hear me? i can't speak to the issue of blind people and deaf people and guide dogs, but it's 100 percent clear what mr. wrath bone said. you are basically decimating the cab industry and the san francisco enabled that. it maybe too late but we hope not. the fact is that it's been difficult to get the cab industry over decades to provide wheelchair accessible transportation. i think that until a few years ago they got better at it. but with the ride sharing companies, now you don't call of that anymore because sharing is like, hey, would you like some of my sandwich. sharing is not a commercial. just like facebook is defining the word friend downward. all of this called sharing economy is defining the word sharing downward. that is a bit of an aggression. what you are talking about i

ub er is a technology to connect with people who need a ride. we do that through the app. as you know technology is really changing the way people move around the city. we are happy to be a part of that. like i said, uber is really evolving the way that the world moves and by connecting riders through our app we are able to provide more transportation alternatives and increase riders. we are very proud of the increased mobility that we've created for our users with disabilities across san francisco and the bay area. we are very excited about what technology can do to increase that mobility and there is still much more to come. uber's motion del is everyone's private driver. we hope to be that service for everyone. so, what uber does is provide a reliable, very fast access to safe and efficient transportation options. we compliment san francisco's existing transportation options like public transportation and taxis and other modes of transportation. we really amplify the ability for people to get around. on top of that we offer a flexible and convenient economic opportunity

represents three dozen web companies from giants netflix, amazon and google to smaller companies like ube rruber. netflix asked for a public utility and prevent them from favoring certain websites for others. supporting the proposal, internet service providers like comcast, verizon, timewarner and at&t. comcast says it supports the fcc enforcing transparency, no blocking and anti discrimination rules. as a condition of the purchase, comcast has to follow the old rules until 2018. >> iteems the fcc shouldn't be in the business of preemptively determining for an entire industry how the business arrangements should be develo d developed. marketplace and we should wait before taking preemptive action. >> reporter: the agency will accept responses to comments through mid september. it's expected to make a decision by the end of the year. for "nightly business report", i'm julia boorstin in los angeles. >> comcast, which julia just mentioned in her report is the parent company of cnbc, which produces this broadcast. >> on that note, that does it for "nightly business report" for tonight. i'm su

>> is there any merit whatsoever in a go ub thatter toial candidate saying i can take down high speed rail on my own? >> yes, i think there is. i think you would most likely see it as a slow death. >> derek teaches political science at san jose state university and is an expert in state politics me said like previous hea of states before him, if elected kashkari could emphasize a line item veto and leave everything else untouched. or kashakri would refuse to unlock in billions in bond money that voters authorized in 2008, critical in keeping the project alive. >> the governor could decide to not spend money or spend it in ways that are not favorable to the project. >> and lawmakers who don't want to see high speed rail go away can always override the governor's veto but as gavin newsom demonstrated key democrats are starting to jump ship making two-thirds majority that is required seem unlikely. should kashkari win the governor's race, his threats to pull the plug are real. >>> you've heard it for years, don't wash your jeans. experts recommend just putting your pants in the freezer a

>> well, i personally presume they're not guilty, they innocent ub 'til proven guilty, but for the purposes of setting bail, the judge looks

and also with us, collin langdon from ubs. so, phil, let me begin with you. you are just a few weeks ago the ceo of gm was saying that she thought that they were coming towards the end of this whole recall crisis. and now this. this is a big one. so what does this mean for her credibility? but also more importantly, what does this mean for the credibility of general metors? >> it means they're not clear to clearing out the potential cases related to ignitions, related to other quality problems and ultimately what this does is it calls into question the quality control at general motors. now this may be the last massive recall, suzy. but at some point, people are going to say when does it end? and there is no way of predicting that as we know from today's recalls. >> what do you by this that, collin? when do you think it ends? what about the pricetag they're putting on it so far? could the charges they're taking against earning goes even higher, do you think? >> i think if you look at the company earlier this month, they indicated by q-2 they have a better gri

in deutsche bank, ubs, credit suisse. there is an element to be tied up.payment protection insurance and the other big number -- >> the massive number. i am surprised this is still going on. you still getting phone calls? >> you have an opportunity to sue your bank. >> the number this time around is big. >> 900 million pounds. people say that is a big improvement from 3.5 billion this time last year. it is still a billion pounds. >> and we have litigation charges on top of this. pounds is indeed ber, i have just rounded up. pretax profit dropped by nearly 50%. not you have here is guidance on how to set a foreign exchange. they still do not know. i read a note from number of -- from nomura saying litigation could cost up to 7 billion pounds. there is a civil case involved. there is litigation with the lx dark pool in the united states. pool which dark purportedly misrepresented themselves to investors. >> not positioning for this means they do not have their arms around it yet. >> it is another major litigation process. .hese are the questions how is antho