40 Burst results for "Bloomberg"
The Crypto Overnighter
Faux Web3 Company's Scam Exposes Oversight in Bloomberg's Advertising
"OpenAI's ChatGPT has gained immense popularity worldwide. Sadly, this has led to the explosion of numerous deceptive applications. These are applications that lure users in with clever advertisements before defrauding them. One such instance involves BlockGPT. And as you can guess by the name, BlockGPT is a Web3 company inspired by ChatGPT. They were also recently exposed for orchestrating a rug pull scam, resulting in the theft of $256 ,000 in pre -sale funds. The lack of a proper disclaimer on Bloomberg's part has also drawn criticism. The platform allowed a paid press release promoting the fraudulent project to be published on their website without adequate warning. Certek is a blockchain security firm. They confirmed BlockGPT's fraudulent nature. Now, PexShield is another security provider. They further corroborated the rug pull claims by revealing that more than 800 Binance coins raised in a pre -sale contract were transferred to Tornado Cash. BlockGPT issued a press release earlier this month. In that release, they outlined their goal of developing a blockchain -based artificial intelligence system similar to ChatGPT. Unfortunately, this press release was initially distributed through Globe Newswire. That meant it was automatically scraped and published on Bloomberg. Now, it's important to highlight that the article published on Bloomberg lacked clear indicators that could have alerted readers to its status as a paid press release rather than a genuine news article. In fact, the website did not include any explicit disclaimer or indication of paid content. BlockFence is a security aggregation provider. They criticized both Bloomberg and Bloomberg Crypto via Twitter, urging them to provide a more prominent disclaimer and to conduct due diligence to prevent the future publication of fraudulent projects.
Bloomberg Opinion
Fresh update on "bloomberg" discussed on Bloomberg Opinion
"Comes a new series, Spellcaster, the fall of Sam Bankman Fried. Follow spellcaster, the fall of Sam Bankman Fried on Amazon music or wherever you get your podcasts. It's hard to keep up with breaking global business news. That was a mixed day here in the States. Ability is sky high. But at Bloomberg, our seasoned reporters and anchors make it look easy. European stocks books hate a fresh record. Bears have basically been rendered obsolete. The right height dance is playing out in the belly of the curve. Are you worried about a wage price spiral? A lot of Wall Street strategists getting more and more cautious here. Bloomberg Radio, the Bloomberg business app and bloombergradio .com. Bloomberg, the world is listening. Access a vast selection of global fixed income securities at Interactive Brokers Bond Marketplace. Search their deep availability of over 1 million bonds globally. IBKR has no markups in or spreads built and low fully
Mark Levin
Fox News: Michelle Obama's Juice Brand Fails Her Own Health Standards
"And so I'm looking here from Fox News former First Lady Michelle Obama's touted health drink pleasing What does that mean Plessy Oh what do I know What fail the health standards set by the Obama administration to do Bloomberg report found After discussing with 12 independent health professionals and organizations the Bloomberg news organization found that pleasing current flavors released earlier this month would not meet the requirements to be served at elementary middle school Uh oh But do they make money That's the issue These Marxist revolutionaries need to know if they're going to make money off the drinks Please it's not like Kool-Aid you know Remember Jim Jones mister producer drink the Kool-Aid Drink the plessy Under the Obama era school meal regulations currently under review U.S. elementary middle schools may only serve water milk or a 100% fruit or vegetable juice with no added sweeteners And the regulations do permit schools to dilute juices with water and none of pleasing four current flavors meet these criteria According to the experts there are was concern over the non nutritive I feel like I'm being treated other way Non nutritive sweeteners in the drink such as stevia leaf and monk fruit extracts They could still be considered unhealthy The World Health Organization previously published its own report on Monday advising against the use of sweeteners like stevia to control body weight
Bloomberg Opinion
Fresh "Bloomberg" from Bloomberg Opinion
"Interactive Brokers Bond Marketplace. Search their deep availability of over 1 million bonds globally. IBKR has no markups in or spreads built and low fully transparent commissions on bonds. IBKR displays the highest bids and lowest offers received from the electronic venues they access. In addition, clients can interact with each other by placing bids and offers online to execute their trades. Learn more at ibkr .com slash bonds. in Even a time when almost nothing is easy, one thing has been effortless. Accessing the world's latest financial and political news. Wake up with Bloomberg Daybreak Europe Edition available now on your podcast feed each weekday morning by 7 a .m. in London. Get the news you need to start your day in just 15 minutes. Subscribe to Bloomberg Daybreak Europe Edition today on Apple, Spotify and everywhere you get your podcasts. Thanks for watching. Mm hmm. This is Bloomberg opinion. I'm Amy Morris,
The Breakdown
Binance Accused of Co-Mingling Customer Funds With Company Revenue
"Hello friends. Well, this morning as I was prepping the show, news broke from Reuters. Walter Bloomberg on Twitter said, the world's largest cryptocurrency exchange Binance co -mingled customer funds with company revenue in 2020 and 2021. In breach of U .S. financial rules that require customer money to be keep separate, three sources familiar with the matter told Reuters. So let's go through this, let's try to get a sense of how serious this is, let's see if there is another Sam -type situation on our hands. First, let's talk the accusation. Well, it's pretty much right there in the headline, Binance co -mingling customer funds with company revenue in 2020 and 2021, the sourcing, three sources familiar with the matter and Reuters, but let's try to get a few more details. From the Reuters piece, quote, one of the sources, a person with direct knowledge of Binance Group's finances, said the sums ran into billions of dollars and co -mingling happened almost daily in accounts the exchange held at U .S. lender Silvergate Bank. Reuters couldn't independently verify the figures or the frequency, but the news agency reviewed a bank record showing that on February 10th, 2021, Binance mixed $20 million from a corporate account with $15 million from an account that received customer money. Reuters found no evidence that Binance client monies were lost or taken. So there's a bunch that's important here. One is that Reuters couldn't verify the figures in total and that they really only had this one particular bank record showing a mixing. Now, what did Binance say? Well, in a statement to Reuters, they obviously denied this. Spokesperson Brad Jaff said, these accounts were not used to accept user deposits. They were used to facilitate user purchases. There was no co -mingling at any time because these are 100 % corporate accounts. Reuters goes on.
Bloomberg Opinion
Fresh update on "bloomberg" discussed on Bloomberg Opinion
"And download The Circuit Companion podcast wherever you get your podcasts. From New York, Another update on Wall Street, in fact, records. To London, UK businesses are feeling the effects of higher prices. To Hong Kong, Hang Seng down about 1 .3 % right now. 24 -7 business and market news that expands your world view. Always nice to see you, French Finance Minister. I'm much more concerned about how things flow out of China. Bloomberg Radio, the Bloomberg Business App and BloombergRadio .com. The world is listening. Now, this Bloomberg Sports Update. Major League Baseball Red Sox in town to take on the Yankees to kick off a three -game set. Boston wins it narrowly three to two thanks to Rafael Devers. He's taken Garrett Cole Deep seven times now, pins the first loss on the Yankees ace as well. Now seven and one as Cole went six innings allowing two runs. He was bested by another Garrett Whitlock. Slightly better six and a thirds. He gave up one run. Four Red Red Sox with multi -hit games, only
The Breakdown
For Crypto, The Partisan Ship Has Sailed
"All right Friends, it has been an extremely active couple of days in the politics of Bitcoin and crypto. First of all, Brad Sherman has just been all over the place talking about how we're all sub human tax evaders and how the U.S. should really be asking whether this industry should be allowed to exist at all. Here's a recent clip from him on Bloomberg crypto. There's this fear of missing out that we've got to keep up with other countries. Peru is way ahead of us and cocaine production, China's way ahead of us in Oregon harvesting. We don't need to keep up on those things and we don't need to keep up on crypto. As for protecting U.S. investors, investors know and they certainly know now that when you send your money to The Bahamas or Cayman Islands, you do not have protection, you could lose it all. And the idea that we should tell investors that something's licensed in the United States when it's not only as dangerous for the investors is crypto is, but as harmful to our country as crypto tries to be, I don't see a reason to do that. At the end of the day, though, Brad Sherman is going to shrm. So no surprises there. A bigger deal was on Tuesday, may 9th. The official Biden potus account tweeted, we don't have to guess what maga House Republicans value, they're telling us. Now that quote led to an image which said, we think Congress should cut, tax loopholes that help wealthy crypto investors, 18 billion. Now one kind of enjoyable thing about this was that people use Twitter's new note feature to add some context that they thought people might want to know. Quote, virtual currency is treated as property and general tax principles applicable to property transactions apply to transactions using virtual currency. When investors sell virtual currency, they must pay tax on any capital gain. There is no evidence of loopholes to avoid this. I think that the particular language used here by the presidential account is revealing. First of all, it shows Democrats getting more comfortable lumping crypto in as explicitly a partisan category.
Bloomberg Opinion
Fresh update on "bloomberg" discussed on Bloomberg Opinion
"Some level of that is not terrible and the city can sustain it. It's just sort of this question of whether it's reached less this sustainable point and I think that right now I don't know. Like New York City, I made the mistake of going shopping in Soho and it's insane. There were so many people. And the issue in New York is actually there's just about as much activity of every sort as people coming into the office and there's less of that. And we are talking with Justin Fox, a Bloomberg opinion about the exodus of affluent taxpayers from New York. Now Justin, in your column on the Bloomberg Terminal, you link this exodus to.
The Trish Regan Show
The U.S. Energy Department Wants to Make Our Military 'Green'
"When the chips are down, Americans rally. So I can tell you today, like if we suddenly lost oil and there was no source of oil in the world whatsoever, I guarantee you, Americans would make the switch to green energy like that. Yes, I think it's worth planning for, but you can not turn off energy as we know it, and expect that people are going to be okay with that. I mean, you're going to have massive economic hardship. We've already seen it. Certainly with inflation, you've got energy prices creeping up again. Eric Trump is going to weigh in on this because the economy is a big part of what he talks about. It's a big part of what I talk about. But before we do that, I want you to see right here, our energy secretary, being asked, maybe about a year and a half ago by a friend of mine, I used to work with Bloomberg at about what her plan was for energy independence in America watch. What is the grand home plan to increase oil production in America? Oh my God. That is hilarious. Wood that I had the magic wand on this, as you know, of course, oil is a global market. It is controlled by a cartel that cartel is called OPEC and they debated a decision yesterday that they were not going to increase beyond what they were already planning. So, you know, the interesting thing is the Department of Energy has an energy information agency. And that agency does the forecasting of what oil and gas prices are going to be. It tells you everything you need to know. In other words folks, there is no plan. The only plan they can come up with is, okay, maybe let's try this green thing for our military, which let's be honest. You can do a little experimental stuff. That's fine. But let's make sure that our military is equipped with all of the things that our military should need, right? This is very important. We need to make sure that our military has the best access to everything.
Bloomberg Law
Fresh update on "bloomberg" discussed on Bloomberg Law
"Trust and fiduciary solutions, visit PPACprivate .com, not at the IC insured. No bank guarantee may lose value. The Bloomberg Talks podcast. Today's top interviews from around Bloomberg News. Joining us now, Odara Khosrowshahi. We're joined by the J .P. Morgan Chairman and CEO, Jamie Dimon. Wide ranging conversations with Fortune 500 CEOs, big name investors, and business leaders around the world. A special interview with Elon Musk. The secretary of commerce, Gina Raimondo. Bloomberg Talks. Subscribe today on Apple, Spotify, and anywhere you get your podcasts. Bloomberg Radio, on demand, and in your podcast feed. On the latest edition of the tape podcast, a conversation with Jason Greenblatt American of Century Investments. Jason, high yield here. Is it too risky, given where we are in the cycle here, for me to go out and venture into the high yield space when I can go investment grading at five, six percent yield? What are
AP News Radio
Ukraine official: We will launch counteroffensive when ready
"The top Ukrainian official says it's only a matter of time before his country's military achieves a necessary preparedness to launch its counter offensive against Russian troops. I'm Ben Thomas with the latest. The secretary of Ukraine's national security and defense council tells the AP the country's allies are helping Ukraine acquire the necessary equipment to launch the attack delivering heavy armored vehicles and ammunition, but Alexei danilov also expressed frustration that allied officials sometimes promise one thing and do a completely different one. Well, he didn't elaborate. President Bloomberg zelensky in his nightly address noted, delays in the delivery of promised weapons costs of Ukrainian soldiers. Dental office says Ukraine will not start any offensive unprepared and while stopping short of confirming the patriot air defense system promised by the U.S. has arrived. He says the Ukraine's current weapons stockpiles will be enough to curb Russia. I'm Ben Thomas.
The Breakdown
What OPEC's Oil Production Cuts Have to Do With De-Dollarization
"I always say that the breakdown is about big picture power shifts and one of the major categories of power shifts are the global power realignments happening right now. That includes China emerging as a world superpower and its various attempts to nudge the United States out of its leadership role, including trying to present an alternative to USD. Today's stories have elements of all of that, so let's dive in with a surprise oil cut that has the markets reeling. Member nations of OPEC announced surprise cuts to their oil production quotas last night on Sunday. The Saudi Arabia led group of oil producing nations announced cuts of 1.65 million barrels per day ahead of a scheduled meeting today. This caught traders off guard while markets were closed and has led to a pretty significant reaction. Both Saudi Arabia and Russia will reduce their production quota by half a million barrels per day, with the cuts going into effect for may through to the end of this year. Saudi Arabia state media called the cuts quote, a precautionary measure aimed at supporting the stability of the oil market. Russia's reduction was announced two weeks ago and was likely more to do with bottlenecked capacity related to now implemented oil price caps rather than market considerations. Adding to October's cut of 2 million barrels per day, global oil supply has now contracted by around 3% over the last 7 months. The White House commented that the cuts were ill advised under current market conditions, stating that the administration will work with producers and consumers with a focus on ensuring that energy markets support economic growth and lower prices for American consumers. Now, as recently as Friday, OPEC delegates had been indicating privately that there was no intention to cut production. Bloomberg's entire panel of 14 traders and analysts who were pulled last week had forecast no changes to quotas at this week's meeting. Last month, Saudi energy minister, prince abdulaziz bin Salman, said that the OPEC production target set in October were quote here to stay for the rest of the year period. Bin Salman is often delighted in catching speculators unprepared with unexpected supply changes.
Mark Levin
Breitbart: Joe Biden Moves to Cut Medicare Advantage
"And Joe Biden claims it matters Joe Biden claims Republicans want to cut it This over at breitbart President Biden's administration announced that it would cut Medicare advantage How many of you are on Medicare advantage After the president is frequently claimed the Republicans want to slash Medicare and social security The centers for Medicare and Medicaid services announced this week They would cut Medicare advantage by 1.12% in 2024 Which is not a significant a cut is what the administration proposed two months ago Bloomberg reported the agency will also phase in controversial changes That determined payments based on the severity of patients health problems That policy will take effect over three years instead of one year After the proposal drew fierce criticism from the industry And this is what you do You do these things slowly Step by step Nobody's paying attention The media don't care The public doesn't know The changes add up to a near term victory for the industry Which had argued that the Biden administration went too far in its initial proposal but the policy may mark the start of a period of slower growth for a market that is doubled in size
CoinDesk Podcast Network
Janet Yellen Vows to Safeguard Deposits at Smaller U.S. Banks
"We're gonna get you up to speed on all that's going on in the world of crypto. Finance, and more, including some comments from the treasury secretary. Is that right? The Janet Yellen say something will. What's going on? That's right. We got a nice Bloomberg scoop to start off the day. Talk about how the FDIC is actually looking to move beyond the $250,000 ensure level for all deposits at most banks. They're looking to basically enact some pretty extreme measures in the wake of both SVB and signature bank being taken over by FDIC and also silver gate voluntarily winding down operations. There's a lot of contagion in the banking sector and they want us to have any more of that from occurring. So we're looking to ease the fears of depositors by increasing the insurance levels to what seemingly are extreme amounts. I don't know, Wendy, your take on it, it seems like this is like a pretty wild step. But it might be necessary given that there's a lot of fear out there in the banking sector. So this was this story was in regards to them using an old law from the 1930s, right? Well? Okay. So with that being said, I don't like all of these random laws that we have in our government. But at the same time, if this is going to help protect retail, if this is going to help protect taxpayers, because taxpayers are going to suffer the burden anyways. No matter what happens, if the banks get bailed out, taxpayers are going to be banks don't get bailed out. Taxpayers are going to get hurt anyway. So I guess I'm kind of okay with them using this law to help the underdogs. But at the same time, it makes me a little bit worrisome because we see them using some of these old laws and these old caveats to kind of destroy crypto and halt the growth in our industry. So I'm a little bit on the fence about it, but at the same time I do want to see retail win and I do want to see people get their money back
The Breakdown
Is Credit Suisse the Next Banking Domino?
"Right Friends, today we are talking about the same thing that everyone in traditional markets is talking about, which is Credit Suisse. Bloomberg's headline Blair's Credit Suisse and fight to win back confidence as shares plunge. And that headline has recently been updated to the even scarier Credit Suisse ignites global market route as banking fears return. So what's going on is Credit Suisse the next domino is it a big nothing burger? Is it something totally different, but it doesn't matter that it's totally different because all people here is bank failure and they get scared, let's dive in. So Credit Suisse has been looking shaky for a while. It's in the midst of a larger restructuring process by which its investment banking division will be spun out and the bank will focus just on its wealth management division. This is actually its second big strategic pivot in the last two years and obviously in the world of banking, that sort of bobbing and weaving isn't necessarily something investors get too excited about. To say nothing of course of depositors. Now right now, the specter of Silicon Valley bank is hanging not only over Credit Suisse, but the whole banking sector. This is despite the fact that Credit Suisse's leadership says there's no comparison, and that the bank trying to get back to profitability after changing its strategy has nothing to do with the extreme liquidity issues of smaller U.S. banks. However, this morning markets were further roiled when the chairman of the Saudi national bank, which is Credit Suisse's biggest shareholder, said that they would not be investing any more money into the beleaguered bank. The chairman of the Saudi national bank said that the biggest reason is just regulatory and statutory reasons that prevent them from boosting their share beyond the just under 10% they own now. Now as prosaic that might be, it obviously still wasn't good news. CSS shares were down as much as 29% hitting a new all time low. They're one year default swaps are also in a distress zone currently sitting around 18 X, the one year CDS for UBS, and 9 X for Deutsche Bank. Now, all in all, there are two big and quite different interpretations of what's going on. Investor in China perma bear, Kyle bass writes the recent collapse of SVB, signature bank, and silvergate bank was a warmup of larger things to come outside of U.S. borders. Credit Suisse's 5 year insurance against default has gone parabolic this morning, given their capital structure they now have three weeks or less to be sold.
The Breakdown
Silicon Valley Bank Becomes Largest Failure Since 2008 Crisis
"For the purposes of our conversation today, the key dynamic in silvergate that we want to think about is this idea of a duration mismatch between short term deposits and long-term loans. It is also worth noting at this point that banks having that sort of duration mismatch isn't necessarily them acting badly. It is fundamentally what fractional reserve banking does. Joe wiesenthal from Bloomberg tweeted, every time a bank gets into trouble, people are like, they took short term deposits and made long-term loans. What were they thinking? As if that's not the business model of every bank ever. All of which gets us to Silicon Valley bank. For the TLDR in this situation, I'm going to turn to a great little explainer from investor Jamie quint. Jamie writes, in 2021, SVB saw a mass influx in deposits, which jumped from 62 billion or so at the end of 2019 to around a 190 billion at the end of 2021. As deposits grew SVB could not grow their loan book fast enough to generate the yield they wanted to see on this capital. As a result, they purchased a large amount over 80 billion in mortgage backed securities with these deposits for their hold to maturity portfolio. 97% of these mortgage backed securities were ten plus year duration, with a weighted average yield of 1.56%. The issue is that as the fed raised interest rates in 2022 and continued to do so through 2023, the value of SVB mortgage backed securities plummeted. This is because investors can now purchase long duration, quote unquote, risk free bonds from the fed at a 2.5 X higher yield. This is not a liquidity issue as long as SVB maintains their deposits. Since the securities will pay out more than they cost eventually. However, yesterday afternoon, SVB announced that they had sold 21 billion of their available for sales securities at a $1.8 billion loss, and were raising another 2.25 billion in equity in debt. This came as a surprise to investors who were under the impression that SVB had enough liquidity to avoid selling their AFS portfolio. So as you can see, here we again have the same structural problem faced by the assets in silver Gates portfolio. Those assets had unrealized losses because interest rate increases in the wider environment had made them less valuable relative to government bonds, which wouldn't have been an issue unless they were forced to sell, but boom, all of a sudden they were forced to sell.
The Charlie Kirk Show
The Worst Mayor in Chicago History Is Gone!
"Home Chicago. Yesterday, the first round of voting happened in the Chicago mayor's race and beetlejuice, Lori Lightfoot has been defeated. Now we should enjoy that for just a second. And we should talk about why that is the case. Why is it that Lori Lightfoot was soundly defeated? She finished third place, not even to make the runoff. And first place was Paul valles, who was a Democrat and for years he was considered to be not exactly a moderate Democrat, but by new standards he's actually more moderate than the Marxist Brandon Johnson, who is also going to make the runoff. So it went valis Johnson and lightfoot. Lightfoot has been the mayor of Chicago, the last couple of years, and she is without a doubt the worst mayor in Chicago history. And that says something because there's been some pretty bad leaders in the history of Chicago. And one of the things that frustrates me the most as someone who grew up in the suburbs of Chicago and loved Chicago is that this is not that hard. There are three very basic things. That you have to do as mayor. Just really basic things. Make the streets safe, try to improve your schools every single year and don't borrow money you don't have and have basically have some sort of a vibrant economic plan or model that is implemented. That's it really simple and basically any city is like that. You take New York City, New York City was declining. Rudy Giuliani became mayor and turned that place around. And Bloomberg to his great credit was a moderate mayor and New York was a safe place for years. Now if there are other issues to homeless, homelessness, that plays into clean and safe streets. And it does beg a question, why is it that Democrats are so comfortable running cities that are becoming so enjoyable, so messy? It's because they're ideology actually is more important than the reality. So
The Block
BitFlyers exCEO vies for former role Bloomberg
"12 a.m. Monday, February 27th, 2023. Big flyers XCO vise for former role Bloomberg. Ex bit flyer CEO yuzu Kano is seeking to take back his old position and lead the company to an initial public offering, according to Bloomberg, the post bit flyers XCO vise for former rolled Bloomberg appeared first on the block.
Crypto Briefing
Chinese Government Approves of Hong Kongs Crypto Plans Bloomberg
"4 p.m. Tuesday, February 21st, 2023. Chinese government approves of Hong Kong's crypto plans Bloomberg. China is dipping its toes back into the crypto world by allowing Hong Kong to open up to the market. One country, two systems the Chinese government seems keen to
CoinDesk Podcast Network
Central Bankers Triumphantly Declare Fiat to Have Beaten Crypto
"All right guys, well today we have a fun little LRS for you. This week we are playing entirely from Twitter and we're discussing some big themes. Bitcoin versus central banks and so much more. And indeed, that's where we're going to start with something that I ended a show on earlier this week. For a little bit of context, the bank for international settlements is sort of like the central banker Central Bank. It might not surprise you then that they've never been all that keen on crypto. Well, you can tell just how much the narrative cycle has shifted in their minds. In that now they're not even just crapping on crypto, but dismissing it as irrelevant. BIS chief Augustine carstens was on Bloomberg this week, and when asked about whether crypto was a real alternative to Fiat, he said, that battle has been won. A technology doesn't make for trusted money. Only the legal, historical infrastructure behind central banks, can give great credibility to money. Now, with the caveat that just trying to be a competitor to money is not all that crypto assets are trying to do, still not everyone in crypto totally disagreed with karstens point. Crypto hedge fund manager Travis kling wrote a fairly bleak threat on this. He says, hot take. He's not entirely wrong. It remains to be seen what will happen in the future, but at present, I wouldn't characterize us as winning. Bitcoin has enacted like a store of value. It's acted like an unprofitable SaaS stock. This doesn't appear set to change anytime soon. Bitcoin will likely move about like an unprofitable SaaS stock in the future. It's basically the inverse of the Dixie which proves karsten's point.
Coin Edition
SEC Doesnt Regulate Crypto Directly, but Indirectly Says Levine
"10 a.m. Sunday February 19th, 2023. SEC doesn't regulate crypto directly, but indirectly says Levine. Met Levine, the Bloomberg opinion columnist, published an article on February 7th, analyzing the Securities and Exchange Commission's SEC crypto regulatory policies. Notably, the Chinese reporter Colin Wu on his official Twitter account shared the article, highlighting the perspectives of Levine on SEC's crypto regulations significantly, Levine focused on the authority the SEC holds to regulate. The post SEC doesn't regulate crypto directly, but indirectly says Levine appeared first on coin edition.
The Breakdown
Circle Allegedly Sounded the Alarm on Paxos
"Now, of course, yesterday's big news was all surrounding paxos. The Wall Street Journal had reported over the weekend that the SEC was planning on suing paxos for offering an unregistered security. On top of that, paxos announced first thing in the morning that due to a complaint from the New York department of financial services, they would no longer be issuing BUSD, the stablecoin that they had been issuing in partnership with binance since 2019. The NYDFS clearly had issue with the fact that binance was calling a different product on a different chain B USD as well. The BUSD that they had approved and were regulating was paxos issued on the Ethereum chain, whereas binance peg USD is on the BNB chain. And remember, as was revealed publicly in January, binance peg BUSD hasn't always been fully backed one to one. At points in 2020 and 2021, it was under collateralized by as much as a $1 billion. They're also seem to be questions from the New York department of financial services around KYC and AML processes. So a couple additional dimensions to the story since I recorded yesterday. The first is the circle USD C aspect of the news. published yesterday, circle tipped off the New York department of financial services about problems with the paxos issued BUSD stablecoin. According to an anonymous source circle blew the whistle and fall of last year, complaining that on chain data showed that binance did not have the reserves to fully back its stablecoin. I did mention this on the show briefly yesterday, but it was when the news was fresh and hadn't been fully digested by the markets yet. Digging a little deeper, it sort of confirms that the issue was binance printing B tokens, IE, B and B chain wrappers for other chains tokens. But then not actually having the underlying collateral locked up, or at least not locked clearly in a designated wallet. Bloomberg source said that the bee token version of circles USD C was also impacted, claiming that at one point, binance had only $100 million of collateral for $1.7 billion worth of binance peg USD C now when it comes to the news that circle had potentially informed on binance, the community had a few different reactions. The first I would categorize as snitches get stitches. Basically, angry responses saying that the crypto industry shouldn't tattle on each other or something like that. A second and related response was that circle our feds anyways. is going after circle in USD C, then they have you right where they want you.
Mark Levin
Trump Lawyer in Mar-A-Lago Search Appeared Before Grand Jury
"And according to Bloomberg Sabrina Wilmer and Zoe Tillman writing the pieces Evan Cochran won a Donald Trump's lawyers appear before a federal grand jury last month as part of the special counsel investigation into whether classified information and other government records were mishandled At the former president's Mar-a-Lago state according to people familiar with the matter So here they dragged this man in front of a federal grand jury And in the case of Biden's lawyers they work with the FBI They say hey happy You can watch us you know And of course Hillary's lawyers Kendall and the rest they were never treated like this when thousands of emails were destroyed Bleached in all the retina So they go after the lawyers It's one of the reasons they go after eastland and they go after Rudy Giuliani and the others They want to make sure that lawyers think twice or three times or just turn down Any ability to represent a Trump or a Republican But this is clearly a violation of what's intended by the constitution Clearly Clarkson has been Cochrane rather has been representing Trump since early on in his dealings with the Justice Department They write over whether classified materials and other White House documents should have been returned to the national archives We're at the Florida property Apparently these reporters don't have a right English He went before the grand jury in Washington during the second week in January He did immediately return a request for he's not allowed to I guess he could comment It's the prosecution that's not supposed to be leaking but they do all the time
TuneInPOC
"bloomberg" Discussed on TuneInPOC
"That was violent on January 6th at all. Correct. And there are polls that show that a majority of Republicans believe that somehow the election was stolen. And David, you don't get those points of view from reading mainstream media from reading USA Today, for example. I think social media has a lot to do with this. I probably said that a year ago when I was on your show right after January 6th and Americans increasingly are allowed to become effectively unhinged from reality in their views and in their views of the facts. You know, in addition to the numbers you just cited, I saw Paul recently that 15%, 15%, which is one in 6 Americans now ascribed to the QAnon theory that our government our media, financial services are controlled by Satan worshiping pedophiles. One out of 6 Americans. That is an alarming fact and a really, really dangerous number that should have us all concerned about the very fabric of our democracy and our institutions in this country. Mister secretary, as you said, when you were on just after January 6th last year, we talked about the role of social media. And you suggested there was a real responsibility there. At the same time, that was just about the time that the former president Trump and others were being banned, for example, Twitter. Have we made progress in social media in the last year? I believe that the larger platforms are taking steps to try to address this problem. But the problem with the problem, so to speak, is that it's in many respects like chasing shadows. If someone's banned from one platform, they can find another that will that will. With three bright minds thinking of questions. How far apart are the two Americas right now? Someone's bound to ask the one you most want answered. What defines that as the year goes on? Tom keen, Jonathan farrow and Lisa Abramovich. How do you explain the fact that you have not seen a cheer from equity traders? Bloomberg surveillance. Will that occur within market stability? Weekday mornings at 7 eastern on Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Wow. That's serious extra cash. I'm downloading the free get upside app now. Download the free, get up site app. Now, in the App Store or Google Play to save up to 25 cents a gallon when you buy gas, use promo code, park for a 25 cents a gallon bonus on your first tank. That's up to 50 cents a gallon on your first fill up. You can cash out any time your bank account PayPal or any gift card for Amazon and other brands just download the free get upside app and use promo code park for up to 50 cents a gallon cash back on your first take that's code park. Some cable news shows. But, you know, there's a plethora of places where we get information. And a lot of that is conspiracy driven. It's not fact based. And it's feeding a lot of the extremism that we see today. Okay, thank you so much, really great to have you back with us, Jay. That's former U.S. homeland. To homeland department, tomorrow, Homeland Security secretary. He is Jay Johnson. Thanks, Jay for being with us. Coming up, what the attack on the capitol meant for the United States abroad with the president of the council on foreign relations, Richard hawes. This is bounce of power on Bloomberg television and radio. Adopt U.S. kids presents what to expect when you're expecting. A teenager learning the lingo today I'm going to help parents translate teen slang. Now, when a teen says something is on fleek, it's exactly like saying that's rad. Isn't it means that something is awesome or cool? Another one is totes. It's exactly like saying, totally just shorter, as in I totes love going to the mall, Becca. Another word you might hear is jelly. Jelly is a shorter, better way to say jealous, as in Chloe, I am like so jelly of your unicorn phone case. You don't have to speak team to be a perfect parent. Thousands of teens in foster care will think you're rad, just the same. To learn more, visit adopt U.S. kids dot org. A public service announcement brought to you by the U.S. Department of Health and Human Services, adopt U.S. kids, and the ad council. Markets, headlines, and breaking news 24 hours a day at Bloomberg dot com, the Bloomberg business out and at Bloomberg quick take. This is a Bloomberg business flash. Stocks have been bouncing back between games and losses for most of this session after the biggest route since November yesterday as investors reassess valuations into the Federal Reserve's latest signal that will move aggressively to tamp down inflation. Right now the S&P's up to 10% of ten, the Dow's down to tens of percent down 76 in the NASDAQ's up four tenths of a percent up 54
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"bloomberg" Discussed on TuneInPOC
"The Bloomberg small business report. If knowledge is power, the Bloomberg terminal is your power up, connecting you to real-time financial data, market moving news, powerful analytics, and an influential network of financial decision makers around the world. Share ideas negotiate trades and gain the insight you need to make more informed decisions. See how the terminal can take your workflow to the next level at Bloomberg dot com slash professional. Broadcasting 24 hours a day at Bloomberg dot com on the Bloomberg business app. And at Bloomberg quick take this is Bloomberg radio. This is Bloomberg daybreak Asia for this Wednesday, January 5th in Hong Kong, Tuesday, January 4th in New York and coming up this hour. Asian stocks open steady after a U.S. tech sell off added decline in treasuries. OPEC plus agrees to revive more oil supply. And shot of our own set to resume trading in Hong Kong today. North Korea fires off what appears to be a ballistic missile leaders of U.S. and UK urging omicron caution over the next few weeks. Hong Kong isolates first omicron case. I'm Ed Baxter with global news. 9 time winner Novak Djokovic has been cleared to play the upcoming Australian open. I'm Dan Schwartzman. I'll have that story more coming up in Bloomberg's board. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's XM one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. They're in good day to you from Los Angeles I'm Bryan Curtis. And in Singapore, I'm Juliette solly, where markets are coming online this hour and we look ahead to Hong Kong and China at the bottom of the hour. Let's get all the markets latest with Bloomberg's Krishna in New York Doug. Hey Jules right now in the apac region, it's kind of a mixed session. You just referenced the markets that are coming online at this hour. I would include Taiwan, which is holding onto a slim game here. Let's call it four tenths of 1%. Meantime in Singapore, straits times is let me just get that quote for you. Trading up about two tenths of 1%. Other markets, though, in the apac region are mixed. Ed was just mentioning what appears to be a ballistic missile launch on the part of North Korea its first in about two months and as a result, it could be negatively impacting the Cosby, which is down nearly 1% right now. Stateside we had a rotation out of information tech out of healthcare and into those economically sensitive stocks like energy and financials, the Dow was able to reach a record 36,799, but the S&P down from an all time high and the NASDAQ comp drifted lower by about 1.3%. Shares in Ford rallied 11.7% in the U.S. session, a 20 year high, the company is doubling factory capacity for its battery powered F one 50 lightning pickup and as long as we're talking vehicles right now in Japan. We've got a rally in chairs of Toyota motor stock is up more than 4% right now taking its two day gain past 10% Toyota is now the top selling car firm in the U.S. at least. It was for 2021. Dialog will be very close to the firm lowering its rating on ping an insurance. This is the class H shares. They have been cut to sell from hold and will have a ping on insurance trading in the Hong Kong session at the bottom of the hour. The nikkei holding onto a very slim game, let's call it a tenth of 1%. Right now in Sydney, ASX 200 down two tenths of 1%. One of the big stories today, the move up in yield, ten year treasury now in the Tokyo session at 1.65%, more on markets in 15 minutes. Brian? Wow. Ping on insurance. I mean, selling now, that's like kicking a man when he's down. That's down from a hundred down to about 50. Okay, well, listen, we've got Mark Conan coming up, chief investment officer at AIA group marks a heavy hitter. Let's see if we can get him to knock one out of the park for you on investing. And that's coming up in a few moments. Well, inflationary pressures have been building in the U.S. economy. And it is forcing the fed to adjust and move to counter the spike in prices. Minneapolis fed president Neil kashkari now supports two interest rate increases this year. He says inflation is higher and more persistent than expected. Even so kashkari says this could change once the pandemic recedes. Launch the COVID shock passes and things start to go back to normal and workers fully return and demand goes back to normal. I don't see any reason why the economy wouldn't revert back to the low inflation regime that we've been in for 20 years. Kashkari has been the fed's most dovish policy maker over the past couple of years. Well, OPEC and its allies have agreed to revive oil production, the group had scaled back output when the pandemic crushed demand, but now OPEC sees it improved outlook. We get more from Bloomberg's Sue canon. OPEC plus did go ahead with the approval of a 400,000 barrel a day increase for February and surprisingly we saw oil move higher. That's probably because what we also heard from OPEC plus was a prediction for a much tighter first quarter than originally expected. Also importantly, it has some production issues for some of the member countries. Remember countries such as Libya, Angola, Nigeria have recently struggled to meet the higher number. So there are some analysts saying that even though we're talking about 400,000 barrels a day as the headline number, the market may actually get half that in February. And WTI currently trading $77 11 a barrel. All right, the time now is coming up on 5 minutes past the hour. It's time for global news. For North Korea has apparently gotten back to testing ballistic missiles at Baxter with that story in the global news from the 9 60 newsroom at yeah, Japan and South Korea, Brian, you're right, have lined up saying that North Korea firing an unidentified projectile into the waters off its east coast. Now the U.S. and South Korea chiefs of staff are getting their heads together and say that they are analyzing at the first report out of the south as it appears to be a ballistic missile that it landed in the east sea. The launch is a first of the new year and comes just a day after Kim Jong-un urged this country to focus on easing food shortages and containing COVID rather than pursuing talks with the U.S.. Well, just to up on the Bloomberg terminal, a really nice what we call right through a story on the U.S. CDC is going to stick with its new COVID isolation guidance. It had rebuffed extra tests. It says the new guidance is based on science that people are most likely to transmit the omicron variant. It says its highest around day around the day before the symptoms onset and then it declines within a week of the symptom onset. Also says it took the efficacy of vaccines and boosters as well as mental health considerations and likelihood of people adhering to stricter measures as it crafted its recommendations. So bottom line, no negative test result needed to get back into society. Leaders of U.S. UK urged a large measure of caution over the omicron outbreak. This is Boris Johnson. Anyone who thinks that our battle with COVID is over, I'm afraid is profoundly wrong. This is a moment for the utmost caution. But Johnson says the UK can weather the current outbreak without tighter restrictions, a record of new cases reported today. The U.S. president Joe Biden says the U.S. will as well if people do the right things. This continues to be a pandemic of the unvaccinated. And he says vaccination protects you. Everyone around you and particularly kids. Unvaccinated kids are at risk. Yet, the vaccinated are going to waste way
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"bloomberg" Discussed on TuneInPOC
"This is a Bloomberg pursuit. Look, and luxury. It appears deja vu is in fashion. Giorgio Armani has canceled its fashion shows for Milan and Paris fashion weeks later this month due to rising COVID infections across the continent, Valentino has rescheduled its Valentino vintage event from January to April. Fascinators are eyeing who may be next. David Bowie's music catalog stretching from the late 1960s to just before his death in 2016 has been sold to Warner Chappell music, financial details of the sale of more than 400 songs were not released, but as comparison, Bruce Springsteen sold his catalog to Sony Music last month for a reported 500 $1 million. Another deals news, former Walt Disney Company execs, Kevin Mayer and Tom staggs have acquired a minority stake in Westbrook. The entertainment company founded by Hollywood power couple will and Jada pinkett Smith. Visit Bloomberg pursuits dot com for more. I'm adjourned. Bloomberg radio. The news in Washington has a ripple effect on the country and the world. Do you think we're in the start of a Cold War with China? That's why we bring you the top headlines from Capitol Hill every weekday afternoon. Redhead on the terminal. This is breaking right now. Bloomberg sound on. With Joe Matthew. We bring in the panel now to round out the fastest hour in politics. We day afternoons at 5 eastern. Do you duck and cover, or do you try to spin this? On Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. And mama, how you feeling? Great. And I'm ready for you today. I'm checking in on you, morning meditation. Check, dressed and ready to work out. Check, check your blood pressure yet. And check. Boom. Great job, mom. And about those gold earrings. No, ma'am. Now more than ever, it's important that we protect our hearts and the hearts of those we love, monitor your blood pressure daily and help each other stay motivated. Rally your squad to take the online pledge at release the pressure dot org brought to you by the release of pressure coalition and the ad council. And JIT makes the workforce of the future and Greg solder a member of NJ IT's board of overseers and president of engineering firm WG says JIT graduates have the in demand skills that drive today's tech powered workplace. Our world is moving to a place of connecting the physical with the digital in the field of engineering and infrastructure. There's not a thing that we do that's not being changed by technology. We've gone from two dimensional renderings to immersive augmented and virtual reality solution sets used to be solved one at a time. Now we can run nearly and endless alternatives analysis and optimize the output and how we construct that future from autonomous equipment to three and 4D printing. And JIT students graduate with that critical understanding of the cyber physical world and how we move between them. But with that all important grounding in applied stem principles. And JIT, New Jersey institute of technology, learn more at nj IT dot EDU. Broadcasting 24 hours a day at Bloomberg dot com on the Bloomberg business app. And at Bloomberg quick take. This is Bloomberg radio. Markets, headlines, and breaking news 24 hours a day. At Bloomberg dot com, the Bloomberg business app and at Bloomberg quick tape. This is a Bloomberg business flash. From Bloomberg world, headquarters I'm Charlie pellet, what a volatile day at one point we had nez stacked down by one 185 points down 1.2% right now NASDAQ is higher by 54 points up by four tenths of 1%. Stocks have been swinging between gains and losses after the biggest route since November as investors reassess valuations amid the fed's latest signal that it will move aggressively to tamp down inflation. As stack now up 50 points, up three tenths of 1%, S&P up 12, up three tenths. We've got the Dow Jones Industrial Average down 34, a drop of one tenth of 1%. Tendered on 5 30 seconds, ten year yield, 1.72% spot gold down 1.1%, 1791, the ounce West Texas intermediate crude up 1.8%, 79 26 a barrel. So it is an update for the S&P and NASDAQ down day for the Dow. Joe quinlan is head of market and thematic strategy at Bank of America global wealth and on Bloomberg television this morning he told us no question the fed is raising rates. It's healthy. Nominal growth double digits has good for earnings. So early in a fed tightening cycle, equities perform well. It's at the end of the piping cycle is where you see the rolling over. So we're still constructive on equity, particularly where real interest rates being negative. So don't fear the fed just now. And again, tenure now 1.72% bad bath and beyond a darling of so called meme stock traders is a higher despite reporting quarterly sales that trailed analysts estimates and a reduced outlook for the fiscal year. Bed Bath & Beyond up now by 8 and a half percent. And Constellation Brands maker of alcoholic drinks, including Corona and Modelo, says it expects to hike beer prices more than its typical one to 2% this coming year due to rising commodity costs and a shortage of brown glass. Right now we do have constellation STC on the ticker, has in stars down one and a half percent. One O two on Wall Street time now for the market drivers report with a focus on American depository receipts. Here's pretty Gupta. Well Charlie, thank you. Take it off with banks higher around the world following that move and yield, you'll see Deutsche Bank up 5.2% and you move over to Spain's Banco Santander up 3.7% even UBS up 3.2% and we can't, of course, forget Nat west up just shy of 4% once again following that global move higher in yield. I want to move to the downside though and look at Swiss law company Logitech dropping 5.4% amid a tech sell off really lead in the Swiss markets with stocks down very broadly. And from Europe we go to Asia, Charlie went to wrap it up with this one, Japanese medical tools maker to Romo slumping as much as 9% the most since March of 2020 after a Mizuho downgrade citing a slower than expected recovery in earnings, the company getting cut to a neutral from a buy and a price target lowered to ¥4700 from ¥6400 Charlie. All right, we thank you very much, great Gupta. So again, mixed day volatile Sessions, S&P right now, up 12 a gain of three tenths of 1%. I'm Charlie Powell. That is a Bloomberg business flash. This is balance of power with David Weston. At the end of the third quarter because the delta, we're hitting another speed bump now. I think it's going to be well into 2022 for the inventory situation is fully normalized. Where the world of politics meets the world of business. The Federal Reserve is doing the right thing now by talking about tapering. They have to start doing that. We have a conflict. And there is a reasonable likelihood that the Russians will engage in some form of escalation. Balance of power with David Weston on Bloomberg radio. Making sure we don't repeat the capital assault of one year ago. The uphill struggle for Democrats in 2022 and prospects for Republican Party new year's resolution. From the Bloomberg interactive broker studio in New York, welcome to the second hour of balance of power. I'm David Westin. A year ago, there was broad condemnation of then president Trump's role in encouraging those who attacked the capitol. But after a year has passed, the Republican Party by and large has returned to supporting mister Trump, or at least not openly challenging him. Carly fiorina is the founder and chairman of Carly fiorina enterprises and online could potential. She is, of course, the former CEO of Hewlett with us from the first hour. Thank you so much, Carly. In addition to all the other things you have and will accomplish, you're also the author of a weekly newsletter on LinkedIn. The deals with issues of leadership. This one is appropriately about new year's resolutions and why they're so important. So I guess as a member of the Republican Party, I'll ask you, what are the prospects for a new year's resolution coming to the public party when it comes to president
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"What he was not doing. Well, if you listen carefully to what the committee chairman said and he did accuse his words in saying if there's anything we come upon as a committee that we think would warrant a referral to the Department of Justice will do that. So in some ways, it was really generalized language. They certainly did not suggest that they have that information. The committee chairman was simply saying that if they do find it, they wouldn't rule out that possibility. That's a far cry from saying that they haven't evidence that is enough to make that kind of referral and of course it would ultimately be up to the Department of Justice and the attorney general Merrick Garland as to whether or not the Department of Justice would ever take up that referral. The vice chair Liz Cheney called it a dereliction of duty. But even if it was a dereliction of duty, that's not a criminal offense. No, that's exactly right. And if you listen carefully to vice chairman Cheney's statement about the criminal statute that she was referring to, which is 18 USC 1512, which makes it a felony to attempt to corruptly obstruct influence or impede any additional proceeding, she said that the former president through action or inaction may have corruptly sought to obstruct or impede Congress's official proceeding to count electoral votes. Taking action to impede a proceeding to count electoral votes would certainly constitute a possible criminal violation. But inaction, which seems to be more what the committee is looking at at this point based upon the evidence that they have found would not in and of itself constitute a crime in our system there is virtually no act of inaction or omission that constitutes criminal conduct criminal conduct is a knowing and willful violation to break the law. It can be a conspiracy where people agree to violate the law. You can aid in a bit of violation if you know something is going to happen. And then take some affirmative steps to assist in making that happen. But simply knowing about something and not acting is not a federal criminal violation. And as Robert mansa partner at mccarter in English, speaking with Bloomberg, June Grasso, catch more of that interview plus analysis of the latest legal news by listening to the Bloomberg law show at 10 p.m. Eastern Time or subscribing to the Bloomberg law podcast and attorneys can find exceptional legal research and business development tools at Bloomberg law, dot com. S&P futures up 17 points this morning, down features of 121 at NASDAQ futures of 56. And a Bloomberg daybreak continues our tough stories straight ahead. This is Bloomberg. Influential conversations from Bloomberg television. Here's Anna Edwards. Let's get to constant rescue ING research global head of macro. Germany is a really open economy. At the height of the pandemic, we had seen a number of economists thinking about whether we were going to see de globalization from here. You don't see that as a big threat for the German economy or for the global economy cast and why so much confidence that we won't see a transition from that just in time globalized economy into something more like adjusting case setup. I think that's more a medium term change that we will see. But it's not already the 2022 story. The 22 story is really one of a rebound. The restoring story will face in much more gradually. And often in Europe, we will see a reassuring story. I just think about the discussions that Europe is having on building its own semiconductor factories. The discussion in Europe is having on industry strategy. So we will see gradual restoring over the next couple of years. But it is not the story for 2022. This is really a rebound story where we have order books, which are extremely filled, not only in the German industry, but in many European countries. And once the supply chain frictions are over, the industry will produce again and this should add to growth in Europe. Here, more conversations like this one on Bloomberg television, streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings. Broadcasting 24 hours a day at Bloomberg dot com on the Bloomberg business app. And at Bloomberg quick take this is Bloomberg radio. Line from the Bloomberg interactive broker studios is this Bloomberg day break for Tuesday, January 4th, 2022, coming up this hour. Elizabeth Holmes is found guilty of defrauding theranos investors. The U.S. reports a record 1 million daily COVID cases. The virus and bad weather cancel thousands more flights. Apple becomes the first company to hit a $3 trillion valuation. And U.S. futures add to yesterday's record close. New York governor hochul is calling for term limits for her all this plus New York mayor Adams tells Bloomberg the city could expand COVID mandates. I'm Michael Barr, more ahead. I'm downstage. It's another win for the rangers, the nets lost a Memphis, the Steelers beat the browns in Monday Night Football. That's all straight ahead on Bloomberg daybreak on Bloomberg 11 trio New York, Bloomberg, 99 one Washington, D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's XM one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Good morning, I'm Nathan Hager. And I'm Karen moss gal in U.S. future is adding to yesterday's record flows. We're coming up to 6 O one on Wall Street, and we check the markets every 15 minutes throughout the trading day on Bloomberg S&P futures up about 17 points. Dow futures have 119 at NASDAQ futures at 54. The Dax in Germany is up 6 tenths of a percent. Ten year treasury down one 32nd yield 1.63% and they yield on the two year .77%. Nymex crude oil is up 8 10% or 62 cents at $76 70 cents a barrel, comics gold up three tens percent at 1805, 40 announced. And Bitcoin at $46,680. Nathan. Karen will have more on the markets in a minute, but first, a high profile trial out of Silicon Valley is in the books, Elizabeth Holmes has been found guilty of four counts of criminal fraud for her role in building the blood testing startup theranos. Ed Baxter has the latest from our Bloomberg 9 60 newsroom in San Francisco, so the jury found four guilty counts for not guilty and could not agree on the three others. Her fall from grace is a celebrity CEO to convicted felon on fraud, marks one of the most dramatic dissents in Silicon Valley history. She could face 20 years that are sentencing, which will take place in a few weeks. She remains free on bond. In San Francisco, I met Baxter Bloomberg daybreak. Thank you. There's also a big news on the pandemic this morning and a milestone that no one wanted. The U.S. has said another record for daily COVID cases topping 1 million infections and Bloomberg need a young joins us now with the story. Good morning, Renee. Good morning, Karen. Monday's record is almost double the previous one, and more than twice the case count seen anywhere else since the pandemic began. That's according to data from Johns Hopkins University, and those 1 million daily cases could still be a significant underestimate since many Americans are taking at home tests with results not reported to the government. The highest number outside the U.S. was an India back in May when the delta variant drove cases just above 400,000. I'm renita young Bloomberg daybreak. All right, ranita, thank you, COVID, plus bad weather continue to wreak havoc on the travel industry. It forced the cancellation of more than 2800 flights across the country yesterday, more than 8200 flights have been grounded already this year. The surge in COVID cases is concerning health officials, Nathan, but not financial markets. The S&P 500 started the new year in record territory with a gain of 6 tenths of a percent. Apple helped lead the way and briefly hit a $3 trillion valuation, and near
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"bloomberg" Discussed on TuneInPOC
"Entirely changed. Indeed, I am the happy new year to you both. And yet, indeed, the fair result made a very hard turn at the December meeting and the minutes just confirmed that almost a universal thing, the federal official saying that we are going to see ray high very soon. And they are saying that the labor market, we are probably going to reach the maximum employment in the pretty soon, which implies that we could exceed the third rate hike as soon as in March. Not only that, the fed is also talking about the balance sheet at adjustment and we are going to reduce the balance sheet much faster than previous cycle if you recall in the previous tightening cycle, the fair rate weighted for two years, more than two years to reduce the balance sheet. Now, the official implies that not only they're going to start to run down their balance sheet much as sooner than previous cycle they are going to do it much faster than previously. So it's pretty hawkish family. One thing might be interesting is to watch the fed speak in the coming week or so because this meeting that the fed held was a little bit before omicron really sort of placed its wrath on countries all over the world. Yes. But at the moment, at least the fed rule reserve thinking that each passing wave in terms of the economic impact is going to be much smaller. And it seems to also mark his January agreement with that view before the tech sell off this week. The markets are the stock market in the U.S. as close to a record high. And it seems like at the moment the omicron is the market seems to interpret the omicron is more like information or resemblance, a negative impact on economic growth. Well, this is it, isn't it? But tell me something here, you say, what do we see ahead now? What is the market looking at in particular? Of course it could be greater interest rate moves. That's what they're suggesting. Some people very small minority have to say. But, you know, the frequency and the rapidity of perhaps the rate hikes this year is being called into question. So you know, where does it all end, I guess? Right, it seems like the market is already a lot of the liquidity sensitive assets has already done a lot of adjustments if you look at a crypto currency or like all these profit less attack companies, they've coming down a lot. So the market seems to be adjusting to the fact that financial conditions are going to be tied to so we are going to see how this is going to end. But at the same time, we do see some much of the net impact in terms of our growth expectations, some of these cyclical stocks like the energies or banking stocks have been performing relatively well. I was interested in your thoughts slightly off that topic and on this PBOC newspaper warning companies to be very careful about yuan depreciation pressure in 2022. Did you see that? And what do you think? Yeah. It seems like this is a coordinated effort from the state media and also from the government officials try to talk down the currencies because the UI has appreciated quite a lot. Not only against the dollar, but also against the basket of currencies. So if that's going to turn the depression pressure, it could be returning very soon. So they don't want to see the currency continue to strengthen very much when the economy is slowing down. But at the same time, what's the driving the currency is now speculators? It's really about these portfolio inflows and also the very strong export market because of a COVID distortion making the Chinese become the world factories again. So there's not much the government can do at the moment. What they can hope for is that a more hawkish fed is going to lead to less portfolio influence that could take off some appreciation. Just briefly leakage on calling for bigger tax cuts where we see that. Yeah, it seems like the Montgomery and also the central banker seems to be more concerned about economic have slowed down, but so far, the actions they've been taking is quite a modest, so but I think the economy in the market has expected to step up on that. We got to go, thanks very much. Yeah, yeah, from our Bloomberg team. This is Bloomberg. This is a Bloomberg pursuits look, and luxury. It appears deja vu is in fashion, Giorgio Armani has canceled its fashion shows for Milan and Paris fashion weeks later this month due to rising COVID infections across the continent, Valentino has rescheduled its Valentino vintage event from January to April. Fashionistas are eyeing who may be next. David Bowie's music catalog stretching from the late 1960s to just before his death in 2016 has been sold to Warner Chappell music, financial details of the sale of more than 400 songs were not released, but as comparison, Bruce Springsteen sold his catalog to Sony Music last month for a reported $500 million. Another deals news, former Walt Disney Company execs, Kevin Mayer and Tom staggs have acquired a minority stake in Westbrook. The entertainment company founded by Hollywood power couple will and Jada pinkett Smith. Visit Bloomberg pursuits dot com for more. I'm Andrew rode, Bloomberg radio. Global market news changes in an instant. U.S. China relations also in focus. So don't miss a minute. Let's talk about the division at the ECB. They connected to Bloomberg radio 24/7. On the Bloomberg business app, Bloomberg radio dot com and at Bloomberg quick take. Amazon is getting closer to a big media acquisition. Jay Powell is weighing in on the economic recovery. They are betting a luxury segment will shift faster toward battery cars. Breaking business news anytime anywhere around the world, Bloomberg radio, broadcasting 24 hours a day in Bloomberg dot com on the Bloomberg business app. And at Bloomberg quick take this is Bloomberg radio. This is Bloomberg daybreak, Asia, for this Thursday, January 6th in Hong Kong, Wednesday, January 5th in New York coming up this hour. Asian stock said to open weaker after the fed minutes were published. Fed officials are eyeing earlier and faster interest rate hikes. And Sean is premier Lee urges bigot tax cuts to ensure economic growth. Australia p.m. Morrison says price gouging on COVID test kits will be punished. Hong Kong ramps up more local and flight restrictions, North Korea says missile launch was hypersonic. I met Baxter with global news. Novak Djokovic has been denied entry into Australia for the open. I'm Dan Schwartzman. I'll have that three more coming up in Bloomberg sports. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Little past 9 in the morning in Tokyo, we've got weakness not only in the Japanese equity market, but right across the board, if you're joining from the apac region, good morning. I'm Doug Krishna at the Bloomberg
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"Is Bloomberg
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"bloomberg" Discussed on TuneInPOC
"You know the difference between your bank in the banking business. The new chief executive will take the bank in a different direction. Your clothes in the fashion industry. This is the new look of retailing your house and the real estate market. Is that something you see reflected in the real estate business? So do we Bloomberg for your professional side? Is the U.S. really that immune to some of those influences? Bloomberg radio, the Bloomberg business radio dot com and die hard radio abs and Bloomberg radio dot com. Bloomberg, the world is listening. When will you be able to go to a meeting where nobody smells like hand sanitizer? Who knows, but we can give you the latest business and financial news. Fragrance free. Plus tease out some of what you just said. Are there tools in the toolbox for the fed? Does that point to the need for continued monetary support? Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. You do realize the mark that this is having on a younger generation. Bloomberg, the world is listening. Start your market day with Bloomberg surveillance. The bond market, it's a really interesting soup Tom keen, Jonathan farrow and Lisa Abramovich. Isn't your base case the worst case scenario for us? Who stands finance can't be fun? Who's in the zoo guys? Which one of us? Bloomberg's surveillance must listen must watch. I think they made a great decision step around with us both. Weekday mornings at 7 eastern on Bloomberg radio and Bloomberg television.
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"From the first storm. I'm Trey Thomas. Paul's weenie. This wall of worry, everybody's been climbing it. Matt Miller. When you look at individual stocks, what do you like? Along with Bloomberg sharpest market analysts. Not only basic, Wall Street reporter for Bloomberg news. Bloomberg markets. Weekdays at 10 a.m. eastern on Bloomberg radio. Markets, headlines, and breaking news 24 hours a day, at Bloomberg dot com, the Bloomberg business app and at Bloomberg quick take. This is a Bloomberg business flash. And I'm Karen Moscow, NASDAQ futures are lower this morning S&P futures are higher as investors bet the Federal Reserve's faster than expected policy tightening will still leave opportunities for equity gains. We check the markets every 15 minutes throughout the trading day on Bloomberg. S&P futures have 5 points this morning down futures up 93 at NASDAQ futures are down 26. The Dax in Germany is down 8 tenths of a percent. Ten year treasury down E 30 seconds yield 1.73%, yield on a two year .86%. Nymex crude oil is up one and a half percent of a dollar 18 at $79 four cents a barrel. Comic school down one and a quarter percent or $22 50 cents at 1802 60 announce. The Euro 1.1316 against the dollar British pound 1.3533 and he ends at one 15.87, Bitcoin at $42,850. That's a Bloomberg business flash now here's Michael Barr with more on what's going on around the world. Michael. Thank you very much, Karen. President Joe Biden is planning a blistering critique of Donald Trump as he marks the one year anniversary of the January 6th riot at the U.S. capitol. President Biden will give a speech that will warn of the dangers of misinformation and subverting democracy. The president this morning will also call on lawmakers to pass voting rights legislation. Authorities in Kazakhstan say dozens of protesters have been killed in attacks on government buildings and at least 12 police officers have died. Australian open champion Novak Djokovic has been denied entry into Australia. Federal officials overruled a state vaccine exemption for the tennis star that sparked a national uproar. In the NBA, Kyrie Irving made his return as the nets down the pacers one 29, one 21. The Celtics wizards and warriors all lost. Global news, 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts and more than a 120 countries I'm Michael Barr in this is Bloomberg, Nathan. All right, Michael, thanks. It's 5 49 on Wall Street, live from the Bloomberg interactive broker studios. This is Bloomberg day breaking as we continue to gather reaction to the fed minutes. We're joined this morning by Sarah house. Senior economist at Wells Fargo. Sarah, it's good to have you with us this morning. It was very interesting to see the market reaction yesterday, particularly given the fact that we didn't see the same kind of reaction when the fed actually sped up the taper, but the release of the minutes really seems to have caught investors off guard. What did you make of it? So I thought we saw that the fed was willing to adapt more quickly to the evolving condition that we're seeing. And certainly last cycle, but even over the past year. So there's this recognition that inflation is more persistent, but also I think they're in a much happier place with where the labor market is. And so I think that's all pointing towards an earlier liftoff and faster pace of tightening. So you're thinking this isn't so much a hawkish tilt as a real hawkish pivot then. I think we saw that with the dot plot, but I think the minutes really codified what they were looking at, what they were seeing. And I think one thing that really underscored just how much quicker this tightening period is likely to be is a lengthy discussion on the balance sheet runoff. So when do you think we will start to see rates take off? Do you think the March meeting is live? I think it's certainly live if you look at what beneficials have been seen, but also just where the economy is. So we're looking for the unemployment rate to hit 4% in the jobs report that we get out tomorrow. So that's well within the range of what the fed considers is normal over the long run. We already have inflation, of course, running well above the fed's target and looking like it's not going to come down to resemble the fed's target until probably at least 20, 23 at the earliest. And so I think that the fed is really racing to calibrate policy to this higher inflation as well as the tighter labor market environment. You say the fed's racing, are you opening up the possibility that we could see a policy mistake from the fed? Well, I think we've seen a fairly quick recalibration of the situation. So I think that does mitigate the chance of a policy mistake. So if the fed were to follow through on the three rate increases that's been currently sketched out in the dot plot, I think that would help mitigate that chance. And I think we also have to bear in mind that the U.S. economy is set to moderate over this year already. And so it's going to be a little bit of learning learning as they go. But I think overall coming out of this December meeting there was a much better position. Now, of course, it's not just about rate hike, as we saw from the minutes, particularly, it's about the balance sheet unwind. When do you think that's going to start to happen? Could it happen as rates are rising? Well, I think we certainly could see that occur as rates are rising. We saw that in the last cycle, so they did get a few rate hikes under their belt before they started to reduce the balance sheet. But I think what really stuck out is not only the timing of that. So the notion that it would occur relatively soon after liftoff. But I think also the discussion around the pace was interesting. So the fact that the economy is in a much stronger position than inflation is notably higher than the balance sheet is much larger as a share of the economy all pointed to a faster runoff as well. So it looks like there's going to be a lot more movement and quicker movement than what we saw in the last runoff cycle. Is it going to take policy tightening alone to get a handle on inflation, particularly given sort of the exogenous effects out there from supply chain and balances and that sort of thing can policy alone do it? So it depends on how tight we get policy of course. So perhaps with what the fed sketched out right now, it's by our estimates. We still wouldn't be seen inflation resembling target for a while, but I think you will have help from a more organic pivot in terms of spending patterns. So where we've seen a lot of the inflationary impulse or what's really unique about the cycle is what's happening with goods inflation. I think as you see spending continue to pivot back towards services, that's going to help alleviate some of the inflation pressures that we're seeing now. So I think they're going to get some help from the U.S. consumers on their own, even before you think about the impact of higher interest rates. Thanks for the Sarah. Good having you on with us this morning. Sarah house is senior economist at Wells Fargo. Karen. Nathan, it is 5 53 on Wall Street. It's time for our Bloomberg law report exploring legal issues in the news, and today we're looking at allegations against Andrew Cuomo. The former New York governor is no longer facing criminal charges after the Albany district attorney said he won't pursue allegations that Cuomo groped a woman in the executive mansion more than a year ago. District attorneys and Nassau and Westchester counties also recently ended their Cuomo probes without charges. The former New York governor denies any wrongdoing, but quit over the controversies, which included at least 11 allegations of sexual harassment. For more in the matter, Bloomberg student Grasso speaks to former federal prosecutor Jennifer Rogers, who teaches at Columbia law school. How significant is it that they Albany DA is dropping criminal charges
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"bloomberg" Discussed on TuneInPOC
"Com now. Accounting professional VM Cohen, CPA, a trustee of the Jewish communal fund, and sephardic beaker Holland talks about why he uses JCS donor advised fund and recommends JCF to his clients. JCF is an organization that I've worked with for many years, both personally and in my accounting practice. The ease of giving and managing my donations through their website is very effective using it for tax planning and managing all of my charitable giving through one place JCF send down and help support Jewish organizations throughout the tri state area. And that's very important to me and my clients. JCS donor advised fund is the smarter way to give back. Let Jewish communal fund maximize your client's charitable deductions and streamline their charitable giving, since JCF handles all the administration, get started now at JCF NY dot org or call 212-752-8277. We have a gift for giving. Why do hedge funds and other alternative managers rely on purging for a highly personalized experience? Mark El Dorado managing directorate BNY Mellon's Pershing and head of prime services shares how we help you consider everything. In today's every evolving environment, the team at Pershing's prime services wants to know, what are you focused on now? Are you confident in the stability of your counterparty? Do you feel they can help you grow your business when it comes to fundraising to have access to the mindset of the adviser or have what you need to navigate the ODD process, exceptional service for our clients is at the core of what we do. Our award winning team is just one of the benefits of working with BNY Mellon, whether it's customized financing or securities lending solutions, BNY Mellon's Pershing is a prime broker who's committed to this business and dedicated to meeting your demands. So you can focus on growing your business and producing results for your clients. To learn more about the unique and industry leading solutions for hedge funds and other alternative managers. Visit Pershing dot com. Member finra NYSE sipping. What is dedication? The thing that drives me every day is that is very un we call them day to day for short. Every day he's hungry for something, whether it's attention, affection, knowledge, and there's this huge responsibility and making sure that when he's no longer under my wing, that he's a good person. I think the advice I would give is you don't need to know all the answers. The craziest thing was believing that your dad knew everything so the dad you felt like you had to know everything. You had to get everything right. It's okay to make mistakes. As long as it's coming from love, then, you know, it kind of starts to work itself out. I want him to be able to sit back one day and go. We work together. We did a good job. That's dedication. Find out more at fatherhood dot gov. Brought to you by the U.S. Department of Health and Human Services and the ad council. The news you need to start your market day. On Bloomberg daybreak. This is Cameron Moscow. Join us today at 5 a.m. on Bloomberg daybreak. You find out where we stand in the COVID-19 pandemic with a mesh adult of Johns Hopkins. And has anything changed in Washington after January 6th will speak with Bloomberg government's Emily Wilkins. Bloomberg daybreak, weekday mornings at 5 on Bloomberg, 11 trio, the Bloomberg business app and Bloomberg radio dot com. The markets in focus every business day, the Bloomberg markets podcast with Paul Sweeney and Matt Miller. Are there some sectors that you want to have more or less exposure to? We've got to vaccinate the whole world a melis of the days Wall Street action. What's the thought on apple here from Bloomberg intelligence, Bloomberg opinion and influential newsmaker. The bond market was the boss. Bloomberg markets with Paul Sweeney and Matt Miller. Subscribe today at Bloomberg radio dot com. The Bloomberg business app or iTunes. Greg solder is president of WGA, which provides engineering solutions for public infrastructure and real estate development projects. He's also on the board of overseers for New Jersey institute of technology and sees firsthand the intense demand by companies to hire and JIT graduates. As we come almost cliche to say, but a large percentage of the jobs required in the not too distant future have not even been identified yet. What that means is we need graduates with problem solving skills and an understanding of technology. Technological dexterity to be the leaders and innovators of the future. And then JIT is rising to that challenge. It's not just about the engineering and the science, but it's also about the application of those in problem solving. Understanding how to apply is something that NJ IT is outstanding. That's one of the reasons that their student body that you're graduates are sought after. And JIT, New Jersey institute of technology, learn more at NJ IT dot EDU. Markets, headlines and breaking news 20 four hours a day at Bloomberg dot com, the Bloomberg business app. Quick take. This is a Bloomberg business flash. From Bloomberg's European headquarters in the City of London, I'm Laura Wright with this Bloomberg radio business flash, risk off in the Asian session the nikkei two two 5 up a tenth of a percent, the hang seng down 1.3% the hang seng tech index down 4%. That index heading for its worst day since its inception triggered by Tencent pairing back its investments in some tech companies, JD.com one feeling real pain down 6.4%. The CSI 300 down 1% the ASX 200 down three tenths of a percent cost me down 1.1%. Looking ahead to futures price action in east down two tenths of a percent. I was like 100 futures down half a percent traders digesting that daily record figure of COVID cases in the states released yesterday. Your stock's 50 futures down a tenth of a percent in the bond space U.S. benchmark ten year treasury yielding 1.640%. New Zealand ten year up almost ten basis points yielding 2.455% the catch up trade as New Zealand's markets closed earlier in the week. The Bloomberg dollar spot index at an 1179 handle flat to the downside the Korean one down four tenth of a percent against the dollar. At an 1196 spot 8 9 position, the Korean one experiencing downside because reports of a ballistic missile launch from its neighbor North Korea in commodities Brent crude now at $80 a barrel flat OPEC plus the alliance agreeing to implement that daily production increase 400,000 barrels a day from February. That's the Bloomberg radio business flash. Here's the angers with the world news morning. Laura, good morning and thank you. French president Emmanuel Macron says he wants to annoy the unvaccinated in an interview he is vowed to continue doing so until the end, adding that is the strategy. Proof of vaccines or a negative PCR test are required to inter restaurants cafes and other venues over in France, Macron's rivals have criticized his comments, saying he's unworthy of office. Now Australia and Japan will sign a historic treaty to further strengthen defense and security cooperation during a virtual leader's summit tomorrow according to the prime minister Scott Morrison. It will include an expanded agenda for the quad partnership that also includes India and the U.S.. And finally, a bottle of wine in Ireland has just got more expensive. The country's introducing minimum prices for alcohol sold in supermarkets and other shops to help cut abuse and underage drinking. A bottle of wine with 12.5% alcohol must now be sold for at least over €7, most liquor with more than 40% alcohol will start at over €20 a bottle. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, only and this is Bloomberg. In time for Jai January
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"Is Bloomberg.
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"bloomberg" Discussed on TuneInPOC
"Suppression efforts. They very much see this as of a piece that the attack on the capitol, while it was unsuccessful, is now being replaced with a more sophisticated attack on the constitutional guarantee that all of our voices will be heard. And so when we see in state capitals and now there will be efforts in county clerk's offices to change the systems that have guaranteed the rights of every citizen to vote to make those systems more subject to political whim is very concerning. And they see the Voting Rights Act and the other electoral reforms that many of us are pushing is being fundamental to preventing that effort that more sophisticated effort to succeed where this violent attack failed. Both really have the same goal. Just to return to what happened a year ago, one more time. There are efforts to really find out what happened, because in order to go forward, sometimes you have to go back and understand really what happened. There are, of course, is the committee looking into this right now. How confident are you congressman that will ever really know what happened? I think we'll know. I think time will tell. The efforts of the January 6th committee is one piece of that. But ultimately over time, no one can hide from the truth. But particularly in this time, when the ability to communicate is so robust, the truth ultimately will prevail, even if it takes time for it to become fully known. Okay, thank you so much, really great to have you with us today. That's congressman Dan Kildee. He's Democrat of Michigan. Still to come, former HP CEO Carly fiorina on whether American business has a role in bringing the country back together again. This is balance of power on Bloomberg television and on radio. Breaking news that completes your market day. Want to talk about the chip stocks because we did see them moving in a big way. And compelling stories that make your business week wasn't inflation dead just a few years ago. Carol manager. How much volume are you doing? Who's your typical investor? And Tim stenson. I didn't know you before the pandemic. That's how long it's been. It's crazy. Bloomberg businessweek. Weekday afternoons at two eastern. On Bloomberg radio, the Bloomberg business app and Bloomberg radio
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"We used to take our freedom of movement for granted not anymore. It's not just that people work for the airlines and its natural to feel grateful for the things that kept you going. Does America have a chance to lose our advantage? Can we get to herd immunity fast enough so that will be in good shape? But really, we were just doing our jobs. Oxford University is starting a study on patients who've recovered from COVID, Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Bloomberg, the world is listening. What's the difference between you and your competition? What's your vision in this relationship? We're guessing one thing is that you are better informed. European Central Bank president Christine Lagarde had this to say, actually, we're not guessing. The realism of this is tangible up to the moment news. Some of the biggest states, good see most of the money. Expert analysis. Does that mean you're focusing on banks and other financials? Bloomberg radio, the Bloomberg business app and Bloomberg video dot com and Bloomberg, the world is listening. If you're the kind of person who gets nervous when there's no news. What's the administration's message to progressive members of the House? Then consider this your relaxation zone. We're all looking to travel reopening. The latest business and financial needles. Doesn't it necessarily help your investments? Why did it have the opposite effect? For those who really, really need it. That's how we knew that things were coming undone. Bloomberg radio, the Bloomberg business app and Bloomberg video dot com, Bloomberg, the world is listening. When was the moment you discovered that you were meant for the business world? Have you been getting a lot of inquiries from employers? And then you started looking for the best sources of information. Technology is challenging the regulators. Doctors use kind of a virtual reality look. I feel like the world is courting Elon Musk. Which is how you got here. How are other bankers restricting now? Bloomberg radio, the Bloomberg business app and Bloomberg
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"Business app and Bloomberg radio dot com. Broadcasting live from the Bloomberg interactive broker studio in New York, Bloomberg, 11 trio, to Washington, D.C., Bloomberg 99 one to Boston, Bloomberg, one O 6 one, to San Francisco, Bloomberg 9 60 to the country, Syria's XM channel one 19, and around the globe, the Bloomberg business act, and Bloomberg radio dot com. This is Bloomberg markets. All right, coming up, we're going to follow up on the EV story, Craig Trudeau global automotive editor for Bloomberg news. His big take story Volkswagen and Toyota. They're looking to dethrone Elon Musk in the EV business plus. We're going to check in with Chad Robbins. He's a CEO of adaptive biotechnology. That's a publicly traded company. Talk about the technologies biotechs that are being deployed against this pandemic end. Future pandemics. But first, let's go to great Jared Bloomberg news and get a Bloomberg business flash. Stocks stopped their movement down Paul, but now they're fluctuating a little bit green a little bit red right now in the red and most of the red is being attributed to tech stocks. Rising treasury yields are fueled greater concern about growth and profitability, but the yields for those ten years have also started to move just a little bit. Let's take a look at those markets. The S&P is now little change down to the Dow is up three tenths of a percent of a 108 and the NASDAQ is down 6 tenths of a percent down a 101. The ten years down two 30 seconds the yield is now 1.65% that's up four tenths of a percent. Let's take a look at West Texas intermediate crude up one and a half percent of 78 13 of barrel comics goes up four tenths of a percent at 1822 60 announced the dollar yen one 1583 the Euro dollar 1336 the pound. A dollar 35 52. Freya beamish, TS Lombard head of macro research tells Bloomberg that fear of inflation has some legs. Probably hasn't peaked yet. But I think as we go through the year, we could end up in a very different environment and I would have some very strong kind of pushbacks against the kind of outright inflation eastern, the main one being that the fed doesn't want to, and probably won't need to in the environment that we're forecasting. They don't want to derail the rebalancing, the necessary rebalancing that is taking place in the economy. Inflation easters are like that word. By the way, sources are telling the information that meta platforms has stopped development of a new software operating system that backs its virtual reality devices meta AKA Facebook is down 8 tenths of a percent. That's a Bloomberg business flash Bloomberg markets continues now. With all Sweeney and Taylor Riggs. This is the big take the best of Bloomberg's indent original reporting from around the globe. Well, we actually make sure we do as the economy recovers is look at the data kind of broken down a bit. It's time for becoming more and more expensive to be looking at from $15 billion for the rent entry level. There have been waves of immigration that have faced a lot of resistance. There's a lot of color behind the scenes and a great untold story. How did Bezos really come out on top as the cover says Jeff wins, he always seems to win. The big take on Bloomberg radio. When we talk electric vehicles, historically over the last, I don't know, 5 to ten years, it's basically been a Tesla story. And Tesla is the EV business, but boy, that is really changed in the last year, 18 months. We've seen Volkswagen Ford GM a lot of the big, big global automakers saying, all right, we're in now and we're putting big, big money behind it. Craig Trudeau has been following all of this. He's a global automotive editor for Bloomberg news. He's got his big take story out today and how the big dogs out there are looking, I'm talking Volkswagen Toyota looking to unseat Elon Musk as the automotive dealer leader in EVs. Craig, thanks so much for joining us here. It seems like the big auto companies they may be late, but they're not being shy here. They're talking about big, big investments. Absolutely. And I think Volkswagen in particular has been, I think, year after year, made a lot of noise about the amount of money that they're putting into electric vehicles. I think they really didn't have a choice, right? In the wake of the diesel emissions scandal to really pivot in a significant way to fully electric vehicles. I think they made a bet on diesels Toyota made a bet on hybrids and we all know how that ended up. I think Toyota was in a position of really viewing hybrids as a strength and something that it knew and knew well. There are also a company that sort of known to be a fast follower that they're not necessarily willing to take risks they'd rather let another company go out there and sort of fall on their face and learn to learn from it from the sidelines. And follow once they see that the time is right for a particular technology or change in approach to the way they do things. And so I think what we've seen is that Tesla has absolutely proven that there is demand out there for electric vehicles from companies that have really thrown their full weight behind them. And I think Toyota also just has felt some real pressure in terms of from the investment community that when there's a $1 trillion Tesla out there, I think there's really a market opportunity as well in investment opportunity for Toyota and these other companies really to make more noise about their ambitions for the space. Craig, talk to us though, start a big picture. What Tesla has done because it's not just making an EV, right? It's the actual manufacturing plant of you can make multiple different cars on the same plan or just with a small tweak. And it might be harder for some of the other traditional car companies to change the entire manufacturing plan into going from a regular engine to an EV. And then you talk about the charging stations. And the vertical integration of the battery supply chain. I mean, how have you noticed though that Tesla's really sort of positioned itself to outperform against all of those metrics? That's a really great question. I think Tesla does have some real advantages just from the sense that they are not managing away the internal combustion engine business and managing up the electric vehicle business. They are all in on the latter. They also are vertically integrated as you put it. They really, I think, are better able to just sort of regularly iterate and you see that in the form of software updates that are just fairly constant in terms of you wake up, you wake up one morning and your Tesla can suddenly perform a light show for you for the holidays. That is something that Tesla has been able to do in uniquely been able to do that years after they've started offering over the update capability, the incumbents still have not managed to do. So I do think that there are some real advantages that Tesla has from a technological perspective and that helps to sort of explain why there's so much excitement about the company. But I think there's also some real advantages that the incumbents have in terms of their ability to manage a big supply chains. The vast extent of their manufacturing footprints and while it isn't an easy sort of flip the switch and your factory now makes electric vehicles. They do have a massive amount of factories out there that are sort of ready to be ready for the taking to go
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"bloomberg" Discussed on TuneInPOC
"Bloomberg dot com slash opinion and on the terminal by typing in OPI and go. Coming up, we talk about the Democrats path forward on their economic plans with representative nikema Williams of Georgia. That's coming up next on balance of power on Bloomberg radio.
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"Well and you want it first. The Labor Department has sent an emergency regulation to The White House. So do we. Bond yields around the world are tumbling. Bloomberg daybreak. With Karen Moscow and Nathan Hager. Straight ahead your latest local headlines, plus a check of sports. At 5 eastern, on Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Mom was always very organized, but my sister and I noticed she started to forget things. Telling my girls about my Alzheimer's diagnosis was hard. But mom's early detection gave us time to make a plan. My sister and I were there for mom and each other. If you or your family are noticing changes, it could be Alzheimer's. Talk about seeing a doctor together. For more information, visit ALC dot org slash time to talk, a message from the Alzheimer's association and the ad council. Accounting professional Liam Cohen, CPA, a trustee of the Jewish communal fund, and sephardic beaker Holland talks about why he uses JCS donor advised fund and recommends JCF to his clients. JCF is an organization that I've worked with for many years, both personally and in my accounting practice. The ease of giving and managing my donations through their website is very effective using your for tax planning and managing all of my charitable giving through one place JCF send down and help support Jewish organizations throughout the tri state area. And that's very important to me and my clients. JCS donor advised fund is the smarter way to give back. Let Jewish communal fund maximize your client's charitable deductions and streamline their charitable giving, since JCF handles all the administration, get started now at JCF NY dot org or call 212-752-8277. We have a gift for giving. The markets in focus every business day, the Bloomberg markets podcast with Paul Sweeney and Matt Miller. Are there some sectors that you want to have more or less exposure to? We've got to vaccinate the whole world a Melissa of the days Wall Street action. What's the thought on Apple here from Bloomberg intelligence, Bloomberg opinion and influential newsmaker. The bond market was the boss. Bloomberg markets with Paul Sweeney and Matt Miller. Subscribe today at Bloomberg radio dot com. The Bloomberg business app or iTunes. Why do hedge funds and other alternative managers rely on Pershing for a highly personalized experience? Mark El Dorado managing director at BNY Mellon's Pershing and head of prime services shares how we help you consider everything. In today's every evolving environment, the team at Pershing's prime services wants to know. What are you focused on now? Are you confident in the stability of your counterparty? Do you feel they can help you grow your business when it comes to fundraising to have access to the mindset of the adviser or have what you need to navigate the ODD process, exceptional service for our clients is at the core of what we do. Our award winning team is just one of the benefits of working with BNY Mellon, whether it's customized financing or securities lending solutions. BY melons Pershing is a prime burger who's committed to this business and dedicated to meeting your demands so you can focus on growing your business and producing results for your clients. To learn more about the unique and industry leading solutions for hedge funds and other alternative managers. Visit Pershing dot com. Persian LLC member finra NYSE sippy. Markets, headlines and breaking news, 24 hours a day at Bloomberg dot com, the Bloomberg business app and at Bloomberg quick take. This is a Bloomberg business flash. From Bloomberg world headquarters, I'm Charlie pallett stocks are at the lows of the session Federal Reserve officials say a strengthening economy and higher inflation could lead to earlier and faster interest rate increases than previously expected, with some policymakers also favoring starting to shrink the balance sheet soon after that that word coming in the latest step OMC minutes. Throughout in tech shares has continuing as rising treasury yields, fuels greater concern about growth and profitability right now we've got NASDAQ down 294 points down one point 5%. The S&P 500 Index is down 37, lower by 8 tenths of 1% just about the lows of the day, but the Dow is down 80, a drop there of two tenths of 1%. Ten years down 1530 seconds, ten year yield now 1.69% spot gold up one tenth to 1% 1816 the ounce West Texas intermediate crude up 1.3%, 70 7 97 a barrel. Bitcoin now down by 1.1%, 45,000 710 on Bitcoin. I'm Charlie palette. That is a Bloomberg business flash. All right, Charlie, thank you so much. So we're keeping an eye on the markets because we've definitely seen yields move up and stocks intensify, especially when it comes to the tech sector, in particular, they're selling after those latest fed meeting minutes. We'll talk about that in a little bit. Basically, the fed set of strengthening economy and higher inflation could lead to earlier and faster interest rate increases and previously expected. So that is why we're seeing the market trade. In the meantime, we're watching all those COVID headlines. Yeah, we are Rio de Janeiro canceling its world renowned carnival, a street parties for the second straight year as a new wave of infection spread throughout the Brazilian city. Here in the U.S., Ivy League university's Yellen Princeton said they would limit student travel and impose testing requirements to curb the spread of the omicron variant. But I don't need to tell our audience any of these headlines because they know from their own personal behavior, the way that omicron is affecting their lives. Yeah, exactly. And a big one too is what Hong Kong is doing. They're going to ban flights from 8 countries. That includes the UK and the U.S., shut bars and gyms for a couple of weeks to curb that spread of the highly infectious variants. So like many of us, as we go through the pandemic, our next guest has been shaped by our own experiences with healthcare, looking to make changes. She is Seagal. She's founder and CEO of medics, global on the phone from Tel Aviv, Israel. Seagal, good to have you here. How are things in Israel? Hi, Carol. Thanks for having me again. Well, as is America, is carnitine the midst of another huge wave with this omicron hitting us all. I guess. But the thing is, although the army clone seems really milder, it is really getting wilder. And yes, I, if I look and put it in perspective, less people will get badly sick, but still people will die and people will be hospitalized. It's a matter of scale. We see it in Israel. We see the Europe. We see it in the UK and we see it in America. What's the right approach here? We know that the appetite for lockdowns, at least here in the United States is not very big. But it's interesting to see the news from Hong Kong as Carol mentioned banning flights from 8 countries that UK and the U.S. included in shutting bars and gyms for two weeks to help curb the spread of this. Is there any evidence that that will work or do you at this point it's so contagious do you just have to let the virus run its course? In all honesty and again by looking as a company that works on the ground in over 90 different countries, I think it's time we put behind us, the whole story of forcing people to get vaccinated, putting and mandate and having to government zigzagging left and right with going to test or not to test. Right now, we need to change the way we approach the management of this pandemic. And right now, I feel that the ones who have gotten vaccinated will continue to do so the ones who haven't and didn't they want to it and it's game over. So now we need to focus really on the next phase and that is separation. So get your house better. Your body, your mind, exercise each world, protect yourself. It's about preparation and prevention, yet vaccinated, where your mask, social distancing, where you can and rehabilitation. How do we actually get people over it? Get better with good medical outcomes. And the good news is we have the vaccinations and we have treatments. We
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"bloomberg" Discussed on TuneInPOC
"Today. Watch live news on the events changing your business and your world and go deeper with original shows on business, technology, politics, and culture. Don't settle for a news network built for yesterday. For a global view and an informed take, Bloomberg quicktake, now streaming free on Bloomberg dot com slash quicktake, brought to you by Accenture, American express, and AT&T business. Even in the time when almost nothing is easy, one thing has been effortless. And now our most important stories of the morning. Accessing the world's latest financial and political news. We see some strength around the European equity story. We've come to a consensus on a use case for Bitcoin. Positive move between the U.S. and the EU European businesses are silly investing heavily in China. Bloomberg daybreak Europe, weekdays at 1 a.m. eastern on Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Hey guys, it's me Isabella Gomez filling in for smokey bear because he's got more to say than just. Only you can prevent wildfires. Like, if you're outside enjoying a barbecue, don't let a hamburger distract you from fire safety. Make sure you aren't dumping your hot coals or ashes onto the ground because that could start a wildfire. So take wildfire prevention seriously, and let's save the world one day at a time. Go to smokey bear dot com to learn more about wildfire prevention. Brought to you by the U.S. forest service your state forster and the ad council. For the Jewish communal fund, Noel Spiegel, former senior partner with Deloitte and past JCF president, discusses the advantages of a donor advised fund over a private foundation. There's a lot involved in having a private foundation. You need to engage attorneys, you need to engage your accountants, file, tax returns, at JCF, all of that is done for you. You don't have to get involved in anything other than making your contribution to your fund and then determining which grants that you want to make. A JCF fund may be opened with a minimum $5000 contribution of cash or appreciated securities and can be used as an alternative to or together with a private foundation. If you have a foundation, you have to list all of the contributions that you made, potentially anybody because the information is public, can find out exactly which organizations the foundation has made charitable contributions through. Let JCF simplify your philanthropy and protect your privacy. Learn more about JCS private client group at JCF and Y dot org. If knowledge is power, the Bloomberg terminal is your power up, connecting you to real-time financial data, market moving news, powerful analytics, and an influential network of financial decision makers around the world. Share ideas negotiate trades and gain the insight you need to make more informed decisions. See how the terminal can take your workflow to the next level at Bloomberg dot com slash professional. And JIT, New Jersey institute of technology makes innovation happen. The university helped biomedical engineering professor Tara Alvarez launch a startup that may revolutionize vision therapy. Our startup threw in JIT is called ocular motor technology. We create virtual reality, vision therapy in a head mounted display. So it's gaming and basically sugar coating the therapy so that children and young adolescents don't even realize they're doing therapy. To accomplish this, we need biomedical engineers, which are here in on JIT campus, a computer scientist, artists, people that are into story development, and then we are collaborating with a lot of the large pediatric medical centers. This idea of a startup culture is extremely important to not just NG IT and the national science foundation, but also to the U.S. as a societal whole. And JIT, New Jersey institute of technology, learn more at nj IT dot EDU. Markets, headlines, and breaking news 24 hours a day at Bloomberg dot com, the Bloomberg business app and at Bloomberg quick tape. This is a Bloomberg business flash. Boom, Bloomberg world, Hank waters. I'm Charlie peloton down Thursday, stocks drifted lower as Bond yields remain elevated, the fed's hawkish stance a key concern for highly valued stocks. The S&P slumped four points today down one tenth of 1% the Dow down 170 of decline of 5 tenths of 1% NASDAQ lower by 19 points today a drop there of one tenth of 1% at one point the NASDAQ composite index was down 185 points down 1.2%. Ten year down 5 30 seconds, ten year yield 1.72%, spot gold is down $21 the 1788 a drop there of 1.2%, West Texas intermediate crude up two point 1%, 79 48 a barrel on WTI. I'm Charlie peloton as a Bloomberg business flash. All right, Charlie, thank you so much. So as the U.S. capitol is being overtaken by supporters of then outgoing president Donald Trump, just one year ago today. We learned we really leaned, I should say, on our D.C. team, big time to understand and track what happened and continue to do so really in the days and weeks after it as well. That included our Billy house, congressional reporter at Bloomberg news, who was at the capitol during the insurrection, Billy joined us in the days after and shared what was going on as he was in lockdown on that fateful day one year ago. Here's some of what he said to us at that time. I was actually in the House chamber when they slammed the door shut. Pulled guns and rioters were not going to banging and slag cracking windows. But I must say how security performed admirably the escort the members out then they asked who ordered us out and we were safe. It was an incredible experience, if not harrowing. Billy house congressional reporter at Bloomberg news who joins us right now on the phone from Capitol Hill Billy, I remember all those conversations with you and was thinking about you and our colleagues who were there. You guys really gave us incredible information, incredible insight. As you look back at what happened when you were going, you hear yourself speaking nearly one year ago and what we've learned and seen in the days after the insurrection, let's strikes you. What really leached out to me is that there's still elected members of Congress who suggest that that was not a violent day that was not a violent insurrection. And that they expect colleagues who were pinned in that chamber and elsewhere in capital complex that day to sit down and work alongside with them on legislation and other batters, even though they still a year later don't accept what is clear on video and what they sometimes themselves actually saw. So that's if you want to talk about the gulf between the parties in Washington? That's only in large what was already a big split. Before the riot. Billy, that's exactly where I was going to go. Because it does seem like even I hear comments from some members of the house right now and it's almost like, you know, January 6th, 2021, didn't happen, or they were living in some alternate timeline or alternate universe. Based on your reporting and what you describe, is this something they really believe or is this what they think their constituents want to hear. And it will get them reelected. Well, I met capital now, and I just left a press conference with Republicans Marjorie Taylor Greene and Matt Gaetz. And they just now launched a bunch of scenarios they say they want investigated that the FBI prompted the insurrection and to either disrupt GOP challenges to the election or to make Trump backers look at. So that's where we are. And we can't take that seriously, right? Absolutely not. But there's good point in what you raised is people they speak to at home and elsewhere. These two actually travel around the country as sort of a.
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"bloomberg" Discussed on TuneInPOC
"Go and Nathan Hager. Straight ahead your latest local headlines, plus a check of sports. At 5 eastern, on Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. This is a Bloomberg money minute, a double whammy for Wall Street, the strong signal from the labor market sent by payroll company ADP, which counted 807,000 jobs added to businesses last month, had investors bracing for confirmation that interest rates will be rising. They got that confirmation when they saw the minutes of last month's Federal Reserve policy meeting, a rate hike that's possible as early as March. So that sent the stock averages one to three and a third percent lower. The Dow falling 393, the NASDAQ 523, the S&P 93. Walmart is cutting back some of its COVID benefits, Reuters reports the retailer now will provide up to one week of paid time off if a worker gets the virus instead of the two weeks it had provided, it's among the first major retailers to cut pain leave for COVID and Reuters says it could be a bellwether. Bank of America is still thinking incentives, though, it's donating $100 to local food banks and hunger relief for each U.S. employee who registers a COVID booster shot. Joan Donoghue Bloomberg radio. This is the story of a very special woman, just a few knew about her superpowers. In a matter of seconds, she turned herself into a great mathematician. She masqueraded as a regular person at work. But as a superhero at home, everyone knows her as Gabriela, I still call her, mom. Your hero needs you now, an AARP is here to help. Find the care guides you need to help, complete with tips and resources at AARP dot org slash caregiving. Brought to you by AARP and the ad console. He was the heart of your family, and he taught you our history. He helped you fix your first flat. He was the best backyard DJ around, and every time he'd tell a story, he'd own the room, but now more than ever, he may feel alone. Today, older adults in their loved ones are struggling to connect in a time when connection has never been more important, but there is something we can do, embrace our older loved ones through story core connect with story core connect, you can honor seniors remotely with an interview about their life. Every interview will be archived at the Library of Congress, becoming part of American history, so that years from now, future generations can listen in. All right, grandpa. What's one piece of advice you have for me? Just three words, we don't live with courage. The man that had the best stories still has plenty of stories to tell. So connect virtually and share the conversation of a lifetime at StoryCorps connect dot org slash AARP. Connect, honor, share, story core connect, a message from AARP story core and the ad council. COVID 19 has changed how we live and how we feel. But now there are vaccines and they are the first step that lets us get back to the things we miss most, like spreading the word without spreading concern. Girls tripping instead of solo sipping and talking smack with the side of Mac and cheese. It's okay to have questions about COVID-19 vaccines. Now, get the facts, visit get vaccine answers dot org so you can make an informed decision when COVID-19 vaccines are available to you. Brought to you by the ad council. The world's financial decision makers connect on the Bloomberg terminal. The buy side and the sell side together, collaborating across markets and countries in real time. Sharing ideas, negotiating trades, and forming an influential network of over 325,000 financial professionals that helps power global markets. Isn't it time you join them? Request a demo at Bloomberg dot com slash professional. Markets, headlines, and breaking news 24 hours a day. At Bloomberg dot com, the Bloomberg business app and at Bloomberg quick tape. This is a Bloomberg business flash. From Bloomberg world headquarters, I'm Charlie palt we begin with the developing story out of Washington, a headline from the Bloomberg professional service CDC adviser is a recommending the Pfizer booster shot for kids between the ages of 12 and 17 Pfizer shares did advance today up by 2%. Those shares higher on a brutal day for the U.S. stock market, NASDAQ 100 had its worst day since March sparked by fed minutes today the NASDAQ 100 index down 3.1% that has stacked composite index down 3.3% dropping 522 points. The S&P down 92 down 1.9%, the Dow, lower by 392 down 1.1%. Ten year yield 1.70% on this fed minute Wednesday, gold sparkled 1810, the ounce and Bitcoin right now at 43,367 and West Texas intermediate crude up to day by 1.1%, 77 85 a barrel. I'm Charlie Politico, Bloomberg business flash. You're listening to Bloomberg sound on with Joe Matthew on Bloomberg radio. I want to be clear about the open seats on the Federal Reserve. We were just talking about with Joe lavone. These have not been announced yet. This is source reporting from Bloomberg news and some others and, well, we're now halfway through the week. Tomorrow is January 6th. I'm assuming we're not getting announcements then, so maybe something official on Friday. Maybe we wait another week. Let's ask Rick and jeanie as we turn to the panel. Bloomberg politics contributors Jeannie chansa and Rick Davis, we're not going to spend too much time on this today, Jeannie and we will eventually get a real announcement, but I wonder if Sarah bloom Raskin rounds out the trio here that we envision when we talked about this last week is this going to work for the Biden administration and its future fed. It really does match and meet what the president promised. I mean, he talked about the continuity with his first two announcements and these three he talked about diversity of opinion and perspective and diversity in terms of race and ethnicity and gender. So he is doing what he said. I thought the conversation with Joe was fascinating because the point he raised about whether the fed is going past its mandate on things like potentially climate change, I think and I hope there's a robust conversation about that. If somebody like Raskin, who is a great nominee, but if she's indeed named if they have a real robust conversation about what the mandate of the fed should be, Vis-à-vis something like climate change. Yeah, well, that's what confirmation hearings are for, right? We see it Brown, the chair of Senate banking committee says he expects an announcement. Next couple of days, he called the pick terrific on regulation and on climate change, you're assuming all these pass, Rick Davis? Yeah, I think that generally speaking, they're going to pass the threshold of what the Democrats want. I think you could have some issues with Manchin over the climate. Mandate and what that means and I'm sure he'll elicit as many commitments as he can that any discussion about climate doesn't include coal, which is crazy. But yeah, I think that this administration has the votes to get it passed as long as they don't have any Democrats that flee on them. And I can't imagine these are the people that they're going to have problems with. I suspect an announcement, Rick, you've been down this road before you're not going to do that the 6th of January with everything happening tomorrow. And you probably don't want to bury it on a Friday. When do we hear about these finally? I quit prognosticating on your problems. Biden administration, appointments. This was supposed to be done two months ago. And I would have looked pretty foolish kicking it week after week after week. So Joe, I'm not going to take the bait on that one. Does it matter Jeannie when this is made official? Wall