18 Burst results for "Nelson Peltz"

"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:38 min | 2 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"Subsidiary of Bank of America corp I'm Ed Baxter. And I'm Denise Pellegrini. Welcome to Bloomberg well, with David riverton's time. Part of our best of Bloomberg series. In this episode, we hear from Nelson peltz CEO and founding partner at tryon partners. And peltz, of course, Ed, widely called an activist investor. That's a label he actually resists a little bit. Yeah, that's right, Denise, and that's one of the things David asked peltz about. Let's listen in. So for those who don't know, what is an active investor? We're not an active investor. What we see is we see really companies that we think will once great have lost their way and that we have a plan for them to get back to greatness again. And that's what we do. We're not there to leverage up these companies, we're not there to split them up. We're not there to do all the terrible things that typically go along with the term activist. We're just trying to get these companies to operate better. The way they used to. So what you typically do for those who don't know is you buy some stock in the company. That's a large public company. Right. Then when you own a stake and you become public in it, you notify the CEO that you're a big shareholder. Exactly right. And now you're an activist. Okay. When you notify the CEO and you say, I am Nelson peltz, I'm here to help you. Does he say, jeez, I don't really need that much help, but he says, okay, give me your ideas. Well, the above. Okay, sometimes no one is thrilled that we're there. Some are much more receptive to hear what we've got to say. We've put together a white paper to go over with management. And that white paper stays private as long as we're in conversation. And if we want a board seat when we think that they're ready to give us a board seat, it will always stay private. But if they refuse to, then we make that white paper public. All right, so of the 30 times you've done this or so, how many times the CEO say thank you for showing up. I really want your advice and how many they say, thank you, but I don't need your advice. I can't tell you, but I don't remember anybody ever saying the former okay. But not very often if they've been tough as you said on the latter. Clearly they're not thrilled to see us. But what usually happens is that these stocks go up. And they go up nicely for the right reasons because sales have gone up, market shares have gone up earnings clearly have gone up. And we tell them what we think they're doing wrong. The most recent one, which is really interesting, was proctor and gamble. Proctor and gamble was about a $70 stock for almost ten years. And the best, the biggest consumer company in the world, but really giving away market share here and there wherever anybody was challenging them. We didn't think the company was structured properly. So we went to them and gave them a plan. And said, look, there's one CEO. No one has P and L responsibility in this company. Anywhere other than the CEO. So there's really no ability to impact things because everything was a matrix organization. We gave them our structure. They rejected it. We had a proxy, we finally won our board seat. And the shareholders won. So to decide what companies are investing in an infinite number of companies you could invest in. So how do you decide which ones you want to fix and help fix? Well, the companies that we think we know something about their industries. Anything consumer, including restaurants, asset management companies when we've been in one from leg mason two times to invest go to Janice Henderson, Mellon. We've been in all of those. So there's a financials that we call financials without balance sheets. So when you make these investments, you have outside adviser that advise you, McKinsey or Boehner, BCG, that help you come up with some plan to go forward. All internal. All done here. So you have research team in New York. Is that where you're based? In this office and in Florida. And when did you start the company? Well, we started trying partners in O 5. Before that, I was buying companies like you did, not with the fund. But with vehicles or with capital that we can cobble together. And we did some very good deals back then. We bought what we created was American national can, which was the biggest packaging company in the world at that time. We bought snapple from Quaker oats and turned that around. We created national propane. So we've did that on a single company where we own the company. And then we decided to have a fund, and that we saw great opportunity by having a fund that could make investments in bigger companies, companies that we couldn't buy. The first one we started with was Wendy's. The second one was Hines. And Heinz unfortunately wound up to be a proxy fight. It didn't need to be. I got on the board, Bill Johnson and I became very good friends who was chairman and CEO who fought with us. He ultimately wound up to be on our advisory board, and he was our nominee on the board of Pepsi. So think about that. We had a proxy fight and became very fast Friends, which usually is what happens. So let's go before we go back to more of what you're doing. Your background. So from your accent, it sounds like you're from New York. I'm from Brooklyn. All right, you're from Brooklyn. Part of New York. You're a special part of New York. And that was Nelson peltz. CEO and founding partner at trian partners on Bloomberg wealth with David Rubenstein. And coming up, we'll hear more from peltz on his career, which, by the way, included being a ski bomb at

peltz Nelson peltz Bank of America corp Ed Baxter Denise Pellegrini David riverton tryon partners Bloomberg gamble Denise Janice Henderson Ed proctor Proctor David Mellon McKinsey Boehner mason
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:56 min | 2 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"Hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries. In the newsroom, I'm Denise Pellegrini. This is Bloomberg. I'm Ed Baxter. And I'm Denise Pellegrini. You're listening to Bloomberg well. With David Rubenstein, part of our best of Bloomberg series. In this episode, we're hearing from Nelson peltz, CEO and founding partner of tryon partners about his investments and takeovers in the food business starting with the iconic ketchup maker Heinz. Let's listen in. Look, it Hines, which was our first really aggressive salvo. We bought we became a very large shareholder of Heinz. We went to them with a plan. They didn't want any part of us. They didn't know who we were. And Heinz had had a ten year stint of flat to down sales and earnings the same. And what we saw at Heinz very clearly is that every quarter, every year, their direct market spend declined. So everybody's probably has a bottle of Heinz in their pantry. The key was, how do you get it out of the pantry on the table and turn it upside down? That was going to happen. So what we did is we said you've got to raise your direct selling expense. Well, why did it keep going down? You know yourself if there are if there are estimates of earnings in the next quarter and it's the middle of the quarter and your CFO comes running in and says, we're not going to make consensus. There's very little that you have impact on in that quarter for that quarter. Except advertising spent. So what they did is they cut advertising spend, made the quarter, but what was going to happen in the next quarter? Where was the wind that they're back for the next quarter to get sales going again So what happened is when we were all set and done at Heinz, advertising spend was about one and a half percent to sales. That's probably what U.S. steel spends on advertising. When we left the company, we sold it to Buffett and the Brazilians, it was spending close to 5% to sales. And we had 36 straight quarters of organic sales increases, but there was no other consumer company could say that. Suppose you buy stock in a company and you say, I'm not going to go on your board. I just want to give you my advice. I'm not really ever interested in going to the board. You think you would have that much impact as we do do that sometimes. So sometimes you don't want to go on the board. It's done a matter of wanting to. It's a matter of how receptive management is through our suggestions. Ferguson is a company we bought a lot of stock, yeah. Never got on the board, never asked for a report. He really had a great relationship as we do today with management. No, no need for us to go on the board when at one point we were the largest share owner of dominoes. We spent time with those guys did not feel that they needed us on the board. And they did great things. We sold the stock too early, but made a lot of money on it. But so we have those relationships at times. As we talked today, the U.S. economy is maybe soft a little bit. It's not going to grow at the rates that we would all like, and maybe we're actually going to go into recession at some point. Inflation is high. How does that affect your business? Well, it affects every business. The problem that we all have had those of who invest in public securities opposed to private ones. Is that unless you're in 12 or 14 stocks, it was really hard to keep pace with the S&P over the last 5 or 6 years. It was ridiculous, all of the gains came in that doesn't associate stocks. Today, I think there is a reversal. I think even though we're going to be in a recession, I think cash flow stability, good quality companies, when this is all over, are going to be valued once again. And those are the kind of companies that we invest in. They're boring companies. They're really wonderful companies that generate cash just need to be treated properly and have a good plan. And those are the companies we like. So the great pleasure of your financial career is building a kind of type of investing business that hadn't really existed before quite this way. That's correct. And we did the first, the first LBO takeover that every actually closed. Before that, there were all green mail. I didn't want to agree now. I wanted to own the company and run it and have it grow. And we were able to do that So I've known what it is to be CEO and running one of these businesses. And I have spent most of my career running businesses, meeting targets, setting projections, and it wasn't until just 2005 where I became what you would call an activist investor. So I understood what these people had to do. I understood what it meant to report to a public and to have annual meetings and to stand up there and take the questions. And that was Nelson peltz, CEO, and founding partner at trian partners on Bloomberg wealth with David Rubenstein. And coming

Denise Pellegrini Bloomberg Heinz David Rubenstein Nelson peltz Ed Baxter tryon partners Hines Buffett U.S. Ferguson S trian partners Bloomberg wealth
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:32 min | 2 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"I'm Ed Baxter. And I'm to these Pellegrini. Welcome to Bloomberg well, with David Rubenstein, part of our best of Bloomberg series. In this episode, we hear from Nelson peltz CEO and founding partner at tryon partners. And pelts, of course, Ed, widely called an activist investor. That's a label he actually resists a little bit. Yeah, that's right, Denise, and that's one of the things David asked peltz about. Let's listen in. So for those who don't know, what is an active investor? We're not an active investor. What we see is we see really companies that we think will once great have lost their way and that we have a plan for them to get back to greatness again. And that's what we do. We're not there to leverage up these companies. We're not there to split them up. We're not there to do all the terrible things that typically go along with the term activist. We're just trying to get these companies to operate better. The way they used to. So what you typically do for those who don't know is you buy some stock in the company. That's a large public company. Right. Then when you own a stake and you become public in it, you notify the CEO that you're a big shareholder. Exactly right. And now you're an activist. Okay. When you notify the CEO and you say, I'm Nelson peltz, I'm here to help you. Does he say, jeez I don't really need that much help, but he says, okay, give me your ideas. Well, the above. Okay, sometimes no one is thrilled that we're there. Some are much more receptive to hear what we've got to say. We've put together a white paper to go over with management. And that white paper stays private as long as we're in conversation. And if we want to board seat when we think that they're ready to give us a board seat, it will always stay private. But if they refuse to, then we make that white paper public. All right, so of the 30 times you've done this or so, how many times the CEO say thank you for showing up. I really want your advice and how many they say, thank you, but I don't need your advice. I can't tell you, but I don't remember anybody ever saying the former okay. But not very often if they've been tough as you said on the latter. Clearly they're not thrilled to see us. But what usually happens is that these stocks go up. And they go up nicely for the right reasons because sales have gone up, market shares have gone up earnings clearly have gone up. And we tell them what we think they're doing wrong. The most recent one, which is really interesting, was proctor and gamble. Proctor and gamble was about a $70 stock for almost ten years. And the best, the biggest consumer company in the world. But really giving away market share here and there wherever anybody was challenging them. We didn't think the company was structured properly. So we went to them and gave them a plan. And said, look, there's one CEO. No one has P and L responsibility in this company. Anywhere other than the CEO. So there's really no ability to impact things because everything was a matrix organization. We gave them our structure. They rejected it. We had a proxy, we finally won our board seat. And the shareholders won. So to decide what companies are investing in an infinite number of companies you could invest in. So how do you decide which ones you want to fix and help fix? Well, the companies that we think we know something about their industries. Anything consumer, including restaurants, asset management companies, when we've been in one from leg mason two times to invest go to Janice Henderson, Mellon. We've been in all of those. So there's a financials that we call financials without balance sheets. Okay? So when you make these investments, you have outside advisers that advise you, McKinsey, or Boehner, BCG, that help you come up with some plan to go forward. All internal. All done here. So you have research team in New York. That's where you're based. In this office and in Florida. And when did you start the company? Well, we started trying partners in O 5. Before that, I was buying companies like you did, not with the fund. But with vehicles or with capital that we can cobble together. And we did some very good deals back then. We bought what we created was American national can, which was the biggest packaging company in the world at that time. We bought snapple from Quaker oats and turned that around. We created national propane. So we've did that on a single company where we own the company, and then we decided to have a fund, and that we saw great opportunity by having a fund that could make investments in bigger companies, companies that we couldn't buy. The first one we started with was Wendy's. The second one was Heinz. And Heinz unfortunately wound up to be a proxy fight. It didn't need to be. I got on the board, Bill Johnson and I became very good friends who was chairman and CEO who fought with us. He ultimately wound up to be on our advisory board, and he was our nominee on the board of Pepsi. So think about that. We had a proxy fight and became very fast Friends, which usually is what happens. So let's go before we get back to more of what you're doing. Your background. So from your accent, it sounds like you're from New York. I'm from Brooklyn. All right, you're from Brooklyn. Part of New York. Special part of New York. And that was Nelson peltz. CEO and founding partner at trien partners on Bloomberg wealth with David Rubenstein. And coming up, we'll hear more from peltz on his career, which, by the way, included being a ski

Nelson peltz David Rubenstein Ed Baxter tryon partners peltz Bloomberg Pellegrini gamble Denise Janice Henderson Ed proctor Proctor David Mellon McKinsey Boehner Heinz mason
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:36 min | 2 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"Corp. I'm Ed Baxter. And I'm Denise Pellegrini. Welcome to Bloomberg well, with David Rubenstein. Part of our best of Bloomberg series. In this episode, we hear from Nelson peltz CEO and founding partner at tryon partners. And peltz, of course, Ed, widely called an activist investor. That's a label he actually resists a little bit. Yeah, that's right, Denise, and that's one of the things David asked peltz about. Let's listen in. So for those who don't know, what is an active investor? We're not an active investor. What we see is we see really companies that we think will once great have lost their way and that we have a plan for them to get back to greatness again. And that's what we do. We're not there to leverage up these companies, we're not there to split them up. We're not there to do all the terrible things that typically go along with the term activist. We're just trying to get these companies to operate better. The way they used to. So what you typically do for those who don't know is you buy some stock in the company. That's a large public company. Right. Then when you own a stake and you become public in it, you notify the CEO that you're a big shareholder. Exactly right. Now you're an activist. Okay. When you notify the CEO and you say, I am Nelson peltz, I'm here to help you. Does he say, I don't really need that much help, or he says, okay, give me your ideas. Well, the above. Okay, sometimes no one is thrilled that we're there. Some are much more receptive to hear what we've got to say. We've put together a white paper to go over with management. And that white paper stays private as long as we're in conversation. And if we want a board seat when we think that they're ready to give us a board seat, it will always take private. But if they refuse to, then we make that white paper public. All right, so of the 30 times you've done this or so how many times the CEO say thank you for showing up. I really want your advice and how many they say, thank you, but I don't need your advice. I can't tell you, but I don't remember anybody ever saying the former, okay? But not very often if they've been tough as you said on the latter. Clearly they're not thrilled to see us. But what usually happens is that these stocks go up. And they go up nicely for the right reasons because sales have gone up, market shares have gone up earnings clearly have gone up. And we tell them what we think they're doing wrong. The most recent one, which is really interesting, was proctor and gamble. Proctor and gamble was about a $70 stock for almost ten years. And the best, the biggest consumer company in the world, but really giving away market share here and there wherever anybody was challenging them. We didn't think the company was structured properly. So we went to them and gave them a plan. And said, look, there's one CEO. No one has P and L responsibility in this company anywhere other than the CEO. So there's really no ability to impact things because everything was a matrix organization. We gave them our structure. They rejected it. We had a proxy, we finally won our board seat. And the shareholders won. So to decide what companies are investing in an infinite number of companies you could invest in. So how do you decide which ones you want to fix and help fix? Well, the companies that we think we know something about their industries. Anything consumer, including restaurants, asset management companies, when we've been in one from leg mason two times to invesco, to Janice Henderson, Mellon. We've been in all of those. So there's a financials that we call financials without balance sheets. So when you make these investments, you have outside adviser that advise you, McKinsey or Boehner, BCG, that help you come up with some plan to go forward. All internal. All done beer. So you have research team in New York. That's where you're based. In this office and in Florida. And when did you start the company? Well, we started trying partners in O 5. Before that, I was buying companies like you did, not with the fund. But with vehicles or with capital that we can cobble together. And we did some very good deals back then. We bought what we created was American national can, which was the biggest packaging company in the world at that time. We bought snapple from Quaker oats and turned that around. We created national propane. So we've did that on a single company where we own the company. And then we decided to have a fund, and that we saw great opportunity by having a fund that could make investments in bigger companies, companies that we couldn't buy. The first one we started with was Wendy's. The second one was Hines. And Heinz unfortunately wound up to be a proxy fight. It didn't need to be. I got on the board, Bill Johnson and I became very good friends who was chairman and CEO who fought with us. He ultimately wound up to be on our advisory board and he was our nominee on the board of Pepsi. So think about that. We had a proxy fight and became very fast Friends, which usually is what happens. So let's go before we get back to more of what you're doing. Your background. So from your accent, it sounds like you're from New York. I'm from Brooklyn. All right, you're from Brooklyn. Part of New York. Special part of New York. And that was Nelson peltz. CEO and founding partner at trien partners on Bloomberg wealth with David Rubenstein. And coming up, we'll hear more from peltz on his career, which, by the way, included being a ski bum at

peltz Nelson peltz David Rubenstein Ed Baxter Denise Pellegrini tryon partners Bloomberg gamble corp Denise Janice Henderson Ed proctor Proctor David invesco Mellon McKinsey Boehner
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:34 min | 2 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"I'm Ed Baxter. And under these Pellegrini, welcome to Bloomberg well, with David Rubenstein, part of our best of Bloomberg series. In this episode, we hear from Nelson peltz CEO and founding partner at tryon partners. And peltz, of course, Ed widely called an activist investor. That's a label he actually resists a little bit. Yeah, that's right, Denise, and that's one of the things David asked peltz about. Let's listen in. So for those who don't know, what is an active investor? We're not an active investor. What we see is we see really companies that we think will once great have lost their way and that we have a plan for them to get back to greatness again. And that's what we do. We're not there to leverage up these companies. We're not there to split them up. We're not there to do all the terrible things that typically go along with the term activist. We're just trying to get these companies to operate better. The way they used to. So what you typically do for those who don't know is you buy some stock in the company. That's a large public company. Right. Then when you own a stake and you become public in it, you notify the CEO that you're a big shareholder. Exactly right. And now you're an activist. Okay. When you notify the CEO and you say, I'm Nelson peltz, I'm here to help you. Does he say, jeez, I don't really need that much help, or he says, okay, give me your ideas. Well, the above. Okay, sometimes no one is thrilled that we're there. Some are much more receptive to hear what we've got to say. We've put together a white paper to go over with management. And that white paper stays private as long as we're in conversation. And if we want a board seat when we think that they're ready to give us a board seat, it will always take private. But if they refuse to, then we make that white paper public. All right, so of the 30 times you've done this or so, how many times the CEO say thank you for showing up. I really want your advice and how many they say, thank you, but I don't need your advice. I can't tell you, but I don't remember anybody ever saying the former okay. But not very often if they've been tough as you said on the latter. Clearly they're not thrilled to see us. But what usually happens is that these stocks go up. And they go up nicely for the right reasons because sales have gone up, market shares have gone up, earnings clearly have gone up. And we tell them what we think they're doing wrong. The most recent one, which is really interesting, was Procter & Gamble. Procter & Gamble was about a $70 stock for almost ten years. And the best, the biggest consumer company in the world, but really giving away market share here and there wherever anybody was challenging them. We didn't think the company was structured properly. So we went to them and gave them a plan. And said, look, you, there's one CEO, no one has P and L responsibility in this company anywhere other than the CEO. So there's really no ability to impact things because everything was a matrix organization. We gave them our structure. They rejected it. We had a proxy, we finally won our board seat. And the shareholders won. So to decide what companies are investing in an infinite number of companies you could invest in. So how do you decide which ones you want to fix and help fix? Well, the companies that we think we know something about their industries. Anything consumer, including restaurants, asset management companies where we've been in one from leg mason two times to invest go to Janice Henderson, melon. We've been in all of those. So there's a financials that we call financials without balance sheets. Okay? So when you make these investments, you have outside adviser that advise you, McKinsey or Boehner, BCG, that help you come up with supplant and go forward. You can do it all internal. All done here. So you have research team in New York. Because that's where you're based. In this office and in Florida. And when did you start the company? Well, we started trying partners in O 5. Before that, I was buying companies like you did, not with a fund. But with vehicles or with capital that we can cobble together. And we did some very good deals back then. We bought what we created was American national can, which was the biggest packaging company in the world at that time. We bought snapple from Quaker oats and turned that around. We created national propane. So we've did that on a single company where we own the company. And then we decided to have a fund, and that we saw great opportunity by having a fund that could make investments in bigger companies, companies that we couldn't buy. The first one we started with was Wendy's. The second one was Heinz. And Heinz unfortunately wound up to be a proxy fight. It didn't need to be. I got on the board, Bill Johnson and I became very good friends who was chairman and CEO who fought with us. He ultimately wound up to be on our advisory board, and he was our nominee on the board of Pepsi. So think about that. We had a proxy fight and became very fast Friends, which usually is what happens. So let's go before we get back to more of what you're doing. Your background. So from your accent, it sounds like you're from New York. I'm from Brooklyn. All right, you're from Brooklyn. Part of New York. Special part of New York. And that was Nelson peltz, CEO and founding partner at trian partners on Bloomberg wealth with David rubinstein. And coming up, we'll hear more from peltz on his career, which, by the way, included being a ski bomb at

peltz Nelson peltz Ed Baxter David Rubenstein tryon partners Bloomberg Pellegrini Procter & Gamble Denise Janice Henderson Ed David McKinsey Boehner Heinz mason Quaker oats New York Florida
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:36 min | 2 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"Corp. I'm head Baxter. And I'm Denise Pellegrini. Welcome to Bloomberg well, with David ribbons time. Part of our best of Bloomberg series. In this episode, we hear from Nelson peltz CEO and founding partner at tryon partners. And peltz, of course, Ed, widely called an activist investor. That's a label he actually resists a little bit. Yeah, that's right, Denise, and that's one of the things David asked peltz about. Let's listen in. So for those who don't know, what is an active investor? We're not an active investor. What we see is we see really companies that we think will once great have lost their way and that we have a plan for them to get back to greatness again. And that's what we do. We're not there to leverage up these companies. We're not there to split them up. We're not there to do all the terrible things that typically go along with the term activist. We're just trying to get these companies to operate better. The way they used to. So what you typically do for those who don't know is you buy some stock in the company. That's a large public company. Right. Then when you own a stake and you become public in it, you notify the CEO that you're a big shareholder. Exactly right. And now you're an activist. Okay. When you notify the CEO and you say, I'm Nelson peltz, I'm here to help you. Does he say, jeez I don't really need that much help, but he says, okay, give me your ideas. Well, the above. Okay, sometimes no one is thrilled that we're there. Some are much more receptive to hear what we've got to say. We've put together a white paper to go over with management. And that white paper stays private as long as we're in conversation. And if we want to board seat when we think that they're ready to give us a board seat, it will always stay private. But if they refuse to, then we make that white paper public. All right, so of the 30 times you've done this or so, how many times the CEO say thank you for showing up. I really want your advice and how many they say, thank you, but I don't need your advice. I can't tell you, but I don't remember anybody ever saying the former, okay? But not very often if they've been tough as you said on the latter. Clearly they're not thrilled to see us. But what usually happens is that these stocks go up. And they go up nicely for the right reasons because sales have gone up, market shares have gone up, earnings clearly have gone up. And we tell them what we think they're doing wrong. The most recent one, which is really interesting, was Procter & Gamble. Procter & Gamble was about a $70 stock for almost ten years. And the best, the biggest consumer company in the world. But really giving away market share here and there wherever anybody was challenging them. We didn't think the company was structured properly. So we went to them and gave them a plan. And said, look, there's one CEO. No one has P and L responsibility in this company. Anywhere other than the CEO. So there's really no ability to impact things because everything was a matrix organization. We gave them our structure. They rejected it. We had a proxy, we finally won our board seat. And the shareholders won. So to decide what companies are investing in an infinite number of companies you could invest in. So how do you decide which ones you want to fix and help fix? Well, the companies that we think we know something about their industries. Anything consumer, including restaurants, asset management companies where we've been in one from leg mason two times to invesco to Janice Henderson, Mellon. We've been in all of those. So there's a financials that we call financials without balance sheets. So when you make these investments, you have outside advisers that advise you, McKinsey, or Boehner, BCG, that help you come up with a plan to go forward. All internal. All done here. So you have research team in New York, because that's where you're based. In this office and in Florida. And when did you start the company? Well, we started try and partners in O 5. Before that, I was buying companies like you did, not with the fund. But with vehicles or with capital that we can cobble together. And we did some very good deals back then. We bought what we created was American national can, which was the biggest packaging company in the world at that time. We bought snapple from Quaker oats and turned that around. We created national propane. So we've did that on a single company where we own the company. And then we decided to have a fund, and that we saw a great opportunity by having a fund that could make investments in bigger companies. Companies that we couldn't buy, the first one we started with was Wendy's. The second one was Heinz. And Heinz unfortunately wound up to be approximately 5. It didn't need to be. I got on the board, Bill Johnson and I became very good friends who was chairman and CEO who fought with us. He ultimately wound up to be on our advisory board, and he was our nominee on the board of Pepsi. So think about that. We had a proxy fight and became very fast Friends, which usually is what happens. So let's go before we get back to more of what you're doing. Your background. So from your accent, it sounds like you're from New York. I'm from Brooklyn. All right, you're from Brooklyn. Part of New York. Your special part of New York. And that was Nelson peltz, CEO and founding partner at trian partners on Bloomberg wealth with David Rubenstein. And coming up, we'll hear more from peltz on his career, which, by the way, included being a ski bomb

peltz Nelson peltz Denise Pellegrini David ribbons tryon partners Procter & Gamble Baxter Bloomberg corp Denise Janice Henderson Ed David invesco Mellon McKinsey Boehner Heinz mason
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:57 min | 4 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"Others during the COVID during the pandemic Exactly Exactly GSK they're making a big push into vaccines and they're buying a fin axe for up to $3.3 billion Now if X is a clinical stage BioPharma company and it's based in Cambridge Massachusetts Now they will gain access to the next generation of experimental vaccines and they're developing vaccines for things like pneumonia meningitis and also bloodstream infections Now this deal is expected to close in the third quarter And GSK will pay 2.1 billion pound $2.1 billion up front and up to $1.2 billion in potential milestones It's all part of GSK's push to boost its pipeline of new medicines and that comes as it's preparing to split off its consumer realm and really focus on becoming new GSK GSK shares are up about .7% this morning Turning next to Unilever they have a new non executive director Yeah that's right And they're non executive director comes with a reputation and it's in one syllable and that is pelts And he is known for generating change and really shaking up these boards Now peltz is the founder of Nelson peltz's the founder of trian partners and they own about 1.5% of Unilever Now this steak was first reported in January but we didn't know how big it was So today we have found out that one Nelson peltz will join Unilever's board as a non executive director and two the trian partners owns this 1.5% stake in Unilever Now it seems like at the moment they are on quite amicable terms Pelt said that Unilever is a company with significant potential and pointed to its strong consumer brands and geographical footprint and said he will look forward to working collaboratively with management but he said more to come and it's worth bearing in mind obviously Unilever at the beginning of this year they were really in the headlines in January they announced plans to catch about 15% of their senior managerial positions and they also made ice cream beauty and personal care independent unit units So the kind of going through this revolution at the moment and it's a really interesting addition to their board their shares are up this morning investors really liking it 7.5% And finally B and M the discount retailer some earnings but also some succession is Exactly yeah B and M European value retail They are a discount retailer and as you said in times like these they are particularly important especially when it comes to the consumer market Now for their full year which they've just reported their revenues decreased about 2.7% and that was missing the estimates but compared to a pre-pandemic level it's up about 22.5% which there obviously wanting to make more of an effort more focus on and they also said that their current CFO has been announced as a successor to their CEO But of course the question is at the moment is how will the current cost of living crisis affect their business and as consumers find that their incomes are squeezed who will they start moving on to these discount retailers and they said that they've seen it before that during difficult times customers will seek out value for money and they say that they are ideally placed to serve those needs they say that operating costs are totally controlled The freight costs are competitive and so are then so is their low cost labor module because of course that's so important keeping the cost down so they can continue to be attractive in this cost of living crisis and their shares are down about 8.7 and that's probably just on that revenue miss Okay Charles cape or the London rush thank you very much you'll find these stories and more on the London rush on Bloomberg dot com and of course on the.

Unilever GSK Nelson peltz trian partners pneumonia meningitis peltz BioPharma Cambridge Massachusetts Pelt
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:46 min | 4 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"On Bloomberg radio Alex Let's dig into some of the specific stocks that are moving this morning We're joined by Bloomberg's Lisa fam here in the London studio I'm good morning Lisa Let's start with Unilever Nelson peltz the activist has joined the board Yeah so Unilever has said that the company try and has 1.5% stake in Unilever and appointed pelts as a nonexecutive director Peltz will join the board in July and become a member of the compensation committee So just to give a bit of context people familiar with the situation had told Bloomberg news in January that try and a mess and meaningful stake in the consumer giant over the past few months But this is the first time that this has been confirmed by the company IBC analysts say that they hope that pulse can stimulate positive changes to culture remuneration and organizational structure like he did at Procter & Gamble even if he shares with down 11% this year before today's news and the stock market are the stock hasn't yet opened today Okay Lisa moving on to some M and a action This is to do with the German special specialty chemicals company lanxess As well as private equity house advent They say that they'll acquire the engineering materials business from DSM for around €3.7 billion This will be financed by advanced and the two firms will form a new polymer's joint venture So Langston will contribute its high performance materials business which is valued at €2.5 billion It's important to keep in mind that DSM has agreed to combine with a Swiss ingredients maker which will form the largest maker of fragrances and ingredients for the perfume and beauty product industries GSM will get a cash injection to help fund the deal from the sale of its injured engineering materials business So both stocks both langs and DSM have been taking higher in recent days though they still haven't recovered from this year's losses We do see Langston shares up 10% at the moment We also have some news from the Swiss electronic components maker U blocks which makes all sort of wireless components for the automotive industrial industries and therefore can be something of a bellwether It raises its outlook Yeah so the company said that outlook for the year has improved thanks to strong billings continued strong order intake and well managed supply challenges So as a result you block now sees revenue growth of 27% to 39% for the full year as well as a bit of growth of 17% to 21% Still the company acknowledges that macroeconomic and geopolitical factors including tangled supply chains inflation and the war in Ukraine will remain as risk factors for its 2022 guidance In terms of stock performance you block has fared better than some other companies with the shares up 8.6% this year before today's announcement though it shows haven't yet opened today Okay Lisa fan thank you very much for a look at stocks to watch this morning Next we'll take a look at the day's top stories with Leon garon's morning Leanne Steven Good morning and thank you EU leaders have agreed to pursue a partial ban on Russian oil paving the way for another possible package of sanctions targeting Moscow European Commission president Oslo von der leyen says it marks major progress Council should now be able to finalize a ban on almost 90% of all Russian oil imports by the end of the year This is an important step forward The remaining 10% on these one we will soon return to the issue Meanwhile the bloc's members spent hours struggling to resolve their differences over the ban with Hungary its main opponent the sanctions would forbid the purchase of crude oil and petroleum products from Russia delivered to member states by sea a temporary exemption for pipeline crude is included in that package Here in the UK business confidence rose in May for the first time in three months with more companies planning to increase prices businesses were most concerned about rising costs and slowing growth in the next 6 months Bloomberg's own pots with the details Lloyds bank says its business barometer increased 5 points to 38% this month That's the highest reading since February and ten points above the long term average On price rises over half of companies polled plan increases that's the 5th consecutive monthly gain However confidence in the retail sector fell slightly to its lowest level since March of last year That amid concerns on the squeeze on household incomes They just figures add though to the sense that the economy is strong enough for the Bank of England to push up rates again in its fight against inflation now at a 40 year high In London I'm you in parts of the big day break Europe China's factory activity continue to shrink in May but at a slower pace as many of the titers COVID restrictions began lifting gradually in some areas The official manufacturing PMI rose to 49.6 from 47.4 in April That compares with the median estimate of 49 in a Bloomberg survey of economists the non manufacturing gauge also increased Fed governor Christopher Wallace says he is backing rate increases of half a percentage point for several meetings in to reverse a surging prices in the U.S. wallet says he is not taking 50 basis point hikes off the table until inflation nears the fed's 2% target I support tightening policy by another 50 basis points for several meetings In particular I am not taking 50 basis points 50 basis point heights off the table until I see inflation coming down closer to our 2% target He also says economic models suggest quantitative tightening will be equivalent to around a couple of 25 basis point rate hikes And finally Chelsea F.C. is a new hand U.S. investor Todd boley has completed his 4.25 billion pound takeover of Chelsea football club It ends almost 20 years of ownership under Russian billionaire Roman Abramovich who was of course forced to sell under sanctions imposed over the war in Ukraine the deal means that for the very first time more than half of the premiership are now packed by American money Global news 24 hours a day on air and on Bloomberg quixel powered buying more than 2700 journalists and analysts in more than 120 countries I'm leann gerrans this is Bloomberg Alex Webb joins us today What a pleasure Alex Webb Said no one ever Thank you Leon Let's dig into that inflation story The latest French inflation figures have come in at 5.8%.

DSM Bloomberg Unilever Alex Let Lisa fam Lisa Let Unilever Nelson peltz Peltz compensation committee langs Swiss electronic components
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:50 min | 4 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"And really as the ECB hikes interest rates like everyone is anticipating they will do starting in July It could give the SV a little bit of cover to try and move their interest rates away from that .75% This is really important Are you telling me that there's such a larger bet on weak Euro that we could go the other way And if so what's your level Well you know once again I think the Euro will be vulnerable because I think there's a recession risk for the Euro That could make the Swiss franc or attractive certainly bear in mind Switzerland is far more protected from the energy security issues of the most of the rest of the European neighbors there It produces a huge amount of hydroelectricity a lot of nuclear for instance So it's not as exposed to the Russian debate It's already a safe haven It's got a big current account surplus for instance And that means that if we were to see more stagflation more recession risks in the Eurozone I think the Swiss franc will benefit against the Euro Now that doesn't mean to say that this is Frank will manage to benefit against the dollar but we might see a theme of a possible rate rise in the S and B maybe it was the tail end of this year certainly that conversation is the one that's valid for next year Jane foley of rabobank thank you so much It was admirable to be talking very seriously about the Swiss franc With underneath her banner that read something about both farm that you're going to buy I've just got to say Is I look to finance this transaction I think where we're heading because of foley's brilliance is a triple leverage GoFundMe By the way they're cheap Joining us Look at stocks moving ahead of the opening bell Abigail two little please I didn't forget somewhere else Good morning to you Lisa and Tom Well we do have futures down slightly a little bit softer down about three tenths of 1% But lots of earnings continue to roll in And Nordstrom bucking the bearish trend that we've seen for retail Right now shares up 3.2% well off the highs at one point up more than 10% even 20% I saw at one point this of course after they beat on sales by 6% So the high end consumer is still there and more importantly they raise the outlook Not so much though for Dick's Sporting Goods Plunging down about 13% they actually beat in the last quarter both on top and bottom line but they slashed the outlook going forward Relative to it the tax and accounting software company they put up a beat it was a stronger tax season than expected shares up 2.4% Toll Brothers the luxury home builder up 2.7% they beat they're seeing softer demand going forward and investors looking past that that softer demand that color that they're giving of course in line with new home sales yesterday Plunging to a pandemic low at 591,000 houses sold in the month of April As for another stock that's popping sharply higher the shares of Wendy's up about 9% the last time I looked at them right at the round there this of course after Nelson peltz's try and fund said that they're considering some sort of transaction there They already own 11.8% and analysts are supporting that Smith and Wesson right now up half a percent and this of course in the wake of the tragedy in Texas that mass shooting but it is worth noting that typically after these mass shootings we see these gun stocks rise more right now relatively muted action there social responsibility investing could be at play there And then when resorts and live nation amid the tragedy we don't know if it's directly linked but sometimes we will see some of the travel trade the reopening trade trade down But not off so much down about let's call it three quarters of 1% Overall a little bit of a softer opening Lisa Abigail thank you so much And we will be observing a moment of silence on the New York Stock Exchange in about ten minutes here coming up for the tragedy and the people who lost their lives in Texas which definitely has been casting a pall Why are we still dealing with this Tom I've got it is the fabric of a nation and what is so sad about it and talking to people who have a love of hunting or the west and firearms We have removed ourselves so far with his repetitive indices My problem with this Lisa is we look at these larger events in their sad thoughts and prayers each and every day across this nation Yeah For the violence that we see And for all the children my children included who huddle into closets in order to prepare for a possible day They do rehearsals coming up We're going to be taking that moment of silence as we try to spin forward a conversation that we shouldn't be having again We're also going to be speaking markets as we hear look toward perhaps a softer open from New York actually no from Davos This is from New York.

Jane foley bell Abigail ECB Nelson peltz Switzerland foley Nordstrom Lisa Frank
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:07 min | 4 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"The 11th as the Yankees beat the Orioles 7 6 snapping their season high three game losing streak The mets meanwhile played a wild game in San Francisco rallying from 8 to down the Met scoring ten runs in the 7th 8th and 9th combined but they would fall in the bottom of the 9th as Edwin Diaz allowed four hits including the walk off single to Brandon Crawford 1312 your final NBA playoffs the Mavericks avoid the sweep beating the warriors one 19 one O 9 and tonight Eastern Conference Finals game 5 from Miami to heat and Celtics tied at two games apiece I'm Scott Seinfeld with Bloomberg sports John All right thanks a lot Scott 6 37 on Wall Street time to take a look at stock some of the names that are moving in the pre market for that were joined by Bloomberg radio and TV markets correspondent pretty Gupta You ever have one of their what do they call it The frosty the milkshake From Wendy's Yeah you could turn it over and nothing comes out So thick I have had a frosty Yes I think in the third grade And I haven't had it since then Should I though Why are they in the news this morning Wendy's are frosties Wendy's N is your taker here folks 12% gains almost 12% gains in the pre market This comes after shareholder trying fund management This is the investment vehicle of the billionaire Nelson peltz whose daughter by the way just got married to Brooklyn Beckham that's also your little guy Who's the stronger Nicole peltz there it goes So there's your little congratulations Nicole if you're listening Yeah maybe they are This is far more interesting Try and fund management Has about an 11.8% share of Wendy stock right now And they said that they're exploring a transaction that could give it control of the fast food chain and the investors seeming to like that story up about 12% So we've got a little bit of an activist stock story this morning John What else is good I'm looking at the screen here but you tell me Well I think we have to stick with the retailers theme that seems to be the big one here because the compression things Yeah this idea that there's so much inflation that you can't actually perhaps pass on as many costs to the consumers and that seems to be the story coming out of Walmart at a target But then you have the series of kind of positive news We had Best Buy of course out yesterday some good news there But we also had Nordstrom out yesterday JW N is your ticker shares are higher by about 10% in pre market trading after raised its revenue forecast after the bell yesterday analysts highlighting the department stores operators exposure to higher end customers Think about this If you are a retailer and you are trying to target customers that are really concerned about inflation what economic classes do you telling me Nordstrom appeals to people who have money Pretty much And I've never been in one In a Nordstrom No Okay well we got to get you in there There's a great flagship store on 57th street but I have seen I've never seen anybody in it though That's the one 57 conversation The point is they are geared towards higher end because customers who are for lack of better perm a little bit more insulated to whether those inflationary costs nevertheless JW N is your ticker up 10% And it's not just them Urban Outfitters up on sympathy as well You are BN is your taker That stock up 4% and I don't know if you're an Urban Outfitters shopper John My daughter took me to you ready This is not a publicly traded company Goodwill It's a some sort of fashion trend to buy used clothing This is true I feel like the balance new sneaker distressed whatever I got some great rags for painting Bloomberg market for the TV market correspondent Pretty Gupta right now ahead of the cash open on Wall Street Dow futures down 32 points Don't judge me S&P 500 futures unchanged NASDAQ futures up 17 You're listening to Bloomberg.

Edwin Diaz Brandon Crawford Scott Seinfeld John All Bloomberg radio Nelson peltz Brooklyn Beckham Nicole peltz Wendy Orioles Nordstrom Mavericks mets Yankees Celtics warriors
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:19 min | 8 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"This is Bloomberg daybreak Europe The idea is we hold the economy in suspended animation until we get control this virus We are very much in the picture of Montreal dominance We will get slower growth I mean let's not get used about that We are in a national crisis I think it is for all parties to pull together The Euro area is facing an economic contraction of a magnitude and speed that are unprecedented in peacetime Bloomberg daybreak Europe on Bloomberg radio Good morning from London I'm Anna Edwards you're listening to daybreak year up live on London DAB digital radio this Tuesday morning European equity markets just opening up let's get to the markets We checked the data for you every 15 minutes here on Bloomberg radio And the stock story here in Europe looks positive for now How long will that last though is a big question Such volatility over recent days of equity trading So the stock 600 is opening to the upside up by 9 tenths of 1% The 5100 up by 7 tenths of a percent the cat carons in Paris up by 1.2 the Dax gets to open the ibex up by just shy of 1% So we are seeing a bit of a rebound from the losses of yesterday but not a rebound of all of the losses of yesterday crucially Yesterday we saw European equity markets under considerable pressure European stocks down by more than 4% then late in the day and were on Wall Street We saw an incredible rebound in stocks there so we had the S&P and the NASDAQ both down by 4% yesterday during the session Those were turned around into games of more than a fraction of a percent So it certainly was the case that we were expecting to see some positivity at the start of the European trading day but we're not making up for all of the losses of yesterday And we're also not certain how long these games will last because U.S. futures after that big rebound yesterday now point to the downside so volatility certainly is back in stocks even he's down by 1.2% Dow futures down three quarters of 1% and NASDAQ futures down by 1.6% and it is in tech that we still focus our attention when it comes to this selling because they had been concerns about tech profits in some parts of the tech universe not all of course and that is has been the epicenter of the selling So in terms of the Asia session the Asian session didn't like the volatility we've got now in U.S. stocks and then into U.S. futures and so we're down by 1.6% We have the topics going into correction territory more and more markets in China heading into or already in bear market territory So that's the story in Asia The oil price up another 8 tenths of 1% after a recent drop 86 95 is where we trade on the Brent price the yields on the U.S. ten year 1.75% as we head towards the fed meeting the fed starts a two day meeting today we get the results of their deliberations after the close of European business tomorrow The dollar is a little stronger this morning the yen is a little stronger So we do have some appetite for those havens and as well as concerns around the fed and the tightening cycle of course there's a geopolitics to layer on top of that the Euro being sold to buy up some of those havens we're told by those in the FX markets the Euro down two tenths of a percent this morning one 1305 the pound fairly flat at one 34 87 That is a look at the markets broadly speaking Let's get to some of the individual stocks we're watching because there are some great stories out there Bloomberg and Moana Connie and joins us now with a look at some of those and when a good morning let's start with Unilever Plans there for thousands of job cuts it seems Good morning yes So Unilever people familiar with the matter Am I going to cut thousands of management positions And that's just beat up decision making after we heard in recent days that activist investor Nelson peltz has built a stake in the company Shares are falling this morning down about .8% which is against the positive market rates in the UK and other consumer and household goods Does this move is going to eliminate numerous regional and divisional roles and CEO jokers basically display innovation And that the job cuts are going to be likely in the low thousand which we think could be enhanced as things this week But the company has declined to comment so far Okay So not announced yet but reported certainly by our colleagues here at Bloomberg the share prices you say down by 8 of 1% in a market that's otherwise rising Let's get to Ericsson then the telecom equipments that make and a really strong performance from that share price this morning Yeah so Erickson as Swedish tech company they've raised their dividends and they've reported a profit of beat analyst estimates This is particularly interesting because they've had a drop in sales in China but that has been offset by demand for upgraded to 5G in the rest of the world It seems that they have really been benefiting from fleeting decision and elsewhere to ban Huawei technologies from its 5G networks So the fourth quarter operating profit of 12.3 billion compared to estimate by analysts about 10 million Corona And they then had organic growth without China or 5% So shares very positively this morning up about 6.4% there compared to their tech peers which are up about two We talked to the CEO of Ericsson on Bloomberg TV a little earlier and yes we had a lot of conversations about pricing and supply chain issues But there was seemingly some hope in China where they have of course been losing business because of that geopolitics But there was certainly some optimism amongst the management there that they might be able to do something about that for some customers Really quite sure I also in focus the latest theorem a winner Yes so wine and spirit maker They've reported revenue for the third quarter that was ahead of analyst estimates and they've confirmed their 2021 to 2022 outlook saying they expect very strong organic growth in sales particularly after really strong first half of the year performance And they will beat this year in the quantum act division and liquid and spirit The Jeffries have been saying that this really steps the tone the spirits reporting this earnings season shares are a little bit flat this morning currently just down almost a .2% compared to their feed beverage peers which are a little bit lower than the rest of the market upper My winner thank you very much for joining us And we're going with the latest on the stocks we're watching this morning So a mixed bag to focus on Let us get to some of our top stories for that He's Bloomberg's.

Bloomberg Anna Edwards Europe U.S. fed London Unilever Moana Connie Asia Nelson peltz Montreal China Paris
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:58 min | 8 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"Cut thousands of jobs in the management positions this is to boost decision making and innovation The move comes by the activists after the activist investor Nelson peltz built a material stake in the consumer goods business The CEO Alan joke is under 19 pressure after a failed bid for blacks and Smith Kline with the share of price lagging the rivals IBM I spoke to the strongest sales growth in ten years thanks to growing cloud demand Sales surged 6.5% $16.7 billion in the latest quarter two Pete analyst estimates IBM's hybrid cloud sales from 16% in the latest sign that tech giants pivot into newer technologies is bearing fruit Results are the first after IBM spun off the large portion of its legacy infrastructure unit that happened in November How about Dylan has sold his entire catalog of recorded music to Sony Right from his 1962 debut album through the 2020s rough and rowdy ways Turns of the deal were not disclosed but the music industry publication billboard estimates the material is worth at least $200 million Dylan sold his songwriting catalog to Universal Music was just over a year ago and that as you bring business flash Well we're going to grapple with the fallout from Credit Suisse and their market warning But equity markets stage a comeback in the cash to face a new challenge from the Asian market Now we're off our lows We've done 1% on the S&P 500 It was what one of the biggest turnarounds It was certainly the worst in 16 years but it's one of the biggest town arounds in history from dying 4% to rallying back over four and a half percent So it really is a turnaround Canada endure Yeah I mean that's the key question The moves in the market in the last few hours have been like a fighter pilot pulling 7 or 18s is the way I'd like to think about it Now it's like future thing called 1.3% lower There's a lot of speculation on when you could get a fed put ISI Evercore ISI writing that the average exercise price is negative 23.8% peak to trough and that would mean that around an S&P 500 of 3670 points That's something to consider But there is a perfect storm that's been building not just for what we might get from the fed but also in terms of the geopolitical tensions around the Ukraine So at this moment in time 10% ten and a half percent drawdown in equities Is it enough to really invoke the fed put credit markets have yet to become his own seated as they did back in 2018 It's in the bond market with ten year paper traits at one 75 years of falling ever so slightly Does the flattening of this curve worry the fed more What will they do in regards to mortgage backed securities That is where the market really begins to concern itself about liquidity So that's what we want to hear on Wednesday evening from the fed Quick note on the energy markets as well For the biggest one day drop this year traders focusing on the positive demand outlook Bank of America is now seeing a $120 a barrel went up 7 tenths.

Nelson peltz IBM Alan joke Smith Kline Dylan ISI Evercore ISI Universal Music Pete Credit Suisse Sony
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:26 min | 8 months ago

"nelson peltz" Discussed on Bloomberg Radio New York

"It is 9 30 a.m. in Hong Kong and here in Singapore I'm Juliette solly And I'm Ryan Curtis looking at the markets in the Asia Pacific as we've been mentioning this morning A lot of selling here and some pretty aggressive moves to the downside the markets just opening up here as we speak Hanging index off one and a half percent The hang sang tech index down about two and three quarters percent So not only do we have to worry about tightening fed policy but also omicron and now geopolitical concerns as well We'll get to the markets with Doug prisoner in a few moments but for now the top stories Jules Bitcoin trading around $35,730 It fell over the weekend hitting a level 50% below its record high in November but the drama doesn't stop there because now we're also seeing some technical problems with one of the world's biggest blockchain networks We get more on that from Bloomberg's Denise Pellegrini Solana is reporting that validators that use their computer power to help verify the network will they run into trouble with excessive duplicate transactions is what they're calling it And so on his website says it has released an update to attempt to mitigate the worst effects of this problem So on the lab's cofounder meantime has retweeted a comment attributing this problem to current market volatility It's not the first time the company has seen something like this The blockchain network suffered a 17 hour outage back in September sparked by what it called resource exhaustion Today's Pellegrini Bloomberg day break Asia This rate cuts will not be sufficient to stabilize the economy according to yu Yong ding a former adviser to the PBOC you said that under current conditions the Central Bank's role can be pretty limited He said he would emphasize the importance of fiscal policy and a faster increase in government spending that he thinks is needed The PBOC has taken a series of easing steps recently They include cutting interest rates key interest rates for the first time in nearly two years and encouraging banks to lend more quickly While Nelson peltz activist hedge fund has built a stake in Unilever this is adding a lot of pressure to the company's CEO and Europe Bloomberg's Susanna Palmer explains We're hearing peltz's tryon fund management has bought a stake in Unilever over the past few months the exact size of that stake is unclear although it's being described as meaningful The emergence of an activist investor is the latest challenge for Unilever CEO Ellen joke He's fresh from a failed bid to buy a consumer health unit from GlaxoSmithKline Billionaire peltz is turning his attention to Unilever after retiring from Procter & Gamble's board back in August He spent nearly four years there that brought several dramatic changes aimed at improving P and G's performance Susannah Palmer Bloomberg day break Asia All right the time is 33 minutes past the hour The interconnectedness of markets we're seeing a lot of selling in all the markets seemingly for many reasons that exist globally Let's get to Doug Chris He can explain it all to you I don't know about that but let me take a few stabs here One of the things I think is very curious given the fact that the PBOC China Central Bank is moving to do a lot more in the way of accommodation The currency does remain very very robust here At 6 spot 33 60 now against the greenback we're up about a tenth of 1% against the dollar and it was curious too because the PBOC said a weaker reference rate for the yuan the daily rate Vis-à-vis what the market was looking for Now we also heard from policymakers at the PBOC that liquidity will be kept stable before the spring festival that happens next week in spite of that we see weakness not only on the Chinese mainland where the Shanghai composite is down about a half of 1% but in Hong Kong as well where the hang seng is weaker by more than 1.2% In this case its consumer discretionary along with healthcare and information technology shares leading the way lower In Tokyo we've got the nikkei right now off about 7 tenths of 1% in sold the cost be down about 1.4% and in Sydney the ASX 200 is ahead Check that a weaker by about four tenths of 1% The big event in the week ahead is obviously the fed meeting no change in monetary policy is expected although we're hoping for some clarity not just on a timing for the next rate hike which is the market is convinced will happen in March but also on the balance sheet and whether or not it will be shrunk after that march rate hike It was over the weekend at Goldman Sachs was saying in essence the fed is going to be a lot more aggressive than the market has been expecting So now if you look at the bond market ten year treasury is up and yield by a little bit more than two basis points where at 1.77% And that move up in rates is strength in the dollar ever so slightly The Bloomberg dollar spot index rising about a tenth of 1% The yen is weaker here on a relative basis at one 1385 down a little more than a tenth of 1% against the greenback and crude oil recovering although for the 5 trading days last week WTI was up about 1.8% where higher now by 1% trading 85 95 in the electronic session We'll take another look at markets in 15 minutes Juliet Thank you dog 35 minutes past the hour time for global news The U.S. is ordered families of diplomats to leave Ukraine at Baxter's in San Francisco with the latest dead Yeah Julian Wright U.S. officials say Russia could invade now at any time The.

PBOC Unilever Juliette solly Ryan Curtis Denise Pellegrini Solana Pellegrini Bloomberg yu Yong ding Nelson peltz Europe Bloomberg Susanna Palmer peltz Ellen joke GlaxoSmithKline Billionaire pe Hong Kong Susannah Palmer Bloomberg Asia Pacific
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:10 min | 1 year ago

"nelson peltz" Discussed on Bloomberg Radio New York

"You know, we were just talking about consolidation. Nelson Peltz is on your board his try on fund management. Has a nearly 10% holding in the company. I think the third largest in Invesco, What's the endgame? I mean, we're just talking about consolidation. What are you hearing from him or what do you expect in terms of how this relationship might impact the company? S O. Nelson trying the board as it at Garden, his partner and Tom Think, who was the CEO of Barron's at the end of last year. As you know, both all three really talented people that they know the sector extremely well. Um and Nelson and Ed and Tom consist with airport the industry in the very same way that it could just be a large curling industry. But a splinter dramatic change and that Um, yeah, this thing the search movement Tonto. Stronger and stronger, Larger. Being more capable firms is really top of mind with them. And you know, this is very helpful. Daph. People have been through all sorts of change and development and other industries to and bringing that perspective. So it's been Your early days for all of them, but it's been great additions to what is already a very strong board. Is it safe to say you have to meet? You have to be bigger to go after the likes of Black Rock and Vanguard. Yeah. So I look in a different way. Really. It's really to serve our clients. Right? And you know what we're seeing from our clients all around the world is they want everything for passive portfolios to factor portfolios, toe conviction, active alternatives, and they want you know a bunch of analytical tools and support to help them do their job. And you really have to have scaled to do that. And so not just, you know. Investment, keeping your skills but also the operational skills and the ability to invest in things like technology, Sir, clients. And if you do that, very well, you're gonna continue to grow. Hey, listen, you know, you just said, you know. Yeah, I know. You talk about all the options that your clients want that that's really what? You know what you guys stay focused on what caught your clients want one investors want, But I do wonder too. We've had so many conversations here. Bloomberg about, you know, Actively managed et efs, You know? What do you think is the future of that? So we just launched for non parents Ahrendts in December. It's actually very interesting. Obviously, the each of growth has been just spectacular. It's largely banned and cap weighted indexes as you know, but where we have been for a successful this in the factor area, so it creates another alternative where you can have done transparent DTs for active management within a different vehicle. There was a preference towards that vehicle. I That said. We're really excited with launches, but I suspect it's gonna take some time before you're going to see a lot of momentum in the area. But again, Very few money managers have that capability. We're one of them, and we're happy to have it. Hey, listen, one place that you guys are seeing a lot of momentum in and you continue to focus on it. Marty is obviously what you're doing in China, and I know you guys were looking for growth. I think you put this out last year of more than 40% your China assets in three years. How is that going? And I know you've been looking to boost your ownership to I think 51% in the joint venture that you have there. How is it going in? Are you At all the nervous about a new administration what the relationship will be between the U. S and China. So right now we manage $76 billion of assets in China for Chinese. Whether beat your joint venture you're referring to directly with institutions. The growth has been unbelievable. It was a record year again for our China business In the last half of the year, they had something like $17 billion and they didn't close. So it is, you know, an overnight success after 20, plus years in the marketplace. I think, frankly, uh, the relations between us and China is important. It was definitely creating complications for all of us were operating there. Um, you know, not in a material way, but I'd say it was uneasy issue. We're looking to the future, and I think it's really important for two world powers toe. Um yeah, be on the same page and it's good for each country is good for the world. So I'm.

China Nelson Peltz Tom Think Um O. Nelson us Barron CEO Vanguard partner Bloomberg Marty U. S
"nelson peltz" Discussed on AM 970 The Answer

AM 970 The Answer

02:12 min | 1 year ago

"nelson peltz" Discussed on AM 970 The Answer

"I've happened Fost the U. S Capitol lockdown Wednesday with lawmakers inside as violent clashes broke out between supporters of President Trump and police inside the Capitol lawmakers from meeting to vote to firm Joe Biden's victory. President Trump called on his supporters back peacefully after a pro trump demonstrators stormed the capital building, which forced the evacuation of vice president Pence. The president urged for calm but did not tell his supporters to stand down. He tweeted please support our Capitol police and law enforcement. They're truly on the side of our country. Stay peaceful. White House correspondent right, Clark stand. Smoker of House lawmakers came close to physically fighting early Thursday morning as the congressional count of electoral votes stretched into the wee hours. Senator Mitch McConnell earlier spoke briefly on the U. S Senate floor urging Congress not to overturn the electoral College Constitution gives us here in Congress a limited role. We cannot simply declare ourselves a national Board of Elections on steroids. The House and Senate is overwhelmingly turned aside a challenge. To President elect Biden's victory in Arizona as well as a challenge to his Pennsylvania victory. Briefing for the Economic Club of Washing. Dr Anthony Fauci says that he's raised his estimate for the percentage needed to achieve herd immunity from the coronavirus based on transmission and vaccine efficacy. Until we get the overwhelming majority of people in the population, and I would imagine that would be about 70 to 85% if we get them vaccinated will get to a level of what we call herd immunity. Which means that they will be very little opportunity for the virus to circulate in the community Altered Human services Secretary Alex Cesar says this week the government would allow more drugstores to targeting. Chavez announced in early launch of the federally arranged pharmacy partnership, which will eventually cover more than 40,000 pharmacy locations from 19 chains and associations across the conferences. Town Hall back Oh, Everybody. We want to invite you to join Dennis Prager and Mike Gallagher for a travel opportunity. That may be the highlight of your year. We're headed back to Israel in October. 2021 for a 10 day stand with his real tour of the key sites and best place is meant to give you an unprecedented view of the world You've likely only read or heard about. If.

President Trump vice president Capitol police Joe Biden Dr Anthony Fauci Senator Mitch McConnell Congress White House correspondent Dennis Prager Senate Pence Economic Club of Washing Board of Elections Mike Gallagher Israel Town Hall U. S Senate Chavez
"nelson peltz" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:28 min | 2 years ago

"nelson peltz" Discussed on Bloomberg Radio New York

"Piers Rise in early Trading Franklin Resource is up. 3.5% Invesco Up 4% Janice Henderson up 3% Bear in mind. Billionaire Nelson Peltz is trying. Fund management disclosed last week that it bought 9.9% stake in Invesco and Janice certainly try and would like to see some consolidation in the fund business and considering what's going on with the advance. Maybe it'll happen. IBM is up. 8.5% Deacon computer services provider, plans to spin off a business that handles networks for other companies. The split of what they call managed infrastructure services represents CEO Arvin Christians Biggest attempt to revive IBM, which is focusing on cloud computing. Eli Lilly's up 2%. President Donald Trump's that the truck maker is going to receive US approval for its covert 19 antibody treatment really filed yesterday with regulators for emergency use authorization. Regeneron Pharmaceuticals did the same today for its antibody therapy, which was used in treating Trump on Regeneron shares are up 4% McDonald's higher by half a percent. Third quarter sales at US restaurants opened more than a year Rose 4.6%, according to preliminary figures. You were saying time? No. I just thought I was stunned. I mean, did you know this good court of all it is and it offset declines in their international sales to McDonald's raised its quarterly dividend by the way by four cents a share to a dollar. 29 Domino's pizza wasn't so fortunate that stock down 5% in early trading. Restaurant chains, third quarter or destroy the Abbott Testament by the most in more than a decade higher cost her dominoes, profitability. Even a sales at US stores open more than a year jumps. 17.5%. Did you guys see the chart for McDonald's? I didn't I mean, It's a 14.3% per year for the last 10 years, is up to record highs. It's like it's like the pandemic didn't happen. David, are you eaten seven nights a week at McDonald's? I can't say that I am. I can't remember the last time, please. Now, really, I tend to eat local restaurants. You know, you gotta do what you got to keep the economy going. But I digress. DTs Richie's up 2.5%. People familiar with the matter said the power company may sell or spin off natural gas pipelines and undress that's beside utilities. DT declined to comment. Cortez is up. 5.5% activist investor Starboard Value made a pitch for the crop chemical company at an investment conference. Roque, Who's up. 4%, The maker of streaming video players, is headed for $255 a share in the next 12 months, according to need them. They raised their estimate by 34%. It's now the highest among 20 Bloomberg survey, and one more for you. I'll go. Health of 5%, a growth hormone for Children at the health care companies developing Fizer met the main goal. Of a final stage study. David Wilson. Thank you so much, because you know what's so important here, Paul, You know, the way I get bribed is afterthought. Well, load up on McDonald's like they got the delivery thing now. And she always has two cheeseburgers that Aaron extra somehow. They're always in the order extra and somehow finds they land up on my cable. That's what its stocks out of her record high as well..

McDonald Janice Henderson Invesco Regeneron Pharmaceuticals Nelson Peltz President Donald Trump David Wilson Piers Rise IBM Eli Lilly US CEO Domino Fizer growth hormone Aaron DT Roque Richie
"nelson peltz" Discussed on MyTalk 107.1

MyTalk 107.1

02:06 min | 2 years ago

"nelson peltz" Discussed on MyTalk 107.1

"Now No Nikola pelts comes from a family of billionaires. Her father is a guy named Nelson Peltz, and he runs a lot of stuff, including but not limited to Wendy's. He's on the board of Procter and Gamble, etcetera, So he's got a lot of so she's just going toe cash that check? Yes, interesting me like, Oh, I have this great idea, and it's gonna include You Imagine what that's like, like, um, I'm going to get married. So those lainy wishing she was just the kid of a billionaire's And then Mom's like excellence. I'm going to dip my toes in the lake called Money. Next. Our next celebrity gossip mystery detectives have questioned the A list moguls slash wannabe rapper about the death of his ex. Several people have reached out to police to say they believe the woman was murdered. Oh, my God! Oh, my God! Unsolved mysteries. What Okay. Detectives, a list of local slash wannabe rapper. Yes, wannabe rapper well. He is. A wrapper. And he has released many songs That just wants to be another rooms. I suppose, according to anti lawyer Yes. And his ex died. Yes. 00! Oh, Oh, yeah. Oh, what was her name? It? Was it a surprise. She passed away unexpectedly. Yes, and it was very young. Yes. What is his name? Oh, I totally remember. We talked about this story. Everybody was like, coming out and saying how sad they were, and she disappeared. She died unexpectedly. Oh, I can't think I don't remember the sun will when she says it. Just say it. The rap hip hop star is Didi. What was her name on her name was Kim Kim Porter. Kim Porter Porter.

Kim Porter Porter Nelson Peltz Wendy Procter Didi Gamble
Los Angeles: Trump Pardons LA Billionaire Michael Milken: ‘He Suffered Greatly’

What A Day

03:55 min | 2 years ago

Los Angeles: Trump Pardons LA Billionaire Michael Milken: ‘He Suffered Greatly’

"President trump went on a pardoning spree on Tuesday for a WHO's who of individuals convicted of white collar crime. A total of eleven people were given commutations or pardons and this follows. How should we say troubling history of prior pardons from this White House including Joe Arpaio Scooter Libby and an Extra Sousa? There was no indication that he followed the typical Justice Department vetting process for these sorts of things but rather that he heard recommendations from a cast of characters including his personal lawyer and czar of corrupt overseas action. Talk about Rudy Giuliani. Perhaps the biggest name of the pardon bunch was Rod Blagojevich the former Democratic governor of Illinois. So get in. W T F. Yeah indeed I mean so. Blagojevich is a good place to start with all of this because it gives us an example a window into the kinds of people that were pardoned on Tuesday. Blagojevich solicited bribes for political appointments including for one Barack Obama's open Senate seat after he was elected president The selling of a Senate seat is not something that typically happens in America. He was impeached and removed from office and Blagojevich had completed eight years of a fourteen year term and trump commuted the arrested on Tuesday. We have commuted the sentence of Rod Blagojevich. He served eight years in jail. A long time and I watched his wife on television. I don't know him very well. I bet him a couple of times. He was on for a short while the apprentice years ago very nice. I don't know. Wow imagine thinking the apprentices like a good judge of character. It's not even a good show. Well okay. So presumably. The rest of the pardons were not all people featured at one time on the apprentice right so like who else got him. It would be incredible if they were Unfortunately they're not. There was Michael Milkin who is referred to as the quote Junk Bond King. He was accused of taking part in an insider trading scheme and pled guilty to several counts of securities violations. Now he had served twenty two months in prison and since he was released he has been funding medical research into cancer more recently. Ironically though when milken getting in trouble in the nineteen eighties one of the people pursuing charges against him was Giuliani. Who was then the top prosecutor for the Southern District of New York how the turntables according to The New York Times One of the people that suggested this part into trump was Nelson peltz. He is a billionaire investor. Who held a ten million dollar fundraiser? For Trump's twenty twenty campaign this past weekend again. This is normally not how this would work recommendations pouring in from random personal or business acquaintances acquaintances at events for your reelection campaign. So I'm sensing a bit of a pattern here in terms of decision making. Yeah so the other two high profile ones here were for former New York City police. Commissioner Bernard B Kerik and a former owner of the San Francisco Forty niners Edward J debartolo. Junior someone's GonNa assume that these fellows they did all the similar things. Yeah basically. Yeah I mean carrick was found to have accepted a two hundred fifty thousand dollar quote unquote loan from an Israeli billionaire while he served as Interior Minister of Iraq. The issue there was that he didn't disclose it Carrick. Later pled guilty to eight felony tax and false statement charges now for deer Tolo. He actually never served a prison term but paid a million dollar fine after pleading guilty to concealing extortion attempt in Nineteen. Ninety Eight. Believe it had to do with a Casino Boat. Type situation. I would like to read a little bit more about it as well Interestingly as well for him DEBARTOLO was among the host of a pre inauguration. Party for trump in two thousand seventeen so to recap just these four examples. It was a long list of people who committed pretty major financial crimes and weren't necessarily the first people on top of mind for

Donald Trump Rod Blagojevich Rudy Giuliani Joe Arpaio Scooter Libby Carrick Barack Obama New York White House President Trump Edward J Debartolo Senate Nelson Peltz Michael Milkin Illinois Justice Department Deer Tolo Casino Boat Financial Crimes Milken America