the ubs wealth management summit is underway in switzerland. what is on the mind of the wealth managers? i imagine one of the things they are worried about is this environment of low yields. manus cranny is standing by with a guest. manus: thanks for that. with me here, there's going to be $11 billion represented. $2 trillion of that belongs to the house of ubs wealth management. we have the president of ubs wealth management. great to have you with me. great markets in the equity markets in asia. the big focus for you guys. have they all joined in in asia? >> they are joining in. a lot of people did miss the rally. all around the globe, whenever i see clients, the first question is, how can you help me protect my wealth. today, people are worried about valuations. manus: i know what your schedule is the next 24 hours. what do you think is at the top of the agenda? on the global basis, do they talk about greece, the u.k.? what is the biggest risk factor in those conversations? >> in q1, we saw, you could call it crisis. we had the situation in

first, ubs telling us this report concerns a legacy issue you for ubs that's been well documented andthe firm. ubs today is a different firm from a different strategic focus and senior management. also the department of justice saying bradley beshg nurkenfeld was afforded process of due law after all relevant facts and circumstances. >> i want to bring in the panel and get their take on this story. just last night aen drundrew ross sorkin had his special on white collar crimes. >> first, this was an incredible story. i urge everyone to read it. eamon, great job. he pled grilt to taxuilty to tax fraud. he didn't go to prison because that was the sentencing decision of the judge, but there were people that did go to prison. not thousands. also just because you have a swiss bank account doesn't mean it is secret or illegal. but i have one question. he wants more money. he's gotten $104 million, $105 million. did you go get any sense of what he thinks he's entitled to? i think you are entitled to one-third of what is recopupedrecouped. do you get the sense he thinks he should get at least

you compare that to what ubs did, ubs previously had the high water mark. ubs was $1.5 billion.ob a bank were about $1.1 billion. barclays was at $451 million. remember, barclays didn't plead guilty. they cooperated quite early. lloyds bank is down at $383 million. this is all on libor. deutsche bank has already paid more than 700 million euros. that gives you a sense. what does it do to the uncertainty? it wipes some of that away. i was talking to analysts. here is what some of them said. the uncertainty is gone. for deutsche bank, libor is one of the last egg legal disputes. this was a four-part deal. you have the department of justice, the cftc, the fca and benjamin lasky's shop in new york. they have been late to the party. they also been driving them up. there's a great deal of respect by the banks for mr. lasky's shop, in part because he's been pushing a harder bargain. if the bank is chartered in the state of new york, lasky then has jurisdiction. tilde amount deutsche bank has spent 7.1 billion euros. that is how much their legal costs have been. a lot of money. there's

ubs says $565. rob, thank you for joining us. rob sanderson from mkm echoing what was a pretty strong day. let's trade it. dan, what do you think? >> i don't think it's a lay up that on the other side of the investment that it's going to be a much bigger company. we don't know. the ground is moving below content's feet right now, and they have a few things. when you talk about what their offering is, other than some of their exclusive content that they create, it's really not a good offering. so to me i do think it's going to be a value segment. i think they will ben frefit fr the secular shift. looking at the quarter, the options market is implying a 10% one-day move on thursday. that's massive. the stock was just at $422 on the downside. that's what the market is saying it could go to on the downside and $525 would be a new high on the upside. they just ran this chart here. there looks to be some sort of seasonality or sickly cality in the earnings when you go back. it seems to manufacture tove th after earnings. the last quart

this is mark anderson from ubs. a lot more to come.ou are watching "asia edge". ♪ rishaad: we're joined from -- joined by mark anderson from ubs. you are going back to europe so we will get her used to it. let's talk now about the greek default that doesn't have a grexit. all these permutations are coming out right now and it is ridiculous to try to even guess what is going to happen at the end. >> is incredibly difficult at this point in time. hopefully they will come up with a deal so we can see greece not defaulting or leaving the eurozone. we think it is a more than 50% chance that they will default. we saw spanish and italian yields move up a little bit over the last couple of trading sessions. but with 10 year around 1.5%, it is far from the 7% level we saw a couple of years ago. >> it is, because people have years to prepare for such a possibility and the states the nations are much better poised to deal with something like this than they were in 2011. mark: places like spain and ireland have their houses in order and have a goo

credit squeeze ubs -- credit suiseese, ubs, they are known for their wealth management.see what other banks do in terms of catching up. ubs and credit suisse should be wealth managers, first and foremost. i don't think what they were doing before really forms the core of the business, and that is why they move to fix income a couple years ago, ubs. mark: thank you for coming in, garreth ryan. manus: join us all on twitter. we are all there. the dax, it has made a number of peaks. it is all about art and today -- it is all about mark barton today, with his business of sport, the bart chart. mark: up next, it is bart chart time. does china need to rein in its stock price? stay tuned. ♪ mark: time for today's bart chart. does china need to rein in its stock price, making it easier for short-sellers? measures so far have not done much to contain the rally, the shanghai composite rising. china security regulatory commission denying the government department suggested raising the stamp tax, resuming capital gains taxes, and controlling risks. the question will remain, how long

this is larger than what ubs was fined.ake issue with the widespread nature of the manipulation that was going on at deutsche bank. secondly, the way that deutsche bank handled the investigation. they were being sharply criticized either british regulator -- by the british regulator and for on occasion misleading the regulator. that is rare criticism from the british financial regulator of a bank like deutsche bank. stephanie: do they name specifically officers, executives at deutsche bank, not just to potentially manipulative libor, but who may have been involved in the cover-up? >> there is no mention of a specified office. regulators today asked the bank to terminate seven employees -- obviously not office of the company -- obviously not officers of the company. stephanie: hold on a second. they did run the organization, and i take us back to jpmorgan and the london whale. during that time, obviously jp dime -- jamie dimon did not have anything to do with trading stakes -- erik: i would not say that. stephanie: jamie dim

dollar-yen, we also had this conversation with ubs. dollar down, yen rising on the day.s one of these advisors to mr. abe says there is no need for the dollar to fall much further. it is going to come down to what they call clean numbers in terms of inflation guidance from japan over the next couple of months that will guide what happens next with the bank of japan. sterling is down by 18 again. -- 1//8 again. today, the bank of england will release the consumer price index. has the bank of england dodged the deflation bullet? will it hold off on raising rates in till next year? back to you mark. mark: the international monetary fund ahead of spring meetings on friday in washington has issued numbers today on the global economy. one german official says greece will be stuck on the sidelines at the meeting. an official says that last autumn a flash crash in u.s. treasuries could happen again due to the changing nature of the u.s. government debt market. the executive president of the federal reserve bank of new york urged investors and banks that a sharp intraday price mo

i am pleased to say we have a ubs investment banker.ans, a new deadline if it is mid-may, what does eurozone finance minister going to be doing later this week? hans: [laughter] they will be taking stock all the talk, the significance. the real deadline is when greece runs out of cash. that is what -- said out of hollander this morning. when they run out and it could be mid-may or later made, they have been payments do. they owe 80 million euros. in may, that starts to crunch free here is what i will watch for. to what extent are finance ministers talking about firewalls? you heard from mr. dies will -- dusselbloem he thinks the rest of the eurozone can withstand an exit. he had this to say and said the content we are a far apart and everybody sees the process is difficult. the line out of the imf meetings in washington was there was not much progress and taking too much time. if you're looking for a bit of optimism and i have an interview with a german newspaper that was published and they are saying there was some incremental progress

ubs said $1.5 billion in settlement. that was their record. some companies had 6.5 billion dollars. will they settle with regulators? stock up 1.4 5%. i suppose the issue is to get big litigation out of the way and crackdown on re-organizing your bank. they had a sales number at novartis that was interesting. operating numbers will be ahead of what they were originally. the stock up 2.2 percent. we are waiting for ericsson to open their margins. they took a 600 million kroner restructuring charge. mobile you're going to see a little softness. they got competitive in terms of alcatel and no kia -- nokia coming together. these are three eyes -- three things to keep an eye on. 75, 55 is where it trades on the downside. the central bank says there is room to remain in this lower band of rates. they may have room to cut rates. that is where you see the big move. the new zealand dollar down 1.5%. back to you. >> thank you very much. three minutes into the open. the ftse 100 a little bit firmer. the dax is higher by 47 points in frankfurt. some data out of france. i'm getting used to sayin

they don'want to come to the nation's capitaand have ube a city. jonathan: i think the may needs to focus on building business. rebecca: she is just getting started. jonathan: the money they have allocated for technology and small business, there are things this may or could be doing. qualitof educationon, quality of healthth care. there are things cities need to do well in order forhemm to grow. rebecca: we have the guys coming up in the next egg meant. i think the mayor is headiding to j -- next segment.t. i think he is gettining a get out of jail free p pass. jonanathan: havi said that t there is real progress bei made and she is focused on the right ththingsgs. our schools getting better? she has this plan for sain elizabeth's. she'e's engaged in the tecechnhnology counity. rebecca: whose approach do you up -- do you prefer? >> i want a lot of good things. we will look at the streetcar and see if that makes sense. first get the union station going so we can clear the way for real good development.t. rebecca: jonathan, you get the last word. it'

and ubs just moved to a neutral rating on us stocks. why does ubs feel that way? what does it mean?ve the chief investment strategist who was part of that major decision. what he's telling his clients, he'll tell you. ♪ ♪ liz: and back to the breaking news here, twitter still halted. still halted. but we need to go to nicole. she's on the floor of the new york stock exchange. with the very latest. i'm now seeing reports that the news, the early report of the earnings, nicole, was simply from twitter's own investor relations website. is that possible, that they put it up there by possible? >> the last number. is 45 and a half. some of the breaking news i'm getting. looking around. forty to 40 and a half. likely to open in the next few minutes. forty-five and change, okay. so this was halted at 3:27 p.m. at 4867. looking in the 45-dollar range. it's down nearly 7% on these numbers that came out. earnings per share of 7%. that beats the force and estimate. it's the revenue numbers that are weaker. those revenue numbers of 436 million versus 456. what's interesting is going forward. twi

ubs tried to buy tnt in 2013, but was locked by regulators. >> it will not result in a great deal ofdancies or market shares, which would appear to be problematic as was the case in the previous transaction. pimm: royal dutch shell is said to be in talks to acquire

ubs had to make changes. otto: that is a very good comment.s a number of others did have to make sharp cuts. credit suisse was less forced to do that. maybe in retrospect, they missed the timing of the changes in the marketplace. and maybe in retrospect was hanging onto strongly into long to the whole older style model. stronger commitments to fixed income, a bit like deutsche bank, which is also struggling in that respect. guy: final question, if you were working for credit suisse now, how will you be feeling? otto: in terms of the management change? guy: how big do you think the changes are going to be? otto: if i was an wealth management i would be excited for growth, investment bank is shrinking. francine: we are getting some breaking news about the three-month euro toward dropping for the first time below zero. what does it mean for banking looking at greece and the general environment? otto: the general environment, a very low yield environment. the yield effectively zero. a very flat yield curve makes life harder for banks. the message

weeble have faber's inclusive interview, and another upgrade for netflix, this time it's ubs. we're going to walk you through that call. first up apple pre-orders are surging. they received almost 1 million orders on friday according to slice intelligence. no comment on they numbers from a third party. this took one day. >> look basically a sight unseen fabulous ads, and i think what this says is long run, because if there's a million early adopters without even people just figuring how to sync, i would say this is not a 2016 phenomenon. by that time everyone will know you have to have this as a device. you know what? people under 25 carl they've never had this device. suddenly they're going to wear it because it's part of their ecosystem. those of us older who have a watch, we're trying to figure it out. younger people have figured it out. they need it. >> piper jaffray, everyone is trying to do their work. b of a is a little higher than that. even if they sell eighth year is a, the conversation always returns to how hard it would be to meaningfully impact revenue. >> when yo

nosotros comezamos en mÉxico donde en un momento la policÍa de michoacÁn saca a la fuerza a ub una niÑaentregarsela a una mujer de texas donde dicen era la madre legÍtima pero lo cierto que son muchas las piezas que no encajan en este rompecabezas raÚl torres estÁ en mÉxico con lo Último, raÚl?. >>> quÉ tal mary te saludo desde el monumento a la madre sÍmbolo de amor y protecciÓn, lo que estÁ viviendo alondra de 14 aÑos es una tragedia porque hay dos mujeres que dicen son su madre y no se sabe quiÉn dice la verdad. >>> tiene 14 aÑos pero luchÓ con toda su fuerza ella fue sacada de un juzgado de michoacÁn por la policÍa federal y le entregaron a quien dice ser su madre dorotea garcÍa, alondra la rechazÓ y junto a ella estaba susana nuÑez quien asegura ser la verdadera madre. >>> estÁn los derechos de los niÑos uno como quiera pero ellos >>> do rotea garcÍa vive en estados unidos desde hace tiempo la busca porque se la llevaron, dorotea encontrÓ a alondra por su pÁgina de facebook ademÁs reinaldo dÍaz es pariente lejano de la familia con quien vive alondra desde guanajato >>> no los conoz

interestingly enough another analyst was saying the german bund that trade is becoming crowded and ubso points out that investors should be careful if greece were to exit the euro zone the germans would have to issue more bonds and that could send prices lower. perhaps you don't want to go along with the german bund at this point. >> if greece were to exit, the ecb would have to bear some of the losses and there might be a recapitalization need. in the short term we're clearly facing more uncertainty. >> i guess the story could change if there's a meaningful rise in inflation? >> that's right over the course of a year. inflation should rise a lot closer do 1% and further in 2016 so the inflation expectations certainly contribute to somewhat high yields over time. >> despite potential -- despite a potential decline in oil prices from what we've already seen over the past one year? >> i think so. we believe that over the course of this year and then certainty over the course of next year oil prices might well rise again and then help to lift inflation upwards. not downwards. >> what's yo

habÍa neg lado visa al joven en dos ocasiones pero la organizaciÓn que le apoya el consejo de latinos ubaira lÓpez muestra la visa humo tarea en el pasaporte de de su hijo como diploma aunque representa mucho mÁs. >>> pues es la oportunidad de vida para mi hijo y muy feliz este casi abrazo la gente de aduana no lo para agradecida. >>> josÉ que tiene 20 aÑos necesita un trasplante doble de corazÓn e hÍgado una op contra no se prÁctica en mÉxico. >>> y ahora la clÍnica mayo de minnesota o la a lo verÁ y determinarÁ si elegible para la cirugÍa. >>> significa mucho, significa todo pues porque tal vez lleva una o dos semanas peleando por el pasaporte, pero llevÓ tres aÑos peleando por cirugÍa y toda mi vida por la salud. >>> josÉ naciÓ con un mal cogÉnito en lugar de tener dos ventrÍculos para bombear la sangre al cuerpo solo tiene uno. su condiciÓn de ventrÍculo elenco provoca problemas de cÍrculos y ha daÑado su hÍgado la organizaciÓn que lo apoya agradeciÓ al departamento de seguridad nacional que aproblema o el permiso para que estÉ en el paÍs por un periodo de 3 meses. >>> es un proceso

switzerland's ubs has already paid out the equivalent of 1.2 billion euros and britain's barclays bankas given a 325 million euro penalty. german investigators german regulators are also investigating -- german regulators are also investigating. the scandal has cost customers billions. brian: we have more news about other corruption scandals. investors are getting a very cold and hard look at the financial impact of a massive corruption scandal at the brazilian energy giant petrobras. matt: this state run company now reports it has lost 1.9 billion euros, which are directly attributable to the sandal. kickbacks and fake contracts hit the government hard. reporter: it was a sobering day for brazil's biggest company. new page breast ceo is trying to win -- new petrobras ceo is trying to win back credibility after the scandal. he is promising transparency and a complete investigation into the kickback scheme that ran for eight years. >> i sincerely apologize on behalf of the whole company. i hope the people of brazil will soon be able to trust us again and believe in the quality of what w

ubs tried to buy tnt in 2013 but was locked by regulators.ex chief executive is confident the deal will go through. fedex chief executive: it will not result in a great deal of redundancies or market shares, which would appear to be problematic as was the case in the previous transaction. pimm: royal dutch shell is said to be in talks to acquire bg group.

it stands interest rates in chine e are above 5% not the same as japan, for the chinese to blood to ubs and buy as many treasuries, i think that's why they are holding the money back not going after interest rates aggressively using it for their own economy. >> diplomacy lost, the u.n. envoy to yemen steps down as the vice president tries to rally throws late to the president. >> russian penalty vladimir putin

paul richards head of fx and credit distribution at ubs. and dan greenhouse is btig's chief strategist. our game plan of the day looks like this. all bark no bite? do activist investors really get the big returns, do you think? some scathing criticism today from one person who says the numbers tell a different story. triad's nelson peltz begs to differ and joins us exclusively to respond. microsoft at 40. as the company marks the milestone are its best days ahead or is the software giant going gray a little too soon? we begin with stocks pushing higher, at least trying to ahead of the jobs report. made even more so by the fact the fed's getting closer to raising interest rates we think. and earnings season is just around the corner we know. sets up a good debate over which is more important to investors right now as the next catalyst for stocks. josh, what do you think? >> i think that's probably the issue that most people are most pessimistic about, is this is a down quarter for earnings. and more than that, factset is reporting that you'v

we have a fast-moving spin on a popular way to get around called ub e-a ride sharing service you access on mobile phone. so hot analysts value it at $40 billion already. in a place where a slow cruise is part of the scene, "america tonight's" michael oku found a fierce effort to put on the brakes. >> reporter: sin city where the strip is lined with invitations for gambling guns and girls. just about anything goes in vegas, but one thing not going anywhere is uber. the darling of silicon valley isn't feeling the love from the silver state where it has no permit to operate. there's a $400 million taxi turf war here in vegas, a handful of cab companies dominate the rides at the airport, the strip and convention center and just about every where else. uber wants in on the action. it briefly set up shop last october in nevada before a judge ordered them to shut down and the taxi industry came out swinging. >> it was almost a sting that was helped to organize by some of the -- one of the cab companies. >> one of the cab companies? he's a veteran reporter at ""the las vegas review journal."" w

the ubs upgrade is 70 pages long. way, way deep into consumer economics and their willingness to pay for streaming which they argue, bodes well, ginn the kind of content that netflix is putting up there and the kind of reviews it's getting. >> yeah, looking at netflix and how they've managed to continue attracting subscribers aside from hikes. apparently people are signing up for it. that does bode well overall. you have to wonder what the adoption curve is like. so many unknowns here, everybody who we talked to on this show who's in hollywood, the actors are excited about the possibilities that get opened up for creative expression and certainly within these niches, people seem eager to get their hands on the content, and you're not hearing a lot of people complaining about the fact that they have to pay for it. >> 48147, looks like a new high after all its been through over the last few years. julia, thanks to you. >>> when we come back, want to upgrade your phone? now you can without leaving the house. ceo of sprin

the ub security council is divided over how to respond. the u.s. european and sunni arab countries want to put more pressure on yemeni militants for violating security council resolutions. russia is demanding the air strikes be suspended to allow delivery of humanitarian assistance. >>> nigerians are living under a daily threat of violence from a militant islamist group. they voted for a new president last month who vowed to get tough on boko haram. but some people feel they can't wait for that change and their only choice is to flee. nhk world has the story of one boy's narrow escape. >> this is a refugee camp in chad, neighboring nigeria. a steady stream of new arrivals seeks shelter here from boko haram. many of the children are suffering from malnutrition. the islamic militant group has been fighting government forces in northeastern nigeria. boko haram's cruelty to children. not only does it kidnap children to use as fighters it also forces them to become suicide bombers. this 16-year-old boy is a refugee here. he escaped from a village in nor

analysts at ubs see meaningless declines in the first quarter but they still see it as a buy based in value. some analysts argue that the pc market will pick up this year because they think window's 10, the new version of the operating system due out l encourage pc demand in the second half. >> we're in this air gap right now in 1 q and maybe in 2 q here. we don't think investors should look at the pc market more broadly and these these are good representations of natural demand. >> but analysts at idc think it will drop 5% despite a potential boost of window 10, but investors will have a better indication of who is right when microsoft reports earnings next week. for "nighlty business rep i'm josh lipton in san francisco. du component johnson and johnson reported earnings beating expectations but revenue fell 4% from a year ago. and the health care company lowered financial guide sans from a year ago in part from the stronger dollar. they finish the day slightly lower. mike terrell has more. >> currency strikes again but this year investors from johnson and johnson, falling 7% in the

. >> reporter: well, when the for earn ministers met in luxembourg on monday, there was clearly a ube at this among them that action had to be taken but how to make effective action against a very complex problem that's the real question that the leaders are going to have to tackle when they meet thursday a 10-points plan was put forward and universally agreed by the foreign ministers on monday. there are gaps, it's far from being competence i ever. is to increase the resources. one figure is to double the amount of money and boats out there patrolling for migrant ships. i have to say the operations are running at barely a third of what it was last year even dibbling the level would not bring it to the level of last year and i don't think that will make humanitarian groups very happy. other plans include, for example, the fingerprinting of migrants that seems to be a measure design today alay the concerns of certain european member states who would be concerned about security and about migration of potential destabilizing influences in to europe without any proper identification. anot

ubs says this concerns a legacy issue for ubs that has well documented and is many years behind the firmmanagement. also from the department of justice where i'm standing right now, justice saying bradley birkenfeld was afforded due process of law and sentenced boy a federal district court after full consideration of all relevant facts and circumstances. guys, back to you. >> pretty remarkable stuff. great reporting as always buddy. thank you very much. >>> well, it has been a rough year so far for wynn resorts. the stock and its founder. find out what steve wynn has to say about that in a rare and exclusive interview straight ahead. >>> an all new season of "the prophet profit" returns to cnbc and this gives you the chance to makt american dream come true. on twitter it's #sharetheprofit. for every retweet it will donate $1 to help grow small business across america. show your support and share the profit. we'll be right back. here at td ameritrade, they work hard. wow, that was random. random? no it's all about understanding patterns like the mail guy at 3:12 every day or jerry, gettin

then the cfc of ubs will join us to talk currencies.of retailer nicole miller will be here. stick around. >>> welcome back to "squawk box" here on cnbc. let's look at the futures again. 124. just looking at a note i just got which i agree with that it's not about the fed now. bad news is bad news. and that was a bad news on friday. they've done everything they can do. can't get out of the muck at 2%. and they're out of bullets at this point. we've got to do it eventually. here's what's happening this morning. ventas is buying privately held chain arden medical services for $1.8 billion in cash. ventas also spinning off their nursing portfolios. this was a fascinating company that you guys probably don't follow that closely. but it's a cincinnati-based company that was roto rooter essentially. they owned part of a hospice entity that became larger and larger as a part of that. they ended up changing the name and becoming you know a dedicated health care company. mostly hospice. you don't think roto rooter and hospice in any way. >> not g

you have credit suisse and ubs. it is rbs way ahead of the pack. finally, he and his wife hand in the resignation. >> the stock rallied 15-full. lamborghini -- jon: not a lamborghini men. hire across globally and deutsche bank has 3.5 billion euros of cost reduction and cutbacks. they are the trends. there is emerging of u.s. pc. where are the banks growing? >> they will be shedding assets and getting leverage ratio all the way up. they will be increasing and spending $70 billion on relationship-building. they presume that they want to focus on client services. here is what they had to say when they announced the changes. we must remain client-centric. we need to become more geographically focused. we need to avoid trying to be all things to all people. >> the last comment gets to the core of what they are trying to do. they are going to have the ipo as the end of 2016. in terms of retail banking, they will go down and, as a company they are trimming it and we will focus and try to trill down on which countries and what sort of job losses there wil

the con responsibilitying for of ube alconstant fogg of funeralprior smoke hangs over everything.ndrew simmons. al jazerra. >>> the u.s. city of baltimore has did claude a curfew until 5:00 am. riots erupted after the funeral of a policeman that died in police dust is a a lawyer for freddie gray's family says his make was 80% severed, they are calling for police reform. >> we ask the prosecutors to reexamine their sentencing policy, they are brutal boards us, they are worst than any country in the world. there is no other country that even comes close to the imprisonment of its citizens of the united states of america. we are asking the police to look at their policies that we believe that if they have cameras and, there is firm control legislatively of the on-off switch and harsh penalties for impermissibly turning the cameras off they will work to increase civility like nothing you have ever seen before. >> as the protests continue in baltimore over the death of freddie gray, the city's racial and economic divide is coming under the spotlight. gabriel elizondo reports. >> report

>> they patrol the cash handling fmentds and the ub -- facilities and the subways and the ballparks and the customer centers. >> okay. i am prepared to vote against the contract to get a better understanding of the armed versus unarmed services and the resources are allocated and the time and training and commitment behind them. thank you. >> thank you. supervisor kim. >> thank you. i actually -- hearing some of the discussion today i think we have enough votes to continue this item and what i would just like to express i think there are a number of members concerned about the armed portion of the services and would like to see a contract before us without guns utilized by security guards with the sfmta and that would be the motion i would make to continue this and do you think one week is enough time to come back with a contract with that? >> one week is enough. the current contract expires at midnight at the end of the month and we do our best to get the contract to you next week. >> i realized i have one more question and not related to the armed services but a conversation we have a

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guy: let's get the word from ubs. good morning.n a in europe -- m&a in europe certainly picking up. when you look at a deal like holcim, putting it together with lafarge, is that the anomaly inasmuch as they say europe on europe? do you think we will see more your u.s. into europe feels? >> the obvious factor is the fx. for growth being short, it is an opportunity for u.s. companies to look at growth. francine: megamergers are very difficult. you may have the best intention in the world. are there secrets to getting these right? if you look at lafarge and holcim, they seem to be sitting better because the culture could speak -- could be similar. gareth: these are complex transactions. i think it is a function of getting the right synergies that you mentioned, the right corporate fit, and from an antitrust perspective, that is key as well. guy: the personality story nearly tripped this deal up. how important is it to get personalities right? increasingly, it looks like it is. when we went through the previous m&a cycle, i thought it

olivia: you were saying that in your time at ubs you did a lot of business with russia.take on the situation they are? robert: i think sanctions have been crippling them. and obviously, the ukraine situation continues to be quite severe. and i think that russia needs to figure out how to make their own economy work better. you cannot have the ruble plunging and investment be shut off and think there is a business proposition there. i would be incredibly nervous to do business there. olivia: this is fun. thank you so much, robert will ceo and founder of 32 advisors. brendan: we got to talk about drones. olivia: and about the fed. tom keene is probably watching. there's a rumor he is going on vacation. robert: the red sox. olivia: and the yankees. ♪ matt: good morning. it is wednesday, april 8. we are live in midtown manhattan. i matt miller, infra betty liu. -- in four betty liu. we have a great show for you today. a lot of news. also, ed conard joins me to discuss income inequality and whether a 26-year-old m.i.t. grad student just took town thomas piketty's theory. oil

anna: george magnus, senior independent economic advisor at ubs. keep it here on bloomberg.ater, we will be debating one of the central issues of the u.k. election. that is the question of europe. that is at 11:00 london time today. if you have a question for any of the panelists, you can see them listed on the screen if you have any questions, tweet us. we will be asking questions from twitter in the second portion of that debate. ♪ anna: welcome back to "the pulse " live on bloomberg television and radio. let's check what is happening on the markets. this is a picture of the european equity markets. this is the currencies for you. euro-dollar up 0.71%. you can see the pound against the u.s. currency at 1.4781. if we bring up what is happening on equity markets, a strong day underway. european markets set to close at an all-time high. the stoxx euro 600 up 0.4% around an hour ago. looking pretty strong across european equity markets. a strong hand over from the asian equity session. things in hong kong looking very strong. investors in china are looking for closure in that

ubs. big investment firm. pepsi is going to take over and be a sponsorship from coca-cola. the price of oil this morning down $0.01. gas, down in price for days in a row. more headlines that we are following. marco rubio said to announce his campaign. maybe he will steal the spotlight from hillary. to the captain and crew members from deadliest catch. the new season starts with a huge storm. first, though, let's get to hillary. it implies that she is time her campaign to obama's economy. >> she is. economic issues are coming off the table if then, she can deal with other stuff. e-mails are too complicated to sell. if you get the economy out of the way her gender, a better place to live -- my point look at the numbers. i do not think so. just explain. a lot of economic and visiting. still pretty lousy. we should point out economics. even the lousy obama recovery. i think this could be her achilles' heel. it may be good for the markets. again, this will hurt her. she will have to talk about classic quality by her boss. how many times did it look like the obama economy was goi

we will talk to the former ubs executive who is now getting into the commercial drone industry. ♪ oliviao bring you up-to-date on the top business stories of the morning. shares and twitter are falling again after a big punch yesterday afternoon. first quarter earnings were accidentally released early and they showed user growth and revenue growth slowing more than expected. twitter also cut their forecast for the entire year. digg costolo says he is disappointed in the performance of his sales team. it has been a rough few days for the greek finance ministry. pacing and attacked him and his wife at a restaurant in athens last night, making threats and throwing objects. their pockets says no one was hurt and they called him a time waster and an amateur. -- varoufakis says it no one was hurt and they called him a time waster and an amateur. turning against german debt they may make a big get back and german bonds spoke with erik schatzker at the milliken global conference. >> i wonder why people don't leverage up making deals because it seems to me there was almost no way to lose. i will

ubs tried to buy the company to years ago but regulators block the deal.

. >> the women figured out who that man was comparing his face to the face on their ub ehret the mand and the police tracked him down five days later and he is no longer allowed to drive for uber. >> scarey. >>> there are questions being raised tonight about fish oil supplements, whether they are a waste of money many people swear by them and the omega fatty acids but most clinical trials showed little evidence that they lowered the risk of heart attack or stroke, and there are reports that it could thin the blood too much. they believe the omega 3's from fix do have value. a big bold move from a montgomery boy that was bullied. this is dominic from hatfield and he says he gets picked on because he is short. he took to inextra gram, haters that are getting the attention of celebrities and his garage was stunned because of chemotherapy you know i may be short but that is better than being ted you don't need to be tall to win and god slowed down my growth so i can be the best person i can become. and his message was reposted by big names and phillies own quest love from the roots he sa

let's bring in art cashin director of floor operations with ubs. still greasedece for you? >> greece remains in the background. things calmed down in china. i think it's going to be a long drama. i suspect we will play it through the end of this week which is one standard but as i discussed yesterday with simon, the idea that if they default, it's not an immediate event. that it's a brief honeymoon of a couple of months which you might see a change in governments. that having been said greek bond yields are way back at a big high. not since we've seen 29% back in 2012, i think. >> you point out the fact this stock market has been in such a tight range for such a long time. 75 trading days up 0.7%. how long is it since we had a 2% move? 80 days. what does that mean? is that a market that's struggling to go higher? is it the calm before the storm? are we consolidating to rally? what is going on here? >> that's the $64,000 question. $64 million in today 's dollar. the point being it does look like the market is somewhat indecisive. that's exemplified by the fact you get a 20 p

visit iran with the supreme leader and many fear he cannot ub trusted to hold up their side of the bargainmilitary have a lot to say about this. not necessarily the negotiators. they don't have any power in this. the ayatollah and military have the power. >> reporter: u.s. allies are certain they cannot be trusted. >> israel will not accept an agreement which allows a country that vows to annihilate us to develop nuclear weapons -- period. >> reporter: fact is, the supreme leader faces sharp division at home. between hard-liners loathe to trust the west, and average iranians eager to ease their country's economic pain and isolation. >> the supreme leader is in a difficult dilemma right now because his hardline base has long opposed any accommodation with the united states. and at the same times there's tens of millions of iranians are who are euphoric about the prospect of sanction relief and integration. it's going to be difficult for him to disappoint so many iranians who are evening tore see this deal happen. >> reporter: still, trust between the u.s. and iran has already been tested. o

joining me is cory johnson who broke the story and the ubs managing director. i have been thinking about this and i'm skeptical. cory, you first. you helped break the store. cory: we know what we know, wish that there is an offer on the table and i hired bankers. -- they hired bankers. benioff has a bunch of options vested right about now. the board has to make a decision and evaluate the offer on the table. that is why the engage these outside experts to look at the offer. but it is an interesting business. it is a business that shows tremendous topline growth but slowing dramatically. it is also a business that has a zilch for profits, stilts for free capital the last five years. -- zilkchch for free capital. the look at how they have grown the business -- doing expensive acquisitions and spending a boatload of marketing. that is why there are no profits. someone who buys this is going to want topline growth at the expense of all a lot of earnings and the expense of a lot of money. emily: you have covered salesforce for a long time and you share my skepticism

joe grano who ran ubs. went against another championship fighter. movies at one point.rano took it seriously and went after breland. he had to smack him and hurt him. melissa: we've got to go. thanks to all of you. we have breaking news right now. south necessary flight from chicago to hartford, connecticut diverted to buffalo after the crew reported pressurization problems. the flight did land safely. a number of passengers lost consciousness before landing. can you imagine how scary that was? we'll bring you latest as soon as we get it. >>> fighting isis at home. three reports of homegrown terror over three days. our next guest knows why this is happening and how we can stop it. >>> plus, giving amazon a run for its money. you won't believe why the postal service is planning for its latest plea. more "money" coming up. ♪ melissa: homegrown terrorists still pose as huge threat to the united states. there are three reports of americans trying to join isis in just as many days. our next guest is very familiar with the recruitment process. he himself has stop teens before

ubs analysts have initiated the stock with a buy rating and $140 price target.here are conservative assumptions so overall, a nice bullish report here. back over to you guys. >> let's hop over to the cme and get in touch with rick. >> hello. we all know we had some data points today and it seemed as though the 8:15 data pushed rates down a bit but it wasn't that far from the mark. i founld the ism fascinating in other ways. think about it. why do we pay attention to ism da data? it's top tier to many traders around the globe. many believe certain areas within these reports like the employment index give you good glimpses but in the end it's the respondents that create the numbers so it's very important in the new trend to see some of the questions and observations by those respondents and a couple have been showing up a lot lately so you can go to the report. it's online. on the second page there's a list of about nine points. the ones that caught my eye, operating costs are higher due to increases in health care premiums. and they also continue to mention some