32 Burst results for "June Grosso"

"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:47 min | 1 year ago

"june grosso" Discussed on Bloomberg Radio New York

"This is Bloomberg law with June Grosso from Bloomberg radio discipline court date environmentalists a partial win today on the scope of the clean water act joining me is Greg store Bloomberg news Supreme Court reporter so read this was about a water treatment facility in Hawaii tell us the background the background is this this facilities are in Maui is about a half mile from the ocean and it dumps waste water into wells underground and the water then travels through the ground water and eventually gets into the ocean and environmentalists say they have studies that show it is doing serious damage to coral reefs there into the question is whether the federal clean water act requires that the facility had to get a federal permit to do that sort of thing and if they do you have to be subject to some significant restrictions did this turn on basically the interpretation of one word it's clear that the word is from federal law the clean water access that if pollution he goes from what's known as a point source because you know I think a kind of a main source of this charge to water way then it's subject to the the permitting requirements under the clean water act and so the question is will you know here is the the the treated wastewater didn't go directly into the ocean it went through that half mile aground water first and the question was basically is that coming from the the treatment facility so what did the justices decide they decided well maybe you know the the argument was one a few months ago where the court didn't it it the justices leave the ones in the in the middle of the court I didn't seem like either side's argument the both sides kind of went to far on one hand you had the trump administration in the county saying look it's got to be direct if if it doesn't go directly from the pipe into the the river or the ocean or whatever then it doesn't qualify and meanwhile the the federal appeals court in California nine circuit had said well as long as it's fairly traceable to that source that's enough and what the Supreme Court said was you know we're gonna we're gonna say it doesn't have to be direct but it needs to be functionally equivalent of direct so if it's pretty close yes the facility in the dumps it out and it doesn't have to go very far to get into the ocean or the river or whatever that qualifies in survey then kicked the case back to the the federal appeals court to figure out whether the Maui facility met that standard of being functionally equivalent to a direct discharge two that's a partial win for environmentalists in this case but is it a full blown Winford Meyer mentalist in the future and there are other cases like this are you they seem very happy with this the the lawyer David Hankin who argued the case predicted that that they're gonna win it when they go back to the appeals court and that this is you know really big victory in that it it keeps the clean water act still operating to regulate some of these polluting facilities the the trump administration's rule and and actually melancholy we need even further with a sharply curtailed what the act covered what EPA could regulate what environmental groups could sue over a given that this is a pretty conservative court mentalist we had reason to fear they might have had a result like that but it didn't turn out that way I instead the the court left still a fairly robust clean water act the decision was sixty three what was the lineup so it was the court's liberal in the majority with Stephen Breyer writing the opinion and they were joined by John Roberts the Chief Justice and Brett Kavanaugh so you know this is the case we kind of have a court that we might have predicted when cabin a doing the court where at least occasionally the liberals would would win victories bringing over the relative moderate justices capital and Roberts the the more conservative ones Gorsuch Thomas Alito dissented said that they've moved the clean water act is it is not as expensive as a majority said the liberals cheer every time justice Roberts sides with them secretly there there are at least relieve them Hey you know I I think you know justice like Briar road does opinion you know clearly thinks he knows he can work with the Chief Justice in at least some cases there are some cases where they just take a seat I die but here you could sort of see them going back and forth during the argument back in the fall where you know what the Chief Justice clearly wasn't satisfied with what either side of it in the case was arguing but but he was also wondering whether justice briars standard that he he he threw out which it is during the argument was going to be specific enough and apparently justice Bryer persuaded him that indeed there were clear enough standards that we could go with this functionally equivalent standard tell you what happens behind the scenes is often far more interesting than what we get to see from the oral arguments and from the decisions so stay right there coming up I'm going to be talking about another ruling today from the Supreme Court and also where those blockbuster decisions.

June Grosso Bloomberg
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:40 min | 1 year ago

"june grosso" Discussed on Bloomberg Radio New York

"This is Bloomberg law with June Grosso from Bloomberg radio the Supreme Court appears ready to limit the securities and exchange commission's ability to recoup ill gotten profits from wrongdoers that's after arguments on a legal tool the commission has used to collect billions of dollars every year the justices considered the SEC's use of disgorgement to collect money from someone the commission sues in federal court joining me is John coffee a professor at Columbia Law School explained the SEC's use of disgorgement he is empowered by Congress to grant equitable remedies when they find a violation in this specific case the FCC founded the two defendants were running something similar to a Ponzi scheme and taking lots of money and they took him twenty seven million to build a cancer center and they walked off with eight million dollars of the proceeds and built nothing should they be liable for all the twenty seven they took him or only forty eight million profit that they made they did spend money legitimately on trying to construct the center parties disagree on what disgorgement means and the defendants are actually saying there is no authority at all to a grant disgorgement it's pretty likely based on the argument that we heard that the court may want to limit what disgorgement means and may want to require the disgorgement applies only to funds that are returned by the FCC to investors that was what got the most discussion what was the basis of their argument is that this is an illegal punishment burner preferring no where in the statute does is say the SEC isn't titled to grant disgorgement there is a reference instead in several bills that the FCC can seek equitable remedies for violations of the securities laws historically disgorgement was Americal Roni but there's still a question of what it means it certainly means that you can seek the return of the ill gotten gains what was the game that the defendant receive and you can also interpret the provision to say that money should be returned by the government two of the injured victims and not simply placed in the federal treasury so those are the two issues of course seem to be most interested in the disgorgement remedy sort of grown over time the girl solvers case about nineteen seventy but Congress since where did pass legislation expressly stating that the commission can grant equitable remedies a federal court can grant medical remedies at the request to the commission and the numbers here are quite large if we look just at two thousand ten to two thousand nineteen it's almost ten billion dollars in disgorgement appear to suit her covered so this is an awful lot of money into there is some debate about whether more but should go back to the investors but most of the dogs both the liberal and the conservative justices seem to question how they could narrow the remedy without washing it one way you could narrow it is very it's only the ill gotten gain and not the total receipts these investors were arguably defrauded out of twenty seven million that's what they paid him but the ill gotten gains of profit to the defendants with smaller amount eight to nine million and also there is a concern about whether this money should be kept by the government power restored by the SEC to the injured investors does this seem like one instance where the conservative justices in the liberal justices were almost on the same page well I think they both were saying we've talked very loosely but discord let's focus what it means and that means the ill gotten gains that means less than all the money you received want to see how they write this but I think they were looking for an intermediate solution that wouldn't leave the SEC affectively without any wheels section so the Supreme Court could come out with the ruling saying that you have to limit the amount of disgorgement and it has to go to victims the way the argument seemed to go here that is what the defendants were saying they had no authority at all and the whole case should be thrown out it sounded much more like the court was only willing to talk about lessening the measure of damages to the actual ill gotten gains and not the total receipts and also mandating more strongly that this is a remedy designed to recover funds for the injured investors and not for the government just saying the court said the SEC can't do this at all what would happen we would have better point be powerless they they would be really close because the penalties that they can receive the actual penalties fines for misconduct are much smaller than the disgorgement amount they received in a typical year like two thousand nineteen the amount of money they received as discordant with three times the amount of money they got its penalties the penalties for many years ago in their bedroom for the log point pleasure or a discourse one allows you to get the entire ill gotten gains and you can debate what that means so the FCC would probably have their ability to recover financial penalties for misconduct produced by about two thirds and already there are bipartisan bills in Congress to restore that authority if the supreme.

June Grosso Supreme Court Bloomberg
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:17 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"I'm June Grosso. California. Attorney general heavier Sarah has led the legal charge against President Trump's environmental deregulation agenda. The earth is not flat and climate change is real. Can someone please inform? The folks at the White House and our federal government of those facts. Trump's agenda has been largely unsuccessful for two years as one by one his climate proposals were crushed by legal challenges with arguments of the administration cut corners and failed to follow the rules. The administration's frequent opponents in court include Earthjustice, the Sierra Club and state attorneys general from New York to New Mexico so far. California's AG has one of the best records of the administration's frequent opponents in court to feeding fourteen of Trump's deregulation measures. But might that record change. Now that the Trump administration has decided to try something new following the rules. Joining me his car to Kane. Moreau tra-, Bloomberg news legal reporter, so how has the Trump administration been trying to deregulate until now. Two years, we've seen after rule on fracking or royalties, and valuations or waste rules that were revising and loosening the screws on on regulations and they were doing it by simply postpone enforcement of Obama era rule that had just been enforced or simply raising questions about how those rules would be enforced, and they were doing it as sort of informally without going through the rules set by the administrative procedures act for a rewriting environmental regulation, and the key component of the APA that they were failing to abide by was a requirement for notice and comment. This was affectively transparency measure an opportunity for the public and companies and agencies at state levels to, to get involved in the rulemaking process, and they weren't being given opportune. So when the EPA or bureau of land management came up with a revised rule, they would be sued by state attorneys general or other climate agencies like Earthjustice club for failing to comply with the APA and almost universally federal judges from California to Washington DC, the administration wasn't violation of the APA, and those rules were not back. So you write that the Trump administration has a secret weapon now and that is, they're going to actually start following the rules. The two years have passed since the Trump administration took power, and in that time, it appears as though these agencies be the APA or have either figure it out to comply with the rules or have decided that it's worth their while in order to pass final regulations final rules to scale back Obama era norms, and in the process, we mentioned a couple of examples in the story, like methane waste rule that they envision rolling back. They got more than two hundred thousand public comments on the. And what that's a loud them to do is push forward with the rulemaking process. So while they couldn't simply roll it back eighteen months ago by saying, so now they've gone through the administrative procedures, including the notice comment period in order to steal it back. And once they issue a final rule that rule is the rule to federal courts said, otherwise, so, in many cases with new clean power plan, coming up for vehicle emission standards coming down the pipeline. They're going to be the rule until federal court say otherwise. So federal courts say, otherwise that brings us to what's going to be many, many challenges today's and so explain how the shift is now going to be from, you know, the procedures to the substance of his agenda. So the next step in defending the final rules is affecting justifying the regulation ally was the previous rule flawed. And what problem are you specifically solving? With this new regulation, and what the administration has said broadly, and in justifying these new rules, the existing regulation are unduly burdensome and those two words have been across many of these final regulations, and they're saying that companies simply can't afford to or don't have the resources to comply with these rules to either pay higher royalties to local government or to really heightened screws almost literally on methane waste, for instance. And so they need to justify the reasoning for these new rules and bet includes getting into the economic data and the science behind the initial regulation, and in many cases, those rules were drafted over years. Almost half a decade in many cases..

Trump administration President Trump APA California Obama June Grosso New York Attorney White House Sarah Moreau tra Sierra Club New Mexico Bloomberg news Washington EPA reporter Kane two years
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:39 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"I'm your host June Grosso this week, CEO's and consumers can no longer be patient with the uncertainty surrounding tariffs. Also on the show. Why female mentor should be compensated by their employers, plus, how satellites and AI will soon track carbon emissions, but first Rudy Giuliani president Donald Trump's private lawyer, and the former mayor of New York City came under fire for his now, cancelled trip to Ukraine where he planned to push the country's new leaders to move forward with investigations that could boost President, Trump politically, why would an attorney publicly admit to violations of federal election laws. The answer may lie with attorney general William bar, and Bloomberg opinion, editor, Frank Wilkinson is here to tell us why. So why? Does an attorney think that it's okay to go to a foreign country to get help with what will probably be election issues, or will likely be election issues that is the question, isn't it? But this is where we are. We had a presidential candidate Donald Trump in two thousand sixteen asking openly for Russia to hack his opponents emails, and now in twenty nineteen in advance of the next election, we have his personal lawyer planning to go to the Ukraine to Ukraine after having already met with Ukrainian prosecutor about this hoping to gin up an investigation against a potential political opponent in twenty twenty it's pretty outrageous. Well is the problem that volume one of the Muller report, which is somewhere around two hundred pages list different things at the Trump campaign. Did. But there was no conclusion. In fact, there was a conclusion that there was no evidence sufficient to prosecute of a conspiracy. So, I mean, yes, that's, that's what the conclusion of part, one of the Muller report was, but any normal politician. In the past would have been hounded from office for what's in that report and object. Shame what have been the response. We're in a beyond shame moment here for some people. And, you know, the fact that the president was not indicted, which was both following legal rules. And also on the conspiracy charge at least obstruction was very different story. But on conspiracy the special counsel said he didn't have sufficient evidence to, to come to that conclusion. So the public becomes desensitized I suppose. Well, I think we all do look, one of the most extraordinary things we've seen to me, and it really there's been very little public comment on. It was attorney general. William bars testimony on may first before the Senate Judiciary committee, where he was specifically asked both by democrat Chris coons, Delaware. And also by Ben Sasse, the Republican of Nebraska, about foreign interference in campaigns, and in US campaigns, and he sort of had been, you know, was mumbling bit. And had these unbelievably equivocal responses when the law is very clear. You are not permitted to have anything of value from a foreigner contributed to your campaign. It's not complicated, but it is complicated. In fact, what is the thing of value? Well, let me tell you what Savelli who specifically asked if North Korean eight. Agents offered negative information on your opponent should the should the candidate's campaign. Call the FBI the obvious answer is yes, why he could not answer immediately. Yes, is, is quite striking. He then went on to clarify well, foreign intelligence agents. That's not what the law says what the law says you may not accept a thing of value from a foreigner in your campaign, and that includes highly valuable negative information on your opponent to be fair. This is something new to have a foreign government interfering in our election to such an extent that it can be documented by all the intelligence services. So in a sense, is the Justice department in an area where it hasn't been before. Yes. But that's very, very, very generous interpretation of what is going on here. Look, let me just remind you. Okay. In the two thousand campaign when Al Gore was running against George W Bush Al Gore's, Tom Downey, who was a former congressman from Long Island opened up a package that he received an anonymous package. He opens up the patch. What does he find? He finds George W Bush's entire debate plan for his debate with Al Gore. What did Downey do? This was by the way, from an American source not from Russians not from Chinese not from North Koreans. This is from an American sending this to him. He puts the debate book back in the package and immediately calls the FBI. Okay. This is how you function if you have ethics if you do not have ethics then you say, oh, you have dirt from the Russian government, I love it. Which is what Donald J. Trump junior said figures of making my point because we're talking about ethics rather than law. I mean, we're in a country that really has not enforced election law to any degree. You have fines by the F E C, but you don't see any criminal enforcement of that, that is true. That is very true. You know you're correct in that we had a long broken regime, and campaign finance administration campaign finance regulation, but we are experiencing very, very different kinds of events after twenty sixteen. So maybe it's time for congress to pass new laws. Well, that brings us back to that broken congress doesn't it and we're not going to see that from the Republican Senate. The house has already passed a law to try and deal with some of this. Mitch McConnell will not let that go through. Thanks, frank. That's Frank Wilkinson and editor for Bloomberg opinion. Coming up on Bloomberg opinion. Why CEO's and consumers can no? Longer be patient with.

Donald Trump Ukraine attorney Frank Wilkinson Bloomberg President Al Gore Muller CEO FBI Tom Downey editor Rudy Giuliani June Grosso New York City congress Mitch McConnell George W Bush AI
"june grosso" Discussed on WAFS Biz 1190

WAFS Biz 1190

06:41 min | 2 years ago

"june grosso" Discussed on WAFS Biz 1190

"I'm your host June Grosso this week, CEO's and consumers can no longer be patient with the uncertainty surrounding tariffs. Also on the show. Why female mentor should be compensated by their employers, plus, how satellites and AI will soon track carbon emissions, but first Rudy Giuliani president Donald Trump's private lawyer, and the former mayor of New York City came under fire for his now, cancelled trip to Ukraine where he planned to push the country's new leaders to move forward with investigations that could boost President, Trump politically, why would an attorney publicly admit to violations of federal election laws. The answer may lie with Torney general William bar, and Bloomberg opinion, editor, Frank Wilkinson is here to tell us why. So why? Does an attorney think that it's okay to go to a foreign country to get help with what will probably be election issues, or will likely be election issues that is the question, isn't it? But this is where we are. We had a presidential candidate Donald Trump in two thousand sixteen asking openly for Russia to hack his opponents emails, and now in twenty nineteen in advance of the next election, we have his personal lawyer planning to go to the Ukraine to Ukraine after having already met with you cranium prosecutor about this hoping to gin up an investigation against a potential political opponent in twenty twenty it's pretty outrageous. Well is the problem that volume one of the Muller report, which is somewhere around two hundred pages list different things at the Trump campaign. Did. But there was no conclusion. In fact, there was the conclusion that there was no evidence sufficient to prosecute of a conspiracy. So, I mean, yes, that's, that's what the conclusion of part, one of the molar report was, but any normal politician in the past would have been hounded from office for what's in that report and object, shame would have been the response. We're in a beyond shame moment here for some people. And, you know, the fact that the president was not indicted, which was both following legal rules. And also on the conspiracy charge at least obstruction was very different story. But on conspiracy the special counsel, he didn't have sufficient evidence to, to come to that conclusion. So the public becomes desensitized I suppose. Well, I think we all do look, one of the most extraordinary things we've seen to me, and it really there's been very little public comment on. It was attorney general. William bars testimony on may first before the Senate Judiciary committee, where he was specifically asked both by democrat Chris coons of Delaware. And also by Ben Sasse, the Republican of Nebraska. About foreign interference in campaigns, and in US campaigns, and he sort of had been, you know, was mumbling bit. And had these unbelievably feel equivocal responses when the law is very clear. You are not permitted to have anything of value from a foreigner contributed to your campaign. It's not complicated, but it is complicated. The fact what is the thing value? Well, let me tell you what's value. We specifically asked if North Korean agents offered negative information on your opponent should be should the candidate's campaign. Call the FBI the obvious answer is yes, why he could not answer immediately. Yes, is, is quite striking. He then went on to clarify well, foreign intelligence agents. That's not what the law says what the law says you may not accept a thing. Of value from a foreigner in your campaign, and that includes highly valuable negative information on your opponent to be fair. This is something new to have a foreign government interfering in our election to such an extent that it can be documented by all the intelligence services. So in a sense, is the Justice department in an area where it hasn't been before. Yes, but that's very, very, very generous interpretation of what is going on here. Look, let me just remind you. Okay in the two thousand campaign when Al Gore was running against George W Bush Al Gore's, Tom Downey, who was a former congressman from Long Island opened up a package that he received an anonymous package he opened up the patch. What does he find? He finds George W Bush's entire debate plan for his debate with Al Gore. What did Downey do? This was by the way, from an American source not from Russians not from Chinese not from North Koreans. This is from an American sending this to him. He puts the debate book back in the package and immediately calls the FBI. Okay. This is how you function if you have ethics if you do not have ethics then you say, oh, you have dirt from the Russian government, I love it. Which is what Donald J Trump junior set figures of making my point because we're talking about ethics rather than law. I mean, we're in a country that really has not enforced election law to any degree you have fines, by the F E C, but you don't see any criminal enforcement of that is true. That is very true. You know you're correct in that we, we've had a long broken regime and campaign finance administration, campaign finance regulation. But we are experiencing very, very different kinds of events after twenty sixteen. So maybe it's time for congress to pass new laws. Well, that brings us back to that, broken congress, doesn't it. And we're not gonna see that from the Republican Senate. The house has already passed a law to try and deal with some of this. Mitch McConnell will not let that go through. Thanks, frank. That's Frank Wilkinson and editor for Bloomberg opinions. Coming up on Bloomberg opinion. Why CEO's and consumers can no longer be patient with the uncertainty.

Donald J Trump Ukraine Frank Wilkinson Bloomberg President attorney CEO FBI Donald Trump editor Al Gore Rudy Giuliani June Grosso New York City Tom Downey Republican Senate Mitch McConnell George W Bush AI
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:38 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"I'm June Grosso. You can't count on the questioning and oral arguments that federal appeals courts to determine the decision in a case. But they're often a good indicator, and that does not bode well for the two democratic attorneys general who claimed that President Trump is violating the emoluments clause of the constitution when he profits from foreign and domestic government visitors at his luxury hotel in Washington, a panel of federal appellate judges was openly skeptical of their arguments and a searing in Richmond Virginia over whether their monuments lawsuits should be dismissed the judges repeatedly pressed an interrupted the lawyers representing the district of Columbia and Maryland, including asking hypothetical questions about whether a president owning a treasury Bill or having a federally insured Bank account, violates the emoluments clauses. So these are not hypotheticals. I think that a by here for a couple of understand. They would apply to anyone who wants to be president in the future based on your definition. And so when presidents have faced this problem before they have sought the advice of the also legal counsel and a controller general as to whether particular transaction at the March in your view. The question to answer these questions that we're asking you don't deferred or the attorney general. I mean, if you're going to defer them, they would say dismiss this action, and that would be inconsistent with one hundred years of oil seep wrestled. From the friends. Don't you? For that. I don't believe it's still she did you certainly did you ask that you get rid of the apprentice? Joining me is Bloomberg news legal reporter, Andrew Harris. Who was at the sometimes contentious appellate court hearing in Richmond Virginia. So Andy for those whose eyes glaze over when they hear the word emoluments describe what the lawsuit is about. I'm so glad you're is don't Claes over here. Gift. No, no, emoluments clause is there are two of them in the constitution, basically prohibit eight president any president from being enriched by foreign or other domestic governments while he or she is an office and last year actually two years ago. Now, the democratic attorneys general from the district of Columbia and neighboring Maryland suit, President Trump alleging principally that he is making money from his DC luxury hotel just blocks from the White House from foreign and domestic governments in violation of the constitution. They want him to either divest himself of his hotel and his other properties or failing that take other action imply perhaps resign to stop receiving emoluments. So in your story, you write that the panel of judges was openly skeptical of the two democratic Agee's how so this is a procedurally very complex. Case june. It comes up on the trial. Judge who was a Clinton appointee refusing to grant permission to take an appeal of his denials of the Trump motions to dismiss and in another way of not ruling on individual citizen Trump's motion to dismiss the lawsuit because he's been sued in both capacities. The judges had a lot of questions for the lawyers for the Agee's about under what auspices they were continuing to pursue individual Trump. They wanted to drop the suit against him. And Trump's lawyers said no because they wanted to get an appellate ruling that he couldn't be sued. But also as to whether or not they could pursue him as president while he's in office or if anybody can sue him for violation of the constitution. So one Justice department lawyers said explicitly there's no with authority to sue directly, the president of the United States in his official capacity. If you can't sue him directly, and they don't. Want to sue him indirectly as a businessman are they saying he's above the law. You know, the irony of the hearing as one other spectator pointed out to be as nobody said, the obvious solution is that the monuments clause is believed to be enforceable predominantly by congress. They're the ones that can approve or disapprove of his acceptance of emoluments from foreign governments. They're also the ones that can enforce it through the I word impeachment or perhaps some other censure that word was uttered at one point by judge Dennis catching more than a few of us by surprise Ashley here in open court. And here's that exchange. Do you think if you've got a declaration you wanna declaration of the violation of the a declaration that he's violating the emoluments clause would be? Anything that would be the basis for a high crime and misdemeanor for impeachment that declaration? I don't believe. So Andy, isn't there? A lawsuit by congress about the emoluments clause as well. Yes. And we're still waiting for an ultimate ruling on that. That was a lawsuit filed by nearly two hundred congressional Democrats led by Connecticut, Senator Richard Blumenthal, claiming that Trump's failure to go to congress and ask for permission to accept emoluments were depriving them of the ability to say or day, of course, Blumenthal and his cohorts filed that lawsuit while the Democrats were still a minority in the house and didn't have the ability to force about themselves. They now have that. But the president has not come to them for permission. And they're asking the court to issue an order compelling him to do so interesting, very political parts of this court case. Now, the panel was three Republican appointed judges was there any move at all. All to have the judge appointed by Trump recused or that he should have recused himself. Oh, beware. What you wish for? There was no movement to answer your question plainly. The new judge was a Marvin quad Obama who is a Trump appointee who joined the bench in September. The other two were Bush appointees every judge is appointed by president from one or the other political party when you start picking off judges, I think the conventional wisdom is you could be subject to that. When you get the judge that you like from the other side. So I think other than an obvious. In blatant conflict. I think parties are generally loathe to move to pick off the other side's judges for fear of that happening to them. Now. The supreme court has never taken up a case specifically on emoluments. Is there any legal precedent here? Not really, no. This is new new new the biggest legal precedent is obviously can you sue a sitting president to enforce the constitution against him. And that's something that we have not seen before. So there's nothing directly on point that would control these cases going forward, and it's almost certain to wind up in the lap of the spring court. Now, the lawyers defending President Trump were Justice department lawyers. Did he have any personal or private attorneys there? Yes, he did. Actually, he had one of each he had Hasha move on. Who is a deputy assistant attorney general who handles a lot of their high profile appeals arguing on behalf of President Donald Trump and a private attorney William. Arguing on behalf of citizen businessman, Donald Trump. So we heard argument from both of them. That's bloomberg. News legal reporter, Andrew Harris. Coming up on Bloomberg law. A second jury returned a.

President Trump president Trump congress bloomberg Richmond Virginia Maryland attorney Andy Andrew Harris June Grosso reporter Washington Justice department legal counsel supreme court Agee White House Senator Richard Blumenthal
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:54 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"I'm June Grosso. The private credit world has both expanded evolved in recent years. Bloomberg's Jason Kelly spoke with a major figure in the space, Michael Ewald, Bain capital's, head of private credit, and we've seen a couple of cycles, obviously, over time, the market is evolved. We'll see more players come into the market. We've seen players leave though. Right. So it's been pretty dynamic on both sides. But a few of us have been sticking around in that market for a while now and talk about sort of those exits because as you say, this is ultimately a cyclical business. But the secular changes at were was a lot of big banks, especially in the middle market space kind of exiting and not coming back. How big is this opportunity? It's been great. And actually if you look at some of the data there's been a lot of talk about how much fundraising there's been in this segment of the market. And does that mean it's overheated as a result? But then if you look at the share of the banks coming down so much it's only natural at some of the fill that void so players like ourselves definitely done that. And so it's been a different dynamic where we can tend to be quicker. We can have bigger hold sizes than banks, etc. So private equity sponsors, the middle market companies who value speed and certainty. That's certainly something worthwhile for them. So I want to talk about where the money's going. But first, let's talk about work comes from who were your investors because you're playing to both as I understand it, and is Jewish Wadi, obviously. But also the holy grail a retail on as well through the through the BBC start with the institutions investing for a lot of pension funds. You know, if you think about pension funds, they have. Certain payments. They've gotta make obviously, and so they can get something that's above a typical investment grade type products. They like that return a lot and by still being in debt like products, they have some securities there. They feel pretty comfortable with with where they sit in the capital structure. So it's a great product for pension funds. You see some sovereign wealth funds in there as well occasionally endowments to is primarily an institutional driven market, right? All right. So let's talk about the retail piece because business development companies had then another sort of buzzword of late a lot of the biggest players yourselves included getting into this along as well as the KKR's the Carlos Braxton's in the world, what's the play there? You know, it's interesting as it's really no different from what we're doing day to day. Anyway, it's just a different fund look at it. So it's a different set of investors as you point out. It's retail. I think it's a great fixed income substitute on the retail side. So rather than getting a couple of percents. In a in a CD at your local Bank, for example, you can invest in the BBC and get a higher rate of return that you typically low single digit or sorry, high single digit or low double digit returns. So the product makes sense think what's important to note is that for people like us for being Campbell credit isn't any different than what we're already on a daily basis. Anyway, he's just a different fund that we're allocating to alongside everything else and for a retail investor. Why is it attractive now? Where are we in the sort of broader spending or investment cycle that makes this a good product? Sure. Well, one things you see a lot is a retail investor. I could go into equities actually at its base. I suppose the BBC actually isn't equity authentically speaking. Right. But it really is a dividend stock in a sense, there's not really a capital gains play their necessarily. And so what you see is a lot of volatility potentially in the equity markets. We saw that back in December. And even in January as well, you don't tend to have as much volatility within NBC market because at the end of it, you have your assets within that that. Equity or just middle market credits. And so it tends to be a little more stable, and it's constantly paying out that income. So again, it can be a great fixed income substitute for somebody. Even though it isn't equity you mentioned that volatility as it plays to the market's seeing that same volatility in the broader market, the broader corporate market. Let's talk about where the money's going middle market sort of broadly, defined what types of companies we talking about. Yeah. Well, you know, I it's funny. I I can no longer go to the grocery.

BBC Carlos Braxton June Grosso Bain capital Bloomberg Jewish Wadi Michael Ewald Jason Kelly KKR Campbell NBC
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:25 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"I'm June Grosso. The private credit world has both expanded and evolved in recent years. Bloomberg's Jason Kelly spoke with a major figure in the space, Michael Ewald, Bain capital's, head of private credit, and we've seen a couple of cycles, obviously, over time, the market has evolved. We'll see more players into the market. We've seen players leave though. Right. So it's been pretty dynamic on both sides. But a few of us have been sticking around in the market for a while now and talk about sort of those exits because as you say, this is ultimately a cyclical business, but the secular changes at Wor was a lot of big banks, especially in the middle market space kind of exiting and not coming back. How big is opportunity. It's been great. And actually, if you look at some of the data, there's been a lot of talk about how much fundraising there's been in this segment of the market and doesn't mean it's overheated as a result. But then if you look at the share of the banks coming down so much it's only natural at some of the fill that void so players like ourselves and definitely done that. And so it's been a different dynamic where we can tend to be quicker. We can have bigger hold sizes and banks, etc. So private equity sponsors, the middle market companies who value speed and certainty that certainly something worthwhile for them. So I want to talk about where the money's going. But first, let's talk about work comes from who were your investors because you're playing to both as I understand it an institutional audience, obviously, but also the holy grail retail audiences as well through the through the BBC start with the institutions who are investing for a lot of pension funds. You know, if you think about pension funds, they have. Certain payments. They've gotta make obviously, and so they can get something that's above a typical investment grade type product they liked that would turn a lot and still being in debt like products. They have some securities there. They feel pretty comfortable with with where they sit in a capital structure. So it's a great product for pension funds. You see some sovereign wealth funds in there as well occasionally endowments to is primarily an institutional driven market, right? All right. So let's talk about the retail piece because visits development companies had then another sort of buzzword of late. Lot of the biggest players yourselves included getting into this along, you know, as well as the KKR's the Carlos. In the world. What's the play there? You know, it's interesting as it's really no different from what we're doing day to day. Anyway, it's just a different fund look at it. So it's a different set of investors as you point out. It's retail. I think it's a great fixed income substitute on the retail side. So rather than getting a couple of percents in a in a CD at your local Bank, for example, you can invest in the BBC and get a higher rate of return that you typically low single digit or sorry, high single digit or low double digit returns. So the product makes sense spending. What's important note is that for people like us are Campbell credit isn't any different than what we're on a daily basis. Anyway, he's just a different fund that we're allocating to alongside everything else and for a retail investor. Why is it attractive now where are we in the sort of broader spending or investment cycle that makes this a good product offerings? You see a lot is if I'm a retail investor. I I could go into equities actually at its base. I suppose the BBC actually isn't equity speaking, right? But it really is a. A dividend stock in a sense, there's not really a capital gains play their necessarily. And so what you see is a lot of volatility potentially in the equity markets. We saw that back in December. And even in January as well, you don't tend to have as much volatility within BBC market because at the end of it, you have your assets within that that equity or just middle market credits. And so it tends to be a little bit more stable, and it's constantly paying out that income. So again, it can be a great fixed income substitute for somebody note is an equity you mentioned that volatility as it plays through the market's seeing that same volatility in the broader market, the broader corporate market. Let's talk about where the money's going middle market sort of widely defined what types of companies we talking about. Well, you know, it's funny. I I can no longer go to the grocery store or pass a construction site. Do anything in my daily life without noticing middle market company. Everyone knows big brand names, but you don't necessarily know this smaller name grocery store. There's one particularly interesting company. I was like talking about that in with reinvestments porta-pottys. So I'm that guy that always slows down a construction site to see what brand of porta potty. It is even though we're ready out of the business. Right. So it's all sorts of businesses out there that was Michael Ewald Bain capital's head of private credit and coming up.

BBC Bain capital June Grosso Michael Ewald Bain Michael Ewald Bloomberg porta potty Wor Jason Kelly KKR Campbell
China's economy grew 6.6% in 2018, the lowest pace in 28 years

Bloomberg Best

01:20 min | 2 years ago

China's economy grew 6.6% in 2018, the lowest pace in 28 years

"On that from Bloomberg's Ramy Inocencio. Economists who have studied the US China trade gap say it will be hard to eliminate since. It's caused in large part by US demand. For Chinese products is also not clear how quickly US farmers and companies would be able to meet the increased Chinese demand. Exporting more US liquefied natural gas to China. Could also be tricky because new export terminals could be needed to growth, South Korea's January. First twenty days of export numbers down fourteen point six percent. And there was a twenty three percent drop in shipments to China. Let's check the markets. The Hang Seng index is up a third of one percent. Shanghai composite is up seven tenths of one percent. Stocks are flat in Seoul. And the Nikkei is now four tenths of a percent in Tokyo. Global news twenty four hours a day live in talk on Twitter, powered by twenty seven hundred journalists and analysts in one hundred twenty countries. In Hong Kong, I'm Bryan Curtis. This is Bloomberg. You're listening to Bloomberg best on Bloomberg radio. I'm June Grosso. And I'm Ed Baxter. Volkswagen of America. Ceo, Scott, Keough sees a major growth opportunity incidents and says it's still a segment worth pursuing. Bloomberg's David Westin spoke with Keough. So let's talk about your relatively new job. You had a lot of

Bloomberg United States China Ramy Inocencio Keough June Grosso South Korea David Westin Shanghai Composite Seoul Twitter Hong Kong Ed Baxter CEO Bryan Curtis Volkswagen Tokyo Scott America
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:30 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"I'm June Grosso along with Peter Barnes still to come ongoing trade tensions between the US and China hurting demand across Asia's manufacturing hubs and export oriented European economies. But before we get to that story. Let's get a check on the markets from Bloomberg's Greg Jarrett. Greg oils up Peter rallied on the first day of trading and twenty nineteen as US equities recovered a bit from earlier losses and amid signs Middle Eastern. Cruisers are fulfilling a pledge to cut exports. Armstrong at blue Ramey tells Bloomberg he's not too enthusiastic about equities in twenty nineteen US investor happy in cash. Two and a half two point six percent yield in cash. I think that's not a bad place to be right now. The pound is weaker the most in in fact in three weeks is mounting anxiety that the UK may be forced to exit the European Union without a divorce deal has rattled the nation's manufacturers right now, the pound is down one point one percent dollar twenty five ninety seven. We check the markets every fifteen minutes throughout the trading day on Bloomberg radio, the S and P five hundred is down four tenths of a percent down nine. Dow's down one half of what brought down one hundred eleven the NASDAQ is down a tenth of a percent down. Nine year is up six thirty seconds with a yield of two point six percent. West Texas intermediate crude up four percent or forty seven twenty two a barrel. Comex gold's up a half a percent at twelve eighty seven fifty an ounce. The dollar yen one oh nine twenty seven the euro, a dollar thirteen forty seven and again, the British pound dollar twenty five ninety six. That's a Bloomberg business flash.

Bloomberg US Greg Jarrett Peter Barnes June Grosso European Union Asia Middle Eastern blue Ramey Armstrong UK West Texas Dow China six percent six thirty seconds fifteen minutes four percent
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:31 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"I'm June Grosso. I'm Ed Baxter. The tesla headlines in two thousand eighteen didn't seem to slow down from the fallout of CEO. Elon Musk's funding secured tweet to shortsellers circling the stock and Jim Bloomberg's Emily Chang spoke with being reporter Dana hall who covers tesla and wired contributor, Charles duhig who recently wrote an extensive in-depth piece about the inner workings of tesla entitled doctor Allen, and Mr. musk Charles you interviewed dozens of current and former tesla employees, and I suppose a certain amount of love hate in their relationship with tesla. What is expected? But what surprised you most about these interviews? I think what surprised me most is. How thoroughly chaotic it became in the company over the last two years from the outside. We saw Elon Musk talking about the model three is one of the most difficult times of his life. But what we didn't understand is how intensely difficult. It was for everyone inside the company as well. But people talked about it not only being a hellish year. But as being a year that was so challenging two years. So challenging that many of them ended up leaving one person said that everyone in the company ended up being in an abusive relationship with Ilan. It was a it was a year that really was only transformative for the firm itself in that. They they got through the process of being able to make the model three. But that you saw such a huge exodus of talent in part because the bloom was a little bit off the rose for many people about what kind of a company tesla was they talked about him in your piece being you ninety five percent genius and five percent. One of the more startling anecdotes was this idea of rage firings. Where musk would say I have to fire someone today. I just do tell us about that. Well, I heard that from another number of people that one of the biggest challenges inside the company was that Mr. musk oftentimes was a very passionate individual that he would walk around. And then if you happen to encounter him, and you couldn't answer his question right away. If you didn't have a question and answer that he was looking for that you might be fired on the spot. One one executive, for instance, told me that she had forbade her employees ease from walking close to the desk that musk used at the gigafactory because she was terrified that some random encounter might result in them being let go or otherwise impacting their career listen to this from sixty minutes. Obviously a roller coaster year. The SEC issue seemed to be resolved. And then musk says this on CBS, I.

Elon Musk tesla Mr. musk Charles June Grosso Ed Baxter CEO Charles duhig SEC Emily Chang Ilan Dana hall CBS Jim Bloomberg reporter executive doctor Allen two years ninety five percent sixty minutes five percent
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:33 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"This is Bloomberg best. I'm June Grosso. I'm Ed Baxter earlier today. Caterpillar beat earnings estimates for the ten th straight time. But that wasn't enough to please investors who worry about cost concerns at the company for more. Bloomberg's David Westin. Alix steel spoke with alpine woods portfolio manager Sarah hunt. I think the problem is you had such good numbers in the beginning of the year. And you're having deceleration the second half. And that's pretty industrials right now with the concerns about trade and everything else. I think that deceleration the second half. Is enough to be a problem here still growing, you're just not growing as fast and right now that's not good enough for this market. They've already started discounting at earlier to your point. It was at a low. But I think for three am that's such a broad based industrial that they're coming in with disappointing numbers is probably not a good time. Yeah. Indeed. And but also, but do you feel like soccer being punished? Both you think about where the market spent and you think about all the concerns that we had you had the market go up pretty much straight from June to September. So you started to come earnings to come in. You're at highs like three weeks ago. And now all of a sudden people are looking at this going what's going to be my prospect for next year as opposed to what is that one of the stock son for me so far this year? And I think you're starting to get into discounting what's going to happen next year where you're anniversary in the tax cuts that people had on the corporate side. So you're not going to get that boost. And I think that there are some concerns obviously about global trade. There's concerns about what's going on with China. And I think all of that makes it a little bit problematic right here for earnings that even though it's good news. It's going to be what's the outlook? It's not going to be about what just happened. It's going to be what do you see for next year? We'll moving on from industrials and yesterday, both finance.

Bloomberg June Grosso Ed Baxter David Westin Alix steel Caterpillar soccer Sarah hunt portfolio manager China three weeks
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:18 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"This is Bloomberg best, June Grosso. I'm Ed Baxter earlier today. Caterpillar beat earnings estimates for the ten th straight time. But that wasn't enough to please investors who worry about cost concerns at the company for more. Bloomberg's David Westin and Alix steel spoke with alpine woods portfolio manager Sarah hunt. I think the problem is you had such good numbers in the beginning of the year. And you're having deceleration the second half. And that's and the industrials right now with the concerns about trade and everything else. I think that deceleration in the second half is enough to be a problem here still growing, you're just not growing as fast and right now that's not good enough of this market. They've already started discounting at earlier mean to your point. It was at allow I think for three am that's such a broad based industrial that they're coming in. With disappointing numbers is probably not a good time. Yeah. Indeed. And but also, but do you feel like socks are being punished? Both you thinking about where the market's bid, and you think about all the concerns that we had had the market go up pretty much straight from June to September. So you started to come earnings to come in. You're at highs like three weeks ago. And now all of a sudden people are looking at this thing going what's going to be my prospect for next year as opposed to what is that? What of the stocks sent for me so far this year? And I think you're starting to get into discounting what's going to happen next year where your anniversary the tax cuts that people had on the corporate side. So you're not going to get that boost. And I think that there are some concerns obviously about global trade. There's concerns about what's going on with China. And I think all of that makes it a little bit problematic right here for earnings. But even though it's good news. It's going to be what's the outlook? It's not going to be about what just happened. It's going to be what you see for next year. We're moving on from industrials yesterday, both finance banks and homebuilding really took a hit automobiles and financial and home building are really taking a hit is this indicating where we're going with the economy is that an early as an early indicator, or is it like so you also were raising interest rates, right? So the question is is this because interest rates are going up and therefore. People don't want to now pay higher financing costs for automobiles or for housing. Or is this a question of the economy is slowing and these are the bellwethers of it? I think that right now there's going to be attention in between whether or not people are gonna look to blame interest rates for that versus the economic outlook piece. It looks pretty good and spending looks pretty good. But big ticket items and things that you're running on credit. I think higher interest costs start to become a bigger factor. So there are a lot of headwinds or uncertainties somebody how you look at it at the same time. We've come down a fair amount in the price earnings ratio already.

Bloomberg Sarah hunt June Grosso Ed Baxter Caterpillar David Westin China portfolio manager Alix steel three weeks
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:42 min | 2 years ago

"june grosso" Discussed on Bloomberg Radio New York

"On your host, June Grosso. This week. Why beta matters even if he loses the Texas Senate race also on the show will examine why Democrats won't end up packing the supreme court plus a look at the serious red flags in the US housing market. But first Sears the one hundred twenty five year old retailing icon for generations of American shoppers file for bankruptcy. Last monday. The companies struggle to shift its brick and mortar retail business to online left. It saddled with billions of dollars in debt. How do the once dominant retailer lose its footing here to tell us more is Joe Nocera a columnist for Bloomberg opinion. So tell us about your visit to a Sears store in Brooklyn and the difference between what Sears was and what it became. Well, it turns out there is one Sears left and all of New York City, which is kind of sad. It's in the fat per section of Brooklyn and from the outside it looks actually pretty spectacular. Even after all this time. A big cement building with with ornate panels and the name Sears, Roebuck and company etched in stone and a big tower and in nineteen thirty two when it opened actually it was such a big deal because this was the depression that Eleanor Roosevelt who was then the first lady of New York state because Franklin Roosevelt was the governor actually came to flatbush to to basically oversee the inauguration ceremony. I mean, that's how big a deal it was. But then you walk in the store, and it is it is so sad. It is so sad. The merchandise is so cheap. And the lighting is terrible. And there are wires coming out of the ceiling and the floors are are stain. Yuck. And you just kind of want to flee, and I just think to yourself if anybody had an option to go anywhere else. They would go there. But it did survive one hundred and twenty five years, and that's a Mark you talk about Eastman Kodak the stores time Inc. Right. So and my point really is that nothing lasts forever. I mean, if you really want to look at a company that's disintegrating now that as recently as six or seven years ago is viewed as a behemoth look at General Electric. You know, who would have thought General Electric might wind up being sold for for parts. So in the case of Sears in as late as like the nineteen seventies it was larger than its next five competitors combined. That's how powerful it was. And it had all the same economies of scale that WalMart has today where suppliers lined up because haven't getting the Sears business was the best business that you could possibly get and it had over three thousand stores all over the country and people just flock to it. And it had brands that you really trusted like like like Kenmore and diehard and the people who ran Sears really thought that this would go on forever, and that was their mistake. So they didn't change as retailing changed. The first thing was that. They didn't see how retailing was changing. They didn't really see it at first. So one. One of the things that happened was that? When you when you when you built a mall in the sixties and seventies and even towards the eighties. You wanted and you want Sears. You wanted us to be one of the anchor stores because you knew that would attract customers, but then what happened was you'd line. The wall up with these specialty clothing stores and specialty other kinds of stores and people started gradually veering off into the little stores instead of going straight into Sears. And that was the beginning. Then you had the K marts and the JC Penney's. Walmart's chip well that came later chipping away at the low end, and you had the nordstroms in the Neiman Marcus is chipping away at the high end. And then finally you had wal mart. What's wal mart really became a presence? Sears knew it had problems. But by then. It just lack the ability. They all remember how they always say. It's how hard it is to to turn the ship to turn around and ship. That's where Sears was it was a big lumbering bureaucracy and despite store closures, and despite layoffs they never really figured out how to turn around the ship. So would have been a better idea to cut it down and become a specialty retailer. It's really hard to know. I think one of the things that have happened in retail is that stores stop trying to be everything to everybody, which is what Sears had been Suzy's to say where the store for the eighty percent. So you think well what's the eighty percent? Eighty percent is everything except the top ten percent and wealth and the bottom ten percent in poverty and WalMart was never about the eighty percent. Walmart was about the forty percent. And you know. Nordstroms was never about the eighty percent. About the forty percent at the other end. And so, you know, I think I think Sears never figured out how to reposition itself into a store that served a narrower, but more well defined audience. I think that was a crucial component to to to what they did wrong. So is there any lesson here for WalMart or Amazon or any of the other companies that now we look at and go that will never disappear. Well, Andy grove, the late great, chairman of Intel had the greatest expression of all when he said only the paranoid survive. Right. And so. The key for these companies is just not to get to avoid hubris to remain humble to constantly look over their shoulder. At who the competition is how things are changing and what they need to do. And I look at a company like Facebook, I three years ago. Facebook appeared to be untouchable today, you sort of have to wonder what their future is going to be that happens again, and again, and again and again, and again is WalMart vulnerable. Not today not tomorrow, but somebody might be thanks so much. Joe that's Jonas. Sarah, a columnist for Bloomberg opinion, coming up on Bloomberg opinion. Why beta O'Rourke matters even.

Sears WalMart Roebuck Bloomberg Joe Nocera Texas Senate June Grosso Facebook US Brooklyn General Electric Eleanor Roosevelt New York City Franklin Roosevelt Eastman Kodak Neiman Marcus JC Penney
"june grosso" Discussed on WAFS Biz 1190

WAFS Biz 1190

06:25 min | 3 years ago

"june grosso" Discussed on WAFS Biz 1190

"I'm your host, June Grosso this week how OPEC's demand forecasts don't jive with reality. Plus, why startups may not be the best bet for marijuana investors? But first, President Trump defended his America first agenda when he dressed the seventy third session of the United Nations General assembly earlier this week America is governed by Americans. We reject the ideology of globalism and we brace the doctrine of patriotism, how exactly does Trump's nationalist vision fit in with the goals of the United Nations here to tell us more as James Gibney, an editor for Bloomberg opinion. So is the UN outdated in many ways, I think the US some real. Problems that were at the time of its sounding. But I don't think you can say it's outdated. And as far as I'm concerned. I mean, we're facing incredible problems in terms of global challenges that no individual nation can can deal with whether it's climate change or the threat of weapons of mass destruction. And at the same time, you wanna salsa facing some problems, it's always faced which is reconciled the interests of great powers getting them to work together instead of blowing themselves up. What does the u and a half to do to adapt to this era where there is rising nationalism and geopolitical competition? Well, I think the UN Security Council really needs to. Learn reminded self that. It was created was to mitigate these tensions and the permanent members need help from the nonpermanent members in order to do that. So for example, next year, Germany. Indonesia, and they really have the chance to help bridge some of the divisions that have emerged between the US and China and the US Russia how so how would they do that? Well, for example, last year, several the nonpermanent members were useful and cutting pretty creating compromise texts when the US and China and Russia were at loggerheads over issues like Syria, and that's the kind of thing that that they need to be prepared to step in and do more of President Trump has complained about the UN, which of his complaints are valid his complaints echo. Those of previous administrations in many respects, for example. You know, mismanagement and corruption the UN has more than twenty nine at that. He's the the deal with water issues, for example. There's a lot of overlap. You know, there have been huge scandals with peacekeeping where peacekeepers have been have spread disease leave engaged in terrible behavior, like rape and sexual slavery. So there are a lot of things that that the UN can do to enforce greater accountability among its members and contributors. So what do you see as the United States role at the UN during Trump's presidency well during Trump's presidency, the US has pulled back from a lot of all a lot of UN bodies that he used to back at backed away from Esco, withdrawn, the UN human Human Rights Council. It's proposed drastic cuts vaulter contributions to you and agency and the Trump administration needs to reconsider that. Because if you're not in these bodies, you're not really in a good position to shape them. So I worry that over the next two years. The US is gonna progressively disengage. And that's gonna make the you at a place. That's less conducive less helpful in shaping US interests. At advance new citrus. What numbers of Trump's administration would be helpful in this regard. Well, a pass Nikki Haley is sort of done a good job of working with the UN wall. Also at the same time kind of feeding red meat to the political base by saying, look, you know, we're we're we're not going to be pushed around we're not going to give aid people don't support us. But now that pump mica Pompeii was secretary of State John Bolton as national security adviser. You know, they both had to be a little more hawkish on the UN. So I think that it's going to be harder for the US to the UN to get along. And some ways talk about something other things that the UN could be a real help in well, for example, on humanitarian relief and peacekeeping the UN is really central. You look at the record breaking number of refugees at the world is dealing with right now you look at the record breaking number. Of international migrants. You know, the UN has a huge role to play and marshalling the efforts of nations around the world to deal with these situations. And and makes them less of a problem. President Trump immigration at the UN. What is the UN take on his view of immigration? I think there are a lot of people very disappointed with the US decision to pull out of something called the global compact on migration, which the UN came out with this summer. And the Trump administration says, well, we don't think that migration should be managed by global body. But in fact, the compact that the UN came out with doesn't include any specific commitments that nations must follow through on it sort of offers guidelines, and it's really mostly hortatory. So it's kind of a straw, man. That the administration set up it's really. The UN wants to provide a resource at wants to give people the chance to give nations a chance to get together and exchange best, practices, and and have a form for cooperation. The Trump administration has tried to turn it into a typical black. Helicopters are coming to run your life scenario, and it's just not the case. Thank you, James James kidney and editor for Bloomberg opinion. I'm.

United Nations US Trump UN Security Council Trump administration President United Nations General assembl Bloomberg James Gibney OPEC marijuana editor June Grosso James James America Germany Nikki Haley rape Indonesia
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:23 min | 3 years ago

"june grosso" Discussed on Bloomberg Radio New York

"I'm your host, June Grosso this week how OPEC's demand forecasts don't jive with reality. Plus, why startups may not be the best bet for marijuana investors? But first President Trump defended his America first gender when he addressed the seventy third session of the United Nations General assembly earlier this week America is governed by Americans. We reject the ideology of blow. And we embraced the doctrine of patriotism. How exactly does Trump's nationalist vision fit in with the goals of the United Nations here to tell us more as James Gibney and editor for Bloomberg opinion. So is the UN outdated in many ways, I think? I think the real problem is that was the time of its sounding. But I don't think you can say it's outdated. Concerned. I mean, we're facing incredible problems in terms of global challenges that no individual nation can can deal with whether it's climate change or the set of weapons of mass destruction. And at the same time, it's also facing some problems. It's always faced which is reconciling the interests of great powers getting into work together instead of blowing themselves up. What does the u and have to do to adapt to this era where there is rising nationalism and geopolitical competition? Well, I think the UN Security Council really needs to learn reminded self that. The reason it was created was to mitigate these tensions and the permanent members need help from the nonpermanent members in order to do that. So for example, next year, Germany. Indonesia, joining they really have the chance to help bridge some of the divisions that have emerged between the US and China and the US Russia how so how would they do that? Well, for example, last year, several non-permanent members were useful and cutting creating creating compromise texts when the US and China and Russia were at loggerheads over issues like. And that's the kind of thing that they need to be prepared to step in and do more of. President Trump has complained about the UN which of his complaints are valid. His complaints echo. Those of previous administrations in many respects, for example. Mismanagement and corruption the UN has more than twenty nine entities. The the deal with water issues, for example. There's a lot of overlap. You know, there have been huge scandals with peacekeeping where peacekeepers have been have spread disease even gauged in terrible being like, rape and sexual slavery. So there are a lot of things that that the UN can do to enforce greater accountability among its members and contributors. So what do you see as the United States role at the UN during Trump's presidency well during Trump's presidency, the US has pulled back from a lot of all a lot of UN body said he used to back at backed away from UNESCO withdrawn from the UN human Human Rights Council is proposed drastic cuts vaulter contributions to you and agencies and the Trump administration needs to reconsider that. Because if you're not. These bodies you're not really in a good position to shape them. So I worry that over the next two years. The US is going to progressively disengage. And that's gonna make the UN a place. That's less. Conducive less helpful in shaping US interests. Advancing centrist, what numbers of Trump's administration would be helpful in. This regard pass. Nikki Haley is sort of done a good job of working with the UN wall. Also at the same time feeding red meat to the political base by saying, look, you know, we're we're we're not going to be pushed around, and we're not going to give aid people don't support us. But now that Michael Pompeii was secretary of State John Bolton as national security adviser. You know, they both tend to be a little more hawkish on the UN. So I think that it's going to be harder for the US to the UN to get along. In some ways talk about something other things that the UN could be a real help in well, for example, on humanitarian relief and peacekeeping the UN is really central. You look at the record breaking number of refugees at the world is dealing with right now you look at the record breaking number. Of international migrants. The UN has a huge role to play and marshalling the efforts of nations around the world to deal with these situations. And and makes them less of a problem. President Trump spoke about immigration at the UN. What is the UN take on his view of immigration? Well, I think there are a lot of people very disappointed with the US decision to pull out of something called the global compact on my Gration, which the UN came out with this summer. And the Trump administration says that well, we don't think migration should be managed by global body. But in fact, the compact that the UN came out with doesn't include any specific commitment that nations must follow through on sort of offers guidelines, and it's really mostly hortatory. So it's kind of a straw, man. That the administration is set up. It's really the UN wants to provide a resource of wants to. Give people a chance to give a chance to get together and exchange best practices and have a forum for cooperation. The Trump administration has tried to turn that into typical black. Helicopters are coming to run your life. It's just not the case. Thank you, James. That's James kidney and.

United Nations President Trump US UN Security Council Trump administration United Nations General assembl James Gibney OPEC marijuana June Grosso Russia President America Bloomberg China Germany Nikki Haley James kidney Indonesia
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:56 min | 3 years ago

"june grosso" Discussed on Bloomberg Radio New York

"June Grosso. President Donald Trump has repeatedly tried to dismantle the Affordable Care Act during his term here. He is in may ObamaCare is a disgrace to our nation, and we are solving the problem of ObamaCare. Now, former President Barack Obama is stepping back into the political fray and warning voters about the GOP's attempts to dismantle one of the signature achievements of his administration, sabotage of the Affordable Care Act. Sorry costs more than three million Americans are health insurance. And if they're still in power next fall, you'd better believe they're coming at it again. They've not only said so they're doing. So in a case in Texas that aims to end ObamaCare. The Trump administration instead of defending the federal law is joining with Texas and nineteen other Republican led states in the case brought against the federal government. Joining the Timothy joss professor at Washington school of law. Timidly what's the legal argument of Texas and the coalition of states against the Affordable Care Act? There are is that the supreme court in twenty twelve held that congress lacked the authority under the commerce power to adopt the individual mandate as a command or requirement. But that it could do it and did do it as tax that ever in twenty seventeen congress repealed the tax penalty beginning in twenty nineteen and therefore Texas argues, the individual mandate is now entirely unconstitutional and. The entire statute was built on the individual mandate, therefore all nine hundred pages of the Stanford collapse. What is your legal opinion of their argument? It's absurd. And I think most legal experts who have looked at it agree with that in one way or another including people who conservative legal scholars who supported earlier challenges is a statute. I mean, it's flawed in many ways the individual mandate at this point is not a command spring court held that it wasn't the tax has been zeroed out. But there are lots of taxes that are taxes that no one is paying right now. Zero. So it's still there on the books as tax. But most importantly when congress repealed the zeroed out the penalty in twenty seventeen it had no intention of getting rid of the rest of the statute, it already tried to get rid of some parts of the statute, and it failed and numerous senators said we are not doing anything here to change anything else the statute. And and so the judge a single judge in Texas should not rewrite the statute when congress refused to do. So now, I understand that the administration that Trump administration is not going as far as Texas is what's the Trump administration position? The Trump administration position is that if the end of the day, well, I agree the individual mandate is now in constitutional. But they say the consequence of that is that the court should strike the. Provisions of the Affordable Care Act. They require insurance to cover people with preexisting conditions and not charge them more and to cover specifically those pre existing conditions. The Trump administration argues that that those requirements cannot survive without the individual mandate. Interestingly though, however, they said, but don't rule on this. Tell after open enrollment closes in December because otherwise you'll cause chaos in the insurance industry, and what I think they're really saying is don't rule before the midterms because you'll cause chaos in in the elections for Republicans. Tim is an odd position for Republicans to take because a recent survey by the nonpartisan Kaiser family foundation found that three four American said it's very important that Obamacare's protections for pre existing conditions remain law. I think it's probably the most popular part of of the four. Notable Care Act one must bit that the Obama administration in twenty twelve also said that if the individual mandate was found unconstitutional. That would undermine the guaranteed issue and community rating requirements as well, but that was before twenty fourteen and we now have evidence that in fact, we can get rid of the individual mandate and the rest of the law works pretty fine. The rate increases that insurers have put in for next year fully understanding that the individual mandate has gone are very moderate compared to previous years some insurers or even reducing their premiums. So I think that there's no evidence at this point that the individual mandate is essential to the operation of any other part of the Affordable Care Act. The administration's move here has left it to a coalition of seventeen democratic state attorneys general to defend ObamaCare here. What's their argument? Does it follow? What you've been saying? I mean, basically what I've said if their arguments number one the mandate is constitutional and number two if the court decides. Hold it unconstitutional. It is completely independent of it should be severed legal language from the whole rest of the statute and the whole rest of the statute should be sustained. The supreme court has ruled on ObamaCare as we remember. If this does go to the supreme court, how is the court likely to hold and would the presence of Brett Cavanaugh on the court make a difference. Well, I think that. It's been to the supreme court twice now and both times four democratic appointees on the supreme court I joined by chief Justice Roberts to uphold it so in a sense. Judge Kavanagh's appointment is not our decision is not crucial one way or the other. But I don't know how how Justice cavenaugh would rule on this. And he, of course is Justice. Kevin I should say. And he, of course is steadfastly avoided that question in the confirmation hearings. It would certainly to my mind be preferable to have a supreme court Justice who would be more favorably inclined toward the Affordable Care Act. But but I mean, all we're looking at legal questions here. And I think the law. This is pretty clear that's Timothy Johnson, a professor at Washington and Lee school of law. Federal judge read O'Connor heard more than three hours of arguments about the validity of OBE. Obamacare last Wednesday. But he has yet to rule on the case the judge has ruled against ObamaCare in March in another case brought by Texas, according to a report by the Associated Press and the consulting firm Ali health after two years of double-digit premium hikes, millions of people covered under the Affordable Care Act will see only modest increases next year and his health insurance marketplaces seemed to be stabilizing customers in some states will get price cuts coming up on Bloomberg law. The right to be forgotten is a distinctly European right? But Francis privacy regulator is fighting Google in the European Union's top court to force the search engine to remove links worldwide to information about a person that is outdated or irrelevant. I'm June Grasso. This is Bloomberg. The art and antiques world.

supreme court Texas Trump administration Obamacare President Donald Trump congress President Barack Obama Trump Obama administration June Grosso professor GOP Judge Kavanagh Timothy joss June Grasso Washington school of law Bloomberg
Florence continues to cause flooding

Bloomberg Opinion

00:28 sec | 3 years ago

Florence continues to cause flooding

"Number one. Alabama is an old miss sixth-ranked, Wisconsin hosts BYU and number twenty two USC heads to Darrell k Royal stadium in Austin. The take on the Texas longhorns. I'm TJ teeny. For the first time, an openly gay woman will lead the Federal Reserve Bank. Fifty five year old Mary Daly will take the helm of the Federal Reserve of San Francisco on October first she replaces John Williams who left to head the New York fed daily's edition brings the total number of female presidents to three at twelve fed regional

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Brett Cavanaugh, Supreme Court and Bloomberg discussed on

02:58 min | 3 years ago

Brett Cavanaugh, Supreme Court and Bloomberg discussed on

"Confirmation of Trump supreme court nominee Brett Cavanaugh could create the most conservative supreme court in generations with the court shifting to the right on abortion gay rights. Affirmative action federal regulatory, power and gun restrictions. But during his confirmation hearings Cavanaugh dodge question after question from democratic senators, even coining a term for his refusal to answer calling it nominee precedent. Here's an exchange between Democratic Senator Patrick layhee and Cavanaugh on presidential powers. Trump claims is an absolute right to pardon south. The question of self pardons is something I've never analyzed. It's a question. I have not written about it's a question. Therefore, that's a hypothetical question that I can't begin in. This context is a sitting judge and is a nominee. My guest is Neil Kinnock off a professor at Georgia State University college of law meal, what struck you about Kavanagh's answers. Well, he's being very careful. So the process proceeds with senators coming at him with sharp implements and him trying to apply anesthesia, and I'm afraid the result for for those of us watching feels like we've been lobotomize supreme court nominee seem to be getting more and more adept at not answering the top questions. So what's the point of four days of hearings kind of kabuki? Right. So the hope is among senators is the they will catch him and trip him up, and he'll say. Something substantive and his job is to try to run out the clock and not say anything that gives anybody reason to object to him. So he'll say precedents can't be overruled or much more importantly precedents. Cannot be revised revisited and rendered meaningless. Even though they're not formally overruled, and that's much more. The supreme court's usual way of doing business. I think precedent may have been the word most used by Cavanaugh and supreme court nominees use that all the time yet we saw judge Neil Gorsuch in its first year on the court provide the fifth vote to overturn a forty year old precedent and throw out mandatory union fees in public sector unions. So can we take a nominees saying he's going to follow precedent with more than a grain of salt? Of course, not when they say, they will follow precedent. They don't really mean they will follow it. They mean, they will respect it as precedent and Brown versus board of education. Overruled plus versus Ferguson a precedent and properly. So so not every president has to be adhered to. I can think of several that I would like to see overruled, but never should have been decided in the first place. They are still precedence. They entitled to some degree of respect. And that's all the more that cavenaugh means to indicate which is indicated

Brett Cavanaugh Supreme Court Bloomberg Professor University Of Louisville Brand Neil Kinnock Justin Reid Walker Brad Kavanagh Donald Trump President Trump Georgia State University Colle June Grosso Justice Kennedy Susanna Palmer Anthony Kennedy Justice Department Exxon Justice Breyer Neil Gorsuch
Tencent, the Chinese Internet Giant, Stumbles

Bloomberg Best

00:27 sec | 3 years ago

Tencent, the Chinese Internet Giant, Stumbles

"New York the US equity market was down in the. Last session but we finished well off. The worst levels of the day a, couple of forces were at. Work it began overnight when the Chinese Internet, giant tencent. Reported disappointing results ADR's and, ten cent were down six point. Seven percent now at the same time US video game stocks. Were weaker after, China decided to. Pause on the approval of, game licenses Electronic Arts fell three percent activision blizzard was down. Two point eight

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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
Linde-Praxair $42 billion merger threatened by FTC demand

02:31 min | 3 years ago

Linde-Praxair $42 billion merger threatened by FTC demand

"With tourists at least. Twelve people died when a quake hit the same island a week ago I'm Christopher cruise and I'm Susanna Palmer from Bloomberg world headquarters of forty, two billion dollar merger to create what, would become the world's largest gas. Producer is facing an unexpected hurdle from the US antitrust regulator that could derail the deal the Federal. Trade Commission indicated, it wants, Germany's Lind and Danbury Connecticut-based Praxair to sell more assets before it approves, their, deal that's according to lend. It, today in a statement to the markets will ended noted a higher likelihood that the requirement May push total asset disposals to beyond what would be acceptable to it in the merger deal playing hardball. With China on trade is working that according to President Donald Trump last night in Ohio he told supporters at a rally. That China is looking at a dropping Chinese stock market as a result of tariffs and is quote talking to us Taiwan Semiconductor Manufacturing which makes. Chips for the iphone and other devices detailed it's progress in recovering from. A, computer virus in an E. Mail TSMC said that eighty percent of the fabrication tools affected. By a virus outbreak on Friday had been restored and that it expects full recovery tomorrow the Taiwanese company said the incident would delay, shipments and warned of reduced revenue ins meds long drug is to face FDA questions. This week. On safety, and efficacy, Bloomberg's Greg Jarrett reports in spreads Allah says a proposed treatment for adult patients with non tuberculosis. Myo 'Bacterial lung disease caused by Myo 'Bacterial Avium complex will face questions on the drug safety in relation to its effect on Tuesday the FDA panelists to discuss the drugs, clinical benefit evidence of its effectiveness, and safety Greg Jarrett Bloomberg radio global news twenty four hours a day on air hand picked up on Twitter powered by more than twenty seven hundred Journalists and analysts in more than one hundred twenty countries I'm Susanna Palmer this. Is Bloomberg This, is Bloomberg opinion, on Bloomberg. Radio bring you news comments and insights from. Bloomberg opinions worldwide team of editors and columnists I'm June Grosso coming up on the show a look at the gerrymandering wars already underway. For the midterm elections also on the show how starbuck. Sees its future outside high-cost cities but first experts have long been warning.

Bloomberg Bloomberg World Greg Jarrett Bloomberg Susanna Palmer China Donald Trump FDA Greg Jarrett June Grosso Taiwan Semiconductor Manufactu Danbury Trade Commission United States Federal Ohio Lind Producer Twitter
More U.S. states join lawsuit over online 3-D gun blueprints

Dr Bernie Portner, The Moving Body

05:43 min | 3 years ago

More U.S. states join lawsuit over online 3-D gun blueprints

"Worldwide team of editors and columnists I'm. Your host June Grosso this week why Rudy Giuliani can't seem to get the law right also on the show how starbuck sees. Its future outside high cost cities plus a look at the gerrymandering wars. Already underway, for the midterm elections but, first despite a temporary restraining order US citizens may soon be able to download instructions on how to make a plastic gun with a three d. printer a gun entrepreneur reached a settlement, with the US government last month which. Allowed him to upload the blueprints Frank Wilkinson editor for Bloomberg opinion rights that a failure to recognize the danger posed by three d. printing. Of guns will have severe consequences and he's here to tell us why Frank tells, about the lawsuit by the states eight states and the. District of Columbia. Sued to have The computer file stop to release, the computer files stopped the State Department. Had entered into a very quiet agreement with the defense distributed it comes down to computer files that they were going to release on the. Internet so that anyone who has a decent you know you'd have to some of, these three d. printers are expensive but if you have You know you spend five six thousand dollars at least and. Of course those prices come down over time you. Know eventually you'd be able to produce a gun of your, own what was, the State Department thinking about agreeing to a settlement. That would allow the publication well this is a complicated case the State Department under Barack Obama and. Stopped the distribution of the files on the. Grounds of exporting. Military information so that's not really what the case was about it's a second. Amendment case masquerading as a first amendment case and it's, a. It's a domestic case masquerading as an international case it's really about whether people. Are going to be able to produce plastic guns in their own homes and that would be guns without serial numbers they'd, be untraceable, the defense distributed model actually has a piece of metal in. In the plans presumably Over, time someone would modify that. And they'd figure out to to make a viable. Plastic gun, so why the State Department now did that is a good. Question they've not really given a rationale they'd had a couple of cases upheld in court? And, then they decided to surrender, and they haven't really explained that thinking the obviously or they appear to have done it without President Trump's knowledge. Because he seemed surprised by it as well so. You know I I don't know what their rationale is except, if you look, at this administration it is exceedingly friendly to gun. Interests and gun extremists in some cases and that's pretty much what we're talking about here this is. Not normal gun manufacturer so a judge issued. A temporary restraining. Order against the distribution of materials to make the guns using the three d. Printers He was also critical of what the State Department had. Done does that indicate that we're going to see. The end of this in the. Courts no you know there is a legitimate first amendment piece of this case which is that if you look at corollaries You know you can you can distribute information about how to Bill? Molotov, cocktails for, instance now throwing a molotov cocktail into a Bank is, not illegal activity printing a gun at home With the sophisticated three d printer if you are a. Felon or a domestic abuser or a terrorist is. Also not legal, but you know the information the one of, the arguments going on here is that the actual, computer code is speech so that then brings it under first. Amendment purview and you know it's a little bit. Different because it's, it's it's speech that does not go to a human it's speech that informs a machine to manufacture. A, deadly weapon, so it's a complicated issue on first amendment grounds it's I think a little less complicated on second amendment grounds because you, can clearly, ban home. Production of plastic guns I you know under the law. That's that's. Possible, though we're talking right now about a fringe phenomena as three d. printing grows and become Uh-huh. More, commonplace it, will be less of a fringe phenomena it seems like the dangers of this are almost unlimited well yeah they're pretty unlimited I mean. Even, now you know people in the. Gun right's communities will say well these aren't real guns they. Can only fire one shot or two shots well that's all it, takes, really know some Israeli journalists snuck a. Plastic gun into the Israeli parliament you don't need to have a lot of shots in a gun Rick some pretty. Serious, havoc in that situation so sure this is going to open up the possibility for people who are prohibited from purchasing guns to purchase, them now the reality is the people who are prohibited from purchasing, guns can go to a lot of places. To get, guns.

State Department United States President Trump Frank Wilkinson Molotov Columbia June Grosso Barack Obama Starbuck Editor Bloomberg Rudy Giuliani Rick Bill Five Six Thousand Dollars
Dollar pares back after Trump comments; world stocks dip

Bloomberg Best

02:36 min | 3 years ago

Dollar pares back after Trump comments; world stocks dip

"Day powered by twenty seven hundred journalists and, analysts in more than, one hundred twenty countries around the world I'm June Grosso but I'm Ed Baxter. On this edition of Bloomberg best for Thursday July nineteen we'll, have a special hour, long interview. With LA clippers owner and former Microsoft CEO. Steve bomber Microsoft was done upon and it was kind of inspirational. Because we were working on stuff literally? Transformed the world and I got a lot out of that and the intellectual challenges were strong. I loved, that and I, thought a unique, value to, add but just for fun fun fun. There's really no stress running a. Basketball team, all this and more, coming up in the next. Hour of bloom Bird best And I'm Bryan Curtis in. Hong Kong let's get you this hour's top business stories and the markets China's currency has. Dropped further the central Bank weakened its reference rate by the most in, two years the. Offshore currency now it's six eighty two fifty to the onshore at six. Eighty eighty in, the meantime Goldman Sachs listed Chinese companies will increase their earnings nineteen percent of the second quarter that's up from fifteen percent growth in the. First quarter Goldman is reiterating its overweight recommendation on. Chinese, stocks well President Trump today telling CNBC that he's not happy with the Fed's recent. Rate, increases Bloomberg's Chris Condon's calls the comments unusual under the last three, presidential administrations really become taboo to comment directly on monetary policy because it seems as form of political interference and function that should remain kind of set off away. From politics two. More rate hikes are Expected by the fed later this year the dollar weakened after, the comments it is now slightly higher in early Asian trading the dollar yen won twelve thirty eight. The euro at a dollar sixteen. We did have economic news out of Japan this. Morning Japan's inflation picked up slightly in June largely because of higher energy costs core consumer. Prices rising not point eight percent year on year the estimate was for, a gain of. Zero point eight percent so in line all right let's get a crack. Here at the, markets we're seeing some selling in Hong Kong Hang Seng index is down two hundred and eleven points a drop of three quarters of a. Percent sang positives down half a percent and the. Nikkei, has turned down about three quarters of one percent let's take a look at the. Yield, on the ten year two point eight three percent WTI crude sixty, nine dollars and fifty six cents global news twenty four hours a day live and.

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China Tower wins approval for Hong Kong IPO of up to $10 billion: sources

Bloomberg Best

02:36 min | 3 years ago

China Tower wins approval for Hong Kong IPO of up to $10 billion: sources

"In any other news organizations bloomberg best bloomberg's best stories of the day powered by twenty seven hundred journalists and analysts in more than one hundred twenty countries around the world i'm june grosso i'm ed baxter on this edition of bloomberg best for thursday june twenty eight we'll have an hour long interview with moody bala investments ceo calhoun almubarak about his plans to diversify the us economy as the world prepares to shift away from oil we have a a wealth of resources particularly in the oil and gas field that's been the foundation of the economic development the oil and the gas and i'm going to be here for the next thousand years is finite and we have to prepare ourselves future all this and more coming up in the next hour of bloomberg best but i i'm brian curtis here in hong kong let's get you caught up on this hour's top business stories and the markets asian stocks are edging higher on the final day of what has been the worst quarter in nearly three years investors have been caught in the line of fire between the united states and china on trade chinese premier li could chung says that china will cut taxes and fees further and will stimulate market vitality and at the moment we're seeing the shanghai composite flat the hang seng index is trading up about two tenths of one percent and some of the other markets are showing gains like the tax in taiwan with gains four tenths of one percent sources say that billionaire george soros is seeking to buy stock in shell hong kong ipo source says that soros backed fund placed in early order xiaomi is aiming to raise as much as six point one billion dollars china is likely to defend the euan if it hits six point seven to the us dollar that's what the analysts are saying in a bloomberg survey and we take a look closer now with bloomberg's rishaad salamat six point seven that's the pain point according to the survey beyond that further weakening would sam the country's already beaten down financial markets most of the eighteen trade is now let's said policymakers would act at that level you on has slumped three point four percent of the past two weeks that makes it the worst performance in emerging markets after the south korean won now china has a history of moving aggressively when it act and that level of six point seven is only about one percent from here darb says it's canceling its new share sale on market instability and the stock promptly gained seventeen percent around the rest of the region let's take a look the euro trading at a dollar fifteen sixty eight the.

George Soros Chung Hong Kong CEO Moody Grosso Darb Bloomberg Taiwan Shanghai China United States Brian Curtis Bala Investments Ed Baxter One Percent One Billion Dollars
Trump, Audi and President discussed on Bloomberg Opinion

Bloomberg Opinion

03:17 min | 3 years ago

Trump, Audi and President discussed on Bloomberg Opinion

"President trump goes ahead with retaliatory tariffs on steel and aluminum fans have bmw's audi's inverse eighties they pay more mr trump's threat of tariffs on european union cars has little to do with alfa romeo's or peugeots as hardline us trade rep peter navarro explains it would hit one major automaking nation germany sells us three cars for everyone we sell them why is that because they're tariffs on cars and four times higher than ours and they had nontariff barriers that means there's almost a half a million more jobs in places like bavaria than detroit because germany cheats german name plates only have three auto plants in the us bob costantini washington the justice department has turned over to house republicans new classified information on the russia investigation the move comes after threats to hold the justice department officials in contempt even prepping impeachment i'm mike morris and i'm susanna palmer from bloomberg world headquarters saudi arabia promised to act to keep oil prices under control energy minister khalid al follow signal to reporters today in vienna where opec meeting that a real supply boost approaching one million barrels a day is on its way to global markets the comments from alfalfa come after a lastminute compromise that overcame iranian opposition west texas intermediate was last quoted at sixty eight fifty eight a barrel as we've been reporting president donald trump threatened a twenty percent tariff on cars imported from the european union that is unless the block removes import duties and other barriers to us goods escalating a global trade war the eu warned could endanger three hundred billion dollars in commerce turkey is slapping additional taxes on everything from imports of cars to whiskey and rice from the us this in retaliation for new us tariffs on steel that according to an official document seen by bloomberg net flicks is top spokesman is leaving the company after using a racial slur in a work setting jonathan freedland chief communications officer said on twitter yesterday he's stepping down following insensitive comments he made to colleagues according to a memo obtained by bloomberg he used a derogatory term for black people twice in the past year the new york post setting a source close to the situation reports craft heintz is interested in buying campbell soup and believes the suit makers management will start a sales process soon china's xiaomi corp plans to raise up to six point one billion dollars in one of the biggest global stock market debuts this as it tries to become a worldwide brand right alongside apple google and amazon details released today show the initial public offering in hong kong would value shall me based in beijing at as much as seventy point three billion dollars global news twenty four hours a day on air and it ticked up on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm susanna palmer this is bloomberg welcome to bloomberg opinion on bloomberg radio bring you news comments and insights from bloomberg opinions worldwide team of editors and columnists i'm your host june grosso this week we'll look at apple's web video programming initiative and how it's trying.

Donald Trump Audi President Trump BMW Three Hundred Billion Dollars Three Billion Dollars One Billion Dollars One Million Barrels Twenty Four Hours Twenty Percent
"june grosso" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:09 min | 3 years ago

"june grosso" Discussed on Bloomberg Radio New York

"In june grosso baxter today the obama era net neutrality regulations expired marking a major milestone in debate over how the government should control the internet for more on what comes next i spoke with fcc commissioner brendan car i asked him first about what the agency would do if they were told that some internet providers were not offering equal access to all internet content you know consumers are passionate about a free and open internet and that doesn't change today with our decision if a provider does engage in that conduct as you just described that's going to remain on lawful today as it did yesterday before decision went into place what shifts is now the federal trade commission the nation's premier consumer protection agency we kicking that enforcement action as opposed to the taken the action nine states so far have enacted net neutrality laws or governors have signed executive orders how does a patchwork of rules affect the national picture that the f i voted for i think one thing it shows is the tremendous amount of common ground that there actually is here on net neutrality there's not a lot of disagreeing about what the basic rules of the road is no blocking no discriminating no broken promises your point also goes to the should there be a patrick state laws that do that or should we have won national law for my part i would certainly support congress stepping in and codifying these basic rules of the road that there's really no disagreement about we face to the fcc was something very different which is this application of this nineteen thirty titled tourism that was used in service of trying to get to those basic rules the senate has already passed a resolution to reinstate the two thousand fifteen rules with bipartisan support democrats are less than fifty votes from advancing resolution in the house what's your reaction to that yes that's one effort that we're seeing in congress that i don't support and here's why that approach would restore the twenty fifteen title to based approach to net neutrality there's actually other bills that have been introduced in congress in particular by some republicans that would take those rules those basic rules road.

government brendan car fcc senate congress obama commissioner executive
Tesla, Elon Musk and Liam Denning discussed on The Bryan Crabtree Show

The Bryan Crabtree Show

01:34 min | 3 years ago

Tesla, Elon Musk and Liam Denning discussed on The Bryan Crabtree Show

"This is bloomberg opinion on bloomberg radio i'm june grosso billionaire tesla's ceo elon musk has made headlines for his recent twitter rant against the press and media credibility following a combative earnings call where musk dismissed analysts over there quote boring bonehead questions he cut off two of them when they asked about tesla's capital requirements and customer reservations for the model three sedan how has tesla's board of directors reacted to musk's recent meltdown bloomberg opinion columnist liam denning is here to tell us more tell us about the range of musk's tweets he's not just tweeting about tesla no lost week month went on a rather extended the session on on twitter i mean he's always been a fairly active use but last week kinda stood out because he was tweeting on a range of subjects one of which which was a fairly consistent theme was you know essentially lambasting the media for being unfair to the company and you know he suggested creating this sort of media writing platform with the joke fame of pravda the oldest soviet propaganda side this struck me partly because it just seems like all behavior for the ceo of a major corporation with a a market cap of almost fifty billion dollars but it also came a few weeks after this this rather bizarre earnings.

Tesla Elon Musk Liam Denning CEO Bloomberg Twitter Fifty Billion Dollars
How did Google get so big?—60 Minutes

Politics, Policy, Power and Law

02:11 min | 3 years ago

How did Google get so big?—60 Minutes

"Of a percent at twelve eighty eight ninety and the yen dollar eleven four the euro dollar seventeen seventy two the pound a dollar thirty four twelve president barack obama and former first lady michelle obama have entered into a multi year agreement to produce films and series with net flicks the obamas will produce a diverse mix of content according to net flicks including the potential for scripted series the obamas established higher ground productions is the entity under which they will produce content for netflix netflix is currently up one point seven percent at three twenty nine sixty seven to share that's a bloomberg business flash politics policy power and law continues with june grosso esquire so much greg google was the focus of a sixty minutes segment which highlighted google's powering online searches and claims that the tech giant has a monopoly in search and search advertising margaret vestay or the european union competition commissioner said her staff went through one point seven billion google search queries and found google was manipulating its algorithms to put its own products and services at the top of searches and its competitors lower it is exactly the algorithm that does both promotion of global themselves and the demotion of others so the rigging the game and it is illegal my guest is spencer waller director of the institute for consumer antitrust studies at loyola university in chicago spencer google had ninety percent of the world's internet searches last year does it have a monopoly in search and search advertising hygiene as as the story in sixty minutes got into for both antitrust purposes in the united states and in europe they fulfill the first part of having an unlawful or a monopoly which is monopoly power to things you have to both have the power to exclude competitors and raise price when that's relevant and then you get into a question of whether you've abused power in some way so there was talk about how you know from the founder of yelp that he couldn't start yelp nowadays because of google but is it any different is google's control any different from that of other tech giants.

United States Europe Chicago Spencer Waller European Union Grosso Bloomberg President Trump Yelp Founder Barack Obama Loyola University Director Google Commissioner Margaret Vestay Greg Google Netflix
Death on Autopilot: California Crash Victim's Tesla Drove Itself Into Barrier

02:44 min | 3 years ago

Death on Autopilot: California Crash Victim's Tesla Drove Itself Into Barrier

"Delivers for amazon amazon said the postal service makes money on its deliveries tesla said in the moments before a fatal crash involving a self driving model x on march twenty third the autopilot in the car was engaged with the adaptive cruise control follow distance set to minimum all that's according to a tesla blog post tesla said the driver's hands were not on the wheel at the time of the crash despite several audio and visual warnings global news twenty four hours a day powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm susanna palmer this is bloomberg welcome to bloomberg law i'm june grosso ahead in this hour taxpayers win around the supreme court now appearing in the federal courthouse in washington dc at and t and time warner face off against the us justice department president trump's legal team shrinks as he faces a critical stage in negotiations with the special counsel over an interview and the pressure of facebook's data scandal lead ceo mark zuckerberg to agree to testify before congress mark zuckerberg facebook ceo has been the subject of withering criticism from democratic and republican members of congress from privacy advocates and from the public over yet another privacy crisis revelations that political consulting firm cambridge analytical harvested data from about fifty million facebook users without their knowledge the ftc took the unusual step this week of confirming its investigating facebook over whether the social media company via limited the terms of a twenty eleven consent decree the pressure on facebook has led zakar burke to agree to testify before congress or quoting to an official familiar with the plans my guest is woodrow heart song professor at northeastern university law school would you let's start with the consent decree what did facebook agreed to in that decree and did it's deal with cambridge at violate that decree mcree was pretty standard in that's it facebook promise not to do things like make privacy statements to get consent for certain kinds of non public uses them to engage in a comprehensive privacy program the critical comprehensive privacy program it's not clear actually whether the cambridge analytica incidents violated any of the actual terms of the considered let's talk about zuckerberg he announced steps the company would take to better protect users data and on wednesday announced a new privacy shortcut menu on mobile devices do those address the real privacy concerns of the public.

Congress Woodrow Cambridge President Trump Washington Professor Official Zakar Burke FTC Amazon CEO Mark Zuckerberg Facebook Special Counsel Donald Trump United States Bloomberg
Elena Kagan, John Roberts and University Of California Irvine Law School discussed on Surveillance

Surveillance

01:22 min | 3 years ago

Elena Kagan, John Roberts and University Of California Irvine Law School discussed on Surveillance

"Or driver's license numbers nancy lyons bloomberg radio the more than year long effort to sell toshiba's chip division we'll have to wait longer the japanese technology giant says it has missed an initial deadline to close the sale of its biggest business now that pushes the deal with a group led by being capital backed by at least a month global news twenty four hours a day powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm joan doniger this is bloomberg welcome to bloomberg law i'm june grosso ahead in this hour a special supreme court edition of bloomberg law the dynamics of the court that often split five to core down ideological lines why the first amendment is at issue in so many cases this term the way justice kennedy goes is often the way the court goes is he retiring and have you noticed the solicitor general has been switching sides lately joining me for this hour to discuss the court or greg stohr bloomberg news supreme court reporter and leah litmanen professor of constitutional law at university of california irvine law school greg we've talked before about the four justices chief justice john roberts justice anthony kennedy steven briar and elena kagan who try for consensus to avoid five for ideological divide what's the importance.

Elena Kagan John Roberts University Of California Irvin Reporter Greg Stohr Nancy Lyons Steven Briar Toshiba Professor Kennedy Bloomberg Joan Doniger Twenty Four Hours
United flight diverted after dog loaded onto wrong flight, airline says

02:20 min | 3 years ago

United flight diverted after dog loaded onto wrong flight, airline says

"Search for a replacement for hanes the washington post reports united airlines is having some dog gone trouble for the third time this week there's been a dog incident at the airline this time united flight from newark to saint louis was diverted thursday after the airline learned it had an unauthorized passenger on board a dog the pet was bound for akron ohio but was mistakenly loaded onto the saint louis flight on monday a french bulldog puppy suffocated to death in an overhead bin on a united flight on tuesday dog was aronie asleep put on a flight to japan global news twenty four hours a day powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm i'm susanna palmer this is bloomberg welcome to bloomberg law i'm june grosso ahead in this hour president trump blocks what would have been the largest tech deal in us history it's the kids for the us government zero in a landmark climate change lawsuit countries who take their case against trump steel and aluminum tariffs to the wto can expect to wait years for resolution and the attorney general of missouri is investigating google while pursuing a senate seat president trump has blocked what would have been the largest tech deal in us history broadcom's one hundred seventeen billion dollar hostile takeover of qualcomm this was just the fifth time since nineteen ninety that a us president stopped a foreign takeover an american firm on national security grounds trump issued the executive order after a recommendation from the committee on foreign investment in the us joining me from our bloomberg san francisco studios is that larson bloomberg intelligence litigation analyst matt in his executive order trump said there's credible evidence that leads me to believe that broadcom by acquiring qualcomm my take action that threatens to impair the national security of the united states what is that evidence one of the problems with these investigations the syphilis investigations can be for foreign investment on the us is there's not a whole lot of transparency is to what they're looking at specifically it looks to be largely directed to the development of five g the next generation wireless communication devices there's a lot of concern about who is leading the.

Washington Post Syphilis Analyst San Francisco Executive Senate Attorney Japan Saint Louis Akron United Airlines Newark Matt President Trump Qualcomm Broadcom United States