21 Burst results for "David Welsh"

Disruptive trends that will transform the auto industry

Bloomberg Markets

05:43 min | 1 year ago

Disruptive trends that will transform the auto industry

"Us let's shift gears to the auto market we got Tesla I'm very much in the forefront yesterday at with an incredible surge in share price then today we're seeing an incredible plunge on the other side of Ford shares down more than ten percent one point now nine point nine percent declines General Motors kind of hanging in there with so little decline after being up earlier this comes on the heels of reports that show what the challenges for an industry under profound transformation joining us now David Welch Detroit bureau chief for Bloomberg news to David can we start with Ford because this is now being compared to a company with the lan must like problems without the eleven must but level of belief and faith from shareholders really is I mean if you if you will and were also was three years ago they couldn't get the hose out on time they had some quality issues with their SUV the model X. every planet you on most put out there would be six twelve months off schedule they were kind of refurbishing some of the assembled cars out in the yard it's not quite that bad it forward but they've got an explorer that they state they can't get out on time event all kinds of production issues there this shouldn't be happening at a company like for one of the advantages that the established automakers were supposed to have over Tess was that they they have vehicles new models out out of pure muscle memory it just happened there were occasional gap circadian room in and we still have been recalls but they didn't have stuff like this and and so this is one of Ford's problems sales of warranty costs ticket TTL fifty two on their profits in the quarter so these are all these are all very bad things it should just be general execution and things of that this just smoothly happen for a company like Ford so what is the thinking behind this focus on Ford but those production problems as blocking and tackling issues we thinks cause them here because again you're right a company like a Ford it's you know been doing this for so long should have this part down displaying incorrectly why this is happening CO active said told journalists that he had every confidence they can they can get their execution back somewhere in there they just took their eye off the ball on this thing and who accused the things to happen right we had a big recall a few years ago from Toyota with the GM ignition switch issue so the big companies are not immune to this sort of thing but this is kind of more even more basic just getting a new model particularly important one like the X. four out the door on time to dealers and customers post explain it other than the it's a big gap on their part so putting Tesla side because it's been a it's sort of round trip consider not round trip I mean it's it's off with a bunch today after yesterday's run away gains in the share price there is a question is this the best bet if somebody wants to wager on the future of autos as a tech item as also a E. sort of vehicle so to speak for the electrical battery which is going to be key in any kind of new economy is that the best bed or their other auto companies that are investing similarly with similar success in the electric battery industry of burning question and if you look at Tess of right now the market is saying that if the tech company attacks started to grow the company and if they've got the best technology when it comes to work for vehicles in the moment it's hard to argue the phased out the bad their cars have the longest range which means they can go the furthest on a single charge they also have a really good electric motor we we did a piece last year I would again insanely mineral tore down a model three and really ripped apart the battery the orchard motoring and he said they have is for the best electric drive system any compared to GM BMW know if these other companies I think we'll we'll catch up in terms of battery performance and and they'll get there the other thing that also has that was brand the pencil branded extremely powerful it's almost a cold and then may also have been doing other things that are tech related in their cars that set them apart they have over the air updates that can actually boost the speed of the vehicle with the model three they had heaters in the rear seats and didn't tell anybody and then one day they just turn them on with an over the air update and awaited customers by saying guess what Germany receipts space so we've been doing stuff like that that really does make the car smartphone and I think it would scare me if I'm running one of the big conventional car companies is that houses cars have become the iPhone of yeah or if your vehicles and until somebody else comes up with an android type of of rival to what Tess was doing I think they're going to rule the roost it's a great analogy that kind of brings it into focus here David wells Detroit bureau chief Bloomberg news on the phone from our Detroit bureau talking about that numbers coming out of Detroit today Ford again that down about nine and a half nine did have ten percent Tesla also down about thirteen fourteen percent give me a little bit of some of that surge we've seen over the past a six seven days in particular just amazing so again this is a transformative time for the auto industry is David was mentioning as the electric technology electric vehicle technology is developed and obviously is today was mentioning Tesla has that brand has that first mover advantage reminds me a little bit of Netflix what it did to the traditional media business having it first mover advantage having that brand the traditional companies here the traditional car companies need to figure out a way to prohibit their company to compete in this New World a

Tesla
"david welsh" Discussed on Pantsuit Politics

Pantsuit Politics

02:30 min | 2 years ago

"david welsh" Discussed on Pantsuit Politics

"Lafontaine gray wind a young pregnant woman who was abducted and killed in Fargo in two thousand seventeen and it would increase the coordination between federal and tribal agencies improve tribal access to law enforcement databases, and require the attorney general and the secretary of the interior to consult with tribes on developing databases. And I don't have a lot of kind words for the attorney general, but the attorney general from their forts that I've read has been pretty engaged on this issue, and has said that it is important to him to meaningfully improve the way the department of Justice handles violence against native women. So hurry for that they're also working on the not invisible act to create an advisory committee of law enforcement, tribal, leaders, survivors, and family members of victims to make further recommendations to GO Jay and the department of the interior. So I am going to complement GOP efforts in many state legislators across the country to overturn the death penalty. The Atlantic has a really good article that I will put in the show notes called GOP lawmakers are quietly turning against the death penalty. So New Hampshire last week became the latest state to overturn the death penalty in the article profiles, David Welsh, who is a New Hampshire state house Representative. And I thought this was just a really beautiful reflection on sort of how his thinking change as someone who's read and talked about the death penalty for a very, very long time. This is the first time I've heard someone articulate this. And I thought it was really good. He said, after his wife's death. He came to understand that when the state execute someone it puts another family through the intense period of mourning. He went through there is no reason for it. He told me they're innocent, and so New Hampshire is the twenty first state to outlaw capital, punishment, and eleven states, including GOP strongholds, like Kansas, Wyoming, our own state of Kentucky, emissary have Republican lawmakers sponsoring bills to end the practice. So if you live in one of those states reach out to your Republican representatives, and tell them that you support these efforts. Except we are going to continue our conversation about Brexit, and discuss why we think it's relevant to those of us in the United States. It's no surprise, Roth these has over one thousand nearly perfect reviews their stylish, sustainable, comfortable washable. Really the perfect flats for life on the go. Sarah, I bought myself Roth these tennis shoes. They're fantastic. I've worn them all over the zoo twice. I've worn them everywhere I've needed to go since I purchased them. And it's the perfect.

GOP New Hampshire attorney Lafontaine department of Justice Atlantic Fargo United States Jay David Welsh secretary Sarah Brexit Kentucky Representative emissary Kansas tennis Wyoming
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:38 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"Issue with Carol Massar and Jason Kelly from Bloomberg radio. So this is the case of the missing money, some one billion dollars last year. It's missing Jason from a Bank in Mexico. Yeah. And that came to a surprise of the people whose money it was David Welsh a fascinating story in this week's edition, he joins us from Detroit. So David, how did you come upon this? Somebody known for a number of years because covered automotive manufacturing labor. So one of the people interviewed in the story, one of the victims, his brother is a long time now semi retired labor attorney, and he put me on the story, and I interviewed his brother and then just started finding more. People who've had this issue with Monica he'd be basically retired American ex pats living in typically San Miguel, Dale lyndale, though, of heard that, there are some other victims in places like Puerto Vallarta and basically know Americans decide pay. I'm gonna move to Mexico. The weather's nice San Miguel is very artistic a nice climate. My dour goes a really long way, and they moved down there, and they all them basically started banking with their US banks and giving money center Mexico, but getting actual cash getting quality was time consuming. They were heavy fees, fears, they all decided to Bank locally, and that's where the trouble started. Mr. Yeah. Exactly. Talk about who Monica is this Bank. And then what the issue was that they all had sure some on exit soon. Grupo Financiero demonic might my Spanish, I took French, and German coach. So I probably put your but I, I did okay. But there are two sides of X, caters Bank Oman, which is just like a Bank. And then there's the kandebow. So which is a brokerage house and people had a head accounts in fourth. The trouble of your account was in the custody. Botha is those are not insured deposits, the triple your money in the Bank is Mexico insures, deposits up to one hundred forty thousand dollars. So that's problem. Number one, if you're trying to get money back. But the whole real problem started here with this woman, Marceau Sevala Taylor whose mothers in American. She worked in the US on California for a number of years, Craig, which was everyone describes multicultural. She sort of took these people, and, and with very good, English multicultural. Now experience and got them to think, okay, she's like an American banker. She's a safe person to deal with, and she would visit them on holiday. She would come over to their houses with coffee and pastries, and that sort of thing, and she became a friend of, of these people, and then about November December people are trying to get money from the Bank, and they can't reach her anywhere. And by way, December January many of these people realizing that their accounts were simply cleaned out, and, and she disappeared for a number of people who do banking with the Bank for several years. Right. And some of them actually got some decent returns on investments that they did through the Bank. They question here because what many? Right. Yeah. The statement said that this woman was sending out statements in there. Now saying the Bank is saying that she had falsified statements and they weren't maybe getting those returned. Another issue is that she was telling the clients that they had dollar denominated accounts, which means they would be protected from the devaluation of the peso Monica now saying. No. So they're basically trying to settle with people. They've offered some of the people I interviewed anywhere from fifty cents to seventy cents on the tower and American banks with American Bank, scratch my head and say, wait a second lang- stolen from the Bank in my account and you want to settle. Was american. I think okay there's not a David Welsh drawer, my Bank where the tower reaching in queens, that out. And I'm the only one who has a problem when money is stolen from Bank. There's a fungible pile of money that I should still be able to put deposits into and take withdrawals out of even if somebody took from my account. It's. I can into let's say someone steals my next car buys a twenty thousand dollar money suited name. X calls back and says, David. We saw on camera that you didn't buy the suit. So here's we're gonna do. We're only going to charge a ten thousand for the city. You never. Yes that they don't have the protections. We have here. It's a big mess for these and David. The scope of this is pretty massive. I mean, we're talking about forty million dollars missing from his many as one hundred fifty eight accounts according to your story. So this was widespread. This isn't just taking advantage of a couple people. And the implication is that this probably wasn't just this woman acting alone. Right. But certainly, the theory of people who ripped off and some of them told me that monarchs officials told them never in writing. That they didn't think this woman could have done it alone. Either in some of the wire transfers head names on them and these people just don't know who they are. So there's the Bank is investigating this. Turn it over to Mexican authorities run of issues if you're going to Bank in Mexico. The example I just gave with. Typically, if, if I want to use my car to buy a twenty thousand dollar suit in LA IMAX knows that I'm never in LA, and I don't buy twenty thousand dollars suits, typically flag that transaction banking doesn't really do that. They don't have to track that employees, they don't really flags especially transactions everything just happens and goes on day to day. One of the people I talked to Kevin Carr, who is the US treasuries Representative in Mexico monitoring fraud for the US treasury department said that bad employees can rip off people in one Bank and move onto the next. And they don't track it the way the SEC or the banking, regulators FINRA within the US like these, these people just keep moving around and finding new victims. So she didn't move to another Bank. But she'd been doing this, obviously, for setting this up, it seems like a number of years, because the victim for their monthly wouldn't get statements over the past five or six years. When they finally did get their statements that were suspicious transp- transactions going back several years. And what their theory is that this woman are so basically, she was here, and they're taking money out of a count, and if somebody needed cash, and she couldn't cover she would take from one count put it into another. That's where you kind of get into the Bernie Madoff rice feels game here. And then, eventually, it seems like the jig was up late December where she'd either clean out all of the accounts or could no longer cover. And she just took up now she's actually back in San Miguel and her very briefly anniversary. Mother, her mother would just sort of cryptically say Monica also has something to do with this, and it wouldn't say anything more are such who's going to do a full interview with me. I was emailing with her. And I said, look, I have Monica story, I have your clients to everybody blames you. I, I need your story here. Let's talk and she agreed. She got on the phone and said do vice attorneys. I can't say anything. Wow. I'm living in San Diego. Goodbye. The end of it. So she's back in town. And not working Advantix. But everybody is, she's facing charges Nexico David Welsh joining us from Detroit fascinating story. He had some folks, tell us about what was going on right in terms of people running into troubles putting their retirement funds, basically, in Mexico, and I liked the.

Bank Mexico Nexico David Welsh Monica US San Miguel Bank Oman Detroit American Bank Jason Kelly Mr. Yeah Marceau Sevala Taylor attorney San Diego Carol Massar Bloomberg Dale lyndale Grupo Financiero Puerto Vallarta
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:40 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"To Bloomberg BusinessWeek the money issue with Carolina's here in Jason Kelly from Bloomberg radio. So this is the case of the missing money, some one billion dollars last year. It's missing Jason from a Bank in Mexico. Yeah. And that came to a surprise of the people whose money it was David Welsh a fascinating story in this week's edition, he joins us from Detroit. So David, how did you come upon this? Somebody, I've known for a number of years because of covered automotive manufacturing labor. So one of the people interviewed in the story, one of the victims, his brother is a long time now semi retired labor attorney, and he put me on the story, and I interviewed his brother and then just started finding more people who've had this issue with Monica. It'd be there basically retired American ex pats living in typically San Miguel de lyndale, though of heard that there are some other victims in places like Puerto Vallarta. Basically, you know, Americans decide paying minimum to Mexico. The weather's nice San Miguel is very artistic nice climate. My dour goes a really long way, and they moved down there, and they all them basically started banking with their US banks and giving money sent to Mexico, but getting actual cash getting liquidity was time consuming. They were heavy fees after fears, they all decided to Bank locally, and that's where the trouble started disturbed. Yeah, exactly. Talk about who Monica is this Bank. And then what the issue was that they all had sure from on exit soon. Grupo Financiero demonic, and I don't think Spanish I took French, and German coach. So I probably butchered that, but I, I did okay, but there are two sides of X, caters, Banco monarchs, which is just like a Bank. And then there's the CASA de bolsa, which is the brokerage house and people had a head accounts in both the trouble. If your account within the CASA Di Botha is those are not insured deposits, the triple your money in the Bank is Mexico insures, deposits up to one hundred forty thousand dollars. So that's problem. Number one, if you're trying to get money back. But the whole real problem started here with this woman, Marcela Zavala Taylor, whose mother is an American. She worked in the US on California for a number of years, had great anguish with everyone describes multicultural, she sort of took these people in and with her very good, English multicultural. Now, inexperience and got them to think, okay, she's like an American banker. She's a safe person to deal with. And she would visit them on holiday. She would come over to their houses with coffee and pastries. And that sort of thing, and she became a friend of many of these people, and then about November December people are trying to get money from the Bank, and they can't reach her anywhere and by December January many of these people realizing that their accounts were simply cleaned out. And then she had disappeared for a number of months, people who've been banking with the Bank for several years. Right. And some of them actually got some decent returns on investments that they did through the Bank, do they question here? Because when many stay on that, right? Yeah. The statement said that. But this woman was sending out statements in there now saying the Bank is saying that she had falsified statements, and they weren't maybe getting those returns another issue is that she was telling the clients that they had dollar denominated accounts, which means they would be protected from the devaluation of the peso us now saying. No. So they're basically trying to settle with people. They've offered some of the people I interviewed anywhere from fifty cents to seventy cents on the dollar, and look, as an American banks with an American Bank, scratched my head and say, wait a second stolen from the Bank in my account any want to settle. You know, as an American, I think, okay? There's not a David Welsh drawer, my Bank where the reach in clings that out and I'm the only one who has a problem when money is stolen from a Bank. There's a fungible pile of money that I should still be able to put deposits into and take withdrawals out of even if somebody took from my account if I liken it to. Let's say someone steals my next car and buys a twenty thousand dollar mining pseudo. Name ex calls back and says David we saw on camera that you didn't buy the suit. So here's we're gonna do. We're only going to charge ten thousand for the city in Africa. Yes. Like that. So they don't have the protections. We have here. It's a big mess for these and David. The scope of this is pretty massive. I mean, we're talking about forty million dollars missing from, as many as one hundred fifty eight account, according to your story. So this was widespread. This isn't just taking advantage of a couple people. And the implication is that this probably wasn't just this woman acting alone. Right. But certainly, the theory of people who ripped off and some of them told me that Monica officials told them never in writing that they didn't think this woman could have done it alone. Either in some of the wire transfers head names on them and these people just don't know who they are. So there's the Bank is investigating this. They've turned it over to Mexican authorities, but their autumn issues if you're going to Bank in Mexico, the example, I just gave with aim x. Typically, if, if I want to use my car to buy a twenty thousand dollar Monte suit in LA IMAX knows that I'm never in L A, and I don't buy twenty thousand dollars suits and typically flag that transaction Mexican banking doesn't really do that. They don't have to track bed employees. They don't really flag suspicious transactions everything. Just happens and goes on day to day one of the people I talked to Kevin Carr, who is the US treasuries Representative in Mexico monitoring fraud for the US treasury department said that bad employees can rip off people in one Bank and move onto the next. And they don't track at the way, the SEC, or the banking, regulators, FINRA within the US. These people just keep moving around and finding new victims. So she didn't move to another Bank, but she been doing this, obviously for setting this up. It seems like a number of years, because the victims were telling me they were there are months where they wouldn't get statements over the past five or six years. When they finally did get their statements that were suspicious transp- transactions going back several years. And what their theory is that this woman are, so basically, she was, you know, here, and they're taking money out of accounts, and if somebody needed cash and she couldn't cover. She would take it from one count put it into another. That's kind of getting to the Bernie Madoff rice fields scheme air. And then, eventually, it seems like the, the jig was up in late December where she'd either clean out all of the accounts or could no longer cover and she just took off now. She'd actually back in San Miguel Dalen Daesh in her very briefly, any mother, her mother would just sort of cryptically say Monica also has something to do with this and wouldn't say anything more are so he's going to do a full interview with me. I was emailing with her. And I said, look, I have Monica story, I have your client story. Everybody blames you I need your story here. Let's talk and she agreed. She got on the phone and said dude, vice by attorneys. I can't say anything. Wow. Living in San Diego. Goodbye. It's the end of it. So she's back in town. And probably not working on it. But everybody is, she's facing charges Mexico. David welsh. Joining us from Detroit fascinating story. He had some folks. Tell us about what was going on right in terms of people running into trouble putting their retirement funds, basically, in Mexico, and I liked the way he.

Mexico David Welsh Monica US Detroit American Bank Bloomberg San Miguel de lyndale Jason Kelly San Miguel Puerto Vallarta CASA Di Botha Carolina San Diego attorney Marcela Zavala Taylor Grupo Financiero San Miguel Dalen Daesh Bernie Madoff
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:39 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"The funny issue with Carol Massar. Jason Kelly from Bloomberg radio. So this is the case of the missing money, some one billion dollars last year. It's missing Jason from a Bank in Mexico, and that came to a surprise of the people whose money, it was David Welsh a fascinating story in this week's edition. He joins us from Detroit. So David, how did you come upon this? Somebody of known for a number of years because covered automotive manufacturing labor. So one of the people interviewed in the story, one of the victims, his brother is a long time now semi retired labor attorney, and he put me on the story, and I interviewed his brother and then just started finding more people who've had this issue with Monica. It'd be there basically retired American experts living in typically San Miguel de lyndale, though of heard that there are some of the victims in places like Puerto Vallarta. Basically, you Erica NHS. Decide pay them gonna move to Mexico. The weather's nice San Miguel is very artistic nice climate. My dour goes a really long way, and they moved down there, and they all them basically started banking with their US banks and giving money center, Mexico, but getting actual cash. Getting quality was time consuming. They were heavy fees after fears, they all decided to Bank locally, and that's where the trouble started. Disturb. Exactly. Talk about who Monica is this Bank. And then what the issue was that they all had sure for Monica soon. Grupo Financiero demonic might might I don't think Spanish, I took French, and German coach probably butchered, that, but I think I did okay. But there are two sides of Monica caters, Banco monarchs, which is just like a Bank. And then there's the CASA de bolsa, which is the brokerage house and people had a head accounts in both the trouble. If your account was in the custody. Both is those are not insured deposits, the trouble here money in the Bank is Mexican insures deposits up to one hundred forty thousand dollars. So that that's problem. Number one, if you're trying to get money back. But the whole real problem started here with this woman, Marceau Sevala Taylor whose mothers in American, she worked in the US on California for a number of years, creating Bush was everyone describes multicultural she sort of took these people in and with her. Very good English multicultural, now age and experience and got them to think okay, she's like an American banker. She's a safe person to deal with, and she would visit them on holiday. She would come over to their houses with coffee and pastries, and that sort of thing, and she became a friend of these people, and then about November December people are trying to get money from the Bank, and they can't reach her anywhere. And by way, December January many of these people realizing that are accounts for simply cleaned out, and the and she disappeared for a number of months people who've been banking with the Bank for several years. Right. And some of them actually got some decent returns on investments that they did through the Bank. Did they? Question here because when many. Right. Yeah. The statement said that. But this woman was sending out statements, and they're now saying the Bank is saying that she had falsified statements, and they weren't maybe getting those returns another issue is that she was telling the clients that they had dollar denominated accounts, which means they would be protected from the devaluation of the peso Monica's now saying, no, so the rescreen trying to settle with people they've offered some of the people I interviewed anywhere from fifty cents to seventy cents on the tower and American banks with an American Bank. I scratch my head and say, wait a second stolen from the Bank in my account. And you want to settle American, I think, okay, there's not a David Welsh drawer Bank, where the Tory cleans that out. And I'm the only one who has a problem when money is stolen from a Bank. There's a fungible pile of money that I should still be able to put deposits into take withdrawals out of even if somebody took from my account, it's. I can into let's say someone steals. My next car buys a twenty thousand dollar Monte student aim X calls, David. We saw on camera that you didn't buy the suit. So here's we're gonna do. We're only going to charge ten thousand for the city. You never got. Yes. That. So they don't have the protections. We have here. It's a big mess for these and David. The scope of this is pretty massive. I mean, we're talking about forty million dollars missing from his many as a hundred fifty eight accounts according to your story. So this was widespread. This isn't just taking advantage of a couple of people and the implication, is that this probably wasn't just this woman acting alone. Right. But certainly, the theory of people who ripped off and some of them told me that Monica officials told them never in writing that they didn't think this woman could have done it either. In some of the on Arthur's wire transfers head names on them, and these people just don't know who they are. So there's the Bank is investigating this. They've turned it over to Mexican authorities but the run of issues if you're going to Bank in Mexico. The example I just gave with Amy. Typically, if, if I want to use my car to buy a twenty thousand dollar suit in LA IMAX knows that I'm never in LA, and I don't buy twenty thousand dollars suits and typically flag that transaction banking doesn't really do that. They don't have to track bed employees. They don't really flag suspicious transactions everything. Just happens and goes on day to day. One of the people I talked to Kevin Carr, who is the US treasuries Representative in Mexico monitoring fraud for the US treasury department said that bad employees can refer people in one Bank and move onto the next. And they don't track at the way, the SEC, or the banking regulators FINRA, wouldn't the US like these, these people just keep moving around and finding new victims. So she didn't move to another Bank. But she'd been doing this, obviously for sitting this up. It seems like for number of years, because the victims were telling me they were there. They wouldn't get statements over the past five or six years. When they finally did get their statements that were suspicious transfer transactions going back several years. And what their theory is that this woman are, so basically, she was, you know, here and they're taking money out of a counts, and if somebody needed cash and she couldn't cover. She would take it from one count put it into another. That's kind of get into the Bernie Madoff rice fields scheme air. And then, eventually, it seems like the jig was up December where she'd either clean out all the accounts or could no longer cover. And she just took off, now actually back in San Miguel Dalen Daesh in her very briefly, any mother, her mother would just sort of cryptically say Monica also has something to do with this, and wouldn't say anything more Marceau such, he's going to do a full interview with me. I was emailing with her. And I said, look, I have Monica story, I have your clients to everybody blames you. I, I need your story here. Let's talk and she agreed. She goes to the phone and said, do my attorneys. I can't say anything. Wow. I'm living in San Diego. Goodbye. The end of it. So she's back in town. And. Working Vanek, but everybody is she's facing charges Nexico David Welsh joining us from Detroit fascinating story. He had some folks, tell us about what was going on right in terms of people running into troubles putting their retirement funds, basically, in Mexico, and I liked the way.

Bank Monica Mexico Nexico David Welsh US David Welsh drawer Bank Detroit San Miguel de lyndale American Bank Jason Kelly Carol Massar Erica NHS San Miguel Puerto Vallarta Marceau Sevala Taylor San Diego attorney Bloomberg Grupo Financiero
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

10:15 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"Cash over the new York Stock Exchange nine thirty Wall Street, and I'm John Tucker with this opening Bill report right out of the gate. We have stocks lower all industry groups at the S and P five hundred right now, they are lower hasn't p five hundred down twenty five points of the early going down nine tenths of a percent at twenty eight fifty three the Dow down two hundred thirty points that's down by chance at twenty five thousand seven hundred forty three the NASDAQ composite index down to eighty seven points one percent at seventy eight fifty seven and a tweet from the chief of China's government run global times saying. This morning someone from the China side told him if unlikely a trade deal will be reached before Friday. And that is your opening Bill report, Tom and Paul John Tucker. Thank you so much I print. We'll wait. We'll get the market opened ten minutes before we wax philosophical down to fifteen right now. Pulsating Tom Keene was someone smarter than us. Detroit. David Wells joins us right now. David I'm looking at the list of eligible vehicles. For New York City. For Uber is Uber. Move the unit sales needle for American Detroit. His it made a demonstrable difference in revenue unit sales. So far in it's always a little hard to tell. But you know, one way to look at this is rental fleet sales, which are up a bit, honestly. But that's more. Weakest of the retail market, the automakers don't really like doing that business. But e do these programs with Avis and Hertz where they basically either rent they basically by Carson, the automakers and rent them out that we were in lift drivers. And you know, most of these people I think are using their own cars. Think about it. You don't get paid that much to drive for Uber or with right now. Yeah. And then you're going to pay a rental fee? I mean the economics of being a right hailing driver already pretty bad because you're beating up your own personal vehicle. But if you add rental fees onto it. It's it's not a great way to make a living. So David, I mean, we have an Uber scheduled the price there. I peel after the close today. What do you think they're gonna do you think they're going to be trying to be as as they can or just kind of read the market and Saint boy this tough time to bring a company public and our closest competitor lift is not doing any favors. How do you think they're going to be? My guess is that they won't be too aggressive. Bloomberg reported a few days ago that they were already looking at a price this thing at the low end of the range, and if you look at. If if competitor lifters the canary in the mine pretty tough IPO, and you know, there's been a lot of hype around it in the hype comes it's not totally illogical from the growth in ride hailing and the potential bad market. The problem is maybe going the words of Travis kalanick's bounded who were years ago, they can't really make money on this thing without self driving cars, and that is some way away the other question effort, raise which I think is a pretty good one is to get gross and build scale and even have a chance of profitability in the let's call it. The driver world of ride hailing. You'd have to really grow the number of drivers right with three point nine percent unemployment. In effect that this doesn't pay a lot of money. I don't know where where are they going to get the driver? I'll try to get back out on Twitter. Folks, Meghan mcardle writing in the Washington Post about a week ago, a blistering essay on the non-profitability of all of this dialogue. Do you? See any profit down the road? David welsh. I have a hard time seeing it because. They they say seventy five percent of their cost is the driver. They don't want shock people. A lot of money. How come on their big eight bucks an hour nine bucks an hour. The whole thing's a sham. He did a tour lies. But you know, if anybody listening this program was told there's sonar daughter, let's say they're in their twenties is making the eight or nine bucks an hour you screaming, right? Here's the way, I see driving. We're in live. It's not about the income. It's about the cash because you get paid very quickly. So if you're somebody who's living hand to mouth check to check having this kind of side hustle where you get a few bucks in your pocket to pay bills immediately. That's more what it's about. Because it just doesn't pay enough to really for anyone to make a living. It's just a little bit of extra cash in your household flow, not income because look down the road. You're gonna you're gonna pay some of that back because you're beating on your car. If you're going to need to remain hires. More mileage means more depreciation. It's just not a great business. It's a way to get these people to get money today. And again three point nine percent unemployment. It's going to be tough for them to find the growth, and look, I don't see what the profits. Come from. So David there's actually some other news an auto this week. And saw your note your article today General Motors selling I guess, they're idled car plant in Lordstown. Ohio to electric truck makers is a big deal. Weird deal. So here. GM's unhappy happy with me over the story. They think I'm being too pessimistic. But we're courses a little known company. They had she's a couple million in revenue, and I think twenty million in losses last year at to get the numbers exactly in front of me. But. They sell some vehicles to FedEx and UPS what they're really hoping for is that they get this big contract to replace all of the male jeeps. You see driving around with electric of some kind there a competitor for that. But they're up against Oshkosh the military contractor. They're up against 'em generally Mahindra of India. So they're going to need to eat some big established players. And by the way, you know, this is one hundred and eighty thousand male chiefs over I think ten years last year alone the words town plant made one hundred forty thousand of the Chevy Cruz. So it's hard to see how right Boone in terms of employment. When over ten years, they'll be making what learning town down here. David one quick question. I know Mari bars going to give it a spin in the leader of four da. What are the engine that? You talked to actually think about self driving vehicles. The depends which engineers, but by and large what people tell you in the industry is that the technology's wheel the technologies coming, but it is coming much sooner in the popular imagination. In reality. Can we'll see GM will have probably wait this year. If they missed the deadline missed their target early next year. You will see self driving cars in very limited services. It might be assured route where the driving is very simple. But I did a story on to that. I think we talked about when I went out there. I talked to Mark rose kind who former head of NATO chiefs officer pursuits. And I said, so my colleague Brian grew here. He's from Chicago from from the Detroit bureau when are we going to end services, and he said, it could be ten years. Maybe fifteen because of the weather weather makes it tough over driving cars to see. Yes. Snow rain fog to see David Wells. Thank you so much only be there on the clear days. You can see for ever, David. Welsh of Bloomberg news writing incisive work on automobiles. Pulse. Weenie lift. Lifts. Yes. Just a little bit here so little bit. Yeah. But it's still it's it's the valuation that had set in the marketplace that bankers are going to have to really deal with. I'm looking for their p oh, there's no p. It's a multiple revenue. We have to go up a little bit farther up on the income statement three big figures on the viks. Three point zero one twenty two point four one on the viks to remind averages nineteen to twenty the glory acidy of twelve or thirteen and we've now moved nine big figures in this modest pullback negative to one on the doubt twenty-five thousand seven seventy two on the Dow down twenty three points as well yields come in not lows, but nevertheless yields lower note prices higher pulse. Vinnie and Tom Keene worldwide. This is Bloomberg. Let's get national headlines right now with Michael, Michael. Thank you very much. Thank you. Tom South Korean military officials say North Korea has fired two short range missiles launched games from the north west of North Korea headed east toward Japan. It is the second test launch of weapons in less than a week. President Trump today delivers remarks on ending surprise medical billing an issue that has received by partisan support on Capitol Hill last night, the president held a campaign style rally in Florida telling supporters that Democrats are more focused on the Muller report than working with Republicans on issues like infrastructure ever-greater attorney general now, the Democrats say we want more, you know, it was going to be like we want the Mullery report. Now, they say Mullah report. Now, we want to start all over again, the Senate intelligence committee as peanut Donald Trump junior calling him in to answer questions about his 2017 testimony. To the panel as part of its probe into Russian election interference. Pope Francis has issued a groundbreaking law is ordering all Catholic priests and nuns to report sex abuse and cover ups to the church. Global news twenty four hours a day on air and it tick tock on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Michael Barr. This is Bloomberg com. Thanks so much negative to fifteen on.

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"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:11 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"Putting a thirty five thousand dollars version of the model three sedan on the market almost three years. After CEO Elon Musk started taking orders for it. David westin. Morningstar analyst who covers Tessa joins us now on the phone. He's got a sell rating on the stock. So David, obviously, a big milestone to get to this thirty five thousand dollar number. But with all the add on's, you're looking at upwards of sixty thousand dollars not unusual is with any car maker. But how much demand do you think this will drive? Well, he's not we've been waiting for a long time. So I think there are a lot of people that. Criminal matter already in line. The obviously you've lost some people who have just gotten tired of waiting and moved on the -cremento demand may come for more of this new distribution model. They're talking about where they're going to an all online selling not that that's going to be very interesting to see that succeeds or not it's it's really easy for the consumer. But at the same time, we're we're talking about a vehicle, you're not ordering shirt from Amazon. Online also means that there will be fewer people who will actually need to sell these cars. So this means that there will be more layoffs as well. I was wondering if that was included in the seven percent headcount reduction announced earlier or not I suspect it's not a die. Haven't heard from the company to confirm that. But I would imagine. Yes. A lot of people disorder going to lose their jobs. Sure. Will that drive demand was Emily's question as well? Right. But she will be worried also about lawsuits potentially in those states and one allow sales without a dealer franchise. Yeah. That's a great point. That's been an issue. That's been going on for a long time. Now, tesla never seen industry and the dealer traeger. Benny DA's, very powerful organization. Well connected in Washington. Dealers are not opposed how so they just want to have tesla franchises to they want to get in on the Atkins might take on that. And there are very state by state. Some states are extremely restrictive in particular state like taxes, which is one of the largest car markets on the country. However is still been able to get their vehicles into the hand of consumers states. Basically, you know, what's known as a gallery store, you can actually buy the car at the store you end up buying the store from in another state. And then someone delivers a vehicle to you and taxes. Tesla does have thirty five brick and mortar stores in California alone. And they did mention seven percent of the workforce would be laid off in January. So you wonder how this new process will will impact the workforce, David, what are some of the challenges you foresee with this online only model? The big one. I think would be we'll we'll get past any legal issues on. I'm not a lawyer. I'm not gonna go into that. But. I am not too worried about that. Just. Discussing Tesla's been operating for a number of years already. And it hasn't slowed them down a ton. The next big thing is will consumers. Be willing to buy by the vehicle on their phone or laptop or whatever it may be. In great volumes. Because what they're doing this strategy worked very, well when the customer knows for sure that they wanna tesla, and then they can go online and get beat or whatever they want. Just like if you want to buy a Porsche nine eleven. Haiyan corvette. It would be nice to just go to say Chevrolet dot com. Figure your car and have it delivered to you without ever leaving your house. Wants to go the other. Franchise dealers. They own all their stores right now. But there are people that want to compare maybe tesla model three two three four BMW three series C class, whatever it may be and those customers they may not be willing to go ahead and do that has a purchase without first driving the car. And that's why. Very generous seventy thousand mile policy where you can still get a wreath on a really interesting moving potentially move. But will it be enough to get? Hundreds of thousands. Millions of people a year to buy vehicles because remember the German three each cell, roughly two million or two million a year, depending on which company you're talking about a long way to go there. And it just remains to be seen if they can do it. But making the experience easier retail is a smart move. It's hard to imagine anyone making a purchase as big as a car a tesla without test driving at first, but that said musk speaking at this news conference saying that producing the car at this thirty five thousand dollar price again without any add ons. He says it's excruciatingly difficult to make this car for thirty five thousand dollars and still be financially sustainable, David. What are the economics here? How much more pressure is this price gonna put on Tesla's bottom line? Time you'll have some you'll have a lot of costs going out. And the theory is eventually you make it up in volume. And I think ultimately it's hard to say. How many consumers I want that thirty five thousand car they're gonna want some other features and all of a sudden they're spending forty two or forty six grand or whatever it may be all the way up to over sixty grand as he noted. You need to have other vehicles though, too. That's why the of why crossover on three platform coming is helpful down the road. And ultimately a pickup truck to a huge segment. David, and we're now getting news from NASDAQ saying that the tesla stock will resume trading at five forty pm eastern that would be in less than five minutes from now we saw the stock drop as soon as the announcement was made and then it was halted although throughout the day it actually rose. So what are we expecting? This announcement to do for share prices. I'd be surprised if we had a rapid spike here because the thirty five thousand Ronald three that's not new information that we've been waiting number of years. It was just a matter of when. And there weren't really are common for me law. That would probably happen at some point in nineteen. There's I think there's also that. Cliche by the rumor, sell the news too. So I wouldn't be surprised if we saw a decline on on this. Because now that we know there's a reason to get hyped up about. Whatever the going to be because you know, what the announcement is some important color here. David pun completely intended, the thirty five thousand dollar model threes only going to come in black. Any additional color will be at least fifteen hundred dollars are Detroit bureau chief David Welsh has some funny commentary saying that Musk's channeling his inner Henry Ford who famously said once any customer can have a car painted any color that he wants so long as it is black. How much did he tells matter? David. That's all you're right. To point that out. I was thinking exact same thing before you mentioned here. That's the quote. That that's another example of well, if you want a different color fine, but you have to give us more money. So I for years, I've never anchored too much on that thirty five thousand dollars price because it just doesn't work that way. It's not that simple. Ranger vehicle. Vehicle can range from. Starting price Carr might be twenty eight fully loaded. It'll be fifty five grand. It's such a wide range of religious individuals consumer preferences. But to your question. As long as you want it in black, and there's a lot of people waiting for this car, and frankly, the model threes a great looking car too. So it it it should do. Well. David. Thank you so much for joining us, David Westin. Morningstar analyst joining us there on the phone and terminal users continue following the news and analysis on the Bloomberg ETF live.

Tesla David David westin CEO Elon Musk analyst Morningstar Amazon Washington Tessa Chevrolet David Welsh California Emily Benny DA BMW Carr NASDAQ Atkins Detroit
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:30 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"Amazon and General Motors are in talks to invest in the electric pickup maker Riviera not by invest in Rivi, and this according to sources who say the deal is expected to value river at between one and two billion dollars. The investment would be a major boost for the company as it aims to be the first automaker with an electric pickup on the market. Joining us from Detroit to discuss Bloomberg's David Welsh, David what? Yeah. It's been Kushner, you'd think about General Motors. Why would they do this? They already make pickup trucks. They're very good at it. They have an electric vehicle program. Why would they need a start up like Riviera and what's on doing? So put it all together. General Motors is going to come out with twenty by twenty twenty three. The first fewer not going to be pickup trucks and most of those vehicles from what I'm told her going to be destined for the Chinese market. So that probably wasn't an electric pickup truck in the near future. Maybe eventually Rabin wants to have their truck ready. And they think they will have it ready by twenty twenty. So for GM, this is probably in terms of GM so war-chest without spending too much money. Get a pickup truck that they can get to market a lot faster. Maybe get some engineering talent that they wouldn't otherwise have Amazon. Hey, this is a way to get cheap, clean electric, delivery trucks. To them pretty quickly. So they can they can use them to get packages all over the place last week. We also covered Amazon's investment in Aurora. A self-driving tech startup that is building basically software and hardware for different automakers. That said we had the CEO Vivian on the show last year. And if I remember correctly, they wouldn't even show us a picture of the car was very secretive still in development how much has riven actually accomplished. Actually, they have shown a truck. They've got a prototype now, and they've been talking about actually going to have the thing ready, which is twenty twenty so freeze quite a bit of money. It's legitimate startup. They've got some real talent there there outside Detroit. So they're hiring people who know how to make actual vehicles as well. It's a pretty legitimate company. I sort of liken this as when General Motors bought cruise automation GM already had a self driving car initiative going on they were already making vehicles that were trying to drive themselves what they found cruise automation in San Francisco was already strapping a system onto other companies vehicles and driving or rather moving vehicles without drivers. And so this is a case where I think they've found somebody who's got some talent and got a program in the works, and they could be by investing in it accelerate their own development. So clearly there are a lot of acquisitions or potential acquisitions investment competition happening in this space. What else are you watching? Right now, we're hearing just a lot of chatter about big car companies and big tech firms. But most of the big car companies are trying to buy self driving cars startups or invest in them startups battery startups, tesla recently bought into a company that makes super capacitors which. Automotive batteries to be charged faster and go further on a church, so even Tesla's buying into some technology companies. Some of it is just taking a flyer on small companies that might have some pretty good science in other cases, it's a weight actual get somebody whose hardware and accelerate your own development. It's a pretty good marriage. Really, you think about it. You've got startups that are working solely on one project, and you have somebody with deep pockets who can come along give them the cash they need to get to the next level. And in the case of GM and Riviera you're going to get a company that's got to pick up truck sort of on the drawing board and a prototype. You not only get some money from GM and Amazon you get maybe GM's manufacturing capability. And then once the truck is ready, you've got ready made customer who's invested in you who wants to use the trucks to deliver. So you've got already some maybe pre book sales. So you can kind of see working out that way. And new electric vacation empire. Alright. Bloomberg's David Welsh in Detroit. Thanks so much for giving us some context there. Meantime, it you have probably never seen a vehicle like the one we are going to show you next. But if a publicly traded Canadian company has its way it won't be long before you see a lot of that. Bloomberg's at Ludlow reports from Vancouver. All electric like tesla. Priced like a Ford Fiesta..

General Motors Amazon Detroit David Welsh Tesla twenty twenty Riviera Kushner Bloomberg Rivi Rabin Fiesta CEO San Francisco Vivian Aurora
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:14 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"Of late of General Motors. Start up today and a lot of fingers being pointed in a positive light. This year to to CEO, Mary Barra. Joe eleven ten Bloomberg intelligence senior credit analyst joining us here in our Bloomberg interactive brokers studio and Joel talk to us about GM, especially from your perspective because this company has really gone through some ups and downs to say, the least they've got through many ups and downs. I would say right now is one of their stronger points. I mean, operationally they are executing very very well. Their pricing continues to go up the are getting good margins in a very difficult market. And that is very unlike their peer Ford. So I think she is doing an outstanding job. And I think some of the strategic actions that she took last year particularly getting rid of OPEL and Vauxhall are now paying dividends for the company for today and for the future, so help me out this when you look I put the FA function on General Motors. So this is a company twenty nineteen to have forecast revenue of about hundred and forty five billion dollars. They've got total debt of almost one hundred and five billion. I'm glad it's not my balance sheet that seems to be tricky. But explain it for me. You're the expert here share. Well. That a lot of a lot of debt. It would be a lot based on my salary. But a lot of that debt is really part of GM financial the financial company, the actual manufacturing operations have cash and a lot of liquidity around that where the leverage is not that high. It's really about two to two and a half times cash flow when you take into consideration everything like underfunded pension. So they're in good shape. They're they're in pretty reasonable shape. It's certainly a lot better than where Ford is that today. Going into this volatile tied in the auto sector. And so what worries you all of our jobs are to sort of figure out what should be worrying investors from a credit perspective from an overall perspective. What's Mary Barra? Worried about what should GM investors be thinking about? Well, I think for for GM there is there are a lot of issues that they have to work around inventory at the dealer level is very high and for GM the sales to the dealer not so the customer therefore dealers are overstocked, the you're not gonna they're not gonna purchase more cars. Natta concern higher rates that are concerned because the consumer doesn't have a lot of excess cash to go out and just keep spending particularly on vehicles that are running on average about thirty six thousand dollars per per vehicle. So it's not as if there's a cheap car anymore because there are no cars, right? Everything is an SUV or see the right way. And I just think about the outlook, right? As we try to figure out kind of what's coming up in our economic environment. Our story here by David Welsh on the company says, you know, General Motors up against an injury industry-wide Malays as car sales plateau in the US, and they fall in China. Right. So as you're looking at the markets, the growth doesn't look like it's going to be coming any time soon. Yeah. I think for for GM we've said that they're the best bad lot right now. They are operationally it it. Yeah. I mean, it's the best house out a bad. Lot is still not the best house. Right. But they are playing their cards very, well, and very smartly and bondholders have rewarded than the bonds of tightened a lot this year. Because I think people believe that the ratings will hold up much better than other than other issues in the sector and GM tell us anything about that. You talked about the auto market look further afield what what's the general sentiment out there in this economy that we're in right now. Well, it's interesting because the economy itself, isn't that bad? Right. Nobody's crying that jobs are hard to find right now, which is terrific yet in the auto sector. You've had a ten year run of growing demand. And I also think a lot of owners look at the market and say, hey, do I want to wait two years or three years and have a self driving vehicle or something that is more technologically advanced? And I think that might be you know, if we were thinking long term where the big hits might come from you think about residual values of what the fleets are today. And that is in all of the finance companies. It's also in rental cars like hurts in either way. Where the that could really right size evaluations there. And cause a lot of writedowns. I also think I mean. Yeah, we look at the design and so on and so forth, but as companies cars become much, more pieces of technology. Right. Unless there's a massive upgrade. Why is it any different from a phone? Like, you've got to see something really significant for you to say, okay. I'm going to go out, and you know, LOP thousands of dollars at a new car. Absolutely Joe Levingston, Bloomberg intelligence senior credit analyst. Thank you so much for helping make us smarter on this way. Trying to get of. Snagged him right here in the fishbowl. Joel thank you so much coming up. We're going to talk a little bit of apple favorite things. One of our favorites as well. Mark Gherman man that guy's a scoop machine. All right. We'll get that. In just a moment. Let's get back to world and national news headlines of tobacco over to Martin.

GM General Motors GM financial Mary Barra Ford credit analyst Joel Bloomberg Bloomberg interactive brokers CEO OPEL Joe eleven Mark Gherman David Welsh apple Martin
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:56 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"The main thing really is you look at two thousand nineteen and they're giving guidance for six fifty to seven dollars a share which is going to be a pretty pretty good two thousand eighteen and they're doing it with cost but also more expensive vehicles. You know that that's that's pretty good. Pretty smart management of a company that let's face it. It's pretty tough to run. I going to be showing any kind of growth because I just don't see a ride hailing service with robot taxis taking off in the next twelve or even twenty four months and making them a lot of money, that's a long term endeavor. And yeah. In the meantime, worst gross comes from for GM and really any car company. Definitely the question facing the automobile industry. Thank you so much for being with us. David Welsh Detroit bureau chief for a Bloomberg news GM shares up one point seven percent right now. Let's head over to one hundred ninety one studios in Washington. DC Martin daycare there with world and national headlines. Martin. Thank you. Lisa Washington right now. Meeting the foreign ministers from the nations backing the US led campaign against Islamic state militants in the Middle East and on their agenda. What to do after the US withdraws troops from Syria. Secretary of state Mike Pompeo opened the meeting by contradicting President Trump's recent assessment that ISIS has been defeated. We must recommit ourselves to the goal of permanently defeating ISIS Pompeo says the troop withdrawal withdrawal is only a tactical move in the US will continue the fight the president announced plans for a second nuclear summit with North Korea's Kim Jong UN later this month in Vietnam. But in his address last night, he made what struck many as a bizarre claim if I had not been elected president of the United States. We would right now in my opinion being a major war with North Korea. North Korea hasn't done any testing since last summer, but has yet to agree to dismantle its nuclear weapons program. Trade wars didn't take up much of the president's speech. Just weeks before a deadline for either a deal with China or an increase in US tariffs. Carla hill served as the US trade Representative in the early nineteen ninety s she tells Bloomberg the president's unilateral approach may not be working the best strategy in my view based upon experience would have been join hands with all those are on our side on this issue Europe, Canada Japan, South Korea and confronted China. And said you wanted to be in the World Trade Organization, you promise non-discrimination, let's fix it. Global news twenty four hours a day on air and it tick tock on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Martin dick arrow, we know important Asia is to global business. I'm curious about other markets in the Asia Pacific attractive right now. In finance? There is money getting to the smaller companies now from the official banks and you'll political world as racing government.

president United States North Korea ISIS Pompeo GM Bloomberg Kim Jong UN Mike Pompeo President Trump Asia China World Trade Organization Washington Martin David Welsh Middle East Lisa Washington Twitter
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:19 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"The North American International auto show kicks off amid rising commodity costs trade tensions and signs of a global economic slowdown for more we're pleased to welcome Bloomberg news Detroit bureau chief David Welsh, David thanks for joining us, automakers have been deathly afraid of these tariffs for some time. Now are they still a big concern? Yeah. They are. You know, the the the issue is actually probably getting even more. You know there. There's been talk in progress on trade with China, but still it's been really pushing stocks around in that is made life difficult for automakers. Steel tariffs are still a big issue. It's one I would say it's one of the many things in the bubbling cauldron has automakers cutting cutting jobs back their profit or under pressure for whole idea of reasons he had one or two billion dollars cost for different metals and knowing insight on that. That's. That'd be tough for them. And how specifically are these terrorists hitting them? Now. Well, the biggest one really has been the Trump administration's tariff on steel aluminum idea was to create jobs in the US and stop dumping and give US dealmakers an opportunity to get the market, but they're charging higher prices for the for the stealing aluminum that they're selling and to the degree that you need more supplier different types of supply. You're having to pay more for this stuff that's coming in. And that is GM. I think to the tune of around a billion dollars in two thousand eighteen and it hit forty even more. So those are those are big bills to unexpectedly getting the mail, and it's both companies are cutting jobs back. It's not the only reason. When you're looking at a market that is starting to think I'm talking with the US market. You're looking at China auto sales going in reverse for the first time in twenty years. Those are two big pressure points, then they're all having to spend money to develop electric cars and self driving cars that no one even buying it. Those are our big costs. They really don't have a lot going in their favor these days. So when you want on tariffs on every car has to have it does hurt now during the global financial crisis. We've heard a lot of consumers were putting off buying cars. And then they finally updated is that were the auto market is now is that why we've seen this downturn in sales. Yeah. That's a good observation. I think couldn't have a couple of things going on. Because the economy is strong. You know to be clear, the US market is still at a historically strong sales level. We're looking at a record of seventeen point five million vehicles in two thousand sixteen and it is slipped down from there every year. But. Last year two thousand eighteen do we we're still looking at? I think seventeen three. That that that's a big number. And if it goes somewhere saying it's gonna hit seventeen this year or go to sixteen eight I've seen as much as sixteen point five nine that still number number current. Trust makers are developing these new electric vehicles that people aren't buying yet is one of the problems that prospective buyers are holding off until it is time to buy a new electric vehicle. A couple of things with electric cars one. They are pretty expensive bowl is thirty five thousand dollars Kansas vehicles are even the model three it's going out the door forty five or fifty. So those are expensive cars. That's one reason. People aren't getting the other is throw out of people even if they can afford it only being able to go to two hundred and fifty miles cool charge when you can go three fifty four hundred miles or more on a full tank of gas. It's just not that attractive. So we have the North American International auto show coming up any big announcements expected there. We're going to see some big vehicles that are really important afford showed off the Ford Explorer, and that'll be at the show that always a big important vehicle. But I'm especially in this age of the. I think you will see. Cadillac with some some similar candidates Toyota Hesse, they're going to show us the Toyota Supra bringing back that sports car after many years that'll be some eye candy. But also, it's an interesting choice because sales of the Mustang the Camaro in the corvette of Ben in the tank, so they can get people interested in sports cars again. So that'll be an interesting one as well. But you know, I think a lot of the cheddar is going to be about business news Ford and Jaguar Land Rover earlier in the last week. And so that they are going to be making a bunch of cuts. So they. They haven't hung tons of specifics on those. So we will now we're going to have a lot of chatter about that. And a lot of executives talking about it. Thanks to Bloomberg news Detroit bureau chief David Welsh coming up on Bloomberg daybreak weekend. We take you to Asia. And look ahead to earnings from one of the key.

David Welsh US Bloomberg bureau chief Detroit North American International China GM Asia Kansas Ford Explorer Toyota Hesse Toyota Supra Jaguar Land Rover Ben
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:47 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"Think this is a result of what we've been working on the twentieth. Fifteen timeframe really working to transform the business. Both the core business. Also investments we're making in the EV avian connectivity. We still have more work to do as my made the difficult and he didn't last out at the end of last year. And so David Welsh come on back in here that was married bar speaking with our David Westin. You listen to this. Obviously, what do you make of the positioning? What is Mary Barra saying, what does she need to be saying to sort of keep this optimism going and tamp down? Some of the skepticism that even you guys are putting out there a little bit. He makes a good point because they started backing out of some of these lousy markets in two thousand fifteen and getting rid of Opal was a big one. Profitability. That was very big addition by subtraction open with a cancer that billion dollars a year going back to nineteen ninety nine. You get rid of that. Yeah. You're a smaller company one that makes more money because you get rid of this big loser. They started getting rid of vehicles even in the US now that that aren't doing very well. So he basically boiled the company down to the things that make a lot of money. And then you put in some serious cost cuts on top of that. You know, look at that two and a half during the year if they get back here, which is what they're saying. Right. About a dollar eightyish year, which is about double the improvement in guidance over the streets, but estimate here it tells you if they didn't make those cuts earnings would have been down, which is what everybody was expecting credited GM for getting ahead of the curve. But even the flat market in the US and China's not really what saving the earnings numbers. It's a Kodak. Well, that's interesting to Garrett. And I'm curious how that also plays into your outlook here because you sound a lot more tempered in terms of your view on what we got from GM today. We are. You know, it's it's so early in the year it's easy to make these projections. And and then revised them as the year goes along the truth is no one really knows exactly how the years going to play out. But when you look at some of their assumptions just seem a little bit high, and we're increasingly seeing data points that suggest that just look at Apple's earnings warning last week, it was entirely due to China. So. So we're we're we're fairly cautious in fairly cautious on GM specifically because they have the highest China exposure of the major automakers it is a really good point. I mean, it did occur to me as we've been talking about China that we did have one of the other. And the third of the world's biggest companies really one of the world's based companies come out and say, China, not so great. I mean, we had a conversation with Don Strasheim yesterday was saying some of the very some very similar things about a pretty less than rosy, shall we say outlook for the Chinese consumer? Well, he actually said he's been watching this market for twenty years and hasn't seen it this bad in in a long time. All right Garrett, Nelson senior equity research analysts at CF are a joining us on the phone from Richmond. And David Welsh Detroit bureau chief for Bloomberg from our Detroit bureau, a busy Friday for both of you. Thanks so much for joining us really interesting to watch this to get interview to David Westin had with Mary Barra because you always want to hear directly from the CEO. And she even alluded to this is company and David Welch said, it they made some pretty dramatic moves over the last, and I was just going to say kudos to hurt us some extent that she's saying, hey, this is where we think the business is going. So we're not going to kind of wait and see we're going to start making moves now. So check out more of that interview with Mary Barra. David westin. You can go to just Bloomberg dot com and see that full conversation..

David Westin Mary Barra China GM David Welsh US Garrett David Welch Bloomberg Don Strasheim Kodak Apple Opal Detroit CEO bureau chief CF Richmond Nelson
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:41 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"Till rates. Initial public offering are due to end next week. Just tell people till Ray cannabis cannabis. Canada and privateer has like seventy six percent of the company back to Vail resorts was people thought was joke when I remember the IPO million years ago. Bob kits CEO cannot just state the success story that's been over the last ten years the moonshot it's been the real estate angle in the skiing angle. Sure. Go right ahead. I will say though that the veil is down eight tenths of a percent. Last year was up this year before coming out with a lower earnings projection. And so now it's going to have a loss for twenty nine hundred ten years. Do you want to make twenty six percent per year? Apple computer, I get it or, you know, named the other company Vail resorts, very cool mountain MTN banker give us a brief there. We start Monday, right? We do and CitiGroup actually happens to be the only company in the S and P five hundred that is scheduled to report on Mondays through the week. I think Morgan Stanley ends at all. Thursdays there. Right. We get all of the top six. Stay J, P Morgan and Wells Fargo Wednesday. You've got the Bank of America. Sacks. And then Thursday's Morgan Stanley. What do you expect? Well, look, I mean, you should. Got the Jeffries news today. I miss it. Weaker sales and trading right. So the challenge will be did the fourth quarter volatility really helped them in terms of their trading business or hurt them. That's. This is really important. And you the pro at this running equity coverage over these if there was a trading screw up in the fourth quarter for any given Bank. We don't learn about it on the earnings call usually we learn about it in some form x number weeks later, right? Yeah. Me things do have a way of trickling out. When you get to the quarterly filings to US regulators. That's where the sort of thing. David wilson. Thank you so much a equities and stock market and also on the banks for is. Well, that was great with David Welsh on autos these guys out in Detroit or so wired up. Yeah. They realize how grim it wasn't Detroit. I did not realize they're already rationalizing and really getting set. Oh, yeah. In fact, I think that there's there's a slight decline in Canada that is the GM headquarters. She's on business stuff in somebody lasts me about it. And to me one of the great great mistakes in business is conflicting a fixed cost in pretending. It's variable costs in an autos that is fundamental. What percentage is really a fixed cost? So if they go from seventeen million units down to fifteen million units, that's a huge move on a fixed cost base. That's right. And I think that's really. The profound which is why they are closing plants executives in planners. A lot of times talk themselves in thinking something's a variable costs like looking at EBITDA and think that is a real sort of jumped John Tucker is a fixed cost we understand. This more vary than you. That was great. Thank you to David. Welsh. David Wilson, David Westin. Three david's. They're moving in a Friday futures. A negative nine futures negative seventy-five Vicks. I'm gonna call it under twenty..

David wilson Vail resorts Morgan Stanley cannabis David Welsh Canada CitiGroup David Westin US Detroit skiing P Morgan Bank of America CEO Jeffries John Tucker GM
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

12:24 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"David west. With this this morning from the floor of the new York Stock Exchange with chairman and CEO of General Motors bar is well now go to Detroit and David will chew will synthesize the market talk, the vehicle talk of Mary Barra. I think David Welsh. Joel people wanna know is since two thousand fifteen with at a run rate of seventeen and a half million vehicles year in maybe the historic tendency was sixteen million vehicles a year. Moore's it number going to be in five years from Mary Barra for the leadership of Ford and for the rest of auto America. Who we believe if you talk to Alex partners C consulting firm that does a lot of auto industry work. They're saying it's going to go all the way down to fifteen million voters others figured it'd be about seventeen billion a year or maybe sixteen and a half somewhere in that range. And that's probably right. Fluctuate? Basically, you're looking at a US auto market that let's call it seventeen million a year. Oh, and then plus or minus based on where the economy is. And you know, he's always been a very cyclical business knowing she's blaming growth, which is why tuck stock to own but. Within the soup of reasons for all this angst about autos. What is your heaviest weighting Pinhas knowledgeable? I'm clueless. Like a lot of our listeners. An auto dynamics, what's the real waiting of all this auto anx. Is it electric cars? Is it ridesharing something else? Really near term. It's the amount of investment. They have to put into the two things. You just mentioned you're talking about a wad of money. Pouring into electric cars that are at the moment expensive to build, and it's not really clear to consumers want to pay for that technology. Thank you and then autonomous vehicles that's expensive stuff to frankly. It's not clear that anybody or I shouldn't say anybody that consumers will in mass decided to give up owning a car transportation by the right? Who's going to have the courage to push against those trends? Super. Well, actually, I would say one company does is pushing against that. Because they're relying on alpha biddings Waymo to do all the development of autonomous technology, and they really have plunged into electric vehicles. They're they're fine with being a fast power and all that stuff. GM wants to be a leader. They're pushing ahead. And right now, they're making a lot of money in a regular core. Car business to be able to find that stuff. David Wells, just a little bit more on General Motors around seventy five seventy six percent of General Motors revenue comes from North America, the rest international and also their financial arm. Tell us about the health of the non US business of GM specifically, let's start with China. Is they're looking at sales being stable this year after it worked down last year. GM's weren't actually, but the rest of the market was and GM also told us this morning that they see their China income being a little bit less than it was last year. But but pretty stable and GM makes about two billion a year in China. International business. There isn't much of it. They've got Latin America, which are South America. They do. Okay. They're better than most. But it's just not a very profitable market. They make a few hundred million a year and a good year currencies bad. They could lose a little bit. But it's not it's not a big deal, and this kind of it. They've left everywhere else. They're out of Europe. Russia India south southeast Asian markets there. They don't do much in Australia. So Royal sister. That's about it. So so you would it be wrong to say that Ford and GM are really no longer global players. If your definition in global is the sun never setting on the GM or Ford empires. Then they're not doing Europe, even though they're restructuring. GM is kind of a a Sinoe American company. Now, they do you can look at it. Another way they export from Mexico the Chevy equinox. A hundred different markets around the world, very small numbers is market by market. But in total, it's a decent op. So technically, they're still global. But if you're talking about the bottom line, this is China, the US g minds everything. Okay. The reason that I ask you this is because if there is a downturn if we do go to fifteen million annual sales of autumn vehicles. Then if they have to cut the cuts are coming in North America. Absolutely. There's no question about that. Just think about it in China. They have plants they co own with Shanghai Automotive and a couple of the partners. Yeah. It would be here because they really don't have that many plants in other places, and they wouldn't cut it in the labor is your Detroit guy. David Welsh with his folks as we pick up the pieces off of Mary bars interview with David Westin. What's the difference between what GM's done in the last twelve months versus Ford? I mean, what's the body language in Detroit right now, besides they're rolling out, the explorer, the Ford Explorer, they did that at the lion stadium for job cuts in the Detroit area. Yeah. I mean, what's the body language between GM and Ford in Detroit right now. Well, look GM is that ahead of the curve with the cuts. They did at first. But everybody knows it's coming at four. They've already telegraphed. And then everyone expects the let's call it third shooter trap with with Chrysler to do some cuts at some point. Even though they've actually been expanding some of their plants in this area. Yeah. The the buddy languages. Sort of fear and head-scratching. Let's call it goes. GM's printing money, they're going to do even better next year. But they're still cutting a lot of jobs. No GM would say we're going to be doing better next year because we have these jobs, and that's right. But that's pretty clinic comfort because a lot of people this month. Right. We're going to be notified that that. They're they're on the involuntary separation. In other words, you're fired list. GM correct. So if you're one of those people everybody's kinda whistling by the graveyard at GM, right? Look if if they if they survived the cuts they're going to be with a much. What I don't understand is is I'm looking at the financial statement on the Bloomberg revenue growth is non-existent. They've managed that income down to seven eight cents on the dollar who's counting their EBITDA margin. A good fifteen cents on the dollar. I get that. But free cash flows going nowhere is this business. Or is it a triage to get to the next decade? She was supposed to grow this year is to as high as six billion from four and a half last year. So that is going up because they're they're making all these cuts would look this is this is why these stocks are not even when they GM pre-market trading last. I look was up about six percent. A good day for the shares, but long let's call medium-term these are tough stocks to own because for the reasons you're bringing up I mean, you you can keep running running the business. Really? Well, they're getting lean. They're stealing the Beatles. I'd make a lot of money or getting rid of the vehicles that don't this is all said smart business. But when you don't see growth in the US, you don't see sort of shorten in medium-term growth in China. Where do you grow this business and the answer is autonomous vehicles and selling rides? That's not gonna happen for five years. None of us. Businesses are going to make money. I learned a lot on this. David welsh. Thank you so much in Detroit after Mary, Barra speaking with David Westin pin, you look at the charter GM, you'll the charter Ford. I I think it's interesting. If you didn't know what those names were you, really? Yes. Well, and if you combine that with a charter the price of gasoline that would really be a head scratcher because at an average of two dollars and twenty five cents a gallon for gasoline. That's an incentive to own an automobile. And yet that's not what we're seeing sales Trent David westerns interview with Mary barred. I get it's about product cars were doing this for doing this. We're doing this about the payment. It's about the monthly payment. Whether it's a lease payment agreement do his point on Thomas cars. I mean, you know, who the first mover Bloomberg surveillance is going to be on a of cars, I could see David Wilson in an autonomous car. David. What do you think? I'll be lucky if an autonomous car can get into my garage. That's actually a really good. Yes. To say. The least let me tell this force in important Bloomberg surveillance market drivers. And David Wilson. Always brought to you by Audi. Don't let someone else drive off in the Audi model you've always wanted. Visit a tristate Audi dealer to get behind the wheel of your Audi today. Thank you Tri state for their support. I told you yesterday. I don't know where you begin. Can you begin with GM today? It's one of the most active stocks in early trading. It's up about six percent. And what they had to say about the auto industry is going well with its biggest US rivals to you've got Ford Motor shares up about one and a half percent. Fiat Chrysler up more than three percent. The daily bounce absolutely at the very least, you know, they're saying something positive about earnings for this year and adjusted basis being as high as seven dollars a share analysts looking for five dollars ninety two cents on average. So well above those projections. They're also saying that the GM is that there were when they come out with their numbers for twenty eighteen that prophet will be higher than the top of their range for the year. So what else do you while Citigroup's up one percent? The Bank agreed to provide confidential information to activist investor value at capital, which has a stake vatted about one point eight billion dollars the agreement. Also gives value access. City insiders to discuss strategy and governments issues this agreement coming out before city reports fourth quarter results on Monday. They're going to be kicking earning season for the biggest. We'll get your. All right net. Flicks up two percent. The video subscription service at Raymond James. No, they're not. But they do have the firm's top rating now strong by Raymond James said expect higher estimates for twenty twenty sales and profit General Electric, though, down half. A percent quality earnings will be an issue as GE overhauls itself, according to Gordon Haskett analyst, John inch. He cut his profit projections and price target on the company of a big fan of Janis from Bear Stearns days. I thought you might be activision blizzard's down nine percent. The video game maker is cutting ties with bungee the developer of destiny games. Now activision Santa conference call November that destiny hadn't met its expectations. And so now, they're they're cutting ties as a result PGN is down seven percent. California regulators offered no assurances at the meeting yesterday. Would help keep the utilities solvent. PGE was cut to junk bond stats by Moody's two days after SNP did every day stone x percent next day white percent. It'd be they'll you know. So many days down like that. Well, it was up Wednesday was down less than half a percent yesterday. So it's sort of resumes. Three more, and I want to talk about okay, I'll give you to jail resorts down eleven and a half percent. The ski resort owners set an earnings gauge will be below its full year estimate. They'll said preholiday business came up short of expectations. And then there's still right up. Fifteen percent, the Canadian cannabis companies majority owner, this is the investment for privateer holdings said it won't sell any shares in the first half and sale restrictions tied to.

GM Ford US David Welsh Detroit China Audi General Motors Trent David Europe North America David west Mary David Westin Bloomberg Mary Barra chairman and CEO Joel
"david welsh" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:02 min | 2 years ago

"david welsh" Discussed on Bloomberg Radio New York

"A lot of news out of automakers this morning, not positive. We've got Ford cutting thousands of jobs in Europe. We have Jaguar Land Rover also cutting thousands of jobs due to Brexit. Joining us to talk about what the implications. Here are David Welsh Detroit bureau chief for Bloomberg. Let's start with Ford cutting thousands of jobs across Europe, potentially closing factories. So is this going to be a net positive for them? Or does it indicate a sort of retreat from the region in recognition of the lack of profitability there? The winter Europe is an has been for a very long time a really tough market to make any money. The smaller they tend to be lower price. But the labor rates are really high over there. That's one of the reasons. General Motors left total, very nationalistic market German car. So well in Germany Italian car, so well in Italy, French Carso well on Franson. And if you're an interloper, it's it's it can be tough to to build brand and make that work. So Ford has been more successful in Europe than American carmakers than any of them have. Chris has done very little over there before merging with EMS obviously out of the market. So. But they they just can't tolerate low profits for very long way, they got to cut and cut and see if they can make a profit. And then probably reevaluate after a few years and see if they should stay. All right. David isn't this also that you're looking at the models that they're turning out? And there are no hits when it comes to Ford's offerings in Europe. And if you take a look at Land Rover Jaguar they've made some decisions lately that have been highlighted is having to do with quality control reliability. And they were slow to really take advantage of the changes in consumer tastes, for example, electric vehicles. Yeah. That's right. No, it'd be clear on electric vehicles. Not a lot of companies are selling a lot of tonight's basically, tesla General Motors sales a few and kind of Danjaq landrover look to be smaller companies. It's it's tough to make it. Yes. They are owned by Totta Motors LTd of India. But you're not getting a lot of parts sharing between a Jaguar landrover SUV and a small curse I taught ourselves over there. So, you know, these even though they charge a big prices for their cars. I it's still tough for even a luxury carmaker to make it. Make really good money without having a big player. Big patron who's on whose shoulder, you can sit and all kinds of engineering advantages. I think that's part of it but Jaguar land Rover's also cited Brexit as an issue. Is that is that is that something that you buy or is Brexit? The weather is the new weather excuse. No. Everything's always a question of degree, right? When when my conservative friends, tell me that Trump's tariffs on really hurting anybody in the US, I don't believe him. And when am I liberal friends told me that it's costing General Motors and Ford jobs? I don't believe in because they're both kinda right nipple kinda wrong and breaks. It's the same way. When car companies any company has relied on open trade, or let's just call it a given set of tariffs, and trade restrictions, and and trade rules for many years, and suddenly Brexit is up ended. Suddenly, Donald Trump is putting big tariffs on stealing, aluminum, and and adjusting terrorists with China and creating new rules for Mexico. Yeah. It it matters because companies learned to do business instead of spy change they've done that David. I wanted just basically you wonder how much is is the auto industry blaming trade. And some of these political reasons for what is really a global auto slowdown that is accelerating as we've seen in China, and that really speaks to the entire business model of the industry. The landrover announcement they really pointed a finger at Brexit as being a big issue here and to your point to your question earlier is just a new weather. Yeah, they could be overstating to cover up some issues. They've got with their own business McKay and GM they haven't really gone out of their way to say that that comes tariffs are a big deal. They have however pointed out how much the tariffs on steel have cost them and GM who was roughly a billion dollars last year was forty was even more. They're cutting all these jobs in the US, and you no. But it it it's one it's one thing in the bubbling cauldron of of this bad Stu that they're having a drink now. And and going forward. Fills me lesser, certainly softening the the PTA was two thousand sixteen has been taking will probably go down again in two thousand nineteen. We saw the first reverse in sales in China in a really long time this past year that hurting everybody, and you do have speaking of excuses that do have some which you have tougher to rules on everybody coming. And it's always been a crafty down to the car companies to blame the government for hitting them with rules. But there is also very hard and true fact that putting new technology and cars to make them cleaner and more efficient does cost money. And and so all of these things in addition to having to invest in tilt driving vehicles that no one's buying it and electric vehicles that few people are buying right now, they really don't have any like, we look at all of those factors. What's the winter back when they really have their back is relatively strong US economy. Right. Well, we got to leave it there. Unfortunately, I wanna thank you very much. David Welsh is our Detroit bureau chief for a Bloomberg talking about cutbacks in Ford's operations in Europe and job cuts at Land Rover and. Jaguar? Indeed all right now. Let's go to our ninety nine one newsroom in Washington.

Ford Europe David Welsh Jaguar Land Rover US China General Motors Brexit Land Rover Jaguar bureau chief Jaguar Land Rover tesla General Motors Bloomberg Totta Motors LTd Donald Trump landrover GM
"david welsh" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

04:41 min | 3 years ago

"david welsh" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Soundcloud and Bloomberg dot com. One of the biggest stories of the day is that Nissan is removing Carlos gone as chairman after he was arrested in Tokyo violations of financial impropriety, and this of course, has sent the eighty ours down by more than five percent of Nissan. Joining us now to talk a little bit more about this. As David Welsh Detroit bureau chief for Bloomberg news as well as our own Matthew Miller of Bloomberg television, and bloombergradio who is in New York and our eleven three oh studios. I wanna get to Matt David. Let's start with you. Can you lay out what the most important details? Are that have come out so far about the financial improprieties and what it means for Nissan going forward? Sure. So what they've accused him of. There hasn't been an official accusation by Japanese authorities. But what they're saying basically, he understated how much income he was making by about forty four million dollars. And then in in a very damning, but also vague press conference. Nissan, CEO, psych, how a said that he is also misappropriated company resources, and from there, you have to think he was you know, who could this be over using the company plane is it abusing expense accounts and drafting cash resources out of the company. I mean, it it sort of couldn't encompass all those things and they were moving him immediately Mitsubishi Motors, which is also part of a three way alliance with these three car companies has done the same thing. And when I was looking at the Renault board was reviewing the whole situation and figuring what they're going to do. This is huge. Because donors the guy who saved Nissan back in the late nineties when Renault bought a big chunk of accompany for six billion dollars. Nissan was really can teetering on bankruptcy and with six billion from Renault and Carlos Coen's cost cutting and product plan and factory turn around. They came roaring back. And he is run these three companies as an icon for almost two decades. And four to end this way is catastrophic for him. And it's going to bring about massive change for the for all three companies involved. Matt Miller I want to bring you into the conversation. You've met Carlos gone on number of times. Tell us a little bit about him his background, and what you take away from your personal meetings with them David points out that he is an iconic figure he is known as the rock star of auto see title, sometimes is used for other people has been frown Mulally in the past. It should have been for Sergio Marconi as well. But gone is the longest standing rock in the auto industry as far as those three kind of biggest turnaround CEO's, go cut his teeth in Australia. I believe. Yeah. Absolutely. And he's he's one of these just like Sergio was sort of multinational citizens as well. I mean, I think the the biggest problem right now of the three is Renault. You know, their share? Fell the furthest in France. And he's still the C over. Now. Remember he was kind of stepping back from the alliance. He gave up his title a CEO of Nissan. He was chairman of the alliance, but was making making arrangements to make it permanent. So a lot of investors were expecting. I think it's fair to say that all investors were expecting this was headed towards a merger. If not an official Thai up at least something more efficient than it is now, and that's what's up in the air. I think that's the biggest concern for shareholders right now. Although it's important to mention as David said Japanese prosecutors haven't filed official charges yet, and he's not considered guilty. Although he has been arrested. He has gone with prosecutors. It's not clear where he is right now is let's say being detained. Yeah. He also was removed as chairman. So there is not changing that thank you so much both of you for joining us. Matthew Miller wonderful to see when person that'd be thanksgiving. Bloomberg television and radio host is well, also, thanks to David Welt Detroit bureau chief thank you so much for joining us. Well, you know, these just earlier we got to listen to Ray Dallaglio of Bridgewater. Give his thoughts about the business cycle about the money management business. He was speaking with Barry ritholtz of Bloomberg opinion. But on the cover of Bloomberg markets magazine. I dare say is an interview that is of equal weight. And this is an interview with Abby Johnson of fidelity. And it also includes Kathleen Murphy who leads their personal investing unit..

Nissan Matt David Carlos Coen chairman Bloomberg Renault Bloomberg markets magazine CEO Matthew Miller David Welsh Sergio Marconi bureau chief Matt Miller Soundcloud official Mitsubishi Motors Abby Johnson Kathleen Murphy
Bloomberg, Goldman Sachs and Tesla discussed on  Bucket Strategy Investing

Bucket Strategy Investing

00:16 sec | 3 years ago

Bloomberg, Goldman Sachs and Tesla discussed on Bucket Strategy Investing

"Pace in twenty two months in July prices gained one point two percent from the previous month and that compared with. A one point one, percent increase in June Chinese Internet giant ten cent is getting. Clobbered, ahead of its earnings later. Today the stock is, down about

Bloomberg Goldman Sachs Tesla San Francisco Ann Cates Bryan Curtis June Grosso Twitter Brian Curtis China David Welsh Rowe Indonesia United States Turkey Nikkei Three Percent Two Percent
Verizon's 5G TV Is Coming to Apple and Google Later This Year, Report Says

Bloomberg Daybreak: Asia

00:31 sec | 3 years ago

Verizon's 5G TV Is Coming to Apple and Google Later This Year, Report Says

"Futures are mixed here at the moment. The dollar is holding onto strength, and. The, Chinese currency not doing too much. The offshore trading at six eighty nine sixty two little changed from yesterday. Markets coming up shortly but for now. The top stories David Yup we get started here with tesla Brian shares are down about two tenths of one percent in late trading Tax for shares during the regular session for more than two percents that's word. Here big holders like fidelity t., Rowe. Price, of actually cut their stakes in. The company now the board has formed a special committee here to

Turkey San Francisco South Korea Bloomberg San Francisco David Google Indonesia President Trump Musk United States Apple Ed Baxter Hong Kong Verizon Rowe Goldman Sachs Late Trading Tesla Brian David Welsh
Exclusive: Tesla's board seeking more information on Musk's financing plan - sources

Bloomberg Daybreak: Asia

01:50 min | 3 years ago

Exclusive: Tesla's board seeking more information on Musk's financing plan - sources

"Top story. This morning the tesla shares of about two percent in late trading that's after slipping about five percent in regular session some news reports have said that Tesla's, board of directors is planning to meet with financial. Advisers next week to formalize the. Process to take the company private Lindbergh's Detroit bureau chief David. Welsh, joins us now on the line David this. Story is moving very quickly now it's getting a little bit bizarre in. A sense musk said that funding was secured but it's not so clear. What do we know about that and should we even know about that Not clear at all and it's not even clear how much funding. Would, need to be in place or. Really what he means by that if you were to, buy out every shareholder and take, it private you're talking about. North of eighty billion dollars at? Least in the seventy billion plus range Current shareholders just decided they were gonna exchange their public shares private Shearson stick with you on stick with. Tesla at a private owner it could be far less it would, be whoever didn't want to do that and opted to take some kind of buy out Said that can be, as little as, twenty billion dollars still a big chunk of change but smaller than buying. Out the entire company so. We don't even know what the plan is we don't know who would go along and so forth Among the five or. So biggest shareholders have we had any indication that. One of them is interested in upping their stake significantly From them So much that they would Prefer to snap really think One dollars a share so selling it for, twenty years Private equity in west penalty About that

Bloomberg David United States Tesla Hong Kong Asia Musk Rishaad Salamat Los Angeles Bureau Chief Doug Bryan Curtis David Samson David Wells Treasury Late Trading Shearson Detroit
"david welsh" Discussed on Monocle 24: The Foreign Desk

Monocle 24: The Foreign Desk

03:01 min | 3 years ago

"david welsh" Discussed on Monocle 24: The Foreign Desk

"New zealand being allowed to compete because new zealand rugby players at toured south africa and the olympic movement was very frustrated by this because rugby wasn't in want export and hit really had nothing to do within up i have not acquired the olympic committee that when soviet invading forces in afghanistan neither the american people nor i will support sending an olympic team to moscow then cable good idea to the us president jimmy carter and so he announced on that in uh in less sobeih troops withdrew from afghanistan that the united states would withdraw from those games and try to convince as many countries other countries to do so of course there's a certain irony there because thirty thirty eight years later it's actually the american troops who are been in afghanistan for last sixteen years and finally in 1992 the end of the soviet union the breakup of yugoslavia are in the 1992 olympics you you at athletes from most of the countries of the world and they're they're really hasn't been a boycott since it counts i'm going i believe should north korean athletes take part at home chang winter olympics it will be a great contribution to realising the olympic spirit unity humankind and peace i hope north korea's cheering squad can also join us to establish a platform for the reconciliation of north and south korea just in terms of the situation between south korean north korea at the urging of the international olympic committee the two koreas marched together in the opening ceremony in two thousand in sydney two thousand four an athens two thousand six winter games and torino so what happened at the kim chang olympics in 2018 was actually the fourth time that these two countries and the two koreas have marched together however was the first time in the olympics they entered a combined team albeit in only one sport women's ice hockey i don't think that using movies in ideological battlefield really works you definitely saw sport combat between west germany eastern but again particularly in the case of east germany the audience was not so much the world as it was the home citizens siwi one more gold medals in west germans we have a better system charged that wall's david welsh inskeep president of the international society of olympic historians you're listening to the foreign desk on medical 24 still with me all jonathan chang enduring h lee we started talking about south career at the top.

athens international society of olymp david welsh east germany moscow afghanistan africa New zealand wall west germany olympic committee sydney south korea north korea yugoslavia soviet union jimmy carter president
"david welsh" Discussed on Monocle 24: The Foreign Desk

Monocle 24: The Foreign Desk

02:01 min | 3 years ago

"david welsh" Discussed on Monocle 24: The Foreign Desk

"Sibling hood entirely on besmirched boy politics there is however a long history of the olympics being employed in the advancement of narrowly national agendas david welsh inskeep president of the international society of olympic historians talks us through some examples if you look at the history of using the olympics for political ends for propaganda you can actually go back to the very beginning of the modern olympics in eighteen ninety six and even going all through 1912 where the royal families of the host countries would often insert themselves in the most exciting parts the could finish should the marathon the ceremonies to try to gain something by this happy abed that people lights on laura dern gordon brown no the most famous exploitation of the lipids for propaganda purposes was the nineteen thirty six summer games in berlin the which was held during the nazi period and the the games were opened by adolf hitler this was a tempt by the nazis to show how great their country was that they were unified to show the world how powerful they were and the beginning of what we we've actually seen many times since which is the dictator will host country using the olympics not so much to make a statement to the world but to make a statement to his own subjects we brought you these games i brought you these games we made the heads of fifty five countries come here we won the most two gold medals we won one of the most medals trust us in everything yes.

olympics adolf hitler david welsh president international society of olymp gordon brown berlin