40 Burst results for "Bloomberg News"
"bloomberg news" Discussed on Bloomberg Radio New York
"Tenths percent at 4037, the Dow is down 254 points or 7 tenths percent at 34,142, the NASDAQ is lower by a 144 points or one and a quarter percent at 11,336, ten year treasuries down 27 30 seconds, the yield up nearly ten basis points at 3.60% yield on the two year 4.35%. Nymex crude is up 9 tenths percent or 74 cents at $81 96 cents a barrel. Comex gold is down 8 tenths percent or $15 20 cents at 1799 90 ounce. The Euro 1.0478 against the dollar the yen is a one 35.36. That's a Bloomberg business flash. Matt and Paul Nathan Hager, thanks so much. We appreciate that. Looking at these markets here. You know, good news is bad news, I guess Matt, you got a good job. On the S&P 500. We're off the lows, but let's kind of round table this thing. We'll talk markets here. We can do that. With just men, and she covers the equities for Bloomberg news and Kenny grief cross asset reporter. They're both in the Bloomberg interactive Brooklyn studio. No phoning in it today. But today, literally there's no one in this building today. Well, this Friday the weakest Friday ever. Friday and Monday are difficult days for I think not just our office, but any office. People prefer to work from home. And do you think that's because they get more done? They want to get more done on Fridays and Mondays, right? I'm sure that's what it is. It was me and the conductor on the New Jersey transit train today, basically. Just what are you looking at here in the equity markets? Well, looking more broadly, not surprisingly technology stocks leading the market lower. But again, looking at the NASDAQ 100 and the S&P 500 off the lows from earlier this morning, but when you're looking at these major technology and Internet stocks like Apple, Microsoft, Apple ticker symbol AAPL down more than 2% as well as Microsoft ticker symbol MSFT also looking at Amazon down about 1% ticker symbol a.m. zn, but not surprisingly that correlation that we've seen all year long when it comes to technology and growth stocks as far as the correlation between the direction of the Federal Reserve's policy, but obviously the booth that we saw in the ten year as well as the two year to date, pressuring those as well as when we're looking at ship makers and I was talking to you about this earlier Paul looking at the semi Philadelphia semiconductor index ticker symbol S zero X it's down more than two and a half percent this morning and still on track for its worst annual decline since 2008 and looking at companies like Nvidia down sharply this morning. All right, I don't know. The tech space is definitely there's some headwinds out there. I mean, we saw, you got some earnings rising rates for one. But we're seeing it in their business models. I mean, they're seeing that, hey, the demand for some of their products, yes, the headwinds, the recession concerns are even hitting the hardware and software. In data centers, we're seeing it in software like CrowdStrike and snowflake. By the way, worst name for a company. Why would you want to be? Maybe they're owning that. Maybe they own it. Yeah, after that's a choice. It is a choice. And then we also see it in the chips. So it's like hardware and software. Kati, what are you looking at? I want to talk about the bond market. I mean, Jess mentioned what's happening in the two year, the ten year, the two year treasury yield is up 13 basis points at the moment. It was down 16 basis points on Wednesday. It's just, it feels like we've been in this movie so many times. The fed says something that could maybe be interpreted as dovish. If that's how you want to view it, we try to trade the pivot and I mean, it feels like the cycle is getting shorter between that trade and the eventual implosion. And that's what's happening today. Plus cross asset reporter. Yes. You see so much volatility if you look at the move index as well. And the vix is under 20. I know. Volatility in rates and then nothing in equities, right? It has to be one of the biggest market mysteries this year. Is the fact that the bond market, it's just off the charts volatile, the move index, the levels that we're at right now. Which is how we measure interest rate volatility. It's double the ten year average, and you're not seeing that trickle through so much to the equity market, even though intraday things feel pretty volatile. It's just not showing up in the vix is how we typically used to when I was a kid, we measured equity volatility, equities volatility like that. Jess menton, do the kids still think of the vix that way. Well, they're actually looking toward other measures of volatility right now. If you look this year at this 1% swings are 2% swings, that's where you can see the wild volatility this year So typically, when we've been running those numbers at particular points when you're looking at those big moves in either direction, I mean, that's the most we've seen since the depths of the global financial crisis in 2008. So when I'm talking to strategists they're kind of looking at other measures to gauge where volatility is. So it's not necessarily showing up in the vix, but also looking at the term structure for the vix as well that kind of coincides with why there is the head scratcher there, but I talked to volatility traders. They just feel like the reason we have to start. You lost as a term structure. Me and Paul are like, what the hell? What's happening? Understand that and go on to the conversation or I could tell you, I can admit to you. We don't know what that means. What's the function for that? Well, basically what they're trying to say is that when you're looking at the term structure, they're basically thinking that we're just not going to see volatility pick up until later on down the road. And so especially if not even just looking 30 days out, but further out. And so they're just betting that the reason is we haven't seen capitulation yet. That's what they're saying. It's probably going to take some sort of outsized event. So if you look at dot com bubble during the housing crisis, there are particular outside events obviously once you saw that spike well above Ford. I mean, there's a particular point in the fall of 2008 where the vix was above 80. I think that was that October of that year. And it didn't actually spike above 40 until September 11th happened and we had already been well on our way in a bear market in 2000 then. So clearly they're looking at sort of different basically they're betting, they don't think capitulations happen. They're talking about trade. Speaking of that, though, Liu Wang, you know what I mean? Oh, she's great. She's a great reporter for Bloomberg news. She put out a piece today showing that the average forecast of strategists that she's been, you know, she correlates these forecasts. For the first time, since 1999, strategists expect the market to fall next year.
Fresh update on "bloomberg news" discussed on The Big Take
"It's the big take from Bloomberg news and iHeartRadio. I'm west Kosovo. Today, who should take it master be more afraid of thousands of angry Taylor Swift fans? Or the U.S. government? A group of Taylor Swift fans is suing ticketmaster. The big live events ticket provider. They say that company kept them from buying tickets to the pop star's concerts for her eras tour. While allowing computerized bots and scalpers to snap them up instead. The botched ticket sale provoked the fury of swifties all over the U.S.. It's also drawn the attention of the U.S. Justice Department. The government is now investigating whether ticketmaster uses its dominance in ticket sales to drive out competitors and drive up prices. And take a master isn't the only big company in the government sites. The Biden administration has taken an activist stand against the consolidation of corporate power among tech companies, manufacturers, even book publishers. To sort all this out, I'm joined by Sarah Ford and she leads Bloomberg's coverage of corporate influence in Washington and reporter Lee and Ilan. She's also in Washington and writes about antitrust. Sarah Ford and Lee and Ireland, thanks so much for being here. Thanks for having us. So once again, we're hearing about ticketmaster. In all my years of buying tickets, I have never met anyone who said, oh, I'm so glad I got to buy that ticket for chicken master. They seem to be the company, everybody, forever, has loved to complain about. And recently they've once again been in the news, involving the biggest star of all time, Taylor Swift. Leah, can you just remind us exactly what got them in the hot water this time? So ticketmaster was doing the pre sale for Taylor Swift's new tour. This is on her new album, which just came out, which was at the top of the charts. Everyone was super excited
Report: Musk proposes going ahead with deal to buy Twitter
"Billionaire Elon Musk is reportedly going ahead with the deal to buy Twitter I Norman hall trading in shares of Twitter was halted at the stock spiked on reports that Elon Musk would proceed with his $44 billion deal to buy Twitter after months of legal battles Bloomberg news reported that Musk made the proposal in a letter to Twitter He's been trying to back out of the deal for several months claiming that Twitter undercounted the number of fake accounts on its platform Twitter sued when Musk said the deal was off lawyers for both sides aren't commenting I Norman hall
Fresh update on "bloomberg news" discussed on Balance of Power
"No word on when the pipeline will be back in operation. Keystone carries oil from Canada to Cushing, Oklahoma, and then onward to Texas. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts and over 120 countries. I'm Mark crumpton, this is Bloomberg. Thank you so much, Mark. Coming up, we're going to talk with former fed vice chair Alan blinder about the fed decision next week as economic data point to increase chances of a recession on the horizon. This is balance of power on Bloomberg television and on 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 lash. I'm John Tucker in the Bloomberg news room with this Bloomberg business flash stocks are higher, but off the session highs right now, but did have economic data today, some signs the labor market may be cooling one of the key factors Federal Reserve's officials are watching to decide on whether or not they're going to be able to notch down their tightening campaign. The rebound in the S&P 500 follows a 5 day sell off, the put the gauge on the cusp of an important technical indicator its average price over the past 100 days. Right now the S&P 500 twenty points higher that's a half a percent being led by technology the NASDAQ 100 also up 98 points. That's a 9 tenths of a percent and the Dow Jones Industrial Average 145 points higher. That was at four tenths of a percent. And the 30 year
"bloomberg news" Discussed on Bloomberg Radio New York
"With 48% drawdowns, breaking market news and inside from Bloomberg experts. The fact is that we now have positive real yields according to market yields. We really see consumers trade up our trade down. I think we're breaking away from this idea that rates need to be at zero. This is Bloomberg markets. With Paul Sweeney and Matt Miller. On Bloomberg radio. All right, come up in this half hour. We're going to check in with add ludlow. He's a West Coast correspondent with Bloomberg news, but he is live here in New York City. He's going to join us to talk about the trial of Nikola founder Trevor Milton. He's covering that live from the courthouse, but I think we're going to get him in studio here. Plus, it's Friday. That means we talk municipal bonds. We do that with Erika ski. He's a senior U.S. minister strategist at Bloomberg intelligence. We got taxable yields for some of these things around 7%. That's nothing to sneeze at. We'll check in with Eric on that. But first, let's go to John Tucker, get a Bloomberg business flash job. And thanks Paul. We were within striking distance, and the instant P 500 of the June law, that, by the way, was three, 6, 6, 6, little about 25 points away from that. With S&P 500 right now, down 70 points, a decline of 1.8%. Dow Jones Industrial out of the sea of red continues there. 467 points lower down, one and a half percent. Tech heavy NASDAQ 100 is down 1.7%. 194 points lower right now. A big firms like Goldman Sachs slashing their targets for stocks warning the upward shift in the outlook for interest rates are going to weigh on valuations. And at FSF investments, Lara reigns says there is a new paradigm for investors. And a long-term basis, it's more volatile world and it's kind of the opposite of what we had over the last 15 years where traditional assets just seamlessly melted up. As for oil that is heading for the longest stretch of weekly losses this year, as central banks stepped up their fight against inflation at the cost of growth. Looking at the dollar right now, it is stronger again up 1.4% dollar DXY. That's weighing on other currencies. British
Fresh update on "bloomberg news" discussed on Bloomberg Markets
"I'm John Tucker in the Bloomberg news with this Bloomberg business flash singer rebound in the S&P 500 following the 5 day sell off that put the S&P 500 on the cusp of an important technical indicator. Right now we have the tech heavy NASDAQ 100 also outperforming led by gains in Apple and Amazon.com and treasury is also reversing their course today ten year yields on the rise approaching the three and a half percent mark. Oil rallying amid an outage on a pipeline and optimism over the reopening in China. Traders waiting for the fed meeting next week, Greg Staples at DWS investment says a number of factors mean the fed's 2% inflation target may be pretty low. QE is something of the past. So we don't have the global central banks buying a lot
"bloomberg news" Discussed on Bloomberg Radio New York
"It's 5 30 on Wall Street. Good morning. I'm Nathan Hager. And I'm Karen mascara, we're just about four hours away from the open of U.S. trading. Let's get you up to date on the news you need to know what this shower stocks in Europe are falling as the U.S. dollar continues its strong run. The Bloomberg dollar spot index hit another record overnight and that's leading to tighter financial conditions that are weighing on risk assets around the world. Janet mui is head of market analysis at Bruin dolphin. There are increasing signs that countries are worried about the dollar strength. I think government officials, they will have to come together to discuss what they may do about it, but maybe they don't actually have a lot of solutions. Janet, my way with brew and dolphin, says the strong dollar could have a disinflationary effect on the U.S. economy, but she still expects the fed to raise interest rates at September's meeting. And we'll get more insight from the fed today, Karen, with the release of the beige book, that comes at 2 p.m. Wall Street time a day before we hear from fed chair Jay Powell. He speaks at the Cato institute's monetary conference tomorrow tune in to Bloomberg radio and television for live coverage of that around 9 a.m. eastern. Well, Nathan the strong dollar wait on assets in Asia overnight. Stocks held at Lowe's from May of 2020 while Asian currencies we can sharply. We're taking a close look at the yen in particular. It's on track for the worst year on record as prompting signals from government officials that Japan would need to take action if the rapid one sided move continues with Carson's FX reporter with Bloomberg news. At this stage with the bank of Japan, clinging to its ultra dubbish monetary policy stands and that fed hiking aggressively to fight inflation, there's little stopping it from hitting levels last seen in the early 1990s. Bloomberg Smith Carson says potential government intervention is on traders minds at the moment and checking the yen right now. I said one 44.17 against the dollar. All right, turning to corporate news now, Karen, all eyes are on Apple, the tech giant holds an event today to unveil its new iPhone 14. New iPhones traditionally kick off a busy fall product season, which also includes new Macs, iPads, and Apple watch models. This event kicks off at 1 p.m. Wall Street time today, we will have live updates from Cupertino for you throughout the day on Bloomberg radio and television. And taking a look at oil now, Nathan, crude's trading lower as the dollar surges concerns over global demand are also weighing on sentiment, WTI is off to a weak start to September, extending a run of three monthly losses as the worst streak in more than two years and checking prices right now, WTI is up 9 tenths of a percent up 76 cents at $87 61 cents a barrel. Looking at Brent, it's
Fresh update on "bloomberg news" discussed on Bloomberg Markets
"With the increase of 4000 new claims to 230,000 the level or main historically low demonstrating the economies wherewithal, job openings are still near record highs and a hint of weakness the number of workers on an employment roles is the highest since February, its job cuts play technology and interest rate sensitive industries. Vinny del gide Bloomberg radio and again recapping stocks higher across the board more on the markets coming up in just a moment with the S&P up now by 31 to gain there of 8 tenths of 1% ten year yield 3.45%. I'm Charlie pallet that Paul Sweeney is a Bloomberg business flash. My Charlie pellet good stuff there. We appreciate it. Well, after 5 days, I think of declines in the markets we get some green on the screen and finally, I look forward to speaking with Jess met and Katie, they do all these market stuff for Bloomberg news and they've had nothing but bad news for us for the last 5 days but finally they're coming in with some good stuff. Jess, let's start with you and equity markets S&P. It's update a ten to 1% as Charlie was just reporting NASDAQ up over 1%. What's going on out there? Well, about an hour ago, Paul, we have been chatting about more of the technicals and the 200 day, obviously the S&P had crawl set threshold last week, but something I wanted to point out because of the losses in the last Sessions. The S&P 500 actually broke below its October uptrend because of that, but it is starting to edge a bit higher so 4000 is a key level what I'm talking technicians that they're keeping a close eye on. Obviously that 200 day moving average is downward sloping. So even if we see kind of a burst here where the S&P 500 can retake that a key level that technicians are watching is 43 25, so that is the August 16th intraday high. So that is when that counter trend rally had peaked out over the summer, but that is something key as far as because the S&P 500 is still in a downtrend since January and to break above that it would be 40 90 around 4100 for that. Right. And we did briefly last week. And so that's something where we have this tug of war still going on between the bulls and the bears, but if we can get close to 4000 again, that could maybe change some of the momentum that my sources are telling me. Katie talked to us about volatility. I don't believe what I'm seeing. You know, I'm looking at the vix. It's pretty much unchanged on the day. We'll see if that changes. I really think the vix was broken. Have you known that vacation? Yeah, we are, I don't know, we got close to 23 this morning. We were above it for a hot second back below 23 on the Vic. So definitely one to watch. Usually when stocks move higher and the vix moves higher at the same time, the options guys that I talk to, tell me that's a bad thing. I don't know the math as to why maybe just us, but that'll be an interesting thing to see if that dynamic plays out today, but I don't know, guys, I will point out if you look at volume, not to be a fuddy duddy. Volume is lower today. Again, it really just feels like we're in a holding pattern until we get some new information, specifically in the form of what is the fed going to do next week. What is CPI going to look like? PPI obviously being the appetizer on Friday. Jess we got ExxonMobil, that's kind of an old household name that we don't talk too much about, but it's had a nice run today. It's up about 1%. It was higher earlier, but they're buying back a bunch of stock. They're paying their people more to try to figure out what to do with all those earnings they're getting from what had been for some very high oil prices. All those cash and also when you're thinking about buybacks, especially coming into this year, there were these expectations that we would see another gangbuster record year for buybacks. It's also a bit of a pillar support there when it comes to the markets, but like we were talking about an hour ago, obviously investors want to see when it comes to the CAPEX side and how they're reinvesting into their companies. And the equipment and things like that, that's a key focus there. But again, when you're seeing a big buybacks like that, it's not, I haven't come down quite as much as what investors were fearing coming into the quarter. Obviously, you saw, and you can probably all the banks when JPMorgan and some others have been brought up Exxon three times in this program. So I'm going to play less with Paul. Okay, go. What is the number one stock in the S&P this year? Salesforce.com. Occidental. Most of the last time we saw energy kind
"bloomberg news" Discussed on Bloomberg Radio New York
"Of the pursuit section of Bloomberg businessweek, it included a set of stories about the growing economy for various types of mushrooms. Among them are the kind you will not find in the produce section of your local supermarket and least him not yet. This week our features team examines the growing business of so called magic mushrooms, it's among the various types of psychedelic drugs that could have legitimate medical benefits. And a series of young companies are banking on it. Yeah, a lot of them, the problem is some of the firm's racing to market might be getting ahead of themselves. Drake Bennett and Kristen V Brown co wrote the story for business week, Kristen is a healthcare reporter at Bloomberg news she and business week editor Joel Weber joined me and Katie greifeld at Bloomberg with a primer on the challenges facing these fungi fanatics. There is still so much we don't know. You know, these drugs were originally being explored back in the 50s and 60s as things that could really have a positive impact on mental health. But then in the late 60s, early 70s, we cracked down on them. Experimentation basically came to a grinding halt. And we had all these decades where we just weren't exploring how these drugs work. And so even though we've had these fantastic clinical trial results that show really breathtaking numbers of people who have been helped by these drugs for disorders like PTSD and depression, we still want to understand at a very basic level how the drugs work. And I think coming to market smoothly will rely on part on figuring out some of these basic science questions. I mean, I cover marijuana stocks all the time, for example. And they have just been beaten and beaten up in the market, mostly due to regulatory concerns. I would imagine in psychedelics, it's even more dramatic. Yeah, I mean, there are some concerns, studies have shown that these drugs are in large part very safe, but in specific instances, for example, people with histories of suicidal ideation or maybe people who have psychotic illnesses, like because of any other that run in their family, there could be a high risk component. Plus, you know, there's just all of the decades of cultural baggage that go with these drugs. So there is definitely wanting to keep safety in mind. Plus, this has already come out a little bit as we move forward in clinical trials. When you have a therapist in a room with somebody who's out of their mind tripping, there's also a lot of potential for abuse, which is true in any healthcare scenario, right? So I do think that there is one segment of this industry of this leg a science that is wanting to go slow and study and make sure that as we roll these drugs out to people that we're not only trying to roll them out quickly so that we're getting them to people soon who are in desperate need of drugs against treatment of these disorders, but we're also doing it safely so that we don't wind up in a situation where something terrible happens and when there's backlash to deal with. What's it look like from an investment standpoint right now? Yeah, that was actually really interesting. You know, I just checked my note and notebook here one estimate puts that this industry could be at about $6.9 billion in a few years. So huge, huge, huge market potential. But one of the things that's interesting about Sega telic that's sort of different from your average pharmaceuticals companies playbook is that you're dealing with things that have been existence for a long time. So you have to figure out where the IP is. And people are taking different approaches. Compass pathways, their strategy has been to try and create a novel psilocybin molecule, right? So they're tweaking the sort of crystalline structure in the lab. They're synthesizing it and tweaking that structure and saying it's something new. But then you have people pushing back and saying, well, it's not actually something new. You're just riffing on something old. So the debate gets a very complicated there. And then there's other companies that are saying, we're not even going to deal with trying to prove that our version of this thing that has been existence forever is new. We're going to instead find IP and other places. You know, this many company numinous, their strategy is we're going to come up with a way to grow the mushrooms super efficiently and we're going to patent that. What does the Bloomberg audience investors who are interested in this need to know in terms of some of these startups? I feel like you just laid out some of it. Definitely going to be a really hot space. The question is what form will the drugs take when they come to market? Is it going to be a totally new drug that we make by taking some elements of psychedelics and turning them something new into a laboratory? Or is it going to be just finding the right platform to roll out like mushrooms in their original form? I think that's the big question is not will these things help people, but how? Our thanks to Bloomberg news healthcare reporter Kristen V Brown, and business week editor Joel Weber, for that report, and our thanks once again to Bloomberg news, senior markets reporter, Katie greifeld. You're listening to Bloomberg business week coming up
Fresh update on "bloomberg news" discussed on Bloomberg Markets
"Equal weight Staples as far as what the mean reversion could be, and that's a potential play that they're looking at as yields begin to stabilize more. Speaking about some Staples. I mean, looking at the energy space, ExxonMobil. A, it's good to be an employee there, 'cause I got a 9% bump in my pay, but it's even better to be a shareholder. The stock's up 74% year to date. It's up 2.6% today. They're buying back another 50 billion in stock. So it's good to be an energy company. I guess, and that kind of goes back to Winkler, found our Bloomberg news and editor emeritus. He had a column last week saying, you know, maybe should they be buying back stuff? Should they be raising the executive pay and all those types of things? Well, that's what I was going to say. It's interesting that they paired the buyback announcement with the worker pay increase. First. We were actually talking to Amy's hot steam from The White House yesterday and we brought that news to him and said, are you still considering a windfall tax on some of these big oil companies? Obviously, it seems like there's a little bit of back and forth between the administration and the oil companies. The answer was, I think they're standing by what they've said previously, but again, interesting to see those two actions paired. Yeah, and you wonder why you see all this cash flow when you think of the energy company? Should they be investing it back in their business? Yeah. But a lot of folks are saying, where's the incentive for us to do these long duration investments, whether it's in a drilling rig or a refinery or something like that when we've been getting beaten over the head for the last decade about going green and so on and so forth. So you can see from the energy companies perspective, one day you tell us one thing the next day you tell us from a political perspective. I think what investors, I'm curious about what you guys are seeing, what investors are going to reward is interesting here, because are they going to buy back shares? Is that what they want to see or just reinvest in the business and make some money? We want to see some profits here. And so I mean, people have been talking about it for a long time, but to the point you guys are making. The money seems to be still going to places where money is being used to reward the short term. And it makes sense that the stock is up again, what, two and a half percent right now, because it does benefit the shareholders, obviously, that's a narrow slice of the population when you think about the entirety of the United States, but it makes sense. And Jess, I wonder, when this thing does, you know, at what point do the tried and true growth stocks see the Microsoft's the apples, the amazons, the googles, the meta, when do they or do they take a leadership role in this market again, we're bouncing 12, 13% off of the S&P 500 loads of just a couple months ago. So savita sub uranium over at B of a had point, she had a note recently where she was taking a look at when it came to tax loss harvesting some of the biggest losers this year. Which ones could potentially see the biggest bounce when we're looking at November, December and January, so she had stocks like meta when it comes to Facebook mentioned on there as far as those that could potentially see a big bounce when we're looking at November, December and January. So that's something in the shorter term where when we begin to see and we probably begin to already see this at the beginning of this month, actually most mutual funds had a deadline at the end of October, but she was expecting particular stocks like that also Nvidia was another one that they mentioned that could see a bounce, particularly at yearend. All right, just met, thanks so much for joining us here. Jess men she covers the equities for Bloomberg news and Katie Rafael cross asset reporter. Both of them. Joining us on our Bloomberg in Arctic broker's Judy, we appreciate that. All right, let's pivot. Let's head down to Washington, D.C.. And let's talk policy. We got a couple of the midterms are over. We kind of know where we are there. The question is, what can our good friends in Washington D.C. get done in the next couple of years? Before we have another election cycle upon us, Nathan dean, he's a senior policy analyst with Bloomberg intelligence for better or worse. He's based in Washington, D.C.. Nathan, you're down there in the pit that is Washington D.C.. What do you and your expert buddies down there think that Washington can get done in the next couple of years this administration this Congress? So a lot of it's going to come down to the horse trading in the negotiations over these months past pieces of legislation like the government shutdown. And this is what we're seeing right now with the omnibus package. Don't think about bills that have to be bipartisan. Think about bills that have bipartisan warmth. And what I mean here is that they may not be economic grandiose fiscal stimulating bill bills, but these are bills that are more in the trenches and more in the sectors. For example, I'm tracking a bill right now that senator Durbin has put out there that would increase competition for Visa Mastercard. Bad for them. Good for American Express and discover. Now, you would normally think that this bill doesn't have a chance of passage, but target Walmart like it. And if target in Walmart like it, then maybe Walmart being an Arkansas, the Arkansas senators would like it. And so even though this is something that's not huge, the sector bills that would increase costs drive revenues down make competition more important or more competitive, for example, these are
"bloomberg news" Discussed on Bloomberg Radio New York
"The country's third largest bank is planning a major retreat from home lending here to discuss the implications of this strategic shift inside Wells Fargo is Bloomberg news reporter Charlie well, so of course there's no actual direct relationship to the bank. We're sitting in London and of course Wells Fargo Fargo does have an office a few hundred yards from here complete with the Wells Fargo wagon, but it doesn't fundamentally have any consumer operations here. So why should we care about mortgage operations at this company that is headquartered in San Francisco? Yeah, so anytime we're talking about a large American bank and mortgages, shutters go down someone's spine, thinking back to the subprime mortgage crisis, and of course led to the financial, crisis, you know, not long ago. And going into that financial crisis, American banks dominated the home loan market. After the crisis, they largely backed away, but there was an exception there, and it was Wells Fargo. And it's really striking, you know, this, you know, this connection to mortgages helped Wells Fargo avoid an annual loss over the period of the crisis. They ended up capturing a third of the market by 2012. They wanted to go even further and the reason for that is because mortgages are big money. So over the past decade, according to some Bloomberg reporting looking at filings, Wells Fargo actually made more than $57 billion in fees from mortgage banking. So good morning, Charlie. What prompted Wells Fargo to move away from mortgages. Right, so when you think about all those fees, it sounds like it's good business, right? The flip side and the crux here is that mortgages are incredibly complex or heavily scrutinized, particularly after the financial crisis. And so, you know, it can get a mortgage loan that that kind of context can get a mortgage lender into some big trouble, and Wells Fargo in the past year alone has faced some of that trouble, so they faced a $250 million fine for lapses that actually hurt distressed borrowers, some really excellent Bloomberg reporting and over the past year found that there was a massive discrepancy in approvals for refinancing between white potential refinancers and black potential refinances and when you look at that figure, 40% of 47%, excuse me, of black, borrowers were approved, but only 72% of white homeowners but actually 72% of white homeowners were approved and so it is an incredibly scrutinized market, and it's a landscape that's changing quickly, so potentially looks like attractive to the bank. As you intimated, the U.S. housing market as with so many around the world does seem to be cooling. What does this move tell us about then the future direction of travel? Right, so. Yeah, that's a really great question, Alex. So look, you know, as rates go up, that is potentially deterring some borrowers which could be costing some business in the market sector, of course we're looking at more economic uncertainty, which makes people around the globe less interested in potentially buying a new home, but of course there's a really interesting change going on in the mortgage market in the United States right now. And that is the rise of some of these kind of mortgage specific lenders. So they're not sweeping banks. They focus specifically on mortgages. I'm thinking of rocket mortgages in particular, and that really speaks to the sort of disintermediation of the financial services industry largely, right? Where people are potentially instead of going to one huge bank, going to much more specific services. Yeah, really interesting stuff. Charlie was, thank you very much for taking us through that detail. You can read plenty more about Wells Fargo and their move on mortgages. It's the big take today on Bloomberg you can search and I big take on
"bloomberg news" Discussed on Bloomberg Radio New York
"You probably don't. So who's really winning? And if you did hear it the first time, nice work. You love snapshot from progressive because it rewards safe drivers. Progressive casualty insurance company and affiliates SnapChat available in California, I know Carolina or small agents. The Bloomberg money minute, job cuts are coming to Ford, CEO Jim Farley, says the company absolutely has too many people in some places, and he won't say how many cuts are coming, but Bloomberg news is reported as many as 8000 salary cuts are on the way. It's not because Ford is hurting for profits, its sales grew and profits before interest in taxes last quarter, more than tripled to almost $4 billion for those looking to use the job cuts money to fund its electric vehicle production. Fiat Chrysler's parent company expects more profits ahead even with supply chain issues that have held back production, it posted profits this last quarter by raising prices and selling more high end models. On Wall Street, the pullback in digital ad spending hit Facebook's parent company with a loss in sales last quarter, that is expected to hit the stock averages today, S&P futures down 12 NASDAQ futures falling 93, Dow futures down 43 points. Joan doniger Bloomberg radio. But I know about courage, I learned from my adoptive mom. She said sometimes you just gotta hold on. And no we'll get through this. Mom, we are so high up. Hold my hand. No, you holding my hand. Here we go. Learn about adopting a team from foster care. You can't imagine the reward. Visit adopt U.S. kids dot org to find out more. I learned patience for my adoptive dad. All he had to say was. Hey, you got this. Just breathe. Hey. We're pretty good. Yeah. I have to start a band. I got it. Learn about adopting a teen from foster care. You can't imagine the reward. Visit adopt U.S. kids dot org to find out more. This message
"bloomberg news" Discussed on Bloomberg Radio New York
"Arguments with those types of stocks, how they would perform better in deflationary environment. She still holding that argument, but it is interesting just looking at some of these baskets of stocks and how they've kind of turned around and in some ways. I mean, not completely. But seeing some signs in the past month, when you're looking at those winners of typically energy versus what's happening with technology. And that's something I thought was really notable and I wanted to put it in this column because I was watching it last week and I decided to put together some of these charts. So people could see some of the declines that we've seen have been related to results, and earnings misses. Right. Specifically. Yes. So then you have the other caveat to that because yeah, so let's talk about a little bit. We can technical technically analyze this stuff until the cows come home. Exactly. And that's when a lot of people will make the case against if you're looking at some of the technicals, they'll say, well, about the fundamentals what about this margin pressures that we were talking about yesterday and especially going into it. And we talked a lot about banks and energy, but especially with technology companies reporting in a couple more weeks. Some analysts that I've talked to have said, even though they know that the second quarter is going to be pretty ugly. They're thinking that some of these technology names, even if those results aren't that great, if their outlooks are better than their expected, they think those stocks could rip higher just because they've continued to drop. I mean, we're 6 months into this, even a little bit more than that now since we're in July. Right. So they're thinking that could present an opportunity because it's going to be one of those things where when I talk to strategists, they say we watch the technicals because there's going to be times where the fundamentals or the macro might not make as much sense because you'll get the earnings and it's kind of a head scratcher like wait, this wasn't what we were expecting. So it's good to be thought, why are the stocks so much higher? That's when they start looking at the technical. This is where this earnings season could be a surprise to the upside. But if we get some really positive commentary about the rest of the year maybe into the new year, that's where I think we certainly see markets really bottom out and turn around. Right. But we shall see. All right, we got to run great column, just met an equities reporter at Bloomberg news right here in our interactive broker studio
"bloomberg news" Discussed on Bloomberg Radio New York
"This is a Bloomberg money minute The chicken wing chain wingstop is looking into the possibility of buying a poultry farm Over the course of the pandemic prices for meat especially chicken have been extremely volatile Leslie Patton wrote the story for Bloomberg news In what wingstop really hopes to do they say they don't want to necessarily decrease the cost of chicken They want to smooth it out because wing prices are especially are very very volatile But if it happens it would put wingstop in a unique category This would be among the first major restaurant chains to really get into army and we've heard a farm to fork but this isn't a massive level Wingstop has set aside a $150 million to potentially get into chicken farming and it's not an idea without precedent the retailer Costco owns Lincoln premium poultry a Nebraska company started in 2016 I'm Charlie palette Bloomberg radio Oh To some people the sound of a baby babbling doesn't mean much But that's not necessarily true By 6 months they're combining vowels and consonants By 9 months they're trying out different kinds of sounds And by 12 months they're babbling is beginning to take on some meaning Especially if there's no babbling at all Little to no babbling by 12 months or later is just one of the possible.
"bloomberg news" Discussed on Bloomberg Radio New York
"Of the firm's assets but 17 billion in pure dollar terms is a lot of money And if you look at the specific funds themselves yes the one specifically tied to Russia have stopped trading the ones that are liquid They've been halted but there's also liquid funds that are still trading that still have exposure to Russia like EMB their emerging market fund which is exposed to tons of different funds around the world Tons of different sovereign debt and is exposed to Russian sovereign bonds You follow the sector just got 15 seconds I mean if there's an opportunity it might need to be made would the financial community go back in Do you think Real quickly It's too soon to tell Okay Nice to say And you covered a lot Thank you so much And Ali basic As I said one of our faves Wall Street reporter at Bloomberg news Here in our interactive broker studio check her out at Chanel basic on Twitter You're listening to Bloomberg radio This is a Bloomberg money minute Inflation fears her soaring among consumers sending sediment to its lowest level since 2011 The University of Michigan sentiment index is down more than expected those surveyed C prices rising 5.4% in the next year Wall Street is mixed to lower investors cautious ahead of another uncertain weekend down industrials up 31 the S&P is down 16 the NASDAQ down one 52 Uncertainty surrounding the war in Ukraine is expected to keep beneficial cautious as they meet next week They're still expected to raise interest rates the analysts say they may not raise rates at every meeting this year Yogurt maker chobani is putting its plans to go public on hold with several top executives leaving the company Wall Street Journal reports chobani's president and CEO as well as its heads of HR strategy and corporate affairs are all out Lowry kofsky Bloomberg radio Not completing high school is more of a social thing than it was an academic thing Even though all these years have passed I still had that longing to have my.
"bloomberg news" Discussed on WTOP
"Com to schedule your appointment and let stand taxi Liberty tax Faster access to funds based on comparing refunds via direct deposit versus a male pay protect terms and conditions apply It's 1155 Money news at 25 and 55 now to Charlie pellet This is a Bloomberg money minute Milk is costing more and a dairy industry group says output isn't going to recover anytime soon Milk production has been dropping year over year for the last few months And that's expected to continue for at least the next few months Elizabeth elkin wrote the story for Bloomberg news Milk at the grocery stores has seen the highest average crisis since 2015 The problem according to the national milk producers federation smaller dairy herds and expensive grain The actual number of cows in the U.S. is dropping So drought and other weather issues have been causing the cost of grains to soar And grains are what make up animal feed So the cost of animal feed has been storing So that means that cows are really expensive to feed right now To top it off there are also worker shortages brought on by COVID as well as higher labor costs From the Bloomberg news room I'm Charlie peloton W TOP Coming up on power is still out to many especially in Massachusetts hit by that powerful northeast storm yesterday It's 1156 Are you planning on selling your home Why not work with a caps in a real estate agent To cap the listing commission at only 1% That's less than half the usual cost.
Mark Levin: Since DIRECTV Is Dropping One America News, Drop DIRECTV
"One American news as they write at PBR wire biz pack review One American news will no longer be available as part of the direct TV lineup once its current contract expires Now I heard this and I don't do a lot of satellite around here but I'm going to look at whatever pills we have If we have direct TV you're going to say Mark you don't know you have I really don't But we're going to get rid of it if we do I can tell you that right now In fact I think we already did I think we already did get rid of it The digital satellite service announced that conservative network OAN will not have its current contract renewed which will likely happen in April according to Bloomberg news Now I don't care about any of the rest of their story I really don't So I want to encourage each and every one of you that has direct TV to get rid of it Get rid of it Drop it You don't need
"bloomberg news" Discussed on Bloomberg Radio New York
"Garageio From the Bloomberg news room I'm Larry kasky Toyota's latest production figures offer a glimmer of hope that supply chain disruptions may be easing The world's top automaker says it built more than 821,000 vehicles in November down less than 1% from a year earlier but the company isn't out of the Woods Toyota said this week that it'll suspend some work at 5 plants in Japan next month 2021 was a big year for electric cars Next year will be bigger Yahoo News reports we'll see more demand for EVs and more options to satisfy that demand IHS marked estimate zero emission cars will take a 5% share of the market up from nearly 3% this year But there will be headwinds including continued supply chain disruptions and rising costs for raw materials The coronavirus pandemic has left behind a growing mountain of used face masks and that has conservationists worried Bloomberg's Nancy lions reports The global production of face masks has gone from 8 billion total in all of 2019 to 129 billion a month The marine conservation nonprofit oceans Asia estimates about 3% of those masks are ending up as litter In 2020 the group estimates about 1.6 billion masks ended up clogging our waterways Researchers at the University of Southern Denmark say the fibers break into microplastics that are even harder to collect than plastic bags To address the problem some companies are working on biodegradable masks using a plastic substitute like corn starch or sugarcane In Washington Nancy lions Bloomberg radio It'll be back to work starting Monday for 1400 workers at four Kellogg's cereal plants in the U.S. after an 11 week strike The workers ratified a contract last week Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries I'm Larry kofsky This is Bloomberg.
"bloomberg news" Discussed on WTOP
"Of her Bloomberg news says there's another NFT series really popular right now The plotty punks which are pictures of platypus images they're really cute Noah Davis is Christie's head of digital art and online sales He says the value of NFT gifts will continue to grow There's amazing things on the horizon But be careful if you're giving an NFT Because apparently not everyone will appreciate your generosity You have some people that are giving NFTs to people who are really into NFTs And then you have other people who are really into NFTs giving them to people who aren't From the Bloomberg newsroom I'm Denise Pellegrini on WT still ahead survivors are beginning the recovery process after tornadoes swept through multiple states killing dozens It's 6 56 Hi it's Rita Kessler I lost 55 pounds with EMP one 80 and now I have exciting news EMP one 80 is now co pair This is more than just a new name it's a complete partnership I feel the one thing that sets coper apart from the others is the support I get from my health coach She's always there for me and has helped me get in the right mindset when I'm traveling or have a big event coming up so that I don't lose focus of my goals I really believe this personalized support I get from co pair is why I've been able to maintain my weight loss for the past year and now we're tweaking my diet to help me lose even more With copper you're never alone They really care about their clients and know that everyone is different Weight loss isn't one size fits all and it shows in their approach.
"bloomberg news" Discussed on WTOP
"News at 25 and 55 here's Charlie pellet Washington wants to stop cyber grinches from stealing Christmas A fiber grunge is basically a bot which is just automated software that is designed to buy up total inventories like entire inventories of popular stuff Daniela satori cortina wrote the story for Bloomberg news The problem for consumers is that then some of these items that they want to buy become almost impossible to find And then on top of that they're probably going to have to buy them at higher prices And now lawmakers have introduced a bill to crack down on those bots as holiday shoppers deal with supply chain crunches and inflation It basically makes it worse or at least that's what lawmakers are saying because people are racing some empty shelves in some stores But I wrote a phasing even higher prices The legislation would require ecommerce sites to ban bots from bypassing security measures on online retail portals From the Bloomberg news room I'm Charlie peloton wtp coming up after traffic and weather will the omicron variant get more Americans to get vaccinated It's 7 56 When we at American Eagle dot com were asked by our client repair clinic to well repair their website our digital marketing experts like Tim rolled up their sleeves and got to work If you know Tim you know that he loves a good challenge Which meant that this project was pretty much the highlight of Tim's year From improving slow loading performance that plagued our client site to slashing duplicate pages in building and optimized sitemap Tim was like a real-life action hero but of website optimization And our client reaped the benefits With major strides in their SEO like more traffic impressions and revenue.
"bloomberg news" Discussed on Bloomberg Radio New York
"Oral arguments is asked X store adjusted Bloomberg news to begin with that question justice brought first joining me there The analysis of are really a quarter The important I pushed on it in get haunted is this is With you and brasso Bloomberg I've been talking as her Colombian as a professional law school Radio About your oral argument telling us of the main to bout some quotes today at the same copyright involving the takeaways oral arguments from In which hence today Coach I want to approach second one question of whether you should assemble a college other parts and have other copyright use the word not statute which adds exclusively kind of see how similar using term requirements is that the words or whether your knowledge look at others should lower than trying to statute that I think as compare the H and M's especially when was a lot of player argued this prudence on backend solid requirement on its how to slide section and under the set prior to some of the core came up Question that can not quite as central to be another difference One might have initial as what does it predict Copyright issue with April made an issue had in its brief of basically a QH agent colors of boozing uni pro being a copyright patrol So tell us I'm happy with his It's usual at least as in the pejorative not a technic what a copyright But I think a legal term Copyright to a who roughly no doubt Relying creative right is meant to permit that copyright Who this model is but who's been on copyright really built around real It doesn't have a undertaker and dedication And sort of licensing trying to make the right argument that and so H even M was these after want a lower standard threat of knowledge not And so as to encourage justice sort of my roles just copyright files frivolous I think lawsuit A couple of just asked that question question and then began with that question oral argument justice Brian And I think refrigeration was one of the really push trends in So tell us pejorative copyright control We no doubt To what a copyright doesn't have a role I think a legal term Not a technique But for two real threats to win the under video that copier Tristan lying creativity rate is meant to permit but who's busy copyright right That on copyright leave after litigation In licensing generating really built around and started argument in this model is you trying to make the IR so less than file fervor Lower standard And so H trolls does not enter of knowledge hurrah And was I think copyright revelations was a couple of just lawsuits We want a list of us oral arguments next door question and then justice sort of that question One of the and I think the important Bloomberg news suggested.
"bloomberg news" Discussed on Bloomberg Radio New York
"This is a Bloomberg money minute Microsoft is leading an effort to fill jobs in a critical field Microsoft is trying to fix what they're calling a crisis in the cybersecurity workforce Klara Muller wrote the story for Bloomberg news and she says the goal is to find train and hire a quarter million workers There's a huge shortage in workers and to the company is hoping to fill half of the now unoccupied spots by 2025 So that's 250,000 jobs One place that's looking is community colleges across the country and Microsoft is committing tens of millions of dollars to the initiative over the next few years Microsoft is going to supply the community colleges with a free curriculum to make sure that they can teach what people need to know to go into the industry to also train professors and teaching their subjects Those jobs come with an average annual salary of about $106,000 I'm Charlie pellet Bloomberg radio for the Jewish communal fund past president Noel Spiegel People often ask me why it's important to use JCF for their charitable giving I tell them that JCF has a profound impact on our community Thanks to the revenue generated from our funds JCF makes an annual $2 million grant to UJA federation of New York and makes grants from our endowment the special gifts fund This year we proudly granted more than $800,000 to support a kosher food pantry at mid island Y JCC Jewish state care at the alliance a renovation at.
"bloomberg news" Discussed on Bloomberg Radio New York
"Tax policy expert too She knows Robin Hood she knows tax policy She is our investing reporter at Bloomberg news Here in our interactive brokers to do Let's talk a little bit about Robinhood It's down about 10.6% in today's trade reported earnings after the close I think it's below right easily It's IPO price So there you have it Revenue fell short of Wall Street estimates cryptocurrency transactions plunging from the preceding period What do we need to know Annie So Robin Hood's earnings yesterday did disappoint and you're seeing the effect on the share price today Like you mentioned the stock's down 10% The real story was around crypto transaction revenue which was 78% lower versus the previous quarter It's like a disappeared overnight Yeah And the reason we saw that of course is there was this gigantic run up in Dogecoin in Q two and that kind of abated So now the big question is that users have is will Robinhood add more cryptocurrencies They want shiba Which is completely different from Dogecoin And they've struck a more cautious approach Completely different but still a joke Exactly A different joke about Shiva E News it's a meme Yeah exactly Like wrapped up in a crypto I was particularly struck by the decline in crypto because Bitcoin's price had gone up Do any of us own it No No No no No No I don't know But no she even knows over here Okay But I was particularly struck by this when these earnings crossed yesterday because the price of Bitcoin had gone up by something along the lines of 40% since the company last reported earnings And my thought was okay well doesn't that get more people off the sidelines And more people trading crypto and more crypto revenue for the company But no So across the board's crypto volumes were down by around a little over 30% in this quarter Just across the boards in the industry But Robinhood felt it particularly because they had even said in the second quarter that Dogecoin made up more than 60% of their crypto transaction revenue So it wasn't just crypto trading generally It was specifically this surgeon doge Dogecoin That was juicing their transaction revenue in the second quarter And now you've seen that abate and then the other thing that's kind of spooking investors is the guidance that they gave They gave some guidance in Q two that like hey Q three will probably look a little bit quieter on the trading front and they've given similar guidance for Q four unless we have another crazy meme stock or meme crypto Is it 'cause everybody's got back to work 'cause I'm hearing everybody hasn't gone back to work So help me out here You know I had a note and I was gonna say has the company peaked already I mean they definitely went public at just the right time I mean they were going public when they were absolutely on fire coming off of Q one with stocks and options Going insane over GameStop and all the memes stock trading and then Q two you had this huge run up in Dogecoin which they were ready to catch because they already offered Dogecoin Coinbase didn't until June So now now that they're being a little bit more cautious in their approach on cryptos and the now that there wasn't just one singular event that was quite like that in the third quarter you're seeing a little bit of wobbliness It's that caution you write in your most recent story Annie that is playing out in terms of attention between the safety that Robinhood is going for It's in the crosshairs of regulators right now and it doesn't really want to necessarily add every meme stock or every meme coin excuse me The ability to trade there So how is that playing out for investors if Robinhood doesn't embrace the Shiba Inu of the world That's a really good question Robinhood has gone through this evolution where they're trying to show now and have made really big strides towards being a more established regulatory compliant brokerage So they've done things like they've added customer service 24 customer service calls 24 7 They've added some protections and bulked up in that area And now they've got this problem of they allow retail investors to ask questions on their earnings calls in the top one was when will you add more cryptos And when will you add new coin So they have this tension of trying to toe the line maybe a bit more on the regulatory front while also trying to placate these customers who really want at least some of them really want some meme tokens Well you did point out in your story the brokerage brought on brought on about 21% more employees in the period compared with the second quarter so engineers customer support and compliance Who are we supposed to compare them against Because the CEO or the CFO warned that we don't expect our growth to be linear We do think it's going to ebb and it's going to flow It's going to be highly dependent on things like market conditions and volatility So can we compare them with I don't know the trading floor of a big bank or one of the traditional brokerage with it's a Schwab or something Who do we compare them against It's a bit of a tricky comparison because Schwab are interactive brokers are of course both retail trading platforms but they have these other services particularly Schwab has a bank function They earn tons of money from net interest income So they have these other streams of revenue whereas Robinhood is still mostly dependent just on transactions In cryptocurrencies stocks and options to earn its revenue So it sounds like it leaves them a little bit vulnerable right Which it has to things like volatility when fortunes shift as far as how much people are trading that impacts Robinhood a lot more than it would a company that is kind of cushioned by having other business lines What about those other business lines that Robinhood is interested in adding crypto wallets I think it's Bloomberg intelligence is Julie Cheryl that has written about the idea of this becoming a potentially a super app Yeah Robinhood is really into this idea of becoming a financial super app so offering more like you said crypto wallets They reaffirmed last night in their earnings that they're looking to add retirement type accounts even though they didn't have a timeline for it So they are trying to move forward on offering more and more products But they're moving along on that We haven't seen these lunch but we have the promise of those additional ideas Mauricio who's a listener says doge is a meme coin she is a meme of a meme AKA a scam coin We don't know right We really don't know how all this stuff is gonna play out Yeah I mean It is like a mean squared It's like Inception Yes it's a meme inception situation Oh my God my brain hurts Uh any Massa Thank you so much You always set stuff straight when it comes to this world So thank you Any mouse She's investing reporter here at Bloomberg news inner interactive broker studio in just a quick check What we're seeing with Robinhood shares of Robinhood what are they down about 10.3% .3% All right Well let's head to Washington D.C. Nancy lions is.
Apple Delays the Date for Employees to Return to Office
"Morning, Renee to Good morning, Karen Bloomberg News has learned that Apple is pushing its return to office deadline until at least October. The company says it will give employees at least a month's warning before mandating a return to office. CEO Tim Cook initially said in June that employees should be back in early September. The move makes Apple one of the first tech giants to delay return to office plans in New York. I'm rainy day young Bloomberg daybreak. All right, Rene to thank you. The spread of the Delta area now has the U. S government revising its
Marilyn Monroe Is Still a Counterfeiter's Best Friend
"Nearly six decades after her death, Marilyn Monroe is still a popular choice from mugs, T shirts, jewelry and other products using her name even illegally. Joining me is Bloomberg News Patent reporter Susan Decker. Marilyn Monroe is still popular. Just how popular issue she's so popular that counterfeiters loved put her name on T shirts and the owner of her trademarks loves to file suit to stop them. So who owns the right to her picture who owns the right to her name? Well, Authentic Brands Group, which is possibly going for an IPO late this year, owns her name and the phrase diamonds are a girl's best friend. Which, of course, is the famous song from Gentlemen prefer blondes. But her image is actually public record. There was a rather famous case back in 2012, where it was decided that she Did not have any right of publicity. Um, this is one of those Make sure you pay your taxes situations when she passed in 1962. They argued that she lived in New York because they didn't want to pay California inheritance taxes. It was a rather modest Mild, but still they didn't want to pay taxes. So they said she was she was a resident of New York. And they said, Oh, no, she was. She was domiciled in California when she passed and and the court said No. You can't say she lived in New York for purposes of taxes and then say she lived in New York, California for right of publicity. We stick with the first one, which was New York, so there is no right of publicity for Marilyn Monroe. The trademarks of her name are still
G-7 Nations Agree on New Rules for Taxing Global Companies
"Bloomberg News Room. The world could be headed for new tax rules. G seven finance ministers have just agreed on the outline for a plan. To set a global minimum tax rate of 15%. This could hit US tech companies who take advantage of cheaper overseas tax rates. The G seven is expected to try to sell some 140
Biden Unveils Record $6 Trillion Budget for 2022
"That's how much President Biden is proposing for federal spending next year. His budget was released today and it would amount to the highest sustained level of federal spending since World War two. With investments and transportation, education and combating climate change. Let's take a closer look now with Michael Regan, he's senior editor at Bloomberg News, Mike Welcome. Oh, thanks, Peter. So of course, this is something that would need to pass Congress. It's far from becoming law. But if you view this as a vision statement from the president, what does it say about his vision? All right. You're absolutely right. It's more a wish list than the actual budget that will pass. But as far as his statement, Peter, I think the main priorities are he wants to kind of bolster the safety net for the less affluent sort of more at risk members of our society. So more education, spending, more social welfare type of spending and Programs to allow people to get the child care they need to pursue better employment. That sort of thing as well. On the other hand, is also a priority to sort of repair a lot of the infrastructure in the country. That's needed that stuff like Bridges and roads and bolstering the green energy infrastructure in the countries. Well, so kind of Ah, two handed priority from from this administration. And that's
Biden to Hit Putin With New Russia Sanctions After Summit Offer
"Jennifer jacobs at bloomberg news. I report tonight that the biden administration is getting ready to sanction russia tomorrow Russian individuals and entities in response to russia's efforts to disrupt the twenty twenty election. The us intelligence community concluded that russia made yet another concerted effort and twenty twenty to attack and undermine our election to try to benefit the donald trump campaign. The sanctions are reportedly in response to that also reportedly in response to these solar winds. Hack that hit nine federal agencies one hundred big private companies last year. According to bloomberg news the plan is for the government to sanction about a dozen russian individuals including government officials and intelligence officials plus twenty russian entities of some kind plus the reporting that the us government could expel as many as ten russian officials and diplomats from the united states. Tomorrow
China's Didi Chuxing Raising $1.5 Billion in Debt as It Nears Blockbuster IPO
"We're hearing Chinese ride hailing company Didi to Shing has filed confidentially with the U. S. Securities and Exchange Commission for an initial public offering. Think the Chinese version of America's biggest ride hailing company. Crystal Day covers Didi for Bloomberg News. They are the equivalent of uber in China, basically, and they are expanding very quickly. They're trying to get into space is like for delivery grocery deliveries, so they need the money. They need the capital. And they are trying to twist in the U. S. And Tennessee. Didi is also said to be exploring a potential dual listing in Hong Kong at a later
Microsoft in Talks to Buy Discord for More Than $10 Billion
"Paul. Wb the prophet of east sports. We'll be bringing you my hottest takes from the week. Basically everything you need to know about the business of sports all in about one minute. Let's go according to a report by bloomberg news. That came out on monday. Microsoft is currently in talks to buy messaging app discord for ten billion dollars. This news comes after venturebeat said the discord is exploring its options for sale in the wake of interest for multiple parties at ten billion dollars. This would be a steal. From microsoft discords growth has been meteoric however. This rumor creates a lot of questions. Why would discord self for ten billion dollars in the context of peers going public much. Greater valuations could discord have planted this story to create a bidding war. And why would microsoft spend almost twenty
Suez Canal ship partially refloated
"The shipping snarl at the Suez Canal gets untangled that skyscraper size ship that had been blocking the Suez Canal has been partially free by salvage crews. That's according to Bloomberg News and the Wall Street Journal. It's unclear at this point when the canal reopened for trade, but this is definitely huge relief as the narrow water route accounts for roughly 12% of global trade. That's folks is Marianne
Bloomberg News Energy Reporter Robert Tuttle Explains the Suez Canal
"Reporter Robert Tuttle joining us on the phone in Calgary. Hey, Robert. Love your story. You can ask my tea when I'm like. Oh, we've got him yet because I feel like Let's explain the Suez Canal. I think these are things we either learned about in great school history and then just kind of threw it away. Just take it for granted when it comes to moving trade around, but it it's really important. Yeah, I mean, it's it's hugely important as you said it was built more than a century ago went into operation in 18 69. It's played a central role in the last. In that sense, it's been open. It's played a central through two World wars. Revolutions. It's been a really important conduit for the world to you. One could say it almost helped told together the British empire and from some extent for a while there Uh, yeah. I mean, it holds today it carries about 12% of the world's trade goes through it. It's Zoe, the biggest prize. The most important aspect of that trade is, of course, oil. You know, the Saudi Arabia, the world's biggest exporter, sends oil through the canal to Europe in the North America oil comes the other way as this, uh, To reach Asian markets from wherever West Africa from the U. S. But it Zab slightly essential plays a central role to the world trade until it blockages costing quite a bit of money. Holding up about $10 billion a good today. They're just waiting there. No,
Microsoft is reportedly in talks to acquire messaging platform Discord for more than $10 billion
"Microsoft is reportedly in talks to acquire messaging platform discord for more than ten billion dollars so This article comes to us from. Cnbc does kind of breaking today. So this is probably going to be the talk of today outside of likely a couple other things that i'm gonna be touching on article wise today but microsoft is in talks to buy messaging platform discord for more than ten billion bloomberg news reported citing people familiar with the matter. Discord has reached out to potential buyers and microsoft is one of them. The report said while one of them said it was more likely to go public than sell itself. And i sure hope. That's more the case than nine. I mean if you want an obvious case in the case of the story of two games very similarly minded one was going to bring it up again wine craft and the other one was roadblocks roadblocks and sell it to anybody and They went public inmate. A good chunk of chain and minecraft. What's it also it. Case in point doesn't microsoft own skype. Why do they need discord. You guys really that desperate. I thought you purchase skype and you integrated everything in skype works power. Everything like microsoft teams all. Why do you need anyways earlier. In the day venturebeat reported that Exploring a sale and was in final talks with the party. Both microsoft and discord did not immediately respond to requests for comment So that question kind of remains rumor. Not rumor in final talks science. We'll have to wait and see how it how it sorts itself
Hackers Breach 150,000 Surveillance Cameras: But How?
"Radio. All right, so we were all over this story yesterday when it broke. It was about the hacker group that says it wanted to show how much surveillance is out there in our world and how easy it was to breach it. Great reporting and itwas a Bloomberg Exclusive. It was William Certain is the one who brought it to all of us. And to all of you, he cybersecurity Porter at Bloomberg News joining us on the phone from New York City, William I'm still reeling from reading this story because it's terrifying and in so many different ways. What did this group of hackers do? Well, thanks for having me so they owned as hackers say they have this company in the worst possible way. They got into an account at this. This Security camera company Club Kolkata that allows them to look through the camera of all of its customers, and not only that they could look at the cameras live on day could also look at the archives of the videos that those customers had stored. From those cameras and in some cases of cameras were using facial recognition technology, which the hackers could also interact with. How is that so easy? Well, uh, you know, it's obviously there's multiple investigations going on at the company right now. T answer that question. But, you know, they got in through exposed credentials. So you know a user name and password for so called super admin account. I've been left out there publicly on the Internet. Um you know, it's sloppy. It's bad security practice on DATs how it happened. What do we know about about the group that that did this? Who is Tilly Cotman. Well. Kelly Cotman is a 21 year old with citizen who could've packed with an anti capitalist anti surveillance when he won world view. Um and you know they seek to kind of China light on on what they see is a abuse of technology. And then capitalism gone too far. I mean, that's what this is about, right? Shedding a light to say. Hey, folks, I don't know if you're aware of it. You've all gotten so used to having cameras all around you like we all have a camera on our phone. But did you realize what that really means? Right, and another aspect of this that really isn't being discussed. Much is like these hackers could have done something much worse. They could have sat in this system for a long time and lost it all this confidential video. They could have, you know, utilized the cameras to launch other hats in the future. They could have tried to hack the networks of Ricardo's, uh, customers. But they didn't do that. They came to a journalist and they blew the whistle. Silver Kata, the company at the center of this It's a startup that was founded back in 2016 itself, Security cameras that customers can access through the Web. Obviously, they've raised $80 million in jazz of January. 2020 values the company at $1.6 billion What does this mean for the company? And what have you heard from the company Since you published this Well, obviously terrible for the company's reputation, right? They have so many high profile customers, not only high profile customers, a Tesla and cloud Fair right be exposing this put off the schools, hospitals, jails. Um, you know, it's terrible for the reputation and you know their companies that tries to sell their security is one of their teachers. And you know what I'm hearing from the company is not much there. Um um Doing an investigation, and they contacted law enforcement. But you haven't heard too much more. They restrict the hackers no longer have access
China legislature to deliberate Hong Kong electoral changes
"Moves to curb the Hong Kong oppositions role in local elections, and Cates has news from the Bloomberg News Room and that is, lawmakers will be looking at a draft decision on overhauling Hong Kong's electoral system. National People's Congress will review a resolution on what a statement says it's for improving Hongkong's electoral system in the coming days, and the Hong Kong legislature will be expanded from 70 to 90 seats.
Report to blame Saudi Crown Prince for death of journalist Jamal Khashoggi
"With New public details about those behind the death of journalists, Jamal Kashiwagi. Now it implies Saudi Crown Prince Mohammed bin Salman was involved in the murder at the Saudi consulate in Istanbul in 2018. It also comes as President Biden plans his first call to Saudi Arabia, King Salman Former national security adviser John Bolton told Bloomberg News. On top of the killing of two Sugi dynamics in the Middle East have changed. Well. Last night. Axios reported that Biden plans to call the king today that coming before the release the head of the oven intelligence report about the murder of the journalist remark, a show G. What do you know about this report? I don't. I don't. I don't know exactly what report it is And if it's Related anything that I saw when I was in the government. I won't talk about it. But I will say this. This is this is ah, moment of truth. I think for buying if if he wants to have a fundamentally different relationship with Saudi Arabia, I think it's a reflection that he thinks he can have a fundamentally different relationship with Iran. And I think That part of the premises. Incorrect. As long as the Ayatollahs are in tower. Nobody could don's the murder show. Nobody has any doubt that the Saudi government was involved in it. This is a this is a matter of realpolitik. In in that region way need the Saudis and they need us When I was in Moscow, once meeting with President Putin, he just he thought of his real humorous. Subject that we might turn away from the Saudis, and he said to me, Look, if you don't want to sell them weapons, That's fine. I'll sell them weapons. Now. The CIA assessed that NBS personally ordered the killing and a United Nations investigator found in June of 2019. It was inconceivable that NBS was not aware. The killing, of course. Yogi. White House Press secretary Jen Psaki said last week that President Biden is working to re calibrate the American relationship with Saudi Arabia and plans to communicate with King Salman, which is his counterpart instead of his son, the Crown prince. South Dakota House lawmakers have begun impeachment proceedings against the
Biden Administration Pauses Trump's TikTok Ban, Backs Off Pressure To Sell App
"About one of today's big stories, and I'll let Julia T Essa Thanks, Doug. What about an administration is signaling it will slow down an effort to force Tic tac toe unwind. It's US operations. Joining us to discuss is Nick Wadhams Bloomberg News State Department reporter. So this is something that former President Trump was very keen on in his final year of office. Is this a case of the bottom administration kind of saying this is not at the top of our priorities? Or is it more a case of Let's just hold on this and And investigate a little bit further. Well, it's ERM all of the above. One of the interesting wrinkles about this whole thing was after a lot of noise and Uh, stuff like that, with in the middle of the Trump administration, actually, a zoo the end approach. The election approached the Trump Administration to really sort of stepped off the gas on the TIC tac sale, So they had really pushed forward with this, but In the waning days of the administration, actually tick talk and the regulators and Oracle and Wal Mart the companies that were involved in this deal. We're actually having a hard time getting in touch with the officials who were responsible for Really pushing it through. So what we're seeing from the Biden administration is of their very much telegraphing that this is not a priority for them. They want to continue to go through to see how this went down. To see what happened. But this is not going to be something they're pushing for. At the same time, they're saying they're gonna let A separate process run its course, which is essentially US regulators looking into the terms of just bite dances, operations in the United States and potential security risks whether there's any transfer of American customer data back to China. That's continuing. Yes, we're told that representatives of bike dance, the parent company of Tic Tac have been talking to Sophia's over security guarantees. But this really goes to the nature of the U. S. China relations. They were very different. Under the Trump administration, from what we came to know, through the Obama administration and now with it, Biden administration. Is it going to be a little bit of mean reversion here or We really have to look at a new world that has been predicated on everything that happened under the Trump administration. Well, it xcar tingly, nuanced. On the one hand. It is very interesting the bike administration saying, Let's and we agree with the Trump administration's tougher tone toward China, and that's something there. They're going to continue, But they say that the devil is really in the detail. Okay, We agree with the strategy, but we do not Agree with the tactics and that was always one of the things about how the Trump administration went after this Tic Tac example was the perfect one because there were so many issues that the U. S. Has disputes with China over but singling out TIC Tac, this app that is extremely popular in the United States. It's not really clear. How American customer data could really be seriously threatened. It was always a nod one why they were going after Tic Tac in particular. So they're saying essentially that they're going to take a more strategic approach. Let's talk about
Republicans press $600 billion COVID-19 bill as Democrats ready Biden’s $1.9 trillion plan
"As well. The news flow out of Washington, Tim and we know the president's trying to get through that massive coveted relief package, but it may not get through in one big piece. Yeah, it's looking increasingly likely. Look, Democrat Democrats want something that's $1.9 Trillion Republicans. They're saying, Hey, we want something closer to 600 billion. That's a big gap. All right, Let's get the latest on that. Bloomberg News U. S Economy reporter Katia Dimitri Dimitri Eva is on the phone from Washington D. C and she joins us, Captain. Good to Have you here with Tim and myself so What do we know so far? And you know, what are you hearing about the prospects for this economic plan? Hey, Good afternoon. It really depends on whether we're looking at, uh, sort of what the economics tell us verses politically sort of what Biden has to do here. You know, way had two pieces of news coming out. And if you the past few days, one of them this morning with the CBO report showing that the economy is actually doing really well, um, just thank the last round of stimulus. The $900 billion so You get David like that, And you already have some Republicans out in front of this, saying that this clearly signals that more targeted stimulus is needed. And then last week we had a report. From another economic output opportunity inside. That's Raj Chetty of Harvard and others who said that more target stimulus checks are actually the best way to do this. Andre, perhaps allocating some funds to sort of social safety net programs, so there's sort of the economics of it is showing that maybe more targeted stimulus is better. You have Republicans, obviously saying that Democrats highlighting will hold on look at the labor market. Let's look at the job numbers. We see that more than 10. Million people are still unemployed, and we're pre coded. We need to do more rather than less because the risks are higher. That's that is really encompassing the debate that's happening right now in Washington. Okay, so when when we say targeted? What exactly does that mean?
Climate change is now a national security priority for the Pentagon
"No surprise at joe. Biden has moved swiftly to change the white house's approach to climate change after all his predecessors view was that it was all a big hoax but few could have predicted just how quickly and radically president biden would act. Climate change is once again a national security issue. He said well. Joining me. Are paul rogers author and professor of peace studies at the university of bradford and actually at rati climate and energy reporter for bloomberg news. Good morning to you. Both gentlemen and pull man became with you. The idea of climate change is a national security. Threat isn't new. But could you just recap what it actually means. Please don't quite show what it means. You can record the pentagon this saying. It's really looking at it from his own rather narrow perspective A lot of the talk is about all the problems that some of the basis of had with inclement weather disastrous for as roma occasions. This quite a lot of talk about the need for the us military to decrease carbon emissions. They rainy presenter. Quite a significant minority the overall american emissions but in terms of the world y. position of climate. Change there's very little yet. There is a risk in securitising in climate change or climate breakdown and basically treating as a threat which has to be counted when it has effects on the problem with climate breakdowns. You're actually have to be working ten twenty ahead of when it starts to happen to be really effective. It is much more about prevention rather than try and clear out the mess. That's not to say that given where we are now won't be major problems across the world mass migration the rest but the real point is. This is something which has to be really concerned with the prevention. There isn't an an easy kill once you get started So we're really. It's a very odd situation that the military taking it on a particular way which probably is not the central issue when you define something act as an national security threat. How does that change a country's approach to something such as climate change. In this case i think a one other way to interpret a biden administration is trying to do is use. What firepower it has it. The cash spends on on sectors of the economy but of course defense as well which is a huge part of its spending and try and increase the demand for cleaner energy. So we've seen that one other route that the by Administration is going to use is to try and electrify the entire federal administration fleet. And so. maybe it's a way to create demand from the defense sector which you know is As paul rightly said an insignificant amount of emissions. But it is a huge spender of money on technology. And so maybe that's another way to push for a national security agenda on climate change
"bloomberg news" Discussed on WTOP
"Come Money news of 25 55 Americans supply chains are being disrupted by millions of people calling out sick because of Kobe and Claire. They're dealing with many more sick workers than they were hired to the pandemic. Olivia Rockman wrote the story for Bloomberg News. Sometimes we're seeing that level as much as 25% of workers not coming in, and that's really holding them back from a supply chain perspective, some companies rushing to get their employees vaccinated. We've seen this Prominently in food services, meatpacking as love, consumer packaged goods and other the companies that have been most vocal about getting their employees vaccinated first, But we've also seen this and financing and companies like J. P. Morgan want their employees vaccinated. That's been it's possible. A swell Consumer Brands Association, which represents Clorox, Procter and Gamble, Kellogg and others, says the absenteeism rate has been averaging 10% over the last two months. With some members reporting rates and as high as 25% from the Bloomberg News Room. I'm Charlie Pellet on w T O P just ahead. The article of Impeachment is expected to be delivered to the Senate tomorrow. 8 56 Sandals Sports book is officially live in Virginia to celebrate. Fanduel is giving new users their first bit risk free. You can get up to $1000 back in sight credit if you don't win, Bando offers live betting on him. Three game You can combine multiple bets from one game into a single parlay..