. >>> the imf is striking a bull i shall tone on the u.s. economy. >> we see the fed having taken some very well communicated action concerning the tapering of a program and those are good signs. in addition to which we see some good numbers. >>> $1.9 billion and counting. the co-ceo of deutsche bank signals they may have to set aside more money for litigation as they settle u.s. mortgage claims. >>> after years of talking, apple clinches a deal with china mobile to sell iphones. it could increase their revenues by $10 billion. >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. >>> hello, everyone. it's almost christmas and ross westgate has already started his christmas vacation so that's great for him. i'm filling in for him this week. let's get back to one of our top stories. the imf is raising its forecast for u.s.gdp citing the budget talks to taper bond buying program. in october the imf said gdp was expected to expand 2.5% next year. while she didn't offer a new number, imf manager chr

quota in the imf by an equal amount. investment in the imf is safe and sound. when the imf blend it does so subject to appropriate conditions with safeguards to assure is repaid. and the repayment record is outstanding. investments in the multilateral development banks provide substantial returns. these institutions leveraged limited contributions and multiplied our impact by attracting contributions from other nations and promote our national security and economic priorities including opening markets and lowering barriers for u.s. businesses abroad. it is important to note the u.s. will be making new commitments to the international development association of the world bank and the african development fund. these are the largest sources of finance for the world's poorest countries and their impact is enormous. as we maintain commitments to the international financial institution it is crucial we continue to strengthen the world's financial system. the united states has led a global effort on international regulatory reform with many reforms of dodd-frank large

quota in the imf by an equal amount. our investment in the imf is safe and sound. it does so subject to appropriate conditions and this repayment record is outstanding. investments of multilateral banks also provide substantial returns that institutions leverage limited contribution from multiplying impact by attracting contributions from other nations. they also effectively promote our national security and economic priority, including opening up markets in the ring bearers for u.s. businesses abroad. his important to know the u.s. will make a commitment to the international development association of the world bank and african development fund this year. these are the two largest sources of finance for the world's poorest country. their impact is enormous. assuming 10 commitments to the international financial institution, is crucial to continue to strengthen the world's financial system. the united states has led the global effort on international regulatory reform with many core reforms largely completed at home. on tuesday double core will come a centerpiece o

i believe that is limited. >> the imf is growing more bullish. said the lagarde budget deal in washington has eased doubts about the future. fed having taken some very well communicative action concerning the tapering of the program. those are good signs. in addition, we see some good numbers. unemployment is going down. us a much stronger outlook for 2014 which brings us to raising our forecast. look back through the eyes of car designers. arrayoaked up the usual of new concepts. paul allen looks at some of the weird and wonderful creations for this deal. is it a car or a television? prizeertainly takes the for 2014. honorable mention goes to the car owners who own this. vehicles, you will certainly never be able to buy. he became the latest one to unveil a hydrogen car. the fuel is so big. this idea is still somehow absent from the road. >> is something you can buy. available.you're rolls-royce also chose dubai to show this. emerging markets were out in the action in an increasingly affluent population. while bulletproof cars are seeing this in

it must also be shared by the ey, -- eu, imf, and the united states. the west should be prepared to help the ukraine financially and otherwise to overcome the short- term pain that reforms will require and russia may inflict. in short, the west must show ukraine's leaders and people that they will not face short- term economic destruction in pursuit of a better future. this is the challenge we now face with georgia and moldova, which have decided to deepen ties with europe and the west. these countries must know we will help them weather any loss of economic activity or energy supplies, in a sense by helping georgia and moldova meet their short-term needs during this transition, we in the west can convince ukraine and others that they can count on us, too. if we are committed to expanding the promise of the euro atlantic community, we will have to stand up more forcefully to russia. this is not the way it should be and certainly not the way we want it to be. eastern european countries should not have to choose between good relations with ae yo -- the e

the imf also provide funding and an unprecedented scale also on the web. and they've seen the torrens title the eye this is renowned as the train to stomach. one train from time to install a new puppy to his destination welcomes and ninety million visitors each year. there are a loom likes to concentrate you heat on. it's a new cap stomach. to replace the early hours. the seq three stops he signed faces the sea boom room. defenses against any outside attack. that day ctu is going to posses. it's cold he do. he's far as to costs. saatchi. i'm assuming he's a symbol of some rowing coach. during the coming festival. mounted on tuesday summer i hunt in costumes demonstrate traditional skills with the owner the city stands to the joker achievement. this was a stage for political and ceremonial activities as well as the religious center of the samurai government. i i was coming for a summary of this is the balm for e paper lantern festival the phone or e license law in the approach to the main shrine. decorated with little pictures and messages from local call t

in the imf issued a paper and a major policy document. as well as a public statement from its chief economist. they were basically 400 pages of sidewalks. and it was a fascinating document if you can get through the rhetoric here. and that assumption is that for every dollar of government spending, how many dollars will we get back. and the imf and others had assumed that the number was about .5. and you can find that the reasons for this is because it's a nice round number and it seems better. look for different groups calculate that and say during recessions, how many dollars do you get back and what you mean by this? well, when you invest in job security programs, how much do you end up stimulating an economy in terms of the job growth in business growth and overall gdp? and it's actually greater than that. you get back about a dollar 70 for what you invest. there are four different groups watching this with the same number and the irony is that we have figured out a while ago and they actually calculated this number is a multiplier fo

the imf also provide funding and an unprecedented scale also on the web. and they've seen the torrens title. the p n union spends more on agriculture and rural development but it stands on anything else. at a time of crisis when the new speech squeezed out of every year of spending. it's understandable that the common agricultural policy which the ap as it's known could come under renewed scrutiny. this week in the parliament in brussels to keep the peat group has held a hearing to look at the european commission's latest proposals to make the c ap points patients undetected. the keywords in the commission's proposals is sustainable farming communities of the environment and production. it's a reflection of the fact that bombing is a call to your culture and history. agriculture commissioner to turn color part of the ppp political timing told us why his prepares reforms designed to support your citizens. she whimpered for a ct scan because even the timing was taking account of transport security which contested the cost of the court of good management of n

the imf also provide funding and an unprecedented scale also on the web. and they've seen the torrens title. you would when you will. the ad. i like it did not work. the finance committee me. i do with it instead to increase despite acting on the cards said i tot book take a look at how

the imf policy advice was to good use by countries to create ordinated global response the imf also provide funding and an unprecedented scale also on the web. and they've seen the torrens title. i am sending him a fair hearing another edition of destination with me. italy is well known for its food but the most recognizable of the thirty first of its service to its hotly disputed where was that they possibly can. to be so quick confectioners goddaughter let me insert that woman's name was princess cup glory but her maiden name was tiramisu. i'm here at lot one to find out how this decadent dessert is made. you must check in since it was going to shows exactly how the day here is a start. a good deal of it. and then got a little bit loose. he insisted that wanted to sleep at all the piece. so when all is that the cds of his guests the fbi. oh and they become little people. it's a bit want. the name. there was just quoted. or do you think your business. getting the union. for sure for sure it is because he says in one go. when it is great the staff. the thing that i was. they even get a lot

the imf also provided funding and an unprecedented scale also on the head. and they've seen the torrens title. i think what you say balanced especially as pets they were working on with the fact that i've run a charity for disabled and the refugee children are friends. mason's kids. i studied with kids in the year two thousand and one prior to september eleven on because i was watching the news knows this is bombing in sydney. and i just like that and i was like wow we are creating an entire generation disabled people that no one knows what to do i felt the need to go back there in tucson. when i first went to work with the kids i had no idea why. i did. ii top twenty in the haitian refugee camp knew no one knew nothing and was thus like ok it's cabbage onion and do that. to those of you who have never been to a refugee camps is so porous that riding swimming attend this long to write down who is and kids. millions and millions of foreign hungry kids and i was going to be there for bringing them shoes and glasses and clothes and all the while protecting myse

the imf also provide funding and an unprecedented scale also on the web. and they've seen the torrens title. been been several days this is one of germany's influential contemporary german photographers. as for about a german and all levels of society. his work covers the period from the end of row twenty three with the unification. so it sits that means. german society and how it has changed in years. each day as well and people in german society standing orders and hide the dvd flights but the greatest of the people and yet also in comparison to history at times. she is significant that humans were all good just what is fingers. it'll stand here and find a page that they felt best for themselves. and then just it's good to take the kids to what i felt it was ready to buy it so i can tell time. that series it is also about the death of how people just want to be seen in history these are the number has been just been another theory is that it's worth it. selling just are mysteriously webster. people everyday life. working at a judge. on it again with a bo

the imf also provide funding and an unprecedented scale also on the web. and they've seen the torrens title. in the day i'm signing of a hike in with another edition of destination the sea. they have refrigerators in japan that's what they invented something called cc. most people don't know about this in a gary locke the ncc. so i had sticky rice to find out one evening when i order sushi. i'm here with brian. a sushi roll here at skippy right mind what kinds of sushi are added to that looked different. for defenders out there is not the woods is brought up that seem seaweed nori and out of their sauces that she knew it was pretty much just lays there is the bee's place in a number of ways. i then there's the year with his eyes as he slid over to us that was all wrong or is this it's all probably gotten a lot of it yet. there's also a lot of things lead me that i didn't hear voices within her heart was boiled with smoked salmon spawn. so let's make some sushi body is starting to get this at home yet we can go and get started i would like. surprise surpris

the last ten seconds of one hundred facts at all for most home this the last working day if the eu imf bailout program. good evening enjoy the weekend. thanks for watching. the thing. i am

>> well, not on the basis of what the imf has said. imf was saying below 2% growth for all of 2013. it wasn't until we get. >> because of the sequester. >> because of sequester and not enough government spending. now they're saying, maybe it's going to grow after the good numbers come out. and the percent of gdp is going way down and we see the private market stepping in where the government was causing bottle necks and now we need more sequester. these guys, if the imf stays out of it. if all the government interexperience stays-- the government stays out of it and they have to step out of 1/6 of the economy then i say, yes, bulls for 2014. >> and the predictive powers of those that said the mayan collapse is coming. you heard nowhere in the imf comment right now, comments right now about getting this private sector involved. getting the analyst spirits of the private sector involved. >> i've got to be honest, i never take the imf seriously, and i do take nicole petallides seriously. >> there is something to take seriously. look at google. as high as $1,111 and change right now. it

the imf said it will be raising the forecast for next year. joining me for more including a proposal for market storms to raise awareness like the weather channel, winter storage. a fund proposal going into the holidays. the weather channel is doing this gimmick. market benefit? >> they think it is a way to promote a preparedness for the storms. maybe we could use some of that. we do not need it in 2013. the biggest decline was only 6%. 14 -- 2014 is a typical year. we may need get -- we make it four named storms. this is a far cry from what the investors have gotten used to. going to cause these market storms? investors are more aware. how will they set up? >> i think this year we accessed about washington, whether it was the fed or what was going on with the brinkmanship. the not think that will be issue. and sit it is going to be about economic growth. thehe spring at each of past few years we have had economic data coming in below expectations. the could be what prompts scare. it could be the first of the market storms. of 2014.in the spri

the imf has raised its outlook for the u.s. economy. christine lagarde is saying the fed plans to tape or bond buying -- to taper bond buying. lotre seeing futures and a of activity in the markets higher this morning because of that if people are getting optimistic. .- that people are getting optimistic. but obama turned probably the greatest failure of his presidency. the whole year has been rough, starting off with gun control, which has also tanked. the economy and the market is great. 4.1%. we're down to seven percent unemployment. facebook, other internet companies protesting nsa surveillance of their customers. they know that those companies are making billions from buying the exact same data. america's internet companies made $156 billion last year, that is twice the intelligence budget. value is $1.65. most likely a mail your user -- a mail user. typically a usb mail user who has 250 friends and posts 150 times per month. contributor is here to talk about the balance between business. companies more worried about our personal da

the imf and our rooms to school advisory council. on the banks will be on continuous surveillance as well from the ecp and a trio of new european agencies to supervise likes result problem institutions. dots the new normal for all euro countries. former baylor countries there's an extra layer of scrutiny that will go on in our lens case until at least two thousand and thirty one. song in reporting that two news just breaking this evening on members of the board of governors of the center of media can acheive resigned with immediate effect. this follows weeks of controversy over top up payments on political correspondent mark to fitzgerald's joins us now from cotton that is knocking at the board had come under increasing pressure in the last few days. that's right center and her passport is actually only heard words that they had resigned with immediate effect and that this was back to put a statement shortly thereafter and the board members who are also directors of friends and supporters as he received bids us the medico devices and

as imif has -- as imf has insisted, somehow i doubt it. more than likely, the president will kick the can down the road. ukraine will be facing the same problems it is now. we need to face the reality of how president putin's temporary bailout of ukraine fits into his larger ambition toward russia so- -- toward russia's called "near abroad." he has pulled out all the stops to threaten ukraine away from europe. russia has bought large amounts of ukrainian trade and threatened to cut off the gas supply in the dead of winter. putin threatened president yanukovych with far worse economic retaliation if he assigned -- signed the economic agreement with the eu. said thatputin russia's agreement with ukraine is free of conditions. agree withe that, -- that, i have some beachfront property in arizona to sell you. bullying extends be on the ukraine to the other so- theed -- extends beyond ukraine to the other so-called eastern partnership countries. it has sought to prevent mold over from signing its own -- prevent moldova from signing its own agre

it seems the imf is not willing to significantly reduce the conditions so far i don't think we'll see a bidding war but i you think they leave the door open in some form. >> thank you for your insights. >> moving on to business news now. here in germany, workers at the online retailer are on strike for the second day. they walked off the job at two logistic centers. >> they're pushing for better rates of pay but amazon is rejecting that call. >> the strike comes at a high pressure time for the company. >> a standstill at the busiest time of the year. unions want a wage agreement. they say the pay is adequate. the strikers are prepared to ruin amazon christmas. >> they are stumbling. we are hearing from colleagues that hangs are getting chaotic. >> they say they'll keep going until they get the bargaining agreement. >> if amazon won't give it to us, we have to cause problems. a bit of damage. and in a week like this one, it is quite simple. >> the strikers accuse amazon of importing american management practices into its biggest market in europe. >> the company is here in germany. we h

the imf said it will be raising the forecast for next year. joining me for more including a proposal for market storms to raise awareness like the weather channel, winter storage. a fund proposal going into the holidays. the weather channel is doing this gimmick. why shall be market benefit? >> they think it is a way to promote a preparedness for the storms. maybe we could use some of that. we do not need it in 2013. the biggest decline was only 6%. 2014 is a typical year. we may get four named storms. this is a far cry from what the investors have gotten used to. >> what is going to cause these market storms? investors are more aware. how will they set up? >> i think this year we accessed about washington, whether it was the fed or what was going on with the brinkmanship. i do not think that will be the issue. and sit it is going to be about economic growth. in the spring at each of the past few years we have had economic data coming in below expectations. this could be what prompts the scare. it could be the first of the market storms. he co

also that you and the imf and the united states. all of us in the west should be prepared to help financially and otherwise to overcome the short-term pain in short showing the leaders and the people they will show a pursuit of a better future this is the challenge we face with georgann to moldova these countries must know we will help them whether any laws of economic activity and of energy supplies by helping georgia and moldova to meet their short-term needs to bring this transition we can convince ukraine and others they can count on us also. if we expand the promise of the community we can stand at more forcefully to russia this is not the way it should be and certainly not the way we wanted to be. eastern european countries should not choose between good relations for e you or with russia. that is not a choice we asked them to make. it is a false choice based on a zero sum view of the world it is exactly the choice unfortunately there president putin wants to impose on these countries. as long as that is the case there is tens

and if it also agreed to imf package. while the you crane pivots eastward, hundreds of thousands ukraines pivot westward standing in protest for their continued desire to be part of a europe whole and free. it's in that context that we welcome back a great friend of the atlantic council, senator john mccain who visited the protestors over the weekend with senator chris murphy and continues to play a consistent leading principle role in supporting democratic change in eastern europe and around the world. thinking through what role the united states should be playing in challenging times. for those reasons and many more the atlantic council presented sther the freedom a ward in 2011. he said then and i quote, like the workers or the youth of east berlin, young people across the the middle east and north africa and in many other places too, now senator mccain one could add the word ukraine, are peacefully changing their countries by indivisible longing for human rights and democracy, unquote. senator mccain, we look forward

imf saying yes, the u.s. is growing. as if we needed more evidence, friday we got the third-quarter gdp revised upwards to an excess of 4% growth. many convince the u.s. will grow. credit agricole saying this sets a positive tone. stoxx 600 higher. big winners today, technology. it is all about apple. all dependent on apple for parts of revenue. up 2.5% as apple signs a deal with china mobile to get access to more people in china for the iphone 5c. by 0.25%, getting more than 400 million swiss francs from tiffany's after a legal battle. premier foods coming off of lows but still down by 6%. this company might be having to sell shares come the new year. let's have a look at what credit agricole is recommending. very key issue with tapering and the u.s. looking more buoyant is seeing the dollar continued to rise. the effect on the dollar should not be underestimated. down a little against the yen. it has been trading higher of the past week, up almost 1% against the yen on the back of stimulus coming on board. credit agric

here's what he said back in november when he sat on an imf panel with bernanke. summers and ken rogard of harvard. >> what we have learned this time is that managerial policy does not reflect necessarily lose its effectiveness at the zero lower bound and that there's a lot that the central bank can do to continue to support the economy even when the central bank interest rate is effectively zero. >> my take is he also said the central bank should do as well. also last month, he told another conference that the fed's qe policy was, quote, dangerous but necessary. he said without it the economy would have been in much worse shape. he has questioned forward guidance. it doesn't really know. so he'll be a supporter of the fed's policy, but he'll certainly raise important questions behind the scenes. >> that goes along with mr. bernanke's wanting dialogue among the fed members and the fed presidents. but how influential do you think he will be with ms. yellen? >> i think enormously influential. i don't think he would be here without really yellen's sanction. i don't t

first, you have the imf saying it is going to raise its forecast. it was not specific. forecast ofy had a 2.6% gdp growth next year, and we did have christine lagarde saying over the weekend that she was even more optimistic in part because of the progress made in washington in terms of budget talks. also helping matters, apple officially inking the deal with china mobile. the best-performing of the three major averages, and then finally we are heading into the santa claus rally, which is the last week or so of the year. of other markets, let's take a look at the dollar. it is dropping against most of the major currencies today, so that is the flip side of the dollar falling after having quite a rally. ame profit taking, and take look at natural gas. as we all know in new york, it is warmer than it has been regularly. isthe flip side, there colder weather in the forecast, and you can see a bit of a recovery. gainssdaq is holding onto at the moment. we will have more on the markets in 30 minutes, and more "money moves" next. ♪ ♪ wheres is "money moves," we focus on i

if it does that, it's okay, because the imf and the european union will insist on the same changes. if it doesn't do that, russia will expect more. we don't know if russia will get $15 billion straight away. ukraine wanted $17 billion. will it be a bit now, and if you introduce reforms, then you will get more money and so on. if you look at trade between ukraine and russia and the europe european union. if the ukraine carry out the reforms, they are doing down the right path. >> a russian expert from the university of london speaking to us. >> now, new delhi police removed security barricades from outside the american embassy in a growing dispute over an indian diplomat. the indian counsel general in new york was arrested and distrip searched. the treatment was called despicable and barbaric. >> outside the unembassy in new delhi. police oversaw the removal of concrete barricades. it's a display of anger from indian authorities, a sign that diplomatic relations with washington are deteriorating. >> indian authorities reportedly asked u.s. consular officers to return identity cards a

christine lagarde of the imf is bullish on the u.s. economy because of ben bernanke's crystal clear communication on tapering and the beginning of the tapering. unemployment is coming down consistently and there is no budget shutdown or impasse. they are benefiting. china certainly is not. let's look at the pie chart. that in china, a lot of red going on. financials also sitting declines. materials, consumer goods, consumer services, these are the big ones. tech stocks also falling. tech equipment and computer services there down. 19 stocks falling, only one gaining. all of these companies are seeing declines. 20 students ask -- 22 stocks falling, only one gaining. -- only to gaining. wo gaining. china mobile, foxconn, you can see here. suppliers. taiwanese apple will now go to 1.2 billion consumers potentially in china. clearly very currently -- very encouraging. china mobile up by currently 1%. >> thanks, john. the chinese benchmark on its way down. as we have been saying, 10 days of losses taking place. david is here with the latest

bones out of consumers' so afraid to look at the bottom of this week an interesting article from the imf this afternoon and from hh off track with some interesting parking spots for europe of the eurozone to consign that's right said mr chopra is retiring from the imf the next couple weeks but he set the bar fight lessons from the irish they let the one that stands out here of course that is he said it was unfair not to be burned onto ceases the eurozone authorities prevented the irish authorities from applying losses the senior bondholders said to have been changing their mind to a fraud in the course but willing to help the political campaign the ongoing campaign to try get some of the fun back to solidify some opposition few days will catch up the bill a chamber at lunchtime today they were protesting over to contain the most services to over explain it has been includes measures to introduce the momentum fortunes case. the desserts are a woman accepted as having no debate on this one around this through. it stuck with tactics and i was going on here it's the bulldozing of legislation

according to imf chief christine lead guard who made the comments on the last day of the two day visit here to soul song to some reports on how the global financial heavyweights these prospects and dangers for asia's fourth largest economy. korea is even more easily now. i was five years ago when the bubble financial crisis broke out that a point ahead of the international monetary fund. christina gap policy makers have used that time and he's the head office twice me. making sure that banks all properly capitalized and some didn't the wording external debts and deploying a month for a potential forty seats the call of the envy of the world. but to proceed down growth projected at three point seven one percent next year by the imf still needs to implement the right package of reforms specifically targeted in the labor market and service sector. goods. an in depth the form of the labor market so that he's more interested in tuesday for temporary workers. enthusiasts young people. in tuesday's two women as well. in addition to the labor market reform. we also believe that the service mar

. ♪ >> we have stocks climbing after the imf raises its outlook for the u.s. at these levels, it would mark the 10th best year for the s&p going back to 1928. i love that bit of trivia. welcome to the most important hour of the session. we have 59 minutes until the closing bell. the consumer looks like it is alive and well. well, spendingd more than we make. businessers want your and they want it today. >> consumer spending up, better than personal income. >> let's go to the big picture with the three charts you need to see. up about .5%. in the last three days, we have added 2.5%. we are at another new all-time high on the s&p 500. look at the 10 year. the taper is getting worked into the market. 2.93%.only up this is the third day in a row we have not been able to get much higher. 3% seems to be the ceiling. ice storms in the midwest and canada have been brutal. you see gas up again over 1%. many people have lost power. we hope they are safe and get the heat on. look.is my holiday professorial, kind of christmasy. happy december 23. >> these of the stocks we

we think that imf figures can be somewhat as a mystic. growth that we have seen in the third quarter has been very strong. that is continuing in the last quarter as well. the fact that we have made some changes to our policy rates in the last quarter also has given a bit of a cap to the economy which has probably not been picked up by the imf. all in all, we are seeing that change. we have also seen the change clearly in october figures which are the highest that we have ever recorded. that is another interesting find. if you can maintain export levels at the level we have seen in october and go on for the next few months, that would be a big -- for our overall growth. >> great talking to you. we have got this breaking news from the bank governor. breaking story out of thailand -- yingluck shinawatra calling early elections. antigovernment protesters have returned to the streets. they are headed to government house. she has been addressing the nation saying she wants to ease tension. the opposition resigned en masse decrying the illegitim

obvious the uk government would like to directly from the eu itself without having to deal with the imf because it simply doesn't want to have to agree to peace in the bonus shares to the imf is to talk events such as in a pretty sharp currency devaluation and aims to fuel subsidies and of course masterful stairs he measures the west has already expressed outrage at the actions of the ukrainian authorities with the us accused state among those giving the strong wood and opinions. disconnect come reports on what is being sent it's not often that you hear the word. he's got that from a diplomatic usually reserved for some tremendous ents what john kerry just use that to describe the decision of the ukrainian leadership could dismantle protesters barricaded the center of kiev and here's what he said united states expresses his disgust with the decision of ukrainian authorities to meet the peaceful protesting keys my town square where the riot police bulldozers and the cause rather than with respect for democratic rights and human dignity before secretary kerry speaks so it sounds like he s

the imf looking at what is going on in the u.s. at upgrading the forecast for economic growth through 2014 for the united states. ♪ . . >> finally, some gains. stocks in shanghai might snap their longest losing streak in 19 years. and apple's breakthrough in china. we will look at barclays top gadgets this christmas. first, let's get the latest on the markets. >> as you can see from this, the china composition -- composite actually fell, the longest losing streak since 1991. since and it is up .4%. what is driving those games? i can tell you, it is the banks. you have insurance falling by 1.5%. best.nsurers are the lifeic insurance and china . let's get back to the other area, if i can. in china, 13 gaining and one declining. ,itibank, construction bank bank of communications. you have the bank of beijing and as well.ag bank the shanghai exchange, there were a few declines on friday. caused by foreign institutional investors adjusting their positions for the end of the year. and say they could rebound these stocks are among the b

imf and itsthe leader christine lagarde raised its forecast for the u.s. growth next year and that means this. >> confidence. it is always a question of confidence. if you long-term confidence in your job and your employment status and economy and politics -- it is all about confidence. there, youfidence is will find people borrow more money. >> barring money does help the u.s. economy but is it really what needs to happen? is the deadline for individuals to enroll implant the beginning january 1. one website appears fixed, people are fine -- people are finding out they do not qualify for subsidies and have to pay more than they are comfortable with. >> some of the states have been recording that the people who enrollingg -- you are are skewed to older, less healthy individuals. around one million people have signed up since her role it started back in october 1. the administration wants 7 million signed up by the end of the period. another issue -- the president will have to face the continued fallout from the nsa spying scandal. an independent report sai

the managing director of the imf . he is widely credited some of the guy, on crisis. -- he is widely credited, the guy, on crisis. proxy help made everyone take the tough medicine. >> and we will talk to alice rivlin. a little later. >> sam grobart is our guest host. "businessweek"f is out today. general is the cover. that was done quickly. sam had to pull an all nighter on wednesday and thursday to make that happen. wonderful to have you here. victory lap. you nailed the apple store for 2013. when you met with the apple people and they were adamant, all three executives, they weren't going down market. have the executed that? >> yes, they have. it seems to be paying off. you look at sales of the new 5c is 5s and 5c, and the not doing as well because the 5s is doing so well. >> is that good news for samsung? samsung andso about the boston red sox. eclectic. what is the story on samsung? >> samsung is trying to attack apple of the same rate that apple operates at, but also trying to cover the low end. they have the inte

stanley fischer remembered him from his time at the imf. he wanted to catch up. does the type of person who lee is an is hard to find a person tries anything bad to say about stanley fischer. but thank you very much, indeed. -- >> thank you very much indeed. >> that is as a carmaker takes a 1.1 billion euro. the care sitting from partnership with gm. pay $2 million into the bernie made off ponzi scheme. aey are close to a deal with prosecution agreement. they'll have to pay $100 million to settle a sanction violation. programsate sanction they willhat strengthening controls. asked aboutad, i the first. we'll ask him about the strength of the airline industry. >> good and gives him a state of the union address this morning. -- vladimir putin gives a state of the union address this morning. >> good morning. welcome back. you're watching the polls from bloomberg's european headquarters here in london. what start with the foreign exchange market and we have seen today. what we have seen in the last few hours is the eurozone coming through with not exactly a great num

the imf is raising its outlook for the u.s. economy. managing director christine lagarde said there is more turnkey there in 2014. she credits the budget deal in washington and the feds plan to taper its bond purchases for improving conditions. tiffany has been ordered to pay $450 million to swatch after a joint venture between the companies failed. a dutch panel ruled tiffany was in breach of contract. swatch claims tiffany blocked the development of the venture to create watches with tiffany branding. you have more on this now. >> certainly do. let's bring in david tweed from berlin. tiffany will take a $300 million charge in the fourth quarter. run us through what we are talking about here. of all, this relates to a joint venture that was set up is2007 between swatch which switzerland's biggest maker of watches, not watch it -- plastic watches they make but they make rent including amiga. their plan was to make a brand called tiffany and it would be sold by the joint venture. alleged thatch tiffany was actually blocking the developme

imf,er borchard of the graduate monetary economics. they give courses numbers. >> what happened in that course that made you decide that maybe you would become an economist and then the youngest tenured professor at harvard? time, i was already on my way to becoming an economist. this is a graduate course. but what i learned in that course and saw more clearly in that course was that these acisions that people make him like the quantitative easing decision, like adjusting the , they are notrate just abstractions that affect finance. but when those decisions are made well, tens of millions of people live well. and when those decisions are made poorly, tens of millions of people have their lives disrupted by forces they can't begin to understand or relate to. so it seemed to me that there was nothing more important one could do than try to contribute in some way to making those decisions in more wise ways, whether those were exactly decisions about monetary policy or fiscal policy. conviction, charlie, was that, while a doctor has the sa

olivier borchard of the imf, 14.462, graduate monetary economics. they give courses numbers. >> what happened in that course that made you decide that maybe you would become an economist and then the youngest tenured professor at harvard? >> by that time, i was already on my way to becoming an economist. this is a graduate course. but what i learned in that course and saw more clearly in that course was that these decisions that people make, like the quantitative easing decision, like adjusting the federal funds rate, they are not just abstractions that affect finance. but when those decisions are made well, tens of millions of people live well. and when those decisions are made poorly, tens of millions of people have their lives disrupted by forces they can't begin to understand or relate to. so it seemed to me that there was nothing more important one could do than try to contribute in some way to making those decisions in more wise ways, whether those were exactly decisions about monetary policy or fiscal policy. my conviction, charlie, was that,

until such time as i-80% majority the imf or determined that they had demanded their nuclear weapons program. mr. green pointed out the focus on unfairness in tax rates. even if you believe and i will point out the capital gains rate is in effect 23.8%, not quite as bad as 15%, but still less than ordinary working people are paying and even if you believe that we should have a lower rate for profits earned on capital risk the hedge fund managers are able to take their earned income and view it as a capital gain unless they make it based in the cayman islands etc. and it's a 0% rate. speaking of international taxation mr. secretary the last time you were here in may in my question i focused on the california system of apportionment of international taxation known as the california system. you promised you would look at it and ask for a full discussion left i wonder if you could commit that we will talk about that to cut the gordian knot and eliminate the transaction by transaction approach and instead say that if a company is 50% pace in the united states we have to tax 50% of its wor

this began with the imf bailout and extended to some in the european community. thatcherism was about british politics and doing the heavy lifting themselves. even worse, her opponents were advocating doing nothing or even more socialism. some surrendering sovereignty to you. as an american i found this repugnant. third, i learned from thatcher that the enemy of economic prosperity and freedom in the 1970s and 1980s with socialism. it still is by the way. whether it was in the soviet union or britain. she said in 2000, there was no coincidence that the soviet union was flexing its muscles all over the world at the same time socialism was at its height in britain. she said the same social politicians are often deeply sympathetic to the fans of soviet power abroad. then she wrote, what occurred in britain industry was not therefore just a clash between the parties, it was a struggle between two systems offering two entirely different destinies. for an american was an undergraduate in 1970s and how by among others marxists at berkeley at santa barbara, particularly

many americans question the wisdom of supporting the imf and other multilateral financial institutions to take their hard- earned dollars and use them to bail out other countries. americans do not want to be part of a bailout nation a bailout planet. the important question at the outset is whether the administration's come -- credibility has been compromised and has compromised our ability to reform multilateral financial institutions. american presidents' most awe- inspiring power may not be to spy, but when he speaks the world listens. lately that moral authority of our nation has been under question. is a deal with iran that dismantles sanctions but is not in the march toward a nuclear bomb or revolutions -- revelations about spying on our allies. we live in our world weren't too many of our friends no longer trust is an too many of our adversaries no longer fear is. many americans took the president at his word when he promised that americans could keep their health insurance if they liked it. they now know better. although the last couple of months have brought some welcome news o

on the other hand, mike, president obama's solution to all this and they're saying it in europe, the imf is saying it, is to have this global wealth tax, to tax the rich more, to bring the rich down, that will help income disparity. what do you think of that plan? >> as we've seen under president obama, david, the exact opposite happens. one of the areas where obama has really hurt the economy is with small businesses. his investment tax increase really hurts small business. it went from 35% to 43% on passive income. this really is an usual. during expansions you typically see new business startups accelerate. this is the only recovery i've seen back to the 1930s where new business startups have flat lined. when you increase tax rates on them you don't get that capital. all that money that rick is talking about that needs to be spent, invested into new businesses. that's the genesis of economic growth. capital investments. >> while small businesses are getting hurt, the big businesses have been doing fine. in fact, look what happened with the obama recovery compared to the bush expansion

to imf. from business people in particular. we'll hear from richard fisher, dallas fed president, in just a moment. i think we'll hear optimism from him as well. for the moment. look at all the market indicators of nasdaq, posting a biggest gain. largely what happened to apple. 1% slightly above. russell 2000, small and mid-size caps also doing well, liz. liz: the bells are ringing on wall street. yes, as we take a look and see what we have on the front page. personal spending in november jumping .5 of a pprcent. front page headlines say that the commerce department reported, why did it last in november. durable goods rising 1.9%. commerce depprtment rosing that personal income rose .2 of a percent in november. david: tiffany shares are in the red after the company was ordered to pay watchmaker swatch, almost $450 million in damages. as a result the retailer had to cut its full year outlook. liz: retailer, joseph a. bank, we talked about this, rejecting a $55 per share offer from rival men's wearhouse. bid on you, you bid on me

the imf approved a loan package to stablilize the economy. in return it required the economy to make deep budget cuts, increase tax revenues and reform the energy sector with price hikes. some say the measures added to the deappreciation of the rooupee, and the slashing has contributed to the current inflation rate of 11%. seizing on the anger caused by soring costs is politician imran charn, the leaders of the movement for justice. he says the prime minister nawaz sharif is squarely to blame for the rising prices. political analysts question kahn's motifs. the government of imran khan are putting the real issues on a backburner and want to detract the attention from the real issues of employment, health issues and - by taking out rallies and protesting demonstrations. they want to detract the real issues. >> whatever the case, all he wants is for the prices to come down so that he can provide for his family the way he used to. >> nearly half of all indonesians, that's nearly 100 million people, have no access to clean drinking water, despite

she said because of the recent economic data the imf was about to push forward the economic forecast for growth in the united states. it is well for the world economy. it would affect positively the german stockmarket in the end. the trader is set. >> from the floor of the frankfurt stock exchange. here's a quick look at the numbers for you. >> in germany, the dax ended monday's session 0.4 nine percent higher. it is a new closing high. the euro stoxx 50 finishes up 0.71%. in new york, the dow was up .38%. the euro, trading against the dollar at 1.36. >> they have landed an important contract to supply turbines to the first wind farm project in the united states. that is right. it comes a week after they secured a contract to supply about 450 wind turbines to five projects in iowa. they'll also be responsible for service and maintenance. severe weather warnings and flood alerts aren't plays as a powerful storm sweeps across britain. at least one person has dated -- died as when the battered the coastlines and large stretches of the mainland. it is causing travel chaos for thousands o

on theother hand, mike, president obama's solution to all this and they're saying it in europe, the imf is saying it, is to have this global wealth tax, to tax the rich more, to bring the rich down, that will help income disparity. what do you think of that plan? >> as we've seen under president obama, david, the exact opposite happens. one of the areas where obama has really hurt the economy is with small businesses. his investment tax increase really hurts small business. it went from 35% to 43% on passive income. this really is an usual. during expansions y typically see new business startups accelerate. this is the only recovery i've seen back the 1930s where new business startups have flat lined. when you increase tax rates on them you don't get that capital. all that money that rick is talking about that needs to be spent, invested into new businesses. that's the genesis of economic growth. capital investments. >> while small businesses are getting hurt, the big businesses have been doing fine. in fact, look what happened with the obama recovery compared to the bush expansion. the

we have the imf growth. can i point out to everybody, everybody is terrible at economic forecasting. everybody is terrible at stock forecasting. last year, at this time, most of the people i talked to, most of the analysts had 8%, 10%. the aggressive ones were at 12%. the s&p is up 20%. people aren't very good at forecasting this. tech stocks leading the way. apple and all of its producers. apple is near a new high for the year. you see arms holdings trading down. broadcom up a bit. i would say not a lot of effect here so far on that china mobile deal. trying to figure out some numbers here on what's going to be happening, how many they might sell. there is not a lot of estimates. they will put up the full screen. china mobile could sell 20 million iphones. there guess is out there. we use the current levels of pricing of other competitors. they estimate it could add $4 to $8. have you been in an apple store recently? i went over the weekend. i went yesterday to buy an ipad air for my wife. the store was ove

grew a portion of the population is simply don't know who will vote for all in all its economy as the imf recently announced that it was delaying the disbursement of a major blow because of the government's failure to reach an agreement to continue with the transition process is certainly up to the sternum it had interesting process the pictures though not the job. when interviewed by the old schools thank god. in the shade he sent me going is what kyle for his knee the prime minister goes to the abc has more trouble than it's worth. the economy with a six percent above inflation i don't have to do with the pressure of radical islamist groups who have been accused of acts of violence including the assassination which provoked the current political crisis. it also means to be seen with the other side of the secular opposition will really be content with his nomination as the major opposition parties in the new debt to mr the republican party will choose to withdraw from negotiations in protest at the choice of mr who bought us a really intense political pressure on both sides continues to