and it ubs, figure out at the litigation.ot have the same emotional attachment so he will be able to resolve it, i think, more easily. ed evans: he is the outsider. thiam does not have a background in investment banking. he has worked in government and insurance and in asia. a big question, what does credit suisse do in asia? what does it mean now for the investment bank? jonathan: talking about credit suisse. not much talk about prudential. the insurer sector, for the insurance section it is going to be some problems here surely. ed evans: you have low yields. how do these companies invest and make payouts over time. tidjane thiam at prudential had a bridge that gap with business in asia and the u.k. business as well. and the shares have been really close to a record high. and if that was a strategy that was paying off for him at the time. jonathan: i want to get a feel for this. the financial crisis claimed the head all brady dougan, was at the regulatory issues that claimed brady dougan's job or was it strategy? guy johnso

ubs was smart in stepping back from fixed income.redit suisse have a really strong credit franchise, leveraged lending, emerging markets activity. brady dougan was key to try to push that through. however, they will have to step back from certain businesses. they were not big and some of the more -- in some of the more tough issues. he will say, let's really focus on return on equity. francine: and also asia. is it for the ultra high net worth individuals? chris: if you are not growing in asia you are not growing and wealth management. the growth in europe and elsewhere is not very strong. that is where all the new millionaires are appearing. the investment banks with wealth managers have an advantage. from that perspective, they have a tremendous advantage. they must grow in asia if they are going to continue to be a leader in wealth management. guy: what does credit suisse look like in five years? chris: it will have a strong wealth management business with an asset manager alongside it, a strong domestic banking business. whenever

ubs in that same period gained about 8%. there's been a lot of focus on the return on equity target. that was 15% over the medium turn. take a look at what it was back in 2014. it was only 4.4%. here's the thing, brady held on to it for much longer than some of his peers. it was pretty apparent that because in the change in regulatory and market environment that 15% return on equity target that was no longer feasible. brady dougan also didn't deliver quite the turn around in the strategy many investors and shareholders had been hoping for. regular what happened at ubs two or three years ago. they announced a major retrenchment to focus on the wealth management and private banking side of the business. credit suisse did that too only to a certain extent. we got a piecemeal approach. yes we did get a streamline of the rates business but it wasn't enough for investors. >> let's talk about the successor. he lead prudential since 2009. shares are up nearly 160%. right now trading lower, however, this morning they hiked the divide

from ubs wealth management.aroline: still to come on "countdown," an exclusive interview with the chief executive -- mark: we are watching thise swiss national bank's first decision. ♪ just because i'm away from my desk doesn't mean i'm not working. comcast business understands that. their wifi isn't just fast near the router. it's fast in the break room. fast in the conference room. fast in tom's office. fast in other tom's office. fast in the foyer [pronounced foy-yer] or is it foyer [pronounced foy-yay]? fast in the hallway. i feel like i've been here before. switch now and get the fastest wifi everywhere. comcast business. built for business. manus: you are watching countdown. time to check in on the foreign exchange markets. this is what happened to the dollar. it dropped by over 1% yesterday. the most down in six years. the market was so fundamentally long for the dollar. ubs were originally saying they expected full rate hikes -- four rate hikes in 2015. they are telling us it is possibly one hike. unempl

hans: that is the long-term strategy of ubs. you have seen most of the major european banks do that. deutsche bank is an outlier. they are waiting for fixed incomes and commodities to come back. if it does, their theory of the cases they will be in a strong position. their theory -- their theory of the case is that they will be in a strong position. the ones that have recalibrated have seen an uptick. at least short-term, it does not appear their strategy is working. tom: hans nichols, thank you so much. monica, the basic idea of management change within the financial sector -- how do you handle that as a strategist or as a research analyst? monica : you look at who is coming in, who is going out, and look at the strategy from there. tom: he has a sterling track record, out of mckenzie -- monica: he is a well-respected ceo. my question for you, you are overweight on financials. brady dougan did not know how much capital he had to raise and the regulators were changing the rules on him so quickly. what makes you want to bet on ba

jonathan: karen olney head of strategy at ubs. a picture of the markets. the ftse 100 is higher.p by 0.5%. record highs in the equity markets. another day, another high -- another skyhigh high-tech evaluation. valuations of $11 billion. we talk about sales and this more. pinterest. we talk about after the break. ♪ jonathan: good morning to you. up to the with bloomberg's top stories. holds opened for israeli general election. the most survey is saying it is too close to call. some polls say that netanyahu is trailing. the final results will be announced later on thursday. a bank director stipulates -- the bank of japan kept record stimulus the same. the nikkei closed up by 1%. growth at goldman sachs asset management. the smallest division and returned about half as much as jpmorgan's asset management last year. they said it will be sustained. want to bring it back to tech. another day and another skyhigh tech evaluation. it is pinterest, raising money that the values it around $11 billion. with us is caroline hyde. the company's valuation. we can talk about what it is. i call it

ubs raised compensation for the ceo by 4% to 11.2 million francs.ank restated fourth-quarter profit, lowering it by 105 million francs. ubs' as provisions after agreeing to pay to settle a u.s. lawsuit related to currency raking. intel says sales would be higher. the chipmaker shares fell to the lowest level since july after it said revenues will be no higher than $13.19. the leader of the you can't opposition lab --the leader of the u.k. opposition labour party ed miliband said he did not want or need to join forces with snp. the snp is expected to make gains in may after enjoying a surge in popularity following the scottish independence vote. next wednesday we are launching bloomberg politics u.k. election 2015. we will be bringing you a special program looking at the key election issues and how they could affect businesses and industry. at 11:00 a.m. u.k. time and 12:00 p.m. central european time weekdays from march 18. five years from the death of alexander mcqueen, linda's victoria -- london's the tory and albert museum is hosting an exhibition

anank you for joining us joh jervoe of ubs.e'll anp investment in chocolate proved to be a sweet success for a japanese oil company? ♪ angie: welcome to the stock exchange. we are looking ahead to the opens in japan and south korea. and we have our intrepid reporters here. reporter: we are looking at sk broadband. up 10% year to date. it could be active today to the downside. we will watch. look at you already hedging your bets. reporter: it is a disclaimer. hass on trading in korea been there will likely be a restructuring of the sk telecom group. this is a major player in the telecom space in south korea. not a merger target at this moment, but that could change. angie: anything interesting that you have? we are talking about fuji oils. they are digging into the chocolate industry. they are going to be acquiring brazil chocolate maker harold. about an 83% stake overall. about $198 million. the stock is 30% up in the past year. up 12% this year. angie: you know what they say about chocolate, good for you. fuji oil.ood for kind

drew: this is consistent with the ubs view.ople sniff out rate hikes you will see an acceleration in capex. tom: we seek capex and better industrial america. where does the rate get to be too low? drew: once you get below 5%, you tend to get to that point. the fed is well behind. they have already waited two years too long. they have already built the lag in. tom: let me translate that for you. drew just took a shot at alan zentner. [laughter] olivia: congratulations. it is international women's day on sunday. that gives us a reason to talk about how far women have come in corporate america. according to the single best chart, we still have a long way to go. this is "bloomberg surveillance." good morning. ♪ tom: let's get to our single best chart. olivia: we are focusing on women head of international women's day. we are taking a look at the number of women who run big companies. there are more men named john who run s&p 1500 companies then there are women. only 4% are women. no tom's on there. eve says you can laugh about this

ubs is 1.4%. the questions on the direction.so some relationship questions how close is he to washington? what is he going to do to have profits increase at credit suisse? >> what might be brady dougan's legacy at credit suisse? >> you are only asking me this because manus is not around. he is a man who is so clearly inside brady dougan's head. he spent a remarkable career there in many ways. he was ultimately undone by litigation. he did have challenges with litigation towards the end. take a look at some of the fact from his bio. 1990, he joins. 2007, he becomes the first american to be the ceo of credit suisse. they plead guilty and have a $2.6 billion fine to helping americans evade tax credits. in 2015, they had to revise fourth-quarter profits. fourth-quarter profits for 2015 on litigation targets. the big question is, how much more litigation is to come and what is the price tag? >> thanks a lot. see you later. hans nichols in berlin today. >> now let's turn degrees and euro area finance ministers are piling pressure on t

ubs has absolutely nailed optimism and the trend of optimism in the american economy .ive us perspective on the weather effects. we will see how this folds into the equity markets. you talked about the immense optimism that some are calling for in the markets. we will look at copyright in america. there have been a host of copyright lawsuits, where people who wrote a song a million years ago think somebody stole their song. guy: as a former musician yourself tom, i think you're very well-qualified to do that. tom: i have to keep my opinion out of it. i will try to stay out of the debate. guy: we will see how that goes. tom keene up shortly with "surveillance." francine lacqua is south of the river at the women of the world festival on the south bank. what is it like? what is going on? francine: there is a real buzz at the south bank. this is the head of international women's day on sunday. we have one of the most impressive women spearheading the chance of women to get equal treatment. you have just talked about your passion for women's rights. why did you pick up this

ubs cutting its market on microsoft. he had to say about the company's vision. >> that's our identity. we're not about being in this business because we have an ad business on the side or we're not in the business of purely building devices. we are in the empowerment business. we're in the business of enabling businesses in particular to be able to drive their transformation to through the power of digital technology. >> microsoft's refocus plan pay off? let's bring in the analyst who made the call today. i do want to get into the details of the note. first i want to focus on something you told our producer earlier today and that's it's a scary time to invest in tech. what would that be? >> in q1 in software for the last decade you had a term which we kind black ice. things look good, the valuations go up and then you start to see valuations have somewhat of a mini avalanche, if you will. we saw this last march where you saw companies, the multiples come in pretty hard. so we're still concerned that there are a lot of co

art cashin director of floor operations at ubs, joins us here at post 9.ce 2001. drowning in the stuff. >> and you couldn't be more apt with morgan's report from cushing. the feeling here is that if they fill up cushing, there will be enormous amount of pressure on oil because there won't be many places to store it. take it out of the well you have to sell it. we'll come to that i think, within two to three weeks. >> hanging around these levels 20.90, right where we were at the end of december. how important is that support? >> 20.85 to 20.90 is the key support level. you broke down below 20.85 you'll do technical damage on the charts. traders cross their fingers and hope we hold here the mark's not behaving very well. took out yesterday's low, something you prefer not to see but it's happened. now it's got to maintain support. and basically markets all around the globe are nervous. the royal bank of india cut rates. and suddenly rolled over and closed negative on the day. not a good sign. big selling in shanghai on tuesday. that's what got traders nervous

taxi full stop according to a police report, a woman used ube to get home saturday nightr, but during the ride, she claims that the driver yelled at her, tried to make her leave the car in a wooded area, and then intentionally sped up and slow down. uber is confirming the driver has been deactivated from its service. stepped up security at the national zoo after violent incidents in the recent past spring seasons. jay korff has the new measures put in place. jay? jay: big changes because of concerns of violence. one, expect your back to be checked. the other thing, expect a bigger presence of peace. >> negative things happen when positive people do nothing, so do something. >> we should try to be at ground zero at 11:00. jay: they are organizing projects safe zoo. >> how much impact will wait make? jay: for years, the zoo has hosted family day theay after easter, but three times in the last 15 years violence has erupted in or near the zoo including shootings and stabbings. people will fan out across zoo ground to encourage young people to stay positive and steer clear of trouble. >> t

all of the events free to the ub pick lp nbc 4 is a proud sponsor of these games. >>> we got sports comingear perfect night for the wiz. okay, i need a better pizza. one made with only real cheese. a pizza my family will love. (announcer) freschetta naturally rising crust pizza. freschetta. made better to taste better. ♪ ♪ ee-e-e-oh-mum-oh-weh ♪ ♪ hush my darling... ♪ ♪ don't fear my darling... ♪ ♪ the lion sleeps tonight. ♪ [snoring.] ♪ hush my darling... ♪ [snoring.] ♪ don't fear my darling... ♪ ♪ the lion sleeps tonight. ♪ [snoring.] take the roar out of snore. yet another innovation only at a sleep number store. >>> this is the xfinity sports desk brought to your home for the mo sports. >>> wizards played some ball tonight. >> yes. >> pretty well as a matter of fact. >> are you enthusiastic about this or what? we had a good night. when the wizards found out before the game that memphis was going to rest their three best players, he had to make a decision. come out and play even harder or play to their level. you decide what choice they made. john wall and the wiz looking for their thir

in a report published by "the wall street journal," big banks like citi or goldman sachs or ubs thought they could sell the loans to investors but haven't been able to due to the oil prices over the last few months. >>> the main focus was greece and precarious financial situation. julia chatterley reports from the eu summit. >> reporter: upcoming into the eu leader in brussels elects and germany's chancellor, angela merck l, could have a solution for gree repayment in salary bills at the end of this month and beyond. those who hoped were dealt a swift blow earlier on. angela merkel said there will be no solution. it comes down to the individual financial ministers to reach a deal. the second blow came in the form of reports suggesting the european central bank was going to become even more tough on the greek banks. a trigger for stressing the economy. we thought the reaction in the greek debt market yield significantly higher over the course of the session. both leaders have their hands tied by public sentiment. even in the last few weeks, one recent survey suggesting 59% of the populat

i know we have opened this ub opened this up to the public and supervisor tang went up our big tree, it's more than just a big climb, it's studying the health of the tree. she also has had people with disabilities up in that tree. we have dedicated apparatus up in the tree. so this is an important aspect to embrace urban forestry. outside the academy, meg is well known by her twitter handle, canopy meg. she is a global champion for forest conservation. she is a role model for women in science. my oldest daughter included. meg is a subject matter expert in a number of tree species, especially eucalyptus, having advised the government of australia along such matters. meg is not only immensely knowledgeable but she is also solutions oriented. it's not just the collection of information, it's how to solve problems. pardon the pun, meg can really see the forest for the trees. on top of all this, meg is an exceptional person. she is a very caring, it's her kindness and integrity that really drive her work so i would ask that you find in her a strong candidate. thank you for your time. >> t

it's interesting: we talked to julie and emanuel from ubs, are we really back to 2000, he is bold upave heard before. >> is partly because of valuations. back at its previous peak in march of 2000, when it hit 5048, it was trading at 65 times earnings, so it was valued at twice what it is today. on a relative aces, it is not the same market as it was then. stephanie: things just seem to be en fuego. i did not realize we were hitting 5000. as far as confidence in the market, do you believe investors are as confident in the market today as they were in 2000? erik: that's a hard question to answer. i don't know. i would say this -- the broad stock market, if you measure by the s&p 500 or the russell came back faster than the nasdaq did. they have had more confidence in non-tech stocks, maybe. >> what would it look like if there was no apple? it would look a whole lot different. erik: apple is up 17% year to date. stephanie: that is it for "market makers. i'm going to say the great start to the week. erik: tomorrow, coverage of benjamin yet -- benjamin netanyahu's speech to congress. sta

hewlett-packard, we have an upgrade for that stock over ubs to buy some neutral.ys the pullback present a buying opportunity. he's looking at the some of the parts valuation of the stock. he puts it at $43 a share, above where the stock is today. we are looking at qualcomm. sitting at $10 million buyback over the next 12 months -- $10 billion buyback. increasing dividends by 14%. looking at urban outfitters after earnings came in ahead of estimates. betty: thank you so much. i want to show you some other movers. we are -- you much unchanged in the free market -- pretty much unchanged in the free market. simon property offering $22 billion in cash and stocks. they have been trying to buy the ball operator -- mall operator. they have refused to engage in discussion. he takes this public. stephen brown is the manager at american century real estate fund. they have 10% of their funds invested in simon. do you want them to get this deal done? >> it is an interesting transaction and has a lot of appeal to simon because mesa ridge has huge exposure in california and ariz

take a listen to the ubs chief marketing officer ubs being the lead sponsor telling us about the energyong kong. >> the hong kong fair has a very energetic personality. not surprisingly, hong kong is an energetic marketplace. there is a dynamic that huge -- that hong kong has a huge impact in the art market. it feels like these are two world going hand-in-hand. >> he tells me how surprised he was at how the events unfolded here. vips coming in and out. usually you get the vip viewing and then you go to the gallery but this year people from art basel were calling asking about more people because more and more kept coming. there were so many at the galleries, it was pretty surprising. stephanie: are these vips visiting and partying or are they buying? clearly with the drop in oil prices, it has affected russian oligarchs and their ability to spend. what are all of these attendees doing? >> from what i'm hearing, they are buying them and say sales have been great this year. some say that these people are coming from all over the world not just mainland china, but internationally, and this

by the dictionary definition ub substantiated means without evidence. >> in the letter the state of maryland finds danielle meitiv and her husband responsible for unsubstantiated child neglect. in december they let devora and rafi walk home alone during the day, a one-mile trip. the police picked the children up on georgia avenue. that walk home sparked national debate over a parenting philosophy the meitivs still stand firmly behind, free-range parenting. >> they've even taken on more responsibility. they now get themselves to and from the bus both in the morning and the afternoon on time right. >> reporter: the state can't discuss individual cases but tells us an unsubstantiated finding typically occurs when the agency has some information supporting a finding of child neglect or has what appear to be credible reports that ared a odds with each other or does not have sufficient information to reach a more definitive conclusion. >> now there's a file that's good to be there for five years if we do nothing. >> reporter: meitiv says she'll let them walk home from that same park again alone. t

senior retail analyst at ubs. carl? >> thanks.try? according to figures compiled from new york taxi and limousine commission data the average price of a medallion hit a high hoff 1.3 million in april 2013. since plummeted by nearly a quarter of its val up is the dominance of uber and sharing economy depleting yellow cab market share, or are there other factors? joining us new york city's taxi and limousine commission, ceo and chair. talking about the chart, my question was why the run-up in the first place? what happened back then? >> an incredible increase over 200% of the medallion value believed between 2004 and 2012 and tlc in the city doesn't get in the business of valuing, that's we leave to the men and women on this floor. but clearly people were looking at comparable sales. as each comparable sale went up it appears the next transfer also went up. >> do you think that was a response to i don't know macro economic factors, gentrification areas of brooklyn? could be a number of things. >> a number of things. it's a small mar

. >> misbehavior before the enemy by endangering a command safety ube are off his max medical penaltyf dishonorable discharge, reduction to the rank of e1. total fore fitch a of all payment allowances and possible confinement for life. >> the next step in the case will be a military hearing similar to a civilian grand jury proceeding. it will determine if bergdahl should be court marshaled. >>> after the charges were announced, berg calling bergdahl's attorney repleased a statement. berg dale said: >> bergdahl's lawyer said he sent the statement to army investigators. >>> a congressional review says the f bench i urgently needs to improve its information gathering and analysis capabilities. the recommendations come from a report released today it says that since 2004, the bureau has changed dramatically and prevented catastrophic attacks but says the bureau not prepared to handle the most complex national security threats. >>> a former universal of oklahoma student apologize today leading a racist rant. -ylevi pettitte and others. he met with the state senator clerk and i other black

ask your doctor about cialis for daily use and a free 30-tablet trial. >> ubs analysts are upgradingoting a favorable risk reward proposition for those shares. the investment bank thinks the office supply's retailer will more likely than not be able to close on its acquisition of office depot. saturday those shares up by nearly 4% today. back to you. >> all right. having a good day. an overall up market. the dow and s&p trying to post back to back gains, but the nasdaq creating lower. how do you invest in this environment in you have a rally one day and a selloff the next. joining us to discuss, david katz from matrix asset advisors and robert luna at shehrer best. you've been with us for a while. every time we get the big selloff, you said buy the dip. it's worked for the last few years. is it worth the strategy even with the volatility picking up here? >> we believe it's going to work in 2015. we think it's going to be like last year where you have 4% or month more. we would suggest a strongly buying on the dip this year. understand that when the dips are happening, the news flow w

is on course to take 14 seats, that is the smaller arab parties, they have come together in a larger ubeubeunionto drive to give themselves a bigger voice. nisreen, prime minister netanyahu seemed confident but ice i go herzog didn't give up inial the last minute. >> reporter: it appears he hasn't given up yet. he says he will continue to fight for a more just israeli so. even though us mentioned he did congratulate prime minister netanyahu for winning 29 seats in the election results so far. now, this does put netanyahu in a better position to form the next coalition government. but the formation of the coalition government really depends on the discussions and the deliberation that will take place in the "consider this" in and all the political parties. he will ask for their recommendations who they think should be the next prime minister. the leader of the largest block doesn't have to become the prime minute stick it has to be the person able to bring together the widest coalition. he will neat second one members of the "consider "consider it appears to be a bit wider than what was p

art cashin from ubs is here at post 9. good morning. happy friday. all right.000, a tin-year now pushing 2.2%. june or not june on the fed? >> i have said i don't think june. but i do think the markets are getting not just frightened but possibly terrified that the fed is boxing itself in by repeating the fact that we're going to stay data dependent and then data keeps coming in like this and i don't really want to raise rates but look what i said so they have to worry about their own credibility now. and they may have certainly take patient out in march, just to maintain credibility side of. whether they move in june or not. >> you know, it's funny, rates moving up. this dollar which you've been very focuses on the euro this morning, 108. >> it's headed for parity. almost no question. and that's -- that's got to be terrifying to any of the people doing multinational business. >> you think the fed's thinking about that at all? >> i certainly hope so. they should be. and this is without raising rates. >> right. that's my point. >> the fear of raising rates that'

ubs arguably had a strong equity base to fall on. fairness to them, always had a little bit more of a high-yield emerging market focus. i obably bank on higher interest rates, higher yields in those markets to last for longer. we are in an environment right now where higher yields are difficult to make on a sustainable basis. anna: as manus was telling us, tidjane thiam, the new ceo was showing off his language skills, his european language skills. is it actually his asia experience that the banks want to tap into? if you focus on private banking, is that where the growth opportunities are going to come from? >> i would suspect very much so. euro people, they all speak many languages. i think that would be the deciding factor. i think very much the experience in asia in building an asset-gathering business in asia , i suspect had a lot to do with his selection for the job. mark: how much should we make of the fact that tidjane thiam has never run a bank? he's going to have to grasp the intricacies of the investment banking division.

joining us now is the head of asset strategies at ubs. great to have you with us. a busy weekend. start with week -- with russia. you knew boris. >> yes. i did some panels with them and he was charismatic on the topic of political repression. he was a humorous character. he said on a panel that we did about the presidential election in which it was clear that vladimir putin would have -- take over, he said that anybody could become the president of russia in vladimir putin was behind them. meaning, including me. he was a charismatic firebrand and a real character. it is a loss for the opposition and political liberalism in russia. >> what does this mean for russia? >> the markets as very unfortunate as this incident is it does not imply much in the near term. what makes russian assets move is a de-escalation of sanctions. by this event, we are not likely to see it. or, we need to see a complete change in the support for vladimir putin. his popularity is strong and it will take several quarters of economic hardship before a change in popularity. certainly no sign of that. it has ve

i want to bring in ubs analyst robin farley, who covered the cruise industry for us.porting the results tomorrow. the ceo's got excited when they talked about china and they said it is a complete blank slate for them. is it? >> china has the potential to be the biggest cruise market in the world someday, but even this year could be the tipping point where if you send a shipped to china, it could be as profitable as a shipped in the caribbean. that is a game changer. betty: who is going to prevail? we know carnival by far is the leader in cruising. they are the number one, royal caribbean is next, and then norwegian. who has the toehold in china? robin: there is plenty of room in china for several brands to be successful. royal is the first to send a ship to china year round. it will arrive in june. the around in china for the first time. if that is profitable, we will see a lot more of that after this year. royal is making a big move to the shipping year round. if you look at the map, a majority of the revenue still comes from american cruising, right? is really north

a change in the top four ube looking for ar -- uber, looking for a new cfo.can airlines ceo says the persian gulf carriers pose a threat to u.s. jobs because the middle east companies are benefiting from unfair government subsidies. investor owned u.s. airlines cannot compete with state backed lines. >> we love to compete. it just needs to be on a fair, level playing field. this case decidedly is not. and is not good for united states jobs, and we think we must have talks about it. mark: that is a look at the top stories we are following at this hour. rising demand for more fuel-efficient aircraft is pushing airbus to boost its production of its workforce playing, the single aisle a320 matt miller spoke with alan carter about production plans. alan: we have created a production facility in mobile, alabama. we will build up to four months very -- a month very quickly. we have the capacity to go to aid a month, but we will start it for a month, and see what the market demand is. matt: what do you think about the fact that it is built in the united states? alan:

a big step and he didn't look at all happy when i asked why you are not -- ubs, get on with it. >> it a story. a big thank you to manus cranny and richard partington. that may not be enough for investors. we would to you why after the break. ♪ >> welcome back. we are going to talk about glencore, shares beat. we are joined i jesse in guy johnson. jesse, what did the market want -- a big buyback or a dividend? tell me. >> interesting numbers and an interesting reaction. the commodities space return more cash to shareholders. glencore and a $1 billion shareholders -- a buyback. i spoke to the cfo and he said we are going to review and what is setting it apart but to really the dividend was in line and expect expectations. the numbers were beat, pretty positive performed well. >> and see an opportunity in m&a and we all know this one big opportunity. is that going to be the story? >> everybody will like to see less in that space. jesse was talking about in at the time. take capacity, what would it mean? talking about taking a backseat to m&a and does it mean that deal is off the table? >

meanwhile, ubs basically flat. they restated their fourth-quarter profit, saying they lowered by 105 million euros because they paid a provision of 134 million swiss francs because of their investment banking unit. they agreed to settle with u.s. regulators regarding currency rigging. the final pay rise was upped even more. back to you. mark: -- jonathan: caroline hyde, thank you. stocks higher across much of europe. the european equity markets what a run. the dax up for a ninth straight week. the longest winning streak since 1998. equities performing pretty well in europe as qe kicks off. greece is back to brussels. alexis tsipras heading to the city today, sparring between yanis varoufakis and wolfgang schaeuble continues threatening to widen the greek-german divide. the greek prime minister meets the european parliament president as well. for more, let's bring in marcus bensasson in athens. and hans nichols brings us the german angle from berlin. marcus, what are we expecting out of the tsipras trip today? is th

we just spoke to moncler --geoffrey yu of ubs. he said he does not expect parity.d a call earlier from bank of america merrill lynch and they expect parity by the end of the year. they expected by around and of 2015 early 2016. when you look at the pound it is significantly strengthened against the euro, over the last couple of weeks. keep a very closeeye -- keep a very close eye on the foreign exchange markets. john lewis partnership is just out with results. let's go straight to anna edwards, who is standing by with the john lewis chairman. over to you. anna: welcome to the john lewis store. i am joined by sir charlie mayfield of john lewis. thank you for joining us here on bloomberg. run us through the numbers. >> we had a great sales year. sales are up in both brands. we have seen a great performance -- [indiscernible] profits are up by about 25 million. it is net-net. [indiscernible] anna: how is it performing? in the most recent figures, we saw that the market share was down for the first time since 2009. why is that? >> it is because it is comparing against

breaking into the system the cyberattacks against the government at record highs amid growing former ubss cyberterror is our weakness and they will continue to exploit those witnesses it -- weaknesses. you were in the cyber business it is a booming business. >> it is a growth engine not going away. what do jpmorgan jays, home depot, a target and sony have in common? despite spending hundreds of millions of dollars? they all got hacked. it says ever conventional methodologies are insufficient. first and foremost, our professionals were never trained in cyberbut to create networks or process or transactions but not cyber. state-sponsored attackers have been trained and they are professionals and they are adept at penetrating or systems. the biggest problem is not a software or firewall you have to have a human who understands the attacker and has to do surveillance that the systems and methodologies are passed we need to do active adversarial pursuit. it is what the government and an essay does when they go up against china or a rand there actively looking for attackers so we grow up with

on horseback, main street, ub mayor and i am sheriff. we built a goldrush town. or capital -- cattle or whatever it is. you have been immensely fortunate. to our worlds left the world in shambles and you emerged undamaged and technological and industrial in power. china has completely different history. 4000-5000 years and up and down. long eras where there was no government, anarchy. warlords. i once had a chinese missile or -- mrs. -- messeuse. asset, during the war, what crazy did you use? japanese currency. i said, how many currencies are there? he said 14 or 15. depending on which warlords area you are in. why have they survived in spite of anarchy and disaster, floods, famines? because there was a social network independent of government. it sustained them. the immediate family, the extended family, the clan. you vote them in obligation. you cannot turn them away. that is how they survived. i would be loath to believe that in singapore you will never have anarchy. there will always be government that will provide for social security. i'm not sure that will

neil: and ub are saying that 50 -- uber saying that 50,000 of its drivers were hacked.ths ago tracy, the car sharing service is only sharing that info now. >> they are saying they needed time to investigate this. this is weird, i am timeing this is becoming common place we were hacked and people still getting in uber cars. neil: i i wonder what we'll discover. >> heck cray crayola facebook page was hacked. >> crayola? >> yes they but the this dirty stuff on it. neil: i should check my son's -- >> jonathan? >> there is a waive life, i feel empathy for uber drivers whose information was hacked. giving ubers innovation it will be forgotten in 4 to 8 weeks. neil: until another company. >> soar next time it rains and or the next time it rains and you need a car. neil: on issue that apple stock for european stock you gain? don't laugh. something must be percolateing, investors putting in more than 11 billion bucks in european share funds in last couple of weeks, maybe they see a very real rebound? so jonathan theory cheeroo? >> stockss anticipate news, they don't reflect it.

i mean, we at ubs expect the fed to start hiking in june. this would certainly be important for europe as well. overall we see a significant decoupling between the u.s. and europe. the ecb will not be able to normalize and tighten monetary policy any time soon. the wedge in the perception between u.s. and european monetary policies are going to widen going forward. >> this week is a big week for europe. european central bank. what details are you expecting to hear and what are you focussing on? >> we think that the ecb meet willing focus on three areas. the first is the staff microeconomic forecast released by the ecb. secondly, greece certainly. and thirdly, we think we are going to hear more technical details about the qe program. i mean personally i'm quite focussed on the new stock market economic forecast because for the first time the ecb will have to tell us they expect it to be influenced by qe. then since the microforecast will also include forecast for 2017 for the first time this will kick start the discussion on whether or not qe

. -- asset gathering business come the same way ups has embarked towards -- i think cs -- ubs is aboutgathering. we are the low 40% for cs. where is -- where are the opportunities and wealth management? probably asia. tidjane thiam has a tremendous track record in asia. and not only in asia, but in asset management insurance. it can see some link as well. that is very much what investors are asking. and hoping for. francine: i remember we spoke to him about five or six years ago after he tried to buy a part of aig for provincial. you said you have to be bold because investors forget and forgive. if you do both at the beginning, do you think you're going to have a big announcement or will he take his time? >> he's got the reputation for being disciplined asset locator. he has the track record. we know asia is growing of growth for asset managers. that is where his experiences are. guy: would it be better to appoint somebody from a more wealth management background? >> it is an interesting question. we saw the share price performance reaction to the appointment of someone who is seen as

this new technology here doesn't change anything for you hailing an ub error lift car.er drivers it doesn't mean any difference either. everything is handled through the gps if the app. the fence will work with app like play wheel that hail taxicab. right now cab are charged using older technology. >> smart car. and this the given for taxi driver. >> grid lock during the november protest. they have opposed effort to legalize uber lift and other services here. but sfo signed agreement with the app company in october and expect license the new geo-fence to other airport. >> we lastly estimate that over the first 2 years of operation the tracking system alone will account for about 350,000 dollars. >> in december uber lift and others fork over nearly 550,000 dollars to sfo in panel fee. this is abc 7 news. >> call it coffee and conversation. starbucks wants the employee to start a dialogue about race this week pwachlt arista may write a special message on the cup of coffee part of the race together initiative. this picture is provided by starbucks. ceo schultz says it's ai

art tashcashin from ubs. >> bagpipes 1:30. >> when we come back oil services names seeing big declinesil dips to new lows. is this a buying opportunity? in my world, wall isn't a street. return on investment isn't the only return i'm looking forward to. for some every dollar is earned with sweat, sacrifice, courage. which is why usaa is honored to help our members with everything from investing for retirement to saving for college. our commitment to current and former military members and their families is without equal. start investing with as little as fifty dollars. ♪ if your life was gold how long do you think♪ >>> oil is falling for the sixth day in a row. wti off of its lows of the morning but still, sitting near six-year low, amid concerns that a glut in the united states is outpacing storage capacity. big oil services names face continued selling pressure. halliburton, 11% decline, just over the past month. joining us now to discuss, baird senior analyst dan leaven who covers oil services and equipment. before we get into the specific names, what do you think of the idea out th

always, one of keys to the mark two of them ubs upgrades hewlett-packard. why is this important?ot of room to do things. want that as an international play that maybe can withstand the selling. people are saying what the heck? domestic companies going down. talked about cable. watch supervalu, domestic chain of supermarkets upgraded by deutsche bank with $13 target. should the stock go down if we see turmoil in turkey? the answer i care more about em tire turkeys than turkey when it comes to svu. kosher kosher turkeys. >> got it. >> dow and s&p, gone flat for the year. they have not had a losing quarter since 2012. >> now focused on funds that have money in these latin american countries. you get -- if you can get the dollar to have three days where it didn't go up you're going it regret you didn't buy it here. but got to get the three days i'm done see them yet. maybe we'll get a little further along in the week and the euro will make it so we don't want to get on a plane. you want to get on a plane and do a shopping spree. i don't do that kind of -- >> no never, far be it from

whether it's a consequence of having more ammunition for future easing or because the economy's is, as ubs.5% and 3% and the employment picture's so bright. but it makes things difficult. >> do you think the fed will have the guts to pull the trigger on interest rate rise when inflation is negative and core inflation looks pretty measly for the next year as well? >> i think they will. i think that dr. yellen has been very clear he's an architect of forward guidance. they did what they said they would last fall in terms of ending qe program. they're committed third quarter, september a reasonable expectation, because hethey want to be on a policy path they believe deflation is, by and large, something they've been able to address and i agree with the againle man from ubs, desirous to get the fed funds policy back in their tool kit. i think they're going to stick with their path and they want to be in a normalized monetary policy environment. >> julian let me pick out the point you made about the underlying strength. if produzer prices are falling, input prices are falling, import prices are

today it's ubs. plus all the effects from foreign exchange.t's a very still picture of walter, as we've obviously lost the satellite signal. i hope he has a good time in austin, because you know he's the star. you know he's the prince of the city right now. >> chock full schedule. i loved when he said if you don't know that we live in a wonderful country, go down to austin, check out south by, the innovation, the ideas there. really incredible stuff happening down there. it's great to have walter from austin. >> our thanks to water isaacson for joining us today. the dow increase hanging on, despite the decline in l. coming up later on this morning, more on what to watch for in a moment. is now the time to sell netflix? one firm is making that call this morning and we'll talk about why. it seems like it was bound to happen eventually. twitter severely limiting the act scess of the latest crazy i social. that's when "squawk alley" continues in a moment. now with the you can watch live tv anytime. it's never been easier with so many networks all

ube and air b&b are able to get plenty of private capital raised.ted to see a few companies whose numbers didn't look quite as strong as the others we saw a year ago. >> the ipo market is a price discovering mechanism and investors are kind of selective. they want to see the path way to profitability for the companies. even though the large ones are staying larger, let's face it, their idea is to turn around and either sell or take the company public. it's their objective to do that. i would point out that in the technology side in particular, because we always seem to focus on that, so far this year, the technology ipos haven't done very well. you want to look at the ones that are doing well. it's only up 35% from the ipo price. and max point, an ad platform that came public last week dropped 15% out of the box. so those have not been good. on the other hand, the shake shacks have performed well. >> to say the at least. >> and the biotech sector. >> these private rounds, that's the crux of it. when you look at a a company like box, raised at a high