17 Burst results for "Mario Cordero"

"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:30 min | 3 d ago

"mario cordero" Discussed on Bloomberg Radio New York

"Peloton. That is a Bloomberg business flash. All right, Charlie, thank you so much. So, Tim, remember how we were all on a buying spree during the pandemic? Yeah, are you still waiting for your couch? Just a few things. Well, the same goes for those of the shipping industry who are looking to invest record profits made during the pandemic, container lines, men they went on a buying binge. Well, now all those new vessels will start arriving and they've got to be named just as the global economy is slowing. This story in the upcoming new issue of Bloomberg businessweek on newsstands later this week already online at Bloomberg dot com and on the Bloomberg terminal with more, we've got Bloomberg businessweek editor Joel Weber, and Bloomberg news trades are Brendan Murray, who joins us on the phone in London. Joel's here and our interactive brokers studio. So Joel, how do you name a ship? Well, you go to the Midwest and you sort of like throw a dart at a map and sometimes it lands on a place called made view Missouri. So Brendan, why is mayor who makes a lot of big vessels, some of them bordering on 400 meters even. And these are the style of cargo vessels that alluded to that are going to be hopefully coming to coming to oceans near you and helping alleviate but not too many problems. Not too many. But why did Mars, you know, coop and Hagen based company go to me view Missouri to name one of its ships, which that name will be the Maeve Maersk. That's right. So merit is a 120 year old company and they're very proud of their history. A guy named Arnold Peter Mueller, married a woman whose family was from the tiny town of May view Missouri. This was about 50 miles east of Kansas City. I tried to find a stoplight using Google Earth and I couldn't find one. That's not to say it's the folks that aren't proud of it. And I'm told there's even a plaque commemorating the fact that they've got one of the world's biggest ships named after the town. Okay, so names aside and maybe we can spend a little bit more time with that yet, but Merck isn't even the biggest buyer, right? Like who are MSC is one name that's come up in some Bloomberg business week stories lately. It also happens to be a big buyer of ships. That's right. So this industry is a container shipping industry made record profits over the past two years. Basically because we all bought things for our backyards or our home offices. Now that is starting to cool off. But in the meantime, they've all and it's dominated by about ten companies half in Europe half in Asia. MSC, as you mentioned, is the biggest one. It's sort of fairly low key company based in Switzerland owned by an Italian billionaire that and they are going full they're putting all their cards in the ocean freight game and they are they have something like a 130 ships on order now at about a 150 to $200 million per ship. So I'm going to do the math for me on that, but it's a couple of 20, $30 billion worth of ships they have on order. So yes, but mayors on the other hand is wants to be more of a door to door kind of end to end logistics provider. So they only have a couple dozen ships on order compared to probably ten times the amount that ten times more than MSC has. I got to say, I keep thinking of a conversation Tim and I had recently with Mario Cordero executive director. Who talked about shipping containers being canceled. You know, very different from what we saw in the pandemic. There's no backup, prices are coming down. It's a very different environment. Are these guys, did they make some wrong bets? Well, they don't bet on a couple $100 million on a container ship on what's happening over the next 12 to 18 months. These are investments of 20, 30, 40 years sometimes. But this is a very cyclical business. It rises and falls with the economic tides. And we are the economy, the global economy, is softening. And all these ships are going to hit the market just exactly the time when they don't need them. Container ships are kind of like hotels. And if they're not filled, they're not making money. And if they're not making money, then the price comes down. So that benefits consumers, we're going to see and companies like Walmart and Ikea that use a lot of shipping services. They're going to see their rates come down and probably stay down as our Bloomberg intelligence logistics analyst said, we're going to see low ocean freight rates well into 2024. Is it time to talk about the names again? Because you can talk about the names again. Why not talk about the names again? Brendan, I'm curious, since you did some dogged reporting here. What did you learn about names that was, you know, as somebody who follows this stuff so closely, what was the big reveal for you in the naming of how we get these vessels that sometimes become iconic and pop culture in the case of the ever given? Right, so if you bring up the ever given. So evergreen marine is the Taiwanese company and they like consistency. They like putting ever in front of the name of their ship. So they've got dozens and dozens of ships that's the ever burly. I think there was one the ever superb. I'm just saying any noun, you know, fill in the blank. And put ever in front of it. And that's how they name their ships. Other companies, it's some source of corporate pride. I mean, the MSC said that they named theirs after family members of employees. So maybe it's a kind of a motivational thing. Have a good year and you get a ship named after your kid or something. Well, Brendan, I mean, you've done so much reporting on this, have any companies come to you and said, we want to name this one after the trades are at Bloomberg. Well, you know, I did lobby for that with Merrick and the public relations guy who I talked to said. You got to get in line behind me because I won't say his name, but he kind of quietly wants one named after him. The reason I say they ever Brendan has a kind of nice thing to it. It does. Don't get stuck in the Suez though. I agree. Exactly. Well, there's 900 ships coming over the next three or four years. And so you've got to figure one of those could be named after one of us maybe. We didn't come back to may view Missouri. Why maybe you again? So made you stuck out to me because I'm, well, number one, because I'm from St. Louis. And I wanted to know, how did this tiny little town literally, like I said, no, you know, there are any stoplights, it's a fairly, it's not even a suburb of Kansas City. It's kind of just an old farming community that has basically had two or 300 residents for as long as I could see the census data to go back. And it meant something to the history of the company I spoke to the historian mariska has an in-house historian. And he said that the and there are family members descendants of the founder who still work for the company and that's

Bloomberg businessweek Missouri Joel Weber Brendan Murray Bloomberg Maeve Maersk Arnold Peter Mueller Joel Brendan Tim Mario Cordero Hagen coop Charlie Midwest
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:24 min | Last week

"mario cordero" Discussed on Bloomberg Radio New York

"Going to be mild. It's going to be brief, but nonetheless, that's going to be the outcropping of the fed, raising interest rates close to 5 percent within a few months. All right, that, of course, is Dana Peterson. Chief economist of the conference board earlier on Bloomberg TV, but yeah, I know our focus is on earnings and what the CEOs have to say. But what the fed does or overdoes or doesn't do enough, this will be really key in terms of what kind of recession what kind of economic growth and what kind of earnings we get later on in the year. Well, I think everyone's in agreement that we are at kind of some degree of an inflection point here. Now, of course, we all disagree on whether that means the fed will pause, whether they will and signal that they're going to pause. And sort of what comes next. And I think the big thing is when you look at the data, Carol, we talk a lot about this. When you put the trend together from basically midsummer last year until now, it's clearly the trend that the fed wants to see. The question is, is it going fast enough for the fed to pause, and more importantly, do they really believe that we're going to get back down to those pre-pandemic levels when it comes to 2% targets and the other sort of metrics that they're looking at? Well, we know the bank of Canada is pausing if that's any guide. Like I said yesterday, Canada speaks. Bank of Canada. They're the bellwether? They're the bellwether. I'm saying it. We're trying to look at we look anywhere we can. To the Canada. The point is there are new normal when it comes to inflation. Remember when it needs to go whether a few months ago? No. I can't think about that. Let's go back to Tesla. Tech company car company. We're going to continue this conversation. We'll be back in less than an hour's time across platform. We call it beyond the bell. We're going to count you down to the close and lots of earnings, including Tesla after the close. We'll see at 4 p.m. Wall Street time. Baby I am moving way too fast. All right, so there's a lot going on and let's not forget, as we just talked with our TV collies, a lot of earnings after the close. What do you see? I have so many comments now that now that are TV Friends. Don't take them away. I want to say there were two things I wanted to say. One is go back to what Mario Cordero, the executive director of the port of Long Beach told us earlier. Very murky for him. He has no idea. And it's interesting because it did say that you talked about a big reduction in container costs. I think you said 90% because we've got more capacity, but he said, you're seeing, I guess, shipments or bookings of containers being canceled because of diminishing import levels. He said what he said, but the economy is slowing, which is what the fed wants. The other thing I wanted to say, Carol, when remains said, we're at an inflection point. You should back up, you said, too. Right, exactly. Yes, since November, it's pretty remarkable. Is that inflection point you were going to say? Oh, yeah, the inflection point is that the unemployment rate is so low still. It's so hard to say we're in a recession, but unemployment rates so low. So maybe we do have a recession, but it feels like it. No, but the job market still kind of chugs along. But when it comes to the tech sector, that's a sector where we've seen lots of job cuts and that included Microsoft which, as you know, it's a tech bellwether and a reported earnings last night. After an initial market rally last night, it really kind of came undone as the company got into commentary and on the outlook Tim. Yeah, we're actually seeing shares of Microsoft apps just flat right now. Interestingly enough, Carol, they were down as much as 4.6% earlier. For the company and for the broader tech and a market indications, we turn to Bloomberg intelligence senior software and IT services analyst on who joins us via Zoom from New Jersey. Okay, on rock. Explain what's going on here because, you know, you're pretty optimistic after that. You were really optimistic shares were sharply higher yesterday when we were speaking to you. Again, this was before the conference call. Then the conference call happens. Satya Nadella makes some comments about slowing growth when it comes to Microsoft Azure. The company's cloud business suddenly, everybody starts selling and then today, stock opens lower by more than 4.6%, and here we are, they're flat, help us make sense of this. Yeah, as I said yesterday to you, it's all depends on the guidance of what they say on the call. So the stock was very up after the earnings because they beat the cloud numbers by one percentage points. And when they gave guidance for cloud, it was two percentage points below what consensus was looking for and people started selling. I mean, I think a lot of this is driven by people who have short term expectations on some of this stuff. And I think that's really what is driving a lot of the movement in technology. As you rightly said, you know, unemployment is very low across the board, but in the tech world, over the last several years, we have seen some massive growth rates both in terms of revenue growth and employee growth. And this is the area we're seeing, I would say the biggest drawback of what tread is doing is people pulling back tech spending. In a company like Microsoft analog, how much do you look kind of much longer term rather than quarter to quarter? I know you report on it quarter to quarter and then some. But I mean, is it a company that you really think much more longer term than it is in the right avenues of business in the right trends in the areas where there's growth? Yeah, I have no doubt in my mind if once the stock raising rates and the business executives around the world saying, okay, I don't need a panic as much. I need to start thinking about my next generation technology framework. Microsoft thought it's going to go back up. It's going to go back up and double digits. You can examine the growth rate over the last 5 years. It's hovered

fed Dana Peterson bank of Canada Carol Tesla Mario Cordero Bloomberg Canada Microsoft Satya Nadella Long Beach Tim New Jersey
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:31 min | Last week

"mario cordero" Discussed on Bloomberg Radio New York

"S&P down ten drop there of three tenths of 1%, I'm Charlie peloton that is a Bloomberg business flash. All right, Charlie, thank you so much. As we mentioned earlier, the Bloomberg big take today a story in the upcoming new issue of Bloomberg businessweek out on newsstands tomorrow already online. A Bloomberg dot com slash business week, it's also on the Bloomberg terminal, the story, Tim taps into how traditional economic indicators, well, they can't predict the timing of a downturn. And then some of the newer forecasting methods, they're just kind of untested. Yeah, this is why calling U.S. recession is trickier than ever before, especially with all the mixed signals that we're getting. It is just not easy. We hear over and over again. It's not easy to make a USA. This depends from CFOs. It's tough. Here with the story, we got Bloomberg news, U.S. economy reporter Katya Dmitry Eva, on Zoom via the 99 one studio. And Bloomberg bureau in Washington, D.C., along with the editor of business week Joe Weber, he's here in the Bloomberg interactive brokers studio. Come on, Joel. I thought this was easy. I thought all you had to do was be the national bureau of economic research and look in your crystal ball. I thought that tells you exactly when the recession may or may not know. Yeah, and on top of that, no pressure for economists here because they've had some noteworthy misses. Oops. There's inflation thing and some GDP. Oh, those little things? Yeah, so really what's happened here is this there's been a proliferation of data. Everybody's got an opinion now. And what is the best we can come up with with how to figure out how to call a recession? Yeah, there's a lot of data. In addition to the traditional indicators, you also have all of the new ones. Everything from the OpenTable restaurant reservations to where people are flying. And if they're flying, if they're coming back into the office, and then even things like plastic surgery, some economists like to look at that as a gauge of how much people are spending on things that are completely discretionary 99% of the time. So you have a lot of stuff to look at. And unfortunately, unfortunately, it's no easier this time around with this data than it was, for example, during the last recession or pre COVID I should say 2019 when everyone was thinking, okay, we're due for a recession. Four times. The before times. The PC pre COVID times. You know, I think right now there is some indication of stress, there is some indication that things are slowing down, but the tricky thing is trying to figure out when your piecing together all these different pieces of the economy is the image that you get that we're entering a recession, or is it simply a renormalization and kind of a slowing down to something we might have seen in 28, 2019. So that's what's proving very difficult for a lot of economists right now. I'm so glad we're talking to you right now. We just spoke with Mario Cordero, who runs the port of Long Beach. And he was saying that, you know, we kind of tried to hold his feet to the fire. We did. And get him to say whether or not we're in a recession, whether or not he sees one coming. I mean, this is a guy who can look out his window and see the economic activity, you know, how many ships are lined up and the economic activity that's taking part. And he was like, I'm on team soft landing, but he wasn't comfortable making a call. We said like, yes or no, and he wouldn't do it. Yeah, he wouldn't do it. Right. Yeah. I mean, that is the exact same experience that you're going to get with a lot of other economists right now. I mean, even Claudia saw him, she created the song rule. This is sort of when you talk about art versus science and economy. This is pretty much as sciencey as you can get. It's a line on a chart, it tracks the unemployment rate over time compared to the sort of past 12 months unemployment rate. And it is very accurate in terms of predicting at a certain point. Okay, we've entered a recession. And yet, even when I was chatting with her, she was saying, you know, I hope that it's wrong this time around, and there's a chance that it might be wrong. This time around because the consumer outlook is still pretty strong and we haven't seen a lot of kind of impact, negative impact in the labor market yet. And again, I mean, we couldn't enter a situation where consumer spending managers to hold up, right? So we saw the retail sales figures for the past few months, pretty dismal, but we're coming off of that high, right? So we could enter a situation where companies have a bit more room to cut prices now. Now that the fed is kind of done its job and we're seeing inflation slow down a bit. And then we could have consumers saying, okay, I'm going to keep spending. Maybe not like I did two years ago where a year ago, but I'm going to keep this economy going. Everyone's going to keep doing their part. So it just still a big question mark. You know, 1200 words later, 20 economists interviews later and it's still to be I'll do my part. So what about the yield curve? Because that's as you write a tried and true recession indicator, does it still hold as much weight as we've always thought or is it sort of slightly maybe less and these other things kind of take into account what's the new the new thinking on inverted yield groups? Yeah, the yield curve is a funny one. People, people love it, and it's a great, it's a great indicator of what investors are thinking and whether they see a recession down the road. And it's pretty straightforward. When sort of the short

Katya Dmitry Eva Bloomberg bureau Joe Weber Bloomberg interactive brokers Charlie U.S. OpenTable restaurant Bloomberg businessweek national bureau of economic re Bloomberg news Mario Cordero Joel Tim D.C. S Washington Long Beach Claudia
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:23 min | Last week

"mario cordero" Discussed on Bloomberg Radio New York

"That we've still seen is going into your big tech names, your Microsoft, your apples, your amazons, we work quite literally buying the dip. I'm just saying the world was like, no more or no more. All right, guys, we got to run creedy and Abigail. Thank you so much. We want to get to our next guest because our big take today, a story in the upcoming issue of Bloomberg business week. It's talking about how traditional economic indicators can't predict the timing of a downturn. We keep talking about when a recession, what kind of recession, so on and so forth. I think a great indicator is anything to do with transportation. Yeah, one indicator you could say that is often been relied on as a good gauge of economic health is anything to do with transport Carol. And we're lucky to have back with us to that end, Mario Cordero, executive director at the port of Long Beach, who joins us via Zoom in a Long Beach, California. Mario, good to have you with us. How are you? Well, thank you. Thank you for the kind invitation. We'll talk to us about activity at the ports. We've spoken to you a couple of times throughout the last two years. How many ships right now are off the coast, waiting to get in. Zero. So we essentially have no vessel backup since back in November 2022. So it's essentially a great success here in the largest complex for the United States in terms of containerized cargo. Would you say that things are back to quote unquote normal as they were before the pandemic? Well, overall with regard to the fluidity here in the parlor beach, I would say it is back to normal. Obviously, on the other hand, the nation supply chain, there's still some work ahead, but again, far better than where we were a year ago. So tell us what changed. Is it that there's more truckers to pick up the goods off of ships? There's more workers to get the goods off of ships or there's less ships coming in. I know that there's a lot of factors we could look at. What is different? Well, there's a combination of factors, but I think the bottom line here with the economy is as we all know, the imports that come into our nation's gateways and the numbers reflect where we are in our economy. So the good news is I think we're doing very well in terms of the surge that we had that we handled here 20 million containers at the Saint Peter bay complex that is together to poor mummy's Los Angeles. So the economy has slowed, but I think we all have to agree that to a certain extent. It's an intention here given the Federal Reserve and their attempts to control the inflationary rate that we were experiencing in 2022. So part of that plan of action is to slow the economy and the holiday season, though it was successful. It did was lowered in the expectation that some people thought and so I think you're starting to see that the consumer demand is dissipating and yet at last aspect to this is we had very, very high inventories in the fourth quarter of 2022 because of the cargo that was moved here from Asia ahead of time given the surge in Audi bottleneck issues that we were experiencing in 2022. Right. We talked about that with companies, right? They built up their inventories because they didn't want to be caught off guard and without goods that consumers won. And as a result, they didn't need to ship in new. So that makes a lot of sense. When you say that the economy has slowed. So the activity that you are seeing Mario, the level of economic activity, is it similar to what we saw just pre-pandemic, or is it below that level? Give us some more context. You're someone who understands the levels in and out, different economic different economic cycles. So give us a little more perspective in color. Thank you. We are getting to pre-pandemic. In many metrics, but keep in mind that when you look at the economy and the inflationary rate for you all for December, we're now at a 6.5%. Given the peak of what we were experiencing in the summer. 6.5% of what? No, 7 or 7, I'm sorry. 7.1% year to year. In terms of inflationary rate. So. That was in November. In December, we went down to 6.5%. So when you look in terms of what that rate was in the height of the escalating inflationary issue of utmost of 9%, again, good metric in terms of, again, what the Federal Reserve is doing as to monetary policy. The second point to that is we could all agree how much the supply chain was part of the phraseology used by the Federal Reserve in terms of factors that were causing inflation. So the good news, at least for the supply chain, we are not high on the list anymore in terms of those inflationary factors. And I'm talking about supply chain disruption. And of course, transportation costs. With regard to the West Coast, the transportation costs from Asia to the West Coast are now back to a normal type of setting. So again, to your question, yes, I think we're seeing now a semblance of normalization that is pre-pandemic numbers here. Maybe it's a good thing that President Biden isn't visiting your port anymore as he did. In June of last year, right? Yes, and I think I credit to The White House envoy first was John Bacardi and now general Steven alliance and bringing on a stakeholders together to try to address these various challenges we had here going back to the COVID-19 impacts. We're talking with Mario Cordero executive director at the port of Long Beach via Zoom in Long Beach, California. Mary, when you say transportation costs back to normal, is that though still inflated because there's still inflation in those numbers or no. Well, I think transportation costs back to normal, you know, we had about a 90% reduction of what that containerized cargo costs to bring the container from Asia to the West Coast. And I think in large part is the capacity question, you know, we have more capacity here now and of course the carriers are canceling sailings because of that diminished import number. And when I say diminished import numbers, not just a question of the West Coast, is diminished important number overall to the nation. But on the other hand, the good news. If you ask any of these international carriers and the American and the shipper, bottom line, the market here is in the USA in terms of consumer demand. So despite the diminishment of that consumer demand, we are in a very good setting in terms of going back to the pandemic numbers. Just in the last minute we have with you, Mario, any indication to you that we're going into a recession. Are already there, because some say that we could be kind of right there right now. Well, I think there are those who talk about a soft landing and I'm in that category. And of course there were those if you go back to the summer and spring of 2022 who were predicting a serious recession of a magnitude level. We're not there. So I think the good news is I think you're starting to see that number one, the important thing that CPI, the consumer price index is diminishing, and of course, on the other hand, with regard to the recessionary numbers, I think there's still a lot of optimism among the economists that we're not going to have the type of recession that some people fear. So the good news is, yes, there's a cycle here. And I think

Mario Cordero creedy Saint Peter bay Federal Reserve Mario Long Beach Abigail Bloomberg Asia Carol California President Biden Microsoft West Coast John Bacardi general Steven alliance
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:31 min | 4 months ago

"mario cordero" Discussed on Bloomberg Radio New York

"Takes Tim Steiner from Bloomberg radio. It's the second busiest port in North America, generating some 2.6 million jobs across the U.S.. With some 175 shipping lines connecting Long Beach to 217 seaports. So just how healthy do our supply chains look right now with a smaller backlog and fading concerns about potential work stoppages at our docks. And on the nation's rail system. With more on the state of our shipping and cargo industry, we welcome back the executive director of the port of Long Beach, Mario Cordero. When you look at the metrics here, currently we have in the Saint Peter bay complex 12 vessels backed up. I'm trying to get into the ports. So if you go back to January, that number was a 109. So just on that alone, it's a tremendous progress being made. Is any of that seasonal? You know, we're in peak season right now. And I think we're at the peak, so to speak. Okay. Again, you're looking at the numbers of the consumer demand or some softening on that. So for the third and fourth quarter of the year, I think we're looking to diminish demand in terms on the consumer front. I feel like you have such a great vantage point when it comes to what's going on in the economy. We're all kind of on pins and needles trying to figure out what comes next. What is your read on the state of the U.S. economy right now? I think we have a strong economy. We certainly have a strong labor market and keep in mind where we were two years ago. I think part of the two years was terrible, right? The outlier. So are we pre-pandemic levels or how do you interpret a job market? I think we're approaching pre-pandemic levels in terms of the jobs that have been added. Since then. But I think the point is we've had a very fast recovery from a worse scenario that we experience. So in that regard, the economy was real hot. And now, of course, what we're trying to do as a nation is kind of soften that. When you look at the activity at the port and it's really just fascinating about just the amount of flow through there and what 62% of the imports and 21% of the exports moving through your port, largest trading partner country is China, which accounts for. So much of it. Does recession come to your mind a lot in terms of the activity you're seeing? A good friend of mine, an economist, Paul Bingham, who's been following this industry for many, many years, once said, tell me how many containers go through the prolonged beach and I'll tell you how good the economy is. So so far good. There's inflation, a concern. Yes, however, again, if you look at the latest plan of action by the Federal Reserve, they believe they may be able to control this. We'll wait to see what that decision is in the coming week, whether that's .75 or one O increase. But I think it's safe to say that, again, we went through an unusual quick recovery. The consumer demand has really been extraordinary in the last year and a half. Energy prices have gone down. Admittedly, grocery prices have gone up. So I think what we're looking to is, again, a very good job market, good consumer demand, considerably a considerable in terms of what we experienced previously, but again, we are looking at some economic growth. Certainly in the global arena and STI states, I think we're going to feel some of that also. So it sounds like you're saying we're not in a recession right now. Well, today we're not. I mean, is it a removing charger recession for 2023? I mean, there's a debate. I know that all this is highlighted. Do people book help me out with the shipping understanding shipping? Having recently been at the Panama Canal fascinating to just understand it. Same thing with your port, do our company's booking for December? Are they booking for November? How much visibility or how much forward looking visibility do you actually have to get an idea of, wow, things are going to slow down. Well, what I can tell you is part of the problem that we experience here in the nation's largest, most strategic gateway, is the advancing of that inventory. So looking forward to some of these companies were advancing the inventory, but they certainly didn't want to put us back to where we were in the second half of 2020. So I think it's interesting to watch, you know, some bigger company to start looking at their labor force. But at this point, I will say that in terms of the coming holiday Christmas season, we're going to be very well established in terms of that inventory because much of that has been advanced. Already. It's already, it's already where it needs to be. Right. I mean, for the poor laws, if you look at the first 8 months of this year, we've superseded the numbers of our record year last year. At this point, by 4.6%. So that's kind of an indicator in terms of that continued volume. But again, it's going to be interesting to see how we end the third and approach the fourth quarter. Because it does make me feel like people are pulling a lot of stuff forward because they just don't want to be caught off guard. Like things could get more expensive, so they're buying it now. Yeah, or empty shelves, and you don't want that on Christmas, right? But especially if you're a retailer. Correct. And I firmly believe we're not going to see that scenario for sure. Hey, tell us a little bit about what you're saying based on where port traffic is coming from and what that says about economies around the world. I know you guys have a really good view on Asia. Is there any softness there? What we see in Asia, more specifically China, you are seeing a slowdown there. In China. So that is the domino effect. But is that based on lockdowns in China? Is it based on the COVID zero policy or is it all tied to that? It's all tied to what precipitated these times that is the COVID-19 pandemic. So I think again, we'll see how China handles this. I mean, the good news is, I don't think you're going to see the kind of lockdowns in China that we saw in the past. Because there are also watching their numbers in terms of their economic growth. So there'll be a softening and as we approach 2023, I believe that the good news, the supply chain certainly United States, I think we're now seeing some resemblance of normalization in moderation in a supply chain. So that's very good news. Why is it still such a lag or such a problem? And not back to what it should be. I think a lot has to do with the congestion in the inland in the model yards. I mean, this goes back to Chicago and the hubs there. I think the class one railroads have been rather challenged. They have their own challenges with regard to shortage of labor and equipment issues. So I think unfortunately, we've been the victims of the lack of that railcar, which in my view should not happen at the world's most strategic significant gateway. I am disappointed on that point. That's happened. We're talking with Mario Cordero. He's executive director of the port of Long Beach, as we said, it is the second busiest port in North America. And so a great way to get a feel of what's going on in the economy. Do you feel like based on what happened and the supply chain problems and just it wasn't just port issues, but it was trucking. It was just kind of all along the line that we will ultimately see in some ways more automation potentially come into this industry. I think the good news for those of us in this industry, people finally saw the importance and witnessed the importance of a supply chain. We all found out that the supply chain is not as resilient as some people may have thought. We took it for granted. We took it for granted. So the essential workforce, which includes obviously our safety officers, our people in the health industry during this pandemic. But also our people who work in goods move and people who work men and women who work on the docks to truckers, the railroad workers. Essential workers who move commerce, which has a great impact, obviously on our GDP, our economy. So I think the good news for us is not just about talk about how important this industry is. We've seen that particularly from this administration in terms of the investment. The funding in this industry in

Mario Cordero Tim Steiner Bloomberg radio Saint Peter bay port of Long Beach Paul Bingham China U.S. Long Beach North America Panama Canal Federal Reserve Asia Chicago
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:02 min | 4 months ago

"mario cordero" Discussed on Bloomberg Radio New York

"And the supply chain problems and just it wasn't just port issues, but it was trucking. It was just kind of all along the line that we will ultimately see in some ways more automation potentially come into this industry. I think the good news for those of us in this industry, people finally saw the importance and witness the importance of a supply chain. We all found out that the supply chain is not as resilient as some people may have thought. We took it for granted. We took it for granted. So the essential workforce, which includes obviously our safety officers, our people in the health industry during this pandemic, but also our people who work in goods movement. People who work men and women who work on the docks, the truckers, the railroad workers. Essential workers who move commerce, which has a great impact obviously on our GDP, our economy. So I think the good news for us is it's not just about talk of how important this industry is. We've seen it particularly from this administration in terms of the investment. The funding in this industry in America's ports. That was Mario Cordero. He's the executive director at the port of Long Beach. Still ahead on Bloomberg businessweek. We go from ships to cars, and a U.S. auto giant, playing the long game when it comes to winning the race to the top of the EV food chain. This is Bloomberg. What is dedication? The thing that drives me every day is a day is very we call them day to day for short. Every day he's hungry for something, whether it's attention, affection, knowledge, and there's this huge responsibility and making sure that when he's no longer under my wing, that he's a good person. I think the advice I would give is you don't need to know all the answers. The craziest thing was believing that your dad knew everything. So as a dad, you felt like you had to know everything. You had to get everything right. It's okay to make mistakes. As long as it's coming from love, then, you know, it kind of starts to work itself out. I want him to be able to

Mario Cordero Bloomberg businessweek U.S. Long Beach Bloomberg
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:48 min | 4 months ago

"mario cordero" Discussed on Bloomberg Radio New York

"Front, and on supply chains at America's second busiest port. Mario Cordero, executive director of the port of Long Beach, joins us next. You're listening to Bloomberg businessweek, this is Bloomberg. G three assistants through Virginia's community colleges is your pathway to a new future, hoping those who qualify pay for school and train for the right career. Right where you are? Right now. Get a skill. Get a job. Get ahead. You can learn more at Virginia G three dot com. Wake up and text text and eat. Text and catch the bus. Text and miss your stop. Wait, wait, wait, wait, wait, wait. Text and be late to work. Sorry, I'm late. Text and work. Text and pretend to work. Text and act surprised when someone calls you out for not working. Who me? Text and meet up with a friend you haven't seen in forever. Hi. Oh, hey. Text and complain that they're on their phone the whole time. Text and listen to them complain that you're on your phone the whole time. Ugh. Text in whatever. But when you get behind the wheel, give your phone to a passenger. Put it in the glove box Just don't text and drive. Visit stop texts, stop Rex dot org. A public service announcement brought to you by the national highway traffic safety administration and the ad council. This is the Bloomberg real estate report brought to you by the national association of realtors. And with

"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:23 min | 4 months ago

"mario cordero" Discussed on Bloomberg Radio New York

"Takes Tim from Bloomberg radio. It's the second busiest port in North America, generating some 2.6 million jobs across the U.S.. With some 175 shipping lines connecting Long Beach to 217 seaports. So just how healthy do our supply chains look right now with a smaller backlog and fading concerns about potential work stoppages at our docks. And on the nation's rail system. With more on the state of our shipping and cargo industry, we welcome back the executive director of the port of Long Beach, Mario Cordero. When you look at the metrics here, currently we have in the Saint Peter bay complex 12 vessels backed up, trying to get into the ports. So if you go back to January, that number was a 109. So just on that alone, it's a tremendous progress being made. Is any of that seasonal? You know, we're in peak season right now. And I think we're at the peak, so to speak. Okay. Again, you're looking at the members of the consumer demand or some softening on that. So for the third and fourth quarter of the year, I think we're looking to diminish the demand in terms on the consumer front. I feel like you have such a great vantage point when it comes to what's going on in the economy. We're all kind of on pins and needles trying to figure out what comes next. What is your read on the state of the U.S. economy right now? I think we have a strong economy. We certainly have a strong labor market and keep in mind where we were two years ago. I think part of the two years was terrible, right? The outlier. So are we pre-pandemic levels or how do you turn that interest in a job market? I think we're approaching pre-pandemic levels in terms of the jobs that have been added. Since then. But I think the point is we've had a very fast recovery from a worse scenario that we experience. So in that regard, the economy was real hot. And now, of course, what we're trying to do as a nation is kind of soften that. When you look at the activity at the port and it's really just fascinating about just the amount of flow through there and what 62% of the imports and 21% of the exports moving through your port, largest trading partner country is China, which accounts for. So much of it, does recession come to your mind a lot in terms of the activity you're seeing? A good friend of mine, an economist, Paul Bingham, who's been following this industry for many, many years, once said, tell me how many containers go through the prolonged beach and I'll tell you how good the economy is. So so far good is inflation a concern. Yes. However, again, if you look at the latest plan of action by the Federal Reserve, they believe they may be able to control this. We'll wait to see what that decision is in the coming week, whether that's .75 or one O increase. But I think it's safe to say that, again, we went through an unusual quick recovery. The consumer demand has really been extraordinary in the last year and a half. Energy prices have gone down. Admittedly, grocery prices have gone up. So I think what we're looking to is, again, a very good job market, good consumer demand, considerably a considerable in terms of what we experienced previously, but again, we are looking at some economic growth. Certainly in the global arena and STI states, I think we're going to feel some of that also. So it sounds like you're saying we're not in a recession right now. Today we're not. I mean, is it a removing torture recession for 2023? I mean, there's a debate. I know that all this is highlighted. Do people book help me out with like the shipping understanding shipping? Having recently been at the Panama Canal fascinating to just understand it. Same thing with your port, do our company's booking for December? Are they booking for November? How much visibility or how much forward looking visibility do you actually have to get an idea of, wow, things are going to slow down. Well, what I can tell you is part of the problem that we experience here in the nation's largest, most strategic gateway, is the advancing of that inventory. So looking forward to some of these companies were advancing the inventory but they certainly didn't want to put us back to where we were in the second half of 2020. So I think it's interesting to watch, you know, some bigger company to start looking at their labor force. But at this point, I will say that in terms of the coming holiday Christmas season, we're going to be very well established in terms of that inventory because much of that has been advanced. It's already, it's already where it needs to be. Right. I mean, for the poor law machine, if you look at the first 8 months of this year, we've superseded the numbers of our record year last year. At this point, by 4.6%. So that's kind of an indicator in terms of that continued volume. But again, it's going to be interesting to see how we end the third and approach the fourth quarter. Because it does make me feel like people are pulling a lot of stuff forward because they just don't want to be caught off guard. Like things could get more expensive, so they're buying it now. Yeah, or empty shelves, and you don't want that on Christmas, right? But especially if you're a retailer. Correct. And I firmly believe we're not going to see that scenario for sure. Hey, tell us a little bit about what you're seeing based on where port traffic is coming from and what that says about economies around the world. I know you guys have a really good view on Asia. Is there any softness there? What we see in Asia, more specifically China, you are seeing a slowdown there. In China. So that is a domino effect. But is that based on lockdowns in China? Is it based on the COVID zero policy or is it all tied to that? It's all tied to what precipitated these times that is the COVID-19 pandemic. So I think again, we'll see how China handles this. I mean, the good news is, I don't think you're going to see the kind of lockdowns in China that we saw in the past. Because they're also watching their numbers in terms of their economic growth. So there will be a softening and as we approach 2023, I believe that the good news, the supply chain certainly United States, I think we're now seeing some resemblance of normalization in moderation in supply chain. So that's very good news. Why is it still such a lag or such a problem? And not back to what it should be. I think a lot has to do with the congestion in the inland in a model yards. I mean, this goes back to Chicago and the hubs there. I think the class one railroads have been rather challenged. They have their own challenges with regard to shortage of labor and equipment issues. So I think unfortunately, we've been the victims of the lack of that railcar, which in my view should not happen at the world's most strategic significant gateway. I am disappointed on that point. That's happened. We're talking with Mario Cordero. He's executive director of the port of Long Beach, as we said, it is the second busiest port in North America. And so a great way to get a feel of what's going on in the economy. Do you feel like based on what happened and the supply chain problems and just it wasn't just port issues, but it was trucking. It was just kind of all along the line that we will ultimately see in some ways more automation potentially come into this industry. I think the good news for those of us in this industry, people finally saw the importance and witness the importance of a supply chain. We all found out that the supply chain is not as resilient as some people may have thought. We took it for granted. We took it for granted. So the essential workforce which includes obviously our safety officers, our people in the health industry during this pandemic. But also our people who work in goods move and people who work men and women who work on the docks, the truckers, the railroad workers. Essential workers who move commerce, which has a great impact, obviously, on our GDP, our economy. So I think the good news for us is not

Mario Cordero Bloomberg radio Saint Peter bay port of Long Beach Paul Bingham China United States Long Beach North America Tim Federal Reserve Panama Canal Asia Chicago
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:13 min | 4 months ago

"mario cordero" Discussed on Bloomberg Radio New York

"Of it from Bloomberg radio. It's the second busiest port in North America generating some 2.6 million jobs across the U.S.. With some 175 shipping lines connecting Long Beach to 217 seaports. So just how healthy do our supply chains look right now with a smaller backlog and fading concerns about potential work stoppages at our docks. And on the nation's rail system. With more on the state of our shipping and cargo industry, we welcome back the executive director of the port of Long Beach, Mario Cordero. When you look at the metrics here, currently we have in the Saint Peter bay complex 12 vessels backed up. I'm trying to get into the ports. So if you go back to January, that number was a 109. So just on that alone, it's a tremendous progress being made. Is any of that seasonal? You know, we're in peak season right now. And I think we're at the peak, so to speak. Okay. Again, you're looking at the numbers of the consumer demand or some softening on that. So for the third and fourth quarter of the year, I think we're looking to diminish demand in terms on the consumer front. I feel like you have such a great vantage point when it comes to what's going on in the economy. We're all kind of on pins and needles trying to figure out what comes next. What is your read on the state of the U.S. economy right now? I think we have a strong economy. We certainly have a strong labor market and keep in mind where we were two years ago. I think part of the two years was terrible, right? The outlier. So are we pre-pandemic levels or how do you turn through the job market? I think we're approaching pre-pandemic levels in terms of the jobs that have been added. Since then. But I think the point is we've had a very fast recovery from a worse scenario that we experience. So in that regard, the economy was real hot. And now, of course, what we're trying to do as a nation is kind of soften that. When you look at the activity at the port and it's really just fascinating about just the amount of flow through there and what 62% of the imports and 21% of the exports moving through your port, largest trading partner, country is China, which accounts for. So much of it, does recession come to your mind a lot in terms of the activity you're seeing? A good friend of mine, an economist, Paul Bingham, who's been following this industry for many, many years, once said, tell me how many containers go through the prolonged beach and I'll tell you how good the economy is. So so far good. There's inflation and concern. Yes, however, again, if you look at the latest plan of action by the Federal Reserve, they believe they may be able to control this. We'll wait to see what that decision is. In the coming week, whether that's .75 or one O increase. But I think it's safe to say that, again, we went through an unusual quick recovery. The consumer demand has really been extraordinary in the last year and a half. Energy prices have gone down. Admittedly, grocery prices have gone up. So I think what we're looking to is, again, a very good job market, good consumer demand, considerably a considerable in terms of what we experienced previously. But again, we are looking at some economic growth. Certainly in the global arena and STI states, I think we're going to feel some of that also. So it sounds like you're saying we're not in a recession right now. Today we're not. I mean, is it a removing card recession for 2023? I mean, there's a debate. I know that all this is highlighted. Do people book help me out with the shipping understanding shipping? Having recently been at the Panama Canal fascinating to just understand it. Same thing with your port, do our company's booking for December? Are they booking for November? How much visibility or how much forward looking visibility do you actually have to get an idea of, wow, things are going to slow down. Well, what I can tell you is part of the problem that we experience here in the nation's largest, most strategic gateway, is the advancing of that inventory. So looking forward to some of these companies were advancing the inventory, but they certainly didn't want to put us back to where we were in the second half of 2020. So I think it's interesting to watch, you know, some bigger company to start looking at their labor force. But at this point, I will say that in terms of the coming holiday Christmas season, we're going to be very well established in terms of that inventory because much of that has been advanced. Already. It's already, it's already where it needs to be. Right. I mean, for the poor laws, if you look at the first 8 months of this year, we've superseded the numbers of our record year last year. At this point, by 4.6%. So that's kind of an indicator in terms of that continued volume. But again, it's going to be interesting to see how we end the third and approach the fourth quarter. Because it does make me feel like people are pulling a lot of stuff forward because they just don't want to be caught off guard. Like things could get more expensive, so they're buying it now. Yeah, or empty shelves and you don't want that on Christmas, right? But especially if you're a retailer. Correct. And I firmly believe we're not going to see that scenario for sure. Hey, tell us a little bit about what you're saying based on where port traffic is coming from and what that says about economies around the world. I know you guys have a really good view on Asia. Is there any softness there? What we see in Asia, more specifically China, you are seeing a slowdown there. In China. So that is the domino effect. But is that based on lockdowns in China? Is it based on the COVID zero policy or is it all tied to that? It's all tied to what precipitated these times that is the COVID-19 pandemic. So I think again, we'll see how China handles this. I mean, the good news is, I don't think you're going to see the kind of lockdowns in China that we saw in the past. Because there are also watching their numbers in terms of their economic growth. So there will be a softening and as we approach 2023, I believe that the good news, the supply chain certainly United States, I think we're now seeing some resemblance of normalization in moderation in supply chain. So that's very good news. Why is it still such a lag or such a problem? And not back to what it should be. I think a lot has to do with the congestion in the inland in the model yards. I mean, this goes back to Chicago and the hubs there. I think the class one railroads have been rather challenged. They have their own challenges with regard to shortage of labor and equipment issues. So I think unfortunately, we've been the victims of the lack of that railcar, which in my view should not happen at the world's most strategic significant gateway. I am disappointed in that point. That's happened. We're talking with Mario Cordero. He's executive director of the port of Long Beach, as we said, it is the second busiest port in North America. And so a great way to get a feel of what's going on in the economy. Do you feel like based on what happened and the supply chain problems and just it wasn't just port issues, but it was trucking. It was just kind of all along the line that we will ultimately see in some ways more automation potentially come into this industry. I think the good news for those of us in this industry, people finally saw the importance and witness the importance of a supply chain. We all found out the supply chain is not as resilient as some people may have thought. We took it for granted. We took it for granted. So the essential workforce which includes obviously our safety officers are people in the health industry during this pandemic, but also our people who work in goods movement. People who work men and women who work on the docks, the truckers, the

Mario Cordero Bloomberg radio Saint Peter bay Paul Bingham port of Long Beach China United States Long Beach North America Federal Reserve Panama Canal Asia Chicago
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:23 min | 4 months ago

"mario cordero" Discussed on Bloomberg Radio New York

"Steven from Bloomberg radio. It's the second busiest port in North America, generating some 2.6 million jobs across the U.S.. With some 175 shipping lines connecting Long Beach to 217 seaports So just how healthy do our supply chains look right now with a smaller backlog and fading concerns about potential work stoppages at our docks. And on the nation's rail system. With more on the state of our shipping and cargo industry, we welcome back the executive director of the port of Long Beach, Mario Cordero. When you look at the metrics here, currently we have in the Saint Peter bay complex 12 vessels backed up. Trying to get into the ports. So if you go back to January, that number was a 109. So just on that alone, it's a tremendous progress being made. Is any of that seasonal? You know, we're in peak season right now. And I think we're at the peak, so to speak. Okay. Again, you're looking at the members of the consumer demand or some softening on that. So for the third and fourth quarter of the year, I think we're looking to diminish demand in terms on the consumer front. I feel like you have such a great vantage point when it comes to what's going on in the economy. We're all kind of on pins and needles trying to figure out what comes next. What is your read on the state of the U.S. economy right now? I think we have a strong economy. We certainly have a strong labor market and keep in mind where we were two years ago. I think part of the two years was terrible, right? The outlier So are we pre-pandemic levels or how do you turn to the job market? I think we're approaching pre-pandemic levels in terms of the jobs that have been added. Since then. But I think the point is we've had a very fast recovery from a worse scenario that we experience. So in that regard, the economy was real hot. And now, of course, what we're trying to do as a nation is kind of soften that. When you look at the activity at the port and it's really just fascinating about just the amount of flow through there and what 62% of the imports and 21% of the exports moving through your port, largest trading partner, country is China, which accounts for. So much of it, does recession come to your mind a lot in terms of the activity you're seeing? That was a good friend of mine, an economist, Paul Bingham, who's been falling this industry for many, many years, once said, tell me how many containers go through the prolonged beach and I'll tell you how good the economy is. So so far good. There's inflation and concern. Yes, however, again, if you look at the latest plan of action by the Federal Reserve, they believe they may be able to control this. We'll wait to see what that decision is in the coming week, whether that's .75 or one O increase. But I think it's safe to say that, again, we went through an unusual quick recovery that consumer demand has really been extraordinary in the last year and a half. Energy prices have gone down. Admittedly, grocery prices have gone up. So I think what we're looking to is, again, a very good job market, good consumer demand, considerably a considerable in terms of what we experienced previously, but again, we are looking at some economic growth. Certainly in the global arena and STI states, I think we're going to feel some of that also. So it sounds like you're saying we're not in a recession right now. Today we're not. I mean, is it a removing torture recession for 2023? I mean, there's a debate. I know that this is highlighted. Do people book help me out with the shipping understanding shipping? Having recently been at the Panama Canal fascinating to just understand it. Same thing with your port, do our company's booking for December? Are they booking for November? How much visibility or how much forward looking visibility do you actually have to get an idea of, wow, things are going to slow down. Well, what I can tell you is part of the problem that we experience here in the nation's largest, most strategic gateway, is the advancing of that inventory. So looking forward to some of these companies were advancing the inventory but they certainly didn't want to put us back to where we were in the second half of 2020. So I think it's interesting to watch, you know, some bigger company to start looking at their labor force. But at this point, I will say that in terms of the coming holiday Christmas season, we're going to be very well established in terms of that inventory because much of that has been advanced. It's already, it's already where it needs to be. Right. I mean, for the prologue, if you look at the first 8 months of this year, we've superseded the numbers of our record year last year. At this point, by 4.6%. So that's kind of an indicator in terms of that continued volume. But again, it's going to be interesting to see how we end the third and approach the fourth quarter. Because it does make me feel like people are pulling a lot of stuff forward because they just don't want to be caught off guard. Like things could get it more expensive, so they're buying it now. Yeah, or empty shelves, and you don't want that on Christmas, right? But especially if you're a retailer. Correct. And I firmly believe we're not going to see that scenario for sure. Hey, tell us a little bit about what you're saying based on where poor traffic is coming from and what that says about economies around the world. I know you guys have a really good view on Asia. Is there any softness there? What we see in Asia, more specifically China, you are seeing a slowdown there. In China. So that is a domino effect. But is that based on lockdowns in China? Is it based on the COVID zero policy or is it all tied to that? It's all tied to what precipitated these times that is the COVID-19 pandemic. So I think again, we'll see how China handles this. I mean, the good news is I don't think you're going to see the kind of lockdowns in China that we saw in the past. Because they're also watching their numbers in terms of their economic growth. So there will be a softening and as we approach 2023, I believe that the good news, the supply chain certainly United States, I think we're now seeing some resemblance of normalization in moderation in supply chain. So that's very good news. Why is it still such a lag or such a problem? And not back to what it should be. I think a lot has to do with the congestion in the inland in a model yards. I mean, this goes back to Chicago and the hubs there. I think the class one railroads have been rather challenged. They have their own challenges with regard to shortage of labor and equipment issues. So I think unfortunately, we've been the victims of the lack of that railcar, which in my view should not happen at the world's most strategic significant gateway. I am disappointed on that point. That's happened. We're talking with Mario Cordero. He's executive director of the port of Long Beach, as we said, it is the second busiest port in North America. And so a great way to get a feel of what's going on in the economy. Do you feel like based on what happened and the supply chain problems and just it wasn't just port issues, but it was trucking. It was just kind of all along the line that we will ultimately see in some ways more automation potentially come into this industry. I think the good news for those of us in this industry, people finally saw the importance and witness the importance of a supply chain. We all found out that the supply chain is not as resilient as some people may have thought. We took it for granted. We took it for granted. So the essential workforce which includes obviously our safety officers, our people in the health industry during this pandemic, but also our people who work in goods movement. People who work men and women who work on the docks, the truckers, the railroad workers. Essential workers who move commerce, which has a great impact, obviously, on our GDP, our economy. So I think the good news for us is it's not

Mario Cordero Bloomberg radio Saint Peter bay port of Long Beach Paul Bingham China U.S. Long Beach North America Steven Federal Reserve Panama Canal Asia Chicago
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:06 min | 4 months ago

"mario cordero" Discussed on Bloomberg Radio New York

"Bloomberg business app. This is Bloomberg radio. Now a global news update. Authorities in Texas are investigating the circumstances surrounding the governor of Florida's decision to fly migrants from San Antonio to Martha's Vineyard. They are county sheriff Javier Salazar on Monday, said his office opened an investigation to determine whether the migrants from Venezuela were victims of a crime. Florida governor Ron DeSantis chartered two planes to transport the migrants last week, at least one person is dead after a powerful earthquake struck Mexico's central Pacific Coast reports say the 7.5 quake hit near the state of michoacan Monday. The quake caused buildings to shake in Mexico City some 230 miles away. The Senate minority leader says President Biden is in a fantasy land about the economy. He suggested, quote, we're growing the economy. It's growing in a way that it hasn't in years and years. Mitch McConnell said the economy is actually worse now than during the Trump presidency. He said democratic policies have caused the economy to shrink the Kentucky Republican cited shrinkflation as prices go up, but sizes of packages decrease so the dollar goes even less far. New developments are surfacing in the sentencing trial for confessed Parkland, Florida school shooter, Nicholas Cruz. Lisa Taylor reports the judge overseeing the case, rejected a request from defense lawyers asking her to step down after they were scolded in court for resting their case without advance notice. Broward circuit judge Elizabeth sheer said the order filed last week was legally insufficient. The penalty phase of the trial won't resume until next Tuesday, the defense and prosecution have agreed to be ready for closing arguments after the first week of October. A report says California governor Gavin Newsom is planning to run for president in 2024 if President Biden chooses not to. In a 60 minutes interview Biden told CBS Scott pelley, it's much too early to make a decision and added it's his intention to run again. I'm Brian shook. Ukraine's ambassador is accusing Russian forces of torture, Rory O'Neill reports. Ambassador oksana Mara kova says there are clear signs hundreds of people found buried in a mass grave where tortured by Russian soldiers. The ambassador made the comments on ABC's this week and said, this latest discovery is just more evidence of Russia committing war crimes in the country. Maricopa called on the democratic world for more support, saying it will be cheaper to win the war while it still contained in Ukraine. I'm Rory O'Neill. The owner of a chain of mental health clinics in New Jersey is being charged with Medicaid fraud, along with hiding income in a $1 million tax evasion scheme, authorities say 56 year old Daniel E cassell of per Cassie Pennsylvania and owner of Quentin professional health services would enlist his employees to defraud Medicaid with phony billing and then with his wife used the clinics to conceal the couple's income. The charges stem from 2019 through January 2021. He was charged with first degree money laundering second degree theft by deception and multiple counts of conspiracy and insurance fraud. It wasn't just humans who were saying farewell to Queen Elizabeth II today, Lisa G has more. Her majesty's two corgis and one of her ponies were seen outside at Windsor Castle as the funeral procession arrived. The dogs were attended by two staff members while the pony was standing at the side of the road with a handler. The queen was known to be an avid dog lover, especially corgis, and dachshund corgi mix is known as dorgis. The queen's son, Prince Andrew and his ex-wife Sarah Ferguson will now be looking after the dogs. A Memphis man has become the oldest person to canoe the Mississippi River, 87 year old Dale Sanders paddled the entire river in 87 days. He had previously held the Guinness World Record in 2015 at the age of 80. I'm Brian shook. And I'm Brian Curtis in Hong Kong. Let's check this hour's top business stories and the markets. Asian stocks are moving higher, the dollar has been steady. Traders still are gearing for another U.S. rate increase of the 75 basis point level. Some veterans expect more, it does appear that the terminal rate is edging higher swap contracts C rates peaking around four and a half percent in March of 2023. Let's take a look at the markets here in Asia and some data. Japan's inflation rose at the fastest pace since 1991, consumer prices excluding fresh food rose 2.8% in August from a year ago, analysts had been forecasting a 2.7% gain. It was far above the bank of Japan's 2% gold. Chinese banks kept their main lending rates unchanged. That was expected by economists in a Bloomberg survey. We did get another strong fix from the PBOC, the 19th day that the fix was stronger than the market estimate, but the Chinese currency is weaker this morning. The offshore Chinese currency is trading at 7.0171 against the U.S. dollar. Well, the second largest USC port is getting fewer inbound container arrivals from Asia. It's a sign of weaker U.S. demand. Imports to the port of Long Beach, California, have fallen for two months now. In the neighboring port of Los Angeles, has seen its biggest decline in inbound cargo since the early days of the pandemic. Together, these twin operations handle 40% of containerized shipments from Asia. Here's port Long Beach executive director Mario Cordero. As predicted, the temper of the American consumer has diminished with regard to the consumer demand a bit. But having said all that for the prolonged beach for the first 8 months, our growth is 4.6% in terms of container movement, plus what it was last year. So we're doing well. And that is port of Long Beach executive director Mario Cordero. In the markets, thanks and index up 1%, the CSI 300 up a quarter of 1%. Global news 24 hours a day live in a Bloomberg quick take in Hong Kong. This is Bloomberg

President Biden Rory O'Neill Brian shook Bloomberg Javier Salazar Ron DeSantis central Pacific Coast Florida Nicholas Cruz Lisa Taylor judge Elizabeth sheer oksana Mara kova Daniel E cassell Quentin professional health se Ukraine Mitch McConnell Scott pelley Gavin Newsom
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:17 min | 8 months ago

"mario cordero" Discussed on Bloomberg Radio New York

"Long Beach chief final question What is keeping you up at night Well I think fair to say that for the last two years the supply supply chain constraints have been challenging because obviously it impacts the economy But on the other hand I think again we've done very well But in light of what's going on in the world the geopolitical scenarios are Ukraine Russia and where that might end up I think obviously the world right now is sensitive situation regarding security and all that goes along with it Mario Cordero port of Long Beach executive director CEO chief thank you very much for speaking us To us on Bloomberg I throw it back to all of you in New York All right and ludlow and our thanks to you for that exclusive conversation We will be back in less than an hour's time We'll count you down to the closing bell on this Friday our beyond the bell Simulcast coverage on radio TV and YouTube will be back to talk about the clothes This is Bloomberg This is Bloomberg businessweek with Carol masher and Bloomberg quick takes Tim Steven on Bloomberg radio All right you are listening to Bloomberg business week on radio and also on YouTube and Mira Cordero there executive director of the port of Long Beach with our Ed ludlow talking about what's going on Of course there are watching in terms of a labor contract a deal so concerned about anything that might exacerbate the situation when it comes to our supply chains Yeah the Long Beach board chiefs doesn't foresee a labor slowdown in mid talks quarter I was saying that Long Beach is going to see accelerated volume as China reopens also some really optimistic comments from him about the state of the economy He said that the high inflation that we're seeing represents strong demand from the American consumer and that we're in a stable economy right now with healthy consumer demand I think what's really telling too is he talked about Long Beach expected to see accelerated volume as China reopens right This has been something that has certainly made it tricky so much comes out of China in terms of manufactured product but with the COVID lockdowns and shutdowns that is certainly impacted things And so if that starts to ease and we begin to see more volumes I mean this is what's made it so difficult for the supply chains Well let's get a check the latest world in national.

Mario Cordero Long Beach Carol masher Bloomberg quick Tim Steven Bloomberg radio Mira Cordero Bloomberg Ed ludlow Long Beach board chiefs YouTube Bloomberg businessweek Ukraine port of Long Beach Russia New York China
"mario cordero" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

06:32 min | 1 year ago

"mario cordero" Discussed on WNYC 93.9 FM

"It's morning edition from NPR news I'm Sarah mccammond And I'm Steve and good morning It's said that many people rarely talk by phone anymore People text or email or DM or whatever but that apparently does not apply to the presidents of the United States and Russia President Biden speaks by phone with Vladimir Putin today their second talk this month And parents Charles maines is covering the story and I want to pause to know Charles a familiar voice on our area has been for a while but he is now formally NPR's Moscow correspondent so Charles welcome aboard officially Thanks Steve appreciate it It's an honor and a privilege It's good to have your insights and what do you know about this call Well you know The White House announced the call only yesterday saint Putin had requested to speak with Biden the Kremlin spokesman here just confirmed that Putin thought the conversation was necessary and important to have They also confirmed the call take place quite late It's at three 30 in the afternoon in Washington but that's 1130 p.m. here The White House said they expected the two leaders would discuss a range of issues that includes upcoming diplomatic engagements I think that's another way of saying they want to talk about efforts to diffuse the situation around Ukraine and this buildup of Russian forces there that has the U.S. fearing of an invasion and warning Russia of massive sanctions should it take military action Now if you're looking for hints as to how that will go Putin just posted a new year's message to the Kremlin website saying he was convinced that effective dialog with Biden was possible Is it better understood what Russia is aiming at when it puts troops on the border with Ukraine Yeah well fundamentally this is about Russia trying to essentially block a Ukraine's desire to move towards the west to thwart that Russia launched a proxy war in east Ukraine in 2014 This is where Russian backed separatists have this simmering war with the government in Kyiv But this latest Russian buildup seems to be a way from Moscow to force a conversation with the U.S. about something else which is NATO's presence along Russia's borders Putin aired these concerns what he's called his red lines in a video conference call with Biden earlier this month He spelled them out again at this annual press conference he gave last week let's listen in just a bit With this So here Putin says that any further movement by NATO towards the east is completely unacceptable to Russia and he argues the U.S. wouldn't tolerate it if the Kremlin was placing its military hardware near America's borders Now now the Kremlin says it wants security guarantees from the U.S. and it's spelled out conditions It wants no NATO membership for Ukraine and another former Soviet republic Georgia It says no military presence by NATO or weapons systems along countries bordering Russia and it wants NATO to pull back its military deployments from central Eastern Europe places like Poland and the Baltic states So at the core what Putin wants is to turn the clock back on NATO's expansion after the end of the Cold War and he's using the threat of an invasion of Ukraine to try and get it How does all of this look to the other NATO allies by which I mean Western European powers that are allied with the United States but a lot nearer Russia Well certainly the eastern Europeans are not happy about this A lot of them look to NATO as a way to guarantee their security from Moscow's influence So of course they want a lot of them were former communist governments taking over by the Kremlin after World War II But I think in terms of what the Russian demands are you know is the question here is it a bargaining chip Are they trying to create a maximalist stance and see what they can get Or is it an excuse to justify Kremlin military actions when and if diplomacy fails And Paris Charles maines is in Moscow thanks Thank you There is still a backlog of ships waiting off the coast of Los Angeles because of supply chain problems Those vessels in the bay are making the region's poor air quality worse And residents are worried about what that means for their health As making Jameson with KCRW reports At his neighborhood in west Long Beach California Ron Batista is sitting at his kitchen table and while he's talking he has to pause fairly often Forgive me if it's hard for me to breathe The 72 year old musicians never been diagnosed with a lung condition but he says this shortness of breath happens sometimes part of the problem he thinks is his neighborhood's air quality which has been terrible for decades Batiste points to the grime that collects daily around the sliding glass door and the AC vent despite running an air purifier It's not just dust It's like the oil Within two miles of his home is a rail yard truck yard oil refinery and the ports of Los Angeles and Long Beach the single largest source of emissions in the region and with the months long backlog at these ports California state air regulators are warning the pollution from the extra ships is like adding nearly 6 million passenger cars to the road each day Mario Cordero heads the port of Long Beach He says he's aware people find the increased emissions worrisome The number of container ships at anchor off the coast should be zero In the meantime the best way to reduce the emissions is to reduce the number of ships at anchor To do that requires clearing out the back lock which the port say should be sometime before the end of 2022 In the meantime the ports have slowed down ship arrivals and are requiring them to anchor further offshore The long-term solution is battery powered ships which Cordero says is not a short term prospect You know you're looking now and maybe by 2050 or 2040 you're going to have some real substance steps to move toward zero emission vessels or cleaner fuse According to a study published in the journal nature these port side neighborhoods have over 1000 premature deaths associated with ship pollution each year There's very clear data about living in the areas where that pollution is higher Doctor ELISA Nicholas is a pediatrician and the CEO of several local health centers near the ports She'd like the rest of the country to understand the health costs of imported cheaper goods in these communities They are affected by the goods movement that many people are benefiting from She points to higher than average rates of childhood cancer asthma and asthma related emergency room visits These communities are also lower income underinsured and majority black and brown And so really we need to realize that this is a health equity issue And it's an environmental justice issue too Long beaches hilltop park rises above the coast and.

Russia NATO Putin Ukraine Charles maines U.S. Biden Moscow NPR news Sarah mccammond President Biden saint Putin east Ukraine White House Charles Steve Vladimir Putin NPR Kyiv west Long Beach
"mario cordero" Discussed on WTOP

WTOP

01:31 min | 1 year ago

"mario cordero" Discussed on WTOP

"Beautiful You make it yours Dominion jewelers By appointment only Money news at 25 and 55 here's Tom busby This is a Bloomberg money minute despite rising inflation consumer demand is strong and that means the record setting number of ships coming from China Japan and other parts of Asia trying to dock at the nation's busiest port complex is likely to continue for a long time It's going to be the new normal in terms of the amount of containers that you're going to be seeing here That's Mario Cordero executive director of the port of Long Beach which along with the port of Los Angeles handles more than one third of all the container ships coming into the U.S. He told Bloomberg TV that efforts by The White House to ease the backlog there are already paying off We're not out of this yet but I think there is light at the end of the tunnel Those improvements include dock workers unloading ships round the clock 7 days a week and offering incentives for truckers to remove their cargo faster But even though there's no lead up in the amount of vessels coming in Cordero says hopefully you have to be the beginning of the new year we'll start seeing continued progress From the Bloomberg newsroom I'm Tom busby on WTO P and coming up after traffic and whether the search for victims continues in the Midwest and the rubble of buildings that were destroyed by those tornadoes that pulled through on Friday night into Saturday morning It's 1226 During happy Honda days discover the joys of the season with unforgettable drips in an accord pilot or HRV For a limited time we'll qualify buyers can get.

Tom busby Dominion jewelers Mario Cordero Bloomberg TV Bloomberg port of Long Beach Asia Japan China White House Los Angeles Cordero U.S. WTO Midwest Honda
"mario cordero" Discussed on WTOP

WTOP

01:55 min | 1 year ago

"mario cordero" Discussed on WTOP

"Featured series sponsored by emergent bio solutions Here's Kristen Holland PhD MPH at CDC We've actually seen the decreases in prescribing for opioids and prescription IPA misuse and prescription opioid use disorder And also in fatalities from heroin and prescription opioids But again we're seeing the major increases in those in those deaths that are related to synthetic opioids and primarily be illicitly manufactured and also not that these drugs are coming from pharmacies that these are illicitly manufactured fentanyl related overdoses Emergent is a global life sciences company that is dedicated to providing solutions that address public health threats Learn more at emergent bio solutions EB SI dot com Money news at 25 and 55 This is a Bloomberg money minute despite rising inflation consumer demand is strong and that means the record setting number of ships coming from China Japan and other parts of Asia trying to dock at the nation's busiest port complex is likely to continue for a long time It's going to be the new normal in terms of the amount of containers that you're going to be seeing here That's Mario Cordero executive director of the port of Long Beach which along with the port of Los Angeles handles more than one third of all the container ships coming into the U.S. he told Bloomberg TV that efforts by The White House to ease the backlog there are already paying off We're not out of this yet but I think there is light at the end of the tunnel Those improvements include dock workers unloading ships round the clock 7 days a week and offering incentives for truckers to remove their cargo faster But even though there's no let up in the amount of vessels coming in Cordero says hopefully you have to be the beginning of the new year will start seeing continued progress From the Bloomberg newsroom I'm Tom busby on W TOP coming up the latest on the impact of deadly tornadoes in parts of the country it's 8 27 That.

Kristen Holland CDC Mario Cordero Bloomberg TV Bloomberg port of Long Beach Asia Japan China Los Angeles White House U.S. Cordero Tom busby
"mario cordero" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:04 min | 1 year ago

"mario cordero" Discussed on Bloomberg Radio New York

"Interested in making sure that number one this cargo moves and that we created 24 7 vision throughout the supply chain So I think the number one thing is for the stakeholders to come together And we had that collaborative commitment That's the good news And see what we could do to really accelerate what has to be done here and talk about cargo velocity and not cargo volatility What's the main impediment to that right now to get there Well I think right now anytime you get an industry owners or comfort zone to change the amount of operation not always takes time But I think clearly this industry does have a labor shortage But here in the port we don't have a labor shortage of the men and women who work on the docs thankfully because of the leadership of our mayor Robert Garcia and our governor Newsom early this year we had a very proactive plan of action to vaccinate the dock workers Now we do have an issue truck drivers and a warehouse personnel in terms of the shores of labor there Some of the truck drivers will say it's the chassis of the issue or somebody equipment that they need I mean there were 5 hour long cues yesterday at the trucks out here Are there any areas that we're not realizing that the choke holds here From a day to day managing of this amazing operation Well none of those elements were unpredictable You know as the former chair of the federal maritime commission under the Obama administration we issued a study on congestion in July of 2015 citing these factors the chassis issue You turn time issues Truck drivers is just unacceptable for them to be waiting a couple hours to get into a terminal What this crisis has done is really ignited an accelerated discussion that we've been having for quite some years And that was Mario Cordero executive director of California's port of Long Beach discussing current supply chain problems with Bloomberg's Caroline Hyde and remain bostic You can get more of that conversation online at Bloomberg dot com Right now S&P futures are a little change to the upside down futures are higher by 33 points NASDAQ futures are lower by 36 points a ten year treasury is up 6 30 seconds the yield 1.68%.

Robert Garcia governor Newsom Obama administration federal maritime commission Mario Cordero Caroline Hyde bostic Long Beach Bloomberg California treasury
"mario cordero" Discussed on KCRW

KCRW

06:23 min | 2 years ago

"mario cordero" Discussed on KCRW

"In Los Angeles. I'm kind of result is Wednesday. Today the 31st of March. Good is always to have you along everybody. And look, I know that was a big set up the idea that the era of big government being over might be over the original quote, of course, coming from Bill Clinton's 1996 state of the Union. Given the news of the day. It is not outlandish to imagine that maybe it is over. President Biden rolled out his second multi trillion dollar economic plan today, the American jobs plan infrastructure As you've seen already is the headline about $2 Trillion worth of investment into Yes, sure roads and bridges in the power grid and building out green energy infrastructure. But here's the turn into the hole over thing. The White House is taking an expansive view. Shall we say of just what's included? When we say infrastructure marketplaces? Kimberly Adams gets us going. One of the things under Biden's broader umbrella of infrastructure, more funding and resource is for home health care workers. Bill Dombey is president of the National Association for Home Care in Hospice. As a matter of policy coming out of the White House, this is not a surprise, just simply the vehicle in which it's contained at the moment. Putting health care into an infrastructure package is unusual, he says, but he hopes it works to address the very low level of compensation that many home care aides receive. Although I love my work and what I do, and Home care. It really doesn't Hey, enough. Terrell Cannon has worked for decades in home health care where the median salary is just above the poverty line. Now she's director of training at Home Care Associates of Philadelphia. She says she totally understands why home healthcare shows up in the Biden plan, just like the rules in the streets and the energy and things of that nature. That's there. We should have been because we are the essential workers to keep the quality of life going. But having such a broad concept of infrastructure could make it harder to actually pass a bill, says Diana Furchtgott Roth, who teaches at George Washington University and worked at the Department of Transportation during the Trump administration. There are going to be people who are gonna want to break it up into different kinds of bills because it's hard to be against an infrastructure bill, she says. But it could be easier for some lawmakers to oppose same a climate change bill or one to pay home health care workers Higher salaries in Washington I'm Kimberly Adams for marketplace. So that's the setup, right? The broad conceptual piece of the story, But you spend $2 trillion There is a certain amount of show me the money that is expected. And this bill remember is about improving infrastructure, broadly defined to improve the economy. Part of the American jobs plan is $17 billion for inland waterways and fairies and coastal ports. And we have been telling you About how those ports been struggling to handle the imported stuff we have been buying for the past year. But as marketplaces Justin whole reports American ports have been in need of upgrades since well before this virus hit American parts could really use the help, says Dale Rogers, professor of supply chain management at Arizona State University. He says. When you look at the design of some foreign ports like Shanghai or Rotterdam, it's really brilliantly designed and engineered. And what we mostly have in the U. S. Is infrastructure left over from an earlier time U. S ports have been improving some the handle more imports and bigger ships. Mario Cordero is the executive director of the port of Long Beach, which is part of the country's busiest port complex. He says the port is now prioritizing rail construction, which will help move cargo without burning as many fossil fuels but also in a more experienced manner to get the containers from the terminal and out of the harbor district, Cordero says Maurin vestment in port infrastructure won't just let the port handle more capacity. It'll also help create jobs at the port itself and throughout the supply chain, what jobs and a truck in community jobs and warehousing and of course jobs Even when we talk about rail That could help pull in manufacturing and construction workers who have been out of work. But Dartmouth economics professor Emily Blanchard says there aren't as many unemployed workers in manufacturing or construction as in the service sector, which was disproportionately hit by Cove in 19. It's probably not the case that if you're waiting tables a year and a half ago, you're gonna be jumping right in line to get involved in the reconstruction of the Baltimore port. Four supply chain jobs to boost the overall economy. Blanchard says the U. S will have to invest in skills training that she says will help unemployed people get better jobs and move up the income ladder. I'm Justin. How for marketplace? Let's do a little context here, Shall we Before we go any farther on the premise of the top half of the program today that what we're seeing with Biden and the spending and the government getting Maurin to this economy? Is maybe actually the end of Reaganomics. The idea that smaller government is better the tax cuts of the way to go trickle down and supply side all of that, Molly wouldn't I put basically that question Mark Life yesterday on our podcast Make me smart. Mark is a professor of political economy at Brown. I really think a lot of this comes down to this. Like Let's run this giant $2 Trillion experiment on if we can generate inflation or no on if we get real wage growth without any significant inflation. And I think that Baida nomics will actually become a thing just is Reaganomics that I mean We'll see. Right? You could hear that whole conversation. It was a good one. I am H o wherever you get your podcasts on Wall Street Today, Tech was up. Most of the rest was mixed. We'll have the details when we do the numbers. There.

Bill Dombey Terrell Cannon Bill Clinton Emily Blanchard Mario Cordero Dale Rogers Washington $17 billion Mark Kimberly Adams Los Angeles Wednesday Cordero $2 trillion Shanghai Today $2 Trillion Rotterdam Biden Blanchard