Climate change. All Major Economies to be ambitious. All countries developing and across theo work divide for a strong Global Climate agreement next year. Next up for the president , he praised memoirs reforms. Theublicans race was too close to call last week. A runoff in louisiana next month in that last seat. The big settlement in that investigation, regulators in the u. S. And the u. K. And switzerland have ordered five bank to pay more than 3 billion. The banks include ubs, citigroup, royal bank of scotland, and hbc. Ubs will pay the biggest penalties of all, a total of 800 million, and more fines may be underway. The u. S. Office of the comptroller may announce today. Dow chemical may be moving raising itsdow is orderly dividend to . 42, a 5 this. Also reducing its buyback two 5 billion to nine and a half billion dollars. It was said earlier this year do dow should spin off to improve profits. Marissa mayer has another Marketing Tool for yahoo . She makes one of the biggest deals yet. About 640 million in cash. That acquisition will help in a growing part of the digital ad market. 87 of the top 100 advertisers in the u. S. Are served by it. Breaking news out moments ago. It looks like their earnings in the Third QuarterBeat Estimates but they cut their estimates. The forecast is what we care about and it is negative. Youre looking at a mixed picture here. The company said comparable sales fell in the quarter by 1. 4 . That was unexpected. They were looking for a 1. 9 gain. It has really been an out performer in the Department Store industry and retail more broadly. This is a surprising result here the other surprising part of that is that the Company Actually maintained growth thatn, even despite decline in sales. That has been somewhat unusual. You have seen so much discount, one would have thought we would have seen it there. Earningspershare, . 61. But it is indeed cutting its earningspershare, 425 to 445. Statement, saying we are pleased with thirdquarter earnings even though sales fall short. He mentioned the company did not maintain a gross margin and he talked about optimism for the Fourth Quarter. Isis curious the company cutting its earningspershare forecast, where is that coming from if there is optimism about Fourth Quarter, is that because of discounting in the Fourth Quarter . There will inevitably be questions about what is it what is actually going on. We will talk a little bit about this because i want to bring in a retail veteran who began his career at macys. Ceo of lumens, which last year went bankrupt, another victim of the retail environment. Also served as president of eddie bauer and brooks brothers. Theow you hate intros, but man who oversaw the company that went bankrupt. [laughter] control that was. I move on as a lesson learned. Questions that we. You were nodding your head when we talk about macys. Lot with what julie said. November 12 today, i think the Company Started in earnest already across the board. I think the macys numbers were disappointing, i would hate to see what other companies are feeling today. We all get emails from all the companies and i keep getting 2530 off. If i do not come in tomorrow this is just the beginning. Traffic is down and people are waiting for the best deals they can. To wait. Trained every year, it starts earlier. No quick rush to get to the store. Right. About this,much about the way they have been refurbishing their stores. They are known for their execution, their inventory management, something that not all retailers have been doing well. I agree. When you look at macys, the ceo of the company has done a great job keeping the store looking fresh and new. A lot of competition will be coming in the city. Closer to macys than it has been before. I think it is smart they are using all this money. It needed to get done. Keep it relevant and everyone in todays world and keep it fun and exciting . That is the key. Blacktodays world where black has turned into thursday, it will be black week soon. It is ridiculous. Walmart is going to four days of black friday sales and you have macys now opening earlier, and others very when does this end . When people run, how do they make it, how do they make it, the only way they know is to do something that has not been done before. The store has been closed during thanksgiving. When they open them, doesnt game them more . Out overust read it few days . Instant gratification, but over the long term, it probably does not help much. All the other stores are opening two hours earlier. An hour earlier. I think it is a gimmick. I think it depends. If you are talking about a if you arer example, talking about the consumer who is stretched and are budgeting a certain amount for the holidays, and because they want to get that deal, will they go into walmart versus competitors that close . Maybe. It depends what type of consumer you are talking about and what retailers you are talking about. These doorbusters. I know people who have a lot of buy a tv forould. 100 that is the ploy that gets them into the door early. You retailers make money on those . Of course not. They get you to the store and hopefully by 10 other things. That is the deal. He were speaking before about how read what retailers do to refresh. I thought sears was very interesting. Few days ago, a statement said one of the stores in florida storyo longer the the itself will actually be a small part of a whole complex they want to build up, dining, entertainment, catering to kids. The store itself will be a much smaller part of the sears footprint. That is the trend in malls. It is about experiential shopping, not just about going into a store and buying something. It is about dying dining and entertainment. They leased it to other types of development, because we all know sears is not working so you need to figure out other things to do here at first of all, whats up them so long to think about that . I think it is a smart move if they do it right. The idea is good. How do you differentiate online businesses . And stillway to go have your family together to do different things. Youll know and retail if get something that attracts people, food or something to entertain, kids want to go on parents want to go and it is a different. I think it is a good idea to 10 00 a. M. Have asq to. Is in this eddie trying to put lipstick on a pig right now . People have been waiting and i keep hammering this home every time. People have been waiting for years for eddie to unlock it. It is about time. So longas it taken him to do this . There has been a lot of talk about value. Look at what the stock did the day than acid. There are attractive locations that sears owns. Toit indeed will lead them the retailers, then yes, they can unlock value their area a better chance of success. Than what you do with the bad ones . That is the question. Goodat you were saying, a point here that is exactly what people have been pushing Eddie Lambert to do. Take your most valuable asset, which is the real estate youre sitting on, and spin that off. So far, they were resisting that. Essentially, what i heard, they did not want to do that. Not want to look like they oppose anything that looked like financial engineering. They believe in the brand and the store. They have now come to this way. Be a sign thaty they are facing the reality and doing nothing, but also things are that dire that Eddie Lambert had to do that. They will run out of cash by 2016. If you believe in the retailers money intore, put some it, invest in it, and make it a better shopping dance. That is not something lambert has done. What is the most important thing out of the cost for macys . We need to know what is happening, discounting of going into holiday, and if theyre cutting the forecast, they need to discuss and reconcile what exactly is going on. Julie, thank you so much. Well to steve newman, the former ceo of lohmans. Five of the worlds biggest banks are paying read . 3 billion to resolve claims of a manipulated global currency market. The first wave of penalty in a 13 month investigation. Erik schatzker is here to tell us more about this. The fines being paid are eyepopping but even more eyepopping are the transfers. Stuff, foregregious any company, rep let alone a trusted institution like the bank. I want to review an excerpt from one of these chat rooms. Fixed. N talking about a at 4 00 p. M. London time. This is not like libor. These are real trades happening. They are polluting around the u. S. Dollar Euro Exchange rate. Join forces. Jpmorgan traders, perfect, lets do this. Yes. So together, one of them had an order for 100 Million Euros against the dollar and another had an order for hundred 50 euros against the dollar. They move the markets in the directions they wanted. It is incredible. Not only that, they even talked about it. Another expert excerpt against jpmorgan, further discussion of whether the fourth trader would add huge value, the traitor decided to invite them into the chat room for a onemonth trial with him being warned facetiously, sleep with one eye open at night. It is amazing stuff. This went on inside banks. Some of the largest banks in the world. He mentioned the total amount being should being paid. Ubs collecting 8 million to both csc feet csc and the Banking Authority in london, citigroup, 668 million. That did that after ubs, it is all clustered around 6 hundred ave Million Dollars and it is a lot of money to the bank being for the banks to pay. Collect the public was at this and thinks, these guys are getting rich and swindling the , it is alsoou noted very stressful. You could almost bring a psychologist into all of this and they, why did these guys do . T it is not like theyre having fun. Yes, for the money, but also, you sacrifice quite a bit. They might sacrifice even more. The Justice Department and the opposite u. K. Conduct criminal investigations to determine whether there was genuine criminal there are parallel criminal investigations into the companies themselves. There is a possibility one of these banks or another bank would have to plead guilty for these criminal charges. Barclays was a bank not ready to theh an agreement with financial conduct authority. Failing to reach that agreement today, barclays lost its right to a 30 discount. Fines levied by the sca are 30 lower than they would have been. Barclays may face an even bigger bill than the 800 million coughed up by ubs. In switzerland, another parallel investigation is going on. They are already conducting against traders. Yet many dominoes yet to tumble. Currency, the regulator for the biggest bank in america, also may announce as soon as today fines of its own. Thank you for sorting that out for us. Coming up, mercer mayer makes one of her biggest deals yet. At company aol turned down half the price. We have got the inside scoop. Will bring that to you next. Also, the debate of of her neutrality wages on. Hinder who says it will innovation. Moving and shaking this hour is the yahoo ceo, mercer mayer. We now know what she is doing with all the alibaba cash. She is made one of her biggest deals yet, green to buy video ad service for 640 million. According to people i spoke to who are familiar with the matter, a low look at it a few months ago, at half the evaluation being paid now. At that time, Tim Armstrong passed on it. Instead, aol bought at that tv for 405 million. In the meantime, there is a report two top yahoo shareholders are urging the aol ceo to explore a merger. Much more ahead as americans get ready to sign on to the Government Health care exchanges again. How much better is Health Care Coverage and should parts of obamacare be repealed . We will ask the president and ceo. Funny orl ferrells die is hoping to laugh its way all the way to the bank. What the comedy web right is up to now. Stay in the loop. Good morning. I am betty liu. Here is a look at our Bloomberg Top headlines. The top corporate headlines. A major bank deal announced. By north carolinasecondbiggest lender atcondbiggest a value of 2. 5 billion. The acquisition will expand the footprint. The chinese insurer that is eyeing the historic new York City Hotel is planning an ipo that could raise 2 billion. That Company Plans to have shares in hong kong. The Company Website of funny or die looking to cash in on its success. The founders hired an Investment Bank to evaluate options, including a possible sale. 300 million. 0 thisout for neck interviews celebrities and even the president. Welcome to another edition. I am your host. Is president y barack obama. Lets good to be with you. Classic. A 26 minutes past the hour. Bloomberg television is on the markets. Equities, a slightly lower open. Futures down about a half percent. Down. Gs coming macys just out beating earnings estimates. Their sales forecasts. That has some investors worried about the future for macys and how much more heavy discounting it will have to do. You see stocks tipping him in the face of investors. It is a common story we have seen throughout the year. On the markets again in 30 minutes. We are three days away until the Health Care Exchanges open for roman with the public. Sullivanepublican dan has won the Alaskan Senate race, determine yesterday. Yet another vote to repeal the president s out care law. I want to bring in the president and ceo of the cleveland clinic, president obama has called it one of the best in the world. Thank you so much for joining us again. Crazy aboutre not the Affordable Care act, but in the face of the Republican Opposition to it, should it be written repealed . We have to understand the Affordable Care act is the law of the land and we are aslementing it, as well every Health Care Organization across the united dates. I think until such time as we have different objectives, we will continue to move down the line. Needed toerstand we change the way we deliver health care and make it more affordable and have higher ali and better access and all of us are working on that. I will get to the cost is in a moment. Are there parts of obamacare so far that you find are really not working . One thing we are concerned about is putting enough emphasis on wellness and keeping people from getting sick. There is a lot that could be done to improve that sort of soap is so physicians are in fact trying to keep people well, instead of just looking after them once they get sick. There is a whole new science emerging about how we understand you can keep people well by what they eat and how they take care of themselves in an external environments. Hopefully, that will eventually drive down premiums as people become healthier and healthier and do not need as much medical attention. Some ofo read for you the Research Done recently by the Kaiser Foundation a few days ago. They looked at the effect of obamacare. And they love that premiums. T varies statebystate in some states, the premiums actually have risen by about eight or 9 . In some states, they have fallen by 15 . On average, they found the didum costs, premiums actually go down by 3 10 of 1 there a lowercost plan, the bronze and, he went up on average around the country, 3. 1 . Is that troubling . I do not think it is particularly troubling to see premiums different across the country area many larger insurers got into the market that theythe trend is are raising their premiums. People coming to the market later coming in at lower premiums. This is probably what you would expect. He also see that people who has signed on the Health Care Exchanges last year, the Kaiser Foundation again found half of them may not go back and might not sign on again. I am not saying were calling this a failure right away, but it is certainly not the kind of numbers im sure the administration would like to see this early on in the Affordable Care act area class of think recently, we now know we have 7 Million People signed up, a projection from cbo, we will have 13 million by the end of the year, regionally. Acretary burwell came up with projection that would probably be closer to nine. We do not know exactly what we will see as far as apple signing up until we begin to have people sign up. Hopefully, we are going to have better access to signing up than we did deviously. A lot of effort in that direction. I suspect it will be better. But we will have to wait and see how many people sign up. We are surprised more people have maintained their private insurance through their employers than expected. Wereally do not know until dip into the enrollment time exactly what will happen. Before we go, republicans ked about the entire bowl the entire Affordable Care act, getting rid of some aspects of it. For instance, getting rid of the medical device tax. They also talked about the dos six and getting rid of that. Is that something you could support . Yes. We like to see it done. This has been every year, a particular aspect that congress has had to be lobbied about. We really need to have that taken off. It is an awful lot of energy that is spent looking at whether we will continue this and at what rate. We need to put this aside and continue to have more stability and physicians payments, so we know how we can plan going forward. Thank you so much for joining ceo of thesident and cleveland clinic. Thank you for joining me this morning. Coming up, not neutral when it comes to the internet. A former fcc official explains why president obamas plan to regulate the internet is a bad idea. Plus, some of the worlds biggest banks get hit i billions. And more penalties