32 Burst results for "Bloomberg Newsroom"
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"Brad Siegel. Adam died to these Pellegrini in the Bloomberg newsroom. Berkshire Hathaway reporting a drop in fourth quarter operating and come down to $6.71 billion versus 7.29 billion in the quarter a year ago, and Bloomberg's James luden says look behind, Warren Buffett's conglomerate and the insurance under Russia operations they show you the drop of about 30% and railroads numbers weren't great either. And let NASA says Buffett's Berkshire Hathaway is also sitting on a growing cash pile. Inflation retail and the housing market all in focus, as investors I a report on manufacturing prices this coming week, along with the wave of quarterly results from retailers expected and a report on January home sales coming out. We ditches to have the worst week for stocks so far this year as those inflation nightmares return and Liz and Saunders, chief investment strategist at Charles Schwab, keeping a close eye on things. The equity market is coming to terms with the fact that the job is not done for the fed. They probably have to hike at least maybe once or twice more than what was even built into expectations. A week ago because the inflation data continues to be, I think, too high for the fed's comfort zone. And Saunders there on Wall Street week with David Westin after the fed's preferred inflation gauge showed a stronger than expected increase, rebula farooki is chief U.S. economist at high frequency economics. She says everything is really up in the air right now. One can not overreact to one month data, having said that the fed is still not seeing the response in the economy and in demand and in inflation that it needs to. So our base case remains yes, they go further 25 basis points in March in May. And then it's going to depend on the data how much further they have to go. And farooki with us there on Bloomberg radio. Former Goldman banker roger ng, asking a federal judge in Brooklyn, not to send him to prison. His lawyer says 6 months in a Malaysian prison and four years alone, under house arrest in the U.S., has already caused enough suffering. Ing is the only employee of a bank to be charged in
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"We start in China where protests against COVID policy have been muted police have been deployed en masse in several cities at Baxter with more from the Bloomberg newsroom in San Francisco, Eddie. As you guys have said, heavy police presence in Beijing Shanghai Hangzhou, Nanjing and elsewhere, crowds largely staying away Bloomberg's emo Brian says heavy, heavy police presence there to break them down. Definitely the Chinese government seems to think that they can deter these shows of opposition on the ground, huge police presence as our reporters on the ground found last night. They were police checking people's phones for acts like telegram, which has been speculated to be key one in terms of protest organization. Emma says that the protests do continue online and could pop up again, of course, on street. And Anna Ashton, who's a director for corporate affairs for the Eurasia group, says the protests pretty much spontaneous actions and although not Tiananmen Square. Still, it really is pretty strong evidence the strongest we've seen to date, the Chinese peoples just exasperation. Social very strong messages are being heard, many people in China are tired of the restrictions and Bloomberg intelligence Sam fazeli says it points to the fact that China has not done a good job of maintaining the disease. Push for more vaccinations, more boosters, even with the vaccines that they have. There's data that suggests with three doses you can really manage the severity, just as well as with the mRNA vaccines. That's what they need to do, which is where the surprise is, why are they not doing that? And what it does to the easing of restrictions and further economic reopening has also yet to be seen. And Shanghai Disneyland has been closed today because of the COVID restrictions on cases. U.S. response, National Security Council spokesman, John Kirby. We're watching this closely. As you might expect, we would. And again, we continue to stand up and support the right of peaceful protests. And I think we're going to watch this closely and we'll see where things go. Yeah, Kirby says Biden administration does not expect the protest to affect the supply chain nor to affect global economy and he says the U.S. has not received any requests for mRNA vaccine. Meanwhile, China's a whole reporting out over 37,000 local cases. Reuters reporting out the U.S. Secretary of State Antony Blinken is going to announce aid for Ukraine's power sector tomorrow. Moore talk about Donald Trump's dinner guest. Outspoken anti semite Nick Fuentes, who came to Mar-a-Lago with EA over the weekend. Trump has said that he didn't know who he was, not yet, but hey, to which Bloomberg contributor Rick Davis on violent pounds of power said. What kind of staffing is that? He's a presidential candidate and he doesn't know who he's having dinner with, which really is an indictment of his own sort of self discipline. So who is this guy Fuentes? This guy, Nick viente. I mean, he really showed up on the scene during the Charlottesville riots that were fomented by Nazi sympathizers and he's got his own TV show. He's quite a celebrity in what is considered the underbelly of evil. At least more evidence of the interesting choice Republicans are having of whether to stick with Donald Trump. In San Francisco, I met Baxter, this is Bloomberg. Thanks, Ed. Let's get to our guest, Stephen Ennis is with us, Steve, is a managing partner at SPI sed management he joins from Bangkok. Steve, thanks for joining us. I think we got to begin with the COVID situation in China. You know the story on the ground. What does this do to your thinking on investing in the mainland? Still think we're in the tug of war between the we can macro fundamentals and the increasing reopening health, believe it or not. A low probably getting a little bit of sidetracked here because of the intensity of the coverage of the protests yesterday. I think we have to take a more pragmatic approach here that once this wave does taper down. I think we will be going to happen quite quickly. I guess it really boils down to how far do you want to look through that looking glass. I mean, the Chinese policymakers are providing a lot of support here. Obviously, the multiplier effect is not going to happen, but that any rate cuts or any sort of stimulus efforts that people are still locked in their apartments have to be patient here. We have to wait. But when it comes to equity markets, they have a mind of their own and they like to chase these reopening paths and I think that's where we're probably seeing after yesterday's deep dive. If the experience of other countries is any guide as COVID works its way through a community, you get a lot of people off sick. Do you anticipate any more disruptions around the supply chain? That's the problem. That's one of the things why we're looking at the first half of the year is being really dim. We're not optimistic at all. But on the second half here, we think the second half of the year is going to be overly optimistic and again. I deferring to how you want to play this out. That's the problem. It's going to be a very, very bumpy road filled with numerous COVID creators, but I think the glide path has the first half of the year. It's going to be a lot smoother. And I think that's where the runway is. And maybe that's what's appealing to the longer term investors that are looking at these deep dips that we've seen in Chinese equities over the last year, and looking to build bargain hunting. Yeah, and one of the pillars on which that pullback has been based. I mean, that's kind of a weird metaphor, but I used it anyway. The property market. And now we're getting indications that Beijing is going to end one of its major fundraising bans on property developers. We can take that apart in detail, but very quickly, Steve, are you thinking differently about the property space these days given news like that? There's still a lot of debt out there. And that's one of the issues that we feel we have to be cautious on the property sector right now. Although there's a lot of buy in there right now. The other issue is a fed policy, obviously that's going to shape the flow of funds and the direction of the dollar. We had quite the pop in the greenback during New York trading a lot more in the way of fed speak in terms of, hey, fellas, we're
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"I do these Pellegrini in the Bloomberg newsroom. Investors will be eyeing next week's U.S. jobs report for signs of economic weakness that's after fed chair Jay Powell yesterday signaled another interest rate hike next month, and more after that, even if the economy slows. Failure to restore price stability would mean far greater pain. And Bloomberg's Michael McKee says Paul's comments at the federal reserves annual symposium injects in whole Wyoming are pretty clear. We'll keep raising rates until inflation starts to fall and will leave them high to ensure it keeps falling even if we tip into recession. Okay, that may be a little harsh. Message, we're staying the course. And the key says Paul's comments were greeted positively by other fed members, including Cleveland fed president Loretta mester. I think that was a very strong message and I'm certainly aligned with that. And also St. Louis fed president James bullard. You have to follow through and get the funds rate to a level that's defensible. And Philadelphia fed president Patrick harker. I think the message is for me that we need to get inflation under control. Investors are now bracing for a sizable hike in September and then more rate hikes after that. And Russia has blocked an agreement that was aimed at bolstering the nuclear non proliferation treaty as we've been reporting at September Moscow objected to a clause about control over the zapper region nuclear power plant in Ukraine. Argentina ambassador Gustavo's love and president of the conference. I see that at this point, the conference is not in a position to achieve agreement on its sustained work. In order to finalize the procedural reports, we need to return to the issue of the next review cycle. And the failure comes after four weeks of debate and negotiation among a 151 countries at the United Nations. Global news 24 hours a day on air and on billboard quick take power by more than 2700 journalists and analysts in more than a 120 countries. In the newsroom I'm Denise Pellegrini. This is Bloomberg
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"And I'm Suzanne Palmer in the Bloomberg newsroom, as we've been reporting an unidentified man is dead after he reportedly said his car on fire and drove into a U.S. capitol barricade late last night. Witnesses say the man jumped out of the vehicle and began randomly firing a weapon before turning the gun on himself. U.S. capitol police have yet to confirm details of the incident. No other injuries were reported in the motive remains unclear. As we've been reporting Salman Rushdie is on the road to recovery, that, according to his agent Andrew Wiley. The announcement followed news that rushdie was removed from a ventilator yesterday and was able to talk and joke. Two days ago, the 75 year old author of the satanic verses suffered serious injuries and a stabbing at a lecture in upstate New York. While he continued to caution that although Russia's condition is headed in the right direction, his recovery would be a long process. Henry Reese was on stage with rushdie and was injured in the attack. No way in my lifetime has said more influence than someone rushed in advancing freedom of expression both in the literature that he writes has created work and as an advocate at a public intellectual. How do you moderate a 24 year old New Jersey man pleaded not guilty yesterday to attempted murder and assault charges in the attack at the chautauqua institution. Broadcast music, which represents the rights of thousands of songwriters, including Ed Sheeran, Sam Smith, and Rihanna, is no longer on the market, more from Bloomberg's Charlie pellet. The company put out a statement saying a sale quote is no longer an avenue we are considering. BMI hired Goldman Sachs earlier this year to explore strategic options, including a sale with revenue of more than $1.4 billion in 2021, executives thought it could sell for at least one and a half $1 billion. Bloomberg's Charlie pellet, global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Suzanne Palmer. This is Bloomberg. This is Bloomberg businessweek inside from the reporters and editors who bring you America's most trusted business magazine. Plus, global business finance and tech news as it happens. Bloomberg businessweek, with Carol messer and Bloomberg quick takes Tim Steven on Bloomberg radio. Hi everyone, welcome to the weekend edition of Bloomberg business week. My co host steno Veck is off. In what was another eventful week for investors know summer doldrums for sure. Now the big economic news of our week, something we addressed with many of our guests, the latest CPI and PPI prints, both headline and core coming in better than expected in the month of July. Even so with a still hot headline inflation reading on CPI of 8.5% year over year, fed officials are expected to continue on a path of raising interest rates. Also this week, a major legislative policy initiative, $437 billion to bring down America's deficit, healthcare costs and carbon emissions ahead on our broadcast we catch up with the CEO of plug power and what it all means for key climate change initiatives and the company's business in green hydrogen. We'll also hear from the head of H and R block on the health of the American consumer and the company's blistering share price gains, plus the CEO of trivago on the persistently high cost of travel and the outlook for the hospitality industry. All of that to come, we begin with today's sobering reality of the world's worsening climate conditions. A Bloomberg big take this week explains how from the Rhine to the Danube, Europe's rivers are drying up as temperatures post record highs across the continent, disrupting trade, commerce, and more. Bloomberg's Mike Regan and I spoke with Bloomberg news oil products reporter, Jack whittles to help us understand the crisis across the Atlantic. It is really hot in Europe, it's been a very hot summer, and as a result, a lot of river levels are extremely low. Probably the most important of them is a river called the rise. That's about 800 miles long. It starts in the Swiss Alps. It goes all the way down through Europe to the North Sea and that is used to ship a lot of really important commodities through the continent. So I'm talking energy, coal, gas oil diesel, gasoline, but also stuff like gravels and then iron ore, when the water level on the Ryan gets really low, the barges that are used to transport all this stuff, they can't take on enough that content on their full loads of these commodities. Because the more you lower you get in the water and then when the river is really shallow, so they'll hit the bottom. So it's the low water really choking off the supply of energy and commodities in Europe, just as a war in Ukraine and we've got problems with Russian gas supply. So it's a little bit of a perfect storm at the moment. You know, check this strikes me as a very difficult problem to solve. You know, save doing a rain dance or something. I don't know how you fix this. So I'm wondering, is there any hope that this problem couldn't be solved or is it more a matter of shipping stuff via truck and rail instead? How are people dealing with this? There aren't many, very easy short term solutions for the company. You're right, you can shift your news rail. You can use road. So Switzerland, for instance, gets import some oil products by the Rhine but it doesn't also get through road and rails and pipeline, I believe. Companies can do that, but it's much more expensive. So that's not always great the economics are not always going to look very good on that. The other thing companies can do is they can invest in ships that are specifically designed to go in shallow water as they bear the chemicals companies invested in a couple of ships to do that. But it's not easy and we're climate change personally think it's probably just going to get worse and worse to be honest. Well, and that's where
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"I'm Chris. And I'm Denise fellow greedy in the Bloomberg newsroom and musters who are worried about inflation, well, they're probably eyeing next week's reports on consumer and producer prices for fresh signs of inflation, and former treasury secretary Larry summers tells us based on what he's seen so far. The fed needs to step up the pace of the hikes already. If we don't act on it and act strongly on it and that means raising real interest rates significantly, then we're just setting the stage for stagflation. And summers there on Wall Street week with David Westin heard here on Bloomberg radio. Berkshire Hathaway out with the big jump in quarterly operating income. Kathy seifert analyst with C FRA research says, even though profit jumped at Berkshire's insurance unit, Geico is flashing warning signs. The auto insurance unit reporting an underwriting loss according to Bloomberg's max Reyes. Underwriting there really took a hit off of inflation. Obviously used cars are way more expensive, right? So if someone gets into an accident, just the actual costs associated with fixing that car, replacing that card, depending on the severity. Those are way high. Bloomberg reporter max Reyes there. I'm rising concern about monkeypox and now doctors will legislators in New York are calling on the federal government to make it easier to get a drug called teapots more than that from Bloomberg's Michael Barr. Denise teapot is approved for smallpox, but some early studies say the antiviral can also help treat monkeypox even after people have contracted the disease. Right now, healthcare providers have to get special approval through the CDC and its investigational drug program. Gothamist says state senator Gustavo Rivera chairman of the Senate health committee and other New York legislators are also asking the Health and Human Services secretary Javier becerra. The consider using emergency use authorization to allow thousands of available doses to be accessed more quickly. Denise. Thank you, Michael. And global news 24 hours a day on air and on Bloomberg quicktake. Powered by more than 2700 journalists and analysts in more than a 120 countries. In the newsroom on Denise Pellegrini, this is Bloomberg
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"Denise Pellegrini in the Bloomberg newsroom. Some tough economic news from Asia today a contraction in China's economic activity factory activity for July unexpectedly shrunk. Economists had expected a slight increase. Meantime contract sales by China's top 100, property developers plunged about 40% in July from a year ago, but Bill winters, chief executive officer at Stanford chartered tells us Beijing appears committed to ring fencing the damage. It looks like the Chinese leadership is quite keen to contain this to the property sector. In fact, to address the challenges in the property sector. But everybody's a bit nervous, and we see that in the markets. And winters with us there on Bloomberg television. Other economic data coming out this week, the U.S. jobs report comes out on Friday, and the Bank of England expected to ramp up its inflation fighting. A half point interest rate hike this week would be the biggest increase in rates there in 27 years. The New York City Department of Health says about a 150,000 New Yorkers are currently at risk of monkeypox exposure in the city. And New Yorker, Mark hall, nurse practitioner, fell ill last month. Feeling very feverish, chills, sweats, headache, extremely fatigued, really swollen glands, and then started to get some more lesions on my body. The Washington Post says after the current shipments of monkeypox vaccine coming in, the jynneos vaccine. They're likely won't be more generous from the European company until October at the earliest. And after an 8 to two win over the royals, Yankees Aaron judge speaking about scoring his 200th home run, also asked about the biggest difference in his hitting from that first home run until now. There's a lot of hard work and a lot of people over the years to get to this point. I'm excited to get that one out of the way and you know, plus we got a win, so just keep it rolling. Couple do's 24 hours a day on air and on Bloomberg quicktake. Powered by more than 2700 journalists and analysts and more than a 120 countries. In the newsroom I'm Denise Pellegrini. This is Bloomberg
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"Denise Pellegrini in the Bloomberg newsroom. The monkeypox vaccination shortage could intensify. The Washington Post says, after the hundreds of thousands of doses coming in now the next delivery of the jynneos vaccine won't be until October at the earliest. Matthew Dane among those rolling up his sleeve to get the shot he says it's about being proactive. I mean, I'm honestly just here doing my part, I think it's important to get a vaccine, no matter what it's for, you know, as long as you believe in it and you are just doing what's right for public health. And Dave also says everyone should be cautious about the possible spread of the disease. U.S. job market in focus with the July jobs report coming out this Friday, Barbara Ann Bernard, chief investment officer of windcrest capital, says many companies are looking at economic weakness. These businesses are facing very little visibility over demand for their goods and the cost to produce them, which is not a healthy situation. And Bernard with us there on Bloomberg radio. Stocks did rally Friday in the U.S. partly thanks to tech stocks and partly on optimism the fed might ease up on the rate hike soon, but Emily Roland co chief investment officer at JH investment says she's not buying into the optimism. I think investors are a little bit too optimistic right now and you know, clearly economic growth here is on a path of decelerating. We've seen earnings estimates rolling over. Of course, Q two earnings season coming in a bit better than expected, given that low bar, but look, we are, if we're not already in a recession, we're going towards one. Emily Roland of GH investments there. The Bank of England expected to ramp up its inflation fight this week, a half point interest rate hike would be the biggest increase in rates from the bank and nearly three decades. And some weaker than expected numbers out of China this morning factory activity for July unexpectedly contracted. Global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts and more than a 120 countries. In the newsroom, I'm Denise Pellegrini. This is Bloomberg
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"Legendary Italian tenor at Luciano paparazzi, who toured opera houses worldwide starting in 1961 through 2004 will be given a posthumous star on Hollywood's Walk of Fame. His daughter Christina, paparazzi will attend as well LA opera music director James conlin. Pavarotti died in 2007 at the age of 71. I'm Scott Carr. And dag did these Pellegrini in the Bloomberg newsroom. Some weaker than expected numbers out of China this morning, factory activity for July unexpectedly contracted as COVID outbreaks weighed on the recovery there. The official manufacturing purchasing managers index fell to 49 from 50.2. Economists had expected a slight increase to 50.3. And the non manufacturing number that looks at construction and services combined will it decreased almost a point to 53.8. Jobs week here in the U.S., July jobs report comes out this Friday. And Kelsey barrell fixed income portfolio manager at JPMorgan asset management says, watch for weakness. My bias used to say that unemployment for this year probably stays below 4%, but we should be expecting a deceleration in payrolls growth because 300 to 400,000 is still consistent with an economy that is operating at above trend growth. And what the GDP data is telling us is that we're probably moving into more of a below trend growth environment. Currently, economists overall are expecting unemployment to hold steady at 3.6% for now. And some say there is still reason to be optimistic overall. After Amazon pleased to the upside last week, and the stock jumped 10% Friday. Gene Munster managing partner at Luke venture says watch for Amazon to keep being a crowd pleaser. They have a network that really no one can compete with. These are the trucks. These are the fulfillment centers. They overbuilt them in the June quarter and the March quarter in December of last year and now they're starting to reap some of those benefits. So that's how it can continue on the profitability side. And Munster with us there on Bloomberg radio. And Boeing has temporarily averted factory strikes. Workers at three factories near St. Louis had been set to walk off the job tomorrow, contract negotiations have been extended through Wednesday. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than a 120 countries. In the newsroom on Denise Pellegrini, this is Bloomberg
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"A slowdown and businesses can see that, appearing on NBC's meet the press, yell and predicted it will lead to sustainable growth in the long term. I'm Dina kodiak. And I'm Susanna Palmer in the Bloomberg newsroom. The man accused of attacking New York GOP gubernatorial candidate Lee zeldin during a recent campaign rally told investigators he'd been drinking that day and didn't know who the congressman was, David Jacobo faces a federal assault charge. He made an initial court appearance yesterday before a federal magistrate judge on a single count of assaulting a member of Congress with a dangerous weapon which turned out to be a keychain with two sharp points on it. The charge carries a potential maximum penalty of ten years in prison. Jacob bonus was arraigned Friday on a separate state charge of attempted assault in the second degree and was released by a local judge. That prompted criticism from zeldin and other Republicans who held it up as an example of the need to reform New York's bail laws. The New York triathlon is on, but it has been shortened because of the heat. The biking part has been cut in half from 24.8 miles down to 12.4 miles and the running portion has been cut from 6.2 miles to two and a half. The course will take racers into the Hudson River on bikes along a traffic free west side highway and through Central Park. Investors will be watching for a rate decision from the Federal Reserve in the week ahead, Bloomberg's Karen Moscow has more. The Federal Reserve is expected to raise rates on Wednesday with officials having signaled support for a 75 basis point move on Thursday we're watching for the initial rating on second quarter gross domestic product which could eke out a small advance. First quarter GDP fell for the first time since 2020. On Friday, we get personal income and spending and consumer confidence, and it's a busy week ahead for corporate earnings with Apple, alphabet, Amazon, and Microsoft among those reporting. Bloomberg's Kieran Moscow, global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna Palmer. This is Bloomberg
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"Cents on Sunday. I'm Michael Cassidy. And I'm Denise Pellegrini in the Bloomberg newsroom. We have gains for stocks in Europe this our London's FTSE up more than 1% in Paris not too far behind in gains for the decks in Germany as well. U.S. futures are pointing to a lower open tomorrow as recession concerns swirl. Leslie falcone head of taxable fixed income at UBS global wealth management says, even with signs the economy is slowing though, the fed will likely keep raising interest rates for now. We still think the fed most likely do 75 in July just to just as a precaution. We don't know really what's going to happen over the next several months. And the fed, of course, raising rates to battle inflation. And you know there's really no escaping inflation even on a holiday lions reports on the rising cost you're facing for your 4th of July picnic. Burgers cost 36% more than last year. Chicken breasts are up a third. That's the assessment from the American farm bureau federation that says the overall price tag for the picnic has gone up 17% year over year. That's the largest jump it seen in the ten years. It's been tracking it. All right, thank you, Nancy. And people are starting to line up for the best spot for their evening fireworks, including outside the esplanade in Boston, the Boston pops July 4th fireworks spectacular there in Bloomberg's Janet Wu says with the pops and the fireworks finally back together for the first time in several years after a pandemic hiatus, it's just like getting the old bed back together again. Looking at the show with the beautiful Boston skies behind us, Beacon hill and the back page, the right. You see the dome of MIT to the left and the beautiful Charles river. There's just nothing like it. And you can see in here, Janet and the Boston pubs July 4th fireworks spectacular live tonight on 8 p.m. on Bloomberg television and on Bloomberg radio as well. And we'll also have a very special radio pre show for you getting at 5 here on Bloomberg radio. A couple days, 24 hours a day on there and on Bloomberg quick take part by more than 2700 journalists and analysts in more than a 120 countries. In the newsroom to
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"Airlines are among those either being delayed or canceled today, American is seen more than 450 delays today with dozens more flights canceled. It comes as travelers make their way home as the first observance of the Juneteenth holiday draws to a close. Former vice president Mike Pence is slamming President Biden for the current economy. Unlike The Great Depression of the 1930s, the stagflation of the 1970s or even the Great Recession of 2008, the economic woes now upon us have been caused almost single handedly by one person. Speaking in Chicago, Pence blamed Biden for current inflation rates, claiming he'd never seen a stronger disconnect between citizens and the president. He mentioned Biden urging Americans to get a COVID vaccine last year, insisting there was a gap between what citizens want and how the president measured success. SpaceX had a busy weekend with three launches, including two from Florida space coast, the most recent took place around 1230 yesterday morning when a falcon 9 rocket lasted off with a communications satellite at cape canaveral Space Force station. I'm Lisa Taylor. And America Hurst awaits from the Bloomberg newsroom, European Central Bank president Christine Lagarde restated officials intention to raise interest rates in July and September, signaling that concerns over financial market tensions aren't derailing the fight against inflation. Russia's unjustified aggression towards Ukraine is severely affecting the Euro area economy and the outlook is still surrounded by high uncertainty. But the conditions are in place for the economy to continue to grow and to recover further over the medium term. Lagarde characterized the decision to develop a crisis measure as one that underpins a previous commitment to keep inflation under control, the comments Monday follow an emergency meeting last week where officials accelerated work on a tool to defend the integrity of the Euro region. Some Americans are already feeling the impact of the Federal Reserve's latest interest rate increase, Bloomberg's and Kate's reports. U.S. credit card rates have soared past 20% mortgage costs have climbed to the highest level since 2008 and companies are having a harder time borrowing money. The Federal Reserve's aggressive rate hiking cycle to team decades high inflation is expected to take months to fully filter through the economy, but the jolt has been immediate for the millions of people who need a loan now to pay bills, go to college, buy a home or expand their business. That's because the federal funds rate, which was boosted by three quarters of a point last week, is a benchmark for death that affects consumers and firms big and small in everyday life. In Washington and Kate's Bloomberg radio. Checking the global markets, the FTSE in London gained one and a half percent. The kak in Paris closed ahead a third of a percent. The Dax in Germany was up almost 1%. The nikkei in Japan closed down three quarters of a percent, the hang sang in Hong Kong finished up .42% and China's CSI 300 closed up a half a percent and a programming note tune in tomorrow for an interview with Elon Musk, the Tesla CEO sits down for a conversation with Bloomberg news editor in chief John McAuliffe on Bloomberg radio and television. Global news 24 hours a day and on air on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries. I'm Erica Hurst quits. This is Bloomberg
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"Moda go to winner of the 154th Belmont stakes the three year old colt had the best odds to win the Triple Crown horse race at Belmont park New York Kentucky Derby winner rich strike finished dead last A couple of positive COVID tests in his bandmates has caused a delay in the Ringo Starr concert the former Beatles saying yesterday unfortunately the concert in Providence and other summer tour dates are being postponed The band was to have played tonight at the Providence performing arts center I'm Scott Carr And I'm susannah Palmer in the Bloomberg newsroom Federal Reserve policymakers will set interest rates on Wednesday and a half point rate increases all but certain the fed's economic projections and dot plot along with chairman Jerome Powell's post meeting news conference will provide some clues on how much further the Central Bank intends to go in this tightening cycle Rudy Giuliani was one of Donald Trump's primary lawyers during Trump's failed efforts to overturn the results of the 2020 presidential election Now a disciplinary branch of the District of Columbia bar says the former New York mayor must answer to professional ethics charges for that role Bloomberg's days Pellegrini has more Susanna this is the latest career slap after earlier law license suspensions in New York and in Washington the office of disciplinary council filed these new charges alleging Giuliani promoted unsubstantiated voter fraud claims in Pennsylvania At issue our claims that Giuliani made in supporting a Trump campaign lawsuit seeking to overturn the election results in Pennsylvania That sought to invalidate as many as one and a half million mail in ballots It was dismissed by courts Bloomberg Denise Pellegrini Another COVID lockdown in Shanghai over this weekend Bloomberg's Greg Jarrett reports the lockdown is expected to be brief There's been another run on groceries with this announcement The plan emerged from one area with just a handful of cases and spread in hours to 15 of the financial hub 16 districts It encompasses almost all of the city's 25 million residents as health officials used testing to root out any silence transmissions of the virus which they say is a key tool in China's COVID zero arsenal Bloomberg's Greg Jarrett The 75th Tony Awards are being handed out today at Radio City Music Hall some 34 shows that opened between 2020 and 2022 are vying for awards Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg.
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"Paying homage to John Lennon on his got back tour McCartney played The Beatles hit I've got a feeling with a video of Lennon singing along with him playing in the background on the opening night of the tour and Spokane Washington Peter Jackson director of The Beatles documentary get back help McCartney isolate Lenin's vocals so they could do it together once again McCartney also paid tribute to George Harrison by using a ukulele Harrison gave him to play his song something A child actor turned radio personality is taking a leave of absence to focus on his health Julie Ryan has more Danny Bonaduce posted on Twitter he's taking a temporary medical leave from his Seattle based radio program The 62 year old co host of the Danny Bonaduce and Sarah morning show tweeted he's still working toward receiving a diagnosis Bonaduce representatives did not comment on his condition Bonaduce is best known for portraying smart alley Danny partridge on the partridge family that aired on ABC in the early 70s I'm Julie Ryan A Massachusetts family is happy after being reunited with their missing dog after 11 years on Facebook the stout and police department said an animal control officer found a loose Yorkshire terrier in the street officials scanned the pup's microchip and found out his name is Rex and he belonged to Martina nyla of Boston They told CBS Boston that Rex was stolen from the side of the street after he slipped out of the door when someone was leaving 11 years ago I'm Chris coraggio And dived to these Pellegrini in the Bloomberg newsroom It's Saturday on Wall Street but Chevron is getting a lot of attention from investors today That's because the oil giant is now on a Berkshire Hathaway's top holdings according to Bloomberg's Catherine chick linsky Bucket obviously has been invested in oil before He's had some Exxon shares previously and so he's familiar with the space but it's obviously quite a volatile market and I think there is some sense that he's now really big into oil And he also says Apple remained one of Berkshire's top holdings and CEO Tim Cook stopped by the massive Berkshire annual shareholder meeting in Omaha today Investors are picking up the pieces after a massive sell off on Wall Street yesterday Tech shares getting slammed Amazon following the most in percentage terms since 2006 and Apple also taking a hit partly because of COVID lockdowns in China Dan Ives of Wedbush securities says he's sticking though with his $200 price target on Apple We continue to focus on demand story I mean that continues to be the key why you buy Apple Apple shares on Friday finish the session at about a $158 a share I've also said he's still a believer in tech stocks overall And Connecticut consumers will soon be able to know when their personal information is being tracked and how it's being used under a wide ranging data privacy Bill that's heading to governor Le Mans desk more from Bloomberg's Michael Barr The legislation dubbed a consumer Bill of rights cleared the House of Representatives by a vote of one 44 to 5 It passed unanimously in the Senate last week The bill also allows people to access correct delete and obtain a copy of their personal data as well as opt out from having their information used by marketers retailers and others for various purposes such as targeted advertising Thank you Michael And global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries In the newsroom did he spell it This is Bloomberg This is masters in business with Barry Reynolds on Bloomberg radio My extra special guest this week you know him you love him you've read all of his books bestselling author Michael Lewis He has written so many seminal books so many seminal tomes on Wall Street from liar's poker the new new thing The big short flash boys the premonition on and on and on it goes he is out with season three of his podcast against the rules and he also created a series of short discussions about liar's poker which celebrated its 30th anniversary right before the pandemic you can get that either as an audiobook the print book or listen to the audio companion that he's put out on other people's money Michael Lewis welcome back to Bloomberg Good to hear your voice Same here same here So for the people who may not be familiar with you let's just do a brief background You graduate from Princeton and you head to Wall Street to make your fortune where you are pretty much rejected You don't get by Lehman Brothers but eventually through a crazy story you tell and liars poker you end up at what actually is the hottest firm in the world Solomon brothers how soon after you arrived at Sally did you realize this is a really unusual place Well I'll tell you I tell you two stories and you can decide which one is true because I actually don't remember The first story is I told myself I thought I told myself look I know I want to be a writer but no one's paying me to be a writer And I can get $90 an article writing for The Economist of The Wall Street Journal op-ed page or I can go take this job for a huge pile of money I can make some money And then figure out how to be a writer I think that's what was on my mind But I walked in I knew even before I walked into the place that it was a really interesting place I mean if you just go back and look at how much at Solomon's profits compared to the rest of Wall Street in say 1983 84 they made it was like they made more money than all the rest of Wall Street It was just they were clearly in some other business even if you didn't know what it was you'd say if something's weird is going on here And it's raucous I mean it's crazy The training program is a frat house that took the trading floor isn't even better for a house It's intellectually stimulating It's actually the false kind of presentation of Wall Street at the time was that these investment bankers that people in the investment banking department start out as analysts then become associates that work their way up to vice presidents And they're meeting with CEOs and they're doing the M and a transaction and all that That's where the actual intellectual life was That if you were a really good student that's where you went And if you were like just had greasy elbows you went to the trading floor You had already published a column as The Wall Street Journal while you were working at Sally that got you into trouble that had the most hilarious resolution tell us about the compromise that was reached when you published under your own name Maybe a year and a half into my journey there I published an article in the op-ed page of The Wall Street Journal Arguing that investment bankers were overpaid And it said at the bottom Michael Lewis is an associate at Solomon brothers in London I was so excited I was in The Wall Street Journal I thought when I came in the next day people would be slapping her in the background wow You got a piece of the journal I thought I thought everybody could be happy for me And to the London office in the next morning And Charlie McVeigh who I had adored who ran the whole Solomon brothers international and had been the one who.
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"I'm Suzanne Palmer in the Bloomberg newsroom Earnings season kicks off next week not everyone is looking forward to it Barry banister of Stifel Nicholas is bearish on earnings growth Our estimate is that as the purchasing manager index for manufacturing which is a really good forward indicator of earnings growth is that falls sharply in the middle quarters of this year I'm not looking for dramatic earnings growth I think there's downside to the consensus around I think it's two 15 consensus I think it's downside to about zero to 3% growth Bannister was interviewed on Bloomberg markets the close Taiwan Semiconductor manufacturing revenue rose to a record in the first quarter on demand for chips used in smartphones computers and cars while up for a long to shortage help to boost the prices Bloomberg's Greg Jarrett has some numbers Revenue jumped 36% to 491.1 billion Taiwanese dollars or 17 billion U.S. in the three months through March analysts estimated 469.4 billion on average TSMC the world's largest contract chip makers slated to report full earnings later this month Demand for mobile phones smart televisions and other gadgets from makers such as Apple and Samsung electronics remains robust and this is even as consumers in major markets in Europe and the U.S. exit pandemic era lockdowns and work from home arrangements Times Square foot traffic is inching its way back up to pre-pandemic levels That's according to data from the Times Square alliance the nonprofit coalition of business owners and stakeholders that promotes the area and runs events such as the New Year's Eve celebration during the week ending March 20th average pedestrian totals reached 300,000 a day and weekend totals hit 330,000 a day Those numbers are just down slightly from the same period before the pandemic Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg This is Bloomberg businessweek inside from the reporters and editors who bring you America's most trusted business magazine Plus global business finance and tech news as it happens Bloomberg businessweek with Carol massar and Bloomberg quick takes Tim steno on Bloomberg radio Hi everyone welcome to the weekend edition of Bloomberg business week Among the big headlines from this past week Tesla's Elon Musk taking a stake in Twitter Figure that one out Tim Yeah that was pretty surprising on Monday morning and then we've got the perfect person to break down what that means to the world's richest man and of course the social media platform as well Our conversation with Kathy wood is coming up Also ahead the president of Mattel and the retail industry's new normal we're still trying to figure out normal I got to say that And also oakview group CEO Tim leiweke he breaks down the company's big bet on Vegas We're talking $3 billion There's some serious money there Plus our editors roundtable profiles a GOP Senate hopeful who's going full maga in a hotly contested and highly priced Pennsylvania primary running against Doctor Oz That's our domestic cover story Stir I couldn't put it down All of that to come we begin with the war in Ukraine Now more than 6 weeks old Russia is facing new international sanctions on the heels of apparent war crimes in town surrounding Kyiv that were among the first targets of the invading Russian forces In the meantime companies with workers on the ground there are taking steps to hell Andy kurtzig is founder and CEO of just answer It's a site that connects people with doctors lawyers vets mechanics and other experts 24/7 And he's had more than 200 employees caught inside the war zone They're all live and doing as well as they could possibly be doing in this situation that we're in So all of our preparations have paid off We've been hosting to keep them all safe and so far it's working And in your notes you said that 6 of them are currently fighting and those who are fighting are still being paid a salary Yes So what we promised to them even before the war started when we thought that this might happen was we'd pay them 50% of their salary in addition to the seller and they get for being in the military And then we guarantee their jobs when they come back victorious Hey Andy we can take a step back And we are grateful that you've given us some time What are you it's hard for any of us I think in terms of some of the atrocities that we're seeing in some of the news coverage of what's going on in Ukraine right now what are you hearing from your team members who are on the ground in Ukraine I'm hearing pretty much what you're seeing in the news which is it's dreadful It's terrible I mean the seeing the bodies and the torture and the reality now that they've taken back some of their territories near key is just awful And they're horrified For those of the rest of the world For those that have stayed on the ground and decided not to leave Ukraine why is that Well so a few reasons I mean so we have the 258 now employees that we have in Ukraine 39 of them have we've been able to get them out But the rest either they can't get out because of their men between 18 and 60 It's against the law for them to leave the country Okay And then we've got people that maybe their spouse or their family members are stuck there and so they don't want to leave either So some of the women are staying by the side of the men that are forced to stay in Ukraine And then we've even got like the woman that leaves their office in Ukraine Her son just turned 18 So he can't leave until she's not leaving her son behind Wow What's the message that you want to send to other people in Silicon Valley other Americans who are here in the United States and really just watching this play out I mean I think a lot of people have this feeling that well okay the government's doing what it can do There's only so much I can do You know first thing is that this affects all of us This is not some small skirmish in Eastern Europe This is about democracy and about freedom and east versus west This is everything really worried about during the Cold War It's actually happening now And this affects all of us And so we all need to.
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"I'm Susanna Palmer in the Bloomberg newsroom As we've been reporting president Joe Biden will give what he intends to be a major address from Poland today about world efforts to counter Russian president Vladimir Putin's war in Ukraine Bloomberg's Anne Marie horden is covering President Biden's trip She says Biden will likely highlight the U.S. and European Union agreement to help Europe wean itself off Russian fuel imports What do U.S. administration is looking to do is bring in 15 BCMs of LNG What Russia imports into Europe is a 155 when you consider all natural gas LNG and drew pipelines so you can see it's a very tiny step forward 1 billion m³ Bloomberg's Anne Marie horden reporting from Poland The fire department is in and now all 5 of New York City's pension funds have voted to sell their Russian securities to protest the Ukraine invasion More from Bloomberg's Denise Pellegrini A statement from the city's controller office says the vote follows similar decisions by pension systems for the police department teachers The board of education and city employees How much is involved here Well the Russian holdings amounted to just about a $186 million on February 25th before trading was halted compared with overall assets of 266 billion Bloomberg's Pellegrini reporting Saint Peter's peacocks of Jersey City are headed to the elite 8 as we've been reporting the peacocks became the first 15th seed in the history of the NCAA tournament to make the elite 8 after beating Purdue last night The team takes on North Carolina tomorrow Deutsche Bank has fired a number of top bankers in New York This we're hearing from people with knowledge of the matter after a tab run up at a strip club was expensed as legitimate business spending Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg This is masters in business with Barry riddles on Bloomberg radio My extra special guest this week is Samara cone She is BlackRock's chief investment officer.
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"I'm Susanna Palmer in the Bloomberg newsroom Western nations agreed to impose rastic new sanctions on Russia aimed at further isolating Russia's economy and financial system after president Vladimir Putin attacked Ukraine A joint decision was announced today to cut some Russian banks off from the swift messaging system used for trillions of dollars worth of transactions between thousands of banks around the world In addition the nations said they would act together to impose restrictions on Russia's Central Bank which would keep it from using its international reserves in ways that could undermine sanctions Events across the country today are marking ten years since the death of Trayvon Martin the 17 year old black high school student who was fatally shot while walking back to his family's South Florida home Alongside Trayvon's mothers Sabrina Fulton mayor Eric Adams spoke this morning at the national action network headquarters in New York City There is no tragedy in the mind of so many When a 17 year old black boy is shot and killed but we must stand our ground and say it does matter Claiming that he was protecting his neighborhood George Zimmerman pled not guilty and was acquitted at trial igniting an ongoing debate about so called stand your ground laws It's another sign of progress in New York State against COVID Bloomberg's Michael Barr reports New York governor Kathy Oakley said all hospitals in the state are now able to do elective surgeries and procedures COVID-19 hospitalizations in the state of fallen sharply down to under 2300 In January the omicron peak was at more than 12,600 Also said there hasn't been an increase in cases since the state dropped its mask mandate for businesses two weeks ago New York's recent positivity rate is just over 2% In New York Michael Barr Bloomberg radio Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Suzanne Palmer This is Bloomberg This is masters in business with Barry Reynolds on Bloomberg radio My extra special guest this week is Sebastian mallaby He is the Paul Volcker senior fellow for international.
Bloomberg Radio New York
"bloomberg newsroom" Discussed on Bloomberg Radio New York
"The Sacramento river A tardigrade fossil found within a piece of 16 million year old Dominican amber as the third ever discovered Researchers called it a once in a generation discovery Microscopic tardigrades also known as water bears were around long before humans and have outlasted 5 mass extinctions I'm Brad Siegel And I did these Pellegrini in the Bloomberg newsroom as we've been reporting and investigation is underway after that bomb scare at Laguardia last night with people panicking rushing to get out of that American Airlines playing from Indianapolis following an emergency landing Passengers described a mad scramble to get off port authority says there was no actual danger The danger of inflation a big topic heading into the new trading week and Simon Ballard chief economist at first Abu Dhabi bank says even with growing signs of rising prices the fed needs to see stronger jobs recovery before tightening That's what's really going to be needed to trigger a change of heart by the fellow thing between now and mid 2022 in terms of shifting to that tidal bias And bellard commenting on Bloomberg daybreak Middle East U.S. consumer price report comes out This wouldn't stay According to federal documents Donald Trump's Washington hotel lost more than $70 million during his time in The White House And that was despite receiving millions of dollars in payments from foreign governments Bloomberg's Charlie pellet takes a look According to a letter from the chair of the House committee on oversight and reform the documents quote raised new and troubling questions about former president Trump's lease which was managed by the general services administration according to the letter the losses occurred even as the Trump international hotel took in an estimated $3.75 million from foreign governments and received favorable terms from Deutsche Bank which allowed Trump to defer payments for 6 years on the principle of a $170 million loan Charlie pellet Bloomberg radio Looks like Tesla's software update is ready to go Elon Musk says the full self-driving beta 10.2 update will be coming out tonight and mayor de Blasio's new plan to get rid of the city's gifted and talented programs might not make the great world warn that coming up as well Couple news 24 hours a day on air and Bloomberg quick take powered by more than 2700 journalists and analysts in more than a 120 countries I'm Denise Pellegrini And this is Bloomberg.
WTOP 24 Hour News
Avatar Set to Beat Avengers: Endgame as Highest Grossing Movie After Re-Release
"With the re release of the 2009 blockbuster avatar in China. Disney wins Either way it acquired Avatar is part of the 20th century Fox Film Library from the Bloomberg newsroom I'm Larry Kaskey on W T O Pay. Still to come.
Bloomberg Daybreak: Asia
Powerful earthquakes trigger tsunami warning in New Zealand; thousands evacuate
"Has been rattled by multiple earthquakes and cakes has more from the Bloomberg newsroom and that's right. A powerful 8.9 magnitude earthquake struck off the New Zealand coast. That prompted the evacuation of thousands of people and triggered tsunami warnings across the South Pacific for been a series of quakes, but they do not appear to pose a widespread threat, toe lives or buildings.
Bloomberg Businessweek
State Declares COVID-19 Alert for Danbury
"I'm Susanna Palmer in the Bloomberg newsroom as many states struggle to contain Cove in 19 the positivity rate in New York at a record low marking the 15th consecutive day below 1%. Governor Andrew Cuomo said today there were four virus deaths in the state in the latest number. Danbury, Connecticut residents lined up today to get tested for the virus. This after health officials warn of a significant spike in covert 19 cases in the city. The spike prompted the state Department of Public Health to issue a cove in 19 alert for Danbury last night. Officials on Friday confirmed in nearly 200 new cases reported since the beginning of August, including 40 for in just the past 24 hours, seven seems to be an unlucky number lately for the subway system. We hear more on that from Bloomberg's Dinis Pellegrini. Vandalism on the seven train could soon affect service for those who rely on the line to travel between Queens and Manhattan, New York one reports. Vandals have smashed dozens of windows on several subway trains over the past few months, and the vandalism has happened so often, the empty says it has gone through its stockpile of replacement glass now. Each time this happens, the MTV has to pull the train out of service for hours to replace the windows. Plus it costs about $500 apiece and the M T. A is now facing a total of about $300,000 in damage from the vandalism. And this comes at a time when it's already struggling financially because of the pandemic. Did he spell a gritty Bloomberg radio? As
The Frame
Spotify, Apple And Recording Artists discussed on The Frame
"Songwriters make pennies on the dollar each time. Their music is streamed and streaming making up about seventy five percent of the music business in the United States. They not surprisingly want eight better cut, so songwriters were pleased. When last year the copyright royalty board decided to boost their streaming royalties from ten percent to about fifteen percent. But reports this week said that Spotify Google Amazon and Pandora want to appeal that decision to find out why spoke with Lucas Shaw from the Bloomberg newsroom where he reports on the entertainment business, and he said the dispute started with the music modernization act a law passed last year, which set up a new framework for how songwriters would get paid. While it's fairly easy to know who recorded a song, the songwriting can get really messy because you're factoring yourself and factoring in samples you oftentimes have seven or eight or nine different songs. In writers on track. And so you'll have all these fractions of ownership somebody will have to percents. Somebody left by percent somebody left. Ten percent oftentimes leads to litigation and disputes over who knows what the music modernization act it accomplished a few different things. But the the most important moving forward for the industry was trying to end some of that in the process of how these services paid on writers. So after that became law. There were other arguments over how much songwriters were getting. So how do things stand today, and what is the most current dispute so just this week or ten five big tech companies and music spot by Amazon YouTube, which is owned by Google alphabet and then Pandora which is now owned by Sirius XM, satellite radio company appealed, a decision made in January of two thousand eighteen that the rate that a lot of songwriters would get paid. For a particular royalty without getting into the weeds songwriters get paid to different types. Royalties from streaming services and one of them was determined by these copyright judges last year, and the tech companies have essentially said that the process in which this happened was not right and they're appealing. Apple is not part of it. They have tried to be more and more friendly to the music industry. But these other four tech companies have all appealed and are trying to get a re hearing of what these rates should be the music industry. Of course is saying look at these companies. They don't care about the songwriter. They're trying to reduce what they pay the tech companies insist whether you believe them or not they're not actually protesting the rate, but they're protesting the process in which it was determined. So there's two different issues. One is the growth and the rate and the rate of the royalty has gone up materially. But the other issue is that of your songwriter. That's like maybe one cent to one and a half cents. So in terms of the real world. Even if they're big increases in those royalty rates is it really meaningful to songwriters. It's meaningful in a really small way to your point. You know songwriter. Don't make the bulk of their money from streaming or from sales. They make a lot money. When a song goes crazy on radio or get used in a commercial movie. What's called a sync license songwriters field? They get screwed over in the way royalties are paid out that the bulk of revenue from me Spotify or an apple music goes to recording artists and not on right? A record labels collect depending on on the service and the contract you fifty to fifty five percent of Spotify revenue and songwriters collect under these new rules, which was assuming significant increase like fifteen percent. This whole dispute makes me think of something that happened in the movie business in the nineteen eighties. And that was along with the advent of the video cassette in the studio said, listen, this is going to cost us a lot to make and manufacture and distribute. So even though it's this new revenue source. We're only gonna give screenwriters a small fraction of what it actually. Of what these cassettes are actually bringing in. And it ended up being the screenwriter took it cost him hundreds and hundreds of millions of dollars is a similar argument that these distributors in streaming services are proposing. Now is that we have to be we have to get a break because we're growing, and we don't want to go out of business. And we might if we don't have this. If that is definitely not argument made by some of the companies, one of the reason you'd see someone like apple not protesters because apple makes so much money from selling phones, they don't really care about losing a little money on music Spotify whose entire businesses music need to make money on their service and bay of certainly made that argument part of it. They're still a growing service. Still figuring out a model that works for them. They reported a profit in their most recent quarter. But it's one of the first time they've ever done that. And then to the point you're making about VHS in new technologies. There's also the record label or the music company factor in here because. It's oftentimes the music company making the deal with the streaming service on behalf of their artists and the three biggest music companies in the world, universal Sony and Warner all operate both record labels and publishing which represents songwriters. And they have made the decision to tilt the scales in favor of the recording artists rather than the songwriter. Yeah. Those three companies control about eighty percent of all of licensing. So what happens next you have these record labels that have this? Huge clout, you have these companies outside with Spotify are making a lot of money. What are the possible outcomes in the dispute? One outcome is that they decide to keep the system as is. And all the different streaming services impact companies have to figure out how to make money from it. How the business works and the other is that they revisit it may revise now in the grand scheme of things we're talking about, you know, there's there's some clear barriers on what the division could be payment was like ten percent. And it was fifteen percent of overall revenue. It's going to be somewhere in that window. And none of it is going to completely change the game for songwriters, but songwriters were very very happy about this ruling last year. And if all of a sudden that rate gets put down it is just going to lead to a lot more tension between them and these tech companies which do want songwriters to to like them and work with them. Because at the same time that they're trying to reduce the rate that they're paying they're trying to convince more and more artists to work directly with them instead of go through the labels because the real concern for Spotify. For a lot of other music companies is how much they have to pay intermediaries record labels music, publishers. Everybody's trying to fight for a larger piece of what is growing, but still sort of small
Mike McConnell
Campbell Soup and Third Point Near Deal to Settle Proxy Fight
"Which is a vaccine that prevents a form of meningitis how that could be expanded to include gonorrhea urgency apparently is rising because the bacterium is becoming increasingly resistant to antibiotics it spreads more rapidly. And US infections were up nineteen percent last year. That's all the way from a very small number two a slightly bigger small number. Well, I don't know. I didn't see whether it was a big smaller small big. So I was watching TV over the weekend. Yeah. Some friends and an ad came on from a law firm. Yeah. Searching for people trying to drum up business people who've taken a certain diabetes drug and then developed genital gangrene. Hour, and it's real big over the middle of the picture and read and it was throbbing threat genital gangrene bird of genital gangrene. I still don't know much about. I think I looked it up. I would think by the time people are suing the drug company a little late. I would have heard of it by now not only that I think it's a little late if you're doing well gangrene is means it comes off, right? General. I'd prefer not to really think about it all the way. Greg Louganis a guest on gentlemen, gangrene? Let's go. Let's look at futures futures are up more than one percent. Nasdaq up about one point six percent from the Bloomberg newsroom. I Patricia Corre on NewsRadio seven hundred wwl w.
Bloomberg Daybreak: Asia
Bloomberg, SoftBank and Donald Trump discussed on Bloomberg Daybreak: Asia
"China. Also, SoftBank in talks to buy a majority stake in we work. That's according to the Wall Street Journal, SoftBank would commit fifteen to twenty billion dollars in the co working startup and pimco says go after emerging markets. So that might inspire investors. I have to say we're kind of stuck in neutral here in the equity markets. We do have the Nikkei slightly higher is less than a tenth of a percent, though, just twelve points, Australia, flat. New Zealand is down about a third of one percent. The kospi is trading down about six tenths of one percent. So not a lot of movement. The Bloomberg dollar spot index is flat. The ended strengthen little against the dollar Dalian. Now one twelve ninety seven euros trading. Back over a dollar fifteen US the AUSSIE dollar down to seventy one point one seven you mentioned that oil to oil is down about a quarter of one percent in on the Chinese currency. Not too much movement there either the offshore currency trading. Six ninety one forty seven against the US star. Let's check of markets not all that much happening. We'll get to all the wise with it with Stephanie Hofer coming up chief investment strategist at LGBT Bank. That'll be in a few short minutes. But for now, let's get a news update. Twelve minutes before the top of the hour. Here's Mark mills in the Bloomberg newsroom. Brian. Thanks president. Donald Trump said he had North Korean leader,
Bloomberg Markets
Bloomberg, Greg Jarett and Greg Davis discussed on Bloomberg Markets
"The US economic council, a just said on Bloomberg television as well as dissecting the jobs report with our own Carl Riccadonna just plus we have Greg Davis chief investment officer of vanguard on retail in money in stocks, and whether the Federal Reserve is going to be raising interest rates more than two times this year. But right now, let's go to Greg Jarett in the Bloomberg newsroom has got a Bloomberg business flash, Greg, bam. A couple of hot headlines just passing across the Bloomberg terminal. US July. I assumed non-manufacturing index is at fifty five point seven. The estimate was for fifty eight point six and a panel in the United Kingdom confirms Disney's four price at fourteen pounds. A share for sky stocks edge higher. After the latest data depicts a steady job market retained wage increases while the data Marcus solid start to and should keep the fed on track for an interest rate. Hike in September. Whitening trade war threatens to curb growth in the labor market. We check the markets every fifteen minutes throughout the. Trading day here on Bloomberg radio is five hundred does edge, into the green it's, up one little change but up one the Dow Jones industrial average is up a tenth of a percent of thirty one and the NASDAQ is little changed down to the ten year is up, six thirty seconds yield two point nine six percent west Texas Intermediate's down pretense of a percentage sixty. Eight seventy seven, a barrel COMEX gold's up half a percent at twelve twenty five ninety and the, dollar-yen, is. At one eleven sixteen the euro a dollar fifteen eighty in. The British. Developed thirty five Footsie's up nine tenths of a percent. The Dax Germany's up three tenths percent macaque in Paris is up one tenth of one percent that's a Bloomberg business flash. Bloomberg markets is under way how would. We saw Rana with Pimm Foxx thank you very much.
Bloomberg Markets
Fed stands pat on interest rates
"Pressure on the Chinese in order to trade change their trade practices we've got more coming up. Also more on Tesla's shares now up about three. Percent let's go to Charlie Pellett, in the Bloomberg newsroom he's got a Bloomberg business flash thank you very much Pimm FOX tesla burning through less cash than analysts expected. Last quarter and stood firm with CEO Elon, Musk's projection that prophet is around. The corner after Years of lawsuits the fed wrapped up its latest policy meeting and the central, Bank is standing Pat on another rate increase four now and with more here's Bloomberg's Vinny Del. Giudice game plan remains the same. And their, official, policy statement fed officials repeated. They're planning to gradually lift rates while taking a pass for now they're aim, keeping the economy expanding at a healthy pace. While holding inflation and. Bay the Fed's next policy meeting late September futures trading imply that's when the fed will act NFL chewed ice bloombergradio as some p. five hundred index down three today down one tenth of one percent the Dow down. Eighty one down three tenths of one percent. NASDAQ up thirty five of five tenths of one percent. Tendered on ten thirty seconds. Yield two point nine nine percent gold down six, tenths of one percent twelve sixteen. Ounce west Texas intermediate. Crude down one point four percent at sixty seven eighty two apple shares at a record of five point nine percent at two one fifty and again Repeating our top story the earlier. Headline Trump administration says it is weighing whether to increase the proposed tariff on two hundred billion of Chinese goods to twenty five percent from ten percent stepping up pressure, on Beijing to change its trade practices I'm Charlie. Pelletan that is, a Bloomberg, business flash thank you very much Charlie Pellett you're listening to Bloomberg markets I'm Pimm FOX along with Bob every, we're in for Carol Massar and. Jason Kelly.
Bloomberg Markets
Stock Market Recovers After Soft Open
"Markets a look at macy's and it's blue mercury initiative think the shares of macy's have tumbled along with other retailers this year not aja stock is up more than forty four percent we're going to have details but right now let's go to charlie pellett in the bloomberg newsroom got a bloomberg business flash thank you very much facts tim fox and thank you bob every we have got the dow lower sp nasdaq they are both pushing higher snp up barely up by half a point right now twenty seven eighteen stocks clawing back from earlier declines to trade mostly higher on reduced volume as investors look past potentially rising global trade tensions the dow down twenty three points down about one tenth of one percent nasdaq up thirty one a gain of four tenths of one percent tenure down one thirty seconds yield now two point eight six percent gold is down nine tenths of one percent twelve forty to the west texas intermediate crude down three tenths of one percent seventythree ninetysix for barrel of wti industry data suggest american manufacturing gathered momentum in june and with more here's bloomberg's vinny del giudice csm factory index advanced a sixty point to one of the strongest showing since the start of the twenty first century led by a measure of pent up demand the gauge of supplier delivery scored the second highest rating in almost forty years they also show orders production and employment remains strong the ism's measure of cost of raw and other materials is close to a sevenyear high vinny del giudice bloomberg radio gold is down nine tenths of one percent twelve forty to the west texas intermediate crude down two tenths of one percent seventy three ninety eight for a barrel of wti recapping and p now lower down a point down less than one tenth of one percent i'm charlie pelletan that is a bloomberg business flash bank you very much charlie pellett you're listening to bloomberg markets.
Malaysia: Markets closed on Thursday and Friday
"One eight six six sectoretf we're at forty seven past the hour we're gonna be talking with bloomberg's global economics and policy editor kathleen hayes coming up about what's going on with em particularly given the fact that the bank of indonesia has signaled for the second time in two weeks it may hike interest rates we've got a weaker currency on that front not gonna steal her thunder we'll have details on that coming up we've got a weaker yen against the dollar here at one zero nine ninety and higher oil prices the combination i guess you could say is helping to send the nikkei up by about three tenths of one percent in seoul the kospi had one half of one percent and in sydney now the asx two hundred is better by about three tenths of one percent now markets in malaysia will be closed thursday and friday we had a stunning victory in the election in malaysia mahathir mohamed defeating the current prime minister do brazil created a bit of nervousness in the space during the new york session the ice shares msci malaysia etf down about six percents so we're not going to be able to get market reaction in malaysia until the monday session intraday in the bond market stateside we had the ten year above three percent we close new york trading right around two three percent yield we've given back just about two basis points right now in the tokyo session yielding two point nine eight percent let's get an update on global news now mark mills is in the global bloomberg newsroom with these headlines mark douglas state department says three americans held in north korean labor camps were free and back in the us wednesday afternoon they landed in anchorage alaska and route to joint base andrews near washington president trump said that he's looking forward to greeting the hostages when they arrive cnn reports that singapore has been chosen as the host city for the planned summit between president trump and kim jong un no comment from the white house on that report ninety two year old malaysian leader mahathir mohamad scores a shocking victory in national elections promising a return to the rule of law the israeli military says iranian forces based in syria fired twenty rockets at israeli frontline military positions in the golan heights early thursday triggering an israeli reprisal and further escalating heightened tensions global news twenty four hours a day on air an tick tock on.
Roy Moore, Doug and President discussed on
"Brian all right let's get to the news desk thanks very much doug thirty five minutes now past the hour and we're looking at this president trump's popularity facing a test with the tuesday primaries with that and the rest of the global news here's mark mills in the bloomberg newsroom mark brian thanks the race for control of congress kicks into high gear with primaries in four key states on tuesday that will test whether democrats can turn trump's low approval ratings to their advantage democrats and republicans in indiana west virginia ohio and north caroli china will pick candidates for congress governor and state legislatures president trump employed republicans in west virginia not to vote for us senate candidate donald blankenship in the gop primary saying the candidate a coal executive who served prison time for a safety violation that killed twenty nine miners can't win the general election trump wants to avoid a replay of the roy moore defeat in alabama the trump administration has shown in america i vibe that has many allies worried that the us is withdrawing from its traditional international engagement bloomberg's kathleen hayes asked about that in a conversation with former secretary of state george shultz a trend pulling back from asia to you've seen for a while is it is it a mistake the us is making there's been a lot of rhetoric like that but we seem to be preoccupied with china japan north korea so we're not we're engaged heavily should be trade talks with mexico and canada continue following the decision last month to postpone tariffs on us imports of steel and aluminum from the european union canada and mexico secretary of state mike pompeo meeting with his mexican counterpart at the white house monday so how did optimistic on nafta mexico as our second largest export market third largest trading partner the importance of modernizing nafta cannot be overstated and we'll continue to work towards an agreement with mexico and with canada the trump administration will ask congress to cancel fifteen billion dollars in unspent government funds including seven billion from the children's health insurance program according to people familiar with the plan the move would cancel unspent money from previous years of children's health insurance but would have no effect.
US-China trade talks center on rivalry over technology
"Special tomorrow five o'clock eastern carol i'll be thinking with robert kaplan from the dallas fed wanna talk to you about the international aspects of fed policy and also about the us economy good stuff as always kathleen hayes global economics and policy editor at bloomberg news there at on the west coast attending the hoover institution monetary policy conference at stanford and of course our thanks to philippi hernandez latin america economist bloomberg economics inner bloomberg eleven three studio let's get back to world and national news headlines and it's ever to nathan hager bloomberg newsroom in washington dc nathan carol president trump didn't know about the payment to stormy daniels when he said he didn't know about it that's what white house spokeswoman sarah sanders just said at the daily press briefing in the west wing after the president's lawyer rudy giuliani revealed last night that the president has in fact reimbursed his personal lawyer michael cohen for that hundred thirty grand stated and i'll refer you back to his comments this was information that the president didn't know at the time but eventually learn reports that federal authorities wiretapped cohen before the fbi raid on his home and office sanders is deferring questions on that to the president's lawyers and the justice department says the us cannot confirm reports that north korea's releasing three americans ahead of the president's plan to summit with kim jong un but she says if it's true the administration would see it as a sign of goodwill so far so little to say from president trump's economic team when it comes to trade talks with china the latest from bloomberg's irv chapman in washington china's economic policies plus geopolitical ambitions make the negotiations a tough slog elizabeth konami of the council on foreign relations said in a bloomberg interview superpower they want to reclaim the centrality of china on the global stage they want write the rules of the game they're made in china twenty twentyfive program to protect the chinese economy and chinese industry in ten cutting edge technologies is antithetical to getting the us companies in their opening market access and getting a fair deal economy says the administration would have a better shot against chinese cheating if it worked in concert with allies who have the.
Pimm Fox, Scott Pruitt and Intel discussed on
"This is bloomberg markets with kiro measure on bloomberg radio i'm pimm fox in for carol massar investors are rushing out of stocks taking a look at major market averages s and p five hundred right now is down more than three percent that's a drop of more than eighty one points the nasdaq is down more than three and a quarter percent another story in the bond market investors scooping up the long bond that's been a big reversal in today's trade the long bond now trading at over a two point nine five percent with a gain of ten thirty seconds we've got much more of a today's market decline but right now let's go to charlie pellett in the bloomberg newsroom he's got a bloomberg business flash level of the day right now pimm fox we've got the dow the sp nasdaq all selling off on this monday not just any money but the first trading day of the second quarter the dow get right to the numbers down seven hundred twenty five points a drop now of three percent the s and p down eighty to a drop of three point one percent nasdaq slumping to hundred forty points lower by three point four percent a developing story the united states environmental protection administration says auto emission standards should be revised dp administrator scott pruitt says obama era emission standards are too high also a big story major story involving intel and apple people from really over the plan samples planning to use its own chips in mac computers beginning as early as twenty twenty replacing processors from intel this again according to people familiar with the plans big move lower for intel on this news now down by eight and a half percent apple trading lower by one point six percent the tenure up five thirty seconds of the yield of two point seven two percent gold is up one point four percent thirteen forty four the ons west texas intermediate crude down two point nine percent at sixty three eleven a barrel so again recapping steep losses for us stocks topic will have more on coming up on taking stock with the essence now down eighty one points worse love of the session the drop now of three point one percent i'm charlie pellett and that is a bloomberg business flash thank you very much charlie.
Russia tests new nuclear missile that NATO calls 'Satan 2'
"The jury has reached a verdict and cleared noor salman widow of pulse nightclub mass killer omar mateen of all charges not guilty on each count the jury says as several nations and russia expelled each other's diplomats moscow is showing off its newest nuclear intercontinental ballistic missile correspondent phil black reports the kremlin calls it sarmatia in the west the world's heaviest icbm is known as satan to putin very recently just a few weeks ago was boasting about the capabilities of dismissal its size its power multiple warheads it's range its ability the russians say to get through ballistic missile systems president trump's most trusted aide communications director hope hicks has bid farewell to the white house correspondent abbie philip says she may not be replaced so far nobody is in line to take her please sources say the president is being told by some advisers he doesn't need a communication structure the words of staff general john kelly i'm evan haning and i'm joan doniger in the bloomberg newsroom spacex has sent another batch of ten iridium communications satellites on a used falcon nine rocket into orbit from vandenberg air force base in california it's varying this part of a constellation of seventyfive iridium next satellites into place the work should all be done by mid year but spacex is looking now to do this for itself that is one fcc permission to offer broadband service from space itself by using constellation of more than forty four hundred satellites racing around the earth and low orbit the company says the aim is to link the.
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Russia tests new nuclear missile that NATO calls 'Satan 2'
"In orlando florida the jury has reached a verdict and cleared noor salman widow of pulse nightclub mass killer omar mateen of all charges not guilty on each count the jury says as several nations and russia expelled each other's diplomats moscow is showing off its newest nuclear intercontinental ballistic missile correspondent phil black reports the kremlin calls it sarmatia in the west the world's heaviest icbm is known as satan to putin very recently just a few weeks ago was boasting about the capabilities of this missile its size it's up multiple warheads it's range its ability the russians say to get through antiballistic missile systems president trump's most trusted aide communications director hope hicks has bid farewell to the white house correspondent abbie philip says she may not be replaced so star nobody is in line to take her place sources say the president is being told by some advisers he doesn't need a communications director staff general john kelly i'm evan haning and i'm joan doniger in the bloomberg newsroom spacex has sent another batch of ten iridium communications satellites on a used falcon nine rocket into orbit from vandenberg air force base in california it's varying this part of a constellation of seventyfive iridium next satellites into place the work should all be done by mid year but spacex is looking now to do this for itself it is one fcc permission to offer broadband service from space itself by using a constellation of more than forty four hundred satellites racing around the earth the low orbit the company says the aim is to link the.