Group president tells cnbc the fine should fit the crime. There is a strong case to make for International Coordination here so lets talk between europe and the u. S. On what reasonable and effective fines will be and lets not go over the top here. And Standard Chartered is set to cut people as a part of its cost savings measure and memo obtained by reuters. We are on a role when it comes to wall street. Looks like we are on a five day winning streak when it comes to the Dow Jones Industrials. The s p closed up at 7 and the nasdaq is heading for the best week. The s p 500 looks like we are lower just by two points or so. The Dow Jones Industrials should be down by 16 and the nasdaq is being called lower by 7. 5 points. Now lets check in on some other markets as well. But we have break news coming through. Indeed. Were sitting tight and waiting just to hear the contender for the noble peace prize. Were just getting that through on the wires right now. The National Dialogue quartet winning the noble peace prize. So the tunisian National Dialogue quartet winning the noble peace prize. Thats just coming through on the wires now. Keep in mind this is an annual guessing game because basically they dont name those nominated. The Norwegian Noble Committee for 50 years but every year we still go through this guessing game about who we think is nominated and who the potential winners could be. This year was broadly speculated that the german chancellor Angela Merkel could be right up there. People speculating the pope could be among those that could be looking to win the noble peace prize but were hearing that the tunisian National Dialogue quartet winning the noble peace prize. Well get you more details. Its always a surprise, isnt it . Because i think the European Group won in 2012 and then obama of course was given a peace prize a few months into his tenure at the white house. Controversial. It was about things they thought he would do and not things he had done at the time. A lot of fantastic people. People helping in regards with the refugee crisis. We have more explanations from the noble group as to why tunisian has won the noble prize. Theyre saying the dialogue quartet is being given the noble peace prize for their contribution to democracy in tunisia. Theres also a lot of money bet on the winner of the noble peace prize every year. Its always secrecy and theres a lot of guessing involved. Definitely. So this is something well continue to watch here. Thats a surprise. Lets check in on alcoa. Back to the markets, folks. Steep declines today but tracking what we saw in the after hours session in new york. So were down by close to 5 . Quite a miss from alcoa reporting a sharp drop in its 3rd quarter profit hurt by the slumping Aluminum Prices and other commodities as well as the strong u. S. Dollar so the company only posted earnings of 7 cents a share missing analyst forecasts. We were looking for 13 cents a piece but they also unofficially kicks off the earnings season in the u. S. And on tuesday well be hearing from Jp Morgan Chase reporting 3rd quarter results. Intel will also be reporting results as well and well get more numbers out of wall street on wednesday. The banks roll in, the bank of america for one, wells fargo and black rock and netflix numbers. Bank results continue and roll on into thursday. We get numbers out of Goldman Sachs and citigroup. Also expected to release United Health and we round out the week with General Electric, ge and honey well on friday as well. Now the feds decision to hold off on hiking rates last month was not a close call as some members have suggested. Minutes from the september meeting show that the fomc was hesitant to pull the trigger on worries about global risk. Most thought it was a good idea to wait but they still expect strong Economic Data to make a clear case for a lift off this year. Not everyone agrees on the feds decision to sit by and wait. He thinks the central bank should have raised rates in march of this year. He is speaking at an nyu Business School event and the fed kept rates too low for too long. Back in january he said he would put money on the fact that the fed would be hiking rates in 2015. Lets bring in the managing director and chairman of the Index Committee visiting us here in london. Good to see you. Lovely bow tie as always. Do you agree they should be hiking Interest Rates . No. I dont think they should have done it back in january or march at this point. Way back then the u. S. Economy looked soggy and so on. Currently the economy looks a good deal better. The gdp numbers for the second quarter, the last revision look strong. There are some doubts that the unemployment report we saw recently was a little bit softer than anybody was expecting but more than anything else the fed keeps on saying it is being driven by the data and will watch the data unfold. Everybody knew what the fed would do, namely nothing since 2008, this is a rude awakening. It takes us back to the 1990s when you had to dig into the numbers and then after you dug in for days and days you ended up having to make the guess but thats what theyre doing. Theyre tracking the economy. They want to raise rates. They would like to get back to the good old days when their operating procedures were based on reserves and theyre a long way from that but they have to begin taking the steps. So i think janet yellen is being up front when she says she would like to do it before the end of the year and the chances at the end of october arent too good so were talking about december. Only a 30 probability that the markets are priced in for a rate move in december. Thats right but probability is the power of hindsight. When they do it the probability of the next one will go up. What about the argument to just get on with it . A lot of people are saying you just need to start the hiking cycle. Is that a valid argument . You know, it works unless you screw it up kind of thing and if we were sitting in one of the emerging markets or if your previous guest or next guest was say the head of the reserve bank of india, i think he would be addiment that no they cant do it as emerging markets have great difficulties. A lot of them have been bulking up on u. S. Dollar denominated debt so the last thing they want to see is the Interest Rates go up. The fed does look outside of the border of the united states. They probably dont want to say that too loudly because theres a lot of politicians back home that say just worry about us. Dont worry about the rest of the world but the fed knows they have no choice. Im just wondering the markets right now, what are they telling you . Were on a five day winning streak for the dow. So maybe it wasnt a bear market like people were thinking when we got into that correction phase. I think in the u. S. It is not nor was it a bear market. I think china is something of a different story. U. S. We had some difficult cull i in the stock market. We had, i guess, technically a correction but the background was continued growth in employment, a solid u. S. Economy. Well see in the next few weeks how solid the earnings are but they may not be great. China was a whole different story. First the market really tumbled but second of all there are a lot of shortterm and longterm questions about their economy and you put a disappointing stock market together with a weak economy and thats not a good thing. So i think we got spooked a little bit by china and were wondering either who is going to keep supplying us with iphones and so on or where are we going to keep selling the other stuff. That makes sense. What about a strong u. S. Dollar . Come visit us more often. My pleasure. Be happy to do that. Well see you next time. Managing director chairman of the Index Committee at the s p dji. Just recapping the ceo of standards chartered says that a thousand senior employees are set to lose their jobs. Thats according to an internal memo seen by reuters. Thats part of the goal to reduce the top level work force by a quarter as part of cost savings measures. Standard chartered higher by almost 3 . So moving up a bit. Its a tough time now in banking with fees, lower growth around the world. How do you make money as a bank . Were looking at shares of Credit Suisse today and its higher. This is after a report from the Financial Times saying that Credit Suisse is planning substantial capital raising. It is still evaluating its strategic options. So theyre not saying yes and theyre not saying no. Thats something theyll be watching for when that strategic reviews announces october 21st. And Deutsche Bank clawing back as it braces for losses of around 6 billion euros on q3. Now write downs were cited as the main reason with the new coceo cutting costs and reducing bonuses. The german lender is also planning to off load its retail unit. Now squef caught up with the european commissioner for the euro and social dialogue at the imf and the World Bank Meetings taking place in peru and asked him for his views on the european banking sector. The challenges in our Financial System we need to put more forward the initiatives to make European UnionsFinancial System more resilient and different kind of shocks and this is part of the broader work we are doing in terms of deepening the economic and monetary union. Making the euro area and euro more resilient. As regards the guarentees seem, this is a proposal were now preparing in the context of completing the Banking Union so well be coming with a proposal on european deposit Insurance Scheme and giving some considerations and also experience from the previous discussions. Well be coming in two stages approach. Starting as reassurance scheme for National Deposit guarentees in europe. Lets give you a run down of what to watch for on this friday. September import prices are due out at 8 30 a. M. Eastern and forecast to fall by. 5 and then at 10 00 a. M. August wholesale trade numbers being released plus a fair of fed officials speaking today including atlanta fed president and chicago fed president charles evans. Speaking of, be sure to tune in at 11 00 a. M. Today with bill dudley on squawk alley. Elon musk calls apples Auto Division a quote tesla graveyard. All right. If youre just joining us maybe youre waking up in the states. A look at what were doing here. Were trading higher across the board. Its true. Really . Yeah. Theyre out there watching us. Were rounding out what has proven to be a strong week. Many of these indexes up 5 since monday. This is what were looking at on the week. The cac 40 up by 6 . The ibex up by 7. 25 . But coming off the back of levels in part due to the volkswagen mess. The Australian Unit now having increased the number of cars theyre going to be recalling in the emissions cheating scandal to almost 100,000. This after the u. S. Chief michael horn spent the day in front of congress trying to explain how much he had known about the deception before the crisis erupted. It was a brutal day on capitol hill for michael horn, the president and ceo of Volkswagen Group of america as he testified before a Congressional Panel determined to learn just how his company cheated on emissions testing. Were determined to make things right. This includes accepting the consequences of our acts providing a remedy and beginning to restore the trust of our customers, dealerships, employees, regular you lay toto american public. He couldnt understand questions or was distracted by photographers taking his pictures. Many of congress didnt seem willing to cut him slack. Vw betrayed a nation of regulators, suppliers and regular customers. Its time to clean it up or get off the road. They didnt get clear answers of what they plan to do to support car owners and dealers but horn did give a time line for how long fixing the hundreds of thousands of cars will take. You are certain the remedy will end up being a multiyear approach . Yes. If you look at 430,000 cars the repairs might take five to ten hours to fix this and if you look at your recall history in this market then these actions take one or two years minimum. The company is with drawing its application for certification of model year 2016 vehicles but that move could leave american dealers without enough product to sell and stuck with inventory that customers might not want to buy. For cnbc business news, im aman javers in washington. Also the site of stunned faces. The front runner in the contest bowed out of the race in dramatic fashion. U wouldnt take without checking the side effects. Hey honey. Huh. The good news is my hypertension is gone. So why would you invest without checking brokercheck . Check your broker with brokeck. Want bladder leak underwear that try always discreet underwear and wiggle, giggle, swerve and curve. With soft dual leak guard barriers and a discreet fit that hugs your curves. So bladder leaks can feel like no big deal. Get your free pair and valuable coupons at always discreet. Com a recent study by citizens advice found that 1 in 7 18 to 34yearolds in the u. K. Were unable to see a gp the last time they tried to make an appointment. Another 14 did not see or speak to a Health Official following unavailability of a an appointment. Theyre looking to fill that void. Technology is this bridge between this old world where theres doctors and hospitals and this new world of technology. I book everything. My flight, my hotel, everything online. Why cant i do that in health care. A lot of the work we do is with hospitals in the u. K. Around scheduling unscheduled care and what we mean is traditionally you walk into a lot of Health Care Services but the clinics would like to almost schedule these times so they known when the clinics are busy and not busy. Launched in 2013 zesty offers an online Appointment Booking Service lieuing you to book a doctors appointment with a few clicks. There must be this hidden supply of appointments and you and i can get access to. So the inspiration was using technology to make the patients connect to the doctors and hospitals in a lot easier way. You can be talking to a doctor in five minutes. 10 or 12 years agatha was unheard of. Doctor now is a video consultation app that allows patients to speak to a physician. A gp and to be triaged from the comfort of their own home at a time that is convenient to them. Gps in the u. K. Are fantastic professionals but theres a real spike on demand on their time. Theres 400 million consultations in the u. K. And some 50 of them are more than 7 days waiting time. Both doctor now and zesty see the future of digital Health Care Services pivoting from the same point. We think the use of technology will take a more meaningful use. What does that mean . It means were going to use things like Wearable Technologies and whatever there might be and analyze the data to provide doctors with a good knowledge of a Patients Health to help them diagnose in a more precipitous but also more accurate way. I think apple has Research Care which is its medical records application and i think thats changing the doctor patient relationship in the sense that doctors see more information and they have more to make their diagnosis. It also puts patients, they engage a lot more and i think that all of this actually just connects the doctor to the patient a lot more. I think the fear is that people think technology will do the inverse and the doctor and patient relationship will somehow become virtual and less connected. We think the opposite. We think it will be more connected because you and i as patients and consumers are more interested in our health. All right. Lets get to the shock in washington d. C. House Majority Leader Kevin Mccarthy dropped out of the race to become the next house speaker. Tracie potts is standing by in defendant c. Yeah, we are trying to progress this now and so are the republicans here. It was a big shocker just hours after mccarthy said that he was running for the speakership. He suddenly announced and very publicly that he was not. It had nothing to do with skeletons in the closet but that he didnt want to essentially win by a hair because with so many conservatives opposing him it was questionable whether he could get those 218 votes so now theyre looking for the next step. The election has been postponed internally for the republicans and it looks like the powerful budge chair paul ryan is someone theyre trying to convince to hold on to that job and try to run for that job. Thank you so much. Well leave you with a look at the futures. A sea of green. Equities set to close out the week higher despite the Federal Reserve keeping markets on their toes on whether to hike or hold. Alcoa lowering supply forecast sending shares down in after hours trade. Vw feels the heat from congress as u. S. Chief michael horn blames individuals for the emissions cheat and this as euro Group President tells cnbc the fine should fit the crime. Theres a strong case to make here on what seasonal areasonab effective fines will be and lets not go over the top here. And Standard Chartered set to cut senior level staff. Thank g