35 Burst results for "Bloomberg Finance"
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"Law, the future of law, the difference is Bloomberg Law. Learn or more at bloomberglaw .com. At PPAC Private we know that dreams can lead to great achievements and that path from dream to reality takes planning, hard work, and determination. Our wealth managers understand our commitment to client success. We're dedicated to providing the that guidance helps them achieve it generation after generation. While others dream, PPAC clients achieve. For advice and planning, investment management, and trust and fiduciary solutions, visit ppacprivate .com. Not FDIC insured. No bank guarantee. You may lose value. Nearly one in two US adults have high blood pressure. That's why it's important to self monitor your blood pressure in four easy to remember steps. It starts with a monitor. Be next to talk to your doctor about your blood pressure numbers. Get down with your blood pressure. Self monitoring is power. Visit managerbp .org. to Brought you by the Ad Council, the American Heart Association, and the American Medical Association, in partnership with the Office of Minority Health and Health Resources and Services Administration. Hi, I'm Eric Shatzker, the editorial director of Bloomberg New Economy. Bloomberg, At we believe in the power of ideas. That's why we launched Bloomberg New Economy Catalysts. This global community of entrepreneurs and innovators is blazing new trails in every corner of the economy, like using AI to speed supply up chains and saving our coral reefs with 3D printing. The 2023 catalyst class is reshaping our world in radical and exciting ways. Learn more about the catalysts and what they're doing at Bloomberg .com. The global leader in business and financial news is now live on YouTube. For our audience worldwide, this is Bloomberg Finance. Watch Bloomberg Radio all day. This is a market that's much more bullish. News, From Market conversation and insight from Bloomberg's signature
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"And lending, there's so much discrepancy between who you're lending to. I think that the reason that small banks and community banks have been so good for especially regional businesses, these local businesses is that you can go to your local bank and you can get a loan and you have that relationship. I hear a lot of people talk about that element of I can have a banker that knows my name calls me up and that might not be the same if you're going to one of the big 6 that you're calling you're maybe getting someone that's in a completely different state than you that's answering questions and doesn't understand the core business that you're working with. So what are the regional banks saying about the loans? I know we got the report yesterday, but is it becoming a problem? Again, if I want to set up a business in my local town, can I get a loan to do that? I think loans are not the problem here. Deposits were. I say that in the past because we've seen them stabilize quite a bit. It also depends on which regional bank we're talking about. Some have been hurt more than others. It also depends on which type of depositor if you are a business that is moving your deposits to another, but you have a relationship where you have been lending. Those go hand in hand often. Right. So it's not as easy as just picking up and picking another spot. All right, Catherine, thank you so much for joining us, Catherine Doherty. Bloomberg finance reporter giving us the latest on what's going on with some of these regional banks in terms of their loans and in terms of their compensation for some of their bankers. With our news in New York City, here's Michael Barr. Paul Lisa, thank you very much. A big meeting will take place at The White House later today as Democrats and Republicans talk about paying the nation's debts. Both sides once certain demands met and that can put America's credit at risk. President Biden will sit down with House speaker Kevin McCarthy, Senate majority leader Chuck Schumer, Senate minority leader Mitch McConnell, and House minority leader Hakeem Jeffries. White House press secretary Karen Jean Pierre. That's what we hope comes out of this is that speaker McCarthy does the right thing, something that he did three times, three times in the last administration. Economists say defaulting on its debt would create a global financial disaster. Israeli aircraft conducted strikes on Islamic Jihad targets in the Gaza Strip this morning. The Palestinian health ministry said a number of people were killed and injured in the air strikes. Police are searching for two prisoners who escaped from a correctional center in Philadelphia, one of the inmates 18 year old Amin Hurst is a suspect in multiple murders, authorities say the inmates cut through a fence Sunday Night, but they were not discovered missing until last evening nearly 24 hours later. Frank van noor, with the Philadelphia police department, says the Pennsylvania Department of Corrections has been called in to review security at the facility
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"With the story of getting everyone feeling a lot more comfortable about deposits and what they're willing to do to make people feel secure. And avoid this crisis of confidence that we've seen, you know, certain certainly possible that across other banks and other parts of the lending world outside of traditional banking that we could see some more problems pop up as interest rates continue to increase. And I think the government is doing all the right things. And this deal I haven't looked at in particular, but just at first blush, but analysis sounds right. It sounds like they got they got a nice deal for stepping in and helping solve a problem. In terms of interest rates increasing, we've got Jeffrey gunlock of double line saying there's even odds that the fed's done with tightening now maybe a couple of cuts coming this year. What are your thoughts on that? We pay attention to what other market commentators are saying, but we are not making decisions in our portfolios based on what might happen or what might not happen. So we're really maintaining our diversified stance. We think it's very difficult to get the calls correct on what the fed's going to do and also get the timing of those calls correct. So we're poised on the defensive side. And if we see a situation where stocks continue to rally much more, we might back off the stocks a little bit in the portfolios, or if we see a situation where they fall in value in valuations come closer to what we think is fair value, then we move in the opposite direction and start loading up more on stocks and easing up on the defensive portions of the portfolio. Sandy, thank you so much for joining us. Unfortunately, out of time, but we will talk again soon. Sandy breger, chief client officer at spirit, looking at the markets. And for more on this deal that got done, Sally bakewell will be joining us in a few moments, Bloomberg finance news. Team leader. This is Bloomberg
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"To the bond markets in terms of the two year yield highly volatile. You've also got, though, the big sell off in banking stocks to think about the repricing in JGBs and yet the stock futures have been pretty positive for the start of European trading, and that's a brief look at the markets Alex, let's get to some of our top stories. We'll start with Credit Suisse, which says it's identified material weaknesses in its reporting procedures for the last two financial years and is adopting a remediation plan. Its annual report released today says internal control over financial reporting was, quote, not effective. Bloomberg finance editor Tom Metcalfe says the lenders awful news flow has come home to roost. It is just a list of your bad news and to be honest I can't remember the last time I've got to come on and talk to positively about creditor. Tom Metcalfe talking to us earlier as the news of the bank's results broke. Meanwhile, chairman axel Lehman is to forgo a payment of CHF 1.5 million for his first full year on the job after the bank reported its worst annual performance since the 2008 financial crisis. Our finely balanced today after suffering the biggest drop since the 1980s, the failure of Silicon Valley bank and other small lenders pushed the yield down by more than a hundred basis points over the three previous trading sessions. Pimco's managing director Jerome Schneider says the events have forced a shift in trader bets. Well, obviously there's a change in sentiment here. And the sentiment is simply that whereas the inflation dynamic, people focusing on higher inflation with the fed being on hold for longer was simply driving the terminal rate much, much higher. That's simply been recalibrated to not necessarily that the Federal Reserve is going to get another rate hike and more importantly, might have to entertain rate cuts over that point in time. The simple bond mass simply says that that recalibration means yields should be lower. Schneider was speaking as global financial stocks, lost as much as $465 billion in market value in the wake of SVB collapse. That first U.S. bank failure since 2008 has turbocharged concerns that more rate hikes will tip the global economy into a recession. Goldman and others now expect the fed to hold rates at its March meeting. But former master being sorry. Foot former US Treasury secretary Larry summers disagrees. My guess would still be that it will be appropriate for the fed to move by 25 basis points at its meeting next week, though conditions are always subject to change. Larry summers was speaking to Bloomberg as traders turned their attention to today's U.S. CPI print. Economists surveyed by Bloomberg a forecasting a month or month increase of .4%. That would be a deceleration from January's .5% increase. Well, the shockwaves from SVB collapse have entered the political mainstream too, U.S. president Joe Biden says that he intends to strengthen banking regulations. Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you we will not stop at this. We'll do whatever is needed. I'm going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again. And to protect American jobs and small businesses. Biden's team are yet to lay out though any policy details on what that tougher regulation could look like, the collapse of SB SVB financial group last week is set to go down as the second largest bank failure in U.S. history, if it causes a financial crisis, it would pose a major challenge to Biden ahead of the presidential elections in 2024. Prime minister Rishi sunak also sought to reassure markets. I think Leo Bank of England governor was right and the chance was right to address this and make it clear that actually our banks are well capitalized and
Switched On
"bloomberg finance" Discussed on Switched On
"Yeah, it's a great question. I would say and I've said this before, which is that the clean energy revolution is not necessarily a capital issue. I think we've all lived in a world where politically maybe we have said that there isn't enough capital out there. There isn't enough capital appetite to deploy renewable energy to finance next generation technologies at the scale we would need them to be. It's just too expensive. I think it probably anyone who listens to your podcast knows that is true in some areas of our globe, but in the United States and in Europe and increasingly in South America and even parts of Asia. That's not the case. The capital is there. What the capital is there for is as you said is for tried and true contracts that make sense on their balance sheet. So I think Wall Street has been lining up for a long time based on the tax incentives and the tax structures that we've deployed in this country and in others. But to get a guaranteed return, it's a good one. And let's be thankful for that, right? Let's all take a moment and say, we're really glad that happened and be thankful for the tax incentives. And the tax equity that we've been able to monetize over the past decade to really, to make that capital market firm. And so your question is really about, well, how do we evolve this if we know it's not just wind and solar. So one thing I'll say is that it's been really encouraging to see where the EU and the U.S. is thinking about this. And we can see there's a lot amount of public money right now going towards the deployment of next generation technologies. There's a lot of money right now in hydrogen, right? There's a lot of money right now in battery storage long duration storage and thinking about this. Where I would take your questions slightly differently if you'll give me the allowance is that. Of course. Is that there's not a lot of money thinking about the infrastructure that we are going to need to deploy all of this. So I think the capital market knows how to finance a big piece of steel in the ground. It's done it for a long time. Honestly, if that piece of steel is generating solar electrons or wind electrons or geothermal electrons, the structure is largely there. I'm not saying it's cut and paste. It's not cut and paste. And obviously you're going to need companies like Google and other companies and utilities to be those firm off takers. But the structure is largely there. What the structure is not there for is investing in monetizing and securing offtake for the infrastructure we need and why infrastructure transmission. And substations. And long HD VC lines and piping offshore wind from Ireland to the rest of the UK. And wheeling solar in Arizona to New England. And if I was to say anything to the capital market right now, it's that there's a lot of energy going on, sorry. Pun in pun intended, I guess. There's a lot of energy right now going on about getting clean energy onto the grid. And then there's this a lot of energy right now, the regulatory bodies, whether it be in the U.S. or in Europe around grid planning, transmission planning. She reform interconnection reform. We have a lot of capital going in into wind and solar in the U.S.. Even in PJM that just did this watershed docket. We're not going to get anything interconnected before 2027 that we signed today. That's the quickest something's going to happen. So there's this huge backlog on the grid. And while we have all these planning docs and we have all these process docs, which are great, I'm very excited for them. We've lent our comments. We've intervened. We want to see transmission planning. We want to see Q reform. We want to see interconnection reform. We fundamentally need that if we're going to get a single electron on the grid anytime soon in this country. But if we don't figure out how we're financing our infrastructure. And if we don't change cost allocation of our infrastructure in this country and in Europe, all of this capital behind clean energy really doesn't mean much because it's going to have nowhere to go. We're just going to continue to build these loops of transmission lines in multiple areas of our country countries. As opposed to actually investing in the broad backbone of a transmission system that we're going to need to commoditize clean energy in the way that gas pipelines and rail systems, commoditized coal and natural gas. If that's not there, and if the capital market doesn't get invested in that, another pun. Then a lot of this is just going to stall. So I would sort of take your question and say, if we're really thinking about decarbonizing the grid, we have to think about that infrastructure backbone. And that's why I'd like to see the capital markets get more involved in work with policy makers to figure out what's the best cost allocation here. What's the best investment strategy? Because this is a public good. We need it. We fundamentally need it or everything we just talked about before is just sort of going to sit on a shelf. Yeah, of course, no, that's a very interesting spin. And then honestly, when I asked the question, that's not the angle that I was thinking of it from, and it's a fascinating perspective. And maybe just to close things out here, I think a lot of this, of course, comes down to spreading the word. And of course, these messages and talking about the importance and transmission and getting that in front of, as you mentioned, investors and policymakers, that makes a world of difference. And of course, Google has done a great job in being public and communicating publicly about its 24/7 carbon free strategy. And what we hope with this podcast is that we can further spread the word about all the good work you guys are doing. So maybe let's wrap it up there and just to say Caroline, thanks so much for joining us today. Fascinating to hear as always with Google's been doing when it comes to clean energy procurement. And I look forward to hearing about many interesting developments in the future around this strategy. Oh, well, thank you for having me. This was a wonderful way to spend my morning. Today's episode of switched on was edited by greystoke media. Bloomberg any F is a service provided by Bloomberg finance LP and its affiliates. This recording does not constitute nor should it be construed as investment advice, investment recommendations, or a recommendation as to an investment or other strategy. Bloomberg NES should not be considered as information sufficient upon which to base an investment decision. Neither Bloomberg finance LP nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording, and any liability as a result of this recording is
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"I'm so Peter Thiel. Oh. Alan Howard and this is a company that started to boost its holding. It's a blockchain company. It started to boost its holding in silvergate at exactly the same time that the bank was sliding into troubles. But it obviously saw that there might be some value to be had. That it might turn things around, given its crypto proposition. However, that didn't happen. Wow. Interesting. So Peter Thiel, a big name in Silicon Valley, and it looks like he's this investment is not working. Are you up to speed unstable coin? Can you come back and talk to us about stablecoin? I'm probably the worst person to talk about. No, no, no. You're looking at the worst person. Okay, we'll be perfect then. Do you have a perfect Sally big will, thank you so much. Stay tuned folks. Back willing keen, stablecoin. With Bloomberg finance, really folks in the banks and anybody with a little bit of vintage Paul Boyd. Is this hearken back to memories? Paul, I remember this is Robert mcteer. I believe he was up in Maryland, Sally think is so much great. She's racing. She's doing the Bloomberg news sliding the chair back trying to get out of here. Fast. And that's what they were taught. I don't need to talk to you blowhards. Can I go back and actually do something? Sally, thank you. Thank you. Greatly appreciate it. Paul, this really comes back to Robert mcteer up in Maryland. And they literally on a Thursday or Wednesday would be going, okay, how many banks are we doing this weekend? And right. 5. 8. Where are they? Can we fly X number of people here there and everywhere? And I don't equate what and they were these are small town savings and loans right on the corner. Scary. Yeah. And people had on the street. And people had their past books with their savings in there. And that was a problem. Exactly. Exactly. And you fast forward to 2007, 2008. And it was the same thing happening on Wall Street. But this is different. Yeah, let's be clear. Oh yeah, yes, yes. I believe should I best, I can't remember, greifeld maybe breaks me on this. The bank we're talking about was knee deep in this. Right. And signature bank of New York is not knee deep into this. They've got a whole bunch of legitimate other things they do. I believe is the exactly. And so this fallout from the FTX Sam bankman fried that when an exchange for an asset class goes under the ripple effects, we're just we're still learning about and a ripple effect today is the commercial bank to one of one of the commercial banks to the crypto space silvergate winding down as they say. Have you figured out stablecoin? No, but I'm going to have Mike mcglone on in later this morning. And he's the one that educates me and others and a lot of investors through his research on stablecoin and all things crypto. I wonder as well. I did look at the March Madness beginning tonight. Sure. And steeled for Rutgers, Michigan. I am forced by my agreement with Bloomberg folks as I have to it's on page 14 paragraph 6. I have to root for Purdue. Oh, yeah. Yep. You know, there's deep dark secrets I've had, but the answer is, I guess they play Rutgers. Yeah. Or Michigan. They were all in the middle of the tournaments, and then you get the selection Sunday, then off we go, March Madness. Job stay tomorrow, stay with us. No company wants to be involved in an
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"Futures are higher and benchmark treasury yields retreating from the 4% mark after applications for U.S. unemployment benefits last week rose to the highest since December. We checked the markets all day long here on Bloomberg. S&P futures have a quarter percent or about ten points, down features of a quarter percent or 81 points, and NASDAQ futures have a quarter percent or 30 points. The decks in Germany is down a quarter percent. Ten year treasury of 7 30 seconds, you have 3.96%, they yield on the two year 4.99%, nymex crude oil is up about 1% up 73 cents at $77 39 cents a barrel. Gomez gold is up 7 10% or $12 at 1830 60 announced. The Euro one O 5 7 three against the dollar British pound 1.1910. The N one 36.20 and Bitcoin down 1% is at around $21,800. And that's a Bloomberg business flash, Tom and Paul. Thanks so much, Karen, greatly appreciate it. Paul three and Tom Keene, for the jobs report, lift to the market red. Gone flat, and now we're up 9 to 50 users Carrie mentioned up 81. It's a more constructive tape ball. Yeah, I mean, the labor data came in a little bit softer, so maybe that gives the fed a little bit of leeway here which I think is about what are the raisin by how much? We've been out front. Bank banks in crypto, one bank bank is in big trouble. There's a New York domicile bank that sort of in big trouble, but just sort of, and then there's proactive guidance for the long run. Yeah. That's what you get out west from Silicon Valley bank. Sally Blake will join us right now. Sally bakewell of our Bloomberg finance team. And many are looking east here. You're looking west to Silicon Valley bank. Are they next? They didn't have a great quarter. They posted losses, and they are afflicted with a very similar issue to silvergate, which is the bank that announced that it was winding down in liquidating. They have a lot of mortgage backed securities and other securities on their balance sheet and they took a bit of a pummeling when interest rates rose, eroding the value of those. You could see that. How does a bank wind down? I mean, does that happen often? It hasn't happened for a long time, I think, at least the last time the FDIC oversaw a bank failure was maybe in 2020. So we haven't had it for a little while. We're not a 1000% sure what is going to happen here. We don't know how much the FDIC is involved. We know that it is liquidating, voluntarily, and it is winding down, but we don't know if there's anything left for the FDIC to seize, which is another option. Which bank is this we're talking about? Oh, I apologize. We're talking about silvergate. Silver Gates. It's very S you can't be in crypto unless you start with a letter S no, exactly. The silver grate signature in Silicon Valley. Are there any other S bangs you'd like to inform us of this morning? I can't think of anything but my name begins with an S two, so that's good. Sally, can you help us with silvergate right now? Yes. This is not 1981, an FDIC SNL loan crisis. Right. It's not 1981, but in 1988, this bank opened and I think there's a moral of the story here that is if you are a bank and you decide to hit your wagon to one very specific thing that might not be a good idea. And if you choose that one specific thing to be a relatively volatile new, fairly new asset class that might be an even worse idea, but hindsight is 2020. Do we know what will depositors get their money back? Well, the bank is insured by the FDA. So I think depositors should get their money back up to an amount of 250,000. Okay. Shareholders, they're the ones that are going to lose here, obviously. Yeah, they taking a bit of a beating. Short sellers on the other hand are making out like bandits. And have been doing so for a while because this bank has been on a very downward trajectory. It's the bank that FTX now bankrupt crypto exchange had a relationship with. And as soon as that blew up, silver gate was thrust into the spotlight, it depositors started to flee the bank had to sever or the bank lost some of its business partners, it had to fire people. It posted a $1 billion of losses in the fourth quarter. It was all kept yesterday when it said it was shutting down. So what happens, I mean, the history of FDIC in bank failure in America is everyone wants to get to the weekend where like dramatically trucks show up, paper goes out the door, is the goal here, traditional, and that the goal is to get to Friday afternoon at 5 p.m. and then you have to work late Friday night. What Paul and I are at partying. Well, it's interesting you say that because we had people on the ground there throughout last week and some of this week looking for signs of FDIC officials who were new were there and people coming out with their boxes of possessions. Usually what happens is the fed gives approval to the FDIC to kind of set any process underway so that obviously must have happened because we knew that they were there. And that often does often we get an announcement on Friday afternoon and then we have the weekend in this case it does seem to have gone a little bit differently because we understand that they tried to find an investor. And Tom, I'm looking at the holders section four silver, whatever they are. Silver gate. And I see this shareholder block dot one and Bloomberg's got a story on that. Who has blocked that one and who's behind block dot one
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"Up with Microsoft on a new color coded system aimed at making the process a little less tedious. They're basically using Microsoft's AI and some of Microsoft's tech along with AmEx and all of the information that they bring from the corporate card side to help folks fill out their expense reports a little bit faster. Bloomberg finance reporter Jenny sarain. The good screen, that means it's likely fine. It follows all of your rules, comes in completely standard. If it's yellow, it's probably worth another look, and if it's read, it's actually probably one that managers should outright reject. For now, the new system will roll out internally at Microsoft. You know, it's early days they're going to pilot it this year before opening it up to other corporate clients, but if it all goes well, then I think the plan is to proceed accordingly. Gina serviti, Bloomberg radio. This is Bloomberg daybreak weekend our global look at the top stories in the coming week from our daybreak anchors all around the world. Straight ahead on the program, a big parade of retail earnings on the way, I'm Tom busby in New York. I'm Caroline hecker here in London where we're asking where are all the women money managers. Speaking to famed investor, Helena Morrissey. I'm Brian Curtis sin Hong Kong, more than 9 out of ten people in China are planning to travel in the coming weeks. Where are they going and who stands to benefit? That's all straight ahead on Bloomberg daybreak weekend. On Bloomberg 11 three O New York, Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston. Bloomberg 9 60 San Francisco, DAB digital radio London. Syria's XM one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. A good day to you, I'm Tom busby and we begin today's program with a flood of earnings reports about to come out from some of the nation's biggest retailers and joining me now to give us some insight into what to expect and what it all means for the economy, Bloomberg retail reporter
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"New setup, so to say, came from and that's what drove us through the last three months, actually. From the client needs. Because that's the most important thing for us in terms of how that new bank should work at the end of the day. Number one, number two, we took a very hard look, not only from the client perspective, but also from the look of all other stakeholders. IE investors, obviously. So that's very much designed. You know, to be very profitable going forward, but also our employees, I think there's a lot in for our employees, the new credits with crisis first Boston, and last but not least, also from the regulatory perspective because we want to be trustworthy and reliable partner for our regular this as well. That was all Rick carne of the CEO of what he's calling new Credit Suisse speaking to Francois LaCroix a little bit earlier. A new Credit Suisse a new bank while joining us to discuss that interview and of course what came out of the bank itself it's our financial Puerto ion Henrik Forrester on Henrik thanks so much for joining. So a busy morning for you. But it's been a busy month. I mean, you've been publishing lots of stories, lots of scoops on what Credit Suisse will look like, what this announcement might be, given that was there anything you were surprised about or something we didn't see coming or is this pretty much what we expected from them. Well, I would have expected more disposals, so I think there's still given the capital raise. I mean, that's a good thing. It suggests some stability to the market and they can show we have enough to finance this overhaul for now. We basically we fronted the money. We have it. We brought in a new shareholder. And we managed to sell the SPG unit, which is a capital release. So that gives some breathing space, but I would have expected more disposals actually. Like there were lots of rumors around disposal in the Swiss bank, maybe even more disposals coming out of the investment banks. So that's somewhat a downside surprise for me. Otherwise, I think it's pretty much what we've been reporting. And also what the market is expected. Well, I mean, we're seeing market shares down almost 11% this morning. How credible is this plan? I think the market reaction is harsh. Personally, I believe it might be even now. I mean, if you believe somewhere and Credit Suisse, then probably now is the time to buy, I guess. But it would be a strong vote of confidence. I think the market has at least doubt about the ability to deliver on this restructuring plan. And there's also, I mean, they cut the investment bank massively in good times. That brings in a lot of money. And yeah, I think despite the apart from the doubts about the them being able to deliver on the plan, it's also future revenues will be lower. And then the question is also our clients leaving. Do they still trust Credit Suisse? Well, they've had. They've had outflows and especially in wealth management. And the CFO 1.8, I believe it was on the media call, said something along the lines of social media is to blame, which I guess was that big brouhaha on Twitter, all those, you know, basically unfounded rumors about them going bust, but it does look pretty painful in terms of who's going to stick around in terms of clients with Credit Suisse. I think Credit Suisse if you think about communication needs strategy of humility. Over the past 5 years, a messed up a lot of things. Governance issues. I mean, what's wrong or let this bank for ten years? And it's been a disaster. TM didn't manage to turn it around. Gotcha and didn't do anything. Now karna, blaming it on social media, I think it's rather, I mean, those rumors went great. They didn't help, but something must have happened, right? After these rumors kind of emerged, they came out with a statement, basically saying, look, we are well capitalized and we have enough liquidity, rule number one is never talk about these things. So something must have happened. And I think you can't, yeah, if you can't really blame social media, I guess. It's a sign of the vulnerability of this bank. Yeah, and it's one thing to talk about the client outflows, but you've got staff, leaving as well, like they're talking about cutting 9000 workers by 2025. This is at a time when they're struggling to retain a lot of their senior people. Yeah. I mean, the first Boston I shall call it a car for the spin out of the car, where they attract details. Yeah? Yeah, yeah, yeah, yeah, yeah. I know it all, right? They are attracting external capital. I mean, this is also a retention tool. The dealmakers will get a stake in that business, and that's obviously very attractive. If you believe in the turnaround, I mean, obviously it's an iconic brand in investment banking and advisory and being a partner at such a firm that's probably a compelling thing. Well, in terms of who believes in this turnaround, we do have the Saudi national bank buying up to 9 and a half percent, what do we make of that? What do we make of the Saudis coming into sort of save the day, I suppose? Well, I believe they are getting something out of it. So maybe there are things we don't know and we don't see. I mean, I think it tells you something about that life and Middle East is pretty good right now. Wait, what do you mean they're getting something out of it? You don't have to say exactly what it might be because that would just be speculation, but. Obviously if let's say they really believe in this restructuring plan, then they are buying into a bank that is massively below book value. So it's basically believing in the turnaround plan, then they benefit from the appreciation, but you know, I guess from the benefit of credit risk networks. That's what you're saying. It's a risky deal. I mean, it's going to be fascinating to watch again, you know, we continue to see throughout the day the news come out as they do media calls. They do analyst calls as well. I saw one statement from Credit Suisse saying, hey, on this call, we want to concentrate on earnings, not on the restructuring, which I think will be difficult for them to do. Thank you so much for joining us this morning. That is our Bloomberg finance and deals reporter, Jan Henrik Forrester. This is Bloomberg. Markets, headlines, and breaking news 24 hours a day. At Bloomberg dot com, the Bloomberg business and quick take. This is a Bloomberg business flash.
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"For you here on Bloomberg radio throughout the week and focus especially on the UK. HSBC, those one of those UK banks with such a big Asia tilt. So important to kind of think about what they are going to tell us about the second biggest economy in the world. Yeah, it's actually a fascinating window into Hong Kong and also Mainland China. And there are obviously going through this really intriguing time where their larger shareholders effectively asking them to change their strategy. So this is ping an at least sort of indirectly or carrying out proxy campaign to try and split that bank up effectively and really focus on its Asia. Operations. I think there's a couple of technical things almost that we should look out for there one would be, you know, they put in their previous quarters warnings about basically the Chinese property market and they've sort of suggested that would start to fade away this quarter. Question is, will it? Or will they perhaps be worn in that market is still a bit troubled? That would be a sort of certainly a negative sign. And then of course what are they going to say about this piano situation? Both sides have been very quiet of avoided too many public comments, but you'd think in the second quarter HSBC really have to say something. In terms of other European bands to think about, I mean, worth mentioning, of course, BNP Paribas, socks gen, BBVA, in Spain and what might we see from some of those other big European names. The French banks will be interested I think sort of sock gen, you know, one of the big big French bank will be interesting because of the connection to Russia. So like uni credit in Italy, it's got a very big or had a very big Russian operation which is subsequently sold. So I think its results will be quite distorted by that. They're going to take a big multi-billion dollar hit on that. And the question will be how much does that behind them have a kind of close that off and they can look forward sort of go ahead with a bit more of a clean business structure now. At the same rate for uni credit in terms of they again have a massive ration unit and they've got to be very clear on that what they do. And then B and P, I think it's the biggest lender after HSBC in Europe and for me, I think jumps out about them and they still have all this money from selling their U.S. unit. And so they're constantly the source of speculation about all maybe bolt on acquisitions. I think there's a story a few weeks ago about them, potentially buying the Dutch lender, AB and ambro, which would be a huge sort of completely seismic deal. In fact, went through, not really clear that it is happening, but I do think that people will be looking out for signs of all have they made any acquisitions. What are they going to do with these billions they fiscal has got socked away? Well, we're going to bring you all of the lines of course on Bloomberg radio next week and when all of those earnings are released, just a whole host of names. Tom, thanks so much for being with me and talking us through what to expect from the European bank earnings. That is our Bloomberg finance editor here in London, Tom Metcalf. I'm Caroline hecker here in London. You can catch us every weekday morning for Bloomberg daybreak, Europe that's beginning at 6 a.m. in London, 1 a.m. or Wall Street. John. Caroline, thanks, just a hand on Bloomberg favorite break weekend. Asian central banks keeping a very
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"For you here on Bloomberg radio throughout the week and focus especially on the UK. HSBC, those one of those UK banks with such a big Asia tilt, so important to kind of think about what they are going to tell us about the second biggest economy in the world. Yeah, it's actually a fascinating window into Hong Kong and also Mainland China. And they're obviously going through this really intriguing time where their larger shareholders effectively asking them to change their strategy. So this is ping an at least sort of indirectly or carrying out proxy campaign to try and split that bank up effectively and really focus on its Asia. Operations. I think there's a couple of technical things almost that we should look out for there. One would be, you know, they've put in their previous quarters warnings about basically the Chinese property market and they sort of suggested that would start to fade away this quarter. Question is will it? Or will they perhaps be worn in that market is still a bit troubled? That would be a sort of certainly a negative sign. And then of course, what are they going to say about this ping Aang situation? Both sides have been very quiet of avoiding too many public comments, but you'd think in the second quarter HSBC really have to say something. In terms of other European bands to think about, I mean, worth mentioning, of course, BNP Paribas, soc gen, BBVA, in Spain and what might we see from some of those other big European names. The French banks will be interested in a sock gen, one of the big big French rack will be interesting because of its collection to Russia. So like uni credit in Italy, it's got a very big or had a very big Russian operation which is subsequently sold. So I think its results would be quite distorted by that. They're going to take a big multi-billion dollar hit on that. And the question will be how much does that behind them have a kind of close that off and they can look forward sort of go ahead with a bit more of a clean business structure now. At the same rate for uni credit in terms of they again have a massive ration unit and they've got to be very clear on that what they do. And then B and P, I think it's the biggest lender after HSBC in Europe. And for me, I think Trump's not about them and they still have all this money from selling their U.S. unit. And so they're constantly the source of speculation about, oh, maybe bolt on acquisitions. I think this is a story a few weeks ago about them, potentially buying the Dutch lender, AB and ambro, which would be a huge sort of completely seismic deal. In fact, went through, not really clear that it is happening, but I do think that people will be looking out for signs of all have they made any acquisitions. What are they going to do with these billions like Facebook has got socked away? Well, we're going to bring you all of the lines of course on Bloomberg radio next week and when all of those earnings are released, just a whole host of names. Tom, thanks so much for being with me and talking us through what to expect from the European bank earnings. That is our Bloomberg finance editor here in London, Tom Metcalf. I'm Caroline hecker here in London. You can catch us every weekday morning for Bloomberg daybreak, Europe, that's beginning at 6 a.m. in London, 1 a.m. on Wall Street. John. Caroline, thanks. Just a hand on Bloomberg day break weekend. Asian central banks keeping a very close watch on the fed, I'm John Tucker, abyss is Bloomberg. Hear that. That's the sound of a patient whose health data is protected from a cyberattack. And that, that's the sound of a financial system that's digitally secured from bad actors. Right now, there's an invisible war being fought on a
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"That we will break for you here on radio throughout the week and focus especially on the UK. HSBC those one of those UK banks with such a big Asia tilt. So important to kind of think about what they are going to tell us about the second biggest economy in the world. Yeah, it's actually a fascinating window into Hong Kong and also Mainland China and they're obviously going through this really intriguing time where their larger shareholders effectively asking them to change their strategy so this is ping Aang at least sort of indirectly or carrying out proxy campaign to try and split that bank up effectively and really focus on its Asia. Operations. I think there's a couple of technical things almost that we should look out for there one would be, you know, they put in their previous courses warnings about basically the Chinese property market and they've sort of suggested that that would start to fade away this quarter. Question is will it all will they perhaps be worn in that market is still a bit troubled? That would be a sort of certainly a negative sign. And then of course what are they going to say about this piano situation? Both sides have been very quiet of avoided too many public comments, but you'd think in the second quarter HSBC really have to say something. In terms of other European bands to think about. I mean, worth mentioning, of course, BNP Paribas, soc gen, BBVA, in Spain, and what might we see from some of those other big European names? The French banks will be interested. I think sort of soc gen, you know, one of the big big French rack will be interesting because of the connection to Russia. So like uni credit in Italy, it's got a very big or had a very big Russian operation which is subsequently sold. So I think its results would be quite distorted by that. They can take a big multi-billion dollar hit on that. And the question will be how much does that behind them have they kind of close that off and they can look forward sort of go ahead with a bit more of a clean business structure now. Same really for uni credit in terms of they again have a massive ration unit and they've got to be very clear on that what they do. And then B and P, I think it's the biggest lender after HSBC in Europe and for me, I think Trump's not about them and they still have all this money from selling their U.S. unit. And so they're constantly the source of speculation about, well, maybe bolt on acquisitions. I think there's a story a few weeks ago about them, potentially buying the Dutch lender, AB and ambro, which would be a huge seismic deal if that went through. Not really clear that it is happening, but I do think that people will be looking out for signs of all have they made any acquisitions. What are they going to do with these billions they got socked away? Well, we're going to bring you all of the lines of course on Bloomberg radio next week and when all of those earnings are released, just a whole host of names. Tom, thanks so much for being with me and talking us through what to expect from the European bank earnings. That is our Bloomberg finance editor here in London, Tom Metcalf. I'm Caroline Hepburn here in London. You can catch us every weekday morning for Bloomberg daybreak, Europe that's beginning at 6 a.m. in London, 1 a.m. on Wall Street, John. Caroline, thanks just to hand on Bloomberg break weekend. Asian central banks keeping a very close watch on the fed, I'm John Tucker, abyss is Bloomberg. Why do progressive notes that most people don't get to experience making a game winning touchdown or a walk off home run? So we're going to talk to you like you did something great so
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"You may have a very sort of healthy bank balance but there's not much you can spend it on right now So I think encouraging some in the industry basically is to perhaps look further afield And then of course there's the graph is always greener on the other side but you mentioned Elon Musk and it's sort of startup founders crypto crypto investors even focus private equity Basically at least from the point of view of an investment bank they all seem to be doing better than them and perhaps even working less for those kind of big rewards So there is a fair bit of angst going around the industry though I must say it's somewhat difficult to feel too much sympathy when you see the size of their bonuses Right yes nice problem to have perhaps what to do with the money because 2021 has been a record year and they will be amply rewarded Yes exactly That's the expectation So last few weeks we've been hearing that if you look at dealmakers at Goldman Sachs that bonus pool for those employees is going to rise by something like 50% Across Barclays whole corporate investment bank we're expecting the bonus pool to rise by more than a quarter with gold Some very big numbers there And these bonuses normally get announced in February so perhaps in a couple of months time this pessimism might have lifted a bit Will they cheer up at all What does 2022 look like And what do you expect Yes So we're seeing a few banks kind of actually be a bit cautious about what they expect in terms of pipelines for 2022 So 2021 has been like a blowout year in terms of deal work advisory underwriting And a few of the smaller UK broke but they're actually starting to say that starting to sort of slow down a bit You've got the inflation worries your supply chain issues So they're staying investors and companies are perhaps putting the brakes on a bit So that does suggest maybe 2021 was a very busy busy year It may sort of ease up a bit next year Okay Tom thanks very much Bloomberg finance editor Tom Metcalf joining us with the latest on the psychology of banking shall we say and the risks and rewards Thanks to Tom for that let's get an update on global news.
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"Morning from Bloomberg's new pin headquarters We loved it I'm Caroline Hector with this Bloomberg radio business flash mo stage and stocks are down this morning the K two two 5 drops 1% Shanghai Shenzhen comes both decline more than 1% this morning Even the global stocks are near all time highs as for the futures markets for the U.S. market open and Europe both very much just about positive for the S&P 500 NASDAQ mini futures U.S. stock 50 futures though just nudging into the red this morning We've had such a slow results shell Airbus AB InBev UniCredit Sanofi and VW for Europe VW maintaining its margin forecast even with the supplies strains semiconductor issue meaning a slump in production Airbus though boosted its earnings and cash flow target for the second time in a year thanks to a recovery in air travel and will get into the financial results including Milan based unique credit in a moment in terms of Tom Metcalf of course on Bloomberg Bloomberg's finance team who's going to be joining us at Harper's 7 this morning to talk about that The bond markets also fascinating though an inflation induced bond route Brazil has hiked a 150 basis points BOJ has been surprisingly pessimistic about the recovery If I look at my global macro movers screen in terms of the sovereign bonds stand out of course is the Aussie two year yield jumping close to 30 basis points Decision day also later this morning for the ECB and in the commodity space we see oil dropping aluminium and iron or two all for WTI for features down 1% That is a Bloomberg radio business flash Now his land guaranteed more what's going on around the world for money now Caroline good morning and thank you Singapore's daily case counter search above 5000 for the first time due to an unusual spike within a few hours yesterday according to the health ministry This comes as a city relaxes a border controls to allow vaccinated.
WBZ NewsRadio 1030
"bloomberg finance" Discussed on WBZ NewsRadio 1030
"Boston's mayor Marty Walsh, for Joe Biden's labor secretary. The race is already heating up to take over the mayor's office. WBC's match here has the latest city councilors Michelle wound Andrea Campbell have already announced their plans to run for mayor. But that race is likely to get more crowded. According to WBC's nightside host Dan Ray. Boston Police Commissioner William Grass could be next. He joined us live this morning, so it's very close to really gross reached out to me last night until Me that he is 90% of the way they're just checking off with a couple of family members to make sure that everybody is onboard. Ross's been with BP for more than three decades. He's held the top spot since 2018 think that people have looked at him through years of public servant. A lot of politicians were saying the a public service, but what they're doing is they're looking for a political office, maybe to become a stepping stone to another political office. Other names being discussed include a state rapid state senator, and at least one other city councilor. That she were WBZ, Boston's news radio and mayor. Walsh is expected to give his last state of the city address on Tuesday. The address likely to focus on the covert pandemic and the city's resilience. Walsh was picked as president elect Joe Biden, secretary of labor. If he's confirmed by the Senate City Council President Kim Janey will take over the office is acting mayor. She is expected to be the first woman and first person of color. Toe hold the Boston mayor's office. Walsh has been mayor since 2014. Infectious disease experts say it may be time to lower the age requirements for covert vaccinations. That's to get people vaccinated as quickly as possible. President elect Biden plans to release most of the country's vaccine reserves out to the public right away. Doctor Ishii's Jod, dean of the Brown University School of Public Health, tells GM me today that the plan is a good one. Despite some expert concern got it started getting these vaccines out to states. Part of the reason distribution has been slow of states don't know when they're going to get their vaccine orders, and I think in general, most people, probably all people should be able to get Their second dose exactly on time. News of the Biden administration's plans comes with the backdrop of a new, more contagious variant of cove it being detected across the nation. Blaze at a house in East Bridgewater yesterday leaves a man in the hospital East Bridgewater Fire says it happened at around 5 P.m. at a house on Chestnut Street. When they got there. The Fire Department says fire was pouring out of every window in the homeowner was on the front lawn suffering burn injuries. He was transported to mass. General Fire Chief Timothy Horan says it took an hour to put the fire out completely. But the home was a total loss. Coming up at 5 15 a rally today in bald in protest ng violence on Capitol Hill Right now we got a Bloomberg business. With trading revenues of 40% in 2020 for some Wall Street firms. You think that big bonuses would be handed out? Looks like this year, Bankers on traitors might be descent disappointed by their bonus checks despite tweeting revenue going up significantly, Bloomberg Finance reporter Lynn and New in points out that while 2020 was good for Wall Street, the optics of huge payouts would be terrible. You know, it's not a good look this year when so much of the economy is doing poorly, and so many people are struggling to then pay megabit up sister bankers or you no see banker's driving around the city and Ferraris. Still, she says that Goldman Sachs and JP Morgan, which raked in the highest trading revenues might give bonuses as much as 20% higher than a year ago. Well. Citigroup and Bank of America are holding back the strongest performers on trading desks getting the biggest payouts. But for the most part, I think it's a question of kind of like it or lump it here. I'm on a roll there. A Bloomberg business on WBZ Boston's news radio..
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"This is a Bloomberg money minute with trading revenues of 40% in 2020 for some Wall Street firms. You think that big bonuses would be handed out? Looks like this year. Bankers on traitors might be disappointed by their bonus checks, despite treating revenue going up significantly. Bloomberg Finance reporter Lynn and New in points out that while 2020 was good for Wall Street, the optics of huge payouts would be terrible. You know, it's not a good look this year when so much of the economy is doing poorly, and so many people are struggling to then pay Megabus sister bankers or you no see banker's driving around the city and Ferraris. Still, she says that Goldman Sachs and JP Morgan, which raked in the highest trading revenues might give bonuses as much as 20% higher than a year ago. While Citigroup and Bank of America are holding back the strongest performers on trading desks getting the biggest payouts, But for the most part, I think it's AH question of kind of like it or lump it here. Mona Rivera. Bloomberg Radio NJ I T New Jersey Institute of Technology makes Innovation happen. And Jay I T faculty mentor, Christoph Camacho when he was a student, helping him co found a startup and patent a device that uses drone technology for reforestation and To collect valuable data for land management. I found it territories back in 2016 taken what I learned from my research and chai tea and my green. It's who started our technologies to really enhance land management operations. So we work very closely with land management companies. So we have a drone that performs precision reforestation and we do. Storm damage assessment haven't accessed the drones that can collect data.
Bloomberg Radio New York
"bloomberg finance" Discussed on Bloomberg Radio New York
"This is a Bloomberg money minute with trading revenues of 40% in 2020 for some Wall Street firms. You think that big bonuses would be handed out? Looks like this year. Bankers on traitors might be just disappointed by their bonus checks, despite treating revenue going up significantly. Bloomberg Finance reporter Lynn and New in points out that while 2020 was good for Wall Street, the optics of huge payouts would be terrible. You know, it's not a good look this year when so much of the economy is doing poorly, and so many people are struggling to then pay megabyte system bankers or you no see their bankers driving around the city and Ferraris. Still, she says that Goldman Sachs and JP Morgan, which raked in the highest trading revenues might give bonuses as much as 20% higher than a year ago, while Citigroup and Bank of America are holding back The strongest performers on trading desks, getting the biggest payouts, But for the most part, I think it's ah, question of kind of like it or lump it here. Mona Rivera. Bloomberg Radio. Hey, y'all Jeff Foxworthy here now, if you've ever found yourself, repeating the same thing over and over for 75 years, you might be Smokey Bear, only you can prevent wildfires. That's why I'm filling in for Smokey to switch things up because there's a lot more to say. And I should know because my grandfather was a firefighter, and one of the things he taught me is that the people that love the outdoors, the most are often the ones accidentally starting wildfires. Which means always be. Why, Obie, No. Bring your own bucket to the campfire. And be extra careful with things like burning yard trimmings don't just.
Top Advisor Marketing Podcast
Viral posts on differing social media sites
"Both of us have been reviewing this really Wonderful well-done article by hoot suite. And who if you don now is a social media aggregation tools so you can use social media to make managing and sending in engaging in social media networks are multiple platforms much. Easier evans. Said that i'm so. They are experts note in social media and they wrote an article in. I won't name the article here for if you wanna go read. It will actually be in the show notes as well. Aim of the article is fourteen is central social media etiquette rules for brands. But today we're going to break down these fourteen rules and some of them we don't hundred percent agree with and we're gonna try to give you some reasons why we don't agree with them and that how it applies to you and to be interviewed matthew matt if wanna shortening the end so mask gonna go on these opie like the so bad. Let's get started here. i. I'm gonna thi this up. I want you to run with it but i think that the mindset when social media came out in you it now but this because you were a book on the to talk with that as well but i think that when social media started grabbing attention financial services there was this idea that it was the holy relic. The new holy grail was the next seminar american for this industry. And i don't think i've seen so many crash and with a strategy. It's been incredible. There's a lot of issues and we're going to help sort through some of those today. But i'll let you bet. Well it can be the holy grail. And when when i wrote the social media handbook for financial advisers one of the biggest things that we wanted to include in the book with with bloomberg finance. Was this idea that there is different etiquette there's different rules across different platforms and why it's so fun. That hoot suite wrote this article and something they don't include in this article. Is that the etiquette on. Twitter is very different than the etiquette on linked in instagram facebook. Pinterest right or tiktok or whatever else you're using out there and you truly need to understand what room you're in. That's the first point that they bring up here which is to read the room. If you're on linked in lincoln is not the place to talk about politics it is not the place to talk about your personal life. It is one place that you go to learn from other business owners. That is the culture that is there now if you want to be a little bit more personal engaging than you can go to facebook. I'm gonna throw this at you. Sure i've seen some incredibly viral post on lincoln. Here's an example. Recently we talked with internally as a team there is a post about a professional woman who took down her professional photo one with her like kind of working from home and this is what i looked like everyday not going the office and she talked about trying to be to be authentic under social media and the the post went viral like unlinked in which is not quite as comet right very true but i believe it had four thousand likes summer. But but here's the thing about that. That post specifically is it still was in the right room in the right context. She was talking about how to portray her personal brand in an environment that likes to know about people's personal brand. Now that's not saying that she shouldn't have put that on twitter instagram facebook especially instagram right. Because that would have been a great instagram post. But you do need to understand that you can have and in some situations but it has to be or in other situations if she would put some something about eating her favorite food at her favorite restaurant that she ports support wholeheartedly. You don't wanna put that on linked. In in fact you'll get blasted on lincoln for doing that but you're not gonna get blasted on facebook or instagram or even twitter even though twitter that's not appropriate either because twitter's consumption. The people who use twitter want hard and fast information about something very very specific. So that's what i think about reading the room. You all have to understand where your ideal clients are right. Some of them around lincoln. Some of them are on facebook. Some of them on twitter. Some of them are on instagram. And hack some of them are on tiktok and you need to understand where your ideal client is. And if you don't know how to figure that out we've actually got a couple of really great free white papers on. The page are on our on our website that talk about how to figure out how to really tease out. Who your ideal klein is. So i think the rule there is that if you have something with a personal spin on it but it relates back to business and being authentic or true or there's Personal lesson that you can come back and bring to business lesson. Those are more than those are acceptable lincoln post. Just not personal personal. That's correct. yeah and so. There are people on lincoln who publish their kids accomplishments. Their own accomplishments outside of work and i would say in most cases those end up being what i would call borderline lincoln. Post sometimes in really depends on the spin or what year prouty break. How big of an accomplishment but some personal accomplishments are relevant to business because somebody overcame something. Big right yes. So i guess. Those those meet the acceptable and sometimes Can become very viral anyhow. So that's the first tip here so bowl on number two here. I'm actually merge
Bloomberg Finance
David Pecker out as CEO of National Enquirer parent company
"Down as CEO of the National Enquirer's parent American media. During his time, Pecker was tangled up in a campaign finance scandal that sent President Donald Trump's personal lawyer, Michael Cohen, to jail. American Media Inc is being taken over by accelerate 3 60 logistics firm based in Georgia. Pecker will serve as an executive adviser to accelerates a 3 60 media division, which is based in New York. Delta
Bloomberg Finance
Cuomo will allow New York schools to reopen
"On Friday finally gave New York City the green light to reopen schools in September. But one part of the plan for in person learning is still very much up in the year and that is extra space for socially distant schooling and for child care, a report in the city suggests. The hunt is still on global news,
Bloomberg Finance
18 people killed in aftermath of plane crash on Indian runway
"Have died, 123 injured when a plane skidded off a hilltop runway while landing in a monsoon in the southern Indian state of Kerala today among the dead, both pilots says correspondent Boudicca sued in New Delhi. About 1 44 people are still in different hospitals. About 20 of them remain critical. No fire was reported on the Boeing 7 37 after it landed and broken to pieces. Can he do
Bloomberg Daybreak Weekend
US-China rivalry hinders a struggling HSBC
"We've seen fall out over the UK is World Way decision suspensions of extradition treaties on most recently. Hong Kong considering on election delay That could mean HSBC's business shift may prove untenable under its current structure being listed in the UK and Hong Kong while supporting China's national security law, expectations of more drastic action on earnings, they are increasing well for more on this. We're joined by Bloomberg Finance reporter Harry Wilson. Thank you so much for being with me, Harry. Look, first of all on H S B. C. It was unusual, wasn't it? That HSBC made the statement that it did about China's controversial A new law that effects Hong Kong. Why do you think they did that? I can only surmise they come on the enormous amount of pressure to say something on it. Normally, banks, particularly HSBC have like to remain entirely apolitical. Getting into politics just isn't in the DNA. And I think the fact that they felt they had to come out and say something publicly shows that probably not saying something will was seen as a school, too. So we certainly have picked up in the last couple of months that our thanks senior to perfectly are getting a little hum. I think a lot of cools a lot of Um ah, imploring from their Asian businesses to basically toe the line of it more when when it comes to Christo. Events in Hong Kong and China. Okay, so that on the security law on the flipside, of course, the pressure in response to that Was was also apply from the UK side. So it's kind of ratcheted up the political pressure you know, on in both parts of their business, surely Yes. So they are getting pressure from all sides. Not just something you came to. The U. S. Is also called him out over this and they're really in a very difficult position because effectively theory some game we'll have You say that since Beijing China onside Is seen in the West to UK us being, uh, essentially going against Western policy, so there isn't really a wind for them haters. In some positions, they can take the fetal sides happy so But trying to be trying to walk a line between them, which sees the increasingly difficult Do you think things matters are going to get worse? And how does it affect the business going forwards? It's a UK bank, but that makes most of its money in Asia. Well, exactly of you should go back with the ancient history of HSBC in the late eighties early nineties recognized this issue, which is why they part of reason why they decided first byway and size of Midland Bank and build up a business. Outside of Asia more than they had at the time, and that was, in part at least a recognition that the situation could become more difficult. Posi handover of Hong Kong in 1997 Now what we've seen since 1997 attempts become a global bank has hit some some brake blocks from headwinds off late, So now they find themselves in a situation where There probably is exposed to Asia optically Hong Kong as they have ever been on that places them in a very difficult position. Because see they want to continue doing business in Hong Kong that increasing against me that they got here to the lines of China, But of course that puts a man on a collision course with Earth. With the U K and the Y the West. So how do you think that this is going to be expressed then? Potentially in earnings? I don't think we're going to really see anything. Take Lee and the earnings on this Aziz yet we're really in the Very early stages off this spook growing political contest between between China and Hong Kong itself. These Already in a family, the procession and that that is really with us China trade tensions or the problems we've we've been talking about just now, that's more to do with Corona virus before about the political people. We saw lately in Hong Kong. I think they probably were looking more 5 10 years out. It could be the case that you start to see a kind of maybe death of 1000 cups and those who have so little losses here and there now see that that is very well aware of that on there going to be looking through everything they can to make sure that that happens. Things are they increasingly difficult environments in which to do business, particularly in a country like China. Where are you? Nate is very important that You are being It seemed to be supportive off Chinese
Bloomberg Finance
New York City Schools Won't Reopen If Coronavirus Infection Rate Passes 3 Percent
"Mayor Bill de Blasio says New York City must keep its covert 19 infection rate below 3% in order for schools to reopen and stay open. Blasio said. The largest U. S school system is on track for in person learning in September, with the citywide infection rate 2% or below for several weeks, giving city health and school officials confidence. That the 1.1 million students and more than 70,000 teachers can sustain in class instruction. It'll be shut if it hits 3% or higher. Over a seven
Bloomberg Finance
New York's virus hospitalizations fall to lowest number in four months
"New York reported 754 new virus cases. That's in line with daily increases that have remained relatively steady for the last month and hospitalizations remained at a four month low. Governor Andrew Cuomo said 11 people died compared to 10 people on Friday. Those numbers mean New York City is still on track for phase for reopening of its economy on Monday, Sports can take place without fans, zoos, botanical gardens and outdoor movie production can resume, but indoor dining museums and malls will remain closed. Governor Andrew Cuomo has reopened the state in regions and in phases, but he's cautious about a second wave of the virus. We are Painfully aware now. That an outbreak anywheres an outbreak everyone.
Bloomberg Finance
Gov. Cuomo: New York Coronavirus Hospitalizations Below 800 For First Time Since March 18
"Room. Governor Andrew Cuomo said today that the Corona virus three day average death toll in New York seven is the lowest since March 16th and hospitalizations have dropped below 800 for the first time since March 18th. Cuomo urge New Yorkers not to give up the ground, he says. We've worked so hard to gain together on Ly a little over 1% of the over 69,000 Tests done in New York yesterday came back positive for the
Bloomberg Finance
Second-quarter results to reveal dire state of top US banks
"Hit US banks especially hard. We've got earnings coming up, so we'll get another snapshot of how the banks are faring firm or let's bring in military intelligence analyst Allison Williams. So Alice again seems like we just got through bank earnings. And here we are again. Upcoming banks are faring here in this new World Order were in well, I think it's going to be Tough quarter largely driven by provision. Keep in mind versus past cycles. We have a much more pro cyclical affect this time and what that means it's just more up front. No more reserves up front and then sort of releasing on the back end. But I think two key things this quarter one every quarter. We talk about the earnings and we discussed the fact that it's all about the forward. Look. The earnings is a little bit different because after the stress test and the third talking about capping dividends, based on recent income to find a sort of the average of the past 4/4 this quarter is going to be an end. But not just to this quarter. But for the next few quarters, a CZ long Restriction remains in place. So this will give us sort of. Ah look, and the one bank that we'll get the most news about That around is is Wells Fargo. They've already sort of guided the fact that they're going to have Tio most likely cut their dividend. The second thing this quarter will be No. How are things tracking as a lot of these deferrals have sort of come up to there? You know, I guess first roll forward if you will. So you know, immediately. We had all these liberals put in place the 90 day mark. We will know sort of how things shook out as that sort of 90 day. Limite came up on DH shouldn't say limit sort of. I guess it's just a marker because consumers can ask for more time. But the question is, Are they going to ask for more time? Well, they start paying what's gonna happen. That's sort of the pivot point and that will give us an eye into credit so super great points and I guess, Christian saving of CEO of Deutsche Bank said to Bloomberg this week. That he thinks that the second quarter will be the top and loan loss provision. Do you agree with that? So it could be? Of course, it's all going to depend on you know how things take shape from here, Right where Sort of. You know, if you looked at some of the different scenarios and depending on the shape that you see from here, things can just pretty dramatically. But, you know, let's say that we are looking at their most optimistic scenario and again, I would remind you about the counting right to the provisions will be the highest in the last quarter in this quarter. That doesn't mean we've even started to see the actual charge off yet, But we will see bags sort of provisioning for you know, the very negative environment that we have now it wasn't sort of factored into the reserves at The first quarter, but obviously since on the economic picture has gotten worse. So after these 2/4 you know, we should be fairly well provisioned for the best case economic scenario, and then you know, obviously it's going to depend on what happens from here. So, Allison, you know you talk about those You know the test about whether these companies can keep or have cut their dividend. Is that pride maybe some negative incentive for them to kind of goose their GPS numbers here for the next couple quarters so that they can continue to pay dividends. Or is that not a risk that investors are really worried about? From a theoretical standpoint? I think one could make that argument. But I would say that if you look at, you know, you know, First of all, I think it's the final decision on dividends aside from Wells, which had a sort of a unique case of a higher And Pierre payout for across the U. S banks and also earnings that were hit much harder than there are other bags. I think they're in a unique spot, but the other banks, you know, the dividend passed already give them a fair amount of room and so even if you sort of are very harsh In your earnings outlook. They should be fine. And I think if things did get, you know, you get dramatically worse you could be dealing with, you know, regulatory and political pressure ahead. The key thing that came out with a stress test is basically You're the Fed, making Everybody resubmit that plans and what that does mechanically is. It doesn't allow the bags to do like a big share repurchase, which I don't think anyone would anyway. But it sort of precludes bank from taking any measures, and the Fed basically left their options wide open to come in and require Into basically increased capital requirements or do other things. So I don't think that the Fed has sort of set this restriction, but it's not gonna be the be all and end all. But I wonder how that feeds into the compound sort of expense ratios because some out there like Sheila Bair used to run the FDA, C says, like and actually indenture. Alot, too, is that it shouldn't just stop At buybacks and dividends that it should also be in comp that if you know we're in a really bad time, globally and financially, then you have to have a limit on the kind of conflict in payout, which will tie also into expense ratios. What do you hear about that question? You know, the one thing that I would point out is, you know again, the big difference this cycle vs last cycle. Last cycle, the banks were over leveraged. They were sort of part of the problem, so I think there was obviously a lot of scrutiny around the compensation. This cycle, the back part of the solution. They have very healthy capital levels. The worry is just that, you know we're in this unprecedented downturn and do we need the banks to sort of keep their capital to be ableto lend to the economy, So that's a very different situation. And if you go back to Sort of as I was discussing before banks get into a situation where they have to start limiting payouts. There are some compensation element of that. Um, but I think you know to the extent that the compensation argument I understand some people maybe raising it, but I don't think that's sort of at the heart of the issue as it is sort of in the last crisis. On the overall expend standpoint, right? The banks are trying to do everything they can to help their employees on a broad base. Is there they to varying degrees that that they're not going to lay off people? You know, they tried to give incentives Tio Branch type employees at retail type employees. So that's obviously not the compensation that you're alluding to. But I'm just, you know, sort of framing the bigger picture. I think that at the end of the day, the banks are gonna be interested in doing what's right for the long term, and I think, to the extent that we sort of discussed earlier some of the really negative bearers scenarios. I think thank you know, are going to want to keep paying out. Their shareholders will fight to pay their dividends, but they're not going to be and they're going to keep track of what's happening in the environment and respond accordingly as well. Also Williams Bloomberg intelligence, senior bank's analyst, joining us Thanks so much. I'm like joined at the
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