35 Burst results for "Lisa Abramowicz"

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

05:34 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"The issues are one of the topics. Really come to the fore once again as a result of this pandemic has been the absolute central role of technology in all of our lives that digital digitalization. If you will of our everyday lives if you think about working from home schooling from home. It's just kind of really accelerated the embrace of digital technology the upsides as well as the downsides and it seemed like a great time checking in with our guest next guest brett smith president of microsoft and just today out with the i guess the paperback version of his new york times bestselling book entitled tools and weapons of the promise and peril of the digital age brad. Thanks so much for joining us here. It's really topical here. Is i think a lot of people are kind of rethinking. The role of technology in their lives. What is your takeaway over. The last eighteen months of how maybe people use interacting and think about technology. Well things have changed so quickly. It's why my co author. Caroline brown and. I added three new chapters to the back edition of the book. One of them to address the question. You just ask. How have we seen the pandemic impact. The use of technology and which of these changes are likely to really stick with us. And last and we're cl- certainly seeing you technology being put to use in a variety of new ways it's creating more flexibility for us The ability to see a doctor through telehealth service. The ability of a sick child perhaps to be able to stay connected to a classroom with with distance learning the ability of so many of us to work and more flexible ways including on the road or from home But we've also seen other challenges in part we're seeing new cybersecurity attacks because this technology is so ubiquitous And in other ways we're just seeing the digital divide almost exacerbated it's as if people who lack broadband access or living in the nineteen ninety s while the rest of us are living in the twenty twenties and that is a divide that is going to exacerbate every other divide in society. If we don't move faster to address it you know over and over executives we speak to say are really worried about the skills that this workforce has and whether it's ready for an environment where technology rains you have been working through microsoft and lincoln to rescale an upscale people companies like j. p. Morgan have been working with cities to get more people into this. Do you have a prescription. Is there any cure you can see. Two people entering this workforce with skills that they need while. I do think there's a prescription. And i think it's gonna take a society wide commitment to really put that prescription day into action. We and it's why we devote a lot of attention to this in our book both as a specific topic around the tech talent gap for all of us but also in specific areas like cybersecurity skills. Where seeing clear shortages say of cybersecurity professionals digital skills. More broadly What is going to take. I think is for all of us to lean in Those of us in the tech sector for a company like microsoft and linked in service that we operate there's a tremendous opportunity. We're pursuing increasingly with nonprofits and others to use online learning to help fill the gap..

brett smith Caroline brown microsoft new york times brad lincoln Morgan
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

02:01 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Deep investment expertise across asset classes to uncover actionable insights for our clients. Join the pursuit of outperformance at pg dot com. That's pg im dot com. Rebecca ray joins us executive vice president of human capital at the conference board. And she's here to talk about their back to work. Survey conference borders turned to work survey shows as delta surges anxiety about the return to the workplace has nearly doubled. What exactly does this mean. I mean in terms of anxiety. Like my seventy five year. Old mom is afraid to get cove it. Or what kind of anxiety do you do you do. You mean well. Good morning and thank you for for asking you to join you. They're very concerned about a few things in particular and we had seen a decline in the number of people you know earlier very similar surveys indicate that they were concerned about Personally contracting kogo or bringing it back home to to people in their home and that had dropped a bit. We lasted this in june. But it has popped back up and i think that's attributable to a few things largely the headlines around the rise of the delta variant so again i guess rebecca the issue is coming up here on labor day and that seemed to be a day a lot of businesses. Were saying. Hey we're gonna start bringing people back to work once the summer's over and all that type of thing now we've seen companies kind of push that back to october. Some to even the new year is that a reflection of what they're hearing from their employees. I think in part. I think also there watching the same headlines. They're concerned about the ability to keep their workers safe which i think to the credit. Almost every business had that is the number one priority. But they're also watching to see what kind of local government or state government mandates. There may be around nasc usage.

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

01:56 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Well. So you know the way that we're allocating is to stay fully invested but we have It's like take down some of the risks in Ah portfolios You know we just concentrating on those sectors that we particularly like we still like financial We do think we're going to get some steepening at some point of the that the yield curve also the improving outlook an improvement in qualities. We like things like sub financial Debt but we we've kinda scout back on some of the cyclical exposure We you know we have just because say a lot of the valuations of that. You just not really getting paid. Take i think too much risk at this point in time spain vested but then kind of too far away from home. Thank take too much risk onto the portfolio. David thanks very much. Great to get your insight in these markets as we hit yet another record high. I think it's important to be cautious right. I mean after how after all. How many years can you see gains of this size. And i mean there are some good points to be made still in the in the long camp. But i think you've gotta you've got to watch the obvious. Signposts david riley their partner and chief investment strategist blue bay asset management talking to us about the nonfarm payrolls numbers tomorrow as a reminder if you're a bloomberg terminal user you can type w. h. s. Go there you'll see under number twenty eight. The change nonfarm payrolls the whisper number so far seven hundred and twenty thousand. This is bloomberg out. Think means pg applies deep investment expertise across asset classes to uncover actionable insights for our clients. Join the pursuit of outperformance at pg dot com..

david riley blue bay asset management spain David bloomberg
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

04:15 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"We should ask for a little bit more yield than we think rates should be heading higher the delta variant and its impact on the growth trajectory. The obvious key risk. I do think the afghanistan story is very difficult story on many fronts. But i don't think it's an economic or market problem. Is you know considering the phenomenal history of the michigan wolverines. Their performance over the past few years over the last decade really has been dismal. When are they going to field. A really winning team rj. Just you know. I have to warn you. Matthew is from the state of ohio that you are you higher state fan. Is that what you're saying sir. Well i mean i. I like winning teams. You know. well you know. I used to bristle at these kinds of comments. I have to say that the it's been a little humbling. The michigan football performance of late I would say this. I think that you basically. When hoban came in there were expectations. He was going to get us into the college football championship. You know get into the playoff or whatever iteration on of enron. I'm i i'm going to have to cut you off. Well here in the bloomberg radio. Studio here bloomberg. Hq and european got lots of the cable.

michigan wolverines afghanistan Matthew ohio football hoban michigan bloomberg radio enron bloomberg
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

05:10 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Come down so we were able to get a bigger piece of the pie If you're an early mover. In bitcoin mining second of all there was a shortage of minors And and now they're readily available and there are better prices and terms so i think We were able to sort of get more prominent position and we're able to sort of get a bigger piece of the pie now Being that we're ready to roll here as opposed to where the difficulty rate was much higher Just six months ago. Did you see an influx of chinese miners after they banned mining. Yeah there are many You know really. Good quality credit chinese miners that are looking To come to the united states There were some things so here that you have to think about you have to have a site you have to have It permited properly. You have to have transformers so you could step down the power. So i think again. We're terrible is advantages. We have these sites. We have the electricity contracted for we have the transformers and the sites are shovel ready. And so there's a there's a significant first mover advantage. But yeah. I think chinese miners very much trying to come here. And i think that's good for bitcoin. Right decentralizing it. A lot of chinese migration to the united states and And i think that's all a win for bitcoin. Obviously a lot of this does come down at the end of the day to concerns about the environmental impact. And there's a lot of conversation we talk about investing in treating our money with the environment in mind. Kind of these espn issues. There's a question of greenwashing. How do you convince people that what you're doing terrible wolf is not that well you know again. We are about zero carbon emissions. So there's a big difference between what we do. For instance and another mining company that let's say uses a thermal resource and tries to get the carbon neutrality by buying carbon credit. We don't have carbon emissions so it's not an issue for us and i believe that The industry in general is very responsible and they disclose where their energy resources are coming from. And so i think that ultimately investors will pick and choose based on what their approaches. I think that the other way that will be you know. A big factor is going to be in value again. We think that legislation to the bitcoin mining and this rule come more likely in the form of a carbon tax. So that will drive the cost On the margins for minors that are emitting carbon to a higher level than they will for instance patera wolf. So i think at the end of the day. That's where the rubber will hit the road and people will see the difference in the value opportunity. Paul on june of this year. Terrible if I guess you merged with iconic a give us an update on that transaction. And kind of where you're on. that sure. yeah we did a reverse combination. It's not a spat in fact it's reverse merger Where we merge into currently listed company called a connex. I can act And we've filed or s for proxy last week We await you know all the customary approvals..

united states espn Paul
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

04:06 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"I think they will find anyway. In order to classify inflation as studies is not a real time concern if prepared to tolerate a so much higher levels in the station. We've already seen that. I think what is dominating. The feds response is their unwillingness to rock. The bows of the so-called fraud. I think it's still a fragile economic recovery but delta various reminder that. We're not back to normal. Yes much as many would like and therefore markets are still quite fragile. And i see the fantasy more driven by the desire not to rock the boat then then a need to react to inflation which they don't think so far is Is is actually too much concern. so can you take advantage of that as an as an investor or is it too difficult. I mean don't fight. The fed is hard. Don't don't fight the fed If we're gonna look at for longer rates so it's going to mean that traditional fixed income is not going to be a great. It's not going to be a great place to be. We're not in a rising rate environment. But i still don't think particularly good upside in core fixed income today. I think whether the prepared likes to recognize it or not inflation. that's here. And how do we respond to inflation on. How do we allow portfolios to be To be resilient against inflation well equity traditional equity holders are traditionally a good hedge against inflation in the medium to long-term not for inflation shocks but given that most investors have a solid equity underpinning of their portfolios. I believe those will be resilient. In the medium-term as far as inflation shops typically commodities might respond vows to inflation shocks. But there tend to be too volatile for most investors to hold so what's like commodities real assets infrastructure investing real estate investing. They tend to have more typical. Triggers linked to face onto provide more inflation resilience. Going forward so. I always encouraged investors to have a portion of their portfolio that is designed to participation inflationary conditions and not just medium to long-term conditions but also inflationary shops. And that's relax. That's come in grew gruden site. Let's get to. Es g now and want to get your take on this. Because it's a conundrum right. You want to do good but you also want to make returns. Can you do both absolutely we believe in sustainable investing and i would question whether any business model. That is not sustainable. Would actually a term business model. You would want to be investing in. Anyway i think the notion vast Espn investing involves the return. Sacrifice is somewhat anticipated. One i think now. Investors are more sophisticated than more aware of the nuances in the ese. I've described it as a hygiene factor going forward that. Es g risks are just like any set of risk factors that will have to be assessed in any assessment of portfolio or an investment fund investment. So i would say that you know. Espn factors are now. Just part of the investment due-diligence so that we're aware of that When the decision is made as to whether a risk reward is attractive apple. Take into account that us. Chief factors as far as certain other areas like say renewable energy or water conservation. They may have quite the state's gonna missions or purposes attached to those investments there may be an investor who's passionate about ocean conservation and wants to invest in a water technology fund. That would still have to have a meaningful rate of return. I would suggest before. It makes a viable investment opportunity. I don't believe in return sacrifice. But i do believe in looking at it historically in terms of what you want to achieve come. Your investment are even. Thanks very much for joining us from debit their chief investment officer at mo- neta and we're talking obviously about a little bit about espn but a lot about the jobs number the fed reaction. And how you as an investor can cash in on discrepancies that we see in this in this market. Thanks for listening to the bloomberg markets. Podcast you can subscribe and listen to interviews apple podcasts. Or whatever podcast platform you prefer. I'm matt miller. I'm on twitter at matt miller. Nineteen seventy-three false swinney. I'm on twitter at p. T. sweeney before the podcast. You can always catch us worldwide at bloomberg radio.

fed Espn apple matt miller espn T. sweeney twitter swinney bloomberg radio
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

04:01 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"That your your products push off anything. That's related to that. There's a recognition that you need to be moving forward and oftentimes buying. It is cheaper than building and certainly faster. Does it help that. There is no interest rate. Risk here. I mean not only a rates low negative too low but they're never going up again Well i say they cycle standing moving cycle so at some point there will be the inevitable sort of come up but no certainly right now. That's a significant driver again or the sponsors in particular with rates being low. They can reset their expectations in terms of deals. And there's a lot of activity right now. I mean there's what we're seeing on the service provider side from the investment banks with the ftc did was just basically recognized with service providers have seeing. There's a lot of activity trying to get pushed through right now as quickly as possible because people don't wanna get caught. You know catching the falling knives so to speak when the inevitable cycle turns all right dan. Thanks so much for joining us. Time to talk about and it was great. Having hopefully get you back on soon that eastman maliki dare is the chair of global mergers and acquisitions at paul hastings talking to us about this amway market. Which has just been incredible. One of the deals. I forgot to mention was betsy. Cohen did another back deal today. And i think she's done at least twelve billion dollars worth of financial services spec deal so when you bring backs into it it just is an incredible market and the growth has been pretty outstanding. Ma go by. The way is one of my favorite functions on the bloomberg terminal. And it's a great way to see. For example you can click on forego for the league table and you can see how many deals have been done your date or in the last month etcetera highly wreck amusing m. a go. This is bloomberg now to ring kate. L. hello global chief investment officer at russell investments to talk a little bit about. Es g investing to us kate. It's interesting because there are a few different ways. Investors can go with. Es g and i guess it depends. Do you have to decide if you want to chase returns or make a difference. Yeah yeah. I think it's The blend of financial nonfinancial and regulatory drivers that are making people kind of go one direction versus another. I think increasingly the ability to kind of prove out that you leading in certain directions. You can have a positive or at least not a negative impact on returns Will start to kind of you know. Play through But i do think there you know your needs to be kind of that balance. Focus of that primary objective. What is it about having impact or is it about returns. This even calibrate you how much you go in one direction versus the other two. We have enough data to make. Es g. investments. I feel like a lot of this stuff has been pretty opaque but is that changing. Yeah i think it's a great question And i think particularly in the climate side the data availability and some of the approaches for kind of testing the impact of climate on different sectors Or different types of metrics is getting a lot better and it's accelerating really quickly. And i think a big area you needs to be to really sift through different data options test out. You know the impact it's having on asset pricing. 'cause we might not see that for quite some time but you can kind of scenario can of test your way in two different paths that it could take but the date is starting to get much better quickly. Particularly on the climate side before we get a deeper there. Understand outsourced cio investment solutions. What exactly is that..

eastman maliki bloomberg terminal L. hello russell investments paul hastings ftc kate betsy Cohen dan bloomberg
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

04:25 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"I mean you. And i've talked about this before the big take stories coming out of bloomberg news or just awesome awesome reporting awesome journalism. There's some big takes and then there's some really big takes in this story. Today is a really big steak. It's a big topic. The amazon rainforest we know about the risks that rainforest. I thought i did. Until i started reading this story. Jessica bryce joins us. She's a senior editor for latin american news from sao paulo. Joining us on the phone jessica. All right the amazon rainforest. Nearest point of no return in brazil landgrab. Can you just let us step step out. Thirty thousand feet and just frame the issue for us. I think most of our listeners have a sense that okay. The rainforest is at risk but how at risk hi. thanks for having me on the show Yeah so the rainforest. Deforestation has been an issue for decades It's been a crisis in the making for decades But recently what we're seeing is that it's reaching this point where it's this. The rainforest in many ways is sort of one giant organism organism. It's this it's this ecosystem that depends on other parts of the ecosystem and what we're seeing is that as the burns worsen Not only is our large parts of the amazon no longer polling greenhouse gases from the air. But they're actually contributing to accelerate in climate change and we're nearing a point where the amazon will no longer be an be a rainforest they will turn into a savannah and that's important because not only because of the its role as you know. In cleaning the air that we breathe but also because it regulates The weather for south american south america's a huge producer food for the globe. And so you know losing the amazon going over that point. It's a very serious problem for everyone. So first of all jessica. I learned so much reading this story. And i just think it's a fantastic piece of journalism There must have been mind-numbing amounts of research that went into this document and interviews. And i just thought it was so good one of the one of the central themes that i took from this..

amazon Jessica bryce bloomberg news sao paulo jessica brazil south america
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

05:44 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Podcast all right. We are smack dab in the middle of earnings particularly tech. Earning sets a monster names last night. Apple google microsoft. They've got facebook after the close and some really strong numbers. Let's check in with mandy. Seeing he possibly is the most over educated tech analyst on wall street he's techniques for bloomberg intelligence mandy. The story last night. I looked at google numbers and this is a appa bet. Free studio here all about google. How much they paid for the consultants that come up with the alphabet. Name google monster numbers on the top line digital advertising. I guess that kind of follows up of what we saw from snap in twitter. But that's the story. It seems like right digital advertising is on fire it did and i think the real stand up for me was youtube. Okay so if you look at the youtube. Print eighty-three percent growth. I get it the consular easier but the magnitude of the beat really stood out and i think what it goes to show if you compare you to netflix and spotify netflix. Spotify both had a deceleration in subscriber growth. Youtube at growth is growing..

google mandy Apple microsoft facebook Youtube twitter spotify netflix
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

03:47 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Is that the the space itself in terms of Crypto and blockchain remains very strong. You see continuing Adoption by institutional space. The big banks are finally getting here whether it's goldman sachs or j. P. morgan and their clients clients is Is asking for for crypto exposure. So well crypto and bitcoin coming cycles right And i think we will share. We don't provide price targets and you know the long term but we think is huge long term potential in bitcoin and crypto space As overall with bitcoin i get the scarcity issue you know. They're only ever be twenty one million tokens but a lot of the other crypto platforms which looked so promising. A theory them. I don't understand why. I need to own multiple tokens. Why does it matter. If i own a lot of tokens if i can just do everything i want with one on the platform so I guess to to To two points first of all if you're as investors wanna get exposure to crypto space for now getting exposure. Bitcoin is pretty good. Because there's still quite high kind of inch Intra correlation between the different assets right. So you have exposure to bitcoin. You probably don't need so much of Cerium or light coin. Bitcoin cash and all these old coins because bitcoin currently is the dominant asset. Bellwether space to your to your question about Why don't we need so many different Different cryptos there are nuances between the different assets. crypto bitcoin was created. A will know that again. I'm just saying like for example the internet. what's it called the internet. the internet. there's a theory is one platform. There was another one called the internet company or the internet platform. Don't you remember this case is potentially anyway still had my my point is you've got these. The internet computer sorry know why just blanked on that. I loved the idea of the internet computer which was basically like spreading the cloud around the world and it was going to put. Aws and microsoft out of. I love the platform idea. I love the technology and the blockchain. But i didn't get why. I would need to own too many tokens. I don't understand why care about owning a lot of ether. As long as i have one. I can do what i want with a theory of technology right i but this is the same argument will be I guess example for stocks right You argued why. Do i just need company specifically. But let's say no browser. Why do i eat. When i have internet explorer there each of these different platform do pitch themselves to actually different or better. Do something else a little bit so we do see competition right. This is healthy competition Just like in the tech industry or you have different intel vs an inch deep. Well okay they have different slightly different value proposition different roles and fundamentals. And hey we'll take so much for joining us really appreciate it. We'll co-founder partner of wilshire. Phoenix talking a little bit of gold talking a little bit of bitcoin again. Gold up just fractionally right now about eighteen hundred dollars per ounce bitcoin up again about one percent today. Three hundred sixty eight points. Thirty eight thousand one hundred seventeen four bitcoin..

P. morgan goldman sachs Bitcoin microsoft intel wilshire Phoenix
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

04:36 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"And bloomberg experts along with essential market moving news on the bloomberg markets. Podcasts on apple podcasts. Or wherever you listen to podcasts. And at bloomberg dot com slash podcast. Let's get over right now to steady australia. He's the ceo of tat global alternatives. And we're gonna talk about marijuana legalization which is big here in the us. I don't think the german smoke pot and they basically. It's just your beer if you smell. Someone's smoking weed and germany. It's usually a brit or an american living in east berlin. But i just walked up lexington avenue store that was selling actual weed and gumy's with thc none of the cbd fake fakery going on there setty. Is this going to sweep the nation. Is it gonna sweep the globe and become as normal as you know drinking liquor. Well first of all thanks for having me on I do think that it has the absolute potential to do that You know i. It's a obviously a burgeoning category visit. There's a number of countries that have started to legalize it. Now and i think in the us wants those laws starts to pass You'll likely see Obviously a lot more uptake in the market right said he said the the the big issue for the development of the cannabis market in the. Us has been federal legalization. We've had a lot of states. A lot of big states including new york and new jersey legalize it so where are in terms of federal legislation. Well they've they tried to pass a number of these laws Through the house not ultimately you know when you kind of take a look at this..

bloomberg apple australia berlin Us germany new jersey new york
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

04:23 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"The motor For the additional. Aaron fuel that you can put through right So again So more avenue can you can. You can go a little bit more in depth and do a little bit more customizing. What i'm probably about to buy my last big displacement v eight. I doubt after the next car. I'm going to get anything over six liters in v eight so and i might have to buy an electric car. If my wife has her way what do you do. When people switch to battery power well we are charged up about the emerging opportunity on the electric side I've been daily drive. A tesla model three now for a couple years My just actually. I reserve the tesla model s plaid Last year and just got the email from testimony yesterday that it'll be delivered this month. We're actively developing products around electric and then one of the things that consumers are very interested in is electric powertrain conversions. On whether it'd be a classic or even some of these You know modern ice cars so i'm you know we're we're all about the enthusiast and focused focused on providing them products that will allow them to continue to pursue modification. No matter which way. I go stroke cookie thirty seconds. I love to get your thoughts on going public. Vs back so From our perspective it was a natural time for us to be out in the market looking for capital. Historically we've done that through private equity sponsors. We got familiar with the back of vehicle. You know it looked like a very efficient way for us to go public and also our partner on the back side. has a lot of expertise. And you know we. We think that can help. Ease transition into life as a public company. So specifically you know knowledge of operating public companies They also have a lot of expertise on the digital side which is important for consumer engagement. So i mean it's been a great approach for us and You know we're now You know arguably no longer back although maybe that's how we got public We're we were just back to holly. You know company with a very long rich history. Iconic brands growth and great margins and free cash flows so I guess that's how. I'd summit up tim tom great talking to you. Obviously i care a lot. Tom tomlinson their ceo of holly. And they're now traded under ticker h..

Aaron tesla holly tim tom Tom tomlinson
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

03:32 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"But also they're paying people more so wages are going up so headcount moscow down if you're controlling costs so i'm just looking at the stock prices. Wells fargo up. I guess forty three percent year to date looking at some of those other kind of a commercial banks there. That's a pretty good performance here. So is it. Looks like the streets giving this new management team or and this turnaround plan some credits it and similarly city group. This is jane. frazier is first full. Quarter at slowly. Oh we saw the stock up in the morning and now it's moderated a bit like it's ending flat. They're cheaper than all the other banks. You've got to wonder whether wall street will give her the same kind of grace period that they've given charlie sharp and she to her credit have been one of the few that have embraced the more flexible lifestyle. I'm gonna be millennia. Brings that up in her. Being woman really understanding the need particularly for women though everyone across the board feeling. This the need for flexibility. Where are we in. Who is doing what itself. Funny because you and i talked about this earlier this week. That one of goldman's top investment bankers. They had had more than thirty percent of the market. Share of emanate and so did j. p. morgan goldman's told me that you know part of this is coming back to work and being there for clients that absolutely helps market share but for citigroup. What their plan here is to retain and attract most importantly talent and paul..

charlie sharp Wells fargo moscow frazier jane morgan goldman goldman citigroup paul
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

04:37 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Day when cinelli bosick wall street reporter for bloomberg news literally is running from the tv studio to our radio studio because she has so many different obligations to do she is running around for us covering not only the great mlive t live blog that we have on the bloomberg terminal joining us for radio and tv. What is a lua earnings. And you know this from your days. Paul of just would crazy days. These are listening to both the analysts and the media call and of course their earnings report. And i just think it's so silly for these big banks alter report on one day. It's just ridiculous. Spread it out a little bit but anyway. Thanks so much for joining us here again. Get bank of america citigroup wells. Fargo when i think of these institutions as opposed to the goldmans and j p morgan's and morgan stanley's i think of corporate banking consumer banking making loans net interest margin. One of the takeaways was the low growth. Really isn't there is it. You know it's so funny because on these conference calls this morning bank of america with journalists analysts. Same with citigroup. They're trying to convince people that this loan growth will come back that it will be there but you can see from the investor reaction that they'll believe it when they'll see it right that they're just not buying this yet. How much of this can be one offs. Give in two thousand twenty. Everyone was really working on sort of wrapping up our balance sheets right making sure that if you were laid off or what you do with the stimulus checks was paying off. Some of your debt is their appetite for people want to take on. New loan is so fascinating. Because from this you're seeing wealthier. Individuals expand their loan on average with the big banks bank of america. J. p. morgan goldman sachs. Sometimes at very fast paces will be very interesting by the way to see what that looks. Like in morgan stanley tomorrow. Which really excels in this space but the average consumer is not borrowing. So you've got to wonder why. There's such a divergence for the wealthy of america to lever up the way they are and then where are they deploying those funds right investments and whatnot. Another interesting thing that. I can't really get over because matter so much. Markets is bank of america. Said that they are sitting on so much dry powder that are deploying this into securities. So don't worry so much about the loans. They're putting it to make markets. They also said we're not a hedge fund so you know clearly. There is a limit to how much risk they'll take on. I've been watching this over. Jp morgan as well their value at risk has dropped significantly. However again this dry powders so interesting at a time where. Global banking is in an upheaval. It's a total shakeup. And the american banks and frankly citi and bank of america which have less share then. They're bigger peers has room to take some of that. Share markets..

cinelli bank of america citigroup well bank of america bloomberg news Jp morgan bloomberg J. p morgan goldman sachs morgan stanley Fargo citi Paul america
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

04:36 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Looking at goldman sachs jp morgan. They both both reported some pretty solid results. This quarter both stocks are down a little bit today about the one and a half to two and a half percent. Let's get the skinny on those names. Plus what to expect later on in the week as these big banks report earnings as always return to our in house expert. Allison williams senior industry analyst covering all things in the banks for bloomberg intelligence bloomberg intelligence is bloomberg's in-house investment research department over three hundred analysts are covering thirteen hundred stocks hundred and thirty industries all over the place. Allison thanks so much for joining us. Here what are your key. Takeaways from j. P. morgan goldman to me. It seemed like the bankers really came through. The bankers did really come through and especially with something that we expect it to be strong. exceeded the consensus estimates. And we really think that there's legs to that revenue stream in the second half as well as The adjacent stream sort of Financing businesses and the like But that's a smaller part of the business especially for someone like j. p. morgan and The i guess the negative is which is which is something. That's been building for a while. It just sort of disappointing net interest income trends and that's really tied to loan growth. I would say that for j. P. morgan today than the newer i guess. Negative is the fact that they upped their expense by guidance again. So seventy one billion. We started off the year at about sixty eight billion in january. That's been ticking. Up now part of that is due to better business related volume so it takes money to to make money. We'd be that a little bit more favorably than than perhaps what we're seeing city group But still you know you. Everyone would like to see more revenue and less cost. You know it's interesting as we think about the bankers coming through it was just daniel. Pinto believe within the last two weeks at the trading slump is over. Do you buy that or are we thinking that trading slump could be here to stay. I think that. I think the key point that Pinto is referring to which we agree with is the fact that We're not necessarily going to go back to the lows. So fiqh revenue is down. You know over forty percent. It was down like forty about forty five percent of the two banks but still higher than it was in twenty nineteen. So we're off..

goldman sachs jp morgan Allison williams bloomberg intelligence bloombe house investment research depa P. morgan goldman P. morgan bloomberg Allison morgan Pinto daniel
"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

02:00 min | 1 year ago

"lisa abramowicz" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Charge in terms of actually starting to fall back on some of the balance she expansion and you know what i think we're on economic data and if economic data are as strong as we think they're going to be we still think that we could will say the fed actually Moves to taper is is. She purchases as early as september of having a bit of a chat about this the jackson hole meeting in august. I think i need to be at this jackson hole meeting. What do you think you definitely definitely need need to be there. What do you think about stocks right now. I mean fair enough. They hit another all time high yesterday. Rowing every day for a couple of weeks but Is everything already priced in. I noticed the bloomberg surprise index is backed down to after a year or two of being in positive territory. Are we fairly valued. Well i think the the sense. I would to convey in both stocks in credit markets is i mean valuations just on particularly compelling to to jump into the trade. I think there's probably more sense to investors would rather by on a dip the necessarily chase places all the time high here but the other thing that you need to keep in mind all the wall is the although even if we corrected and we do ultimately end up seeing the fed joined back and bond yields weaving higher in an economy which is growing at sort of nine percent veal within present percent inflation on the top fourteen. Percents of the event nominal. Gdp growth is going to mean super strong earnings. And so that's the strong earnings growth is is going to be very supportive even if you do go up. And if you'd say is learnt they called the all you've got to believe that the stocks should end up being pretty well supported so i can't see a dip going ever say for all right. Hey mark thanks so much for joining us. We appreciate it. Mark doubting chief investment officer purple.

jackson fed Rowing bloomberg Mark
Covid-19 Vaccine Misinformation Spread on Social Media

P&L With Pimm Fox and Lisa Abramowicz

01:45 min | 1 year ago

Covid-19 Vaccine Misinformation Spread on Social Media

"Sarah frier. She's a bloomberg technology reporter. Who has been doing a deep dive into the misinformation spreading across social media specifically facebook in regards to vaccines stare. You have interviewed for example one woman who doesn't believe in vaccine induced herd immunity. She get this from facebook. He gets messed brown from instagram. And course by facebook what happens here is people fall into the personalization facebook and instagram. Provide them if you start looking into. This woman. started out looking into holistic medicine alternative treatments. She felt Bullied by her doctors ring a cancer treatment and was looking for another way to stay healthy. Not only she's getting this information about vaccines not really information at all. It during her wrong and a lot of the people who are telling her. Oh you just need to take this holistic healing method or detox in this method or You'd try these techniques. They're selling supplements. They're selling essential oil. They're selling Wellness retreat so. She's she's not really getting vitim. It information from doctors and we're seeing that happen a lot on facebook. It's more about the fear on the kind of messages that spread on. Facebook are the ones that that make people comments and share That's what tells the news feed algorithm that. It's a serious post that more people should see and so these lies about the vaccine particularly lies that are targeting women which we can talk about in a second are are just unable to tamp down by the company

Facebook Sarah Frier Instagram Bloomberg Brown Cancer
What airlines, other industries got in $900B relief bill

P&L With Pimm Fox and Lisa Abramowicz

05:43 min | 1 year ago

What airlines, other industries got in $900B relief bill

"Or next guest. Points this out. Tax payers are putting up almost five hundred thousand dollars for each laid off airline worker to have three months of employment while cooks and waiters. Get nothing in other words. Airlines are outranking restaurants in relief. Money don't oh sarah. Bloomberg opinion columnist joins us now. Joe did thought go into this or was it a simple matter of the airline lobby being more powerful than the restaurant lobby well. They're barely is a restaurant lobby that start there whereas airlines have been Staffed up you might want say for for many decades because airlines have had dealings with the federal government from many decades between the faa and you know various various airline regulations. I wanna sell for so so you know you start there. I mean restaurants are just just diffused organization. They're not large companies. And even you know restaurant chains. I mean putting mcdonald's aside You know in a city. Like new york danny meyer. Who is probably the best known restaurant tour in the city. You know he has maybe twenty restaurants and do that just doesn't give him the clout that the airline industry has even though they employ more people and even though there are people are really really hurting. So joe this is a column by comparing and contrasting the airline industry with the restaurant business so the restaurants. Obviously it is a you know. It's it's industry. Lots of independent operators historically has not been pushed to organize better this industry that is so important to many people's daily lives. Well is a restaurant lobby of sorts. the national restaurant association. But it doesn't seem to have a lot of clout For whatever reason after the pandemic After the first round of of a stimulus the ppp program There are a bunch of independent restaurant. Tours tried to start an organization called the independent restaurant coalition and they had a lot of success. They got they. Have they have a bill that would cost one hundred twenty billion dollars which is a lot of money and the idea. Is that instead of trying to do it like ppp. You know the restaurant industry would be get money. Based on last year's revenues pre pre pandemic revenues and and believe it or not. The bill passed the house in october. Actually by quite quite a large margin it had more than fifty co sponsored in. The senate bipartisan but in the senate is run by one guy and his name is mitch mcconnell and he was more interested in that three martini lunch tax break which he claims. We'll help restaurants but no one in the restaurant. Industry seems to think it will make much difference at least not in a short term. I mean at the very least if people start flying again. They will need to go out for runs at their destination. But it's gonna be a long time before people really start flying in numbers again joe particularly since the vaccines aren't out there yet. So you know what is the thinking behind. This was going to thank the. There's two things going on here. the first is that that airlines You know they will be bringing people back to work. It's easier to give money to a large company that can do one thing that can bring fifteen thousand people back to work. They can bring twenty thousand people back to work. It's easier whereas You know giving money to restaurants is kind of a messy your proposition. Because they're all so. Many of them are so small. And it'll be you know there's that but the thing you have to remember about restaurants it's not just a place to eat. Every major city in the united states restaurants are at the core of vibrancy and their downtown area. And you know if you're going to build a new suburban area it's going to be built in large part around restaurants. I mean they play a hugely important role in the life of cities and so ignoring restaurants is really a dan damaging america's cities and. That's what breaks my heart about this more than anything else. So what's the i guess. The fate of the us restaurant. I if you will. I mean these. I'm going to call them. Individually owned mama. Pop if you will. But you know the the non chain owned restaurants. The numbers were seeing in not just new york city but a kind of across the country are staggering in terms of how many are likely have gone out of business are likely to go out of business. How bad is it going to get a hundred and ten thousand estimated to have gone out of business in the us. That's a lot you walked. I mean look. I'm a new yorker so i walked on the streets of new york city and you just see them closed up everywhere You know some of them will survive. There's certainly will. There are restaurants that will survive. There's there's no question about that. Some of them have learned to shift to take out Even even at the very high end i get. I get a notice from Daniel baalu who's one of the great chefs in america. Saying you know. Get get our christmas dinner for you. Know seventy five dollars will drop it off at your house that kind of thing so you know. Some restaurants will survive. But i think what you're going to see is that when the pandemic and and people can start going to restaurants again You'll see a lot fewer restaurants and it will take. I think generation for restaurants to build up to where they were just because there'll be so little capital left in the industry

Danny Meyer National Restaurant Associatio Bloomberg FAA JOE Senate Mcdonald Federal Government Sarah Mitch Mcconnell America New York New York City Daniel Baalu
The Verdict on Trump's Economic Stewardship

P&L With Pimm Fox and Lisa Abramowicz

07:55 min | 2 years ago

The Verdict on Trump's Economic Stewardship

"President Trump speaking to the economic of New York and various economic clubs across the country and we had questioning from Senate O'CONNELL of the Economic Club of Florida David Rudenstine of DC and Mike. O'Neill. The New York we have Michael McKee with us now our chief. Correspondent for all things economic both and. and Michael a very serious conversation here the president's putting out some ideas couple of inflammatory statements like how Joe Biden Presidency would be a socialist dream in American nightmare. But at the end, he was asked about things like infrastructure stimulus national debt did we hear anything new from the President? No, but we haven't been hearing much new from him throughout this campaign. It's he mostly talks about what happened in the previous three or four years and he talks a lot about, of course what happened to the Obama Administration? The questions he was asked about infrastructure spending he didn't answer. He said what he always says about many different things that he has a plan, but there's never any plan they were coming close to a deal on infrastructure at least Democrats in the House and the president when the President got upset with Nancy Pelosi and broke off the talks and that was two years ago and nothing's been done on infrastructure since. The House and Senate have a very big differences about how you would pay for infrastructure and how you'd structure the program. He said today the walls one of the biggest infrastructure projects ever. That's not true. He did shut down the border under the guise pandemic protection. So that part of what he said about the wall was correct he was asked about the deficit. and. Has Somebody. Else says quite often about this. This is one of those. Up his down down his up trump statements, he said the deficit was falling and we were GONNA pay off interest costs and start paying down principal on the deficit before the pandemic hit. That's one hundred percent one, hundred, eighty degrees opposite from what was happening deficit was rising significantly before the pandemic because of the tax cuts so. It's hard to know exactly what he was trying to do other than insult. Joe Biden and and stir up his base. Yes. Absolutely I think that's probably what we can expect from him. As we approach the elections three weeks left and we're going to get viewers questions. You know at some point tomorrow night's tonight and facts as we will be hearing a lot more from the president on economic matters and so on. But really nothing moves the needle. Until we get some more idea of what happens with stimulus and Ardley Nancy Pelosi doesn't look like. She's about to give in to to to president trump's requests or whatever republicans are requesting not that that's now well, even here's the thing we have to remember that even if the speaker of the House and the Secretary of the Treasury agree on some kind of deal, it would have to pass the Senate as well as the house. A number of house members have already suggested Dowse House Democrats have suggested they would vote against it because. They don't think it's big enough and. The question then becomes how many Republicans would vote for it if it's not considered big enough then in the Senate, you don't have fifty senators who approve of it. The Democrats are pretty united against it and half of the Republican senators say they don't want to spend anything. So at this point, there's a lot of focus on wall, street about the talks talks. In quotation marks between Nancy Pelosi and Steven Mnuchin. But the odds of something actually happening particularly before election day very, very small. Yes and for some reason and she wasn't quite care about yesterday when she was speaking with Wolf Blitzer Nancy Pelosi is not willing to even consider this one point eight, trillion dollar stimulus. What is it in their Michael? Can you decipher? that. She's so against she was actually quite angry with the to Democrats that said that they should be accepting this. The part of the play. A part of it is the way the money is distributed. Part of it is the amount of money for states and localities is not enough they believe and part of it obviously is politics. They don't WanNa give, Donald Trump. He kind of victory before the election you remember the last time when the cares act was passed in the twelve hundred dollars was going out for those who got it in check form trump held up distribution of the checks until he could have his name printed on it and last thing Nancy Pelosi wants is for voters to be opening their mail the day before the election and seeing Donald Trump giving them twelve hundred dollars. Yes that is to I'm sure and also presumably that machine is up and running now. So there may not be so much of a delay this time around but there is an argument to suggest that people need cash. Now, no matter how it comes in a matter who gets the credit right Michael Danny lower on earlier saying this country is in trouble there is particularly because more people are losing their jobs. Now, as we're finding more companies go out of business and. The airlines are a perfect example not going out of business, but laying off tens of thousands of people because they don't have any business to do at this point, and that was one of the hopes of the stimulus bills that they could get aid to the airlines in the short-term But nother interesting statistic came out from the New York Fed yesterday of the people who got the stimulus checks the first time around average of about twenty four, hundred dollars each seventy one percent either save the money or paid down debt. They have money in the bank and so if this. Rebound continued to go faster than expected. We might have a tailwind and we might need less of the stimulus checks I think the biggest difference now is that there are going to be people who. Didn't save. Don't have the money who are losing jobs permanently who may need something yeah. I found that phenomenal as well when you consider just how many people are at food banks in food lines as well who were once you know happily employed or all of the people around Orlando that are living motels because they'll also job at. Disney. For example. have to move every two weeks. Otherwise they risk you know Being, a problem for the Ho- The motel owner because after two weeks you can't you know get victim normally you have to go through the court process i. mean there are an array of stories out there about people suffering, Michael. What should we be concentrating on over the next couple of days? It's feels like Joe Biden needs to get more of an economic message out there. Actually, Biden probably needs to publicize it Joe Biden. If you look on their website has a very extensive economic plan that. Involves taxes infrastructure Various Pandemic Recovery ideas and Donald Trump and I'm not saying this to be part of Donald Trump has nothing. If you go to his website, there are literally no proposals for a second term and so it's kind of hard to know. what he would do and Biden perhaps wants to make that case a little bit more Donald Trump talked today about. Biden plans but if you notice it in his speech, he didn't say what he would do. He talked a lot about how bad the Biden and the Democrat tar and that's one of the problems people have suggested that we're seeing with trump's poll numbers is that at this point he is. Talking, about the previous four years and a lot of people didn't like what happened in the previous four years outside of the tax cut. and. He's not talking about what happens in the next four years or even in the next year and that makes it hard to make a case for your election. Yeah, it's a it's a phenomenal time and a lot of people pointing out now that if we don't get something before the election, it's going to be January. Before we're able to do more stimulus Michael thank you really appreciate your input and listening to that for us with Michael McKee. International airports, and policy. Correspondent.

President Trump Joe Biden Nancy Pelosi Michael Senate Donald Trump Michael Mckee New York Wolf Blitzer Nancy Pelosi Economic Club Of Florida Obama Administration O'neill David Rudenstine Michael Danny Disney
TikTok: Oracle confirms being picked by Bytedance to be app's partner

P&L With Pimm Fox and Lisa Abramowicz

02:53 min | 2 years ago

TikTok: Oracle confirms being picked by Bytedance to be app's partner

"So the story is that Oracle edged out Microsoft in negotiating for the US operations of China owned tiktok, which is the subsidiary of fight dance. But professor you explain to us exactly what kind of a quote unquote deal this is. remained slightly unclear how Nicole partnership is GONNA be with all recording Tiktok what has been clear right now is Microsoft historically all over the past few days when thinking about acquiring talk and make say for us user and possibly they need to open the Al Gore Software Code and make it much more transparent going forward and in the end is dance to own of Tiktok say no to Microsoft and you know way that the panicle partnerships probably. Keep, paying what alcohol? I'll go behind stay intact and trying to appease to government at the same time. So, professor what was the political? Overhang of this deal or the political influence of this deal from your perspective. I mean, this is a big major development in the sense that for the first time Guffman are really adding on acting on an ad hoc basis. So starting from the trump administration, all of these executive orders, there was no industry consultation. There is no independent inquiry, per se and then after all the Chinese. Guffman, at the same time, we're basically saying you know by dance, you cannot export any software code in the name off you know national security I'm the ramifications, the following that businesses find it really really difficult going forward to plan ahead WHAT IS LONGTIME R&D or product sales and marketing given all of these becomes much more of an ad hoc basis. In, your estimation is oracle the right kind of company to be doing this. In, the world is kind of strange because if you think of all records historically really be to become Canadian sales database services, it doesn't really have a large B. Two C. market as a result of know how they have would be audibly much less than Microsoft ways running xboxes or these game, and of course, the to see market is huge and sort. Of the technical ability around is also amazing to however have you thinking about Tiktok probably one of the biggest worry is one's a gone through. You potentially go through with they completely lose their independence from that angle and Oracle potentially becomes much more attractive than smaller than know how round to market is much less and quite frankly they are not very strong imbuing. So from that angle, it's not surprising that tiktok would actually prefer a week up partner in this case Oracle.

Microsoft Oracle Tiktok Guffman Professor United States Nicole Executive China Partner
U.S. Initial Unemployment Benefits Steady at 1.5 Million in June

P&L With Pimm Fox and Lisa Abramowicz

00:43 sec | 2 years ago

U.S. Initial Unemployment Benefits Steady at 1.5 Million in June

"Of course, not such a pretty picture weekly jobless claims coming in today they did full, but still coming in at one, million, four, hundred, eighty, thousand initial jobless claims that was down from one point, five, four million, but not a big of a drop as economists had estimated Paulie insured unemployment rate falling as well but to thirteen point. Point four percent mean it's a massive massive number. No doubt Labor Secretary will suggest that would have been even more massive. Were it not for everything that the government did, but it's it's very hard to to look at those numbers and not feel like there's a big problem there. The really is I think one of our guests earlier mentioned that it was. You know fourteen weeks into this. We're still having these types of number. Let's

Paulie Secretary
"lisa abramowicz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:15 min | 2 years ago

"lisa abramowicz" Discussed on Bloomberg Radio New York

"Live bird markets with Lisa Abramowicz and Paul Sweeney on Bloomberg radio well like all financial markets the municipal bond market has certainly been wracked by volatility over the last couple of months but the upcoming and potential fourth fiscal stimulus plan is likely to include a pretty big slug for infrastructure the question for a lot of investors is what would that mean for the missile bond market fortunately we have Michael saves us chief U. S. public policy admissible strategist from Morgan Stanley joining us Michael thanks so much for joining us let's start by just giving us a lay of the land what it's been like to be a missed a bond investor over the past couple of months it hasn't been fun the volatility that you've seen over the last three to four weeks that's pretty astonishing so the the movie you had from basically the types of muny bond market for the wives were both bigger in magnitude and speed by several degree than what you had in the global financial crisis so in yeah is this is not something that is necessarily unexpected because we got a mini market structure which is given to bouts of volatility in others and divergence from the starters I'm twenty ten but this is this is just the greens further off the chart litter quite literally off the charts Michael there's a question about just the volatility that comes from a market that's not as liquid as state treasuries and then there's the volatility stemming from the question of whether we're gonna start seeing municipal defaults and I'm just gonna go full catastrophic here is a subway system in New York City gonna default you know that that that's that's a more complicated question answered and you would sing now what I want to hear the answer is no these major metropolitan areas are softened and we're going to be fine is that not the reality that we're talking about world world major metropolitan areas different subway system because usually it's a unit of the the the chief of the NCA basically expressed the view that they need extra cash will support because they're down ninety percent our ridership and I don't think that's necessarily I probably know in the bill that was just passed by Congress we got about three point eight billion dollars worth of external support so from what you know from a cash flow perspective you know once again they're saying that they need more than that in probably a lot of this is gonna be contingent on how long ridership is depressed as it is I will certainly complete with going out the MTA as being indicative of kind of broader metro area generally in reading and king sort of its own system your city government is it's own separate balance sheet income statement per se so they would have to be a little bit careful about looking at a credit like the MTA which have a lot of death and experiencing a substantial decline in ridership extrapolating from that of the broader kind of you know it you know hi greetings Judy metropolitan area world community bonds so Michael there is talk in the upcoming state fiscal stimulus a number for that there would be a again a pretty big piece of infrastructure hearing that from speaker Pelosi how do you think that might play out in house kind of the meat market reacting to that kind of potential I'm at the moment I don't think the market is terribly focused on this probably more focused on whether or not the said he's going to intervene here eventually but here's why I say the infrastructure when it comes to the muny is actually matters quite a bit how the spending is structured but historically when the federal government has decided to boost the amount of infrastructure spending it's doing was actually done is take some of the credit pressure off of the state local government so government isn't putting more money into the system stable governments spend a little bit less of their own you so effectively help them you cruise on their capital needs but not on their dime so to speak so if you got that slug of money yeah I kind of do you don't get a modest credit positive not necessarily addressing water the acute diss mu critical storm right now but I take a lot of positive I guess the reason why the reason why I ask but so was the seven yes that's an idiosyncratic credit I guess on a broader level you're talking about the amount of money that's going to get injected in states municipalities from the character in and and from Congress and I'm just struggling to understand the depth of the pain you have a slowdown in local economies you have an incredible increase in spending trying to build up the health care infrastructure is there a high chance that we're going to see many defaults in a significant way in a way that we've never seen before especially when you throw in the pensions the underfunded status there yeah well if you if there's a question sector by sector I guess the first thing I would say is that a hundred fifty billion dollars out of this bill going state ends up being somewhere around ten to two to five percent of general fund revenues of states now are economists have those in real GDP terms being down over the course of the year about five and a half percent so if you assume and a I don't know if it's a good assumption it or not we're still doing our own work on it but you soon that see red state tax revenues might be done at least that much then it's probably fair to say that we've only address part of beacon in your term shortfall and if your state then you're going to have to either draw down on your own reserves do some cash flow borrowing or undertake some austerity are probably some combination of all those NGS big business this year the the severity of the downturn was much greater than anyone expected but coming into this I think it was if it was fair to say that they will government has certainly built reserves back up to levels where before the global financial crisis they would have been able to just rely on their research so that the sector we've been under way for a while and if you're still supposed to look at it that way but if you're looking at something like airports for example which you know is on the surface could look pretty scary because I don't flying the liquidity in the reserve condition.

Lisa Abramowicz Paul Sweeney Bloomberg
Troubled Water: What's Wrong with What We Drink

P&L With Pimm Fox and Lisa Abramowicz

07:54 min | 2 years ago

Troubled Water: What's Wrong with What We Drink

"Be Wary of water. Joining joining us now is set to seek all. He has authored activist. Member of the Council of Foreign Relations guest curators interactive brokers studios. He is the author of a new book. DOC troubled water. What's wrong with what we drink? I want to talk to you about the book at about the sort of larger concept here and and you said right before we went on air. I'm not here to scare anybody at yet what I was reading through your materials. It's a little bit unnerving to think that a lot of the water that people drink it's not just flint Michigan it's contaminated that's correct almost everywhere in America there are contaminants in our drinking water and this is probably the largest unspoken of public health threat or menace in the United States. There's a large number of different chemicals that get into our systems through our drinking water that are having unknown effects on our bodies on our endocrine systems as technical phrase that affects growth attention spans sexual interest for Tilleke as well as the possibility of cancer. Some of those things are already proven scientifically and some are now in the process of being investigated but I would argue that being investigated aggressively enough by the EPA an organization that whether it's a democratic or Republican president or Congress is unfortunately inactive who've were not active enough in pursuing what we need to have pursued to get the best health profile for all Americans all right so we don't have the best water what needs to change within the US to improve the quality of our water. Well first of all there aren't nearly there. Were about one hundred thousand chemicals that are in commerce in the United States. Maybe more and you would think that seventy eighty percent of them ninety percent of them would be under some type of investigational regulation by the EPA because some significant percentage of them get into our drinking water and some percentage of those have have a act on our health but of that hundred thousand chemicals that are in commerce. The United States. It sounds hard to believe this. But it's true. Only seventy seven zero are being regulated by the EPA for drinking water purposes and is shocking as that low number is even more shocking given how much chemicals used daily life in America even more shocking is the fact that the last S. time the EPA regulated any chemical whatsoever or any contaminant whatsoever was twenty three years ago they have been inactive for generation and longer and that is putting our health at risk. Is there any map of where we can and can't drink water. We'll tell me where you live and I'll let you know. Okay I'll give you my address after this Seriously I mean it's anyone tracking or tried to do this scientifically we'll actually. There's an organization called the environmental working group. We're on their website. You Can Punch in your zip code and and they can tell you under the federally filed documents but each utility what contaminants have been found in that ZIP codes water whether or not that's particular to your. We're particular TAP LISA. I can't say for sure but invite me over for lunch and I'll bring my test okay. Great all right so water filtration plants. I I thought that was the answer you would think so the problem the problem Paul is both on the wastewater side and on the water filtration. which the way they distribute the water order to our homes from on both sides using technologies that are about one hundred or more years old and although in the interim place have been rebuilt and they're pretty nice parking lots some beautiful reception areas? The truth is that the technology is being used never grew up along with the time that America became. We'll highly medical society where now one one of where seventy percent of all Americans twelve and overtake at least one pharmaceutical product today to people to people about twenty percent of Americans twelve and overtake take five or more prescription pills day and that all gets into our water stream on the inbound side. We still do. We did one hundred. Plus years ago to get rid of cholera and dysentery and typhoid Loyd. Fever we put a dot of chlorine or chlorine like product in it to to cleanse the water. But we don't do anything to remove from that water. These pharmaceutical pharmaceutical residues and other chemicals that have found their way into our water stream such that occupy one example of many that are in my book troubled water just one they scientists independent independent scientists with no axe to grind when ahead in the Great Lakes vast amount of water so be diluted like crazy with think she tested fish and all five of the Great Lakes and an all five live with a great lakes. She founded their brains and their organs and their muscle. She found residues of all kinds of psychiatric medicines like solo often SELECTA and fourteen other medications medications. Now if that's going there that water is then being sent back to our homes for us to drink and we are getting that dosages back in micro quantities and we're getting that magnified amounts also for eating the fish. I'm just trying I'm going through these scrap extrapolation getting increasingly concerned. I'm just wondering. How normal is this with other countries says well they're just sort of this problem globally or is the US particularly bad the more the more industrialized the more industrialized society is the more likely you are to have these problems now? There are some countries particularly Israel in Singapore that have very aggressive systems for purifying the water for reasons unrelated to Necessarily health reasons but it's really for water scarcity reasons. They have a reason to do this. And there are some parts the United States and I talk about in a Chapter Orange County California which has made a decision to basically cle- ignore the EPA guidelines. Go Way above it and they demonstrate the fact that using known technologies at very reasonable prices you can have the safest drinking water. Possibly the pure water you'd think that Zoloft PROZAC or something. Everybody happy a little bit happier. Exactly so seth so private versus public water utilities. Tell us that the compare and contrast there okay so this was a piece that I wrote the other day for the Wall Street Journal and I want to. I want to highlight something that is completely unknown. Fact in American life even when I talked to members of Congress and the senators they have no idea. There's the case you would think rationally speaking fifty states. Oh maybe every state should have at least one and what are you telling maybe two maybe three so maybe there should be three hundred four hundred maybe five hundred. What are you toys United States tops? Even though you could say that when you could cover several states we have in the United States over fifty thousand. What are utilities one county Los Angeles County has two hundred separate water utilities? These are very tiny. They have no ability to have the financial wherewithal in order to get the financing that they need to make sure that they can in higher up to date Up that they can buy up-to-date technologies hire the most advanced scientists and engineers and also fix their broken infrastructure. Is Crazy Risi just real quick here. Who has the interest of keeping all of these smaller utilities open for utilities? Okay so no one of the Public Lisa. Nobody in the public should the second thing that this is a good idea. And it isn't a good idea. That's why one of the main thrust of my book talking about Public Health. Water is to say four big takeaways from my book. One of which is we must consolidate our drinking water utilities and by the way I a second point that I made in the journal Article is that it turns out that about fifteen percent of American. Utilities are in private hands which is investor owned hands whether they're public companies or private companies remarkably digging deep into EPA A health data which a couple of professors have done. You learn something remarkable. which is that although you would think that public utilities have the public's interest in mind actually we there's a much higher incidence of contaminated water in public utilities? And the reason for that is because mayors want to keep the price low and therefore the don't get the Outcomes you want set Siegel. Thanks for joining fascinating. Discussion set Siegel activist author member of the Council foreign relations author troubled water. What's wrong with with what we drink? That's coming October. I also author of let there be water. Israel solution for water start starved world. I am very interested in that Tom. Freidman near Times op-ed today on that the topic using the work of seth very

United States EPA America Great Lakes Congress Council Of Foreign Relations Seth Israel Interactive Brokers Siegel Wall Street Journal Typhoid Tilleke Michigan Public Lisa Singapore Los Angeles County Paul
Trump announces tariffs on metal imports from Brazil and Argentina

P&L With Pimm Fox and Lisa Abramowicz

00:10 sec | 3 years ago

Trump announces tariffs on metal imports from Brazil and Argentina

"The day started with some tweets from President trump saying that he planned to re implement some tariffs tariffs on Argentina and Brazil having to do with steel as a result of their devaluing their

Donald Trump Argentina President Trump Brazil
Discount-broker stocks losing further ground in wake of Schwab commission news

P&L With Pimm Fox and Lisa Abramowicz

04:02 min | 3 years ago

Discount-broker stocks losing further ground in wake of Schwab commission news

"Let's switch gears though sticking with Wall Street and talk about Broker Commissions Today Day this morning there was news that Charles Schwab is eliminating commissions for stocks. ETF's and options listed on U S or Canadian exchanges the race as to the bottom accelerates David Ritter payments specialty finance analysts for a Bloomberg intelligence joining us from Princeton New Jersey David. What do you make the news well. It's been something that's been a long time coming. I mean obviously fee compression brokerage in an asset management more broadly is nothing new. I mean interactive brokers made their own own move last week to cut commissions two zero for basic stock trades so I think it it's going to have the very different impact on the different players players in the market and Schwab's case you know they only earned about fifteen percent of their net revenue from trading commissions verses e-trade and td Ameritrade where it's more than thirty five percent. I think you're seeing that reflected in the action this morning but but Schwab is really more an asset gather than anything and and so I see this move for them as a recognition of the fact that you know we don't WanNa lose customers and assets in the long term to these new stock doc trading apps whether it be Robin Hood or whether it be J. P. Morgan is you invest because that's how they make money they make money on new net new assets coming into the company and then you know sixty percent of their revenue is net interest income so they're essentially a bank right so they're paying low interest and Dan reinvesting that money and save security so that's the real driver not trading commissions. It's interesting look at the stocks mention Dave Schwab down nine percent. Td Ameritrade down about about twenty two percent today an e. trade down eighteen percent so kind of right in line with what you were saying and my question is kind of talked to us about some of these new technological competitors offers that you mentioned kind of robinhood and things like that gives a sense of what they are and what kind of market share they taking yeah well in the case of robinhood. You Know Very Rapid Growth Bruce Company several million customers already offering quote unquote free trade what underrecognized though is Nothing's free a write in the case of all of these retail brokers that charge the customer Azero trading fee. They're sending those traits to market maker so companies like citadel citadel and they're getting paid. What's called payment for order flow for those transactions so in their released last week. Interactive brokers was very candid they they said well you know this is how we get paid and if you still want best best execution you can take our four. Fi product instead of our free reprised so I just thought that was an interesting way to to approach it but you know certainly these things are having an impact and for Schwab. They finally said to themselves look we. WE DON'T WANNA lose these customers 'cause they're young people right so they're really the future drivers of their growth right now. Looking at Schwab shares down now more than nine percent so shareholders aren't buying it. Yeah I mean I think for both of them. When I described a minute ago what percentage of revenue they get from trading trading commissions I think the market is pricing in perhaps half of that revenue going away. It's interesting because the last round of price cuts was a couple years ago. Oh Fidelity sorta kicked it off by going to four ninety five trade and Schwab matched them what happened across the entire industry was fascinating is that the net inflows to the the companies and the trading volumes increased so it actually drew in more customers and so again I think that's Schwab's rationale here is we're trying trying to remove any impediment to folks either getting more active or becoming active in the markets for the very first time and then going going forward into the future so not sure. We'll see exactly that again this time but that's what we saw last time.

Charles Schwab Schwab Interactive Brokers Td Ameritrade Princeton New Jersey David Ritter Bloomberg Growth Bruce Company Robin Hood J. P. Morgan DAN Nine Percent Thirty Five Percent Twenty Two Percent Eighteen Percent Fifteen Percent Sixty Percent
Index of U.S. leading economic indicators climbs for July

P&L With Pimm Fox and Lisa Abramowicz

05:56 min | 3 years ago

Index of U.S. leading economic indicators climbs for July

"Today's july conference board leading economic index which actually came out positive and more positive than people had expected here to talk about. It is bart van ark. He is the conference board's chief economist joining us but i just want to get started with the numbers. What exactly did we see in july well. It's a pretty broad based improvement actually into numbers so <hes> particular helps. Here's housing permits have picked up a fair bit. An employment insurance earns claims have gone down which was mentioned just earlier stock prices in july. Were okay not an artist of course when you're either leading credit index okay. There are few downsides you know for example komo. Ida is an index has been down july. That's being continued but if you balance it all out it was actually somewhat stronger improvement. We had expected and i think what's very important. It's not just one month. You've also are six months average has improved quite a bit and he's sort of back on track about open eight percent growth so the expansion just seems to extend a bit further. It's interesting the <hes> <hes> some of the data your data today some of the p._m. Data at it. I think we're just thinking back to some of the retailers that reported this week. You know just kind of reinforcing this narrative that at the consumers generally pretty strong there but let's flip to the manufacture and that seventy percent of the u._s. economy but that thirty percent manufacturing side showed some signs this continued show signs of weakness and we certainly have seen some weaker numbers out of europe including germany so kind of what are you seeing on a manufacturing front yeah so the manufacturing psycho still very weak issue say dire highly highly dependent on what's happening in the rest of the global economy over germany was u._k. Japan significant parts of asia are week so that's why we expected. Industrial cycle will continue to be downbeat on this whole story but you're saying the u._s. It's the consumer which really matters as long as the labor market remained strong continue to see some increases. I think will pull us along for a while. How much of the increase in the unexpectedly large increase in this leading the economic indicator index is due to lower rates and the idea that the fed was going to cut rates more than people had previously expected earlier in the year yeah. I think it's a little bit early to expect that to change in tune of the federal reserve has already playing out into the numbers etc confidence site so i think on the confidence site right we will. I think it has helped consumers to hear the story that there's you know lower rates and that helps them. A little bit is the only thing is about housing. You did see an improvement in housing in your there was an improvement in some of the credit metrics which have to do with also lower rates makes it easier to borrow and refinance and as well as equities right that's and part of one of the one of the factors in the index so all of those things were sort of supported and i'm just wondering how much of a boost that is. I think the mortgage rates are by far the most important in here and that of course because that's where you will see these long rates putting putting through into the mortgage rates becoming lower so i think that's why did housing permits number comes nice offer for housing indicators that those all look pretty well so i think the housing market is a very important part of this action so it's interesting the lot of talk kind of growing talk a with the better recession in the economy. Maybe you know i guess in the beginning of the year. People can omid twenty twenty now. Maybe push the late twenty twenty two twenty twenty one but i guess what what what is your data showing you as and what are your thoughts about pending recession given just how far we are in the cycle of i would say i mean despite i today's good number which were very happy about we still believe that economies on a nice edge and <hes> so default scenario is a gradual slowdown of the u._s. Economy me too about two percent for the remainder of this year which is slower than it was last year and the average to beginning of this year and into next year we'll be around two percentage wise as the underlying the long term growth rate of economies who are more at trend but there is a down a potential risk of course a very very high and again to consumer media metrics here. There's a lot of uncertainty and economy. The consumer seems to be okay with it. I mean you all the news comes in and goes out in everyday changed on balanced. I think it's kind of okay but if any of these uncertainties rhetoric is brexit or the trade trade disputes or hong kong is turning into a big shock to the consumer could pull back and that would be the alternative scenario of much faster slow down so you say that even even though this is positive you think that the economy is on a knife's edge. What in the numbers is giving you that sense. Well i think in numbers there are still as as we have seen in. Today's numbers vary a little but the underlying economic fundamentals have been weakening. You know i mean we're we've been gradually slowing down to this trend growth of the economy yesterday. There's still strong but we're adding fewer jobs but activity is going up but it's not going very rapidly so if you add all these factors up and the u._s. economy is not gaining team where just extending the expansion and that puts the economy at a nice edge because if there's a negative shock in the economy you can very quickly get into trouble but again. It's an alternative scenario r._e._o. Probabilities on the default of about two percent growth and are you expecting any kind of trade deal done before the election or you. Is your base case assuming now well. The question is what what exactly is a trade deal. I think both the u._s. And china want to get to some kind of agreement because his beckon thorvald not agreeing on anything not helpful to question is what is the nature of that agreement and most important thing of course is to get these terrace of the table or at least a fred of tariffs and gradually pulled them back better we will have more fundamental agreement which deals with intellectual property not and technology and and fern direct investment arrangements. I think that's probably something that will take more time bart van. Thank you so much for joining us part dizzy chief economist for the conference conference board. Thanks for listening to the bloomberg pl podcast you can subscribe and listen to interviews at apple podcasts or whatever podcast platform you prefer on paul sweeney. I'm on twitter at p._t. D._t. sweeney and lisa abramowicz on twitter at lisa abramowicz one before the podcast. You can always catch us worldwide on bloomberg radio.

Chief Economist Twitter Germany Paul Sweeney Lisa Abramowicz Bloomberg Bart Van Hong Kong China IDA Europe Asia Omid Twenty Twenty Japan Apple Two Percent
Tesla Meets Model 3 Production Target, Ramps Up China Factory

Bloomberg Daybreak

04:24 min | 3 years ago

Tesla Meets Model 3 Production Target, Ramps Up China Factory

"Wedbush analysts, Dan. I've says tesla now faces a quote Kilimanjaro like uphill climb to hit this year's profitability targets. The perfect storm that's forming. Analysts point to demand for tesla vehicles as the big problem right now. Which sounds strange considering the sizable wait list for its model three but the expiration of tax credits. For electric cars is also part of the picture. Ravinder Gill is a senior analyst at Needham, demand for the model three in the model S X is decelerating, particularly the model S in the model X, the only sold twelve thousand units in Q one that was down forty five percent you're year, even assume you're pretty big snap. Back in the second half, they're still going to be down thirty percent. Because competition is pretty significant in Europe. These are old models. The model three they basically had depleted their high end version of the model three in the second half of last year. They took advantage of a tax credit, that backlog of orders has now gone. And now they have to kind of go into the mass market at the very same time when the credits expire, or at least get cut in half and then go away altogether next year. Tesla's been looking to China as its next big area for growth going so far as to build a new gigafactory in Shanghai. But now as a trade war between the US and China escalates that's looking like less of a sure thing Bloomberg's Lisa Abramowicz. Explains. Expediting ships of parts to try to assemble tesla clinicals ahead of the terrorists. This is a huge problem for it. And even though to me have not yet been put on the list of things be terrified by the Chinese people are expecting that could be next. So tesla is facing some very real challenges heading into the second half. It's also coming off a year that saw CEO Elon Musk face off with the securities and Exchange Commission over his tweet about taking the company private musk eventually settled with the SEC, but he went on to post additional tweets that the regulator says violated that settlement, he also fired office series of posts, criticizing the SEC for some must sanctions raise questions about the companies leadership and SEC Commissioner Robert Jackson. Thanks Mosk got off to easy. Here's my fundamental problem with what happened. Whatever you think of that settlement, Mr. musk signed it. And when you sign an agreement with the securities and Exchange Commission with the blessing of a federal judge I just think you've got to be held to the deal you Struckmann and at the end of the day, there was subsequent activity that I think we all felt, and we brought a contempt motion, we, obviously, all felt that he didn't file the deal that he cut musk now has tweets related to Tesla's business pre approved by a company. Lawyer, the CEO is also known for going after shortsellers on Twitter. His company is often a target for those investors. The bet has paid off this month with profits for tesla shorts exceeding a billion dollars in may. Steve is men's a money manager at Neuberger Berman. He famously predicted the collapse of subprime mortgages before the two thousand eight financial crisis. I'm short, tesla, but I've never been short tesla big because it's an incredibly volatile stock and a response information that I think is unimportant, and I've done well in the short and tesla. I think it's going to go lower is men's not alone. According to research from S three partners. Tesla continues to be one of the most. Most popular short positions among US stocks and just last week analysts at Morgan Stanley, put their worst case scenario for the share price at just ten dollars somewhat of a shocking number considering the stock spin trading around two hundred dollars still tesla bowls, like Oppenheimer analyst, Colin rush say the future is bright. His target is above four hundred the simple of side, is that they continue to make cars and people continue to buy them healthy. Right. And that's what we're continuing to see right now. And then the second layer of this is really can they migrate from this EV market into the Thomas market? And I think there's a big question around that. But our model is really based on just their ability to sell electric vehicles at a successful rate, and we feel very good about that call at this point, and leave the Thomas p says a free option for skeptics Tesla's valued like a company poised to revolutionize the auto industry with no concrete signs that it will actually Chievo that lofty goal if it was valued in line with its peers, say with a price to sales ratio matching General Motors test. La's value would be just a quarter of where it

Tesla Ceo Elon Musk United States SEC Lisa Abramowicz Exchange Commission Europe DAN Ravinder Gill China Shanghai Needham Steve Senior Analyst Neuberger Berman Bloomberg CEO Twitter
DERM Stock Up 100% After Dermira Announces Positive Trial Results

P&L With Pimm Fox and Lisa Abramowicz

00:43 sec | 3 years ago

DERM Stock Up 100% After Dermira Announces Positive Trial Results

Big Oil Companies Finished 2018 Strong Despite Plunge in Oil Prices

P&L With Pimm Fox and Lisa Abramowicz

06:24 min | 3 years ago

Big Oil Companies Finished 2018 Strong Despite Plunge in Oil Prices

Bristol-Myers bulks up cancer portfolio with $74 billion Celgene deal

Bloomberg Surveillance

01:22 min | 4 years ago

Bristol-Myers bulks up cancer portfolio with $74 billion Celgene deal

"Dismissed or quit depending on whose version of events. You follow? Officially Tom dependent gone will continue to do what it always does. It will stand on a wall on defend this country to the Admiral Stavridis, some what if you could just sort of use your navel and strategic background in the context of China and a book that you have recommended called on desperate ground, and what we should take away from reading this book by Hampton sides about China and understanding them, not only from a military and trade perspective. But from a political and cultural perspective. Yeah, terrific question. The book is about the Korean war, and it's a cautionary tale for modern times. Right. In other words, we know what? War on the Korean peninsula, would look like hundreds of thousands if not millions dead that was before there were nuclear weapons involved. So a we ought to take the cautionary message and be we ought to. Remember when China's back was pushed to the wall by MacArthur with US troops surging north. They responded they responded hard. They pushed us all the way back down that peninsula. We should not underestimate China's will in a military conflict. So I wouldn't say we're quite on desperate ground yet between the US and China, but skirmishes lead to wars we need to be very cautious and careful in how we deal with China. So what is the scuttle butt among your colleagues and other officials in an outside of the military about the future of the United States role in the Pacific. We need to remain engaged to walk away from the Pacific takes away from the economic engine of the earth on the other hand, we have got to find a modus Vivendi with China, and I'm particularly concerned this week with the exchange of messages, if you will between president gee of China and president sigh of Taiwan in their New Year's messages. They went back and forth about unification that could be a real flash point in twenty nineteen. That's been relatively quiet over the last decade. I, of course, identified you Fletcher school. And of course, you exited tufts and Fletcher school here after five years herding cats known as a faculty, and I would love to know within the vogue of international relations. What was your biggest surprise for students within the international relations after five years? It's Fletcher it is so in now to do international relations. What's your message to students undergraduates graduates, and their parents who want to pursue are? Number one by far is that international relations gives you an opportunity to serve to serve your country eventually in the military, but in the diplomatic core at the Central Intelligence Agency. In international business is a form of service engaging globally provide service to the world, and I'll close by saying our students focused in particular, Tom on his shoes of equality, globally and the environment, and it's very idealistic space for students to be in. And I think is a very powerful one in today's world. Thank you so much greatly. Appreciate it writing for Bloomberg opinion as well. Former NATO supreme allied commander as well. I thought his insight there on Taiwan is fallen beneath radar. That's over though. It's on a lot of people's radio. But within the markets that we folk. Focus on that was really suggested a geography lesson to get out and just start plotting the actual distance between China Taiwan and South Korea and North Korea and Japan. It looks a lot smaller than the Gulf of Mexico, and I talk about book here. Please my book of the summer, folks. Robert Kaplan, Robert d Kaplan, the return Markle's polo world, and if you're really motivated, his previous book Asian cauldron is about the geography, Mr Fox just talks about how can we think about these issues? If maybe we know the map, but even better if we actually understand the distances between these different countries and putting you're so right about that difference between Formosa from another time and place in China as well futures a negative twenty four Dow futures negative to thirty eight the yen one oh, seven seventy four. Now, let's go to Mr Michael Barr and find out what's happening in the world. Mr var. Thank you, ma'am. Thank you, Tom. The new members of congress will be sworn in today. Democrats will take back control of the house while the Republican majority in the Senate grows by two in total. One hundred twenty seven women were served in the one hundred sixteenth congress being sworn in today. Do members include several I such as the first two Muslim women from Michigan and Minnesota they'll take the oath of office on a Koran that belonged to Thomas Jefferson. We'll also see the first native American women and the first African American women from several states US ambassador met with Paul. We learn the American arrested in Russia accused of espionage wheelin, a former US marine is being held in one of Russia's most notorious prisons global news twenty four hours a day on air and then tick tock on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Michael Barr. This is Bloomberg com. Kabar? Thank you so much again futures negative twenty four Dow futures negative to forty three lifted yields off yesterday to sixty four in the ten year thirty year bonds still under three percent two nine six percent. This is Bloomberg. Imagine the markets in focus every business day, P and L podcast with Pimm FOX and Lisa Abramowicz stock has not reacting happily. What's behind this engine of gains today analysis of the day's Wall Street action from Bloomberg intelligence, Bloomberg opinion, and influential news banker spill roads is the author of banker to the world wars McCarthy joins us right now with Pimm FOX and Lisa Abramowicz. Listen today on Bloomberg com. The Bloomberg business Atmore subscribe on apple podcasts. So we're kids play. Many provide the water we drink, but

China Bloomberg United States TOM Pimm Fox Mr Michael Barr Taiwan Fletcher School China Taiwan Admiral Stavridis Pacific Central Intelligence Agency Fletcher Congress Mexico Vivendi President Trump
U.S. budget deficit widens to $100 billion in October

P&L With Pimm Fox and Lisa Abramowicz

02:07 min | 4 years ago

U.S. budget deficit widens to $100 billion in October

"The topic now is deficits budget deficits when it comes to the federal government here to tell us more as I rejoice he is chief US interest rates strategist for Bloomberg intelligence IRA you have dubbed this deficit day, emberg heaven shoe. Yeah. So so both myself and our colleagues at Bloomberg economics focused on the deficit today. And some reports we put out, and and you know, we took two different angles. So my colleague and Bloomberg economics stink that maybe the government's own estimate of what the is going to be could be as wrong as one hundred and sixty billion dollars in the twenty twenty fiscal year. And I think that you know, that's meaningful. Obviously for what I do. Because that means that the treasury department might have to issue, you know, an an extra fifteen billion dollars a month of debt that maybe we, you know, some people don't have in their forecasts right now. Okay. If they don't have it in their forecast to they have the money in their piggy Bank in order to buy all that. Yeah. Well, that's one of the questions is at what point do people book and say, you know, deficits are too big. So normally, it's a, you know, when you have growing deficits as long as the deficit is growing somewhere around the the the level of nominal GDP growth. It's not really that much of an issue because you that means that the, you know, the entire economies growing you can fund the deficits because you have higher income. You have part of that income is going to be saved and and corporations even need, you know, to fund pensions and other things like that. So there's there's money coming in. But the the thing is is at at this point at least for the next several years. You're not like to see that you're like the deficits growing faster than the level of nominal GDP growth. And that's where you can get challenged. And that's why you need foreign investors, for example, to at least make up a little bit of the shortfall from domestic investors in and you haven't seen that the last five years foreign investors have. I've not been not been buying US debt on a net basis. So that there's some very large holders, but they haven't been buying more debt than than they had say in two thousand eight nine

Bloomberg Bloomberg Economics Federal Government United States Piggy Bank Treasury Department Fifteen Billion Dollars Sixty Billion Dollars Five Years
Trump seeks to base Medicare drug prices on lower overseas rates

P&L With Pimm Fox and Lisa Abramowicz

07:51 min | 4 years ago

Trump seeks to base Medicare drug prices on lower overseas rates

"Just half the country and just part B medicines for the national price index. But since those prices are so much lower. If you actually follow through with this index prices in the United States will come down for for seniors. And you know, it's sort of a curious way to go about it in that we're sort of importing the sort of price controls and restrictions that we, you know, the the the administration has said it previously doesn't like just kind of doing a backward way, a backdoor way of of importing them. So so it's interesting way to go about it. But it should actually bring down price mostly because you know, theoretically drugmakers could raise the prices elsewhere, that's sort of the angle that the administration is going with to sort of explain ideologically, what seems like a sort of in congress move from them. Basically, they're saying, you know, we're they're freeloading off of us were paying for the innovation and they're benefiting from us. But it's it's not so easy. As to go to the UK and say. Hey, we're raising the price the UK can just say, we'll know they've proven themselves willing to do that. So. Yeah, that's why I do think the price will actually come down here. If this goes because I had all right? Well, let's just office. I'll offer some examples and get your thoughts on this the price of a vast in which is a cancer drug in the United States. You're going to end up paying about four thousand dollars for vast in Switzerland, you pay unto two grand in Spain. You're paying about fifteen hundred and you mentioned the United Kingdom you paying about five hundred dollars for the same drug Harv Oni, which is the hep C drug. You're paying like thirty five thousand dollars in the United States. And in Switzerland. You're paying sixteen seventeen thousand weight of those numbers come from who sets that price. It's the drug maker. And it's all within the context of a different system. Like, you know that that her Volney? After discounts in the commercial arket is probably a little bit lower. But is actually a really good example here it is a biologic I administered in doctor's offices so apart beat drought. And when it's used for cancer patients, so one that has a lot of Medicare reimbursement. And in this case, it a part of it is just that these healthcare systems are willing to play hardball, negotiate. They negotiate on behalf of the entire country, in many cases, as opposed to kind of the piecemeal way, we do that. And also the other thing is that there's more robust bio-similar competition in other countries they've been quicker about. Getting competition to the market for these expensive drugs. So we're hoping to sort of both import that aggressive negotiation and the more aggressive competition for biologics these markets. I want to go to something that you hinted at which you said that if this gets implemented, and it's a very big f and we could talk about it till let's talk about it. Why is it such a sort of longshot? It sounds like you. So one thing that this is reminiscent of two people that have been following drug prices for a long time is a similar CMS demonstration by the Obama administration that also tried to move physician reimbursement to a flat fee and implement a variety of reference pricing though, though, a different one in many ways, it was actually a milder proposal, but it was absolutely ripped to shreds, by the far mind physician lobby and Republican lawmakers. This is really interesting. In other words, they're taking a page from the Obama administration in crafting this proposal. Republican congressmen were not in favor of this. Now, President Trump is proposing it wouldn't it potentially have a greater chance of getting through because there is more likely to be Republicans support for it, given President Trump's leadership or do you think that that's still it's not enough to sort of get this pushed through it's it's pretty unclear in. It'll it'll take some time for that to play out. But so far I'm thinking of a statement that that Orrin Hatch made the Senator from Utah. It was to to call it tepid would be would be exaggerating a little bit, you know. So it's just sort of an awkward and a little bit out of character proposal for Republicans to support and time will tell whether the Trump effect, you know, the kind of move towards the populist will lead them to support something that they they vehemently oppose. Another version of in the past max, the United States has no government panel that negotiates drug prices. Correct. That's correct. It's all left, for example in Medicare Part d two private plans, and it part B part. It's just kind of left up to the drugmaker supposedly, there's not much negotiation. At all does that make any sense. You know? Government is footing the Bill, it's basically, you know, leading one of the world's largest purchasers of healthcare services, and tossing one of the biggest benefits of that. Which is a huge amount of negotiating power tossing it by the wayside. And instead of using that going by this very complicated back door in poor taste of other people's negotiating power for part of the market. So get that would one would think that the Lor of impactful proposal would be to just use that negotiating power. But that appears to still be off the table. Thanks very much for being with us. Max Niessen is always an expert when it comes to all things healthcare, Bloomberg opinion columns covering the healthcare industry. You're listening to Bloomberg markets. Let's just say that the s&p five hundred has fallen ten percent from its all time high. Also CNN is reporting that authorities have arrested a man in Florida in the explosives package case. We'll keep you posted. This is

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