31 Burst results for "Ceo Mary Barra"
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"Almost every Bitcoin miner in the state had to shut down to accommodate peaked demand for energy. Can a state with such serious energy concerns really afford to sell their power to Bitcoin miners? As it turns out, Bitcoin maximalists have an argument for why their intense power demands on the grid is actually a good thing for energy stability. They're not putting the Texas grid at risk. They're actually stabilizing the Texas grid. There is a balance that is required for the grid to continue to operate. And it's a very small tolerance that you can get above or below. The benefit of Bitcoin mining for the grid is that you take your base load from this to this, when you keep your base load higher, when you do have a peak demand from residential use because of a storm or whatever, it's much easier to already just start curtailing your power away from the Bitcoin miners, they shut down, and it is diverted to the residential use. Did you get all that? Yeah, neither did I. So I decided to zoom in for a second opinion with independent energy consultant Doug Lewin. Is the grid and are the energy sources capable of supporting all of the growth in crypto. So I think the answer is a firm maybe. And what it depends on is good regulation. In order to get Texas to a place where Texas is the leader in low polluting, low emission, clean energy. We are going to need a lot of large flexible loads. can do it, then we've got a template for these other large flexible loads to enter the market. And that is how, in a perfect world of fulfilled ifs, Bitcoin mining's constant exponential demand for power can help stabilize the energy grid and drive innovation towards sustainability. And that was getting warmer with Cal pen and you can see and hear episodes of this great series at Bloomberg dot com forward slash originals, and you can also catch getting warmer on Bloomberg television Wednesday night's 10 p.m. Wall Street time. And coming up. General Motors CEO Mary Barra says she wants her team to be scrappy. You're listening to Bloomberg bet. Get the news you need the progressive presents, adjusting to the suburbs. I never thought I'd care about gardening until I bought a house in the suburbs. But now I find myself in conversations about liquid fertilizer and I wonder, am I the fertilizer guy now? No, no way. Everyone knows the ratio between phosphorus and nitrogen, right
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"400 hours a month, and at the beginning of the pandemic, it hit four ten, and then as things got tighter and things got tougher for all the reasons Keith explained, it just got worse and worse for consumers and better for everybody else. And there's another factor here too, is to make all those vehicles that flood de robots, you're running plants at three shifts, or out of plants have scaled back. They're still running two shifts, but if they're paying fewer people to get more revenue, that's another thing the car companies really would rather not do. And Keith is not like the automakers are making a secret of this. The CEO of General Motors, the CEO of Ford, have kind of come out and said, we don't want to go back to the old days. Is that right? Yeah, they don't want to use the old push model where they're selling the deal rather than the car. They want to have what Jim Farley, the CEO of Ford Motor Company that says, he'd like to have an ordering system. Like they do in Europe, where you order your car, and then you wait for several weeks for it to arrive. And then it comes and you pay the price that is on the sticker and you get on with it. That's not the way Americans have been buying cars for a century. We show up on the lot and the dealer says, what do I have to do to get you into a car tonight? And you know, they have every color and combination scattered across that lot, and you can go find the car you want. That requires very high inventories. And it's what David was talking about. These very large overhead. So the automakers want to get rid of that. It'll lower their marketing costs at a lower this discounting that they have to do. So they measure inventory in days supply, the historical rule of thumb was keep 60 or more days supply on a dealer's lot. And it would blow it up to a hundred on some hard to sell cars. They would like to have it now more in the range of 40 to 50 days, 35 days if they could get away with it. But that means the choice consumers have when they show up at a dealer will be very limited, and they'll be channeled into this system of ordering cars that Europeans accept. It's a big question as to whether or not Americans would accept that. General Motors CEO Mary Barra saying they never want to get back to the days where they carried this huge amount of inventory. Now, that doesn't mean they also want to run the way they did during the pandemic and the semiconductor shortage where they had almost no inventory and they were signing cars over to consumers who had already paid for them right off the delivery trucks. So they're looking for a happy medium that still gets them very good pricing. That does tell us that new vehicle prices will come down. But they probably just won't come crashing down to the point where we go from payments that are 7 70 a month to 400 a month again. Yeah, well, over at Ford, the CEO Jim Farley covets the direct sales model that Tesla has. Tesla doesn't have dealer showrooms. It doesn't advertise. And Farley says that gives Tesla a $4000 car advantage. That's why Tesla's auto profit margins are close to 26% and Ford is trying to get up to 8%. So you know what Farley says about the inventory and the marketing and the advertising is we need to get rid of all
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"On balance of power, President Biden said that democracy was on the ballot in the midterm election, we'll go over how democracy did with the Secretary of State for Colorado, Jenna griswold, but first we get a market check from Charlie pellet. Thank you very much, David west and we're looking at an update right now for the Dow down day for both the S&P stack tenure yield 3.77% with the two year yielding 4.46%. Do you want to begin with some headlines out of General Motors? They are holding their investor day today and CEO Mary Barra says electric vehicles will be profitable in 2025 are also says electric vans will bring in a $1 billion in revenue in 2023 GM shares there are higher now GM up by 1.1%. The Dow's advancing 7 up by less than one tenth of 1%, as I mentioned the S&P down three tenths, NASDAQ, which has been swinging between gains and losses, remains in the red down by about one tenth of 1%. Spot goal down $13 to 1760 a drop there of 8 tenths of 1%, West Texas enemy crude oil down 4.4%, 81 83 a barrel, natural gas up 3.9%, $6, 43 cents per million BTUs. Treasury slump stocks repaired declines as traders recalibrate their expectations in response to the fed indicating that it will continue to raise rates to tamp down on inflation. Jobless claims are holding near historic lows while the housing market continues to falter and with more on those stories. Here's Bloomberg's vinyl giudice. Weekly jobless claims dip showcasing the strength of labor market as other sectors lose momentum. Job openings are running high with two open jobs for every American seeking work, though cracks are emerging in white collar industries on the flip side housing starts posted back to back declines in September and October as the Federal Reserve lifts interest rates to quash inflation. Starbucks buries does seeking union contracts with the coffee chain or staging day long strikes at more than 100 cafes saying management has refused to bargain in good faith. Right now, Starbucks shares are lower, Starbucks down by about 6 tenths of 1%. Again, recapping the now higher little change S&P lower down three tenths NASDAQ down about one tenth. That David Weston is a Bloomberg business flash. Thank you so much, Charlie pellet. Well, Speaker of the House Nancy Pelosi and explaining why she would not stand for reelection to the leadership today. Talked about American democracy and said it is
WTOP
"ceo mary barra" Discussed on WTOP
"Ten 25. Money news at 25 and 55. Here's Larry koske. This is a Bloomberg money minute, an up and down session on Wall Street ended with stocks in the red, as investors worried about the interest rate outlook. Now industrials fell 211, the S&P lost 36, the NASDAQ tumbled one 27. Ed Amazon to the list of tech companies planning big job cuts as they brace for slower growth and a possible recession. Sources say Amazon will cut 10,000 jobs starting as soon as this week. Most will be in its device business, retail and HR. Last week's government data on retail prices gave investors hope that inflation is easing, but a New York fed survey finds consumers are in so sure. It's monthly survey finds inflation expectations rising, due mainly to higher gas prices. GM reportedly has set a goal of 2025 to turn a profit on its electric vehicles. Sources say CEO Mary Barra will outline her plans at a meeting with investors later this week. From the Bloomberg newsroom, I'm Larry kofsky, on WTO. Checking Asian stock markets in Hong Kong stocks are up nearly 3% and coming up after traffic and weather on WTO charges have been filed against the UVA student accused of shooting several cavalier football players killing three of them, and tonight the accused shooter's father is describing his son as a troubled young man. That's ahead. It's ten 26. Hello. I'm Dennis Ember. CEO of premise. When I'm bogged down on the beltway
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"From Bloomberg world headquarters I'm Charlie palette we have got the Dow, the S&P nez stack all advancing with the S&P 500 Index up now by just about 1.2%, earnings, front and center today and stocks are flying after the latest batch of earnings reports. Now, after the closing bell today, among the name scheduled to report, we will be hearing from both Microsoft and alphabet parent of Google, Microsoft up now by 7 tenths of 1% Google ahead of its report hire by 5 tenths of 1%. Traders are assessing a slew of corporate earnings and they're also weighing risks to economic growth from the fed, raising rates to combat inflation. Right now, the S&P is up 46 again up 1.2% the Dow up 241, up by 8 tenths of 1%, NASDAQ is up 197 points up now by 1.8%. The ten year yield 4.08%, we've got the two year 4.45%, spot gold up three tenths of 1%, 1653, the ounce, while West Texas and crude oil is up 9 tenths of 1%, 85, 32 right now for a barrel of WTI. Broad based rally, we've got the Russell 2000 surging 2.6% as stack 100 index up now by 1.7%. After earnings, General Motors shares a rally now by 4.1% this morning, General Motors beat Wall Street's consensus third quarter profit estimate on record revenue, it also affirmed its guidance for the year thanks to strong sales of its luxury Cadillac SUVs and largest trucks and indicated that rising interest rates of not yet hit its business and this morning on Bloomberg radio CEO Mary Barra spoke about the quarter. We're seeing still very strong
TuneInPOC
"ceo mary barra" Discussed on TuneInPOC
"We need a young renita. Nathan the 5th hawkish tilt saw Bitcoin followed by about $3500. Other cryptos like ether and binance coin also slumped to Lowe's not seen since October, Bitcoin's climb over the past few years, coincided with strong stimulus measures by the fed. Now the question is, how will it react as the Central Bank pulls back on accommodation? Since it's all time high in November, Bitcoin is down about 20%, we need a young Bloomberg daybreak. Renee, thank you, turning to the pandemic now. We have a new recommendation on booster shots from the CDC. Agency adviser say vaccinated teens should now get a third dose of Pfizer shot. Bloomberg said Baxter has the story. The panel says it's important for 12 to 17 year olds to get vaccinated to keep schools open. This adds 12 to 15 year olds to the advisory already in place. Doctor Rochelle Walensky has final say, but has said that it's important to try and cut the severity of omicron. And she says the spread of omicron has gone up in a straight line. Based on CDC genomic sequencing, we now estimate that omicron represents about 95% of cases in the country. Landscape says it's important for teens to get boosted. In San Francisco, I'm at Baxter Bloomberg daybreak. Thanks, Ed. We continue to see the impact of omicron on the healthcare system, U.S. hospitals are facing their worst staffing, shortage in a year. According to the Department of Health and Human Services data, about 20% of hospitals report critical staffing levels. That's the most since December of 2020. Meantime, Nathan tennis star Novak Djokovic is making waves off the court his chance to play for a tenth Australian open title is in limbo. The country denied him entry and canceled his Visa because he failed to meet requirements for an exemption to COVID vaccination rules. Scott Morrison is the prime minister of Australia. Rules are rules and there are no special cases. Entry with a Visa requires double vaccination or a medical exemption. I'm advised that such an exemption was not in place. And as a result, he is subject to the same rule as any one else. Australian prime minister Scott Morrison denies any suggestion that Djokovic is being singled out. The pandemic's impact on the labor markets also in focus, Karen. Today we get data on jobless claims plus trade and services activity. Bloomberg's Vinny del giudice rewards. Economists say weekly jobless claims will probably hold their half century lows as employers still record job openings. The labor market escort a solid recovery since the pandemic Democrats are 2020. Meantime, November's trade deficit could tie a record as domestic demand rebounds also today data on America's service industry should signal growth, though not as robust as November, when the ISM non manufacturing index at a record. They need doubts, should I Bloomberg daybreak? Right, Vinny, thank you. Fed policy front and center, but there's also other news on the Central Bank sources tell us President Biden could pick former fed governor Sarah bloomer Raskin for the Central Bank's top regulatory post we get more from Bloomberg's Charlie pellet. It's a move that would please senators demanding swift action on climate change. Senator Sheldon whitehouse who has been active on the climate issue tweeted that a Raskin nomination as the fed's vice chair for supervision would be, quote, good news. The Rhode Island Democrat says Raskin really gets it on climate and senator Ben cardin of Maryland predicts Raskin will be easily confirmed. In New York, Charlie palette Bloomberg daybreak. Charlie, thanks. And speaking of climate, we have a new entry into the electric vehicle market, General Motors is introducing a battery powered pickup truck. CEO Mary Barra showed off the new Chevrolet Silverado at CES in Las Vegas. Meantime when it comes to the overall industry, Barra says the chip shortage is easing, but it still is not resolved. I would say every quarter, it gets a little bit better. And so we're seeing a better Q one than Q four, but we still think it's going to linger into the first half of this year. And we should be farther out of it by the end of this year. But we're not through it yet. GM CEO Mary Barra made those comments in an interview with Bloomberg's David Westin. You can catch their full conversation at Bloomberg dot com. S&P futures are up four points down futures up 93 NASDAQ futures still lower by 30 points to ten year treasury yield 1.73%. Straight ahead, your latest local headlines and a check of sports. This is Bloomberg. It's now 6 O 7 on Wall Street. We're 39° in Central Park at a winter weather advisory and we're still dealing with the accident investigation on Jericho turnpike and mineola details coming up in traffic first. Michael Barr with warm what's going on in New York and around the world, Michael. Thank you very much, Nathan. Americans are preparing today to mark the one year anniversary of the capitol riot. President Joe Biden plans to speak about unity to a politically fractured nation. Yesterday, U.S. attorney general Merrick Garland spoke about the attack. Whether they were present that day or were otherwise criminally responsible for the assault on our democracy. We will follow the facts wherever they lead. Garland says more than 725 people have been arrested for their roles in the capitol attack. The try state area is preparing for a new wave of winter weather. Bloomberg meteorologist rob Carolyn has the latest. Michael the national weather service has put a winter weather advisory in effect for the tri state area from midnight tonight through noon tomorrow, a storm system passing south of the region will produce snow around midnight tonight, should end by midday tomorrow, tracks a little bit up in the air as is the strengths. So right now it looks like at least a couple of inches as possible for the tri state area will probably be refining the numbers over the next 24 hours, but I could see at least one to three inches across the city. Maybe a little bit more in north and west of town. Michael? Rob, thank you very much. New York City health commissioner Dave chatsky said the COVID data suggests the city hasn't yet hit a peak in the omicron fueled spike of coronavirus cases in recent weeks. Tchotchkes says cases are still increasing. Because we are seeing unprecedented case counts during this omicron wave, as you know, over 30 thousand cases a day on the 7 day average. And we are seeing the impact in our hospitals. Doctor josky encouraged New Yorkers to continue getting booster shots and wear masks. New York governor Kathy hochul gave her first state of the state address her plans, put health at the top of the to do list, including $10 billion to increase the medical workforce. A once in a lifetime pandemic demands a once in a lifetime response. And that's why I'm setting an ambitious goal to grow our healthcare workforce by 20% over the next 5 years. Governor hulk will also call it for investments in housing and renewable energy. The judge in Ghislaine Maxwell sex trafficking trial ask prosecutors and defense lawyers to brief her on whether a new trial is needed over media comments made by a juror Maxwell's lawyers told the judge that it would seek a new trial because the juror failed to disclose a possible bias against Maxwell. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts more than a 120 countries. Michael Barr, this is Bloomberg, naked. Alrighty, thank you, Michael. 6 ten on Wall Street time for the Bloomberg sports update with John stash out. All right, Ada, there have been a lot of questions about Kyrie Irving like why he's refused to get the vaccine even with the mandate in New York. There's never been any question about his ability to play basketball so there was Kyrie last night at Indiana making his season debut for the nets the team had originally said they didn't want him at all. It was only going to be for games on the road, but they changed their mind and kairi scored 22 points and 32 minutes hell Brooklyn to have come from behind one 29 to one 21 victory. So nervous and naturally, you know, as a performer, I still get nervous. But that first shot was like, and I wanted to go in and then I settled down closer to the second half,
AP News Radio
Hobbled by chip, other shortages, GM profit slides 40% in Q2
"General Motors sees a dip in sales and earnings as a shortage of parts hobbles production The news from Detroit was not great GM's second quarter U.S. sales were down more than 15% and net income fell 40% from a year ago in part because the company couldn't deliver 95,000 vehicles due to a continuing global shortage of parts and computer chips Demand has been strong but production cuts continue to limit dealer inventory Last year GM made 2.79 billion from April to June this year it made 1.67 billion which beat revenue estimates but the per share earnings fell short of Wall Street expectations Nevertheless the company's annual income guidance is holding steady in a letter to shareholders CEO Mary Barra says the company's confidence comes from an expectation that global production and wholesale deliveries will be up sharply in the second half I'm Jennifer King
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"Higher by 5 tenths of 1% We are off session highs We are advancing though green on the screen still with the Dow up 160 points up by 5 tenths of 1% NASDAQ is up now by one tenth of 1% S&P up by about four tenths of 1% The ten year yield 2.81% to ten year is down 24 30 seconds spot gold down $18 the ounce down 9 tenths of 1% 1887 of the ounce on gold West Texas and immediate crude oil up four tenths of 1% one O two 12 for a barrel of West Texas intermediate crude General motor shares up now by 1.8% the carmaker beat analyst estimates for first quarter profit and reaffirmed guidance for the year signaling a debilitating shortage of semiconductors is starting to fade CEO Mary Barra talked to Bloomberg television and radio this morning about a number of topics at GM she said truck sales do remain strong For instance in trucks in the U.S. we have less than 12 days supply which is extremely low when you look at the strength of our truck our truck franchise So we're seeing strong demand We think there's a lot of pent up demand from the consumer But we're watching it very very carefully Boeing shares are lower after it burned more cash than Wall Street had expected to start the year underscoring the strain on the company as it moves closer to resuming 7 87 Dreamliner deliveries Boeing shares their down now by 8.4% NCR shares plunging after the company cut its full year outlook for revenue due to factors including the war in Ukraine and.
WTOP
"ceo mary barra" Discussed on WTOP
"Electric cars the company spending almost $7 billion to build a new battery plant and overhaul an existing factory to make EVs CEO Mary Barra We want to lead in EVs Full stop And so that's where we're aggressively moving S&P futures up 65 This is CBS News Never miss a moment top news from WTO P 24/7 360 five listen on air on Alexa and on the WTO p.m. 9 O three here Wednesday January 26th bright sunshine this morning but it's gonna stay cold 25 now going up to the freezing mark Good morning I'm Joan Jones And I'm Bruce Allen to hear the top local stories we're following for you this hour The pandemic has touched all of us in a variety of different ways But it's had an enormous impact on kids and schools Since the pandemic began in Maryland there are a lot fewer students in school The number of kids enrolled in Maryland public schools has plummeted the last two years falling by about 30,000 Nearly every grade except the high school grade saw a depth from pre-pandemic to the 2021 school year But Chandra hazel the director of accountability and data says enrollments in Maryland pre-K kindergarten in 9th grade classrooms is up this year It's unclear how many students are enrolled in private schools now but in Roman their last year also fell from two years ago But we are seeing an uptick in homeschool students Of the kids enrolled Reports of chronic absenteeism have increased She warns more than 3 million 8 through 12th graders could drop out because of the pandemic John Doe in W TOP news In the recent ob wave is definitely not over in Maryland school systems as many students have been sidelined by COVID or COVID exposures So I some of this news is not the greatest when we look at the number of quarantines Assistant state superintendent Mary Gable told the Maryland state board of education about how the number of students in quarantine has shot up recently Montgomery county's school system for example had nearly 300 students in quarantine in early December but nearly 15,000 as of last week Staff quarantines are an issue as well Sheryl boast is the president of the Maryland state education association We have a crisis levels in staffing For reasons that go beyond COVID though Gable says there is good news positivity rates are on the way down John Aaron W T OP news Virginia governor Glenn youngkin has some strong words in an op-ed published last night in The Washington Post In it he defends his executive action that allows parents to decide if their kids will wear face masks in school He said the election that ushered him into office made the will of virginians clear that parents should have a say in education He claims the law reinforces parents rights to make decisions regarding their child's upbringing and care Young can also continued his attack on masked mandates saying we need to recognize the potentially damaging impacts of mask wearing on some children In time loudon county parents are sounding off at the school board over their mask mandate Almost all of the people who signed up to speak at the loudon county school board meeting opposed the decision to maintain the mask mandate My brave kids have been put in a room by themselves and they've not been receiving any instruction It is time to quit hiding behind our children and asking them to sacrifice their youth for your fear But some said masks are needed now to keep kids in school 5 days a week The school board has much more important things to do than to sit here month after month night after night being abused and threatened by people who reject the scientific evidence about how to mitigate the spread of COVID In loudon county Neil law can stand double you TLP news Debate is expected today on the matter of redistricting after a committee in the Maryland House of delegates approved legislation yesterday The House rules and executive nominations committee voted along party lines to advance the proposed letter virtual meeting yesterday Republicans say the map disempowers independent voters by making their districts less competitive and shores up vulnerable Democrats for reelection Legislation could become law later this week governor Hogan has no power to veto legislative maps Still to come undoubtedly TOP and early release from jail for Baltimore's former mayor it's 9 O 7 Thermidor miele decor you dream of having these brands in your kitchen and now you can experience them at The.
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"A fed Wednesday not a fed decision to be exact with those latest minutes from that last meeting of 2021 that December 15th meeting And we are just seeing some headlines crossing looking at our live blog in terms of the views on a timing of a balance sheet shrinking They were diffused with the likely timing of the beginning of the removal of policy accommodation considered closer market participants began to discuss how balance sheet policy might feature in the committee's plan for reducing accommodation when warranted although expectations for the timing of the first decline in the balance sheet were diffused There's our new word If you see well the word transitory does appear in the minutes once it's on page 11 Carol and it says elevated inflation had persisted for longer than it previously anticipated members agreed that it was appropriate to remove the reference to transitory factors affecting inflation in the post meeting statement and instead note that supply and demand and balances have continued to contribute to elevated inflation One thing I want to point out here is this is from December 14th and 15th as you mentioned That was about a week before the automotive variant absolutely overtook the United States Look where we are now We're seeing hundreds of thousands of new cases each and every day The fed saying that they didn't say this on altering the view of the economy That was back in December What was interesting is it doesn't dig into this It does mirror what we've heard from a lot of our own team who watches the market and also from outsiders who say we've got to kind of look beyond and through COVID Participants also saw supply issues lasting longer And that I feel like we've seen that as well It is interactive broker studio That's where we are broadcasting from We are also on YouTube It is Bloomberg business week for this Wednesday January 5th Lots to come over the next couple of hours We're going to hear from GM's CEO Mary Barra We're also going to get the Bloomberg big take which is about the big automakers overtaking Tesla Elon Musk specifically Tim Yeah also this week's Bloomberg business we cover story This is a good one Jessica Simpson is wrestling back her $1 billion fashion empire deep dive into how she was able to get back her name Yeah Fight for it Exactly A little CES a little Strava add a little bit.
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"Being no sack both lords we await the latest fed minutes at saint Pete down 18 now drop there of four ten to 1% The Dow is up 81 at a record up two tenths of 1% very different story for NASDAQ now down 220 points a drop there of 1.4% tech stocks extending the sell off yields stay elevated right now We've got the ten year yield 1.68% Spot gold is up 5 tenths of 1% 1823 the ounce and West Texas intermediate crude oil up 1.6% 78 25 a barrel As for market expectations for Federal Reserve a rate increases this year Cara Murphy is chief investment officer at Castro investment service Right now markets expecting three rate hikes this year we think that they're probably not going to get to all those three Number one the market has a really terrible habit of overestimating the peace of fed tightening But also we think that goods inflation will really start to slow down the second half of this year That will give the head a little bit more room to kind of take their time with us Murphy was interviewed ahead of the release of those fed minutes so right now we do have the ten year yield at 1.68% GM CEO Mary Barra is showing off the company's electric Chevrolet Silverado at the CES exhibition announcing that the pickup will go on sale in the spring of 2023 to compete with battery powered trucks from long-standing rival Ford Motor and newcomer rivian automotive We will have an interview with Mary Barra coming up just about 30 minutes from now right here on Bloomberg Again recapping stocks are trading mixed We've got the S&P down 18 lower by four tenths of 1% as stacked down 1.4% lower by 222 points Dow Jones Industrial Average up 70 That is the game right now of two tenths of 1% I'm Charlie Pollock that is.
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"Flurry of deals by tech firms seeking to expand in New York despite delays in return to office plans Charlie pellet Bloomberg radio Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg This is balance of power with David I think this is shots are actually a good idea We also want to slow down these breakthrough infections None of us expect the Taliban to change its behavior at all when it comes to the ferry's activity Where the world of politics meets the world of business What do employers do as real wages start to tick up Cleaner is actually cheaper when you internalize all those negative effects with the burning of fossil fuels With David Weston on Bloomberg radio Coming up this hour my exclusive interview with Evercore co chairman and co CEO Ralph schlosstein After announcing this week he's stepping down after 13 years I ask him why now And what comes next Plus the SEC is set to move forward on regulating stable coins I talk with Todd silverman of civil and compliance about what's next in the crypto world and my exclusive interview with Senate banking committee chairman sherrod Brown For his view on the Federal Reserve's leadership and the Führer over securities trading by fed presidents But first General Motors announced its third quarter earnings this week beating expectations across the board Although helped by its financing arm and reimbursement for the cost of its bolt recall I caught up the GM chair and CEO Mary Barra for her reaction What the real story is is how well we perform from trucks and full size SUVs We're selling every vehicle we can make And I think that along with the overall environment is what allowed us to have a beat for the quarter And I think it shows the strength of our underlying business So I'm really proud of the team and everything that they accomplish So the magic words there for me were everyone you can make because you can't necessarily make all the ones you'd like because of those supply chain problems We've talked about it before I know that it's continuing into next year I guess my key question for you Mary is is there anything at this point that can be done to speed up the time that you can get the microchips that you need Well we're seeing improvements in fourth quarter We had indicated that Q three would be the toughest for us and then it was further impacted by COVID But we're seeing strong stronger performance now We'll have a Q one will be better than Q four It will linger into next year and we're right now our feeling is we'll be in a much better shape in the second half of 2022 And we're also taking steps over the medium term to make sure we're never seeing this kind of constraint Not only with chips but with other whether it's critical materials or just the overall supply chain Because we have an aggressive growth strategy in front of us And we're going to make sure that we can execute it So it's a very it's a near term problem that will work through In the meantime Mary are there places you can save some costs Let me give you one example advertising If you can't sell as many vehicles maybe you don't need to advertise as much Well David it's a great point We are saving across the board We're seeing a strong pricing environment Obviously we're adjusting what we're doing to match the fact that we're selling every vehicle that we can But also through COVID and through this crisis with semiconductors we have found ways to make the business more efficient We're working with our dealers to drive an increase in profitability for them as well as improving our costs And so across the board we are always driving efficiencies and that's an underlying underlying strength of our organization and that supports the strong earnings Mary let's talk about the perhaps longer term that's electric vehicle something you've really embraced You have some very aggressive goals for General Motors going out Electric fields We had some big news this week from arrival starts with a T won't necessarily name it with some big fleet sales particularly to hurt I know in the past you've been I think a little dubious about fleet sales because the margins get down Where are you on fleet sales for electric vehicles Are they different Because you really want to get broad acceptance Are you looking at fleet sales for electric vehicles Well you know if you look at brake drop the commercial fleet and what we can do from a light commercial vehicle perspective with bright drop and the whole ecosystem that will support I think is a huge opportunity And that's some of the most profitable fleet sales We're looking at many different opportunities Because with electric vehicles you can really reframe how the sales will be And so we're looking at a number of opportunities but I think what we've announced is around bright drop I'm very excited about that because that's just pure growth for us But as I understand we shouldn't rule out the possibility that down the road General Motors might have a deal similar to hertz deal Well you know in the past we have limited rental cars because that generally was the least profitable type of fleet sales as we reimagine how the business will look We're not ruling anything out Since we talked last there have been more and more vaccine mandates Is that affecting General Motors operations Do you anticipate it will I don't think it will We'll work We continue to encourage our employees to get the vaccine We continue to provide them the information from CDC and other like organizations around the globe And we're going to work to understand how to implement the executive order from the president But to do so in a way that our employees and our unions agree to So once we know the details we'll work the execution plan But I don't foresee it being an issue for General Motors as we look at our overall labor availability Yeah you do have obviously a very important relationship with the UAW CIO As you talk with them do you see resistance coming from the union side to vaccine mandates Well I think that's a better question to ask the UAW We're just working with them to provide information and encourage encourage all of our employees to make the decision with the right information And that's what we'll continue to do And then again we'll look at what the specifics are of the mandate and figure out how to implement At this point we don't know where we are in the pandemic but it seems like it's getting better again in the United States Is it affecting GM operations either on the sales side or in the production side Actually the biggest impact that's gaining us right now is we talked about is semiconductors But we've seen recovery from the impact in Q three from some of our supply base that caused a little bit deeper impact So I'm optimistic that we are through the worst of it We've shared our safety protocols with our supply base around the world So that's what gives me confidence that we're going to see a stronger Q four and then a stronger Q one And even as we get to the second half of next year continued improvement Thanks to GM chair and CEO Mary Barra coming up my exclusive interview with Senate banking committee chairman sherrod Brown of.
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"Bomb Bloomberg world headquarters I'm Charlie hello we've got a mixed day on Wall Street The S&P 500 Index up barely up now by just half a point to Dallas slumping 111 points down three tenths of 1% as stack is up 97 hire by 6 tenths of 1% shares of tech giants are advancing while the broader equity market mostly lower amid a slew of earnings reports a decline in commodity prices and renewed concerns about economic growth West Texas intermediate crew down 2.3% right now 82 70 a barrel gold is up one tenth of 1% of two O 5 the ounce of 1794 Bitcoin dropping 5.1% right now 58,938 on Bitcoin back below 59,000 The Dow down one O 5 lower by three tenths of 1% S&P up 6 tenths of 1% a little change there I should say up by half a point up less than one tenth to 1% on the S&P nez stack up 96 up 5 6 tenths of 1% Ten year old 1.54% General motor shares down now by four and a half percent GM says it expects the production snarling semiconductor shortage to last into next year a view that's weighing on its stock price even after reporting better than expected earnings for the third quarter Our David Weston's book with GM CEO Mary Barra What the real story is is how well we perform from trucks and full size SUVs We're selling every vehicle we can make and I think that along with the overall environment is what allowed us to have a beat for the quarter And I think it shows the strength of our underlying business So I'm really proud of the team and everything that they accomplish And again GM shares they are down now by four and a half percent Boeing is working with China's regulators to clear the 7 37 max to resume commercial flanks in China by yearend and at a signal that deliveries of a jet could resume soon to the plane's largest overseas market Boeing shares however are trading lower today Again recapping we're looking at a mix day the S&P 500 Index up by just half a point the down lower NASDAQ is higher One O two on Wall Street time now for the market drivers report with a focus on American depository receipts And here's day Wilson Thanks Charlie and yours are lower unlike U.S. shares The S and PR index is down two tenths of a percent While the S&P 500 higher by less than a tenth of a percent Deutsche Bank has fallen 7.1% in U.S. training third quarter earnings and revenue fell at the German lenders investment banking unit whose bond trading business dropped 12% Norway's Ecuador has declined 6% The oil and gas producer wrote down the value of a refinery by $480 million in the third quarter the move followed a surge in the cost of Carmen emissions in Europe It Israel's tele pharmaceuticals lost 3.8% Today our drug makers profit and sales last quarter were lower than analysts average estimates in a Bloomberg survey To have a reaffirmed full year forecast that came up short of projections And royal Dutch shells voting ADRs have risen 2.7% People familiar with the mass of billionaire Daniel Loeb's hedge fund has bought a stake of well over $500 million in the energy producer And they said Loeb's third point fund wants shell to split into two companies Charlie And we thank you very much Dave Wilson keeping tabs on those ADRs after earnings McDonald's up 2.8% Coca-Cola 1.8% after the bell today will be hearing from Ford and eBay Recapping S&P now up by one point I'm Charlie pallet that is a Bloomberg business flash This is balance and power with David Weston We're back in our activity levels and what goes on day to day Is bigger than it was before the pandemic Despite the surge in delta cases consumers kept spending Where the world of politics meets the world of business We are better than we were and some of these mandates have come into play We are nowhere near where we need to be Labor prices are up So I do worry that this will be ongoing inflation Balance of power with David Weston on Bloomberg radio The New Jersey governor's race may be tightening at least a bit Laborers reasserts its muscle in a tight market and Congress tries to give President Biden something to brag about as he travels to Europe this coming weekend From the Bloomberg interactive broker studio in New York welcome to the second.
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"On Bloomberg television and radio I'm David Weston GM announced its third quarter earnings today beating expectations across the board although helped by its financing arm and reimbursement for the cost of its bolt recall I talked earlier with GM chair and CEO Mary Barra about the future of her business starting with whether vaccine mandates could pose a problem for her We continue to encourage our employees to get the vaccine We continue to provide them the information from CDC and other like organizations around the globe And we're going to work to understand how to implement the executive order from the president But to do so in a way that our employees and our unions agree to So once we know the details will work the execution plan but I don't foresee it being an issue for General Motors as we look at our overall labor availability Yeah you do have obviously a very important relationship with the UAW CIO as you talk with them Do you see resistance coming from the union side to vaccine mandates Well I think that's a better question to ask the UAW We're just working with them to provide information and encourage encourage all of our employees to make the decision with the right information And that's what we'll continue to do And then again we'll look at what the specifics are of the mandate and figure out how to implement At this point we don't know where we are in the pandemic but it seems like it's getting better again in the United States Is it affecting GM operations either on the sales side or in the production side Actually the biggest impact that's gaining us right now is we talked about is semiconductors But we've seen recovery from the impact in Q three from some of our supply base that caused a little bit deeper impact So I'm optimistic that we are through the worst of it We've shared our safety protocols with our supply base around the world So that's what gives me confidence that we're going to see a stronger Q four and then a stronger Q one and even as we get to the second half of next year continued improvement As you have that gating function as you refer to it Mary with the semiconductors Are you seeing inflation either in the cost you're paying for inputs or costs you can pass along to consumers Well we definitely are seeing commodity prices increasing as well as the cost of logistics which I think is impacting almost every industry We're working and managing that right now And again because our product portfolio is so strong I really believe it's the strongest car trucks and crossovers we've had in my 40 year career here at General Motors and that's what is allowing us to also have very strong pricing because we have strong receptivity from the customers That was part.
AP News Radio
GM Profit Sinks as Chip Shortage Takes Toll
"General Motors third quarter results saw profits slipping due to a pandemic shortage of computer chips and other parts GM still posted a two point four billion dollar profit in the third quarter held up in part by consumer willingness to pay high prices for scarce new trucks and SUVs but their profit was forty percent lower than the same period last year their revenue fell twenty five percent and was short of Wall Street estimates on a conference call with reporters CEO Mary Barra so the company was hit by a global shortage of semiconductors and cobit outbreaks at supplier factories she said they're seeing improvements but they'll see the impacts into next year Edmunds dot com reports that the chip shortage has been particularly harsh GM and the company lost three point eight percentage points of US market share I'm
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"The names that move markets are investment CEO Kathy wood I'm much preferred to be climbing a wall of worry Those are the strongest markets Morgan Stanley CEO James Gorman I think the market has digested that the fed will have to move GM CEO Mary Barra We want to make sure that we see the revisions to the EV tax credit The names that matter Bluebird 11 three O the Bloomberg business app and Bloomberg radio dot com There are a lot of ways to look at the world right now Interesting that you've got an overweight on Hong Kong And the more of them you can access the better What has to be his strategy Perspective Who's doing school best clarity How do we get it to that The benefits get to everybody Expertise He seems to have exactly the right combination It's character plus policy Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening As a research university and JIT make smart technologies even smarter That's why NJ IT graduate and civil engineer Anya odoi says the university is so important for her industry Construction and civil engineering is always going to have cranes and people and movement but how we're designing and implementing things That's what's changing We have millions of data points now that we never had before and that's allowed us to think about planning and design in a way that we haven't done so before And JIT is very much at the forefront of that Collecting data understanding data manipulating data Having access to the surgery like NG IT which is constantly focused on research and innovation is so important for the industry.
WSJ Tech News Briefing
G.M. Accelerates Its Ambitions for Electric Vehicles
"Motors is the latest automaker to accelerate its transition to electric vehicles. Gm said yesterday that it's raising its investment in vs and autonomous vehicles by about thirty percent to thirty five billion dollars between now and twenty twenty. Five it's a second such boost in recent months. Some of that money will go toward plans to build two more battery factories in the us ceo. Mary barra said. Gm is moving faster because the company sees momentum building for electric vehicle adoption in the
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"Bloomberg radio. Our own Bloomberg World Headquarters. I'm Charlie Pellet down with a record of retreat for the S and P and the NASDAQ composite index stocks heading for a second straight drop. Treasury yields dipping after a tame inflation reading raised worries that short term economic growth remains lackluster. Technology shares leading today's declines. Dow Jones Industrial Average Higher little changed up by Seven points Now again of less than 1/10 of 1%, as some he down six. That is a drop of about 2/10 of 1% holding close to a record as deck is down. 34 a drop right now of 2/10 of 1% that has thank 100 Index is down by 4/10 of 1%. Tenure up. 5 30 seconds 10 Year Yield. 1.13% Gold is up 2/10 of 1% 18 42 The out. Silver is down 9/10 of 1% and West Texas intermediate crude closing in on 59 again 58 80 right now off by about 8/10 of 1%. So it is a mixed Wednesday. General Motors did beat analyst estimates for fourth quarter profit and signaled continued earning strength this year. Despite short term damage from a semiconductor shortage that is cascading through the auto industry. GM shares their down now by 3.3% are David Western, spoke this morning with GM CEO Mary Barra, who offered this outlook about electric vehicles. We think we're gonna have a very positive here in 2021, not only from a financial perspective but also the continued acceleration of our E V and R A V business. We're really excited that Very shortly. We're going to be launching the Chevrolet Bold evey, which is a great vehicle on that sound. That's days away on then, you know, later this year will be serving the market with the GMC Hummer. Evey. And then the Cadillac learn comes shortly after that, And right now we've got General Motors shares down by 3.1% after earnings. Twitter is surging 7.6%. Cisco Systems down Now by 4% 102 on Wall Street time for the market drivers support for the focus has always at this time on American depositary receipts. Here's Dave Wilson. Thanks, Charlie 80 Yards air higher. Unlike US shares, the S and P A. D R.
Bloomberg Radio New York
"ceo mary barra" Discussed on Bloomberg Radio New York
"Equity futures today they point to a higher opening yet again, The treasure market is steady with a 10 year at about 1.15% on the commodities front. Wt I crude oil. It's higher again it just under $59 per barrel. Gold is higher than $1850 an ounce and Bitcoin. It pulls back and now trades about a $45,700 for Bitcoin. Let's get some more color on the equity markets this morning with Bloomberg stocks, editor tables and they were you looking at? I'm looking at sweater Paul mean the shares are up 9.5% in early trading the social media companies fourth quarter revenue beat, analysts averaged estimate in the Bloomberg survey. Their profit came up short. Twitter cited strong U. S demand for brand name advertising, especially In connection with the Super Bowl. And then you've got lift up. 10.5% 4th quarter figures show the ride hailing services revenue per customer unexpectedly rose. You know what results from rival over technologies air do after the close and uber's up, 6.5%. Coca Cola higher by 2.5%. The soft drink maker's earnings unexpectedly rose last quarter sales declined less now. It's expected after adjusting for deals and currency swings. Now coach sees this year's organic sales as they call it, rising by a high single digit percentage Cisco in the Dow Jones industrial average. I should say Cisco Systems along with Coca Cola, Cisco Down 5% the net We equipment maker Sport Castro earnings per share this quarter on Lee matched analyst average estimate. The Bluebirds survey give a take a penny or so General Motors bouncing between gains and losses up just a quarter of a percent of the moment now. The automakers already forecast for this year trail estimates Jim's outlook reflecting a semiconductor shortage, while CEO Mary Barra said that GM sees the supply issue being resolved. This year. It doesn't know exactly when, so that's an issue in terms of their production capacity. Eli Lose that one half percent. The drugmaker received US clearance for a covert 19 antibody treatment you authorization outweighed the resignation of Chief financial officer Joshua Smiley. Lily said Smiley had an inappropriate personal relationship with an employee. Match groups up 4.5% This, the company owns tender match dot com and other dating sites. Match agreed to buy South Korean video technology company Hyper Connect for Cash and stock bait at $1.7 billion More in terms of earnings. You got under armor two classes of shares in the S and P. 501 of 7%, the other up 8% thanks to an unexpected quarter fourth quarter profit at the athletic wear maker. And these energy up 7.5%. This company makes solar.
Bloomberg Surveillance
GM Bounces Back With Strong Fourth-Quarter Profit
"General Motors bouncing between gains and losses up just a quarter of a percent of the moment now. The automakers already forecast for this year trail estimates Jim's outlook reflecting a semiconductor shortage, while CEO Mary Barra said that GM sees the supply issue being resolved. This year. It doesn't know exactly when, so that's an issue in terms of their production
WJR 760
"ceo mary barra" Discussed on WJR 760
"Uh, great Michigan Dir. Former chairman of the Permanent Select Committee on Intelligence. He's a former FBI agent. If the president would have made him the head of the FBI, the president would have reduced many of his Problems. That's my opinion. I've said it from the beginning. I still believe it, but be that as it may Congressman Mike Rogers joining us It's 7 18. Meanwhile, Marie Do we want? Well, first, I should remind everyone about something we talked about. Earlier, General Motors chairman And CEO Mary Barra. Presenting the opening keynote address during the Si es that consumer electronic show 2021. It says with the notes, I have that Mary Barra shares a closer look at G. M's. Transformational strategy to advance mobility for communities around the world with laying the foundation for an all electric future as just the beginning. And we talked with the air taxis, all the other stuff. And apparently, you can get a video of her comments at C. E s b roll dot com. I guess that's open everybody C E s B. Roll that calm now serious topic or lighthearted topic for right now, let's please do light. I'm so glad you said that because I was reading it's thing in The New York Times about the pandemic and the A. There's There's just I don't want to get further into that. Well, we will little later because the mayor will be here. Mike Duggan, several good guests coming up. That'll have a lot of insights. Tweet. We try to do the best we can do here. Is there something speaking of consumer electronics show Si es. Have you heard of something called cold snap? I never had no They're calling it. The curing of ice cream. Oh, The pod technology makes ice cream and other treats in under a minute and a half. Unveiled this week by Sigma Phase, I guess is what it's called The cold snap works similarly to a cure it appliance are good little coffee makers we have from absolute here. But instead of dishing out coffee, it makes single serve pod dispensed ice cream and other tasty frozen treats. Like Frozen margaritas, Anybody Mango passion, Fruit smoothies, chocolate ice cream, Just a few of the available options with the cold snap countertop device. I would really like to know how it works. Are there You know, I'm always thinking about chemicals are cameras being used in good question yet, right? How could you not think of chemicals anymore? It's like almost automatic, but but given that they know we're going to think about that, so if they want to be successful They've had to figure out a way through these pods to be able to produce ice cream in 1 to 2 minutes, they say, and it's gonna have to be healthy who would come out? With a product in this day and age that didn't deliver a healthful product that be just plain that be stupid. Yeah, I would have to agree with you. I'm very curious about this. That's just sounds fabulous. Really. When you think about it sounds really fabulous thing on the kitchen counter. Not so sure. It's so good for us, but it is. Oh, by the way, the air friar. That I got Kim for Christmas is on the counter. But you know, with all this stuff, including this this cold snap ice cream making gadget they Our shelves are cabinets have to be a little higher. To be able to put some of these things under the cabin. It's on the counter. Exactly, But excuse me. I just have to go back for a second. I'm trying to wrap my head around something. You got Kim and Air Friar for Christmas. It was just one of many items and and I blew this. I'm telling you, I blew it. And I'll explain why Uh, we did the usual. We're not going to do any presents this year. Come on. We have presents. We live a wonderful life. We're lucky people. We're not gonna come out right? There's nothing you need. There's nothing I need. And then, of course we get presents. Exactly. And it's a little haphazard on my part of Michael idea, and and you know, so I was this was This is this is emasculating, but I was paging through. Oprah magazine. I think it was her last magazine. I'm not sure I mean there. I have to come up with a reason that I was actually paging through Oprah's magazine. I promise you It's not what I generally do, but I think it said on the cover. I think it's it. It's been a great ride. Stick around for the next thing we do. So I thought, What was she stopping the magazine and apparent she had stopped the magazine but anyway So Some of Oprah's favorite things. And there was an air fryer and I thought, you know, we even had in their fryer. One point by you don't know where it is. But I thought that maybe Kim would like the air fire. You've talked about it and has talked about it. Everyone who has an air friar loves their air fire. So what is the It's Yeti, the great cups and and coolers and all that yet, right? Yes, it's spelled Y e t. I m So they're in Oprah's magazine is some of my favorite things and there is a yeti. Air fryer and I go 00. I know she loves Yeti. That's a great brand. Well, this is Yeti. Why e d I This could be made in some guy's garage in North Korea. For all I know I have no idea. It's not a yeti. It's a yeti. So anyway, I don't know if I got taken to the cleaners for or if it's a good brand. I figured if Oprah's pushing it in her favorite things, it's gotta be checked out and be a good brand anyway. Yeah, well, I do hope you balance that out with something else. Get nice, sweet little things. But okay, you know, we live close to 80 jeweler, so she's I mean, if it's possible, I guess it's not possible, but she has too much stuff. Jewelry and stuff. She don't know. You never have too much of this. See? I knew you were going to say that. Yes, sir. Yeah, Never. Never. Never, never. And maybe you should talk to my husband about the year He bought me pants for Christmas. Well, you know, you make it sound like nice pants, and that's a nice It's a nice gift. It's but you're making it sound like I bought my You're making it sound like I bought my way for the John boy. You like a vacuum cleaner. Here, honey. Merry Christmas. A vacuum cleaner. It's different. You guys love.
On The Edge With Thayrone
GM Stops Backing Trump Administration in Emissions Fight With California
"The Trump administration's legal fight against California, upsetting its own clean air standards. General Motors CEO Mary Barra, in a letter to environmental group says the company is pulling out of the Trump administration's lawsuit and urged other automakers to do the same for a saying she agrees with President elect Biden's plan to expand electric vehicle used to fight climate change. 13 automakers sided with the Trump administration last year over whether California has the right to set its own standards for greenhouse gas emissions and fuel efficiency. Steve Rapoport AstraZeneca becomes the
CNBC's Fast Money
SEC to examine Nikola over short seller's fraud allegations
"We start with some breaking news on Nikola shares they are down in the after hours that follows a big update Bloomberg reporting that the Securities and Exchange Commission will examine Nikola over the short showing fraud allegations stock down seven and a half percent right now guide Your response to that news. Again it probably Brian. Thanks for being here. Again, I can't speak, and I said this last week try to be a little clearer. Now, I can't obviously speak to the veracity of the short soul report accusations of fraud I have no idea what I did say last week, and what I'll stand behind is despite how the GM investment is structured whether they are actually investing money for the deal is structured fact that GM is somehow it linked. Their wagon to Nikola and if these accusations proved to be correct I, think the really deleterious thing could happen in shares of GM based solely on that not because it's just two billion dollars but the in my opinion, the potential for an exponential move based on that and based on the fact that maybe GM potentially didn't do the homework that are the people did that would be my primary concern right now as I look at this entire situation. and Tim to be clear on the story and I know we're GONNA. We're trying to fill up here. Any moment is that you don't Trevor Milton said the other day we're going to basically work with the SEC I wanna be clear according to the Bloomberg report. That's not what this is. This appears that the SEC is now poking into Nikola baby on not on the side of the short seller. But certainly from that angle, this is not some cozy deal between the two going after Hindenburg. No I think ultimately, the the SEC is going to do what they feel is just based upon both again allegations of fraud and actual fraud and investigating what was represented to investors I mean there's there's whether the technology is what it is and guys brought up some important elements of this that I don't I don't think we can know based upon even even if we read that entire report again, this needs to be validated or invalidated. The fact that the company has come out today and said, well, you know we said that it was. That the company was was was was excuse me that the truck was moving as opposed to it was actually individually propelled by our own engine etc I mean you know there's some some really frankly. that. BET semantic hair that's trying to be split here I think is is crazy I mean that doesn't sound good that certainly doesn't sound like something you'd rest. Well, we weren't really you know indicating that we were. We were on our own individual propulsion. So I think you know that doesn't read well. I to me GM the the issue was did this validate some of their fuel cell technology and some of their overall engineering prowess and did the deal makes some sense when you consider that unlike others Nikola was going with an asset light strategy and seeking to at least tap into engineering and we? Capacity that all makes sense. The fact that Jim got this for free was going to be paid seven hundred million dollars for access to some of their technology. I don't think this is necessarily harmful to GM. If this all turn to be a disaster for Nikola I think the fact of the matter is GM is pointing out that they have been in this space for a long time and I, think there's a lot there. Well it Dan Listen. That's the Tim. Actually hit on the one thing in the rebuttal that stuck out to me as well which is yeah. The truck may not have run on its own, but all the parts Kinda worked on their own but together didn't really matter because we're going to pivot to something else. Anyway there's a lot of pivoting going on Nikola and I wonder if investors should just pivot away from the stock because they don't know how this is going to end up. Well I think that's the main point. We just don't know we talked about this on Thursday. The stock was trading about thirty, eight hundred already had a big down day on the day before after that report came out my comment was okay. Well, there was two opportunities, the vet this story and I was a bit Glib about and so I said, you know there probably isn't fraud here. I had a very prominent short seller hit me after the fact on tax and say be careful here this is well documented and devastating I spent some time reading it the rebuttal there was really nothing there from Mykola and I think that's a pretty interesting. Story I'll just make one point and one of the reasons why I made that comment on Thursday I've been in this business for twenty five years. You know if you WANNA create some sort of scheme to rip people off of lots of money doing it in the public eye in front of know financial TV investors who are very well incentivized a sniff it out, and then no shortage of regulatory bodies. It's just not the best place to do it. So that's my first reaction often but who knows here, this seems like a really creepy situation and you know when you don't understand something you just avoid. Yeah, I think that's well setting care and I want to reiterate the news in case audience is just joining us here that the according to Bloomberg is now going to investigate at least sort of at a top level. The allegations of fraud against Nikola made by the short seller doesn't mean they're going to find anything and if they find anything, it may not. Be Serious and it could have some sort of an easy resolution as well. Just because the SEC goes poking around companies doesn't mean there's a negative outcome and I think that's very important to be said but on forget Nikola Karen is there any reason ever invest in the stock of a company where the even sniffing around? Maybe it does create some weird opportunity. Well I guess I point to Tesla the SEC. Sniffing around when they the statements about you know financing secured when when musk wanted to take private for four hundred and twenty dollars a share I guess that would have been one scenario but I agree with the guys on the panel that this particularly this issue of it was whether it was self propelled. We never said it was certainly one could reasonably assume that investors looking at that would think. That trump is going on its own. It just makes you think. All right. What else are they do? They have out there in the market that you know what are they sort of presenting that might not be actually as it appears this is a black eye for GM I'm GonNa Guess that maybe this deal falls apart I think GM I think is one of the guys said they didn't actually up any money it was the putting resources into advancing their. Ev Platform. But this this is a black guy for them. It's bad for them and I'm going to guess that this deal falls apart. We'll very quickly Karen and want to come back to number one on the propulsion sort of issue. Well, let's not forget the Financial Times. Did it's reporting a few days ago that they said they talked to a cameraman who said trump just basically rolled down the hill I think probably all of us that our worst moments of roll down a few hills once in a while after you too many. Let's move aside for that Karen. You think that if this comes out as a worst case scenario could GM's CEO Mary Barra lose her job. That I don't know I, mean imagine it. I. Would think the board probably not delighted by this It it it kind of I mean, maybe they did do their due diligence. Maybe they did know all of the points that were in that extensive short report, which I only read a little bit of to be to be fair did not read the entire thing and that they went through every single thing seemed okay. That's a bit of a stretch for me to believe. So I think the stock had rallied on that on the deal so it would be reasonable to You know I'm going to sell some stock I think. This is a black guy for them and for her and I think she's fantastic but. she is. Go out on religion meeting her and interviewing her and Mary Barra is is a class act all around guy but GM shares are moving on this news not a lot but they are down about one and a half percent and listen Y- again, and there's a lot of if and maybe you don't want to go too much down that rabbit hole you. So adroitly said very much of the top there but it is a difficult situation for GM and its investors when literally a couple of working days after you announce a big deal, basically one full week, you got the SEC poking around the company that you just kind of. GOT INTO THE BOARDROOM WITH Yeah I mean it's concerning again we I and we're all trying to be really careful here because obviously you know none of us know where the trews are and where they're not. But again, I want to emphasize if there's any truth whatsoever. In. Knows Ninety pages of that short sell report I think it's really believe it or not I think it's more of a negative for GM potentially that it is for nickel I know that sounds ridiculous but people will say how could you possibly got into whatever agreement it is whether it's a Deal whether it's just a collaboration thing whatever it is how do you partner up with a potentially something that isn't what they said it is to me that's a really scary notion and I think that's sort of the tail risk that GM is facing right now and obviously you know we're not wishing for this. I think we're just trying to point out what could happen and that sort of our jobs here.
Squawk Pod
Nine Pharma CEOs Commit to the “Integrity of the Scientific Process” in COVID-19 Vaccine Trials
"Breaking news out of the former suitable sector. Let's get to make. Good Morning. Good Morning Joe Nine. CEO's of some of the largest drug companies in the world announcing they've signed onto what they're calling a historic pledge to uphold the scientific integrity and put safety first as they are developing covid nineteen vaccines. These are basically the front runners in the vaccine race for covid nineteen, all of the companies involved in operation warp speed in addition to Merck Pfizer and its partner biotech Astra Zeneca Madonna GlaxoSmithKline Sanofi Johnson and Johnson and Nova VACs all signing onto this pledge to do essentially four things. They say always make safety and wellbeing of vaccinated people a top priority continue to adhere to high scientific and Ethical Standards Regarding. The conduct of clinical trials and the rigor of their manufacturing process they pledged to submit for approval or emergency use authorization after demonstrating safety and efficacy through phase three clinical studies designed to design and conducted to meet regulatory guidelines through a regulatory authorities like the FDA, and they say to work to ensure sufficient supply and range of vaccine options including those suitable for global access. They say quote we believe this pledge will help ensure public confidence in the rigorous scientific and regulatory process by which covid nineteen vaccines are evaluated and may ultimately approved and guys. This comes as vaccine development is moving at unprecedented speeds and we are hearing about some hesitancy. From folks to believe in the process and to be comfortable taking these vaccines especially as the FDA's leadership has come under question about political influence regarding convalescent plasma and hydroxy chloroquine in a recent change research and CB poll about thirty percent of people said that they either definitely not or probably not take covid nineteen vaccine, and so guys the company is trying to step in here to tell the public, they will keep safety I. Yeah. It's in response to rumors that we'd get an emergency youth authorization for for one of these vaccines before completing. The process there's always pressure on the FDA. obviously in especially with you know we're talking about life and death situations with with some of these drugs to to cut corners and I think they're just you know they're just putting it out there that especially with so many people when. Vaccines are such A. Controversial even before this people, you know what? The Anti Vaccine and everything else and we do remember back with with polio before we knew everything luckily nothing happened but you need to be sure. His longtime ago we know so much more and we know what's in vaccines. We know the scientific basis for how they worked meg. So I, I would be comfortable with. with one of these, the ad no mediated. Vaccine or you know if there's a small stretch of Messenger Aurigny I'll give it a shot I. I'm not overly concerned with with like contamination by some horrific virus that we don't see or something like that. You know make so. A wary public needs to be. Absolutely certain that that. We've. Crossed all the cross the is and cross. The is in dotted the teeth I just wanted to know we are coming up on that and that final stretch and the vaccine development process sort of inconceivably because this only begin in January really. But when we get to the end of October that's when Pfizer is indicating that they may see results about whether they're vaccine works and the FDA has scheduled advisory committee meeting of outside advisers, October twenty second, and so a lot of people are gonNA be looking at that date and saying, are we going to see data and how transparent will this process be So these are nine major drugmakers saying that their first priority is safety and I think this is hugely important not only for building public confidence in. A covert vaccine, but for protecting the sanctity of vaccines in general broader, we've had discussions with Scott gottlieb about this. The reason you don't want to rush through and push something out there that hasn't been thoroughly vetted with a phase three trial is that if there were problems with it, not only would it convince people not to take a Kovin vaccine, but it could undo a lot of the work that's been done with other vaccination programs around the globe I mean Joe. Brought up polio. Well, Jonas salk actually. Vaccinated his children. As some of the very first people testing this out so you know that was something he felt one hundred percent confident with we don't do things that way anymore. But there has been so much that that we have done with vaccinations diseases that we don't even think about anymore because over the last fifty years or so you know they've they've they've kind of gone away up very common This is just important not only for covert vaccination, but for faith in the vaccination system at large. Yeah it's so fragile. Public Health experts are incredibly concerned that a misstep here when vaccines are so important could shake the the fragile confidence in the vaccine system in general, and as you pointed out, it's this terrible irony of vaccines that they have rendered all these terrible diseases sort of non existent, and so we don't appreciate that vaccines did that for us. So there's a lot on the line here.
Bloomberg Daybreak: Asia
Ford and General Motors announce factory closures due to coronavirus
"In Detroit's three automakers have agreed to close all of their factories Ford GM and fiat Chrysler have bowed to pressure from the United auto workers union they've been pushing for factories to close because work is a fearful of coming into contact with the coronavirus Bloomberg's automated reported Keith Norton says the companies were left with no choice they're people didn't feel safe in the plants very hard to social distance and then assembly line that companies were resistant they finally came to an agreement last night to do some rolling rotating shutdowns but then they woke up to news this morning that Honda was shutting down all of the north American plants for six days now even greater pressure on them so finally in the day to day the Detroit three kind of buckled and said okay we're shutting down until the end of the month and then we'll see how things go from there Honda Malaysia announced it will temporarily close its north American factory he's for about one week starting on Monday well General Motors CEO Mary Barra all said to manufacture hospital ventilation is an older factories closed usually the outbreak this is according to NEC director Larry Kudlow Kudlow said on fox news and auto executive said she may call back workers on a to a chaotic Hey hi I said sorry to make the medical devices needed to crease to trace the critically ill virus patients question on a voluntary basis the civic and patriotic
Dennis Prager
GM plans to pull out of Australia, New Zealand and Thailand
"GM has plans to put out pull out of Australia New Zealand and Thailand CEO Mary Barra says it's part of a strategy to exit markets that don't produce adequate returns on investments dismaying officials concern over job losses Boris is the auto maker would wind down sales engineering and design operations for its historic Holden brand in Australia and New Zealand in two thousand twenty one it also plans to sell its rayon factory in Thailand to China's great wall motors and withdraw the Chevrolet brand from Thailand by the end of this year so we can focus on markets where it can drive strong
AP 24 Hour News
GM, Rita Foley And Mary Barra discussed on AP 24 Hour News
"GM's rolling out a new version of an old favorite. And as AP's Rita Foley reports. It's a little bigger around the mid section. The next generation corvette will you on July eighteenth. What's it look like and how powerful is it? Well, we're going to have to wait for the answers to some of your questions, but we do know this. There's a big change coming to the beloved classic sports car GM confirms the engine is being moved to the area between the rear wheels. And the passenger compartment amid engine design. They call it as relax GM's only released a photo showing CEO Mary Barra. Standing next to a camouflaged,
Dennis Prager
GM confirms plans to build new EV, invest $300 million in Michigan plant
"Closure. General Motors announcing plans to four hundred jobs and build a new electric vehicle at a factory north of Detroit. General motors. Ceo, Mary Barra we made this important decision as we evaluated our EV product plans and our US manufacturing capabilities. This new Chevrolet EV is part of a larger strategy to introduce several new battery electric vehicles during the next several years company will spend three hundred million at its plant in
Rush Limbaugh
Trump urges GM CEO to reopen or sell Ohio auto plant
"General Motors says answered the president's tweets in which Trump ripped into the automaker for shutting down production at its plant in Lordstown, Ohio. The president tweeted eat as CEO, Mary Barra. To sell the plan or do something quickly accused the automaker of letting down the country. GM then responded by saying the future, the Lordstown plant, and several others will be resolved between the automaker and the United Auto Workers
Joel Riley
GM, Mary Barra And General Motors discussed on Joel Riley
"About the General Motors plant here in Ohio closing the president tweeted he spoke to GM CEO Mary Barra to express his disapproval. He said he's upset the plant in Lordstown close. When quote everything else in our country's booming, and quote, he said the plant should be sold or GM should do something
Techmeme Ride Home
Waymo orders 62,000 Fiat Chrysler minivans
"To surge eleven percent in early morning stock market trading our crews and gm teams together have made tremendous progress over the last two years so said gm chairman and ceo mary barra quote teaming up with softbank adds an additional strong partner as we pursue our vision of zero crashes zero emissions and zero congestion and quote softbank ngombe said around the announcement that they hope to have commercial vehicles ready to come to market as soon as next year according to axios softbank considered investing and other autonomous oem's but came to the conclusion that gm offered superior scale and speed to market more autonomous car news waymo this afternoon announced a deal with fiat chrysler to add sixty two thousand minivans to its upcoming robo taxi service sixty two thousand and according to various reports the two companies are in discussion about how to eventually partner to sell selfdriving cars directly to consumers this is pretty big news in order like that makes the concept of these cars being on the road in the near future that much more real waymo currently has six hundred chrysler pacifica minivans in its test fleet of thomas vehicles and waymo intends to launch a fully driverless commercial taxi service in arizona later this year given that a twenty eight teen chrysler pacifica hybrid minivan retails for around forty thousand dollars this deal could be worth around one billion dollars again i don't know what else to say about this story than to underline that this is the first ten.