40 Burst results for "Businessweek"
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 10-16-2023 18:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV batteries environmental impact, behind sand. Yeah, sand. You get context and context changes everything. Go to Bloomberg .com to get context. Daybreak Asia coming up in just a moment. That's going to do it though for Tim and me and the whole Bloomberg Businessweek team. Have a good and safe evening, but don't go anywhere because Daybreak Asia starts right now.
Bloomberg Businessweek
Fresh update on "businessweek" discussed on Bloomberg Businessweek
"Fashion giant, a Xian, I should say confidentially filing for its IPO, that according to the Wall Street Journal. Again, move lower for stocks today with the Dow, the S &P, Nasdaq ending the Monday session in the red S &P 500 index today down by seven points, a drop there of two tenths of 1%. The Dow lower by 56 down two tenths of 1%. Nasdaq, stack the composite index down nine, a drop there of one tenth of 1%. Tenure yield 4 38 % with a two year that's yielding 4 .88%. Gold at 2014, the ounce while West Texas Intermediate crude today down nine tenths of 1%, 74 .86 per barrel of West Texas Intermediate crude. Wall Street is coming off of four weeks of gains down Monday, David. Lots of questions heading into 2024. Katie Kaminsky is chief research strategy at Alpha simplex. I think we have to figure out are we going to get those cuts or are we going to have to wait longer for them? So I think investors have to really think about what the potential impact of opportunities for fixed income is next year and then also consider how does this tighter policy continue to percolate through the equity markets and where does that create opportunities and where does that
Bloomberg Radio New York - Recording Feed
Monitor Show 16:00 10-08-2023 16:00
"Available at Bloomberg .com slash originals and streaming platforms, including Roku, Amazon Fire TV, Samsung TV Plus, and more. Find our Bloomberg Businessweek podcast at Bloomberg .com, Apple, or wherever you get your podcasts. The latest edition of the magazine is available on newsstands now at Bloomberg .com and always on the Bloomberg Terminal. I'm Tim Stenebeck. And I'm Carol Masur. Have a good and safe weekend. Stay with us. Today's top stories and global business headlines are coming up right now.
Bloomberg Businessweek
Fresh update on "businessweek" discussed on Bloomberg Businessweek
"My brain. Each week on this podcast will break down, analyze and debate the most important stories on Musk and his empire. It's all one big universe. just You work for Elon Ing. From Bloomberg Business Week, this is Elon Ing. Markets, headlines and breaking news 24 hours a day at Bloomberg on Bloomberg Television and the Bloomberg Business app. This is 540 on Wall Street. We do tech markets all day long here at Bloomberg. Turn out today to be a down day for the Dow, the S &P and Nasdaq after the bell, a headline on the Bloomberg. Shine confidentially has filed for its U S IPO, that is the Chinese fast
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 10-06-2023 18:00
"Right now, aviation companies like Lufthansa Technik are using virtual reality training to help their mechanics practice crucial engine maintenance skills, helping them prepare for real repairs. Learn more at meta .com slash Metaverse Impact. Oh, it's a pleasure, Carol. Look for Jess's reporting and her team reporting over the weekend. I'll set you up for Monday and catch the Bloomberg Businessweek Weekend podcast. It's out there and it's also on radio, 8 a .m. tomorrow. David Weston, Wall Street Week, now. That will include battery plant workers in a new national contract. This is the first time in three weeks the strike has not been widened to new plants. Amazon's space race with Starlink is on. Amazon saw its first satellites blast into orbit, a test that sees it move closer to a satellite Internet business to compete with Elon Musk's Starlink program at SpaceX. Amazon's also making it a little easier for prime members to get free grocery delivery. Now they'll have to spend more than 100 rather than $150. Investors saw slower wage growth in the blockbuster September jobs report. So they turmoil on Global Wall Street this week, starting with a turmoil in Washington over who is speaker of the House as Kevin McCarthy became the first speaker in history to be voted out, throwing the business of the Congress up in the air until they can sort things out. The yeas are to 16. The nays are to 10. The office of Speaker of the House of the United States House.
Bloomberg Businessweek
Fresh update on "businessweek" discussed on Bloomberg Businessweek
"Up Turn today to be a down day for the Dow, the S &P, and NASDAQ. After four weeks of gains, a move lower on this Monday. Today we had industrial and financial shares underperforming. S &P finished lower by 8 points at 45 .50, a drop there of two tenths of one percent. The Dow was down 56, a decline of two tenths of one percent. NASDAQ down nine, a drop today of one tenth of one percent. Ten year yield 4 .38 % with a two year yielding 4 .88 %. Gold at 2014 23 the ounce, and West Texas intermediate crude down nine tenths of one percent, 86 a barrel. Amazon's 1 .4 billion dollar deal for Roomba maker robot risks being derailed unless the firm's fixed a list of competition concerns highlighted by the European
Bloomberg Radio New York - Recording Feed
Monitor Show 15:00 10-05-2023 15:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. I think Kaley could bust her way out of that. I would try my best. You'll know what I mean when you see it. All right. We'll meet you on Balance of Power later, Bloomberg Businessweek now from the Sustainable Business Summit. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act, this is Bloomberg Radio. This is Bloomberg Businessweek, insight 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 with Businessweek Kero Masur and Tim Stenebeck on Bloomberg Radio. And a very good afternoon, everybody. We are not live in our normal studio. But we're live. Are you alive? I'm alive. I feel alive. He is alive. We are live at the Bloomberg Live Sustainable Business Summit. Speaking of live, we're also at the link at Bloomberg headquarters in New York City. And we are, of course, on YouTube and on our streaming service. It's a busy day. It is a busy day. You know what I love about broadcasting from right here? The food is real good. Yes, I'm so close to the snacks. This one is eating all the time. I'm so close to the snacks. I can just go over there and get snacks. What a sign of how well the economy is doing. Let's just see how much Jim is eating on a regular basis. We are seeing some investors come into the market, certainly on the equity side of things, buying a little bit on the dips today. But again, every day, right? Labor, labor, labor data. And tomorrow is the penultimate, I feel like. Yeah, but we're getting mixed data. Is it a hot labor market? Is it a cooling labor market? We're going to have more on this coming up. Also, Carol, a great story out today. On and off again, Girlfriend, a failed crypto king.
Bloomberg Businessweek
Fresh update on "businessweek" discussed on Bloomberg Businessweek
"He seeks out opportunities to, um, you know, insert himself, I think, you know, both because like he is a kind of like instinctive writer. And so, you know, whether we're talking about, you know, the water crisis in Flint, Michigan, he which had promised to fix, or wildfires years ago, or, uh, the, the, uh, cave, the Thai cave thing, you know, he, he, this is kind of what he does. Um, so that's one thing as Joel says, he is, um, marketing to some extent, Starlink as a potential, like defense technology as, as something that goes beyond just like a way for you to get the internet in a rural area, but maybe something that's going to sold, be uh, to governments. And of course, he is trying to use this trip and, and acknowledge on, on, on X, uh, earlier today that he's trying to use this trip to sort of combat, uh, or do damage control, I suppose, uh, from, from the, uh, the endorsement of, you know, an antisemitic, uh, conspiracy theory, uh, that happened a couple of weeks ago that has led to massive, uh, pullback from advertisers and, and sort of lots back of and forth with Elon Musk, who has, I should say, uh, denied, uh, being an antisemite and has said, this is all just a, uh, you know, media conspiracy and, and he did it. Well, he, he made the comment and, and he's attempting to essentially say that, well, you know, I'm pro Israel, so how could I, you know, I've taken the time to, to fly, you know, halfway around the world. How could I, how could, how could somebody does that be an Of course, um, the concern from advertisers, you know, I think anytime you see a, you know, a potentially violent conspiracy theory amplified, like that's upsetting, but also the concern ads is seeing next their to this stuff. Right. And that's something that arguably X hasn't done that much to fix yet. They are suing media matters. So they're, so they're taking this fight to court, but it's not clear that that they've actually changed their approach in any way, which I think, you know, the max brings up the numbers and, you know, when this first happened and, uh, episode that we put in motion for it, um, we you'd seen a trickle of, of in pause and spending, but boy, that is, that number it's gets bigger and bigger now on X and the, the companies involved have only gotten bigger and the brand is just like, why bother? Right? Yeah. Well, it's a lot easier to say Lindy Ocarino and there's this interesting tension between Musk, who's out there kind of mixing it up with these like far right figures in his own personal social media handle. handle. And then Lindy Ocarino, the CEO of X acting like, like the normal, like a normal media company CEO saying, Hey, you know, we're, we're working really hard to combat hate speech. And by the way, we've got some excellent opportunities Hey, and have you checked out the NFL sports is really big on X. You know, she's, she's doing the things you sort of expect a media executive to do and in certain ways of being undermined by the owner who is, you know, just on his own kind of like amplifying theories, tweeting the sort of seemingly crazy stuff and just making it harder for her to convince advertisers. This is a great place to like sell pharmaceuticals or market your black Friday discounts or whatever. Well, max, how do we separate? And can we separate Elon from star link from X from Tesla? I mean, there is no separation. I mean, that's, and that's what's unique about him. It's that, you know, he runs these companies, even though they are nominally separate, even though, you know, Tesla is a public company. SpaceX is a privately held company with a lot of outside, a lot of big time outside investors. You know, X, you know, formerly known as Twitter has these, has these lenders investors who are obviously, you know, interested third parties. But he kind of likes to blur the lines. I mean, you see executives kind of bounce from one company to the next. You have him talking all the time about the way these companies, you know, kind of enhance one another. So it's like, it's very hard. And when it's working well, it becomes this amazing advantage. You think back a couple years ago when SpaceX launched a Tesla Roadster into space, right? Just amazing an marketing stunt that kind of sort of highlights how forward looking Tesla is and give SpaceX I guess something to, you know, send it to orbit or send it into outer space. But when it's not working, working when you have these kind of crises and then they can kind of like blow back on other businesses. And what we're seeing with SpaceX, with Starlink is Musk trying to find, you essentially know, a new revenue stream, you know, the idea that this could be a technology that governments would license. Because he's right to, because it was interesting in the Bloomberg story, Starlink now counts more than 4 ,500 satellites in space, more than half of all it's a big mapping if you will, of the satellite world. Is it right that he does have, you know, some pretty powerful technological tools under his umbrella? So Starlink's interesting, I mean it's a new technology, these are very small satellites it's probably worth saying, and they're lower orbit than typical ones, they'll need to be sort of replaced with a lot of clarity. And all those things make this a very interesting business potentially, and there's all this chatter about a potential IPO, but it's not yet clear how great a business it is and whether Starlink, because remember Starlink has to compete with some really entrenched players including mobile networks. I mean, to get as big as Elon Musk wants them to be, they're going to have to convince people instead of, you know, getting broadband they're banned from a cell phone company to get it from space, and potentially at a higher price. So that's the challenge there. But also, he's been able to do that with things like cars, and the ability to underestimate what Musk is capable of is the reason that we're going to keep talking about it because it just never ends. I feel like every day there's just something that we can kind of like roll into it. So it's pretty wild. I was just looking at the most I read, think there's a couple of stories that are Musk related. As Joel said, you know, we'll see a Cybertruck event next week, and that's another big test for Musk. All right, Max Chafkin, thank you so much. Joel Weber, our thanks to you as well. listening You're and watching Bloomberg Business Week. Bloomberg Radio on demand and in your podcast feed. On the latest edition of the Bloomberg Daybreak U .S. edition podcast, we spoke with Lori Pacina, head of U .S. equity strategy at RBC Capital Markets. I think what's interesting is we look back at the seasonality data over the last 10 years. November has consistently been a pretty strong month for the S &P 500. December tilts positive more than not, but there have been some stinkers in there, as I like to say. So, I think have we'll to see. Certainly, I do think a lot of the move has been deserved, and I think we should have another good year in 2024. So, if we do end up getting the Grinch as opposed to Santa Claus, I think it's just going to be a temporary phenomenon. And to that point, your team just put out the target for the S &P 500 for next year. 5 ,000, implying
Bloomberg Radio New York - Recording Feed
Monitor Show 13:00 10-02-2023 13:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV batteries environmental impact, behind sand. Yeah, sand. You get context and context changes everything. Go to Bloomberg .com to get context. Check it out at Bloomberg .com or check it out on the Bloomberg terminal. That'll do it for myself and Bailey Lipschultz. Have a good afternoon. Join me on Businessweek later on today. Right now, though, sound on. It starts right now.
Bloomberg Businessweek
Fresh update on "businessweek" discussed on Bloomberg Businessweek
"So let's get to it. In kind of a connected story, we wanted to take a look at Look at the environment for startups. Obviously, SHIN is in a different place, actually getting ready to go public, according to The Wall Street Journal. But when it comes to the venture capital market, it's been pretty tough. Nearly one in five investments was a down round. We're talking about recent fund raises. In terms of dollars raised, total VC VC funding has now declined in six of the past seven quarters. This is coming from Carta, which tracks this stuff. So let's head to Stockholm, in Sweden, where we find on Zoom unconventional ventures co -founder and general partner, Nora Baby. Nora, nice to have you here with Bailey and myself. We said it's been a slow IPO market and they're not necessarily doing well once they go public. Talk to us about the VC market and what you guys have been seeing. Thank you so for much having me. And yes, it's definitely slow, but when it comes to progress in terms of investing in the best businesses in terms of also acknowledging the best type of founders behind solutions, the we're really not seeing any progress. So I'm the co -founder general partner of Unconventional Ventures, which is considered to be Europe's first impact fund with a diversity lens. And we've been doing these the funding gap reports for the last five years looking into what the ecosystem has been looking at, not only for the last 20 years, but particularly since 2017, where we see incredible changes happening in the ecosystem. And unfortunately, we keep coming back to the same numbers over and over again, funding for all female founding teams are literally on a slippery slope in terms of the numbers sticking at around 1 % in the Nordics. And that's being considered one of the most gender ecoregions in the world. Now, if we look at Northern Europe, numbers that shifts between approximately around 2%, even that minimizing down to 0 .9 % in some markets. And if we compare the global numbers, we're looking at the typical 2%. That is definitely not changing. And what is really astonishing at this year's report is that when we look at mixed teams, because in general, we see a lot of excuses being made for, well, you know, when female founders are part of a mixed team, we do know that they get funded. But look when we at the Northern Europe as a market, what we see is that is actually even becoming in terms of share of capital versus percentage of rounds, and then all in all, when we look at the amounts, we see that even coming down as little as 4 percent. So net net in terms of, and you guys, it sounds like you looked at Northern Europe in the terms of survey base, if you will, that when it comes to female teams, they're getting nothing when it comes to VC funding. It really isn't changing much. And even if you have a mixed team that includes someone like a female founder, a female individual, it's still not great and it's actually coming down. Why is it not getting better? Well, I wish that we were talking about, you know, why are we seeing too little progress? The problem is seeing we're not any progress. And I think we come down to the same kind of conclusion over and over again. Representation matters. And if you do not think that it matters, then you're probably well represented. So I think we need to go back and look who are the check writers because we do know that there is a very clear correlation between who writes the check and who receives the check. When it comes to decision makers being more diverse, meeting beyond white men, that is not changing at all. Even that being, we see more women coming into the financial industry, something is also happening at senior levels because more and more women are actually leaving senior positions in the financial industry. Where everything we talk about is how difficult it is for anyone to get funding, let alone investors and management teams that aren't well known and aren't, as you mentioned, looking like, that the investors at their courting. Well, I think we need to create this bottom line, meaning if we're really about making great business decisions, then we're clearly not making the best kind of investments because they are skewed and biased towards a particular community and group. With that being said, when we talk about what type of founders are getting funded, what we need to also knowledge, what kind of problems are they really solving? Is it nice to, or is there a need to, and if we look at the global challenges now, really accelerating in the unprecedented time and pace, what we know with that is that we're really not targeting depth of the problems that need and then going back to representation. That's why we need to fund more diverse founders that have to insights the problems. We only have about a minute left here. Forgive me, but I could go back two years. I could go back five years would and I have the exact same conversation. I'm trying to understand why the needle isn't moving. What's the think that's the problem. Is it the pipeline? Because we've also done the stories about female -led VC firms where they aren't necessarily more inclined to give money to women backed or women created businesses. So I'm not quite sure what's the problem and only got about 40 seconds left here. Why isn't this? I would say venture capitalism isn't the problem. Venture capitalists are the problem and I think all the unconscious bias training that everyone is acting in is not working and I think in terms of conversation, yes, we've been talking about this problem, but that's exactly the problem. keep We on talking, but we're not funding. So we're over mentoring these founders, but we're not investing and that is the final thing that is moving the needle. Right. Mentoring isn't money. Mentoring is just, hey, here's what you need to do, but ultimately people need the money to move ahead. Nora, I really appreciate some time with you, Nora Bavy. She is Unconventional Ventures, co -founder and general partner, joining us on Zoom from Stockholm. You know, the numbers, you know, Bailey are jarring, but I do feel like, um, we had this conversation throughout the pandemic that a lot of things would change in terms of the importance of diversity, uh, and inclusion had a lot of important conversations. And yet here we are. Exactly. And you mentioned this goes back years. This is not a new phenomenon by any stretch. Yeah. So I'm wondering why isn't it changing? All right, everybody you're listening and watching Bloomberg. Yeah. Interactive brokers pays up to 4 .83 % on instantly available USD cash balances in your brokerage account. How much interest can your broker pay? Interactive brokers conservative and prudent risk management uniquely positions them to pay up 4 to .83 % on uninvested instantly available USD cash balances in your brokerage account. The best informed investors choose interactive brokers rate subject to change. Visit ibkr account. Pop culture is something that touches everyone. It's how at ibkr is an entertainment and tech. There tends to be a
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-29-2023 18:00
"When professional soccer player Marcus Rashford injured his shoulder, he turned to Resle's virtual reality training program to help him maintain his skills and return to the field with confidence. Learn more at meta .com slash metaverse impact. Concerns about technology, big technology oversight. For Simone Foxman and the whole Bloomberg Businessweek team, have a good and safe weekend. Get home safely, especially if you're in the New York metro area, but don't go anywhere because Wall Street week, it starts right now. This is a Bloomberg money minute. The surge in oil prices is sending gas prices higher again in California, the average price of a gallon of regular now top $6, but the Wall Street Journal says investors think that won't last. That oil prices will not hit $100 a barrel because higher prices, experts say, are denting demand. JP Morgan Chase says we are driving and flying less. Clorox, Pine -Sol and Kingsford charcoal may be a little easier to find in stores again. Clorox, which owns all those brands, says its manufacturing sites are back in operation after a cyber attack in August forced it to stop some of its production. Now, Clorox says it's ramping back up and working to restock inventories. On Wall Street, the S &P in Dow fell a quarter to a half percent, the NASDAQ added a tenth of a percent, the Dow down 159, the NASDAQ up 18, the S &P down 12. For the quarter, all three averages fell at least two and a half to more than four percent. Joan Doniger, Bloomberg Radio. Get the news you need to start your day in just 15 minutes. More legal trouble for former President Donald Trump. We're also following the autoworkers strike in Detroit. Wake up with Bloomberg Daybreak, U .S. edition. Tensions between the U .S. and China remain in focus. Upset and college football. Available now on your punch.
Bloomberg Radio New York - Recording Feed
Monitor Show 05:00 09-26-2023 05:00
"Interactive Brokers charges USD margin loan rates from 5 .83 % to 6 .83%. Rated the lowest margin fees by stockbrokers .com. Rates subject to change. Learn more at ibkr .com slash compare. Bloomberg surveillance, Bloomberg Daybreak, Sound On, Bloomberg Businessweek and more are also available as podcasts. Listen today on Apple, Spotify, the Bloomberg Business app and anywhere else you get your podcasts.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-22-2023 18:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV batteries, environmental impact, behind sand. Yeah, sand. You get context and context changes everything. Go to Bloomberg .com to get context. We so appreciate all of our members of our Bloomberg Businessweek team who make it possible to put this show and podcast on every day. Thank you guys. And just met and thank you so much. Have fun on your time off. All right, everybody. Wall Street week starts right now.
CoinDesk Podcast Network
A highlight from UNCHAINED: Zeke Faux's Crypto Adventures and His Relationship With Former FTX CEO SBF
"Hi, everyone, welcome to Unchained, your no -hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as a senior editor, Forbes was the first mainstream media reporter to cover cryptocurrency full -time. This is the September 19th, 2023 episode of Unchained. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. The game has changed. The Google Cloud Oracle built for layer zero is now securing every layer zero message by default. Their custom end -to -end solution sets itself up to bring its world -class security to web three and establish itself as the HTTPS within layer zero messaging. Visit layerzero .network to learn more. Arbitrum's leading layer two scaling solutions can provide you with lightning fast transactions at a fraction of the cost, all while ensuring security rooted on Ethereum. Arbitrum's newest addition, Orbit, enables you to build your own tailor -made layer three. Visit arbitrum .io today. Buy, trade, and spend crypto on the crypto .com app. New users can enjoy zero credit card fees on crypto purchases in the first seven days. Download the crypto .com app and get $25 with the code laura. Link in the description. Today's guest is Zeke Fox, author of Number Go Up. Welcome, Zeke. Hey, thank you so much for having me, Laura. Yeah, I'm excited to chat. You just came out with your book, Number Go Up. Congratulations. Tell us what it's about. Number Go Up. I've started out as it's my the story of like the two years I spent going down the crypto rabbit hole. And when I started out, I was just kind of curious and skeptical. And I was arguing with my friend about the reasonableness of a betting on Dogecoin. It's like the height of the pandemic. And I don't know, I got kind of sucked into investigating crypto. Two years later, I was cut to I'm in the Bahamas, going to Sam Begman Fried's penthouse just before the cops showed up interviewing him about the collapse of FTX. And so you said that this was your period of going down the crypto rabbit hole. What had you been doing before? So I've been an investigative reporter for Bloomberg for a long time. And at Bloomberg, I generally write about kind of the shady side of Wall Street. So I'd written exposes of predatory lenders, penny stock scams. One of my favorites was about a Patriots fan who stole the New York Giants Super Bowl rings after the 2008 helmet catch game. So I'd always been looking for like wild stories to tell in this world of business and finance. But I kind of resisted crypto as a potential topic. I just didn't really see it as like, I mean, you're going to laugh at me now, but I just didn't really see it as like a good target for an investigative reporter. And it wasn't because I thought crypto was like the future. It's just like this may be hard to believe if you're like a big time crypto guy, but actually maybe not because I'm sure you talk about it with your family and everybody. But like outside in the traditional finance world, a lot of people are so skeptical about crypto that they were like investigating a crypto company and finding out something bad about it, you wouldn't find anything surprising. I don't even care about that story. But what I realized was that my first crypto conference was Bitcoin 2021 in Miami. And I showed up there and I just met, I realized there were so many crazy characters in crypto. There were so many people that I'd love to write about. And I'm like, these are the kind of people who I need to get to know. One of the first people I sat down with was I met Sam Bankman -Fried there. I met Alex Mashinsky of Celsius, who was very prominent there. I had Michael Saylor saying all sorts of crazy things about Bitcoin. And I came back and I told my editor, like, I was wrong. There's all sorts of weird stuff going on in crypto. This would be a great topic and it'll be, you know, it'll be a long time before. There's too many stories to choose from. Yeah. Yeah. And it's funny in terms of the years that you, quote unquote, went down the crypto rabbit hole. Those were two of the craziest years and in a way, like some of the more unusual years of crypto, I would say. Just so before we dive into, you know, the different escapades you underwent in your book, you mentioned earlier that you were both curious about crypto, but also skeptical. So, you know, before we dive into what you were looking into, I wanted to hear your overall take on crypto. You know, when you say you're a skeptic, how much of a skeptic because there are some people who are skeptics and they completely dismiss crypto, but I didn't get that feeling from reading your book. I'm sort of like a skeptic in general. I'm skeptical of everything. That's why, like, I'm an investigative reporter. So if somebody tells me, hey, like Alex Mashinsky did, hey, I'm going to pay 18 percent interest. And if you want a loan from me, I charge like as low as zero percent. This is like in the world of traditional finance, a very backwards business model. When you say something like that to me, I'm going to say, yeah, I'm kind of, can you provide some evidence, like what, how are you investing your money? How does this how does this make sense? But I tried to keep like an open mind. And the question I was always asking was, what does your product do when I meet crypto founders? Can I see it in action? Can I talk to your users? Is it being used in the real world somewhere? That's one of my favorite questions, because as a writer, it's hard to write about things if you can't see them being used. And so that took me to El Salvador to see the Bitcoin experiment there. But it also took me to Ape Fest to see what it was like to be a member of the Bored Ape Yacht Club. And I was pleased I got one of the first reviews for the book the other day from Jeff John Roberts in Fortune. And he's, I think, feels fairly positively about crypto. He thought that my take on crypto was a little shallow, but that the book was so funny, he didn't care. And I'm like, you know what? I'll take that. I think we can all enjoy reliving these last two crazy years. And like whatever your take is on crypto, like there are crazy things that happened that we have all just like so much has happened. There's no way to like remember it all. But I have done the work of writing it down so you can go read it. Yeah. Yeah. No, it was definitely it covered the range of events. But let's actually talk about one of the main through lines. And I believe, you know, correct me if I'm wrong, that this was actually meant to be a book about Tether. And because I remember like a long time reading that it was coming out and I think that's what it said. And you kind of keep saying this to yourself that you keep saying it yourself in the book that, you know, you're getting these tips about Tether and you're trying to investigate them. You keep coming up against these dead ends. So before we go into all that, why don't you at least just tell us, so what do you feel were your main findings about Tether and like what were you trying to resolve? So probably old for like most people listening, but Tether is a big stable coin. Each coin is supposed to be worth a dollar because each coin is supposed to be backed by real dollars that are held in a bank somewhere. And I when started out, I wrote like a story for Businessweek about Tether. That was sort of the start of this project. I always thought as kind of like a good jumping off point, I pitched the book as like, this is the craziest financial mania we've ever seen in the world and it's not going to last. And I want to be there to chronicle it. And I see this like interesting central mystery that is going to like take me through. And that was Tether. At the time when I started, Tether said that they had, I think it was around 50 billion dollars in the bank. It was weird because on the one hand, it was pretty widespread to be, and correct me if I'm wrong, if I'm describing what crypto people think, because you probably know better than me, but like even people who are pretty into crypto in when they were talking to me, they'd be like, yeah, I'm not so sure about their assets like this. I don't know what's going on with Tether. This is like a good question to be asking. And it was being asked at like the highest levels of the U .S. government. Like Janet Yellen called a meeting of all the top financial regulators and the topic was like, what's going on with Tether and like, could this affect the world And I just thought it was a little when I started looking into Tether and I saw that, you know, among its co -founders was a child actor from the Mighty Ducks. I was just like, what is this in that the company I write in the book, the company was quilted out of red flags, like in the world of traditional finance, you did never you would never find a company with so many weird things to look into. And yet here it was like at the center of the crypto world. And I just thought it was it was funny to me that the heads of state were discussing this coin that was like dreamed up by a child actor from from the Mighty Ducks. And I was like, this is my kind of mystery. I want to dive in. I'm going to try and find Tether's 50 billion dollars. I see. So, you know, as we mentioned at different points in the book, you do talk about how you feel like you keep coming up against dead ends in your investigation. So what's your conclusion about that fact? Like, do you think it means that concerns about Tether are overblown? Does it make you more convinced that like the company is just really hitting everything really well or like what are your thoughts? Right now, Tether has only grown bigger. Midway through my reporting, I found that Tether had invested a lot of its assets into Chinese commercial paper. And there's kind of like this conflict of interest at the heart of Tether's business model, which is that if you give your money to Tether, you want them to keep it really safe. So it's there when you go to cash in your Tether tokens. But Tether doesn't pay any interest in the way that Tether makes money is they can take the money that you trusted them with and they can go invest it. And so there was this theory that especially when interest rates were very low, they might be doing weird things with your money in order to earn higher profits. And that so I found that they were doing some unusual things that included the Chinese commercial paper and also making loans to crypto companies like Celsius and others. So to me, that seemed like that's kind of risky. What's going to happen there? And as I followed along in the summer of 2022, like crypto companies fell one after the other and Tether did not. And there was even like a little run on Tether where users cashed in, I don't know, five, 10 billion dollars of Tether. And I'm sure if those people did not get their money back, like we would have heard about it. Right.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-18-2023 18:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV batteries' environmental impact, behind sand, yeah, sand, you get context, and context changes everything. Go to Bloomberg .com to get context. You don't need to talk about what you want, you can talk about this. Okay, we'll do that. Doug is like, master. What? Doug's like, we've got 10 seconds. Master, go take another two weeks off. All right, guys, that's going to do it for Bloomberg Businessweek, good to be back with the team. Don't go anywhere. Bloomberg Daybreak Asia starts now. I'm Dan Schwartzman, I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia, on Bloomberg 1130 New York, Bloomberg 99 .1 Washington, D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119, and around the world on BloombergRadio .com and via the Bloomberg Business App. Hi, everybody, good morning. On this Tuesday, I'm Brian Curtis here in home.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-13-2023 18:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. We love it when you join us as well, Simone, Bloomberg TV correspondent filling in for Carol Masler this afternoon. Thank you so much, Simone. That does it for Bloomberg Businessweek. I'm Tim Stenebeck with Simone Foxman. And Bloomberg Daybreak Asia starts right now. I'm Ed Baxter with Global News. A Senate subcommittee subpoenas Saudi Arabia about their golf deal. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington, D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119, and around the world on BloombergRadio .com and via the Bloomberg Business app. A little past six in the evening on Wall Street. We are wheels up for the Thursday.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-12-2023 18:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV batteries' environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. Disappointed in the cloud stuff, Oracle shares got whacked, what, 13 %? That's a big loss today. Biggest loss is March of 2002. Doug Krisner, we love it when you join us. That does it for Bloomberg Businessweek. I'm Tim Stanek with Jess Men, Daybreak Asia starts now. And OPEC Plus signaling its biggest supply crunch in a decade. McCarthy launches impeachment inquiry into Biden. CDC advisory panel greenlights new COVID shot. Kim in Russia. I'm Ed Baxter with Global News. Jets quarterback Aaron Rodgers will miss the season with the torn Achilles. I'm Dan Schwartzman. I'll have Baxter, we have more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington, D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119, and around the world on BloombergRadio .com and via the Bloomberg Business App. It's a little past six in the evening on Wall Street, the Wednesday edition of Bloomberg Daybreak Asia. If you're joining from the APAC region, good morning. I'm Doug Krisner at the Bloomberg Interactive.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-11-2023 18:00
"That's pretty much it. That's three hours of programming. Well, I'm not going to set up everything. You're going to have to tune in and listen. Well, we're very much looking forward to that. Hey, Jess Metten, I really appreciate you filling in for Carol this afternoon. Always a pleasure. It's been fantastic, and more from you a little later this week as well. That does do it for Bloomberg Businessweek. I'm Tim Stanovec with Jess Metten. Bloomberg Daybreak Asia starts right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Tuesday, September 12th in Hong Kong. Monday, September 11th in New York. Coming up today... Apple renews its deal with Qualcomm and assign in -house iPhone chips may not be ready. Disney and Charter Communications agree to end the blackout of ESPN and ABC for millions of customers. And China's economy showing signs of stability as credit growth rises. U .S. and NATO say Russia must be desperate to accept munitions from North Korea. FDA approves new COVID vaccine. Remembering 9 -11. I'm Ed Baxter with Global News. A Juventus star is facing as much as a four -year suspension. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. And if you're joining from the Asia Pacific...
Bloomberg Radio New York - Recording Feed
Monitor Show 05:00 09-08-2023 05:00
"Interactive Brokers charges USD margin loan rates from 5 .83 % to 6 .83%. Rated the lowest margin fees by stockbrokers .com. Rates subject to change. Learn more at ibkr .com slash compare. Bloomberg Surveillance, Bloomberg Daybreak, Sound On, Bloomberg Businessweek and more are also available as podcasts. Listen today on Apple, Spotify, the Bloomberg Business App and anywhere else you get your podcasts.
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Monitor Show 12:00 09-07-2023 12:00
"The United States Border Patrol has exciting and rewarding career opportunities with the nation's largest law enforcement organization. Border Patrol agents enjoy great pay, outstanding federal benefits, and up to $20 ,000 in recruitment incentives for newly appointed agents. If you are looking for a way to serve something greater than yourself, consider the United States Border Patrol. Learn more online at cbp .gov slash careers slash USBP. That's cbp .gov slash careers slash USBP. Booze, this is Bloomberg. There's still some concern out there in the market that there is room for things to deteriorate a little bit more than what they're indicating. As small and medium -sized businesses struggle, they don't present as much competition. The supply chain has still got dislocations globally and here in the U .S. This is Bloomberg Markets with Paul Sweeney and Matt Miller on Bloomberg Radio. Matt Miller here at 731 Lex with Simone Foxman. Paul Sweeney is going to join us later on this afternoon on Bloomberg Businessweek. We were talking about the fact that the market feels like it's off, and the reason that it feels, I think, like it's down further than it is is because it's a shortened trading week, and we've had sell -offs every day this week, right? We were down Tuesday, Wednesday, and today, and on Monday obviously closed for Labor Day. And we know that September is supposed to be negative for the S &P 500 over the past 30 years, down 710.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-05-2023 18:00
"I don't even know where to begin, but one of the things we're going to be talking about is the country garden story and Whether this is really there's a lot more here that we haven't heard from the from the the company per se all right Doug We'll come back soon. Okay. We miss you. We miss you. Yeah, okay. See you soon. See you soon That's Doug Krizner, and that does it for Bloomberg Businessweek I'm Tim Stanovec with Jess Metten Doug Krizner is up next Bloomberg Daybreak Asia starts right now Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg radio This is Bloomberg Daybreak Asia for this Wednesday September 6th in Hong Kong Tuesday September 5th in New York and coming up today chip designer arm plans a Significantly smaller IPO than previously targeted oil surges as Saudi Arabia and Russia Extend their supply cuts and Chinese property developer country garden avoids its first default India's prime minister injects a nationalist note to the g20 Biden testing kovat negative plans to attend g20 US Senate back in session with push to keep the government open I'm Ed Baxter with global news American Coco guff dominates to reach a semi -finals of the US Open.
Bloomberg Radio New York - Recording Feed
Monitor Show 16:00 09-03-2023 16:00
"We'll cast also on Bloomberg Originals available at Bloomberg .com slash originals and streaming platforms including Roku, Amazon Fire TV, Samsung TV plus and more. Find our Bloomberg Businessweek podcast at Bloomberg .com, Apple or wherever you get your podcasts. The latest edition of the magazine is available on newsstands now at Bloomberg .com and always on the Bloomberg terminal. I'm Tim Steneveck. And I'm Carol Masser. Have a good and safe Labor Day weekend. Stay with us. Today's top stories and global business headlines are coming up right now.
Bloomberg Radio New York - Recording Feed
Monitor Show 16:00 09-01-2023 16:00
"And the unemployment number went up, 3 .5 to 3 .8, which means people are coming back into the labor force. Why is that good? It's going to keep wage growth down if more people get off the sidelines. Also, of course, there was 110 ,000 jobs revised down. And you can hear more of that conversation on the Bloomberg Businessweek podcast. You can download it wherever you get your podcasts. So, on Wall Street, it is looking now like a mixed close, with the S &P 500 index up 7 points, a gain of 0 .02%. There you have it, sound of the closing bell at the New York Stock Exchange, and it is on to the weekend, on to a long holiday weekend for a lot of people. We've got the Dow up 119, higher by 0 .03%, Nasdaq, as we recap here, down 3 points, lower close for Nasdaq, Nasdaq 100 index down 10 points, drop there of 0 .01%. Spot gold, little changed, up 0 .45 cents a ounce to 1940, and West Texas Intermediate crude up 2 .7%, 85 .90 for a barrel of WTI. So, on this first trading day of September, the S &P 500 index ends the day at 45 .15. I'm Charlie Pellett, and that is a Bloomberg Business Flash. We are under some incredible blue skies right now. I love Tom Petty. I know. I know. Such a loss. I know. But great music that we get to share with. I share it with my younger daughter. You're going to share it with your kids, I bet. We already are sharing Tom Petty and a lot of play music from back in the day with our kids. We've got a record player. Don't play Barney, guys. I mean, there's much better music to raise your kids on.
Bloomberg Radio New York
"businessweek" Discussed on Bloomberg Radio New York
"Of the Bloomberg businessweek podcast, a conversation with former IBM CEO and chairman Jenny rometty on her thoughts about the U.S. tech scene and her new book, good power, leading positive change in our lives, work, and world. I am a big believer in AI, but I have always believed it would make me a better. Man, humanity. And that you got to think of it that way. I've been at this for decades now. And I think finally it's reached first and everyone's conscious, right? That's what chat GPT did. It made it come to the forefront. Because AI has come in and out of interest over the winter they call it AI winters, many of them. So now it's in front of everyone. To me, it is finally teed up the most important issue with technology, which is that if we don't build trust into this technology, it is going to have a very bad ending. And it's a how do we do that? We require regulators. I have a very strong view. Trust comes when you manage the up and the down sides of something at the same time. So, that means, all right, I introduced chat. All right, do people understand it? Is it explainable? We got to get that done quickly. Do they know how it's trained? Garbage in, garbage out, all right? And it's really makes sense. And then depending on the kind of problem I really tell people to use it for, they have a very different tolerance level I learned on technology. If it's search and you get a wrong movie back, you don't care if it's about your health. You care you got a bad answer. Even though you're human doctor could be wrong, some percentage of, depending on the actor of time. So the onus is on companies. It's going to be on companies the users and the builders have even greater responsibility. I always felt that, and so that you are telling people, a, how to use it
Bloomberg Radio New York
"businessweek" Discussed on Bloomberg Radio New York
"Edition of the Bloomberg businessweek podcast, a conversation with former IBM CEO and chairman Jenny rometty on her thoughts about the U.S. tech scene and her new book, good power, leading positive change in our lives, work, and world. I am a big believer in AI, but I have always believed it would make me a better man humanity. And that you got to think of it that way. I've been at this for decades now. And I think finally it's reached for us and everyone's conscious, right? That's what chat GPT did. It made it come to the forefront. Because AI has come in and out of interest over. Winter, they call it AI winters, many of them. So now it's in front of everyone. To me, it is finally teed up the most important issue with technology, which is that if we don't build trust into this technology, it is going to have a very bad ending. And it's a how do we do that? Do we require regulators? How do we have a very strong view? Trust comes when you manage the up and the down sides of something at the same time. So, that means, all right, I introduced chat. All right, do people understand it? Is it explainable? We got to get that done quickly. Do they know how it's trained? Garbage in, garbage out, all right? And it's really makes sense. And then depending on the kind of problem I really tell people to use it for, they have a very different tolerance level I learned on technology. If it's search and you get a wrong movie back, you don't care if it's about your health. You care, you got a bad answer. Even though you're human doctor could be wrong, some percentage of, depending on the actor of time. So the onus is on companies. It's going to be on companies the users and the builders have even greater responsibility. I always felt that, and so that you are telling people, a, how to use it,
Bloomberg Radio New York
"businessweek" Discussed on Bloomberg Radio New York
"This is Bloomberg businessweek, with Carol messer and Tim steinbeck from Bloomberg radio. Online education began to get a lot more attention as you know nearly three years ago at the start of the pandemic. This was a school shot and districts moved online. Not a new idea though, to our next guest, who has been bringing education to the masses online since the mid 2000s, and started his organization more than a dozen years before the onset of COVID-19. Sal Khan is founder and CEO of Khan Academy, he also founded the Khan world school a fully online institution that operates in partnership with Arizona state university. And for in person learning, he also has Khan lab school a nonprofit that operates in his hometown of Mountain View, California. The school's been around for about 8 years. This current graduating class is going to be our third, but this is a school that does not have traditional letter grades. We measure, but at any point, students can improve their grade, our students ended up at some of the top places in the world, I don't want to get too brand conscious about where they went. But they went to let me just say very, very good, very good places. And even more importantly, we stay in touch with these students and they're really thriving in these environments because frankly, the collagen environment is all about self paced learning. No, you're absolutely right. You get what you put into it, essentially, when you go to college, hey, so Sal, we're looking at your school, can you scale that? Do you want to scale it even further? It's in Mountain View, right? But can you go further with it? Or do you want to? Yeah, the whole idea. And I always tell the team there that is not just to start another school in Silicon Valley for my kids and other folks in this area. Obviously you have to serve the kids at the community well, but it's really to show that there's another way of doing things. And then essentially sharing with the world how to do that so it can scale. So one of the first ways of scaling is by starting con world school with Arizona ASU. That's actually free to any student in Arizona because it has a state charter there and then it's we hope reasonable cost outside and we're working on more states. So you really can get a free world class education if you're in the states that support something like this. So that's one scaling mechanism. And we are seeing folks form essentially hybrid pods where they're getting the benefits of in person sports, et cetera, but then they're able to use the world school for their socratic dialog and their seminars and being able to meet their advisers and things like that. We also are starting more Khan lab schools. It's likely we might start one in the Midwest. And so I think we are at the moment. I won't ever say we have nailed it. It's a lab school. We're constantly iterating, but I think we're starting to scale it, and that could take multiple forms. It could take an online school. It could be a share of the curricula with other folks. However we can get it out there. Solving the numbers work, it's really tough to be self sufficient as a school. It's a private school, so there's tuition. But I mean, I went to a school that my friend's mom started for second grade and the school was only around for about ten years. They just couldn't keep it going. It was tough. Are the numbers working? The numbers are working. And what I'm always given the charter of the school that we should be able to be in terms of cost per student per year cost competitive with some public school districts. And there's huge variation. If you look at the high end, a New York City public school spends about $40,000 per student per year, a lot of Cambridge, Boston, Massachusetts. They are a mid 20s, even approaching $30,000 per year. But then you have other places, including high cost of living places like California, where depending on the district you're really looking at more of like ten to $15,000 per year. Right now, if you were to hold all things equal, we actually have to pay a lot in real estate expense because we're renting out a couple of campuses. But if our real estate expense were similar to what a traditional public school was spending, we have our cost per student down to about 21 $22,000 per year. And so if you include the real estate that it's approaching a higher number, it's probably closer to 27 or 28,000. But to answer your question, we intentionally are keeping it much more accessible than the surrounding market would support. These numbers don't sound like small numbers to anyone anywhere, but especially if you live in the Bay Area, if you live in New York, you'll know that a lot of the top independent schools will easily charge you 50 or $60,000 a year and we're pretty focused on showing this model can scale and it's accessible and also has evidence that isn't just another independent school. The kids are growing faster and happier. What's been the easy part? What's been the difficult part? Well, the easy part is this is something that I've always been drawn to, even when my past my past careers in tech and used to be an analyst at a hedge
Bloomberg Radio New York
"businessweek" Discussed on Bloomberg Radio New York
"Businessweek podcast, a conversation with RGB CEO Kate duchene on the impact recent layoffs have had on the broader labor market. We have a frothy environment. So we have certain clients that are experiencing layoffs and we have others that are growing. And still pursuing many of the transformation initiatives that they started coming out of COVID. So I think what clients really care most about is finding the right skill sets to match to their strategic initiatives right now and procuring that kind of talent in a variety of ways. It may not always be full-time hiring. You know, our business is about project based work. And so we're seeing an uptick even with some of those companies that have announced layoffs, they're starting to get their talent needs filled through project based work, which is a strategy to keep core teams lean, but still be able to move strategic initiatives forward. Yeah, I feel like we've heard that a lot over the last decade, right? Because for the company that's an advantage, right? Lets them be nimble and flexible, but it also kind of lowers their fixed costs. Is that fair? That's a perfectly fair way of looking at it. You know, it goes back to what Peter drucker always said is that the most innovative companies will keep their core staff lean and think about the skill sets they need for the time period in which they need them in order to move the fastest. And that's what we're seeing come back to
Bloomberg Radio New York
"businessweek" Discussed on Bloomberg Radio New York
"This is Bloomberg businessweek, with Carol mezer and Tim stenbeck from Bloomberg radio. Actually, you know, without some big supply chain interruption or massive problem, we actually have a potential to do 2 million cars this year. We're not committing to that, but I'm just saying that's the potential. That's Elon Musk with some optimism on this week's Tesla earnings call is the company reported better than expected profits for the fourth quarter. Once again, the CEO setting lofty production targets even though he's not making any promises, but this is kind of been the playbook for you. It really has. Elon the subject of this week's cover story, which notes that if he has a tragic flaw, it isn't his temper or his treatment of underlings or his refusal to follow security laws. Musk's tragic flaw is his inability to accept that he's extremely painfully unfunny. It's kind of funny. It's all right. All right, well that's Bloomberg business week columnist max Jack and Bloomberg news technology reporter Dan a whole note and their story Musk's epic quest for our LOLs is only hurting Tesla. They both join us. This is a guy who was time and the FT's man of the year or a person of the year for 2021. And then and then in 2022, he bought Twitter. And in order to buy Twitter, he sold billions of dollars worth of Tesla shares. And then once he took the reins at Twitter, he fired everybody and started to interact with a pretty sort of rogues gallery of characters, right wing folks, anti semitic folks, conspiracy theorists. And for a long time, old school early adopters of the Tesla brand, this was very, very alarming. And I think what you saw was that because Tesla and Elon are show intertwined. The brands are the same basically. There was a real erosion of the Tesla brand. And marketing surveys and just conversations with former employees, in conversations with potential EV buyers. And that was really something that max and I wanted to explore at this kind of pivotal moment for the company. A max, come on in here, because I was, you know, I was having this conversation with a friend recently who has bought two teslas. And I was saying, what do you think of all the stuff that Elon Musk does? And he was like, you know what? I don't care. You know, the CEO of Disney does. I don't care what the CEO of these other companies and I said, you know what though, but the thing is with Tesla and Musk like the two are inextricably bound to one another. Yeah, I mean, when we talk about Tesla's brand, it's different from talking about Ford's brand or Chrysler's brand or something like that as Dan was saying, there are two reasons for that. One is this kind of Musk as the centerpiece, you know, for years we talked about how amazing it was that Tesla didn't spend money on advertising. I mean, it's been a huge part of the way this company finds people. And then the second thing is it's still a very strong brand. Musk is doing things that are hurting the company and that sort of as Tana said like longtime investors, some longtime fans have found uncomfortable, but it's not like there aren't fans and while we're listening to the earnings, right? Tesla put the numbers out. They're sort of okay. There was a bead on revenue and it's kind of a mixed bag and the markets weren't doing anything. And then Musk gets up during the call and says, you know, we might, we said we're going to make 1.8 million cars, but we just might make 2 million cars. You know, and the stock went Berserk at that point. And that's where it had this huge jump. And so the thing is when Musk still does kind of like the Musk thing, which is, you know, talk about how great teslas and how many cars are going to make and make these wild demand problem. No problem. Investors like that. They're still going for it. It's when he starts talking to cat turd to pick on one of his interlocutors on Twitter that people start to feel uncomfortable. So it's not like there's not like can't walk back from it's not like he can't come back from some of this damage, but there has been a shift and it's reflected in the stock price, even though it's gone up, it's still half of what it was. More than worse than half what it was, you know, before this Twitter stuff started. Dan, you know, it is kind of remarkable. Some of the things that he does and some of the investigations that are happening. He was up on, you know, this whole week, right? On the witness stand. Talking. This is not typically what you want of a CEO of a publicly held company. You know, does he not get it? What is it about Elon? He's got to be seeing the headlines the news. He's got to see the stock drop. Does he not understand that some of these things he does is? Not so good. Elon reads everything about himself. I mean, I think he probably gets notifications for himself on Twitter. He read our story. He met our cover story, but I think that he's gotten a whatever his shtick is. He has gotten away with it for a very long time. And it works for him in the way in the way that it
Bloomberg Radio New York
"businessweek" Discussed on Bloomberg Radio New York
"The latest issue Bloomberg businessweek magazine, it is out now, it's online on newsstands, of course, always on the Bloomberg terminal. It's the annual year ahead issue right now, though, we're going to talk about one of the favorite features of this issue, the 50 companies to watch. The team at Bloomberg intelligence tracks some 2000 companies and sectors, ranging from communications and commodities to finance and food. BI has identified a select group of 50 that warrant a closer look this year based on a list of focus ideas, which combine contrarian views and upcoming catalysts for change. You know, Tim, what are analysts do is they consider factors such as growth prospects, resilience in an inflationary environment, changes in the C suite and plans for new products and services. The team also weighs in on external conditions such as Russia's warn Ukraine, challenges in the tech supply chain and the continuing effects of the COVID-19 pandemic. Bloomberg television and radio markets correspondent creedy Gupta and I caught up with businessweek solutions and strategy, senior editor, Rebecca penty, as well as the editor of the magazine Joel Weber to break down the list and also to better understand exactly how Bloomberg intelligence narrows this field Carol. It's a feat what they do in any given day. And one of the things that we've long done with them is this project, which culminates, it's actually like months in the making and then culminates with the publication of the list. We've also gone on and done quarterly installments that we now do. So this is 50 companies to watch for the year, but you'll hear us come back and ahead of every quarter, we'll tell you companies to watch this quarter. But the 50 is the real deal. And what basically the team of analysts at Bloomberg intelligence intelligence does is take that 2000 plus companies and push it through excel sheets and it spits out just a couple dozen companies that we really want to kind of talk about. And we can't tell you these are buys and sells that we're not going to do anything that foolish. That conviction. But we can look at hindsight as a measure of that. Yeah, exactly. That's what hindsight is for, right? We call this watch because some of them we expect will outperform and others might lag. And so it's a great little mix of companies that we just think are going to have interesting years. Rebecca was one of the business week editors who worked closely with BI to come up with that list and refine it and turn it into the magic that it is. Rebecca I'm curious, what was the company that was the one that you liked the most on the list? Well, I think Disney and it was interesting, you know, BI has these focus ideas and basically their high conviction ideas of companies where they think the market is not recognizing something about the company. And so either the markets undervaluing overvaluing and Disney was one of them that was really beat up during the pandemic. And it continues to be beat up once recession risk started looming because of all their theme parks. And the thing that was so interesting for me is that BI had this conviction that Disney is really poised for a rebound due to restructuring and accelerating streaming strategy and we'd already landed on Disney as a company and then the announcement of bob Iger's return and CEO. And so that just reinforced the view from BI that this is a company to watch. And I think the BI's view is that it could be a tale of two halves for Disney where the second half is the stronger of the two. Okay, well, if you're going to talk about Disney, we should talk about Netflix. And Netflix also on the list. Why did Netflix make it in that same conversation since obviously it's been the dominant streaming video provider? Yeah, that's true. And I think this is an interesting one where BI zeroing in on Netflix is ad supported pricing tier. For the longest time, it's been a company that's dependent on subscriptions, but not advertising. And so BI's view is that the market isn't fully recognizing the additional revenue and sales growth that could come from that advertising, which they see as supporting higher average revenue per user and offsetting cannibalization of subscription revenue from customers downgrading to cheaper plans. Okay, so worth mentioning to U.S. companies, perhaps you've heard of them, right? The other thing I love about this project though, Rebecca is how global it is, right? So in addition to some marquee American names, tell us about ones that people outside of the U.S. might not even heard of. Yeah. Well, this one was an interesting one for me. I think we often hear about China being the world's manufacturing center. But we don't often know the names of the companies that make the stuff that we use. And one of the ones featured here is TSMC. It is the world's largest semiconductor foundry. And with the recession looming with the economy taking a beating worldwide, chip making is slowing down. But very intelligence view is that TSMC is placed to better weather the cyclical market downturn than its peers because of its dominant industry position. Yeah, I mean, it is a juggernaut, right? Joel, what about your favorite on this list? Okay, well, I'll stick with tech. And I'm going to say Sonos. Little speaker company that could. Yeah. It's truly as we say in the blurb. It is a David versus Goliath moment. There's a patent case. It's been wrestling with Google for a really long time. As we write BI is optimistic Sonos will succeed in the dispute, which goes to a jury trial in May. This has been a long time coming. This showdown has been years in the making. Sonos has had its share of some challenges if your son is usually like, I am. There's some software decisions that will make you pull your hair out like that app needs a little bit of a witch app because there's multiple apps actually in order to use different devices that don't talk to each other. Is there more to talk about here? Yes, there is. But I like the Sonos one. But that's another American company. We've done tech a little bit now. Rebecca, what's another international company that jumped out to you? Okay, I'm just looking down the list. Which was Porsche. Okay, you've got one. Let's talk about Porsche. Yeah, exactly. Which I thought so this company went public this year. VW spent out, which is just also just an incredible IPO. But now they actually have to make some EVs. And I think just a really interesting kind of year to head story. We're seeing obviously the pressure on Tesla. And we're going to have more automakers sort of show up and attempt to hit velocity. Like Tesla's proven. Successful company can look like and now they have to wade through some challenges. If I could just throw one quick one back in there. You talked a lot about companies that are poised to do well. On the EV team, one of them that is maybe poised to fair worse off is Allison transmission. Another U.S. company, it's a truck transmission supplier. And what you may have heard about EVs is that it's not just regular cars. It's also trucks. So there's heightened competition in that truck space, which is going to be add some pressure to alpha and transmission. That was Bloomberg businessweek solutions and strategies senior editor Rebecca pentry, and once again, the editor of the magazine, Joel Weber, Bloomberg TV and radio's creedy Gupta with us there, as well. And we should note that Rebecca mentioned Walt Disney at the top of our conversation. Now, you know, already this past week, we saw the company prepping for a challenge from activist investor Nelson peltz, and also naming Mark Parker as its new chairman. Still ahead on Bloomberg business week from the consumer facing firms to Silicon Valley's elite, many iconic American companies are facing headwinds in the year ahead. 23 is going to be defined more about how consumers sort of what's the new normal for consumers. In other words, lots of things change. You obviously return to work, you know, it's been an issue, but also how people want to shop, how people want to consume, you know, what people are willing to spend on and the way that consumer behaves is a lot different than 2019. And so
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"The Bloomberg businessweek podcast, a conversation with morning consult economist Kayla brun about the strength of the U.S. consumer headed into 2023. My big concern is that consumer budgets are just starting off 2023 in a much weaker position than they did in 2022. We've seen in our surveys that we collect from among consumers that it's been rising all year, the share who are saying that their monthly expenses, total more than their incomes. So they've been working away at their savings debt levels have been increasing and getting more expensive with interest rates. So all of those factors, I think are making the consumer a bit weaker. What's been surprising is how resilient spending has been so far, but the question now is kind of our incomes going to close the gap enough with inflation to kind of allow them to keep spending or we're seeing more price sensitivity, the holidays were a big toll on many. So are they going to be able to sustain positive growth in 2023? Well, I'm curious, Kayla, when you look at the data that we've gotten so far, have any of those ratios given you concerned because when you point those out to certain people and you say, this could be bad. They say, well, you have to compare it to the financial crisis and other sort of recessionary periods. We went through, and they say, well, it's not bad when you stack it up against that. What worries me is that, you know, you think about what do consumers use to spend, they have incomes, they have savings, they have debt. And where we are now is they've worked their way through the savings through their savings to a larger degree than they did at the start of last year. Incomes are still not keeping up with prices. If that changes, that could help, but for now purchasing power is going down. And then debt levels is that final piece, which has not been a big concern in 2022. Get more of
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"Bloomberg businessweek podcast, a conversation with morning consult economist Caleb run about the strength of the U.S. consumer headed into 2023. My big concern is that consumer budgets are just starting off 2023 in a much weaker position than they did in 2022. We've seen in our surveys that we collect from among consumers that it's been rising all year, the share who are saying that their monthly expenses, total more than their incomes. So they've been working away at their savings debt levels have been increasing and getting more expensive with interest rates. So all of those factors, I think are making the consumer a bit weaker. What's been surprising is how resilient spending has been so far, but the question now is kind of our incomes going to close the gap enough with inflation to kind of allow them to keep spending or we're seeing more price sensitivity, the holidays were a big toll on many. So are they going to be able to sustain possible growth in 2023? Well, I'm curious, Kayla, when you look at the data that we've gotten so far, have any of those ratios given you concerned because when you point those out to certain people and you say, this could be bad. They say, well, you have to compare it to the financial crisis and other sort of recessionary periods that we went through. And they say, well, it's not bad when you stack it up against that. What worries me is that, you know, you think about what do consumers use to spend. They have incomes, they have savings, they have debt. And where we are now is they've worked their way through the savings through their savings to a larger degree than they did at the start of last year. Incomes are still not keeping up with prices. If that changes, that could help, but for now purchasing power is going down. And then debt levels is that final piece, which has not been a big concern in 2022. Get more of this and
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"Was a week full of tech layoffs a cooling inflation print and another crypto crunch or crisis, which is why you should probably go back and read if you haven't already. The recent issue of Bloomberg businessweek devoted entirely to crypto by our own Matt Levine just thought I'd mention it. And of course this week, how could we forget on our minds big time the midterm elections? We'll have more on that in just a moment. Also ahead, we'll hear from the CEO of Sony Pictures, the president of Mars Wrigley, North America, and we'll explore hospitality options for the higher end traveler. We'll do that with the CFO of mint house. All of that to come, but we begin with our cover story. The political races in the U.S. this past week, the midterms which included also governors races, but bottom line it was really about the balance of power among congressional lawmakers. Writing about that and specifically the U.S. House of Representatives, Bloomberg businessweek national correspondent Josh green, he joined me and Bloomberg radio's Paul Sweeney for a breakdown. Well, McCarthy is a longtime Republican House leader who has wanted to be Speaker of the House for years and years and years. Was expected to be in 2015 and was sort of forced to remove himself from the race in favor of Paul Ryan before he could get in there because he just didn't have the trust of the right wing of his caucus. Over the last 7 years, he's plotted. He's raised money. He's campaigned. And it seemed like on election night he was on the cusp of taking over the speakership, but then of course the red wave turned out not to be much of a way of after all. It's still looks like Republicans didn't win the house, but it's going to be a very, very narrow majority. And so it's the dream from McCarthy in the sense that he'll finally realize a speakership, but it's a nightmare because it means that the right wing of his caucus are really going to have a lot of leverage over him. And I think that's a recipe for chaos. Great quoting here from senator green, quote she made this to The New York Times. I think that to be the best Speaker of the House and to please the base. He's going to give me a lot of power and a lot of leeway. So that's some pressure on the next Speaker of the House, whoever that is to really do cater to some of the right wing elements of the Republican Party is McCarthy willing able to do that. Well, I think he's in a position where he's not going to have much of a choice. In order to get elected speaker, he needs 218 votes. And if you've got there been a big wave and there were, let's say, 252 160 Republicans, I think he might have been able to marginalize people like representative green. She's retweeted a lot of Q and on conspiracy theories. And she was stripped in this current Congress of her committee assignments for having endure social media posts calling on democratic officials to be assassinated. So we're talking way, way off the deep end, extreme right. And yet you hear from the quote you just read that she expects and is getting a lot of catering to by McCarthy, simply because he needs her vote in order to assemble those 218 votes. The Republican margin is the more leverage people I green in the house freedom caucus are going to have. Josh, it feels like the Republicans over the last 5 years, ten years, I guess. You know, have been smart when they're all kind of on a singular mission and whether it's Supreme Court Justices and different initiatives that are out there, abortion and so on and so forth. What is the Republican mission at this point? What is the agenda? Because you write that that's a problem for McCarthy because they don't really have an agenda. Yeah, you know, it is. I mean, one of the difficulties when you have a kind of chaotic Republican Party like McCarthy does is it's hard to get people to breathe and establishment wing that wants you to government responsibly. You have a radical ring that wants to impeach Joe Biden. And so Republicans this election really didn't agree on a clear set of legislative goals the way that let's say Newt Gingrich did in the 1994 contract with America. That was in order to focus attention on Biden and the problems with inflation and crime. And it looks like that's worked to a very narrow extent of Republicans do wind up winning the house, but the problem is it leaves a vacuum for anybody to rush in and push their issue. And so one of the things that we're going to be contending with that Republicans are going to be contending with is there's an element that wants to engineer another debt ceiling showdown in order to cut Medicare and social security. I'm sure you guys remember 11 years ago after Republicans won the House, tried to do that same thing. We came to the brink of default. And U.S. government credit wound up being written down. So a lot of concern among both Republicans and Democrats or at least the more responsible ones about what exactly a McCarthy led house would look like, what they'd be able to engineer and what kind of problems that might cost for the global economy. You point out in your piece here that, boy, it's tough to be a Republican Speaker of the House. The last two, John Boehner and Paul Ryan, they were effectively hounded out of the position and out of politics in general by the right wing of their caucus. I mean, McCarthy has to be sensitive to that cognizant of that. You know, absolutely. I mean, the lifespan of a Republican House speaker, it's sort of like being the drummer for spinal tap. It's not going to be around for very long. And you know, I argue in the piece, but call me actually has a tougher job than John Boehner or Paul Ryan, the last two Republican speakers who are both hounded out of the job by the right wings. A, because the right wing is just more radical today. There's going to be a narrow majority, but the other reason is that the big influential voice on the outside whose dictating a lot of behavior Donald Trump wasn't on the scene for John Boehner, John Boehner couldn't hold on to his job and it was Donald Trump wasn't even weighing in. Well, he's going to be now, you know, everybody's expecting a presidential announcement from Trump in the next couple of days or in the next weeks. And he's somebody who likes to weigh in and criticize people. Kevin McCarthy in particular, and that's one more headache that McCarthy is going to have to grapple with as he tries to cobble together this narrow majority and keep his Republican caucus from revolting. That was Bloomberg businessweek national correspondent Josh Greene along with the editor of Bloomberg business week Joel Weber, Bloomberg's Paul Sweeney, co hosting with me as well. Josh, by the way, also the author of devil's bargain, Steve Bannon, Donald Trump, and the storming of the presidency. Coming up, how you move the growth needle on a more than 100 year old company and still find the sweet spot literally of your customers. The president of Mars Wrigley, North America, is coming up next. You're listening to Bloomberg businessweek, this is Bloomberg.
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"This is Bloomberg businessweek with Carol masher and Bloomberg quick takes Tim Steven from Bloomberg radio. Gotta say I think about this a lot. I know my daughter does as well. And that is fast fashion the impact it has on our environment to maybe it's why I know we're super into vintage and kind of secondhand shops. Yeah, I mean, that's what younger people are doing right now. They're buying stuff that they don't call it used secondhand. No, exactly. Our next story, it's in the magazine. It talks about specifically fast fashion. The recycling myth that it's burying the developing world in waste. You can find it in the latest issue of Bloomberg businessweek, it's out on newsstands now online and on the Bloomberg terminal. It's all part of the Bloomberg new economy form, takeover. Bloomberg news Vancouver bureau chief, Natalie oboe Pearson, co wrote the piece, she and business week editor Joel Weber explained the brutal toll that discarded garments are having on the environment. I think many listeners Joel will be familiar with these boxes. We have one in the basement of our building. And it gives the impression that old clothes that you put in this box end up somehow recycled or somewhere in another country and being worn. But I get the impression that that's not always the case. Well, that's ultimately what Natalie and company that's ultimately what Natalie and company read about here. And it is eye opening the visuals that accompany this story are frightening. We've talked a lot about how plastic has polluted the world and there's a gyre in the Pacific Ocean that's just filled with plastic and particles. What I don't think we've really talked about enough is Natalie and company have written about which is fabric is in many ways an even bigger problem. And a lot of this story, unfortunately, it takes place in the developing world where our garments end up. And so Natalie really dives into here is this myth that some of the biggest apparel companies in the world help perpetuate, which is this idea that there is something about fabric recycling. And it's just not actually true. There's a human element of this, but let's just start with the numbers Natalie. How little of the stuff that we recycle actually ends up getting recycled and why so little? Yeah, it's actually really mind boggling. I couldn't believe the figure when I first came across it myself. So less than 1% of used clothing is actually recycled back into new Carmen's. There, you know, there is a ton of clothing that will get what we call, I guess, down cycling. So it might get shredded up and turned into the insulation in our car roofs into mattress stuffing, even like bedding for mice and pharmaceutical labs. But what you have to remember there is that's just prolonging the life of this textiles, maybe why one step and eventually those items will end up in a landfill too. The technology and the infrastructure simply do not exist yet to take used clothing en masse and turn it back into garments. Okay, you mentioned landfill there because there's this other really crazy aside almost in the story that I just want to take for a second here, which is in Accra, there was a whole landfill that had this expected lifespan of 25 years and how quickly did it actually fill up? Three. Wow. Oh my God. So imagine that we build landfills that have this, we think it's going to maybe have like a couple of decades and we're filling it up with clothes like almost overnight. And where do those clothes come from, Natalie? From what they call dead white people's clothing. So it's coming from the rich world. So help me out here. I think, you know, I shop at certain stores. I do look at stuff. I know my daughter does. We try to do the right thing. We think that, you know, I'm not going to well, you can name names. Whether it's Zara and others, like H and M, H and M, big time you're like, look what we're doing and there's even clothes that have tags on it. This is a recycled clothing item. So you think it's pretty good. So what are they doing if only 1% are actually getting recycled? What are these chains actually doing? And what are we all really buying? Yeah, so when it says recycled fiber in a garment on those tags, what's usually happening is it's plastic bottles that have been turned into polyester thread and then turned into like your puffer jacket or whatever. And that in itself is problematic because they are taking plastic bottles out of the beverage stream where they could be recycled back into plastic bottles a number of times and turning them into a garment that will not be recycled. Just a quick little caveat there is a limited amount of what they call mechanical recycling. So things like cotton and wool, the pure what do you call it pure textiles can actually be shredded and then like woven back a spun back into a yarn but it shortens the threads so it has to be then blended with virgin thread as well. So none of it is actually recycling in the way I think consumers think of it in the way that it's sold to us that there's a sort of like perpetual loop where we throw away our clothes and they turn back into the stuff that we see in the shelves and hanging in H and M but one thing I mean we do focus a little bit on H and M and Zara and the story and the pace at which the fashion churn has sort of revved up in the last couple of decades, but I do want to point out that this is an industry wide thing like regardless of the retailer you're talking about, you know, when we grow up when I grew up when I was young, there were two collections a year. You went in in the fall and winter and they stayed there for the whole season and then you went to spring and summer. Now let me name your brand. If you go in every couple of weeks, there's something new arriving. So that just shows how much of the pace is picked up. That's Bloomberg news Vancouver, bureau chief, Natalie, obe co, Pearson. And once again, the editor of business week, Joel Weber. And as a reminder, the 5th annual Bloomberg new economy forum returns from November 14th to 17th in Singapore. Still to come on Bloomberg businessweek, we stick with the retail theme. It is the
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"Businessweek on this Wednesday Carol master Tim stanev. What are you thinking? I'm thinking of something that Molly Smith just sent to me. Because she is poring over the minutes from the latest Federal Reserve meeting. And you heard me make that comment about Pepsi and the idea that people could be trading down and spending money on less fancy snacks. Well, she heard me say that because she was in here and she sent me this quote about, you know, quote unquote downshifting. Quote, these participants also noted that the composition of spending by low to moderate income households who were affected by to a greater degree by high food energy and shelter prices was changing with discretionary expenditures being cut and purchases shifting to lower cost options. So those who have less to work with essentially. What you're saying? It's exactly what I'm saying. It's something that we heard from some of the, not the fast. Well, it is something that we heard from fast casual restaurants, right? We heard it from chipotle's CEO Brian nichol when we interviewed him, gosh, Carol, that was a few months ago. And he said people aren't going to as expensive of restaurants and instead they're downshifting to chipotle. Right. So they stand to benefit from this. I mean, you do think about it. Wait, when you're dealing with higher prices persistent, if you don't also have, if your savings are being brought down, you've got to rethink about how you're spending money. I went to the grocery store on the way home yesterday and scanned everything ahead of time before taking it up to check the prices because there's like two or three options of everything you can buy. Some price differences three bucks. You know, something like plastic bags or garbage bags, it's like, do I really need a name brand? Probably not. Definitely not. You really do think about it. But if you want full coverage and full write throughs on those 5 minutes, be sure to check out the story in the right there. You can find that at Bloomberg dot com and of course on the Bloomberg terminal.
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"This is Bloomberg businessweek with Carol masher and Bloomberg quick takes Tim Steven from Bloomberg radio. Well, there was a story on the Bloomberg this past week, it was about how climate change made hurricane Ian's most extreme rainfall about 10% worse than it would have been without two centuries of greenhouse gas pollution. This is according to a first take analysis of the storm by two U.S. climate researchers. And while climate change might not be on the mind of the average energy consumer, we spoke with someone who thinks about this stuff quite a bit. Jason few is the CEO of fuel cell energy. It's a publicly traded $1.4 billion market cap company. It produces units that make electricity from hydrogen. He gave us an update on the business as well as the concerns he sees as we move toward a renewable future. We do two things as a company. We decarbonize power and we produce hydrogen. When you think about some of those concerns or areas that you raise, we've had commercial available products since 2003. And in fact, our first commercial fuel cell was sold actually in Japan to the Karen and beer company using biofuels. So it just shows the fuel flexibility of the platform. When it comes to hydrogen and some of the concerns that get raised around hydrogen, hydrogen is used widely around the world, 90 million metric tons a year of hydrogen are used. There are some forecasts that suggest that 20% of the world's energy will ultimately come from hydrogen, if not greater than that. We tend to think that hydrogen is going to be an important part of the solution, the same way we think carbon capture will be an important part of the solution to achieving the one and a half degrees scenario in terms of climate change itself. And from a safety standpoint, like I said, hydrogen widely used today, it's very safe and unlike a battery which contains everything that you need inside the battery to actually start a fire, that's not the case with hydrogen. So it's actually quite today. So why isn't adoption more widespread? Why will it maybe only be 20% of energy production in the years to come? Why not more? Well, I think part of it is there's a cost question, right in terms of this desire to have green hydrogen, one of the things that I'm really excited about is the move not only in the United States, but I'm seeing in countries around the world and the conversations we're having and in a conversation I actually just got to participate in in Pittsburgh with secretary Granholm and energy ministers from around the world at a CEO hydrogen roundtable, the conversation has shifted from using colors to really talk about carbon intensity. And I think that's one big change that's going to help drive accelerated adoption. Another change or thing that's happening that's going to help drive adoption is the work that you're seeing that's going to get done as a result of the IRA, the United States. You have similar legislation in markets like Korea and Japan and across the EU and we've seen this movie play out before. We saw how incentives, whether it's ITC, production tax credits, those kind of things really helped drive the cost curve down, we're going to see that same thing happen with fuel cells and with hydrogen as an effective way to get us to the cost that everyone's targeting, which is as low as a dollar a kilogram per hydrogen and that's going to make it highly competitive and I think as you look around the world today and you're seeing increased energy prices, those spark spreads are narrowing and so I think you're going to see adoption start to accelerate with hydrogen as one of the answers to solving this climate crisis we have today. From an infrastructure perspective when it comes to generating power explain to us how you take a facility and allow it to create power using hydrogen using fuel cells versus using fossil fuels. So when you think about an input fuel and you think about hydrogen, hydrogen just becomes the input fuel that we would be using with our solid oxide platform for instance in which we would take that hydrogen and we use that hydrogen as the feedstock to create electricity that hydrogen interacts with the fuel cell and the chemistry that we use in this case a solid oxide technology to produce that power. And if that hydrogen was produced by a zero carbon source of electricity, let's say you're using electrolysis so you're taking electricity and water and you're converting it to hydrogen, then you're using that hydrogen to produce power that hydrogen has zero carbon intensity than the power being produced from our platform is zero carbon. But we also have the ability to use blended hydrogen and natural gas, for example, which even lowers the carbon intensity of the fuel in that case. But in all cases, whether it's hydrogen, renewable natural gas or biofuels, that serves as the input fuel that the fuel cell needs to then convert that to power, whether it's for the grid or for commercial industrial customer and delivering that power as a product. I'm curious, Jason, about the business and the business outlook and the growth. And I know earlier this month, you came out with your latest update quarterly update. I think there was a wider than expected loss for the quarter, strongest quarterly revenue in 5 years. And you guys talked about an increase in marketing and consulting costs because you had raised headcount for rebranding and accelerated and accelerating your sales and commercialization efforts. Give us some more color, if you will, in terms of the business who's buying, you guys have customers certainly in the energy space and the corporate space, but give us an idea of where the growth is coming from from your business. So the customers that we target largely cut across the utility sector where we're providing grid based power and we might be providing that power purely as just a power resource on the grid, or we might be providing that power and using the thermal energy where we might be connected to a district heating system and we're providing that thermal energy
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"Bloomberg businessweek. All right, so we've talked to Apple check, which is that with Ed ludlow. We've also got an interesting story on the Bloomberg by our Ian king. It's all that Intel. And I feel like a girl that when you want to know anything about the chip world, that's where you go. He is the go to authority on semiconductors Ian king with his decades of experience covering semiconductors. I always use that as part of my introduction to him. I totally agree. All right, we're going to talk with Ian in just a moment. First up, let's talk with Doug prisoner with an update on the trade. We're seeing some more buying here on the equity side. Yeah, we are near best levels of the day here, Carol with the S&P up about 2.2%. If you were short, sovereign debt either in the UK or in the states at the beginning of today's session, you had a scramble to reverse that bet after the BOE delivered a bit of a shock, it's now going to buy long dated UK government bonds in whatever quantity is necessary. Yes, it's kind of a quantitative easing, right? The government has created some chaos or did so in markets earlier with plans to cut taxes so the BOE essentially was left with no choice if it wanted to bring a little bit of calm to some of these debt markets in the UK debt market we had the yield on the ten year guilt dropping 50 basis points today to three 99 and in the states yields now across the curve moving lower at the long end, a ten year treasury that's down 23 basis points to three 71 at the short end, the two years off nearly 20 basis points now at 4.08%. We've got a rally in crude oil right now with WTI in the electronic session higher by more than four and a half percent we're trading around 82 ten. This is sent to the S&P energy group on a tear, it's up nearly four and a half percent right now leading the S&P to a gain of 2.2%. The Dow higher by 2.1% and the NASDAQ comprising by 2.2%. I'm Doug prisoner that's your Bloomberg business
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"This is Bloomberg businessweek. For years, everyone was welcome on YouTube no matter how extreme their views. But as the social giant became one of the most visited sites on the Internet, the company has consistently struggled to adjust. In some staff say they kept a double standard when it came to moderating extremism on the platform. It's interesting. I feel like we've heard this before with social media platforms in general. Well, this is the subject, though, of Mark Bergen, a Bloomberg, his upcoming book, the title, like, comment, subscribe inside YouTube's chaotic rise to world domination. An excerpt of the book is featured in this week's edition of Bloomberg businessweek magazine. Mark and business week editor Joe Weber spoke with me and Bloomberg senior markets reporter Katie greifeld. Jill started by asking why YouTube has worked to combat extremism, but not all types of extremism. It does get a very fascinating dilemma. It's not just YouTube is dealt with it, I think, more than any of the company you just given its size, but it's something that's affected all major Internet platforms. And partly, I think there's a couple of different reasons. One is just the nature of the way the government's work, as it has been a lot more in western governments, pressure and willingness to sort of tackle Islamist extremism. And you saw like there are sort of tech collaborations that in mind there are repository there. Sorry, there are lists of known terrorists that YouTube uses and they can ban these certain figures. There is YouTube is gigantic digital advertising is very responsive to its advertisers part of the book's opening scene is this is June in 2017 when they're in the middle of this major boycott over video some of which were like ISIS allies that household brands were sponsoring. And these advertisers pressure on YouTube and kind of force them to act in a way that they hadn't before. And then once they were able to clean up the system to make it a medical that these ads were like weren't sponsoring videos that marketers wanted, there was less pressure for them. So I think there's a combination where it was sort of very easy politically addressing white nationalism is a more complicated, especially in the U.S. contemporary politics problem in this thread and there was less pressure from regulators and advertisers at the time. How do people and machines do this? There's a passage from your book and indeed from this excerpt in the magazine that includes the phrase use your judgment when talking content moderation. That's not a necessarily a prescriptive rule, right? Yeah, I thought that was so YouTube is really, I think it's hard for us to appreciate, but this was in 2006. I started 2005, 2006, and I think when this is a ran like some of their first sort of policy frameworks. And this was really before content moderation existed at the size of the Internet. And YouTube had a problem that Facebook and other sort of tech space didn't have, which they have video and they have moving images and they have complications and all that brings. And so this was a team that was pretty scrappy and sort of inventing this on the fly. Like a lot of them were pretty well versed and they're like weird, dark recesses of the Internet. And so use your judgment was there were at the time a lot more of a human sort of you can call it editorial perspective and judgment about where the lines withdrawal and this was they sort of viewed YouTube as this was a community of users and video broadcasters and they sort of wanted videos that fit within the boundaries of the community. Fast forward a few years that they've become this global platform and moderation is this very complicated process. So it's a complicated process where the company increasingly wants to rely on machine learning systems as much as possible in part because machine learning systems can just process so much video, better, faster than humans. They're impartial and they're less Google can not be accused of bias more if they can point and say, like, listen, we have a we have a policy rule book and we have machine systems. We don't have humans with biases making us decisions. One of the things that YouTube often says is that dealing with the threat of Islamist extremism on the platform proved easier because, you know, multiple governments agree on those standards, right? Whereas with white nationalism, there isn't that same unanimity. So I'm wondering, where does that leave things? Because it means that there's more reliance on AI and the code, ultimately, the code is what runs everything here. Where does that really leave things as society continues to have these massive flare ups? Yeah, I mean, I think that they've made some significant changes and partially because of some tragedies that they witnessed. The Chrysler achieving we talked about in the story, even the most recently buffalo shooting, like every time there is an incident like this that is like the often sometimes these events are like live statement live stream on YouTube. So they have taken action because of pressure from their employee base and from politicians and from some of these big moments. That was Bloomberg technology reporter Mark Berg in his book, like, comment, subscribe inside YouTube's chaotic rise to world domination. It hits shelves on September 6th. You're listening to Bloomberg businessweek, up next we take a look at the world of cloud servicing and how companies are transforming the way they store their data. We're all just living in the cloud. Sometimes submit my heads in the cloud. You can be both. This is Bloomberg.
Bloomberg Radio New York
"businessweek" Discussed on Bloomberg Radio New York
"Bloomberg businessweek. It's Bloomberg businessweek Tim stenog and kitty cry filled we're live in the Bloomberg interactive broker studio. How about some hospitality Katie to finish the day? How about it? All right. Yeah, we're looking forward to that. We're going to round out the program talking to Todd English. MasterChef and partner over at English hospitality group as well as Keith burckhardt, chief of staff at English hospitality group, going to learn about the industry and how it's changed in the last couple of years, so looking forward to that. But Charlie pellet, let's get an update from you because a lot happened in the after hours. Indeed, and investors though were spending the day digesting that jobs report, the U.S. economy added more than half a million jobs in July the unemployment rate reached a 5 decade low, the report suggests the labor market does remain rock, solid, even as economic output moderates. Today, we have the Dow Jones Industrial Average up 76 points again of about two tenths of 1%. The S&P fell 6 down by two tenths nez stacked down 63, a drop there of 5 tenths of 1%, so it turned out to be a mixed Friday at jobs Friday the ten year yield 2.82%, the two year yield 3.24%, Quincy Crosby is chief equity strategist at LPL financial group and she was our guest right here on Bloomberg business week. This number shows strength in the economy. The labor market is one of the pillar of the economy. It means that Americans can spend more the wages went up. They have jobs and in addition to that, we're seeing gasoline prices come down. And food prices coming down. That means that the consumer is able to spend more. Of course, that feeds inflation. So that's the other side of the equation
Bloomberg Radio New York
"businessweek" Discussed on Bloomberg Radio New York
"This is Bloomberg businessweek with Carol masher and Bloomberg quick takes Tim Steven from Bloomberg radio. This past week, Tesla reported second quarter earnings that beat Wall Street estimates the company getting production back on track while also tackling supply chain hurdles in COVID lockdowns at its factory in China. CEO Elon Musk had this to say on the earnings call. With regard to manufacturing and technology, about 5 or 6 years ago, we said we wanted to become the best manufacturer in the world. And that is somewhat counterintuitively to some people where it will actually be, I think our strongest competitive advantage. So let's get right to it with somebody who is a Tesla owner and investor well-known to our audience. We're talking about Ross Gerber. Ross Gerber is president and CEO at Gerber Kawasaki wealth and investment management. He joins us on the phone from Santa Monica, California. Ross, pick out one number in this earnings report and tell us why it's your favorite. Earnings per share, earnings per share. They beat by a big number in a very, very, very tough environment while they're ramping to factories and boy, they really killed it. Okay, that number $2 and 27 cents, Ross, for the second quarter, estimates were for $1 and 83 cents. So blowing it out of the park when it came to that bottom line. Yeah, it's like so hard with supply chain and all the issues with China and here they come out with a huge margin on their vehicles with the ramp. I mean, it's just they executed amazingly well. So how are they doing it when so many others seem to be struggling? Well, there's a couple things that Tesla has as a huge advantage over other automakers and first started when Elon went out and cut supply deals with like lithium companies and battery cell companies. He already had the vision of like, we want ten year contracts. We want guaranteed supply like he went all in and did like huge deals with these suppliers early on before our electric vehicles were even an issue. So he's kind of gets the priority because he makes the most cars and he committed the most early. And so he has the best position, plus they're completely vertically integrated. So they really have an advantage over other players in the EV space. You know, I think the most important thing is the valuation of Tesla is very high relative to the market. So they need to have good earnings to support their stock price and sex. What's the important valuation metric to watch? I mean, I'm just looking at basic PE is almost 88 right now, forward looking PE of about 63. What is the important metric to look at when we're trying to value something like a Tesla, which I most would argue is still a mega growth company. Right. So we value all companies based off their PE to grow ratio. So that's really what's important is how fast is the company growing relative to its PE. And that's really where you can get stock price appreciation because you see this multiple will be forced in a way lower as E goes up if P doesn't go up. So P usually goes up when he goes up. So the nice way to look at it is because Tesla is beating earnings growing so fast, their growth rate is well over a 100% of earnings, but their PE is less than a hundred. So relative to other stocks in the stock market, it is actually very cheap. I really want to know what's happening in Berlin and Austin as far as the ramp, where they are with production. And what's going on with the 46 80 cell ramp because that seems to be sort of a little pickup that they're dealing with right now. So I'm really concerned about technology also for full self-driving and I've been using the software and it's getting better and better, but what's their time frame for a wide house, which I think how much better is it getting? Because there were some videos that made the rounds just a couple of weeks ago with some really concerning Galileo Russell posted a few weeks ago and he's a big Tesla bowl we've had him on our program before. And it showed it the vehicle turning right down the wrong way down a one way street. I'm sure you saw that video Ross. How much better is it getting? Because that's pretty bad. You know, I think that I've seen like so many humans just today do stupid things like that. It's really like hard to be a perfect car while you're you do live in LA. So I'm a huge so I can say that. And then I chained my car in LA and it's super hard. It's super hard to survive in LA. So I think the expectation that a computer will have a flawless driving ability when it's not even it's still up to 80 beta and then you get on the road and you watch humans kill each other on the road daily, we're setting two standards. You see what I'm saying? Full self-driving is never going to be perfect. Well, that's somebody who's going to get run out. That's what I want to ask. Ross is full self-driving, crucial to the Tesla story or can I just be a great EV carmaker, and that's enough. Well, it's crucial to the story if you think about it, that making an ED isn't a challenge for Tesla and Mark. So Tesla has a company where would they evolve to if they were just V maker because eventually everybody is going to be making EVs and it will become a commodity. The human rope. There's a human robot that I'm kind of upset. But that's all about AI, though. That's not really about building a robot isn't hard. It's about making a smart robot that can do good stuff. And so the future is the software. And I think you should look at it very much like Apple. The Samsung phones are just as good as the apple pump. Or better. The Google plumes are just as good or better. But we all use iPhones because of the software and the way the software interacts with our life keeps us involved with Apple forever. And that's what Tesla is building with the software that the other companies don't have. Right. So when you're talking about an EV being a commodity in ten years, it will. Got it. But the software is where the value would be. That was Tesla owner and investor ros Gerber, president and CEO at Gerber Kawasaki wealth and investment management. He joined us just after Tesla's latest earnings release on Wednesday afternoon. It was a big report important report and I feel like Tim so many different moving parts, right? We were really curious about, of course, what's going on with Twitter, but Tesla, and it's supply chain and being to produce all the cars that are in demand, getting an update on that was important. Yeah, and also update on the factory in Shanghai after a really tough quarter when it comes to lockdowns and production. And it sounds like what he had to say is that in terms of supply chains, things seem to be maybe easing. Tesla's quarterly update also included a sale of a significant chunk of its stake in Bitcoin. This year's crypto round is erased about $2 trillion in market value overall from the digital currency, Elon Musk had Tesla did it to increase liquidity after that Shanghai shutdown and that the sale should not be seen as, quote, some verdict on Bitcoin. Sounds like classic gilan. Can't sound like classic Elon. Crypto, by the way, was a big topic this week at the Bloomberg crypto summit, bringing together top names in the world of tokens, blockchains, NFTs, and more. Despite the poor performance so far in 2022, many of the attendees remain bullish on the crypto industry, including one well-known voice that's FTX cofounder and CEO Sam bankman freed. Certainly the asset tries to find wizard a strong sign that encrypted and frankly in a lot of FinTech things were way too late on use cases and that there was a lot of hand waving going on. Both on use cases and on financial modeling that was suspect. Up next here, how the crypto billionaires using the downturn to execute a deal making spree unlike any other in the industries
Bloomberg Radio New York
"businessweek" Discussed on Bloomberg Radio New York
"Medical care. I'm Jim Forbes. You're listening to Bloomberg businessweek with Carol messer and Bloomberg quick takes Tim steinbeck from Bloomberg radio. Earlier this month, Carolyn and I traveled to Grapevine Texas to attend the BNY Mellon Pershing insight 2022 conference. Those in attendance were, of course, talking markets and the outlook on the heels of the Federal Reserve's first 75 basis point rate hike since 1994. Also on the agenda, technology, and to help us understand the massive impact it's having on the financial services business, we spoke with rom naga pond. He's chief information officer at BNY Mellon Pershing, and here he explains why he advisory industry is going digital. Technology drives every one of our business. It used to be thought like the business is actually using the technology, but I wanted to say being a CIO that the technology actually drives the business. As you could say, and you said all these folks here, they're all showcasing technology, even though there's a business behind it, that's the one that drives them. And we're excited. And BNY Mellon Pershing. We are also showcasing a lot of advancements in what we're doing with technology. So what's the continued digital disruption impact on the advisory world? But the pandemic actually accelerated the adoption of digital. But I think there's more room for that. There's more digital adoption needs to happen in the advisory space. Because there is an expectation from the investor that it's a 7 by 24, any time any place, I want to be in touch with the adviser and get the service. That was not the case maybe three years ago, but now the expectation is like that, because every other businesses has changed, you know, there's a contact plus everything. You walk through this island, this thing is scanned the QR code