17 Burst results for "Chris Karachi"
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"Of laguna heights near Brownsville. I'm Chris Karachi. Two couples in New York's Hudson valley are scrambling to find hotel rooms for their wedding guests after finding out migrants will be put up in the rooms they had previously booked. One bridal couple, a queens couple whose wedding is in about a week, said they just found out the 37 rooms they reserved at the crossroads hotel and newburgh are now being used to house migrants instead. Meantime, three lawsuits were filed in Orange County Friday in an attempt to stop New York City from putting migrants in area hotels. Jennie fox's daughter says the actor has been out of the hospital for weeks in an update on the entertainers help on Friday. Corinne Foxx said on Instagram that her dad has been recuperating even playing pickleball on Thursday. She also said a work announcement is coming in the next week. Fox was hospitalized in April for what was being called a medical complication, but an exact reason is unknown. Reports began circulating on social media this week that the Fox family was preparing for the worst. The Tony Awards won't be televised this year because of the writer's strike Brad Siegel has more on what's next. The Hollywood Reporter says the Writers Guild on Friday denied a waiver request for the Broadway ceremony to broadcast and stream live next month. The show's organizers say they asked for the waiver because financially struggling Broadway productions depend on the Tony Awards for a box office bump. It remains unclear if the awards will be postponed or be presented in a non televised production. The Tony Awards management committee will hold an emergency meeting on Monday to discuss the possibilities. I'm Brad Siegel. The NBA Conference Finals are just about set to go in the east, the Miami heater in, taking care of the Knicks in 6 games, Miami will play the winner of the Boston Philadelphia series, the Celtics and sixers play game 7 tomorrow. In the west, it's all set. The Lakers are in after knocking out the defending champion warriors last night in game 6 of their semifinal series, LA will now take on the Denver Nuggets. That's the race starts Tuesday. The Eastern Conference Finals tip off Wednesday. And on this date in 2008, the U.S. Postal Service issued a 42 cent postage stamp in honor of Frank Sinatra. I'm
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"The balloon was over water. His statement comes as The Pentagon confirmed the balloon was shot down by fighter jets off the coast of South Carolina in U.S. waters. The statement also directly accused China of using the high altitude equipment to surveil strategic sites as it traveled across the country. China is now expressing strong dissatisfaction and protests following the incident criss-cross has the very latest. In a statement released by CNN, China said it has repeatedly informed the U.S. that the balloon was for civilian use and entered the country accidentally. The statement added that China will resolutely safeguard the legitimate rights and interests of relevant companies and will reserve the right to make further necessary reaction. I'm Chris Karachi. And I'm Jim Ford. And now this Bloomberg is sports update. Shorthanded doesn't matter. Kevin Durant doesn't matter. Kyrie Irving, you guessed it didn't matter, and that's what they clutch win at Barclays center. Game at the expense of the Washington Wizards, one 25 to one 23. That's because 44 points off the benches all that cam Thomas decided to throw in. He was one of 5 nets in double figures of this one. They overcame a 23 point deficit as well to win by a deuce. Nets are the fourth seeds or two and a half games back of the sixers. They're a game ahead of the Cavaliers. The clippers, meanwhile, they were visiting MSG taking on the Knicks and the clippers before the game had expressed interest in attaining the services of 30 year old Kyrie Irving who of course is averaging 27 points, 5 dives and 5 boards for the nets. He gave the nets a warning on Friday to trade him by Thursday's deadline or he'll walk during the off season so back to MSG. It was a shame to see a game like this, go to waste
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"Is in Mexico for the first time since taking office, he'll be in Mexico City Monday to discuss migration issues with the country's president and Canadian prime minister Justin Trudeau at the North American leaders summit. Other topics on the agenda include fentanyl trafficking, trade, and economic development, the trip comes after Biden visited the U.S. Mexico border on Sunday. He stopped in El Paso and met with local officials to address border security issues. NFL teams honored Buffalo Bills safety tomorrow Hamlin before their games around the country on Sunday, teams held video tributes and many players and coaches wore love for demar t-shirts that had his number three on them. The bills also honored Hamlin, of course, as the team ran out of the tunnel with multiple flags today that read pray for demar as for Hamlin he posted a picture to Twitter of himself with a caption that said game time ahead of Sunday's kick-off. He then reacted throughout the game as the bells went on to win and clinch the second seed in the upcoming AFC playoffs Hamlin remains hospitalized, but continues to show improvement after he collapsed on the field and suffered cardiac arrest on Monday. I'm Chris Karachi. And I'm Brian courtesy in Hong Kong. Let's get you caught up on this hour's top business stories and the markets. Asian stocks are rallying, traders embracing an unexpected contraction in U.S. services activity and to slow down in wage growth in the latest jobs report. That may slow down the feds aggressive rate hikes. And the PBOC says that China's economic growth will return to normal soon. China has officially reopened its borders and authorities have adjusted a number of tight regulatory policies on the tech and property sectors of late. We are surely wren, Bloomberg opinion columnist, whether or not China is investable again. Here's ren with Bloomberg's Paul Allen. China could be a very interesting trade of 2023. In large part because of the both the differentials, like this morning, I saw that Nomura was saying U.S. is entering a recession. And on the other hand, China is exiting its recession and perhaps entering an early stage of an economy rebar. In that sense and given that China stocks have been sold off so much in that sense, this could be a very good opportunity. Yeah, certainly coming off a very low base, but what are the potential risks where could be there be some bumps on the road here? What we saw with those kind of reopening was a very, very abrupt shift from COVID zero to COVID 100%. With that kind of a sharp policy uncertainty, that means that the China risk has to be higher. And the investors will demand higher returns when they invest in China again. And another problem I think is that China has been very forthcoming in terms of a lot of data points. So what's China's economic rebound is going to look like? Is it going to be L shaped? U shaped V shaped we don't know yet. Surely ren, Bloomberg opinion columnist. Hong Kong's economy looks to rebound strongly this year, a Bloomberg survey of economists sees growth of 3.3%. That's higher than the 2.7% that was forecast earlier. Atlanta fed president Raphael bostic says U.S. inflation is still too high. And he thinks the fed needs to keep raising interest rates. That's despite cooler than expected wage data. Boston said he'd be comfortable with the 50 or 25 basis point hike at the feds next meeting. And we hear Goldman Sachs will be cutting 3200 jobs this week. This is going to be one of the biggest rounds of job cuts ever for the company. Let's take a look at the markets, no trading in Tokyo today for a holiday. The ASX 200 in Sydney up 6 tenths of 1%, a huge rally in the hang seng tech index up 2.6% the hanxi index is up about one and a half percent and the CSI 300 in China advancing 6 tenths of 1%. WTI crude 74 57 a barrel. Global news 24 hours a day live and it Bloomberg quick take brought to you by 2700 journalists and analysts in a 120 countries. In Hong Kong, I'm Brian Curtis. This is Bloomberg. Bloomberg radio on demand and in your podcast feed. On the latest edition of the Bloomberg business week podcast, a conversation with Bloomberg's national correspondent Josh green on his business week magazine cover story. Ron DeSantis is secret weapon is attacking big business. The interesting thing for me when I set out to do this story in the fall was that here was a guy clearly talented, clearly wants to run for president in 2024. And yet faces the same big impediment that every other Republican who wants to run for president does. And that's Donald Trump, who's like the 800 pound gorilla and his managed to kind of sideline all comers. What's so interesting about the santas and what sets them apart from other Republicans like Mike Pence or Mike Pompeo, secondary Trump figures who are known to kind of want to run for president is that he's cracked the code of how do you build a profile for yourself among grassroots Republicans that isn't contingent on your standing with Donald Trump. And the way that desantis has managed to do that is by starting the big kind of culture war grievances that Republicans love that the Fox News audience is love. Only unlike Trump, which makes everything about him, the Stannis has made it about business and corporate America and companies like Disney and their alleged wokeism. And that's really struck a chord with a lot of grassroots conservative followers who are now lining up behind the santas. And it turned him into a viable threat, I think, to win the nomination in 2024. How is it that business, former friend of the GOP all of a sudden has been a great enemy that desantis has been able to leverage? I think to stand this feels like a, he really doesn't know anything
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"The way of water is profitable and he will move forward now with more sequels in the franchise, speaking on HBO's who's talking to Chris Wallace, Cameron said the momentum of the film at the box office will easily pass the break even line, and because of that, he can't wiggle out of making more Avatar films. He says he now knows what he's going to be doing over the next 6 to 7 years. This all comes as the way of water, is now the 9th highest grossing film of all time at the global box office passing The Avengers. I'm Chris Karachi. And now this Bloomberg sports update. On the frozen floor, the rangers visited the Devils in the battle for local bragging rights, and it didn't disappoint. MSG Sports Network on the call, the devil's break, the points tie with New York. Now two points ahead in the standings second place in the metro division. They embark on a road trip where they're an impressive 14 two and one. College basketball, Big E's play, St. John's fell short at Providence 83 to 80 thanks to 20 points from Noah Locke, seaton hall had an 18 point lead on butler at the break. Second half was much of the same. 76, 50 won the final from East Orange. In the NBA, the nets and nicks with the rare Saturday night off. Nets visit the heat on Sunday. Nicks, they host the bucks Monday night. It's week 18 of the NFL and giants coach Brian dabel still holding the injury cards close to the vest. It's been that way all year. Why mess with a good thing? Yeah, I mean, I'd say that every week is, you know, we don't talk a lot about injuries or
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
". The death toll from this weekend's winter storm is climbing at least 55 people are dead nationwide after the brutal storm left some communities buried in snow, more than two dozen have died in western New York alone. More than 6000 U.S. children 17 years old or younger have been killed or injured by gunfire in 2022. That's according to data collected by the gun violence archive, the number is the highest in a single year since the nonprofit started tracking shooting incidents in 2014. The power is back on for thousands of customers in Washington state who were affected after four substations were vandalized on Sunday. Brad Ford has more. The substations were attacked in the Tacoma area, power was knocked out to more than 14,000 homes and businesses. Police say there are no suspects in custody. This comes after two electrical substations were hit by gunfire in North Carolina earlier this month, causing tens of thousands of customers to lose power over the Thanksgiving weekend, two substations in Washington and two in Oregon were vandalized. Brad Ford reporting, gas prices are holding steady at $3 and ten cents a gallon Hawaii remains the only state in the country seeing prices above $5 a gallon on average, according to triple-A. Drivers in Texas are paying the least at two 64, the price of the pump has fallen four cents from a week ago and 46 cents from a month ago. A Twitter official is confirming that a link to a suicide prevention hotline was taken down temporarily for technical reasons. Twitter head of trust and safety Ella Irwin said the link was taken down while Twitter was fixing and revamping its prompts a meteor report that Twitter owner Elon Musk ordered the link be taken down drew an outcry from Twitter users, Twitter still faced criticism from users for removing the link for any amount of time, especially during the holidays. Google is out with its annual year in search list and COVID was not among the top searches instead people were busy searching for a lot of things pertaining to workouts and how to handle stress. Another topic that was among the most searched was a new addition to the list 9 8 8, which is the national suicide prevention lifeline's number. I'm Chris Karachi. Scientists are discovering signs of Alzheimer's disease in the brains of dolphins, late in university biologist Marissa vatcher and colleagues examined the brains of 22 dolphins found dead and stranded on shore. Three dolphins, each of a different species had biochemical markers present in humans, which are primarily buildups of two proteins. It's not possible for researchers to make an actual Alzheimer's diagnosis as the animals were no longer alive, but there's no record of both proteins, accumulating in humans without the disease. 2022 was a year of financials highs and lows Wendy wild reports. The year started with a record high on Wall Street in January and the worst day in two years in September. Home prices hit record highs in 2022. And that has implications for the ability of people to be able to afford a home. Something else went up in 2022, gas prices hit their highest ever. I just put in 25 and a half gallons and it was a $107. Grocery prices went up and shoppers cut back. The price is ridiculous. And egg prices were hit with a double whammy inflation and bird flu. Higher than where we were just going back to February. Overall, inflation in the U.S. hit the highest level in 40 years, the fed started raising rates helping to pull back inflation and then the R word. Probabilities of recession are rising every month. But not yet, maybe next year. Scientists are identifying two minerals never seen before on earth in a 15 ton meteorite. The space rock became the 9th largest of its kind of profound after crashed into Somalia back in 2020, the new minerals were discovered in a two and a half ounce sample investigated by scientists at the university of Alberta in Canada, the new minerals were named elite and Elkins after the location where the meteorite was discovered and after the VP of Arizona state university's interplanetary initiative. I'm Chris karashi. And our Brian Curtis in the Bloomberg newsroom. China is scrapping its quarantine measures as of January 8th. This means the end of three years of COVID isolation. The CSI 300 in China has rallied more than 1%. I asked Bloomberg's Mark cudmore if the rally in stocks today has staying power. I think the direction the positive direction is correct, I think it's an unloved rally because people have been supplied by the place of it and the world is underexposed and that's why it's going to have strength to continue in 2023. So I think it's a theme that's going to continue. But it's going to be there's going to be some nasty pullbacks at times because we do have a humanitarian tragedy on our hands at the same time as we're getting a positive kind of economic boost from the opening story. We'll have more on the markets in a moment. The government said it would handle Visa applications for foreigners for everything from business and study to family reunions. Outbound
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"Council. At Bloomberg markets, our guests know where to get the answers just to put a good word in for Bloomberg, one of the few systems you can easily use to figure it out is right in front of you. Inside. Analysis. And the best from the Bloomberg terminal. The Bloomberg terminal is like a Ducati Panigale. I can extract maybe 5 to 6%. It was totally fine. I don't think you're even close. I think it's like sitting on top of a Saturn B 5. Bloomberg markets with Paul Sweeney and met Miller, weekday mornings at ten eastern, on Bloomberg radio. Most of the victims in Tuesday's Walmart shooting in Virginia are being identified on Wednesday, the city of Chesapeake released the names of 5 of the 6 people killed, the ages ranged from 22 to 70, a 16 year old was also killed by a name was not released because that person was a minor. Police say the suspect died from what's believed to be a self inflicted gunshot wound and President Biden spoke with Virginia governor Glen youngkin today about last night's mass shooting and offered his support and federal assistance if needed. The person suspected of killing 5 and wounding several others after opening fire in a gay nightclub in Colorado Springs was in court today, the 22 year old who now says is non binary and uses they, them pronouns, was in court in a wheelchair for a virtual appearance in El Paso county, the suspect was informed of the charges and is being held on suspicion of murder. Measles is an imminent threat all over the world, a new report from the CDC and the WHO says despite the 97% effective vaccine that's been available for decades, many children miss their shots during the COVID pandemic. I'm Chris Karachi. And I'm Doug Krishna Bloomberg world headquarters in New York. Let's check this hour's top business stories and the markets a consortium led by Japan industrial partners is said to be considering lowering its offer for toshiba corporation from about 16 billion. However, we are told these discussions are still ongoing, no final decision has been made, some members of the consortium have become a little hesitant apparently about the proposed valuation for the company at 16 billion. Earlier today, the bank of Korea returned to its usual pace of policy tightening and raised its 7 day repurchase rate by a quarter .25 basis points. It's now at three and a quarter percent. This has ignited a rally in the Korean won against the dollar stronger now by one and a half percent in the equity market in sold the Cosby is rising by more than a half of 1%. During the U.S. session we had minutes from the last fed meeting, they are dovish and they indicate the fed is aiming to soon moderate the pace of those fed rate hikes to mitigate the risk of over tightening, as of last month, officials were leaning toward downshifting to a 50 basis point rate hike. In another revelation, fed staff told fed officials the risk of recession has grown to nearly 50 50. We had a move lower in US Treasury yields across the curve, no trading in U.S. sovereign debt in the Tokyo session, given the Thanksgiving Day holiday in the states. Amazon is planning to spend more than a $1 billion to produce movies that it will release in theaters. We are told the company is aiming to make between 12 and 15 movies annually that will then get a theatrical release. Amazon shares were up 1% in the U.S. session. We check markets every 15 minutes here on Bloomberg, in Tokyo, the nikkei up 1.2% in Hong Kong, the hang sang higher by two tenths of 1%, Shanghai composite down two tenths of 1%, the ASX 200 higher by three tenths of 1%. This is Bloomberg. This is Bloomberg law with June brasso from Bloomberg radio. Theranos founder Elizabeth Holmes, who claimed her company could detect diseases with just a few drops of blood was sentenced to more than 11 years in prison for defrauding investors. Holmes built her blood testing startup into a $9 billion company that collapsed in scandal. Before the judge handed down the sentence, Holmes cried as she apologized to victims and investors saying she took full responsibility for theranos. However, she did not admit to committing any crimes. My guest is Ann Coughlin, a professor at the University of Virginia law school who specializes in feminist jurisprudence. This seems like a tough sentence the sentencing guidelines max was up to 20 years. The probation office recommended 9, the prosecutors asked for 15 and Holmes lawyer asked for 18 months of house arrest, does this seem on the top side? Well, I certainly thought it seemed tough when I read the sentence, 11 years is a really significant chunk of anyone's life. I think it's very common to see the different parties, the two sides, the probation office, and then the judge landing in different places. One thing that strikes me about the case, of course, is she elected to go to trial. So we would have seen a more lenient sentence to come out of a plea bargaining situation, presumably. But once she made the decision that she was going to go all in and say that she was not responsible for this conduct or that she lacked the men's Rea. She had a couple of different kinds of claims going for her. She decides she's going to go to trial. If she loses, then of course, the sentencing, any kind of sentencing leniency that she would expect is gone. So I guess as we're speaking, I'm not that surprised. The judge knows her, he sat through an entire trial. He's also sat through sunny balwani trial, and he said that Holmes refusal to accept responsibility for the fraud counted against her in his sentencing decision, and even at the sentencing, when she spoke, she said she had tried to realize the dream too quickly and do too many things at once, so she never accepted her guilt. No, she never did, and that's very striking. I mean, that seems to have been her MO from the very beginning of the lodging of the accusations against her. You know, again, it's hard to get inside her mind, maybe she herself feels as though she didn't do anything wrong. But the judge, as you said, was deeply familiar with the evidence in her case and in balwani case and was able to point, I take it to very substantial indeed proof beyond a reasonable doubt that she
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"Chris Karachi. And I'm susannah Palmer in the Bloomberg newsroom. Twitter has started giving users who spend $8 a month on a subscription of verified checkmark just days after new owner Elon Musk floated the idea of a new verification system. Alongside the new verification system, Twitter is also promising to cut in half the number of ads subscribers C also coming soon are the ability to post longer videos and get priority rankings and replies, mentions, and searches the company said, Twitter blew is currently available only for users in the U.S., Canada, Australia, New Zealand, and the UK. Warren Buffett, who has long reiterated his love for insurance companies, took a painful hit on Berkshire Hathaway's underwriting businesses amid an increase in auto claims and the aftermath of hurricane Ian. Berkshire reported a $962 million loss on insurance underwriting in the third quarter. The worst quarterly loss in a year. Berkshire also reported a net earnings loss for the quarter of almost $2.69 billion driven by a $10.4 billion hit tied to its investment portfolio. As economic uncertainty hurt the markets. Max Reyes covers Berkshire Hathaway for Bloomberg news. It was a decent quarter, one that obviously is still feeling the effects of the market downturn. They reported a loss, but a lot of that is sort of accounting just tied to their equity investments. And a lot of analysts tend to discount that. So overall, I think sort of a mixed bag with insurance being one of the weaker parts of what we saw. The company repurchased $1.05 billion worth of shares in the period and is sitting on a cash pile of $109 billion. Global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"San Francisco police say David de pape faces multiple charges in connection to the break in and attack, including attempted homicide. Elon Musk is beginning his mass layoffs at Twitter and his timing is raising some eyebrows, the Tesla CEO has publicly stated his goal of reducing Twitter's workforce by around 75%. Now The New York Times reports Musk may begin the firings as early as this weekend, but is aiming to get rid of everyone before Tuesday. His timing as raised suspicions as November 1st is the day employees are due to receive their stock rents as part of their compensation packages. Now it appears most people will be fired a day before they're eligible to receive that. Some LGBTQ bars in Wisconsin are banning costumes of Jeffrey Dahmer, the serial killer notoriously preyed on the city's gay population, killing 17 men and boys between the 70s and 90s, now several gay bars in Milwaukee are telling people that Dahmer costumes will not be allowed inside on Halloween. And the World Series is now tied up a game of peace tonight in Houston, the Astros beat the Phillies the series now shifts to Philadelphia. I'm Chris Karachi. Intense testimony continues in Harvey Weinstein's second criminal trial in Los Angeles, nika magazine reports. A model actress who has accused the disgraced movie mogul of sexual assault, finished her testimony this week, as she faced cross examination from Weinstein's attorney Alan Jackson. They accuse her told jurors that Weinstein sexually assaulted her in her hotel room after meeting him during the Los Angeles Italia film festival in February 2013. Jackson then brought out a selfie she posted on social media that was taken in the hotel bathroom where the alleged incident occurred. The accuser argued she had to keep up appearances for career purposes. Weinstein faces 11 sex crime charges. The trial is expected to last up until Thanksgiving. Nico maga has reporting, tonight's Powerball jackpot will be worth $825 million. That's the 5th largest lottery jackpot in U.S. history, and the second largest and Powerball history, the biggest Powerball grand prize was in 2016 when three winners from California, Florida and Tennessee, split a jackpot worth over one and a half billion Powerball dot com says if no one matches all 6 numbers in tonight's drawing, the grand prize is expected to be at least $1 billion from Monday's drawing on Halloween. Flowers and other memorials are being placed upon Jerry Lee Lewis star on the Hollywood Walk of Fame, The Rock and roll pioneer nicknamed the killer, died this week near Memphis at the age of 87, his passing comes nearly 6 months after his cousin Mickey Gilley died at the age of 86, the Faraday Louisiana native was best known for the sun records classic great balls of fire, a whole lot of shaking going on and breathless. He's widely considered to be one of the most influential and flamboyant piano players of all time. Jerry Lee was inducted into The Rock and Roll Hall of Fame in 1986, and the country music Hall of Fame earlier this year. And on this date, in 1965, the who released the single my generation, the song was named the 11th greatest song by Rolling Stone on their list of the 500 greatest songs of all time, and 13th on VH1's list of the 100 greatest songs of rock and roll. I'm Chris Karachi
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"The families of those killed in a stampede in South Korea Saturday, at least 149 are reported to be dead and at least 76 injured after a crowd surged into a narrow street in the capital of Seoul, the president said he and the First Lady grieve with the people of the republic of Korea and send our best wishes for a quick recovery to all those who were injured. The U.S. State Department said at least one of the 76 people reported to be injured was a U.S. citizen. Biden added that the alliance between the U.S. and South Korea has never been more vibrant or more vital. LeBron James is calling on Elon Musk to look into a sharp increase in racist slurs used on Twitter, the NBA star shared a study over social media that showed the use of the N word increased by 500% after Musk took over Twitter on Thursday. James described the uptick in the use of the slur on Twitter as scary and added that he hopes Musk will take it very seriously. He also said too many people are equating hate speech to free speech. I'm Chris Karachi. And I'm susannah Palmer in the Bloomberg newsroom. Early voting kicked off today in New York and it runs every day until Sunday November 6th, election day is Tuesday, November 8th. Anyone eligible to vote can vote early, though your early voting polling place may be different from the one assigned to you on election day. Early voting also starts today in New Jersey, check the NJ voter information portal. Sources tell Bloomberg Blackstone Apollo global management and KKR all based in New York are among private equity firms that are facing a Justice Department investigation. More from Bloomberg's Charlie pellet. According to sources, the probe is into whether firms influence boards across corporate America in ways that violate antitrust laws. Antitrust enforcers are said to be concerned that board directors with seats on rivals in the same sector could influence those companies to act in ways that
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"Over a 120 countries. This is Bloomberg radio. Now, a global news update Ukrainian president Vladimir zelensky says nearly 65,000 Russians have been killed in fighting since their war began adding that a handful of people in the Kremlin continued to ignore the reality of what's happening in this conflict. Zelensky also praised the U.S. for providing his country with the new $725 million defense package to support Ukraine's military. More than 40 people are feared dead after a coal mine explosion in northern turkey, the blast happened last night and officials say it appears to have been caused by the buildup of gases inside the mine, according to turkey's energy minister over 100 miners were inside the mine at the time of the explosion, president Erdoğan visited the site today of what's being called turkey's worst mining disaster in nearly a decade. Basketball Hall of Famer December matombo is being treated for a brain tumor, the NBA announced his diagnosis on Saturday, saying the tumble was currently receiving care in Atlanta and is in great spirits as he begins the treatment. Mutumbo played 18 seasons in the league and was a four time defensive player of the year. I'm Chris Karachi. You're listening to Bloomberg businessweek with Carol messer and Bloomberg quick takes Tim Stein from Bloomberg radio. Just about one year ago, the Southern California inspired Activewear brand vori got a $400 million investment from SoftBank. At the time, it brought the company's valuation up to around $4 billion. Joe kudla founded the company back in 2015, and he still serves as its CEO. We wanted to know how his team put that funding from SoftBank to work and where the business is today. Without question, we are dealing with complicated macroeconomic issues on a global scale. But we do feel there is a bifurcation between best in class brands that are leaders in their categories that are innovating and folks that are maybe call it middle of the pack more legacy mass market brands. That are seeing growth really slow as a result of this inflationary environment that we're in. We feel very fortunate to be experiencing dynamic growth this year. I feel our customer our relationship with our customer has never been stronger. We're excited about Q four and holiday. When we look towards 2023, we are being optimistic, but cautiously optimistic. We are planning for another year of dynamic growth. We are going to continue our fleet of retail stores. But we're not trying to swing for the fences. We want to lock in a number that we're really content with, not over invest in the business and be responsible with our growth. Because there are some macro factors that we're watching very closely. And we just don't know how things will go. No, and you know, it's interesting too. I think at the time about a year ago, that SoftBank investment, which was just about a year ago, it was reported that you plan to open more than a hundred stores in the U.S. over 5 years. So as you look at those macro concerns, has that number been reduced or that plan that forecast been changed? You know, it hasn't actually the performance of our stores today has never been stronger. We're still very bullish on our vertical retail expansion. Four wall contribution payback still best in class. And we're in a unique position because relative to the size of the market. The area is still very much early stage. We're in our 7th year of selling in market. And there's a lot of opportunity to gain market share as we grow into the years to come. So while we might be in a more challenged macro environment, I think that will be counterbalanced by the growth and taking market share from some of the other more established players. So talk to us about growth metrics where Bloomberg were nerdy we love all these numbers. So talk to us about top and bottom line growth. Give us an idea. Same store sales growth. What have you guys been seeing? Yes. I mean, this year, we're seeing the business is going to grow north of 70% between 70 and 80% top line. At a pretty sizable scale, it's a number that we're very proud of. Our same store sales are still comping very strong over prior years. Demonstrating that it's still very much early in our awareness curve. People are experiencing the brand where we're converting them into loyalists. They're shopping with us for years to come while acquiring more new customers. So we see really great year over year growth in our existing fleet and then as we expand the network across the country. We're leveraging ecommerce data so we can be really intelligent about where we go. And we tend to open strong. And I think that that trend is really accelerating as the brand builds more and more awareness. Joe, how are you doing with inventory right now? We saw inventory challenges, of course, from Nike, just in the last couple of weeks, not to mention, you know, companies that we can't necessarily compare you to target, for example. How are you managing inventory? Yeah. It's a great question. We have definitely seen impacts from this complicated supply chain environment. Although we are seeing it begin to normalize, especially on the logistics side of the supply chain, getting your product in containers getting it on boats and delivering on time, that has become much more normalized to cost of a container. From Asia to the West Coast of the United States, pre-pandemic was 2500 to $3000. It went up as high as $18,000. Now back to pre-pandemic levels or materially close to pre-pandemic level. So the logistics aspects of supply chain have normalized where we're still seeing a lot of challenges in the ability to source raw materials and get them delivered to your factory partners on time. So what happened to the larger marketplace is your spring delivery is delivered late that created promotion as we transitioned from spring and summer into fall. And then you sell the same thing happen. And it was a double whammy with the deliveries of fall being material delayed for a lot of our peers. And that's putting a lot of pressure on inventory levels. That's why a lot of folks anticipate highly promotional
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"Global news update. Tropical storm Ian is rapidly strengthening as it nears Florida's Gulf Coast. That's according to the national hurricane center, which says Ian had maximum sustained winds of 60 miles an hour Sunday, all of Florida is under a state of emergency as the storm is expected to become a hurricane on Monday in a major hurricane on Tuesday. It could reach the state later in the week, governor Ron DeSantis urged residents to prepare for power outages, fuel disruptions, and even evacuations. Congressman Adam Schiff says former president Trump's latest comments on declassifying sensitive documents prove he's more dangerous than previously thought. People work hard to get that information people put their lives at risk to get that information and for him to treat it so cavalierly shows how very little regard he has for anything but himself. Appearing on CNN State of the Union, the California Democrats said a sitting president can't declassify anything by simply saying or thinking about it. He cited Trump's recent claims on Fox News, shift didn't hold back, saying those comments didn't demonstrate intelligence of any kind. A top official at the Federal Reserve is upbeat about the outlook for the nation's economy. We're still creating lots of jobs on a monthly basis. And so I actually think that there is some ability for the economy to absorb our actions and slow in a relatively orderly way. Appearing on CBS's face the nation Atlanta fed president Raphael bostic noted that the Central Bank's rate hikes are slowing demand, which should help bring down prices for consumers. He avoided the word recession by stating that the U.S. is still seeing job growth. Bostic went on to say if there were job losses in the future, they would be less significant than the country is already weathered in the past. He added that the U.S. should not lose sight of its economic momentum. Marijuana will be on the ballot in Arkansas in November's elections, the state Supreme Court on Thursday ruled that voters can voice their opinion on recreational use of the drug on November 8th justices overturned a decision by state lawmakers to exclude marijuana, Arkansas will be one of the many states giving voters the chance to express their opinion on the issue in the fall. I'm Chris Karachi. COVID-19 strikes the CEO of Pfizer again. This is the second time in two months that Albert bourla has contracted the virus in a release he wrote that he symptom free, but hasn't received the new COVID booster as he was following CDC guidelines, which recommend people delay their vaccine until three months after having the disease. SpaceX's launch of a new batch of satellites is the success of falcon 9 rocket carrying Starlink technology, lifted off from cape canaveral on Saturday carrying more than 50 Starlink Internet satellites it marked SpaceX's 62nd launch as part of its goal to provide affordable Internet across the globe. Netflix's a setting the release date for Tim Burton's upcoming Adams family spin off series, Michael kessner reports. I do like stabbing. Wednesday will release all of its episodes on November 23rd, the series stars Jenna Ortega as Wednesday Adams as well as Catherine Zeta-Jones morticia Adams and Louise Guzman as Gomez Adams. It'll follow Wednesday as she attends high school at nevermore academy as she attempts to master her psychic powers she'll also try to solve a Supernatural mystery that impacted her family over 25 years prior. I'm Michael kassner. Sir Elton John is the recipient of yet another award NBC's Josh leaderman has the story. He has 5 Grammys two Oscars in a Tony. But for Elton John, this one was special. I think we surprised him. President Biden bestowing the national humanities medal on a musical legend. The British music icon received
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"In 6th place this weekend. I'm Chris Karachi. And I'm Doug prisoner at Bloomberg world headquarters in New York. Let's check this hour's top business stories, and the markets well the fed is on track to raise interest rates this week by 75 basis points for the third consecutive rate hike, a small minority of wagers, though, leaning toward a full 100 basis point move. Now those fed rate hikes are the reason that Goldman Sachs is reducing its forecast for U.S. economic growth next year. Goldman is now expecting the terminal rate in that so called fed funds rate to top out anywhere between four to four and a quarter percent at the end of this year and as a result, Goldman's economist are saying U.S. GDP will increase just 1.1% in 2023 and even then some are saying that optimistic. Goldman's prior forecast was a growth rate in GDP of one and a half percent. By the way, Goldman's prediction for this year in terms of GDP, that was left unchanged at 0%. We have crude oil rallying by more than 1% now in the electronic session we are just under $86 in WTI. This is after the Chinese mega city of Chengdu and a two week lockdown and that seems to have boosted the outlook for demand going forward. Volkswagen is looking to raise as much as €9.4 billion from an IPO of Porsche. This could be Europe's largest listing in more than a decade, the goal would give Portia evaluation of between 70 billion to €75 billion, that's below an earlier top end goal of as much as 85 billion. We check markets every 15 minutes here on Bloomberg. We've got a market holiday in Japan, no trading in equities or in U.S. sovereign debt in Hong Kong, the hang seng down 8 tenths of 1%, Shanghai composite of two tenths of 1%, the cost paid down 7 tenths of 1% and in Sydney, the ASX 200 ahead, a tenth of 1%. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts, this is Bloomberg. This is Bloomberg intelligence. The new tools that a metaverse can bring allows you to create more immersive content. Companies are beginning to sell less oil, more electrons, research and data on 2000 companies and 130 industry. The supply chain breakdown is combining with labor shortages in eastern manufacturers continue to dominate or will there be a renewed interest in western manufacturing. Bloomberg intelligence with Alex Steele and Paul Sweeney on Bloomberg. Over the next hour, we're going to dig inside the bigness stories impacting Wall Street and a global markets. Each and every week, we provide enough research and data on some of the 2000 companies and 130 industries our analysts cover it. Worldwide. Today we're going to take a look at how high yield energy bonds may come under increasing pressure, it boil prices fall below 75 bucks a barrel. Plus as fewer people are buying new cars, they're spending big bucks maintaining them. All right, first let's talk about the broader equity market. We all know that the fed's going to hike. We all know that they're hawkish. Now ray dalio had a node out earlier this week on LinkedIn. They talked about the fact at the low end fed funds rate could be four and a half percent, which could mean a 20% drawdown in the equity market. Let's get another take here. Gina Martin Adams, Bloomberg intelligence, chief equity strategist who joins us. Gina, what would happen to stocks if we saw four and a half percent fed funds rate? Well, most certainly the multiple would continue to fall. I mean, I think that there's two ways to look at the equity or two components of the equity market outlook. One is the multiple, which is inordinately impacted by rates and has been predominantly responsible for the market's correction so far this year. As interest rates rise, you're willing to pay less for future earnings, right? And that's what we've seen play out in the market this year. It has less of an impact on the earnings outlook. I mean, what we've actually found over time is that typically, in an economic cycle, as interest rates go higher, earnings go higher as well. We all know that generally financials perform better as interest rates are going higher. But nonetheless, what we do find is usually there's a coincidence between rates rising in economic growth. And that is generally powers better earnings over time. All right, well, in that rising interest rate environment, the concern for obviously the marketplace is the fed will push this economy into a recession and that kind of goes to an earnings story. So what's the kind of the earnings risk that you guys see out there if in fact we do go into recession? So we actually run a macro model in our presumption as we've been in recession for the last so far this year. We have had two consecutive quarters of GDP contraction, which in basically every country of the world means you're in recession. So technically we're in recession already. We anticipate that that recession continues and probably worsens a touch over the next course of the next 12 months as the economy does naturally slow in response to higher interest rates. However, the cycle is really unique this time around because it's very difficult at this point in time to identify economic excesses that have built up that need to be removed with increases in interest rates. And I first would like to highlight two sectors that typically compress or see major compression and activity in recession and that's housing and autos. We've already seen a 50% drop in home sales. We've already seen a 30% drop in auto sales, even advance of this interest rate increase. Are there excesses left there? Will they see suppressed economic activity because interest rates go higher? Absolutely. But we've already removed a lot of excess in those areas. If you go back to something like the 2009 experience, there was a clear access development of housing. There was a clear leverage development in the financial sector. That doesn't exist today. If you go back to the 2001 recession, the big excess was evidently technology investment. We had over invested in technology for years and we needed to remove that excess. So the trouble in the earnings outlook today is it's very difficult to identify the economic excess. Certainly you would say that low interest rates over the course of the last few years have likely created some financial market access, which we're removing we're in the process of removing today. But where is the economic access? And that actually shows up in our macro model. Just like even though we have a very limited outlook for growth, we're actually have a pretty grim outlook for growth. Our model says earnings can still grow 4% over the course of the next 12 months, which is very different than what I think a traditional recession narrative would lead you to believe. That's a great way of framing this. We're at the economic excess, and I think that we also can see that when we talk about a job full of recession, where you could have lots of jobs and it doesn't fall off a clip, but you're still in a recessionary environment. So with that in mind, what do you do? More people are moving into cash. Yep. What is the right way to look at the market? Yeah. So I think the market, you have to, first of all, it depends upon your time horizon and your investment and objectives. I have to sort of disclaimer. Disclaimer that right right now, because when that kid's going to go to college in ten years, I have ten years to make up that money. Right. And that's okay. If your kid's going to college next year. Right. And frankly, when you have that kind of perspective, you see a 20% drawdown in stocks, and that should look like an appealing appealing time to add to your position, right? I do believe that market timing is incredibly difficult. And we're in for a period of chop as we absorb sort of the dual realities of slowing economic growth and higher fed funds rate. But at the same time, we've already seen a massive correction in stocks this year. When
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"Multi state lottery game will be worth $191 million. I'm Chris Karachi. And I'm Susanna Palmer in the Bloomberg newsroom. Cases of monkeypox are on the decline in New York City. Health officials are hoping the drop in cases in the city seen as the epicenter of the nationwide outbreak is indicative of more good news ahead. As of August 30th, just 3062, monkeypox cases were reported in the city, while over 70,000 people have now been vaccinated against the virus. The 7 day rolling average of daily new cases has dropped to 9 and 82% decline from just two weeks ago. European natural gas prices could approach high set in August is after Russia said its key pipeline to Europe won't resume flows as planned, all that according to Goldman Sachs Group. The Nord stream one was supposed to reopen this morning, but it did not. A former office of emergency management head who was fired from his handling the city's response to a snowstorm, but refused to leave office, has landed a job with the city's department of buildings. Joseph esposito, a long-standing city official who was also the NYPD's longest serving chief of department, was named the DOE's new deputy commissioner for enforcement according to the agency on Twitter on Friday. The parler social media platform has returned to the Google Play App Store. This after a suspension for violating its policies in January 2021, following the U.S. capitol insurrection. The story from Bloomberg's Charlie poet. Google said parler has agreed to modify its app to moderate content and remove posts that incite violence. Google says all apps on the Google Play Store must quote implement robust moderation practices that prohibit objectionable content. It says that includes an in app system for reporting, objectionable user generated content and removing and blocking, abusive users. Bloomberg's Charlie pellet, global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Suzanne Palmer. This is Bloomberg
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"Is the most affected. I'm Chris Karachi. And I'm Denise fellow greedy in the Bloomberg newsroom. And musters who are worried about inflation, well, they're probably eyeing next week's reports on consumer and producer prices for fresh signs of inflation. And former treasury secretary Larry summers tells us based on what he's seen so far. The fed needs to step up the pace of the hikes already. If we don't act on it and act strongly on it and that means raising real interest rates significantly, then we're just setting the stage for stagflation. And summers there on Wall Street week with David Westin heard here on Bloomberg radio. Berkshire Hathaway out with the big jump in quarterly operating income. Kathy seifert analyst with CF RA research says, even though profit jumped at Berkshire's insurance unit, Geico is flashing warning signs. The auto insurance unit reporting an underwriting loss according to Bloomberg's max Reyes. Underwriting there really took a hit off of inflation. Obviously used cars are way more expensive, right? So if someone gets into an accident, just the actual costs associated with fixing that car replacing that card, depending on the severity, those are way high. Bloomberg reporter max Reyes there. A rise in concern about monkeypox and now doctors and legislators in New York are calling on the federal government to make it easier to get a drug called teapot more than that from the Burke's Michael Barr. Denise teapot is approved for smallpox, but some early studies say the antiviral can also help treat monkeypox even after people have contracted the disease. Right now, healthcare providers have to get special approval through the CDC and its investigational drug program. Gothamist says state senator Gustavo Rivera chairman of the Senate health committee and other New York legislators are also asking the Health and Human Services secretary, Javier becerra, the consider using emergency use authorization to allow thousands of available doses to be accessed
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"This holiday weekend. We're seeing the confluence of a lot of things and you can really call this the perfect storm. Association president Sarah Nelson explained that the combination of storms on the east coast, the COVID pandemic and staffing shortages are all to blame for high numbers of delays and cancellations ahead of the fourth. However, she explained that some hiccups were due to protecting passenger safety. Nelson also praised airlines for cutting capacity in an effort to not over promise and under deliver to travelers. Embattled school police chief Pete Armando was resigning from the uvalde city council. He was sworn in on May 31st, which was less than a week after the massacre at rob elementary school that claimed 21 lives in a statement to the ivaldi leader news hernando said his stepping down was the best decision. He's faced heavy criticism over the delayed police response to the shooting, especially after saying he didn't believe he was in charge despite being the senior officer on the scene. He was also placed on administrative leave for his role as police chief on June 22nd. I'm Chris Karachi. And I'm susannah Palmer in the Bloomberg newsroom. A Shanghai shutdown was hard on Tesla. Tesla delivered fewer cars worldwide than analysts forecast 254,695 cars versus the 261,181 forecast in a Bloomberg survey. This as a COVID related shutdown at its factory in Shanghai affected production. In a statement Tesla said it faces ongoing supply chain challenges and factory shutdowns beyond our control. Governor Kathy hochul has signed a sweeping overhaul of the seat's gun rules, the bill hooker signed on Friday severely limits where guns can be carried and requires background checks to buy ammunition. The legislation will require creation of a statewide license and record database for ammunition sales and allows concealed carry permits to be issued only after a firearm safety course and in person live fire range training. It won't take effect until September. It's what we're trying to do is protect the legitimate rights of private property owners by telling them they don't have to have someone walk into their establishment with a concealed weapon.
Bloomberg Radio New York
"chris karachi" Discussed on Bloomberg Radio New York
"Special report the Russian invasion of Ukraine Russia appears to be pulling out all the stops on its invasion a senior U.S. defense official told CNN Sunday that the country is fired 600 missiles on its neighbor and they've also amassed 95% of their combat power inside Ukraine Despite the show of strength the Russian assault continues to be slowed by the strong Ukrainian resistance the military convoy that is north of Kyiv also remains stalled and there has not been an update on how far it is from the city center TikTok is banning content posted from Russia the move was announced Sunday that users in Russia would no longer be able to post to the app In a statement posted to Twitter TikTok said the decision was made in light of Russia's new fake news law and the app will need to review the safety implications of the law before moving forward The hill reports Russia's fake news policy requires journalists to verify reports on the Ukraine invasion with official Russian government sources and prohibits the words war invasion and attacks This has been a special report the Russian invasion of Ukraine I'm Chris Karachi And I'm Brian Curtis in Los Angeles Let's check this hour's top business stories and the markets The Biden administration is working with allies to ban the import of Russian oil Oil surged briefly touching $139 a barrel Brent jumped as much as 18% in a matter of minutes at the open on Monday before then pairing some gains At the moment Brent is trading at $128 and 97 cents a barrel WTI crude one 23 90 And we'll have more on markets in just a moment President Xi Jinping says China can not rely on international markets to ensure food security She was talking at the Chinese people's political consultative conference Bloomberg Stephen engel says China wants to be self sufficient in many areas Food security is going to be a big one with price of wheat going up and China's reliance on food from outside places Xi Jinping told the CPPCC over the weekend China should focus more on domestic food markets to ensure food security She also said that China would make sure it has an appropriate level of import capacity Meantime China announced a GDP growth goal of about 5 and a half percent for 2022 That implies more stimulus is in the cards And another way to shore up the economy would be to ease the COVID zero policy And Beijing signaled that such a move is possible although it is not expected All right let's check the markets The Hanson index is trading down 3.4% A drop of 745 points The nikkei off 3.2% the CSI 300 trading down about 2.3% and losses are right across the board Dalien one 1491 the Bloomberg dollar spot is up a third of 1% And WTI crew again one $24 in change Global news 24 hours a day live and at Bloomberg quick take brought to you by 2700 journalists in a 120 countries In Los Angeles I'm Brian Curtis This is Bloomberg Your listening to Bloomberg intelligence with Alex Steele and Paul Sweeney on Bloomberg radio All right we're gonna be here each and every week at this time Tapping into our Bloomberg intelligence analyst covering some 2000 companies and 130 industries worldwide on Paul Sweeney Alex Steele is off today Matterport It leads in a large potential market for 3D indoor capture I have no idea what that means but fortunately our next guest does Bloomberg intelligence engineering software senior analyst Eileen Siegel Eileen thanks so much for joining us What is matterport Pretend 5 years old what is matterport So metaphor cells software subscriptions data licenses cameras and services for 3D indoor capture So you might have seen them on red center Zillow if you've been looking at houses online The greatest American pastime where their software is used for 3D virtual walkthroughs So for real estate I can kind of get a sense of what a house looks like literally in a 3D environment Am I wearing goggles Is that some of the technology So right now you can see them on like I said brokerage website And their revenue about two thirds of it comes from real estate They actually sell to other verticals And you can also put a headset on and walk through it with headset as well yes Okay so real estate is an application are they trying to develop other applications as well Yeah so one of the interesting things about the matter port story and we launched coverage of matterport last week publishing a primer on the terminal And we think there's a great opportunity for them to expand into new verticals So like I said about two thirds of their revenue comes from the real estate market about half residential and the remainder commercial real estate But they have the opportunity to grow into new markets like construction for document documentation of the construction process It could be used in insurance and repair for claims It can be used in architecture where 3D models can be scanned into the architect's design software So there's a lot of potential uses for this Deandre estate as well All right so this went public via a spac Is that right in 2020 In 2021 they did a reverse merger with the spac Yes All right so I'm looking just at the FA function on the Bloomberg terminal which folks that's kind of where we get all the financial analysis for income statements balance sheets that kind of stuff So there's some pretty good growth baked in for this year for next year you know 20% revenue growth this year 50% next year is kind of the consensus Where's that coming from Is that just selling more subscriptions getting more per subscription.
Newsradio 700 WLW
"chris karachi" Discussed on Newsradio 700 WLW
"Breath is smelly my feet. They stink. But money knows really makes me think It's time for the Bloomberg Market Minute on 700 wlw. Yes, it is with Jeff Belhadj is standing by and Mr Bell in jail. Media company founded by Reese Witherspoon might be changing hands. What company would that be? The company is called Hello sunshine. It was founded by the actress and producer, and it may be for sale. Sources tell Bloomberg a number of potential suitors have expressed interest. Hello, Sunshine produced the HBO drama Big Little Lies and the Apple TV plus series. The Morning show, among other Programs. All right. What about Wal Mart? They hired an executive to run their membership program. I didn't know that you could be a member of Walmart. Walmart. Plus, this is Walmart hiring an executive away from American Express, Chris Karachi, YOLO will run the giant retailers Wal Mart plus membership program that competes with Amazon dot prime WalMart rolled out its $98 a year membership program back in September. It said. Very little sense about how it has performed. So maybe It's looking for Mr Caracciolo to do good things with it. I don't know what I get for that. No idea. Alright technology companies are looking to grab a share of the prescription drug market. The market currently dominated by CVS and Walgreens, A drug Channels institute says at least a dozen startups have launched based prescription services that claim to do a better job than traditional drug stores and also save their customers. Time and money. Amazon dot com's 2018 acquisition of Pill Pack is seen as the springboard That provided a vote of confidence and helped to give the other companies there start. Alright, then BMW is the leader right now in the luxury car market because well, it comes down to computer chip access and BMWs had better access than many of its competitors that gave the German automaker a sales edge this spring. BMW sold more than 96,000 vehicles here in the United States in the second quarter, outselling Mercedes Benz. And taking the lead in the American luxury car market for at least the first half of the year. Well about that. Right. Where do our future stands here? Now they've turned mixed S and P futures are up five points. NASDAQ futures are up 82. But the Dow futures have turned lower their down five this hour from.