35 Burst results for "Financial Times"
The Hugh Hewitt Show: Highly Concentrated
Leaked Spy Satellite System Puts US National Security at Risk
"Chairman, I have to ask you about the leak. This is very bad. The Financial Times revealed that it has revealed the existence of a spy satellite system that we've got that knows previously unknown to the world. Who would do this? I'm just curious, you don't know who it is, but who would do something this damaging? Am I right, by the way, to conclude it deeply damaging? It's deeply damaging. I mean, we revealed the leaks purportedly revealed that, you know, we've penetrated the Russian system and think about that if you're the Russians and you learn about that, you're immediately going to look for the source of that penetration and probably kill everyone and that compromises a valuable stream of intelligence. I should note we have we're not in session. We're going to be back on Monday. I expect we're going to get our initial briefing on this on the Intel committee. I hope we get a full battle damage assessment. My working hypothesis is that this was just some, you know, let's say mid to low level intelligence community or defense community staffer with a savior complex, which is incredibly unfortunate. Another Chelsea. Another Edward Snowden. Something like that. Yeah, yeah. But who knows? I admittedly, I don't know right now. It's incredibly damaging. And you know, it's sort of this paradox to you that in the 21st century, I think we're going to have to be more forward leaning in our willingness to declassify intelligence. I think our ability to share intelligence rapidly with our partners in Ukraine has been a good thing on balance. That, of course, entails a lot of risk and increases the likelihood of leaks and things like that. I'm not saying that happened in this case, but the bottom line is we just need to understand what happened in an effort to prevent it and hold anyone who broke the law accountable because this is very, very troubling for U.S. national security. Now,
The Eric Metaxas Show
John Coleman Joins Eric to Discuss His New Book 'Miracles'
"You know that I wrote a book with the title miracles that ended up being a New York Times Best Seller. And I found out that some other guy recently wrote a book with the title miracles. And I was like, that's not okay. I'm going to have him on the program. I want to confront him on this program, his name is John Coleman, John Coleman. Welcome to the program. Hi, Eric. Thanks so much for having me on. You know, they say imitation is the sincerest form of flattery. So listen, when I ripped off C. S. Lewis's title miracles, I thought only I could get away with that, but you have ripped off his title and my title and I want to say congratulations to you. I wanted to say that on the air. Now the difference between your book and my book no kidding is that your book is a work of fiction actually, right? It's a novel titled miracles and it's as if the impossible happened today, what would it take for the world to believe? Now you, sir, or a writer who lives in Atlanta, the author of four books, and you or your work have been highlighted in The New York Times, Washington Post, Financial Times, LA times, Christianity today, Forbes, Harvard Business review, among other publications, holy cow. What have you been writing about all these years when you're not writing a novel about miracles, which will be discussing? You know, Eric, this is actually my first work of fiction. So primarily up until this time, the books have been oriented towards personal and professional development leadership. So last year I wrote HBR's guide to purpose about finding your crafting purpose in your life. And my articles with HBR are often about personal and professional development HBR as the Harvard Business review. That's correct. I spit on Harvard. No, I went to Yale and to be perfectly accurate. I spit on both of them. No, but seriously, that's interesting. What made you decide to write a novel on the subject, you know, dealing with the theme of miracles? Yeah. You know, I've always loved fiction Eric and when I was younger, I tended to write some, although never a book. And I was really inspired by two things to take this on as a project. One, I watched popular culture and I thought, man, we've got a lot of really great storytelling these days, but very seldom does it realistically portray religion or religious belief. And so when you look at apocalyptic shows, you'd expect people to be praying or following rabbis or priests or preachers. And yet they're almost totally absent. And then if you look at the Christian fiction side of things, it very rarely explores the full gamut of human experience and so there's a lot of kind of Christian romance novels or adventures, but it's often tilts towards more of a hallmark variety and so there wasn't a melding between those two
The Breakdown
What the Silvergate Death Spiral Means for the Crypto Industry
"So today we're going to dig into not only why silvergate is crashing, but how it got to this point, and what its death spiral means for the industry. Let's start at the beginning. Silvergate bank is a medium sized crypto friendly bank based in California. For most of its 30 year history, silvergate was a tiny community bank focused on financing smaller real estate deals. It had only three branches and less than $1 billion in bank assets. In 2016, under the leadership of CEO Alan lane, the bank pivoted to providing banking services to crypto firms. Ben Reynolds silvergate president, who is hired to oversee this change in business strategy said, we need to deposit an Allen started seeing that companies like coinbase were getting kicked out of banks. So the idea was, if we can bank coinbase, we can find deposits. Allen went to the Federal Reserve and said we want to provide basic banking services to Bitcoin companies and they said okay. Over the next 6 years, silvergate downsized its existing business banking and real estate teams to lean heavily into crypto. In 2016, the bank had only 20 crypto clients, including paxos and bit fury, but this number grew to over 1000. This rapid expansion in dealing with the early crypto industry came with a large increase in compliance risk and overhead. According to anonymous sources speaking with Financial Times, silvergate had to hire twice as many compliance staff as comparable banks of its size. Waiting times for compliance checks on new customers ballooned out to 6 months. One of FT's sources said quote, when they got into it, crypto was this little new thing, and I think they didn't realize it would take off as fast as it did. So then they put all their chips in that direction, it ran away from them, it got very big very quickly. Now part of the reason that silvergate were able to achieve such a prominent position in the crypto ecosystem was the launch of their silvergate exchange network or sen in 2017. Said enabled crypto firms to immediately transfer U.S. dollars to other account holders at silvergate, 24 hours a day, every day of the year. Funds would be cleared near instantly and could be used immediately. While this feature might not have an obvious use case for the average retail trader, for large crypto funds this opened up the possibility of conducting arbitrage trades across exchanges at a much faster speed, while also allowing funds held on exchanges to be topped up after hours or on weekends.
Unchained
Why the Celsius Examiner Report Shows a Complete Disaster in Almost Every Way Ep. 451
"8 a.m. Friday, February 3rd, 2023. Why the Celsius examiner report shows a complete disaster in almost every way EP four 51. Following the release of Celsius examiner report, kadeem shepherd, an investigative reporter at the Financial Times, dives into the controversial business practices of the lender, how the company inflated the. The post why the Celsius examiner report shows a complete disaster in almost every way EP four 51 appeared first on unchained podcast.
Unchained
Why the Celsius Examiner Report Shows 'A Complete Disaster'
"Today's guest is kadam schubert investigative reporter at the Financial Times. Welcome Adam. Thanks for having me on. This week, the Celsius independent examiner, shoba Pelé, dropped her 476 page report on the failed crypto lender. And it was quite the bombshell. What were your main takeaways from the report? The main takeaway from the report is that Celsius was a complete disaster in almost every way imaginable and almost from the very beginning, in a way. One of the major things that came out in the examiner's report is to do with the Celsius native token cell, and the way that the way that the examiner portrays what was going on with Sal, is that Celsius spent an enormous amount of money, including its customers, Bitcoin and Ethereum, including investor cash, simply on buying its own native token to prop up the price. And then the real kicker here is an examiner's report. One of the reasons that they were spending so much money buying its own token was so that executives, including Alex mashinsky, could sell their token. And so that their sales would not crash the public price. And I think the amount is something like $68 million worth of sound that Alex musky sold. Yeah, and that's referring to the CEO. That's right. The CEO and former CEO and founder. You know, it's a very long document. It's almost with the appendices. I think it's like 600, 700 pages. But it is extraordinarily damning.
Dennis Prager Podcasts
How New Zealand’s PM Jacinda Ardern Destroyed Their Country
"I'm Dennis prager. Welcome back or to the show. Very, very interesting issue. The issue of liking leaders, and I'm thinking of the prime minister of. New Zealand she is she announced suddenly that she's stepping down she wants to take care of her family, she has a young daughter who was born while she was in office. And now, according to The New York Times, her party is in great danger of losing the next election. Her liberal or, I think it's the Liberal Party. And there is a more Conservative Party that is primed to win, and it is because of her popularity individually. Otherwise, the country has a lot of problems. New York Times which loves the Jacinda. Voters are principally concerned about the many economic issues the country faces we had a call or last hour who said the Financial Times said things were great economically in New Zealand. So either the Financial Times of The New York Times is wrong. Voters are principally concerned about the many economic issues the country faces home prices in New Zealand, which surged over the past decade fell 12% in 2022, borrowers, most of whom are able to fix their mortgage rate for only a few years at a time, unlike us, we can get 30 and 15 year loans easily. All at a high risk of negative equity as they balance a high cost of living and surging inflation with the twin catastrophes of falling home prices and rising interest rates.
Unchained
Crypto Lender Genesis Owes Over 3B Report
"12 p.m. Friday January 13th, 2023. Crypto lender genesis owes over three B report. Digital currency group DCG is considering selling some of its assets in light of the billions of dollars at subsidiary genesis owes creditors. A Thursday report from the Financial Times. The post crypto lender genesis owes over three B report appeared first on unchained podcast.
AP News Radio
At least 17 killed in Peru as anti-government protests intensify - Financial Times
"Have been killed in Peru clashes amid new anti government protests. The deaths in southeast Peru occur as protests seeking immediate elections resumed in neglected rural areas of the country. Still loyal to the ousted president Pedro Castillo, Peru's top human rights agency, has called for a probe into the deaths, most of which took place amid clashes between security forces and protesters attempting to seize control of an airport in the city of juliaca near
The Hugh Hewitt Show: Highly Concentrated
German Equipment Fails NATO Test
"Deployed 18 new tanks in a NATO exercise yesterday. Every single one of the German tanks failed. Germany reassured NATO on task force after equipment fail, rights the financial time, disaster is 18 of Germany's new advanced tanks break down during trading, right for the telegraph of Great Britain. It's an embarrassment for the Germans. Not only do they not meet their NATO funding obligation and promise of 2%. That which they do produce with their 1% doesn't even work. Way to go Germans. That's why Donald Trump was so hard on NATO. That's why he was right. That's why
The Breakdown
BlockFi Sues Sam Bankman-Fried Over Robinhood Shares
"Now when it comes to the crypto contagion story, not much has changed since yesterday. There is still a conspicuous lack of updates from genesis and digital currency group, although some amount of doom posting has subsided. Whether that's because there's new information or simply declining engagement with that doom posting, it's not exactly clear. Still, for those looking for a sliver of hopium, yesterday, massari's Ryan selk wrote, I am 90% confident that genesis does not need to go into chapter 11. That would be a strategic choice, but not a necessity. Beyond that, the most interesting follow-up to yesterday's contagion stories is a bit of bankruptcy to Ted between BlockFi and FTX. If you listen to the show yesterday, you know that BlockFi filed for chapter 11 on Monday. Well, on the same day, they also sued Sam bankman freed. Their complaint is aimed at emergent fidelity technologies, which is one of Sam's wholly owned holding companies. The suit is demanding that emergent, AKA Sam, turn over, quote unquote, unspecified collateral, which would be interesting on its own. However, according to loan documents seen by the Financial Times, the collateral in question is SPF's Robinhood shares. Remember, earlier this year, Sam bought about 7.6% of Robinhood, which sparked massive rumors that he was going to try to acquire the company outright. So here's the core of the suit. BlockFi claims that on November 9th, which was of course when everything was falling apart for FTX, but a couple days before its bankruptcy, emergent signed an agreement to guarantee Alameda's obligations to BlockFi, pledging a certain common stock as a security. When it appears like from the outside and looking back, was that as Sam was frantically trying to save FTX in Alameda from crumbling under their own weight, he tried to get BlockFi to chill out on calling do some of Alameda's deaths by pledging his Robin Hood stock as collateral. Now, importantly, earlier this month, FT also reported that based on signal messages they had seen, SPF had at the same time been trying to sell his Robin Hood shares to various parties directly. Those sale attempts continued right on through signing this pledge all the way until the evening of November 10th. However, whatever deal BlockFi thought it had was shot all to hell when FTX filed for bankruptcy.
The Hugh Hewitt Show: Highly Concentrated
Hugh Isn't Buying Sam Bankman-Fried's Mea Culpa Apology
"Many articles on Sam, bankman free. Sam bankman fried ran FTX as a personal teacher, according to the Financial Times. FTX assets still missing as the firm begins bankruptcy process, according to The New York Times. This, from the Financial Times as well, Sam bankman fried issues a mayor couple letter to former FTX employees, calling them family. We frantically put everything together. It claimed Pierre, the position, it's just this nonsense. It's gobbledygook. I deeply regret my oversight failure. I lost track of the most important things in the commotion of company growth. I don't actually think that's true. Not when you've got a $120 million worth of Bahama pads. Nope, not buying that. You didn't have anything all of a sudden you think it's your money? Nope.
Mark Levin
MarketWatch: Hedge-Fund Giant Elliott Warns of Global Collapse
"Hedge fund giant Elliott warns looming hyperinflation could lead to global societal collapse By end visca Patel Want to hear this That's two depressing No we got to hear it Investors should not assume they have seen everything That's executives at leading hedge fund firm Elliott management corporation Warning that the world is heading towards the worst financial crisis since World War II In a letter sent to investors and reportedly seen by the Financial Times The Florida headquartered firm told clients it believes the global economy is an extremely challenging situation That could lead to hyperinflation This is from MarketWatch which is a reputable news site The firm led by billionaire Paul singer and Jonathan Pollack told its clients that investors should not assume they've seen everything because they've been through the peaks and the troughs of the 1987 crash the dot com boom and bust the 2008 global financial crisis and previous bear and bull markets
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Now the paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. So the telegraph headline we must acknowledge that many believe the economy is not working for them. Musk moves quickly to shake up Twitter that's the headline in the Financial Times and the times goes with spurs urged to drop Chinese sponsor AIA join me now for more Bloomberg's Liang garands. Good morning Leanne, so the Tories, who is it who said who said that in particular, the toys are thinking about how to mend the trust disaster. So this is according to kit mole Taos, who was of course a former education secretary in Liz truss top team. He has had a change since Rishi sunak did take power, but he said the government must demonstrate to British people that it sees their financial struggles and will not actually exuberant them when we get that autumn statement through. So he's been writing in the telegraph. He says last month has been economically traumatic for many people, but a return to calm brings with it some questions about how we actually got here, where we go next, how to get there and the nature of our economy. While the so called mini budget poured a fuel on the economic fire, he says in truth that ingredients were already there for a toxic economic cocktail motel says people have forgotten that in August, the Bank of England had forecast a 15 month recession, so he says the to write the ship, the Chancellor and the prime minister now have to make some really tough choices and we know that taxes are set to rise and publicly a cut to public spending too, but once again he's outlining that not everything can be blamed on the mini budget. There are other factors playing into our financial woes here in the country. Okay, so that the telegraph Elon Musk and the future of Twitter. We've heard a few rumors haven't we throughout the week from Twitter but Elon Musk has set out plans and motion for broad layoffs at the company and this is according to people familiar with the matter speaking to the Financial Times as he begins to shake up the social media company just after really buying the platform walking in with the sink quite dramatic, Musk has asked managers and advisers to name who should stay and who should be sacked according to the FT. Musk has not seeking a fixed percentage of layoffs from Twitter 7500 strong workforce rather he wants to fire those who do not support him as leader. According to the sources talking to the paper, a representative of Musk has actually declined to comment, but a lot of speculation coming out of the new look Twitter. Absolutely. That's very interesting with me or against me sort of FT reporting and just lastly briefly on the times football and UK China relations. Yeah, absolutely. So the time says politicians have called on Tottenham Hotspur football club to set the ties with the main sponsor that AIA as they accuse the club of collaborating with supporters of human rights abuses in Hong Kong. Now AIA is a Chinese company. It's one of the largest life insurers in Asia and a whole cross party of politicians have written to the chairman of Tottenham hotspurs asking them to please sever ties. Okay, thanks so much Lee and Gary with the newspaper review coming up next, the Bloomberg's interview with Qatar's energy minister because the EU energy policy, hypocritical, this is Bloomberg. Burden LLP accountants and advisers presents industry chat with Jeff Kovacs, partner and head of the technology and life sciences practice. Software as a service or SaaS companies are transforming the enterprise software industry to reach scale, it is critical to develop
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Talk us through some of the papers, the Financial Times, has the headline that ei a forecast, fossil fuel demand will peak this decade, Rishi sunak is too busy to attend the cock 27 climate talks. That's the headline in the times. The telegraph, meanwhile, looking at why Mexico is returning to what it calls God's clock and scrapping daylight daylight saving time, Leigh anger and start with the FT. Yes, indeed, Alex, good morning to you. So the paper has a story on the international energy agency which says Russia's invasion of Ukraine will accelerate a peak in the world's consumption of a fossil fuel that is as Gaston is now expected to join oil and coal in topping out near the end of this very decade in the annual world energy outlook report of fatty B roll he's the head of the IEA said the world was fast approaching a pivotal moment in energy history according to the newspaper. B roll also said the golden age of gas is coming to an end as demand and consumption increases after the fallout of Russia's decision to weaponize gas supplies to Europe and earlier yourself and Stephen was speaking to Adam Bauer head of policy at stonehaven and former head of energy strategy at the department for business. He says the IA's report is a radical break from what we've had before, which sets up the chance of a green future. Yes, although perhaps something a little bit later than should have been hoped. Let's turn to another aspect of this environmental story where she's seen that not going to the cop 27 conference. Yes, indeed, so following on from that times headline there, apparently he's too busy to attend the cop 27 climate talks. I had a look at the sun's headliner also caught my eye. It says you were here. The prime minister will not go to cop 27 climate summit, and that's because he's really going to be focusing on the autumn statement, which might be a real flash point for us here in the UK. We have been waiting for that to come since the mini budget sent the markets into termite turmoil and cop president look Sharma and the climate minister Graham Stuart will go to Egypt next month to represent the UK government, Sharma is going despite losing his spot in the cabinet reshuffle the Lib Dems and labor are criticizing sunac's actions calling it a massive failure of leadership, but the government insists it is still committed to supporting cop 27 just concentrating on domestic issues. Telegraph, meanwhile, the story about scrapping deal at saving time in Mexico has at various times been a theme here. Tell us what is happening on the other side of the world? Yeah, so the telegraph has a story and it says that the country Mexico is poised to scrap daylight saving time and return to what they've called God's clock after government officials argue that health and personal savings and also personal safety sorry and energy savings will be a big benefit to doing this. The country Senate has approved the move with a vote. It will now go to the president to be signed into law before Sunday when the clocks would go back for the last time and the house secretary of Mexico says that setting the hours back or forward damages people's health and Mexico City is currently 5 hours behind the UK. So obviously once people to have a good body clock throughout the year. That is certainly the hope. All right Leanne guerin, thanks so much for taking us through what's making headlines in the newspapers here in the UK coming up next we'll be hearing from our interview with the CEO of Nat west, Alison rose that banks
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Mexico is returning to quote God's clerk and scrapping daylight savings time. Has the details of all of those stories, and let's start with the FT. What is the international energy agency saying? Yes, indeed Steven so good morning to you, the Financial Times has a story on the international energy agency, which has said Russia's invasion of Ukraine will accelerate a peak in the world's consumption of fossil fuels with gas demand now expected to join oil and coal in topping out near the end of the decade. Now in his annual world energy outlook report fatty B roll he's, of course, the head of the IEA said the world was fast approaching a pivotal moment in energy history. This he says demand for the fossil fuels that have underpinned the modern economy since the advent of the industrial evolution is now at inflection point B roll said in an interview we think the golden age of gas is now coming to an end and as demand increases, he also said the government energy policies were rapidly evolving in part to counter the fallout from Russia's decision to weaponize gas in Europe. Right was staying with the idea of the energy transition and climate change at the times looking at Rishi sunak's decision not to go to the next climate conference. Yes, indeed, I'm like, the sun's headline caught my eye actually. It says Rishi, you were here. I'm sure that you were here. Rishi are here. Reference to the classic television series Leon Gary. What is that? Wish you were here, the holiday program. Anyway, we'll talk about it. The prime minister is not going to go to cop 27 climate summit as he focuses on the autumn statement. Now this has been something that we've all been focusing on here when we're going to hear from the government regarding that. And the cop president a look Sharma and the climate minister Graham Stuart will go to Egypt next month to represent the government, Sharma is going despite losing his spot in a cabinet reshuffle, the Lib Dems and labor have criticized soon act actions, calling it a massive failure of leadership, but the government says it's still supporting cops 27. Bryce, okay, fascinating stuff, no time to talk about the telegraph reporting on Mexico scrapping daylight savings time, but that's where it is if you want to take a look at that article and Garrett, thank you so much for that run through
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"With that 75 basis points looking ahead to the BOE later today. Well, a line crossing the terminal now. This is a redhead traders now betting that the ECB, the European central banks to deposit rate, will rise to 3% by June of next year. So traders increasing their bets, the ECB will have to continue raising rates of course after that 75 basis points that we got earlier in the month. The expectation now is that the deposit rate of ECB will have to rise to 3% by June. That is how traders are positioning a redhead on the terminal. Okay, let's get a round up of the front pages here in the UK then across the newspapers. The Financial Times reporting on what quasi quantang shake up at the City of London could look like and also Credit Suisse's plans for a radical shake up Bloomberg's James walcot has more on those stories. Morning Tom, yes, now obviously we're seeing a massive sort of moves in Ukraine, but in terms of what Liz trust wants for the City of London, she's told business leaders in the U.S. she wants to make London the most competitive place in fact the third in the world. This is why they're calling it Big Bang two. They want to emulate what Thatcher did back in the 1980s and create this sort of math deregulation. Now, we don't know what is in quasi Quartet's mini budgets coming this Friday, but I'm going to steal from our letter writer like a status. She calls it more of a maxi budget in terms of what we're looking at now. It could be changes to stock market listings or reform to regulation of pension funds to insurers, we're expecting on the tax front of the reversing a recent rise of national insurance and also canceling a planned increase in the corporation tax. So all of these things are supposed to be a way of what this trust is unblocked capital in the City of London, which is what she's being accuser saying trickle down economics and unblock capital around the rest of the UK. She's hoping that this kind of boom will spur growth across the country. That's quite a hope. Let's stay with the Financial Times though, and they have a story about credit suites. They do. Now, Credit Suisse, I've obviously seen three years of scandal from archaic off to various other lawsuits as well. And they are drawing up plans now according to the FT's reporting to split their investment bank up into three and they would resurrect this bad bank, which were all the risky assets would be kept, as well as keeping our spinning off the group's advisory business and then keeping the rest of the business sort of in one third sort of grouping. Now, that the FT say will be unveiled in the bank's third quarter results in October 27th. They're also saying that the bank is finalising plans for thousands of jobs cuts, which could affect more than 10% of Credit Suisse's 45,000 person global workforce, according to sources they have inside the bank. James the story and the times as well looking at what's going to happen to the Hollywood sign was Stephen. I know you have very, very important things to do in your day, which is why you'll be thrilled to know that the Hollywood sign turns a hundred years old next year and you can literally watch paint dry as they intend to live stream updating their painting of the sign or the famous Hollywood sign that sits on the hill overlooking Los Angeles. Of course, if we can do that while listening to Bloomberg radio, so they can get the full audiovisual experience to complement that riveting. Would we say? Renovation happening in the Hollywood Hills are ice James Wilcox, thank you very much for that look through what's happening in the paper. It's coming up next in the program. We're going to be focusing on the look ahead to that mini budget set to be announced tomorrow by the Chancellor quasi quiting and a new report from the institute for fiscal studies and city looking at what impact that would have on the public finances. They're saying it would set the public finances on an unsustainable path in terms of debt and what it will do to the debt to GDP ratio here in the UK. This as we've had promises of tax cuts from Liz trust not only reversing the rise in national insurance
The Hugh Hewitt Show: Highly Concentrated
Russia Is Losing the War in Ukraine
"The Financial Times. Russia has withdrawn submarines from its Black Sea, naval headquarters in Crimea. Why? They're afraid of getting hit by Ukrainian forces. Also in key, post Russian officials in the two self decayed separatist Republican eastern Ukraine pleaded Monday to urge for Russia and urgent votes urgent votes calling on Moscow to immediately annex the territory, a sign of apparent panic that the Kremlin's war in Ukraine is failing. The appeals from Ukraine authority from the authorities in Luhansk can donate public people's republic comes as Ukrainian forces continue to extend their gains of recent days. Finally, Ukraine shut down more Russian planes yesterday, a total of 55 planes have now been brought down. Russia is losing that war. Russia is losing that war.
The Charlie Kirk Show
The Student Swindle With Steve Bannon
"Here's the problem because I think this might actually work with a certain swath of younger voters because the Republicans have no credibility when it comes to reckless spending because they have been signing off and rubber stamping on a $1 billion a week overseas to fight Ukraine oversees the fight with whatever it is 65 billion were pretty sure that the current number is that number is probably going to go up by the end of me speaking this sentence. Steve, why is it that Republicans? Because here's the message, right? Here's the message that they're sending to young voters. We won't give you anything, but we'll give money to people overseas. And let me ask, when zelensky going to pay back that debt, is there a plan to pay that back? Are we going to forgive that too? And I think the voters know which one they're going to go with if those are the two choices. We started with the Ukraine section today over the show with harnwell and Rome, but we went to we put up your tweet. I think said it said, hey, they're buying votes from the millennials with the write off of the transfer of the debt. I think but the Republicans are just giving it to the arms manufacturers and to the corporatists. It's absolutely correct. That's why we don't have enough populist nationalist policy. This is the power of turning point. This is the power of real America's voice as a news platform. We need to get not just Republicans. We need maga Republicans. We need Trump Republicans and we need mega policies. And right now, the increase in credit card debt in this country in the last quarter is $46 billion. That's just one package we sent to Ukraine. And yesterday, Biden announces another he writes transfers the debt to the working class of the elites, and then he announces a $3 billion package where Europe has not made, as you know, Jack, Europe has not made one new commitment to Ukraine since July, not one more commitment. The only person shoveling money in is the United States and the escalatory process in Jack as you know, we pointed the Financial Times a month ago. The arms are all getting washed back and transferred back to the gangs and the criminal element in Western Europe.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"The paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. So let's have a look at the front pages. The Financial Times clashes that shielding families from the fuel Bill shock could cost a 100 billion pounds, the telegraph says Brussels, cuts its crop production as half of you it remains under drought warning conditions and the times headlines the police hunting for a gunman in the UK. Bloomberg's Liang gar joins us that let's start off then with warnings from energy bosses about the cost of living crisis. Good morning Leanne. Yes, Caroline, good morning to you. So the Financial Times leads with the chief executive of Scottish power. Now he's been telling ministers that a rescue plan to protect households from the rising bills that we're seeing in energy will need funding of more than a 100 billion pounds over two years. The CEO of Scottish power is Keith Anderson and Scottish powers one of the big 6 energy suppliers here in the UK and he met the business secretary quasi quatre last week and proposed capping household energy bills at about 2000 pounds a year. One government figure points out that Anderson's proposal shows the industry believes this crisis is going to continue for two years. Let's trust the leading candidate of the Tory leadership race has acknowledged that new support for households could be needed with the rising bills expected to accelerate, but has maintained her distaste for handouts. The managing director of customers at energy supplier EDF. He's also been speaking to the BBC and has warning the UK was facing a catastrophic winter and that was yesterday, and it could also force people into fuel poverty if there was no intervention. Okay, Leigh Anne
Dennis Prager Podcasts
Edward Luce Tweets Bad Take on Republicans
"Edward luce, associate editor of the Financial Times, I didn't realize how left wing the Financial Times is. Tweeted, I've covered extremism and violent ideologies around the world over my career have never come across a political force more nihilistic, dangerous and contemptible than today's Republicans, nothing close. They never specify what what makes Republicans the worst, most treacherous. Most nihilistic force, the people who tell us men give birth that America is the most systemically racist society, many of whom advocated the funding the police. Believe that the, that Shakespeare should not be venerated because he's white, these people are talking about nihilism.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Now the paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. Let's get to the newspaper headlines this morning, then gloomy news for the UK economy leads every front page. Size. The times says Britain's slides into crisis, the telegraph runs with recession to cause record drop in income and the mirror has economy in freefall, also the Financial Times has the most amazing story about Visa and Mastercard investor pressure and the most stunning blow to the spread of child abuse images. Let's definitely get to Leanne to explain what nerf that means. Let me start with the times then Leanne. Well, as you just let out that big si Anna, I thought, what a bleak outlook on the front of the newspapers today in the time says Britain's slides into crisis as it reports that the country is facing the worst squeeze on living standards for more than 60 years. It describes the Bank of England's forecasts as drastic, while the economics editor for the times marine Khan says we now need to get used to the grim new reality with the economy set to shrink by 2.1% by the end of the year. Now she also says the most devastating element is an unprecedented two year contract in household real incomes. There were since records began and people are really beginning to feel that cost of living squeeze. Okay, so that's what Marion can is writing in the times this morning. Leon turning next to the story in the Financial Times, it's to do with payment processing and the company that owns the website Pornhub. Yeah, that's exactly right, and it's also got bull ackman. In there too. So the FT has a story on Visa and Mastercard. Now they stopping they work with the advertising arm of mind geek. Now they are the owner of Pornhub, and this comes after a court ruling found that Visa could be held liable for illegal content on the user generated pornography website. Speaking to CNBC, the billionaire investor Bill ackman said visas should be forced to pay a very, very large amount in a case alleging to payments giant, profited from child abuse images on Pornhub after reviewing ties to the website Mastercard said it won't allow its cards to be used on Pornhub either, so the influential billionaire who has daughters really swung into action to protect children when he did see this story appear. Interesting. Okay, let's get to the something we need to be finding something uplifting, don't we? In this morning in this morning's news flow, then Leigh Anne and so far we failed. So let's go to The Daily Telegraph to talk about at least holidays and vacations. Even if it's not boosting the UK economy, it's a nice thing to talk about. I'm sorry, I failed on those two things, but anyway, yeah, no, so The Daily Telegraph says staycations are plummeting as Brits now. Guess what? We're heading abroad. Tourism bosses say the holidays at home boom is over and they blame staycation fatigue for the slump. However, I think it's the fact that we can go away. We can get on a plane. We can fly. You know what I mean? I think it's the fact that the coronavirus restrictions have lifted. Lots of people have savings, there's pent up demand revenge tourism it's good. And also you know to get some culture from different countries. So the hotspots such as Cornwall that were bursting at the seams last year are not so busy, but of course Bloomberg's Kai Johnson went there recently. I think we should see it on good authority that Cornwall is still plenty popular. Oh, yes. I'm sure it is, yes. And there's a place in Cornwall called guerin's bay. Oh, I see. And my surname was scaring. So obviously you own the village. I'm sure we've covered this before, Leanne. No, only because the French pirates. Took over. It's a long story. It's always everyone goes. All right, the anger and thank you very much that story about that's in The Daily Telegraph today about the shift away from staycations back to going abroad, of course we're hearing a lot of that. The other side of that story in the travel chaos that we've been covering for you here on Bloomberg coming up in the next part of the program, there will be hearing from our interview with the governor of the Bank of England, Andrew Bailey and Lizzie Burton will be unpicking what the Tory leadership candidates have to say about how they'll
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Yeah, borough says, as well, he hopes deal can be cut to help export grain from Ukraine talks when going on now. And U.S. House speaker Nancy Pelosi has invited Alan zelensky, Ukraine's First Lady to address Congress on Wednesday. Macau says it's ready to resume some social and business activities next week if COVID cases dropped to a relatively low level. Health official leong hao saying the target is zero infections for the community this week. The city added 22 cases for Monday he did not talk about casinos. Not as good as saga for China, 41 Chinese cities are under fuller partial lockdowns or district controls, Financial Times reporting 266 million people accounting for about 19% of the country's economic activity. That is a marked deterioration from the situation a week ago at that time curbs were placed on 31 cities a fear of more disruptions now. The U.S., the BA 5 sub omicron variant is posing different challenges while vacation of vaccinations are keeping people from becoming very ill. The virus is smart enough to have outsmarted some of the mitigation efforts and is spreading very quickly and Asha Shaw at Stanford health center says travel travel travel. It is affecting all demographics, we are seeing a lot of travel related COVID now as folks are getting back to vacationing, especially with summer, being in crowded airport terminals and unfortunately coming home with COVID. Yeah, health authorities are recommending going back to wearing masks and higher risk situations. The White House says it supports prohibiting semiconductor companies from expanding certain investments in China if they take new subsidies to build plants in the U.S.. This is coming up in the Senate bill tomorrow. And up on the Bloomberg terminal, California, home sales here plunged 21% as soaring mortgage rates hit, this from June a year ago outside of COVID, sales at the lowest level since April 2008, yes. Yeah, that's when the bubble burst. In San Francisco, I met Baxter, this is Bloomberg, garb, Brian. All right, thanks very much. To that, I would say that's kind of the system at work, right? I mean, that's what higher rates are sort of meant to do. All right, 38 minutes past the hour, it's time for global sports
The Hugh Hewitt Show: Highly Concentrated
Biden Boosts US Troops in Europe Because of Russia's War in Ukraine
"From the Financial Times, U.S. to boost military presence in Europe as NATO's strengthens defenses. 5000 additional troops to Romania to squadrons of U.S. fighter aircraft after a U.S. F-35s will be in the United Kingdom. These are good moves. The deal is there's no money in the budget for them. Joe Biden gave no additional money. There's a real cut in the Biden budget, but we're looking forward to the Senate in the house agreeing to fund the Department of Defense so that we can actually do this, rebuild the supplies of the weaponry that has gone to Ukraine rightly, but it is up to you to elect Republicans at every level if you want the defend not only Europe but yourself. From China and
The Hugh Hewitt Show: Highly Concentrated
The Economy Is on the Pathway to a Recession
"The news yesterday is the news as it was all week. The economy sucks because Joe Biden is president. Recession fears grow is down closes below 30,000 in mortgage rates spike. That is the headline in The Washington Post. So the second headline fed's full tilt inflation fight makes a softish landing harder to achieve. The already slim odds writes the Financial Times Colby Smith in Washington, D.C., of the Federal Reserve bringing down inflation without causing a painful economic downturn, took another leg lower on Wednesday as the U.S. Central Bank embraced what is said to be the most aggressive campaign to tighten monetary policy in decades. And that led that led to the Dow going down 741 points to close at 29 92. That's below 30,000. It was never below 30,000. I don't think under Trump. Maybe I'm wrong, but I don't think so.
The Hugh Hewitt Show: Highly Concentrated
Recession Likely for U.S. In 2023
"The other big news of the weekend, from the Financial Times, U.S. set for recession next year, economists predict 70% of economists, leading academic economists pulled by the Financial Times. Joe Biden's inflation is going to be followed by Joe Biden's recession. Wall Street Journal reports that sizzling prices complicate the fed's inflation fighting strategy. We had an 8.6 year over year inflation rate. On Friday 8.6%, it's the highest of my adult life. And I consider my adult life since 19 78. When I graduated from college, up until that time, I'm on, if you're on your parents payroll, I mean, don't count summer jobs. If you're in college and they're paying the freight, and you're not on your own, you're on your own when you're on your own. And you know when that is. Sometimes it's 16, sometimes it's 25, and some of you out there are 40 and you're not on your own and that might be for a very good reason. You might have a disability. But in my adult life, which began at 22 when good to see you, you can keep the Dodge dart, have a good life. And I mean my parents love me, but that was it. You got a law school. You pay for it, buddy. And I did. And if you can have that 1974 Dodge dart sport, I don't know if I can get over the rockies. It did, barely. And it was a heck of a car with a racing stripe and everything. But that was my graduation present off I went to California and made my life. And so that's the deal. Highest of my adult life.
WTOP
"financial times" Discussed on WTOP
"Says it was a mistake to ban Trump in the first place at an event hosted by the Financial Times the Tesla CEO says the move alienated the large parts of the country and did not ultimately result in Trump not having a voice This morning returned to C nut editor at large Ian sure it is tank In a lot of ways it's not surprising to hear this Elon Musk who is the world's richest person right And then CEO of Tesla among other things Has made clear that he believes so much in free expression and free speech that he does not believe that people should have their voice taken away from them online even when they might be inciting violence or causing harm And I think it's going to be very interesting to watch how this all plays out Aside from the fact that former president Trump has made it clear that he doesn't want to use his Twitter account he wants to use truth social which is his own social network that he started up He is now actually tweeting on it or true thing I don't know what the right word is One of the key things to keep in mind is this says a lot about what Twitter wants to be going forward under Elon Musk You had mentioned former president Trump said he would not return to Twitter even if he were allowed to do so There is a lot of doubt about that that he would stick to that Given the much larger reach Twitter especially if he decides to run for president in 2024 Yeah I personally am pretty sure that if he was offered his Twitter account back he would use it in some form I think part of it right now is that for him he doesn't lose very much by not using it since it's banned anyway But the minute that he has access to those 80 some odd million people again or accounts I should say I don't know why he wouldn't use it on some level Although 8 out of ten people listening to us right now probably aren't on Twitter because not just the Hollywood stars but politicians movers and shakers They all get the word out on Twitter It actually is a more important platform than some may think Twitter's influence is just almost unmatched when we think about social media That's what's really fascinated me about it from the beginning is that a lot of politicians a lot of celebrities a lot of everyone's really use Twitter to get the word out And whether or not you have an account you are impacted by what happens on Twitter Now Twitter doesn't represent the real world right But what happens on there does impact the real world To the point where people are making policy decisions real governments are making policy decisions based on what they see on Twitter So we have to take it seriously We have had Internet free for alls before And they have almost always.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"App and at Bloomberg quick tape This is a Bloomberg business flash We'll get trading underway at the top of the hour in the Australian equity market futures now for the ASX 200 mildly positive I'm going to call it a tenth of 1% Stateside markets generally reacted to the notion or I should say they retreated from the idea of an imminent deescalation in the war in Ukraine We had a recovery in the price of crude oil after a two day slide WTI jumping about 3.4% here in New York Right now we're trading one O 7 38 in the electronic session Weekly data from the energy information agency indicating that crude storage fell by a larger than expected 3.4 million barrels So with that recovery in the oil price energy shares the best performing group within the S&P but there was a great deal of weakness among consumer discretionary and information tech and as a result we had the S&P dropping about 6 tenths of 1% NASDAQ comp today weaker by 1.2% the Dow was down about two tenths of 1% Over in the treasury market the entire yield curve moved lower after that brief inversion that we had yesterday we talked about the segment that two to ten year segment that briefly inverted a lot of conversation about how to read that inversion today We'll talk more about that as we continue here on the program Also I want to point out that many of the U.S. rare earth metal miners rally That was after a report on President Biden possibly invoking the defense production act as a way of encouraging domestic production of minerals used for those EV batteries As we get set for trading in Asia consider the fact that confidence among South Korean manufacturers dropped for the month of April reading now of 85 that's down from 93 in the month of March and we're going to be looking critically at the PMI data for China later on this program Some dollar weakness and a much stronger yen here at one 21 90 that's weighing on futures for the nikkei Chicago contract implying a move of 200 points to the downside when Tokyo comes online in about an hour and 11 minutes from now More on markets in 15 minutes Let's get caught up on global news headlines Denise Pellegrini is in the Bloomberg newsroom Denise Hey there Doug thank you Well a new U.S. intelligence assessment shows that Russian president Vladimir Putin is being misinformed by his top advisers and that he doesn't trust them Some Russian troops meantime relocating in Ukraine about 20% of the forces near kivar heading out according to Pentagon spokesperson John Kirby well where are they heading some of them He says they're going north toward Belarus Desperation being reported in Shanghai among those with chronic medical conditions lockdowns are making getting regular medical care virtually impossible there and local infections of COVID jumped 30% in the past 24 hour period President Biden asking Congress to allocate more funding immediately or else supplies he warns treatments tests and vaccines for COVID could run out in a matter of months And an investigation is underway after Apple and Facebook's parent meta apparently gave customer data to hackers sources say who were pretending to be law enforcement officials and sources tell us the hackers made emergency requests for the data so they bypass the required search warrants and subpoenas customer addresses IP addresses phone numbers all among the things that were inadvertently shared Global news 24 hours a day on Erdoğan Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries In the news among these Pellegrini this is Bloomberg prime Then these thank you Welcome now to the daybreak Asia media and tea leaves review From the Financial Times and other papers but I'm using the FT version China has reaffirmed its partnership with Russia and said it wants to push bilateral relations to a higher level Interesting the timing Wang Yi China's foreign minister told Sergey Lavrov is Russian counterpart that the two sides will to develop ties is even firmer than before Our confidence he says even stronger And says Moscow faced international sanctions and widespread criticism over the war in Ukraine And by the way we told you a few moments ago that Lavrov will be heading to India later today and India is another key partner of Russia that has refused to criticize the attack on Ukraine From the South China morning post the U.S. is said to be eyeing a chip alliance with Japan South Korea and Taiwan to squeeze China The proposal was rejected by soul over fears that Beijing would retaliate against Samsung and SK Hynix Those two have already invested billions of dollars in China's chip fabs Since the outbreak of the pandemic Washington has been looking for ways to reduce its supply chain reliance on China And finally from the ABC in Australia the Australian government will announce that a new port will be built in Darwin after the current facilities were leased to a Chinese company It's unclear whether the new port would be solely for industrial use or if it would be a facility that would be able to accommodate visiting naval ships from the U.S. and the UK It's understood that the announcement will be made in the coming weeks by prime minister Scott Morrison's government during the Australian election campaign That is a look at the media Rashad over to you Thanks very much indeed Brian let's get to our next guest we're joining that by Michael Casper Michael is a strategist at Bloomberg intelligence getting his up to speed with some of the top news on the market So thanks for joining us Michael You are suggesting at the moment that the S&P 500 may have made its bottom in the current route Brian was saying earlier that when we see a U curve inversion that's only good signal for stocks It gives a sense of where you're coming from Yeah so the S&P 500 hit a depth cross which is a technical measure for weakness in the S&P 500 Where the 200 day moving average drops below the shorter term moving average And typically when that happens stocks tend to bottom pretty close to that And actually over the last 8 instances where that happened the S&P 500 was up 6 of those times On yield curve inversion also the last 30 times the two tens yield curve has inverted Stocks have been 21 of those 30 times down obviously the other 9 times So not necessarily something to worry about It definitely could signal a recession in 12 to 15 months but in general stocks are up over that period It's a little confusing because we worry about a recession as something that often follows an inversion of the yield curve And then we also hear that normally during a recession stocks can fall 30 to 40% pretty easily so it's tough to make sense of it But I guess because there's a gap between the two right I mean sometimes it's 12 to 18 months after yield curve inversion that you get a recession And if the recession is shallow it doesn't last too long isn't that deep then you can sort of make out well Perhaps you can flesh that out a little bit more for us than you already did Yeah so you're exactly right 12 to 18 months out from two stems and version has predicted recession about 70% of the time With a few false positives thrown in there like the LTCM crisis back in 1998 In fact the fed actually uses the ten year minus three month curve to assess recession risk which is quite strong right now hovering around a 180 basis.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Foreign secretary Liz truss is remaining cautious and once sanctions to remain enforced until Moscow withdraws its troops We must not just stop Putin in Ukraine but we must also look to the long term We need to ensure that any future talks don't end up selling Ukraine out or repeating the mistakes of the past Meanwhile the Financial Times is reporting that as part of ceasefire talks Russia is prepared to let Keith join the European Union if it remains military non aligned and is no longer requesting Ukraine to be de Nazi fied And it was the moment that shocked Hollywood and finally Will Smith has apologized to comedian Chris Rock for slapping him on stage during Sunday's Oscars awards In an Instagram post Smith described his behavior as unacceptable and inexcusable and said that he was reacting in an emotional way to a joke made by rock about smith's wife the academy of motion pictures arts and science has opened a formal review into the best winner actor Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm leann gerrans this is Bloomberg Alex Thank you Leanne Let's get back to the latest on the war in Ukraine And as you mentioned NATO ally allies seem to be split on the approach to any potential peace deal to be struck between Kyiv and Moscow Bloomberg senior a senior reporter for international affairs Mark champion joins us now Mark can you just update us on the talks and what is Ukraine's perhaps minimum goal Yes well this is the first set of talks for two weeks and that does seem to be some kind of movement but there are so many moving parts That it's very difficult to understand the sequencing of exactly how this would go on And that really is the source of a lot of the split that you mentioned So in the first instance there's talks around a ceasefire deal Which is the minimum goals for Ukraine there are simply to improve the military situation to get more civilians out of harm's way And to stop the bloodshed but what is exchanged for the ceasefire is less clear and the sequencing would be quite difficult because at the moment what the Ukrainians are talking about is that there would be they would agree to neutrality in exchange for neutrality There would be security guarantees from other Western countries similar to NATO's article 5 But all that would have to be agreed in a referendum that would take a year So how that all get sequenced is extremely difficult to understand what would be the borders that were being guaranteed by these guarantors in the west is difficult to understand at that point so hence the split How does the concept of neutrality sit alongside security guarantees from NATO members Mark In the eyes of Russia It's a good question It's hard to understand exactly why Russia would accept a neutrality and non native membership which then create the kind of air that article 5 which is the core of NATO and it's hard to understand exactly how that would work Both sides acknowledge that there's a lot of detail to be agreed and the Russians are particularly skeptical in the way they talk about it saying there have been no breakthroughs no big advancements on the Ukrainian side there seems to be a little more obstinate And it seems as though that is sort of splitting NATO a little bit It has been quite united front until now Where do you which site what are the various parties in this and who has the differing views Right Well there's a sort of block which includes the UK and most of the Eastern European countries The bolt Poland and basically Eastern Europe excluding Hungary and perhaps Bulgaria But on that side there's a lot of caution saying that we've made mistakes before with the kinds of deals that have been made with Putin that allow him to remain in control of territory that he's taken of the basically the agenda has happened after the Georgia war in 2008 It happened after Crimea as annexation in 2014 So let's not make those mistakes this time get everything nailed down beforehand make sure that his troops are out before there is any real concession made On the other side there's a focus just on stopping the bloodshed with a much more open ended view as to what should be exchanged for that And there there you have really France and Germany leading the leading approach Yes and in a slightly different part of the NATO conversation turkey which is a NATO member of course playing an interesting role here hosting the talks that are taking place today and turkey seems to want to see itself as some kind of some kind of broker of peace or maybe that's to overstate it What is the role of turkey in all of this mark Well they are in an interesting position because they have strong ties to both gifts and Moscow So in Ukraine they have a strong defense relationship which includes the sale of the bioreactor drones that have been such a feature of the war And also it's a symbiotic relationship where they were relying on Ukrainian technology to jet engine technology and so on to help with their domestic defense industry Whereas in Russia of course they brought the S 400 missiles much the May of NATO and the U.S. from Russia and have maintained a very strong relationship particularly personally between Erdoğan and Putin With a lot of moving parts in the Internet to do with Syria where the Russians are fighting and the Turks have a strong interest and Libya and elsewhere Difficult relationships but they are significant players on both sides Well thank you so much Mark It's going to be a really big day then on that front we'll be following it with great interest here on Bloomberg radio and of course on Bloomberg TV Still ahead on Bloomberg daybreak Europe There is a stark warning that Bank of England's Andrew Bailey was talking in Brussels and said that Britain will face a historic shock to their incomes.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Replacing Sean Payton who left the organization after 15 years on the enchantment that your Bloomberg world sports outdate Markets headlines and breaking news 24 hours a day As Bloomberg dot com the Bloomberg business out and at Bloomberg quick take this is a Bloomberg business lash And I'm Juliet Sally in Singapore We check the markets every 15 minutes here on Bloomberg daybreak Asia just bringing you some news that in a video is said to be withdrawing from the acquisition of SoftBank's arm We are hearing that this is bowing to regulatory opposition and ending what would have been the chief industries largest deal The transaction collapsed on Monday according to an earlier report from the Financial Times this signing people with knowledge of the situation Bloomberg had already reported last month that in video was preparing to wind down the deal So thanks shares in Tokyo slightly softer separately armed CEO Simon Sega's is stepping down and will be replaced rather by Rene Haas Sega's was one of arm's first employees and apparently worked his way up through the ranks to become CEO in 2013 He continued to lead the company after it was acquired by SoftBank in 2016 Asian stocks meanwhile looking pretty good in early trade despite another late dip in U.S. shares we saw Wall Street reversing gains rather in the last hour of trading This was dragged down by tech stocks similar to what you saw in the Asian session on Monday Alibaba had dragged down the hanging tech index and we saw Alibaba ADRs tumble in the U.S. to this after city indicated that SoftBank could be selling off some of its shares The ASX 200 is up 1% in Sydney as is South Korea's Cosby the nikkei in Tokyo is up 6 tenths of 1% We are watching oil stating above $91 both is now talking turning rather two days Iran nuclear talks WTI crude futures though did drop more than 1% on Monday after that rally that took crude to a 7 year high took of course The U.S. ten year at 1.92% Let's get over to San Francisco now for a chance of delivering news Ahead All right hey Juliet Hong Kong's reported a record number of code infections cases doubling every three days executive council meeting today could reimplement some very tight restrictions now ahead of that meeting Saint Tao is reporting the plan will be to.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"And steered the firm through the 2008 financial crisis and the Great Recession that followed He's twice been named one of the world's most influential people by Time Magazine and he won the Financial Times person of the year award in 2009 Now Lloyd blankfein spends his time as the former CEO of Goldman Sachs which leaves us all wondering what comes next Well I sat down with blank by an earlier this year to discuss just that Listen in So you're not going to be a consultant You're probably not going to be treasuries I think I'm not I'm probably not going to be a surgeon at this point or nuclear scientist But you're 67 you swim every day you're in good health What's next I don't worry about it I don't worry about it I'm not Look I'm also a market guy I have been I'm saying that's not how necessarily I live the last 20 years of my career at Goldman But it's an occupational hazard that I know the price of everything at times And so I occupy myself with markets in the background In the last couple of years I trade a lot Do you I do In your personal account I do If I do something differently forget I said this and wiped out the tape But I didn't really want to look at people and be managing their money And express regret because God forbid you should lose money but God forbid a lesser included God forbid is that you underperform somebody else who made more money or be on that kind of track And I'm saying do I really need to do that now And so I do my own stuff for myself My whole life I would rather much rather have lost my money than lose somebody else's money And so that's just the way that's just my wiring What are you trading I trade equities have traded some commodities I've traded currency from time to time You have fun I have more fun when it's successful and I'm winning Tell me a little bit about your track record Brilliant Come on Well in the period of this started look I couldn't do any of this stuff while I was still at Goldman or left that at the end of 18 So beginning of 19 Everybody who started in the markets at the beginning of 19 is a genius Because the markets have gone one way Now that doesn't mean on any given day You can look back at a curve and say GE that was an easy period but when you're living through it you don't know what the next day is in hindsight Of course everything is easy But really looking backwards there wasn't there wasn't a lot of there wasn't a lot of stress And then this goes and this has been much discussed that asset prices were being inflated during this period so anybody who invested in almost anything There are some things that didn't go up and certainly there are always things that don't go up on the whole asset prices Zero interest rates make asset prices go up What are you some of your winningest trades Oh come on I mean I just I mean boring as it is investing in the new economy I don't want to say tech but let's say tech and the kind of companies and industries that are tech enabled Innovation and brace it Now of course it's innovation You don't like to say tech because I think tech is I mean I think to be a retailer it means you have to be as adept as Amazon was and Walmart has become to just be a retailer or to be a car manufacturer you have to be on the cutting edge or else you'll be a bankrupt car manufacturer And so everything success at this point embeds innovation and technology Now I'm curious to know how you do this Do you do the old fashioned way You pick up the phone you talk to a financial adviser perhaps that person is a Goldman Sachs Or do you pull out your smartphone and trade on Robinhood No I don't trade on I'm loyal to my old firm So I don't I haven't traded but I don't disparage it It's not something I do I have certain kind of pathways that have been operating for a long time And I stay on them I like look again occupational hazards I still wake up in the middle of the night and look at prices even though I may not be involved because I look for 40 years My first my first job at Gorman was trading precious metals and currencies And so guess what 24 hours on the screens And so those are habits that are hard that don't die easily And I'm not sure I want them to I think it's kind of fun In the middle of the night when you wake up and check prices what's the first price you check I look at I look at equities futures and I look at currencies and I look at the things that are interesting at different times Energy prices are interesting And so I look at a look at energy prices It's not a big deal It's some people hobby some people get on football games Do you do this every day or is this sort of a $1000 I would say every day Yeah I'm the 7 many times a day Again I'm used to I grew up with the background noise of markets and risk I always knew what our positions were and I always wanted to know whether they were going well or poorly And I had a role to play Before I before I was presidency I was responsible for sales and trading first earlier in my career just the currency and commodities and later currency and commodities and fixed income and then after that currency commodity fixed income in the equities And so the whole and so again it was what I did And no one could do that for very long if you don't like doing it True enough There's a whole new generation of kids who are just as addicted to markets as you are and they're on WallStreetBets and they've got diamond hands on GameStop and AMC and hertz and you name the meme stock Do you think that's healthy I.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"President Biden nerds everyone eligible to get vaccinated against COVID-19 saying it is the best protection against the new more transmissible omicron variant Not shut down for a lockdown But with more widespread vaccination the more boosters Testing and and more At an event with CEOs to discuss holiday shopping President Biden said he will present a plan to fight the Macron very in later this week Meanwhile the CEO of Moderna says mutations in the variant are unlikely to help it evade protections provided by existing vaccines Steffan banzel told the Financial Times it will be necessary to develop new immunizations Former president Donald Trump's lawyers will try to persuade a federal appeals court in Washington D.C. to stop Congress from receiving call logs drafts of speeches and other documents related to the January 6th insurrection at the U.S. capitol led by his supporters The appeals court will also hear arguments today from lawyers for the House committee investigating the riot and seeking the records Trump's attorneys want the court to reverse a federal judge's ruling allowing the national archives and records administration to turn over the records The salt cap dogs have faltered again over priorities on whether the country needs revenue Bloomberg's at master as the story senator Bernie Sanders front and center now senator baumann Andes are saying that Sanders has walked away from a previously agreed to plan that has had the deduction be revenue neutral over the ten year budget window A Sanders now is saying he wants the reworked salt deduction to actually raise revenue The cap currently is $10,000 on the dance now is Sanders wanting more revenue Republicans wanting the cap raised to as much as $550,000 at least the House passed bill has it at 80,000 In San Francisco I'm at Baxter Bloomberg radio Live from the Bloomberg interactive broker studios This is global news 24 hours a day.
WNYC 93.9 FM
"financial times" Discussed on WNYC 93.9 FM
"Stock index futures are down this morning -421 points for the Dow future 1.2% The S&P future is down 1% The NASDAQ future is down half a percent Investors appear to be rattled by comments from the chief executive of the COVID vaccine maker Moderna marketplaces nova safa was here with more on this David those comments published in the Financial Times newspaper Moderna's CEO Stephan Benson warning that we're likely to see in his words a material drop in the effectiveness of current COVID vaccines against the new Akron variant Now we also heard this yesterday from both Pfizer and Moderna that the likelihood is current vaccines won't be as effective against a Macron as they've been against other variants like delta But those specific words from ban cell David today a material drop in effectiveness those words appear to be spooking markets today Still some could see this as a CEO of a vaccine maker talking about needing to sell more vaccines at a time that the study of this variant has just begun Well right Certainly scientists have cautioned that it's going to take a few weeks before we begin to understand the automotive variant And benzo has said that too but investors are also hearing from Regeneron this morning David Now that drug maker says it expects its COVID antibody treatment to also be less effective We're also hearing from fetch our Jerome Powell in prepared remarks to the Senate banking committee He says this variant could slow the economy So that's a lot for markets to absorb this morning Yeah nova thank you They're selling stocks in Europe this morning the Dax index in Germany is down one and a half percent Amsterdam is down 1% The end of year philanthropy season kicks off with the day for donating to the causes of your choice It is giving Tuesday but many are planning to cut back on their charitable giving this year according to a survey by eagle hill consulting marketplaces of NMR reports this comes after Americans donated record amounts in the early days of the pandemic Charitable giving in America reached a record $471 billion in 2020 a year that brought a global pandemic and economic crisis and protests for racial justice All three factors contributed to an expansion in generosity Oona ossoli is a Professor of philanthropy at Indiana University She says the rise in individual giving came from better off households that were insulated from the years economic shocks They socked away stimulus money cut some discretionary spending and donated more In addition to that there were opportunities to give And increased need in many communities That need hasn't gone away but economic conditions have changed Jacob Harold is with the nonprofit candid which itself tracks the nonprofit sector I think we will continue to see real generosity I don't know if it will match what we saw last year Between rising consumer prices and labor costs individual and corporate donors might be inclined to hold on to more of their money I'm Savannah marr for marketplace.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Author of a new book trillions how a band of Wall Street renegades invented the index fund let's talk a little bit about passive investing in index funds It's really well ground There's only so much to say about it One inspired you to write a whole long history of it Well as I mentioned the rise of passive investing was something that I was covering Maybe not daily but a lot It was sort of the overall backdrop to almost everything I was writing about for a long time when I went and led the market coverage for the Financial Times in New York And it was unambiguously this hugely important story That was not just affecting the investment industry We know obviously the pressures it's brought on fees But reshaping how the financial industry works in many ways Investment banks were retooling their trading desk to deal with this phenomenon Markets were functioning and acting differently in the era of pat investing So I started scratching around into the backstory of this Not just a financial nerd come on I have always loved history And I do believe that we understand better where we're going if we understand where we came from And lo and behold the history of the invention of passive investing was just far more interesting than idea to hope So let's talk about this history As I was reading the book I was surprised how deeply researched it felt tell us how you did this deep dive How did you uncover all the little tidbits that you did Yeah there's a published history You have bogles biography and there's a bunch of other stuff out there But you really went very deep into this space Well I mean it sounds incredibly over the top But Isaac Newton once said if I've seen further it's because I've stood on the shoulders of giants And I am no Isaac Newton but like you say I stood on the shoulders of many giants that went before me So Jack bogle famously wrote many many books But there are many people that have written about parts of this journalist at Bloomberg have written phenomenally interesting features about the birth of ETFs Peter Bernstein the financial story and has written a really interesting book on Wall Street in the 70s and the academic ferment then So what I try to do was essentially combine and synthesize all these disparate sources and combine them with just I mean God knows hundreds of interviews with primary characters secondary characters other people that fill in banks here and there And just an exhaustive dive through the archives of institutional investor and pensions and investments in The Wall Street Journal and combine that into one holistic narrative But essentially it was just a lot of work and juggling a lot of different strands of information And then cross checking what person a said versus what person B said So I'm going to skip over some of the early history the Wells Fargo samsonite and a lot of the academic history and just fast forward us up to Vanguard because it in your telling it almost looks like the index itself was irrelevant The Jack bogle the founder and first CEO of Vanguard He's cost manners hypothesis Almost made the group of holdings irrelevant It was the fees that mattered most Discuss that a bit No it's a great point And I think Jack bogle is a far more complicated character than frankly he pretended himself and a lot of people CMS I mean he was undisputably one of the great men of history I mean he is one of the most incredible people I've ever had the privilege of interviewing But I actually think he's more interesting than he pretended himself Because he was not a necessarily a fan of indexing not even Vanguard This was this is an accident A fortunate accident In his defense he was definitely always a fan of low cost investor That seems to be backed up with his writing going back to his days when he was a wonderboy Wellington He was a senior executive at Wellington and the year apparent to Walter Morgan there And he liked the idea of mutualization Or at least he at least had thought of it before Vanguard was set up and with this unique ownership structure being owned by its own funds Let me stop you there and jump in because in your telling the mutualization of Vanguard also seemed like an accident it was a function of their contract that they previously had with the company They were with Wellington that they ostensibly were trying to get free from The idea of a passively managed index was hey it's unmanaged Therefore it doesn't violate our manage no managed funds contract and the idea of creating a mutual allowed them to escape a fee structure they didn't want to be involved in them Am I overstating that Or is that a fair assessment No I think so But Jack would often afterwards talk about strategy follow structure So we start with the structure The reason why Vanguard is mutually owned is not just because Jack bogle liked the idea of neutralization which he did but I doubt he would have mutualized if he'd stayed the CEO Wellington Right But the fact is that he merged Wellington with a hot shot go go fund manager from Boston in the 60s And when the 60s go go error ended with a bang essentially the other people is partners owned more stock than he did and they sacked him as CEO So as a Hail Mary he went to the board of the Wellington funds because all mutual funds need to have their own independent boards in theory at least in the U.S. and trying to argue that they should essentially buy themselves out of Wellington And this was a Hail Mary And Frankie the legal representation at the time was very clear that the SEC will not like this Clients can sue us Wellington consumers So as a favor to Jack bogle the boards of the Wellington funds the independent boards of the Wellington funds said that they'd set up an administrative company that did all the clerking jobs or the paperwork for the funds that would be owned by the funds themselves but the investment management the distribution the research the trading all the sexy part of investment management would stay with Wellington But Jack bogle basically this really first of all the sacking hurt him and he used this as his platform that's actually get revenge on the Boston partners that sacked him And like you say index funds he later said that he'd never even heard of this until he read about it in the Paul Samuels and article And I think that is first of all this factually inaccurate because he told him if you wrote an article attacking the idea of index funds anonymously many years earlier but he also saw the potential right And he saw that this was unmanaged It was a gimmick It was essentially a ploy to get out from under the thumb of the Boston partners.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Right Charlie thank you so much So we are living in an $11 trillion index frenzy Some say it's money management on autopilot with dumb cash blindly chasing companies on the way up and down others say it's lower no fees and transparency that make it the better bet But either way it's big business It is Robin wigglesworth is global finance correspondent at the Financial Times and he joins us now on the phone from Norway He's also the author of the new book trillions how a band of Wall Street renegades invented the index fund and changed finance forever Robin it's great to have you on the show Start off by just giving us a quick idea of how big the index fund industry has grown in just a really short time when you think about markets Well I mean thanks for having me on First of all it's colossal The only way of describing it Do you think the 11 trillion that we know about in the U.S. Increasing by almost a trillion a year But if you throw in the global index fund universe we're talking 17 $18 trillion globally And that's actually only the actual formal funds that we know about It include in-house strategy index tracking strategy that places like problem well from a lot of big pension plans and insurance companies will do this announced as well We're talking IFM may based on to cobbling together various the data sources But $26 trillion globally So that's of course that it could be a huge number That's twice as big as the combined hedge fund product equity in Mexico industry's put together Yeah and now you can count Harry and Meghan because they're building their own index as well as well in the ESG space We just talked about that story earlier You know Robin I got to say I began my business broadcast career at financial news network I produced two mutual fund shows they were what the world was about And at that point a lot of funds had fees It was strategies It was categories It was all about the act of fund manager making the call What happened to get us to a world today where there are now as you say 26 trillion globally in index funds Well if we turn the flock back to the 60s For a long period whenever there was a big downturn let's say The Great Depression the big crash then people were disappointed with how their professional money mans it did It was a lot scandals around investment trusts after 1929 for example But broadly speaking people didn't really know what the overall stock market did We just couldn't calculate that we had indices like the Dow Jones Industrial Average but not really historical basically tired stock market You just didn't know what to do in the long run So you didn't know how well your fundamentals are dead against them And you can really buy the market average anyway which was always the refrain In the 16 the computer finally emerged on Wall Street that may be more importantly at certain economics departments So this sudden bound of academic research into what the stock market yielded Ironically the biggest study done in 1964 by the universal Chicago body to really eccentric the Jim Lori was Merrill Merrill Lynch at the time wanted to sell stocks to ordinary people and say that they stopped return more than bonds in the long run But the SEC said no you can't do that unless you prove that stocks do better than bonds in the long run So that will the genesis And once they have this result it's called crisp Research will security prices they could actually show that actually active lenses did a poor job And that sort of the origin moment where all the index funds started flowing out because people realized actually the average active manager does badly So Robin I want to chat with you about how this has been on net net a really good thing for investors and then we're going to come back with you in a few minutes and talk more about how it could be not so good at the same time So I want to start with the why it's been so great for the average investor Well it's costs I mean Jack bogle who ran one of the biggest investment groups in the world and made large on indexing He wasn't a big fan of the efficient market hypothesis but he said he was a big fan of the cost natural hypothesis And broadly speaking for long-term savers in a cost compound as well just like returns And in the 2037 statement period the difference between paying a full basis points to Vanguard or one or 2% in active manager is monumental So I've seen SEP has done some research and they calculated 375 $1 billion saved by U.S. ambassadors over the past 2030 years And that is the direct savings in setting aside the fact that there's a performance advantage in active in the long run and indirectly the average cost of mutual fund and even hedge funds has formed by a further of the past three decades Right That is for knowledge expense because of competitive pressures from index funds Hey Robin hang on for a second We're going to do a little bit of news but we're going to come back and continue with you We are talking with Robin wigglesworth Global finance correspondent financial times his book out is all entitled trillions In the meantime let's go to check the latest world in national news Nancy.
Bloomberg Radio New York
"financial times" Discussed on Bloomberg Radio New York
"Takes a break it pulls back a little bit after its recent run and now trades it just under $57,000 per token Let's get some more color on those equity markets this morning with Bloomberg's stock editor Dave Wilson David what are you looking at Let's start with GlaxoSmithKline Paul The UK drugmaker up 3% in U.S. trading People with knowledge of the matter said glaxo was a consumer business That's a big deal It is I mean it's attracting interest from private equity firms They said the unit could be valued The people that is at $54 billion or more in a deal Now COVID is working COVID Working to take the unit public I'm thinking COVID right Because black so his working with the German company cure vac on vaccines The cure vac is down 14% The company abandoned its proposed first generation shot in favor of working on second generation candidates along with glaxo So there you go I should just note since we're talking about COVID vaccines that occupy smaller company up 9% It's working with India's bar at BioTech on a vaccine and Indian panel recommended emergency use authorization for that shot to be used in children aged two to 18 Okay So you're talking about expanding the market And marks up 1% Speaking of expansion the drug makers plan to double production capacity for its proposed COVID-19 pill next year That's according to Financial Times which cited an interview with Merck the company filed with U.S. regulators yesterday for emergency clearance of the drug And yes earnings season is here Oh boy here we go Yes indeed First company in the S&P 500 to report fasten all the shares aren't doing all that much A quarter of a percent gain maybe The industrial distributor set a gross spur tied to the COVID-19 pandemic was fading It's same time It's earnings of sales for the quarter Pretty much in line with analysts average estimates of the Bloomberg survey Events were not so lucky in a sense The shares are down three and a half percent Now the lab suppliers lower even though preliminary third quarter revenue was in line with estimates So we've got to find out what's going on there just some concern perhaps about how the business is going forward Quick analysts calls a note Nike.