manus cranny in zÜrich for us.e more of the interview that he did in the next part of this hour. interesting comments coming through from sergio ermotti this morning. let's talk about the other breaking news we had had out. shell is making some announcements vis-À-vis its acquisition of bg. it is a it is on track -- it is saying it is on track to complete the acquisition in early 2016. it has raised the pretax synergies it is seeing to 3.5 billion. that is a 2018 number but it is upgrading the story regarding synergy so they can tear out of that business. the combined capital investment in 2016 is 35 billion. it is seeing good progress. it is raising the synergy forecast and getting and i you -- an idea of what it is going to be. that is the management story coming out of shell. for more on that, we will come back to you on that story. in the meantime, i want to take you to hong kong. the markets beginning to ramp up as we head towards the european open. closing a little bit softer. zeb eckert is standing by with t

let's get back to zurich insurance.were expecting a substantial drop to the tune of 80% for the third quarter. why? this company preannounced a couple of weeks ago. that's when they said they're expecting a $200 million operating loss for its struggling general insurance business. primarily because the blast in china a couple of months ago and that's why, susan, they also walked away from the 8.8 billion dollar rsa bid. so the question going forward is how much visibility does the company have for that general insurance business. >> we're in a tough cycle for the entire industry currently. but as you can see, that portfolio is significantly underperforming. it's not a question of chasing rate to try to chase volume. we need to resize the portfolio. we'll trade market share for profitability next year. >> that was the cfo speaking to me earlier. he also told me there will be no change in the company's dividend policy currently with a high payout ratio of 66% and they're going to guide for a confirmation of their financia

the ceo sat down with manus cranny in zurich. manus started by asking him how concerned he is about global uncertainties like china. >> it was a very challenging quarter. in addition to everything that you just mentioned, think about the seasonality you have during the summer. you go from an environment where the fed was expecting to hike and did the opposite. big changes in the sentiment and emerging markets. china and the geopolitical fronts. i'm glad that not only have we managed to raise it very effectively but also in the good times with declines and risk. that is the biggest success for the quarter. manus: the language you used, pronounced deleveraging in asia and low connectivity. should we be concerned for 2016? >> the journey of asia and wealth creation is still intact. i feel very confident that we will continue to have a substantial part of our growth coming from asia. is going to be a more challenging environment going forwards, but we are well prepared. manus: talk about the investment bank, revamped and restructured

it was based out of geneva and zurich. sharyl: in 2007, he decided to blow the whistle, the first banker ever to break open the swiss banker secrecy. brad: they did nonofind me. i sought out the doj, the irs, the fcc -- sec, and the u.s. senate. when they gave this -- when i ga me -- then this information, they we hostile to me from day one. sharyl: he suspects it had something to do with ubs's powerful connections. the bank was a top donor to then-president george w. bush. brad: they had over $1 trillion in assets. they had offices worldwide. they had a large political influence. they hire politicians to help them for marketing or representation or lecturing or what have you. sharyl: there were also politically influential ubs brad: they are politicall exposepeople. we had a very secretive desk in zurich. we had a dedicated desk and they handled the accounts directly out of washington dc. sharyl: he says he was stunned wh when doj did not pursue the first name he turned over of the biggest tax evader he knew about , a for

zurich. why paris tonight, do you think? >>> you think terrorists probably have great every capability in a large city like france. secondly, france has been one of the leaders of the fight against for or every in the middle east. they commit aircraft and training troops in that arso i think that a major reason. support network in france than they would in a country like switzerland or hungary. >> anchor: within europe itself you have very poor supporters where it's easy to go between country to country in transfer goods as well? >>> yeah, that's true. borders these days, i go to europe every summer and it's massachusetts and rhode island. there is no issue. the problem is more getting into europe than being able to cross borders within europe. >> anchor: are you familiar, so you travel often, are you familiar with paris and in particular the sporting stadium where this is occurring? >>> no, i'm not. i mean, i have seen it on the video. i mean it's obviously a very modern stadium, it seems li

we had a very secretive desk in zurich. we had a dedicated desk and they handled the accounts directly out of washington dc. sharyl: he says he was stunned wh when doj did not pursue the first name he turned over of the biggest tax evader he knew about , a foreigner who lived in a multimillion dollar new york condo and h hclaims was involvedd in terrorost financing. brad: he had made it illegal oil sales to saddam hussein, he had over $400 million in numbered accounts set up for decades, he had his own private phone into my bosses office that only he would call in on. sharyl: he saysys doj attorney told him they were not interested in non-americans. the agency declined comment for this report. it turned out doj was interested in prosecuting bradley birkenfeld of the tax scheme. they used evidence he provided to build a case against hihi you didiserve time? brad: i did. sharyl: while he, the whistleblower was prosecuted, the government worked behind closed doors to cut a deal with his former employer, ubs, one of president o

wet weather saturday into sunday, dealing with snowfall in london and zurich into saturday.st asia has a low pressure system from the sea of japan bringing cloud cover and also some showers. earlier, we also had some snow reported into beijing friday morning, and now we are seeing a drier pattern, but the rain is expected to linger over japan in terms of the northern areas as we go into the weekend. now a typhoon in the south i wanted to point out. this is a strong typhoon for the moment, expected to be a very strong typhoon as we go into saturday. while it's not expected to make direct land fall over gua mrgm, there's significant impact, high waves taking place on saturday into sunday as well. be prepared for an active weather scenario as we go through the weekend and looking at the forecast for saturday, looking at partly cloudy skies in tokyo, but rain for shanghai down to hong kong throughout the day. hope you have a good day wherever you are. ú ," you are watching "france 24 with me, claire pryde. gunmen killed at least three people and take many more hostage at the ra

who oversaw the controversial german from zurich. sepp blatter suspended and on the way out, the organization has no president, and little credibility. at the time the 2006 world cup was seen as a success on and off the pitch. a decade on, germany's right to stage the party is part of football's web of corruption. lee wellings al jazeera. >> francoise has med the league, mow the leaders have stressed they recognize the full responsibility to address climate change, china is the word's largest carbon emitter making beijing center to anusol sekful agreement. the french president says he wants to deal with china before the climate talks begin later this month. >> the climate is the biggest question facing us all, it will determine peace in the coming decades. it will equally decide the quality of life, we would like the president and myself to be able to make a declaration. ahead of the upcoming paris summit, this will commit both our countries to a deal but will also be seen an a foundation of the agreement in paris. >> rob mcbride sen

former president of the brazilian football federation, one of several fifa officials arrested in zurichn may has been flown to new york. he has pleaded not guilty to charges of taking bribes. the volkswagen sales are far behind that of other manufacturers. as bw has denied claims by u.s. regulators that some of its luxury brands were also fitted with devices to cheat pollution tests. the environmental protection agency says at least 10,000 vehicles, including porsche and audi, have been affected. president egyptian abdul fattah al-sisi will visit the u.k.. his trip is causing controversy. david cameron is under pressure to call off the visit. more than 50 politicians, act the mix, and activist save the egyptian leader is a military dictator responsible for a reign of terror. officials in the uk's a stronger with age of the better, there can be frank discussion on areas of disagreement. this is for shoppers. plenty of familiar names for the fashion conscious. cairo, not al in british high street. this is a mecca for shoppers, it is one example of the close business ties between the u.k.

that shot is taken from the older part of zurich. that is across the river.ncine and are looking forward to thomas. our business/this morning. at: volkswagen plans to environmental accusations. the equipment that alters omissions testing results. activision is buying the maker of candy crush. they will pay a $5.9 billion to king digital. they are the biggest videogame maker in the united states. third quarter profit doubled it ubs. year'sh back next ability target by year. the goal is 15%. ups shook up its management ranks. they replaced the cfo. that is it. tom: i spend hours on call of duty. don't let might see me. i am playing call of duty. during the show. there is another bank challenge. francine: this is my call of we spoke to the ceo talked about the challenging conditions facing the bank. the journey of growth and wealth creation is still intact. it's clearly more volatile. i feel very confident that we will continue to have a substantial start -- part of growth from asia. it's going to be a more challenging environment point forward. we are well prep

. >> osgood: november 8, 1848. 131 years ago today the day her mann rorschach was born in zurich switzerland. he grew up to become a psychiatrist and creator of the inc. blot test that bears his name. rorschach would show his subjects ten inc. blots one at a time, and asked them to describe what the images looked like to them. he believed their answers might provide a window into their social behavior. although he died in 1922 at just age 37, rorschach's inc. blot test lives on. it became a staple of psychology and of popular culture as well. artist andy warhol created series of inc. blot-like paintings in the 1980s. and the test played a bit part in the 1995 film "batman forever" when star val kilmer talked with a police psychiatrist played by nicole kidman. >> you have a thing for bats? >> it's a rorschach mr. wayne. an inc. blot. i think the question would be do you have a thing for bats? >> >> osgood: the test has been the subject of controversy as well. many practitioners objected when the original ten inc. blogs were posted on wikipedia back in 2009. >> what do you see? >> i really don

on why a primer americans and continental europeans need to care about what goes on in zurich.sons. is the call on foreign exchange. if we are right and the snb removes the exemptions it has given its domestic banks from the negative rates in discharging on the reserve, that will effectively worse too fast that wille -- effectively force them to pass on negative rates. this will have a dampening effect on the swiss franc. drum a broader perspective, this is an issue that i think you are concerned about. this will be the first real example of negative rates being passed on in a broadway to actual retail depositors. that is the next big step. tom: have we seen this in switzerland the first experience of the rail economic outcomes of these negative rates? economic outcomes of these negative rates? switzerland, denmark, and sweden. if you are a large deposit holder or a corporate, you may be charged negative rates. this is the first time it would be passed on broadway. this has already happened at a bank.swiss b -- that increases our convictions the snb will take this step. francin

is a brussels, is of zurich? -- is it brusselsis it zurich? who pushes back?ve politicians that way into the debate. we have leaders in europe that say -- do we really want something that may be considered a european jewel, with security implications, being taken over by someone from another country, which is less transparent? regulation in brussels, than individual regulations -- we still have our individual countries, but look for a possible backlash. the rhetoric -- these people are evil. that is the history of europe. vonnie: this particular transaction has so far cost one ceo his job. the monsanto takeover failed, he had to resign. now we have an interim ceo. tom: month sent outright to buy syngenta? vonnie: and the ceo had to resign because shareholders were unhappy. tom: ok. very good. he was just 40 some billion. it has taken us weeks, months to get him out of therapy over italian football. luigi zingales will join us. that we have been looking forward to this -- the author of a terrific new book, the valu e of austerity. ♪ francine: here are some of t

the ceo of zurich started out as an apprentice, and guess what.there's apprenticeship program as a result of one of our grants in suburban chicago that's training people on how to be claims adjustors right here at home. it has application to every different context. and by the way, zurich is an active participant in that program, and i am very grateful. the president has set an i have ambitious bar of doubling the number of registered apprentices. and we are making progress adding more than 70,000 apprentices nationwide, nearly a 20% increase in the last two years. but we've got to do more. we want to double and diversify. that is our mantra. double and diversify, making sure that apprenticeship opportunities are available to women, to communities of color, to underserved populations and others who have struggled to navigator access the skill superhighway. so last month, the president made a historic announcement. $175 million in grants representing the largest ever federal investment inf÷ apprenticeship. there were 46 winners throughout the count

some become the ceo of zurich or other places. it's a very permeable system. you go where your talents and interests take you. there's no wrong road because of the permeability they have seen. i think we need to build a similar superhighway where it's very easy to shift lanes, take detours, explore different routes. so i'm looking forward to the conversation and the q&a. so let me just close by saying the following. we've got a remarkable opportunity. i sigh a lot of workforce folks in the audience, folks who've been spending their careers here, and i ask them, folks who are longer in the tooth than me. when i go to these -- and i will not name names, martin. those folks i ask, you know, you've been in this business for a long time. you know, how does this compare with how the world was 20 years ago in the workforce place? and to a person, what i hear is, this is the most exciting time to be in this place, because we're part of a movement. it's not simply apprenticeship. there's an understanding. there's an alignment of forces. employers coming together with l

pretty sure that this institution has got the pick of the good cd's going around town not just in zÜrichbut across the globe. because everybody else is in transition through 2018. this is a bank that has chuckled the senior board members this morning. the joint coo and cfo, the roles are now split. no time for complacency. they did not some like he was doing hoopla la over the investment bank. 33% is not bad. francine: thanks so much. guy johnson stays with us and we have kevin, the chief investment officer. when you look at standard charters, do you see this as a buying opportunity or do you think the job could be so a lot of theseee banks having to go through these strategic overhauls that you want to wait a couple of months? kevin: good question. for us, you have to be specific about which banks you want to buy. face aontinue to challenging environment. we do not see that changing anytime soon. some banks are more exposed to in emerging markets and other the u.s. banks are further down the restructuring ve, but they all face challenges. i think you have to be very specific about the b

manus: you get all the lovely winter cakes, and that -- winder gigs, and i get sent to a bridge in zuriche. dubai air show, a great spectacle. up next, lufthansa strikes again. we bring you the latest updates on the walkout at thei europe's second-largest carrier. ♪ manus: welcome back. this is "on the move." i'm manus cranny. a busy morning so far, kicking off a fairly busy week. here are some of the data we will be keeping our eyes focused on. trade data in china, and chinese cpi data comes out onto the, followed by industrial production on wednesday. that whole china story begins to build momentum. later in the week, mario draghi's big issue. the fed may be going one direction but what does it say for draghi? out.one data due friday, we get another update on the u.s. economy, this time about the retail side. 70% of the united states of america is driven. it is almost, almost as big as the non-farm payrolls data. one other thing we will be watching intently today -- the resurrection of a brilliant moment in a market. posted by mark barton, here in london, along with betty liu in the uni

team, makes up the three, the brazilian superstar scoring 41 and 14, winner will be announced in zurichon january 11th. one of basketball's all time greats kobe bryant ahas announced he will retire at the end of this season. was named all time best player in 2008. that's your sport. >> thank you, robin. the news continues 24 hours a day from all quarters of the globe. that is it for me and the newshour team. i'm going to leave you in the capable hands of julie mcdonald, she'll be up in the next few minutes. see you next time, bye-bye. you >> the global fight againstclim. more world leaders than ever are in paris to discuss it but will they deliver on their promises? hello there, i'm julie mcdonald, this is al jazeera live from london. also coming up: turkey's prime minister tells nato allies. his country was right to shoot down a russian jet. a court no israel delivers

'm off to zurich where we'll speak to sergio. francine: i'm looking forward to the interview.so many banks retrenching here in europe. it's almost a free lunch for the u.s. manus: the question for him, is this your golden opportunity to build on everyone else's dismay or take more for the bankers? you want to keep the key wealth managers. you've got to cough up, sergio? francine: all about bonuses. tuesday we get the inflation report and will be interesting to put in context after we had the u.k. manufacturing growing at the fastest pace in more than a year. again, what we hope we have a look inside mark carney's thinking, right, with inflation expectations and whether the number we had today makes a difference on where he sees the first rate hike in quite some time. manus: there's a lovely article on bloomberg.com and he said when we might expect to see some different thinking from the the bank of england but he has flip-flopped and builds up to friday, the jobs report, the big one of them all and we're looking for, i suppose really, some would say this is the last ment of cl

earlier, sergio sat down in zurich. quarter.llenging in addition, think about the seasonality in the summer. you go from an environment in which the fed was turning out to do exactly the opposite. a big change in the sentiment and what happened in china and the political front. i'm glad that not only did we manage the risk of the bank effectively but we also managed in the good times with clients their risk and that is the biggest success for the quarter. >> pronounced the leveraging in asia. should we be concerned for 2016? >> not really. the journey for growth is still in tact. it is more volatile for everything that happened but i we will continue to have a substantial part of the growth coming from asia. a more challenging environment going forward, but we are well prepared. revampedment banks, and restructured. where did the return and equity come from and is it sustainable? >> it is very sustainable. you look at the last 12 quarters. had a minimum of 15%, always about 20%. in good and bad market conditions, we are very foc

this was the america desk, and it was based out of lugano, geneva, and zurich. zurich.and there's a lot more to this story. story.to see who got away in this international banking scandal, watch full measure with sharyl attkisson, this sunday morning at 9:00, right here on fox 28. only the best of the best remain in high school football tonight... it's the state quarterfinals.. . tonight in sports... a crosstown matchup between local powers at kingston stadium... and in west delaware... the hawks try to end decorah's surprising run... all that and wake up in your first home. wake up in a home with a new address. wake up in a home with no address. your dream home evolves, and protecting it takes committed support. when kennedy and washington met on the gridiron waaay back in week two... that was a close game won by the cougars... but that doesn't compare to this... two crosstown rivals meeting in november... with a spot in the semifinals at stake... it was a packed house at kingston stadium... a reported attendance of almost 8- thousand... and it seems like this

the zÜrich-based lender is trying to retain and attract workers looking for more accommodating corporatelture. you can always get more business .ews at bloomberg.com more on the imf decision to add the end to the basket of reserve currencies. today's announcement by integrates aarde global economic system. our guest joins us with his take on today's decision. it seemed like it was pretty much a foregone conclusion that they would be added to the basket. but the waiting was the mystery, right? it was expected to be between 10% and 13%, and it is 11%. short-term, it really doesn't mean a lot. we are looking at the total , roughly 6%f sdr's of the daily trading volume in the total foreign exchange, just 6%. roughly one third of global gdp and less than one percent of total trade. so it's a drop in the bucket in terms of big numbers that we deal with on a day-to-day basis. it's much more psychological effect than a long-term effect. toward anow moving more integrated financial community to establish a currency that will -- that will be more widely used. did they need to have this happen in o

club and country, the winner will be announced in zurich on january 11th. >>> thousands have turned outn new zealand to remember one of rugby's most famous players. jonah lomu. >> a big sendoff for a big man. jonah lomu's coffin is brought to rugby's aden park. >> there was never a player before like him. >> the former all black player died of a blood clot on his lung from the long haul flights contributed to his death. >> a fitting sendoff for someone that probably personified a lot about the values of rugby. >> lomu was the youngest ever all black when he was 19 years old. he was a powerful force on the field that took everyone by surprise. >> trying stop the ball getting to jonah, that was a hard thing to try. but when he got his hands on it. >> when you're 6'5" and 120 kilos, that set him apart. >> jonah's performance at rugby world cup and his huge popularity, in sout south afric. >> he was diagnosed with a rare and serious kidney disease. despite his illness lomu played 63 all black tests in the number 11 jersey. chairman bernard leparse joined thousands for the final farewell whi

insatiable... the finest radiologists in all of zurich, but i don't speak swiss so it was all... borgy-borgy-borgy... broke his leg. see, dylan? broken leg. no big deal. i've broken your leg, like, what? 20 times, at least. actually, like with a horse or a migrant worker, a broken leg is a death sentence for a turtle. (gasps) a death sentence? (giggling) for this little guy, i prescribe a tiny bullet -(gun cocks) -no! -let's go, dylan! a broken leg! shoot it in the head! (screaming) golan, the guinea pigs! -good idea, dylan! (chanting) akba dia! guinea pig! (screaming) come on! go, go, go, go, go! what are we gonna do? is still broken. he's as good as dead. i'll fix it, dylan. you just get back to the tree house! that little penguin a new leg. that is an excellent idea! (screaming) -back home please! (honking) all right, carole. gesture towards the kiosk as if it's a baked ham, you chunk-butted-goddess! i sure hope i don't screw it up. (screaming manically) (heavily distorted indistinct speech) introducing the fourth mobile accessory kiosk in the mall, case in your face! take it away, carole. ta-d

operations across the country since july after an isis suicide bombing killed dozens of people in zurich. >>> and pope francis is now on his way to uganda as he continues his very first visit to africa today. he spoke to thousands of young people at a nairobi, kenya, sports stadium. urging them to resist the temptation of corruption. the pope reflected on the problems raised by two young kenyans, including tribalism, extremism and corruption. pope francis said corruption is not just in politics but in all institutions, including at the vatican. >>> oscar-winning filmmaker roman polanski won't be extradited backing to the united states. prosecutors in poland were seeking his extradition over a 1977 child sex conviction, but now they say they will not be appealing a court's decision that ruled against extradition. polanski, now 82 years old, pleaded guilty to having sex with a 13-year-old girl during a photo shoot in l.a. the u.s. requested his extradition after he made a high-profile appearance in warsaw, poland, last year. >>> and it was not a typical morning at the office for workers at

when you were i were in zurich in the smb came in, we were looking at the swiss national bank to be thaten't, but we have to rip up the script because i have not got dollar swiss up on my screen. it is at a 2010 high. you can pull up the dollar index as well and back through that level. that dollar index chart, that 100 line, is the federal reserve pain threshold. when we breached in the spring, janet yellen slapped it back down. andk, when you see 100 fundamentals going higher, the fed is not going to sit there and let that happen. know that overdy the last couple meetings that they were worried about dollar strength. we know that will kick in even more. it will impact the commodities -- weaker oil prices, can think about what that means not just for this inflation forces to what it means for the u.s. energy industry. the fed, relatively speaking, will be slow on policy in 2016, precisely because of the pace of the move. i can they fight when everybody else is easing policy? jonathan: do you know how may times i've heard this over the last couple months, talking to the effect guys about

everybody is chasing zurich, am i right on that? francine: you are right but they have much stringent rules and has been the last couple months. tom: do people know we're on speaking terms unlike me and vonny? francine: is that for real? tom: francine, how cool is that? francine: let's get the bloomberg first word news. >> good morning. there may an crackdown in the wake of the british plane crash in egypt. the officials say the crash was caused by a bomb. the u.k. secretary says higher levels of security may be needed and could be more delays in airports. in the u.k., government agencies say budget cuts. there is a plan today the treasury of the department that transports local governments and environments will have their budgets cut 8% over four years as part of an austerity drive, prime minister david cameron began in 2010. the world's biggest banks are avoiding a lehman brothers collapse. the stability board published a plan for banks seen as too big for fail. fail has to have lots of absorbing capacity, equivalent to 16% of the

colder and colder by the man in literally as we approach sunrise and that is why we have fostered by zurichttle about this is to return to record all and to prepare as we approached the afternoon hours things with one month suspended for us and look to talk to to get out of the '30's and back into the '60s the eastern shore high temperatures as the agency will be in the low to approach to the '60s >>george: the eastbound and of the freeway remained shut down there is no estimated time at wrestle have been five now they're hoping for 630 this morning traffic being taken off east about 99 commit the election san pablo figure driving to sacramental this morning taking that the tort should cost about an extra 10 minutes this morning from a draft still very of that appeared earlier recovering vehicle fires still big and stainless and they're finishing the clinic operations letters of east about 580 coming from richmond to join the easter for white looking to drive times still just 15 minutes here that means a normal commute as it is on the damage freeway in the northbound direction with it 80 tr

of the zurich group, a swiss company with offices around the world. i think it was -- the last i checked, it was like one of the foreign tune 500 companies -- actually in the fortune 200 companies in 2012. i don't know exactly where it is now. he's c.e.o. of a huge company. and like many swiss executives, he's a believer in apprenticeship programs. when he was asked why swiss executives choose to implement apprenticeship programs in the united states, he said -- and i quote -- "i started my career as an apprentice and know firsthand how powerful such a program can be in inspiring young people to achieve their full potential. from apprentice to c.e.o. i would like to see more of these kind of success stories involving u.s. companies right here at home. now not all apprentices are going to be c.e.o.'s, but apprenticeship program, the training programs are providing a proven path for workers to enter the middle class and for business owners to develop a high-skilled workforce to fill today's available jobs. so as we recognize the first-ever national appr

zurich and jen neef have a ranked near the bottom.vancouver this waterfront home is 7500 square feet yours for $10.6 million about the same price you get this lake shall lay in lake geneva, 3,000 square foot, $9.6 million so a big disconnect between the chinese fueled markets which are still doing well because the wealthy chinese are putting money overseas. >> robert frank thank you very much. >> thank you. >> thank you all for watching. >> it should be a big market close, watch energy stocks which are rallying into the close. "closing bell" starts right now. >>> welcome to the "closing bell," everybody. i'm kelly evans here at the new york stock exchange. >> and i'm bill griffeth. we do have a nice little rally in the market today, small caps leading the way, the dow creeping back toward the 18,000 level, plus we had stellar auto sales numbers for october just released a few minutes ago. we will look at where this market may be going and where the opportunities may lie. >> call of duty meeting candy crush, act vision buying king digi

. >> my headquarters are in zurich.r london headquarters. >> we are a flexible company. we do what is necessary to win. in confident that the u.k. the end will make the right decision. stephanie: i have to ask one question. in terms of late -- regulation, if there is one thing you could change that is holding your business back, what would it be? there's so much complaining here about dodd-frank. what doesn't work for you? >> i think we just need to continue to improve the dialogue and explain what we do and make sure that it is well understood by the politicians and regulators. we perform very important economic activity and it's important that it's understood. i understand people are angry and the emotion around that. but it's important to make the right choices for the medium and long-term. david: very statesmanlike. francine: i was going to say. stephanie: thank you for being with us. david: thank you tidjane thiam for being with us. next week look at the latest case before the supreme court on bloomberg go. ♪ david

host: what do you think about the events at the university of zurich specifically. thatr: i want to tell brown kids that i am so proud of you guys. it iso proud of you guys. just pathetic and stand up for your rights because that mighty power that sits in the east, you are brown and of beautiful israelite tribe, you are beautiful people and let me tell you something, do not be afraid for that mighty power that sits in the east is your protection. patrick, go ahead talking about the events of the university of missouri. >> i have been following it very at the you have to look source of the issue here. we are hearing hamming and hawing on both sides. this is experimental desegregation. we are seeing what happens when blacks and whites are forced to mix. way these blacks, so-called african-americans who are black and brown have a separate university that when they don't have to put up the white people. it is an attempt to raise the black nation up that stomps their feet to get what they want and then they got a white guy fired for no reason. i hope he finds another job

manus cranny is with us from zurich and sat down with the ceo following these announcements. what do you make of ubs' delay and return on equity targets? i think this is what the market is most focused on, second time in three years that they have delayed, pushed back. the target is 15%. the target for this year, they are going to try that. this is a story where you have tax helping the numbers today, legal charges helping the numbers today. get this, investment banks, a 33% return because he is capital light, flow have a. muchnk the market is very -- there is a delay, and he would argue that it is not a delay, that it is the reality of where we are in the world. that weesponse will be at, that we will get closer to the 15% this year. i think we are not delaying it. return onusting our equity targets. out of 21.ted out, 4 these adjustments are driven by external factor. microeconomic mainly, interest rates outlook. the worst -- "adjustment" is what he is alking about there. in switzerland you are talking about negative interest rates and a fed that is on delay mode. maybe the

wednesday and thursday, looking at cities like copenhagen, hamburg, germany, even around zurich couldeas have had a saturated surface. when it rains, you get water that comes down, and then at night the clear skies. that helps the heat move away. the temperature comes down closer to your dew point temperature and that helps to create some of the radiation fog we've been seeing in a lot of these areas, especially for several hours in the morning. we have all of that gulf moisture coming into parts of the southeast and above average temperatures. out of the west, a different story. cooler temperatures and coolest of the season for many of those areas. one good thing that has come out of it is the rain in parts of much needed california where they've been ravaged by wild fires for much of the year. starting to get rain and snow pack. take a look at the last couple years. we have seen below average snow pack in the sierra nevada mountains for years. 2015, low, but that will start to change as we go into the rest of the year. again, a lot of those areas have already picked up over a foot o