35 Burst results for "Pellegrini"
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"A look at market action Brian Curtis there. What are you seeing? Well, we have a host of issues playing into weakness in equity markets for sure. We talked a lot about that dug in the first hour and we'll get to more of it coming up. Ace shares are down and the futures are down. Right now we've got the nikkei opening off off four tenths of 1%. The ASX 200 in Sydney down a little more than 1% and some pretty heavy selling in Seoul to the Cosby trading down 9 tenths of 1%. There was a lot of selling on Wall Street late last week that helped lead the way on this. We had more hot inflation data at the center of that. An unexpected acceleration of the personal consumption expenditures price index. That's a key fed gauge. And market pricing now reflecting U.S. rates to peak at 5.4% this year, and we're hearing from a lot in the marketplace that it could even be higher. We had yields on ten year treasury issues and jumping 7 basis points while the two year up 12 basis points and just in the opening trades here right now the tenure is yielding 3.92% just down one basis point. And WTI crude 76 57. The yen inching higher after a big drop late last week. We'll get you details on that and take a closer look at the Hong Kong and China markets for the future sit down in 15 minutes. Doug. All right, Brian, thanks. Well, let's begin with the so called fab four. No, we're not talking about The Beatles. We're talking about the semiconductor industries for largest host countries. The group held its first meeting of senior officials to talk about global chip supply, and we have Bloomberg's Denise Pellegrini tracking developments. The February 16th video meeting of the alliance of the U.S. Taiwan, Japan and South Korea focused on supply chain resilience and sources say the group also called the chip for talked about an early warning system to ensure steady supply, but did not talk about export controls. Taiwan and South Korea agreed to focus on manufacturing Japan on materials, the U.S. on its role as a major market. And the Biden administration has been trying to get global partners to agree to curb sales on advanced chip equipment to China. So China can't challenge U.S. dominance globally so easily. And Taiwan is home to the world's largest contract chipmaker and president syen has pledged in the past to make sure partners have ample supply of what she is called democracy chips. Denise Pellegrini Bloomberg day vacation. Well, in India, the G 20 meetings have wrapped up with no consensus agreement we have more on that from Bloomberg's Ivan man. The world's top finance chief has failed to agree on a final statement that's because Russia and China disagree with two paragraphs on the Ukraine war, that happened clear by all other members. German finance minister Christian linner said a shift in attitude by China was very regrettable. There was also some disagreement on debt restructuring and obligations by various kinds of creditors, but on most other topics participants seem to be aligned. Leaders called fighting inflation, a top priority. In Hong Kong, I'm Ivan Mann, Bloomberg daybreak Asia. China renaissance says it's missing chairman bauchan has been assisting in an unspecified Chinese investigation. Let's get more from Bloomberg's David inglis. China renaissance says it has learned that Bao is cooperating in the probe. But in a statement, the firm suggests that it has not been in touch with bow and does not know where he actually is. The well-known executive disappeared earlier this month, unnerving China's business elite. Bao has been the go to financier for some of the country's biggest companies and his disappearance has raised speculation of increased scrutiny for the nation's finance industry. Several big lenders have requested more information, they include bocom, China citic bank, and China merchants bank. In Hong Kong, I'm David ingles, Bloomberg, daybreak Asia. 5 minutes past the hours we update global
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"These Pellegrini. Well, Denise course investors this week are kicking the tires and some of the automakers like Ford. That's right, the automaker out with those quarterly results and also explaining more about planned price cuts on the electric Mustang Mach-E. A Tesla is cutting prices recently as well and a lot of questions now about whether this is the beginning of a price war and the electric vehicle market according to Bloomberg's at ludlow. There's mixed opinion on this, right? We write that this is Ford responding directly to Tesla, you know, from a demand perspective. But if you look at where they cut prices, it brings those more expensive models in line with eligibility for the IRA 7500 tax incentive, right? So it's both sides response to Tesla, but I also think forward says we need to make these vehicles eligible for that broader federal discount. And our red blood cell also says it is still possible others could follow. The meantime Paul Jacobson, CFO over a General Motors, tells Bloomberg's Lisa Brahma it's in Tom Keene that price and inflation are a factor as it moves deeper into the electric vehicle industry, but Jacobson also says demand is still strong. I just want to say thanks to the GM team for everything that they did overcoming tremendous levels of adversity. Huge inflation results over $5 billion of inflation to deliver the results that we saw in 2022. And vehicle demand for our vehicles remains quite strong for our EVs and for our ice portfolio as well. So as we look at business, competition is no stranger to us. We've been in the business for over a hundred years and I think the team is really, really good at competing. And where we see consumer demand for our vehicles at our price points is really strong. We just need to make sure we get production up to be able to meet that demand. So you're saying basically you're not going to cut prices because you don't need to. Yeah, we have waiting lists for all of our vehicles as we roll out and we expect production to ramp up pretty quickly as we get, especially into the back half of 23 to meet our goal of delivering 400,000 EVs by the first half of 2024 and a million EVs annually by 2025. We believe the demand is there and strong. So how does this really pair with the story that we're seeing out of auto sales with sagging sales, one of the worst years last year going back in a number of decades as a whole. And people are talking about demand waning on the margins. Why is GM seeing such a different picture? Well, I think a couple of things. One, the quality of our launches and the new vehicles that we've brought to market are really being received well by our consumers. I think our engineering and manufacturing teams partnered with our supply chain teams did a great job of increasing production last year by 25% over 2021. And we've been seeing vehicles move very, very quickly. Once they get once we get them to dealers, we have seen some challenges in the outbound logistics. So this is after we finish a vehicle and getting it to the dealers that's caused our inventories to increase a little bit. We're up to about 50 days of inventory. But if you look at the vehicles that are on the laws that dealers, there are about a third of what they were in 2019. Some of that is going to be, I think, permanent synergies, but some of that just speaks to how quickly vehicles are turning when they get delivered to dealerships. And that's a testament to the quality of the products we produce. Paul, the aviation business that you were part of had a big turnaround where they
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"With Denise Pellegrini in the Bloomberg 11 three O newsroom Hi Denise. Hey there Katie, and as we've been talking about Ukrainian leader, Vladimir zelensky at The White House is our making that surprise visit visiting with President Biden this hour we're tracking all the developments here, including his address to Congress tonight and Melinda herring is deputy director of the Atlantic council's Eurasia center and she tells us it is a holiday season visit bud. Zelensky is hoping to get gifts, not give them. In order to get as many weapons as possible, you have to appeal to Congress. So yes, he's going to meet with President Biden. He's going to thank him that President Biden and the national security adviser are unwilling to send some of the heavy weapons systems that Ukraine has begged for for months. But Congress feels differently. So I think Congress has really his audience. And herrig speaking their unbalance of power with David Westin and we will have live special coverage and a special edition of balanced power tonight with live team coverage 7 30 eastern as zelensky addresses Congress in that historic moment. I mean, I'm a big omnibus spending bill also making its way through Congress. There is funding for Ukraine in that it also includes some important provisions for mental health and COVID here in the United States. More on that part of the story from Bloomberg say me Mars in Washington. The package focuses on suicide prevention addiction treatment mental health and the COVID pandemic in all nearly $210 billion is included in the fiscal 2023 labor HHS education appropriations bill. That's a 7.1% increase over the 2022 level. Medical providers were also appreciative that the proposed spending bill includes a two year extension of emergency Medicare telehealth provisions put in place during the COVID public health emergency. In Washington, I'm Amy Morris, Bloomberg radio. All right, thank you. Amy, U.S. attorney holding a press conference on FTX cofounder Sam bankman freed this afternoon that's Manhattan southern D a Damien Williams and some good news if you've been trying to get your hands on Tamiflu for influenza, especially for kids. You know, some pharmacies guys in Manhattan have been totally out over the weekend leaving parents scrambling, but now the U.S. announcing it is releasing its reserves of Tamiflu because of the shortages and the tough flu season. Global news, 24 hours a day, I'm Denise Pellegrini. This is Bloomberg. Mike and Katie back over to you guys. All right, thank you so much, Denise Pellegrini. Bloomberg businessweek is brought
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"Best. I'm Ed Baxter. And I'm Denise Pellegrini, Ed probably doesn't take a genius to figure out that the commercial real estate business is facing some headwinds. Yeah, right, like a higher interest rates and a bunch of empty offices. And a correction in commercial real estate is coming, according to Anastasia Amaro. So chief investment strategist at I capital. And she also tells Bloomberg's Jonathan farrow do not panic about recent stories about client redemptions at places like Blackstone. This is an industry trend and there's two stories for this. There's the redemption story why redemptions rising, and then there's the limit on redemption story. And what I would say about red redemptions, it should not really be a surprise to anybody that investors want to redeem. Because if you look at commercial real estate and the performance of it in the first half of the year has been rock solid, it's up 9%, while the 60 40 portfolio is down 16%. So if that happens, it means you are commercial real estate exposure might actually be a little bit out of balance and over and above the allocation limit. So investors move to rightsize their allocations because of how well commercial real estate has performed. But there's the other side of this, which is we know the environment is likely to weaken for commercial restate in the next couple of quarters. So I think some investors move to lock in gains because they expect the depreciation. So that's the redemption story. So it's expected and I don't think there's really anything earth shattering about that. The second part of this is limits on redemptions. And I truly believe it is in the investors best interest because these are semi liquid non trade products that the underlying is illiquid commercial real estate. Imagine if there are no limits on redemptions and if everybody could redeem, what are the fund managers to do? They would have to sell all those underlying commercial real estate properties, and that would cause more of a negative feedback loop. So the fact that there are limits on redemptions, I would say is actually a very good thing and kind of breaks this negative feedback loop cycle. And it protects the investors that are staying in the fund. And by the way, none of these products right now are struggling with performance per se. And none of them are not paying distributions. They're paying income out to their investors. So I think a lot of the negative sentiment about the limits and redemptions is overdone. And this is in the best interest of investors. Do you think we can ultimately avoid fast sales? Is this sufficient? I think some assets will have to be sold. I don't think there's avoiding that. But I do think that if you look at the space of non traded recent general, a lot of the products there rightfully so have put limits in place in case they do see redemption. So that in and of itself should prevent us from having mass fire sales of commercial real estate property. But having said that, I think there's some challenges for commercial real estate in the next couple of quarters. We've seen the reset in rates, but we've not seen a reset in cap rates, for example. And if you look at the cap rate on multi-family, for example, it's four four and a half percent. And it's rock bottom levels. I don't think it's going to incentivize investors to step into the sector until those cap rates move higher. And anything that happens at some point. The other thing that's likely to happen for commercial real estate is the NOI growth and it operating income growth is likely to slow down. From 7 or 8% you're probably 4% next year. Assuming there's no recession. I think we should assume there is a recession. So it's likely going to be slower. So I think we're going to have a correction and real estate prices in the coming quarters, but here lies an opportunity for investors. I think the right move is you stick with some of the exposure, you get the income because a big theme for us has been get paid while you wait, I'll just volatility of the equity markets and then when we've seen the reset and property prices, you step back in and add more to those real estate portfolios. And that was Anastasia amoroso. Chief investment strategist at I capital, sharing her thoughts about a possible correction in commercial real estate with Bloomberg's Jonathan farrow. Yeah, now some Denise are actually talking about ways to step up investing in debt as the economic story unfolds. Including Christopher Sheldon, co head of credit and markets at KKR. Now he tells Bloomberg sonali basic and Alex Steele now could be a good time to get ready to snap up some debt. Let's listen in. Look, I mean, I think we see the economy actually fundamentals declining. But we actually are seeing a lot of interesting opportunity within credit. And if I had to pick one, it's really hard to pick that one. But I'd say there's one area where we're really starting to sort of tell people you need to start striking today, which is deployment into private credit. And that private credit can take all types of forms and structures. But we do think that having some leadership there and leaning in, just given with the traditional capital markets shut for a while, is a huge opportunity. Interesting that you say that too, because you do see if you see what's happening with re Cred, for example, over at Blackstone, there is some nervousness in this market. Why is this the biggest conviction play when investors are worried about a recession, for example, next year and what that could mean? For private credit, which could be very exposed to that part of the economy. Sure. I mean, I think if you think about it, there is a lot of private equity that dollars that were raised in 2021. That will, as M and a starts picking up, will get spent. And I think that without a lot of leadership in the public markets and new issuance there, I think stepping into new transactions, you can be a real leader. And it's a lender market. You're gaining real pricing. You're getting real ID, you're getting real structure. And then most importantly, you're getting call protection, which is extending that higher income for longer. And I think that's where the real opportunity real multiple money is is in that extension through call protection. You're talking about private markets, but what about public markets? Absolutely. What we're trying to do in the public markets is be that liquidity provider when others are looking for liquidity. On a 50,000 foot level, the market's not for sale, but there's a lot of interesting opportunities and situations that are for sale. And so taking advantage of where the people need liquidity, where there's motivated sellers, where there's motivation need for capital, that could be daily liquidity funds, that could be mismatched assets and liabilities of what we saw in the UK pension during the LDI. It could be sort of refinancings coming up and people need to sort of step in and provide new new issuance within the public market. In that, is it investment grade versus bonds? Is it high yield versus
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"I'm Ed Baxter. And under these Pellegrini Ed probably doesn't take a genius to figure out that the commercial real estate business is facing some headwinds. Yeah, right, like a higher interest rates and a bunch of empty offices. And a correction in commercial real estate is coming, according to Anastasia amoroso, chief investment strategist at I capital. And she also tells Bloomberg's Jonathan farrow do not panic about recent stories about client redemptions at places like Blackstone. This is an industry trend, and there's two stories to this. There's the redemption story, why I redemptions rising, and then there's the limit on redemption story. And what I would say about redemptions, it should not really be a surprise to anybody that investors want to redeem. Because if you look at commercial real estate and the performance of it in the first half of the year has been rock solid, it's up 9%, while the 60 40 portfolio is down 16%. So if that happens, it means you are commercial real estate exposure might actually be a little bit out of balance and over and above the allocation limit. So investors move to right size allocations because of how well commercial real estate has performed. But there's the other side of this, which is we know the environment is likely to weaken for commercial restate in the next couple of quarters. So I think some investors move to lock in gains because they expect the depreciation. So that's the redemption story. So it's expected and I don't think there's really anything or shattering about that. The second part of this is limits on redemptions. And I truly believe it is in the investors best interest because these are semi liquid non trade products that the underlying is illiquid commercial real estate. Imagine if there are no limits on redemptions and if everybody could redeem, what are the fund managers to do? They would have to sell all those underlying commercial real estate properties, and that would cause more of a negative feedback loop. So the fact that there are limits and redemptions, I would say is actually a very good thing and kind of breaks this negative feedback loop cycle. And it protects the investors that are staying in the fund. And by the way, none of these products right now are struggling with performance per se. And none of them are not paying distributions. They're paying income out to their investors. So I think a lot of the negative sentiment about the limits and redemptions is overdone. And this is in the best interest of investors. Do you think we can ultimately avoid fast sales? Is this sufficient? I think some assets will have to be sold. I don't think there's avoiding that. But I do think that if you look at the space of non traded recent general, a lot of the products there rightfully so have put limits in place in case they do see redemption. So that in and of itself should prevent us from having mass fire sales of commercial real estate property. But having said that, I think there's some challenges for commercial real estate in the next couple of quarters. We've seen the reset in rates, but we've not seen a reset in cap rates, for example. And if you look at the cap rate on multi-family, for example, it's four four and a half percent. And it's rock bottom levels. I don't think it's going to incentivize investors to step into the sector until those cap rates move higher. And I think that happens at some point. The other thing that's likely to happen for commercial real estate is the NOI growth and it operating income growth is likely to slow down. From 7 or 8% you're probably 4% next year. Assuming there's no recession. I think we should assume there is a recession. So it's likely going to be slower. So I think we're going to have a correction and real estate prices and then come in quarters. But herein lies an opportunity for investors. I think the right move is you stick with some of the exposure, you get the income because a big theme for us has been get paid while you wait, I'll just volatility the equity markets and then when we see the reset and property prices, you step back in and add more to those real estate portfolios. And that was Anastasia amoroso. Chief investment strategist at I capital, sharing her thoughts about a possible correction in commercial real estate with Bloomberg's Jonathan farrow. Yeah, now some Denise are actually talking about ways to step up investing in debt as the economic story unfolds. Including Christopher Sheldon, co head of credit and markets at KKR. Now he tells Bloomberg sonali basic and Alex Steele now could be a good time to get ready to snap up some debt. Let's lessen in. Look, I mean, I think we see the economy actually fundamentals declining. But we actually are seeing a lot of interesting opportunity with credit. And if I had to pick one, it's really hard to pick that one. But I'd say there's one area where we're really starting to tell people you need to start striking today, which is deployment into private credit. And that private credit can take all types of forms and structures. But we do think that having some leadership there and leaning in, just given with the traditional capital markets shut for a while, is a huge opportunity. Interesting that you say that too, because you do see if you see what's happening with free Cred, for example, over at Blackstone, there is some nervousness in this market. Why is this the biggest conviction play when investors are worried about a recession, for example, next year and what that could mean? For private credit, which could be very exposed to that part of the economy. Sure. I mean, I think if you think about it, there's a lot of private equity that dollars that were raised in 2021. That will, as M and a starts picking up, will get spent. And I think that without a lot of leadership in the public markets and new issuance there, I think stepping into new transactions, you can be a real leader. And it's a lender market. You're gaining real pricing. You're getting real ID, you're getting real structure. And then most importantly, you're getting call protection, which is extending that higher income for longer. And I think that's where the real opportunity real multiple money is is in that extension through call protection. You're talking about private markets, but what about public markets? Absolutely. What we're trying to do in the public markets is be that liquidity provider when others are looking for liquidity. On a 50,000 foot level, the market's not for sale, but there's a lot of interesting opportunities and situations that are for sale. And so taking advantage of where the people need liquidity, where there's motivated sellers, where there's motivating need for capital, that could be daily liquidity funds, that could be mismatched assets and liabilities of what we saw at the UK pension during the LDI. It could be sort of refinancings coming up and people need to sort of step in and provide new issuance within the public market. In that, is it investment grade versus junk bonds? High yield versus
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"Julie Ryan. And I did these Pellegrini in the Bloomberg newsroom. But chair Jay Powell, pushing for more interest rate hikes to fight inflation. Federal open market committee's overarching focus right now is to bring inflation back down to our 2% goal. I will speaking at the pet's annual symposium in Jackson hole, Wyoming ahead of next week's U.S. jobs are part coming Friday, so how high does the fed need to see interest rates go? Patrick harker, Philadelphia, fed chief. We get to above 3.4 by yearend. We're at or above 3.4. And then we see, we have to let some of this play out. And Esther George is president of the Kansas City fed. It could be well over. It could be over 4%. I don't think that's out of the question. And James bullard is president of the St. Louis fed. I've said 3.75 to 4% by the end of this year. I'd like to get to that level and sooner is better. I will be tracking this coming Friday's jobs report very closely looking at job creation at each job weakness and also what's happening with wages, which can drive inflation higher. Another thing that could drive inflation higher is the drought sweeping the globe, with dried out crops from China to Iowa, putting pressure on food supply, and remember the cronut that donut croissant hybrid thingy that took New York by storm back in 2013. Well, now we have something called the supreme Bloomberg slurry explains. Denise, the circular cream filled pastry is sort of like a cronut. It was created by Lafayette grand cafe and bakery and comes in flavors like chocolate, pistachio, and for this month only peaches and cream, be the reports say folks are lining up for hours to get it. It has caused the sensation on TikTok and Instagram the bakery's executive chef says he never knew his creation would go viral, and he doesn't even have TikTok. Denise? All right, thank you, Larry. And global news 24 hours a day on air and on Bloomberg quicktake power do I have more than 2700 journalists and analysts in more than a 120 countries. In the newsroom I'm Denise Pellegrini. This is Bloomberg
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"Denise Pellegrini in the Bloomberg newsroom. The monkeypox vaccination shortage could intensify. The Washington Post says, after the hundreds of thousands of doses coming in now the next delivery of the jynneos vaccine won't be until October at the earliest. Matthew Dane among those rolling up his sleeve to get the shot he says it's about being proactive. I mean, I'm honestly just here doing my part, I think it's important to get a vaccine, no matter what it's for, you know, as long as you believe in it and you are just doing what's right for public health. And Dave also says everyone should be cautious about the possible spread of the disease. U.S. job market in focus with the July jobs report coming out this Friday, Barbara Ann Bernard, chief investment officer of windcrest capital, says many companies are looking at economic weakness. These businesses are facing very little visibility over demand for their goods and the cost to produce them, which is not a healthy situation. And Bernard with us there on Bloomberg radio. Stocks did rally Friday in the U.S. partly thanks to tech stocks and partly on optimism the fed might ease up on the rate hike soon, but Emily Roland co chief investment officer at JH investment says she's not buying into the optimism. I think investors are a little bit too optimistic right now and you know, clearly economic growth here is on a path of decelerating. We've seen earnings estimates rolling over. Of course, Q two earnings season coming in a bit better than expected, given that low bar, but look, we are, if we're not already in a recession, we're going towards one. Emily Roland of GH investments there. The Bank of England expected to ramp up its inflation fight this week, a half point interest rate hike would be the biggest increase in rates from the bank and nearly three decades. And some weaker than expected numbers out of China this morning factory activity for July unexpectedly contracted. Global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts and more than a 120 countries. In the newsroom, I'm Denise Pellegrini. This is Bloomberg
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"New York New Jersey Southern California and Atlanta The company declined to say which space it plans to sublet or confirm the amount of space Contact tracing is underway after that New York City resident tested positive for the virus that causes monkeypox The unidentified patient continued to isolate and health officials are treating the case as positive while awaiting final confirmation from the Centers for Disease Control The state health department said late Friday that testing ruled out another case the virus causes fever body aches chills a rash and fatigue in most patients Representatives Jerry Nadler and Carolyn maloney are headed for an incumbent versus incumbent showdown We get more about that from Bloomberg's Denise Pellegrini This is after a New York court imposed new district lines merging many of Nadler's constituents on the west side of Manhattan with many of maloney's constituents on the east side Now if this map is allowed to stand it will guarantee that one of the longest serving Democrats would seniority and a chairmanship will be forced out of Congress And that would be an extra setback for the party Bloomberg's Denise Pellegrini Australia has a new prime minister 59 year old Anthony albanese leading the Labor Party to its first victory in Australia since 2007 Albanese thanked his supporters Saturday night local time noting outgoing conservative leader Scott Morrison called to congratulate him Scott berry graciously wished me well And I thanked him for that and I wish him well Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Suzanne Palmer This is Bloomberg.
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"Bloomberg I'm at Baxter And I'm David Pellegrini fearless thing to Bloomberg Well with David ribbon's time part of our best of Bloomberg's series Now in this episode we're hearing from Mark Rowan cofounder and CEO at Apollo global management about alternative assets And part of that investing of course is recognizing just how much liquidity you need or maybe you don't need In your portfolio Also Denise Apollo has been in hiring mode as it builds out different businesses and platforms and we had a chance to hear about that as well Plus the importance of not getting defensive when someone thinks you're wrong Here's David Rubenstein with Mark Rowan on all of that Let's listen in Now for the average investor who says I'd like to get into the alternative investment business in terms of getting some money managed by good firms Let's say like yours what do you recommend that people do if they want to put their money in alternative investments Do they pick a buyout fund a growth fund a venture fund or get to a money manager and say pick for me I think this whole notion of retail is actually fascinating So in response to your question I think there are not great choices today But I also think we're in the first inning to use a sports analogy We are we as an industry are currently offering high net worth and retail investors Products that we created for other reasons in other markets We've just offered them for the first time with institutional fees And you know what It's working They've realized that there's not great alternatives in the public markets But if you look forward a year and I can just think about our platform a year from now a retail investor will be able to buy an alternative An investment grade alternative a stable value alternative a total return alternative a below investment grade alternative a BDC a REIT a hedge fund and a fully diversified alternative portfolio Off one platform will offer one piece of paper and I do think we are in the process of creating this next generation of products which will meet the needs for retail They don't want capital calls They can't get diversified buying one fund here or there They need diversification They need low fee They need alignment They need liquidity These things are not impossible We as an industry just we've spent 35 years solving problem for large institutions and all that creativity is now being turned to this marketplace So let's say somebody listens to this interview and says okay Apollo's got a great culture They have a great CEO He cares about the culture I want to work there What are the qualities you're looking for when you hire people And what are the mistakes that you often make when you hire people and it doesn't work out There's no one type here So we hired 424 people last year on a base of 1600 That's a lot of people And we're building a lot of different things There are high octane equity businesses There are yield businesses There are platforms that are technology there's marketing There's all manner of things So there's no one skill set I think people come here because they appreciate that we're entrepreneurs It does not have the same structure of many of the institutions that we recruit from because we do recruit from large banks large banks have by far been the biggest source of our talent We've built something where people can take a skill set that they've learned in another organization and come here and apply it in an entrepreneurial way How do you make certain that all the people you're hiring the 400 plus each year have a strong sense of ethics Okay as you know it's impossible to do that All you can do is model that behavior They see you how you make a decision how you weigh the decision What's your north star is We're very transparent in our decision making and how we make decisions and how we deal with these points of intersection or points of conflict to make sure our clients come out on top What's the best investment advice you've ever received I don't know if it's investment advice but it's the two best pieces of advice and they're both really simple One is accept change before it's visited upon you And the second a little more nuanced it really is don't be defensive be curious We work with really smart people We think we're right But when we are confronted with people who disagree with us rather than immediately trying to turn them around I'm curious why you think that I learned something every time I catch myself and ask them what they think and why And I always stretch Madison I'm so glad I did that I really heard another point of view that I could then incorporate into my own I may still be right But often I'll turn around So what about mistakes What would you say is the most common mistake that investors make Look there's no one mistake The.
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"It's just gone 9 30 a.m. in Hong Kong just half past midday here in Sydney I'm Heidi Stratford And I'm Brian Curtis We're happy to have Heidi with this sour trading underway in most of the markets we track for you in the Asia Pacific The hanging index is just opened down about a half of 1% The CSI 300 in China is trading down 1.4% We did have strong earnings out over the weekend from sinopec and both cases the earnings were considered pretty solid and San OPEC is up three and a half percent May 21 is trading up a little more than 3% We'll get you details on markets in a few moments Heidi And Brian the Biden administration is amping up its efforts to tax the wealthiest Americans Biden's new proposal would target households worth more than a $100 million who do not already pay a 20% tax on their so called full income The plan is called the billionaire minimum income tax U.S. senators had presented a similar plan to pay for Biden's build back better plan And if enacted the tax would generate an estimated $360 billion in new revenue over the next decade the Biden administration projects that more than half of revenues for the new payment would come from the nation's roughly 700 billionaires Rising interest rates in the war in Ukraine are weighing on the IPO market in a major way Let's get the story from Bloomberg's Denise Pellegrini 2021 was a record year for initial public offerings thanks to COVID stimulus And the massive flow of money into stock markets But this year IPOs worldwide well they are down 70% So just about $65 billion raised globally in the first quarter Down from 219 billion the same quarter last year Had of equity capital markets at CLS calling it the worst mood in half a decade right now and sources tell us UBS is laying off people in Europe the Middle East And Africa as a result BNP Paribas in Europe though says we could be about to see a wave of IPOs right after Easter Denise Pellegrini Bloomberg day precache Nomura says China's economy is facing its worst downward pressure since the beginning of the pandemic Economists at the bank saying that the slowdown in China's growth worsened in the first quarter and there will be a further slide in the second This is mostly due to the latest COVID outbreaks of pressing a wild range of wide range of sectors I should say Chandler reported the most daily COVID infections in more than two years on Saturday Nomura said policymakers will likely further ramp up easing measures to support the economy and Beijing will probably allow more local governments to ease local property curves as well All right the time is just about 33 minutes past the hour let's check the markets We do so every 15 minutes on Bloomberg radio Bitcoin and oil two of the biggest movers this morning We heard from Matt maley at Miller tayback that Bitcoin if it passed 45,000 would be in an upward trend and would gain some momentum and indeed that's happening at the moment Bitcoin is trading pretty close to 47,000 So a big jump today And oil prices go in the other direction trading off a little bit down about three and a third percent West Texas intermediate at one ten 17 and similar losses in Brent Currencies so right now we've got dollar yen one 22 77 So continuing heavy selling in the yen one of the interesting points of that is that retail investors in Japan are extremely long the yen They've been buying in over the past week and yet the yen continues to weaken Right now the Euro is trading at a dollar 9 64 and we've got the Aussie at 75.07 U.S. cents We've been training a little bit weaker in the offshore Chinese currency 6 39 63 against the greenback We had a slightly stronger fix than was expected from the PBOC and in terms of equities the hang seng index is down a 190 points I mentioned that two performers to the upside today were sinopec and also May 21 but also the oil companies doing pretty well Petro China is up Except one in three quarter percent And again sinopec after its earnings powering up three and a half percent Elsewhere the CSI 300 is down 1.3% So it's definitely a risk off tone in markets this morning the MSCI Asia Pacific is down almost a full percentage point here at this hour All right coming up on 35 minutes past the hour let's get over to Heidi Yeah and of course we've been talking about Shanghai's plans to lock down half of the city in turn to conduct a mass testing blitz so one half and then the other Ed.
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"Special report the Russian invasion of Ukraine a second attempt to evacuate civilians from the port city of miracle Ukraine is being called off today Local officials say they called it off due to heavy Russian shelling of the besieged city reporter Molly hunter Family is in Mario Paul waking up this morning 200,000 people waking up this morning thinking after days under Russian bombardment after days without electricity without water without him This was going to be their morning their day to get to safety The office of the UN high commissioner for refugees says that over one and a half million refugees have left Ukraine for neighboring countries over the past ten days Senator Joe Manchin is confident that Americans would be willing to pay more at the pump in order to preserve democracy in Ukraine Look at the gas not $4 It wasn't because of this Inflation is already wreaked havoc on it now Appearing on NBC's meet the press the West Virginia Democrat touted the ability of the U.S. to produce its own energy This comes as Ukrainian president zelensky as lawmakers Saturday for more sanctions targeting Russia's energy sector This has been a special report Russia's invasion of Ukraine I'm dean kodiak And dive to these Pellegrini in the Bloomberg newsroom Secretary of State entity blinken says the U.S. is in talks to supply jet fighters to Poland if needed Poland is in talks with the U.S. about sending its jets to Ukraine Soviet era jets the kind Ukrainian pilots know how to fly And Andrew Wilson fellow at CSIS says the crumbling Russian economy may have Putin actually holding back of Ukraine militarily to avoid the ban on Russian oil the U.S. and allies are threatening Putin really needs to keep those flows flows going for his own regime stability that he might be compelled to consider changing certain tactics maybe refraining from the use of certain weapons Some sort of limitation to be met in response by a reduction in pressure from the west At Lawson also says Russia's economy is really on the brink of collapse The IMF warning Russia's war with Ukraine and the sanctions will have a severe impact on the global economy and says the situation is fluid It's warning price shocks could impact poor households the most is food and fuel costs rise And as the abnormality of war intensifies in Ukraine things are actually getting more normal in the U.S. for many as COVID cases And now apple is set in April 11th deadline for corporate employees to return to in person work And we get more on that from Bloomberg's Charlie pellet It marks a key test of whether the tech giant can reestablish office life in the era of zoom According to a memo sent by CEO Tim Cook employees will be required to work from the office at least one day a week by that date by three weeks after April 11th employees will be expected in the office twice a week and on May 23rd employees will have to be in the office at least three days a week on Mondays Tuesdays and Thursdays Thank you Charlie and global news 24 hours a day 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 Barry results you're listening to masters of business on Bloomberg radio my extra special guest this week is David kotok He is the chairman and chief investment officer of Cumberland advisers managing about $4 billion in assets There seems to be a ton of focus on the Federal Reserve and inflation and rising interest rates but before we dive deep into the fed let's start with its chairman What do you make of Jay Powell What sort of job has he been doing Navigating over the past 6 years My opinion is that J pal has been a terrific Central Bank chairman in the midst of this pandemic Number one he's a student of history Number two he knows the degrees through and he has a lens which is deeper than just monitor economics So he sees it in the full sense of financial markets look at all the different programs that were implemented along the way And he also sees it in terms of community impact and people impact on 335 million Americans And so I applaud pal and those who criticize him after the fact easy to quarterback a game on a Monday if I can use the cliche Miss what it's like to have to make real time decisions In the midst of such a shock now has done that and he's done it really well under the circumstances There's an entire committee in the fed which is reaching to community elements that are outside the banking system Philanthropy community activity support systems and it's advising the fed one impacts It's not well known The minutes are published people don't know about what is parallel done He said the Federal Reserve's position must be much broader than this The narrowly defined banking system financial stability Those are important That's our bread and butter business But if we don't get to the full impact in the country we're missing this shock And it's a fix And that's something that has done very quietly No fanfare I've had occasion to speak to people who are on that committee and some of the programs from the Federal Reserve which narrowed to very small balances to be able to give financial support and assist to smaller businesses conduit structures Came out of that sensitivity Let me pick up on that because the consistent criticism we've heard about the fed and we have at some of the events we go to you know the exact people I won't mention them by name but you know the people who bring up look at how giant the Federal Reserve balance sheet has become look at the rate of change over the past ten 20 30 years This is unprecedented and it's badly how do you respond to the folks who say the accumulation of assets on the Federal Reserve balance sheet is problematic and will result in subsequent crises I would answer two ways with two elements because in our dialog in the business that we're both in we'd get those kinds of conversations all the time And I say to somebody show me number one a study which is curated that determines the optimal size of the fed's balance sheet produced the study not to criticize it Produce the study to say this is how large it should be and this is why Now we do know there are some elements in the.
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"Bullseye today as it heads eastward into parts of Texas Missouri Arkansas and Louisiana tonight a new study says light to moderate alcohol consumption could carry risks to the brain University of Pennsylvania researchers study data from over 36,000 adults They say it revealed that going from one to two drinks a day was associated with changes in the brain equivalent to aging two years Alcohol consumption of study said even at levels most would consider modest a few beers or glasses of wine a week may also carry risks to the brain The researchers say they know their findings go against government guidelines on safe breaking limits I'm Scott Carr And I've done these Pellegrini in the Bloomberg newsroom Investors are bracing themselves for more geopolitical turbulence as Russia's invasion and the war in Ukraine becomes more painful for both sides on the ground Anastasia amoroso chief investment strategist at I capital says she thinks investors should be ready for the war to impact financial markets this week as Putin digs in The escalation is more likely than deescalation I mean if you are in the shoes of Vladimir Putin who is trying to get something some sort of payoff for this unspeakable invasion then the title of that gown is probably now Emeralds also says this is starting to dog on investors Lutes is cutting its rating on Russia to see a from B three with outlook negative not surprising as Russia and Russian companies scramble to figure out how to make payments on debts as a sanctions block use of Russia's reserves of dollars Another key currencies Ross now to guest problem among the companies that have dollar payments do soon As does the Russian government itself And Putin has signed a decree saying companies will be allowed to pay hostile foreign creditors in rubles and for a full list of Russian companies with payments too soon Well you can find that on the Bloomberg terminal Jeff Rosenberg senior portfolio manager at BlackRock financial says all this is really putting the fed between a rock and a hard place as it tries to fight inflation While the war in Ukraine reaches Clearly here the shock to commodities the negative supply shock prolonging the inflationary environment is going to make this a little bit more durable in terms of market impact and economic impact as a geopolitical shock And Rosenberg with us there on Bloomberg radio And Cupertino based Apple is set in April 11 deadline for corporate employees to return to in person work And we'll more on that coming up here on Bloomberg radio Global news 24 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 This is Bloomberg daybreak weekend our global look at the top stories in the coming week from our daybreak anchors all around the world and just to hit on the program will be even more worried now about inflation I'm John Tucker in New York I'm Amy Morris in Washington as Ukraine defends itself from Russia we look back to see what comes next I'm Caroline Hepburn in London where we're looking ahead to the European Central Bank's policy meeting I'm Ryan Curtis host of Bloomberg daybreak a show We look at who will be the next to reside in the blue House in South Korea That's all straight ahead on Bloomberg daybreak on Bloomberg 11 three on New York Bloomberg 99 one Washington D.C. Bloomberg one.
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"Kodiak And I'm Susanna Palmer in the Bloomberg newsroom A massive Sunday morning fire in The Bronx more from Bloomberg's Denise Pellegrini Susan hundreds of firefighters have responded in this very dramatic scene playing out on a 181st street in The Bronx Now the fire started in a duplex apartment on the second and third floors and although the fire itself did not spread if you've ever been in a fire you know it's often the smoke that is the big danger and that is proving true in this case with people scrambling to get out of the smoke and out of the building any way possible and the fire crews doing the best they could to help them The whole neighborhood downwind filled with smoke and the entire area was told to keep their windows shut Denise Pellegrini Bloomberg radio Over 60 people are said to have been hurt in that fire 32 of them are said to have sustained a life threatening injuries and one person according to the New York Post has died Mayor Eric Adams allowed legislation approved by the city council a month ago to automatically become law today It means more than 800,000 non citizens and so called dreamers in New York City can vote in municipal elections They don't have access to vote in federal or state elections that pick the governor judges legislators or the president In the U.S. the government issues a key inflation report Wednesday and it could put pressure on the Federal Reserve to raise interest rates sooner rather than later Bloomberg's Vinnie Dell judice reports Bloomberg economics as consumer price data could show the inflation rate top 7% in December COVID-19 related supply shortages persist fueling the worst amount of inflation since the 1980s Housing costs are by and large out of hand Labor shortages and rising wages are also issues demanding the fed strike a balance between robots economic growth and rising prices that could destabilize the economy Should ice Bloomberg radio Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I am Susanna Palmer This is.
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"Recently after a long battle against cancer Reed was 82 I'm Lisa Taylor The committee investigating the January 6th insurrection plans to ask former vice president Mike Pence to appear before the panel a committee aid confirmed remarks made by Mississippi representative Benny Thompson that indicated Pence would receive an invitation before the month is out Testimony from him could offer insight into conversations with The White House in the time leading up to the 2021 attack on the capitol Several Pence aides have been cooperating with the committee That's the latest I'm Julie Ryan And I'm Susanna Palmer in the Bloomberg news room Healthcare workers in New York are now being required to get the COVID-19 booster Under the new order healthcare workers are now required to get their shot within two weeks of becoming eligible for a booster There's no religious exemption but a medical exemption is allowed and there is no testing option The port of New York and New Jersey is working to clear a small but rare bottleneck of container ships anchored off the coast of Long Island This es COVID-19 cases among dock workers collide with a pandemic fueled surge in cargo volumes More from Bloomberg's Denise Pellegrini The average weighted anchor for container carriers at the port was 4.75 days at the final week of 2021 compared with an average of 1.6 days for all of last year Jim McNamara is a spokesperson for the international longshoreman's association He says the number of its members unavailable to work because of COVID is running at about 350 a day Still he calls the impact slight because some crews are returning from quarantine or illnesses and others are available from cruise ship terminals Denise Pellegrini Bloomberg radio Well the first signs of trouble may be in the making for inflated markets To Bank of America strategists including Michael hartnett a bubble is popping in assets including cryptocurrencies palladium long duration technology stocks and other historically risky areas of the market The winding down and speculative areas comes as investors brace for the Federal Reserve to pick up the pace of policy tightening maybe even at the March meeting Julia cornado is president and founder of macro policy perspectives The fed does have scope to be sort of methodical but the stronger the data are the more it needs to get going on that methodical approach to policy normalization enhance the march rate hike Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg This is Bloomberg intelligence but Alex Steele and Paul Sweeney on Bloomberg radio I will be here each and every week at this.
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"I'm Denise Pellegrini All right Denise time to go to the movies Yeah that's according to IMAX CEO Richard gelfand And we had a chance to hear from him about how the companies doing and his conversation with Bloomberg's and Tim sinovac And Tim kicks things off your Ed asking gel fun about the string of recent hits IMAX has benefited from Let's listen in IMAX did say earlier this week that it had the best fourth quarter at the global box office since back in 2017 That's even up 15% over the fourth quarter of 2019 before the pandemic That thanks in part to the new Spider-Man movie dune the new Bond movie No Time to Die And more So we know what worked in the fourth quarter My question for you is how do you keep that momentum going in 2022 especially as the amaron variant continues to rage Well I mean you have to really distinguish IMAX from what a traditional exhibitor is IMAX is really a technology company We license the IMAX brand and the IMAX technology in 85 countries around the world So our model is very asset light We have very little capital demands during downtimes we burn very little cash when it turns around It turns around in a very big way So for us I feel very good about 2022 going forward as you said not only was the fourth quarter of 15% better than 2019 But I think it's like our fourth best quarter in our history And that was with amna crumb roaring during part of the quarter It was also with movies still going on streaming services So you look at the trends right now I think we have a lot of wind at our back A lot of momentum and people really want to go see movies in IMAX And so I mean rich like Tim said Spider-Man obviously was huge for IMAX I think just the numbers that that film drew really surprised a lot of people myself included Curious when you look at the slate for 2022 what releases are you excited about What are you anticipating will help continue to drive momentum There's a lot of them for a couple of reasons One is because a lot of movies were moved from 20 and 21 into 22 plus original production that 2022 is kind of maybe the best film slate that I've ever seen prospectively So it includes like three marvel movies including a Black Panther and Thor I think there is two or three DC Comics The sequel to Top Gun is a new Mission Impossible I was on set for that It looks fantastic There's Jurassic World I mean most people get dinosaurs IMAX big you know we always do very well on those movies And then you know in addition to all of that at the end of the year it's the sequel to Avatar and Avatar was the biggest movie in IMAX history even though it was 13 years ago We did over $250 million and avatar when we had around a 150 screens and now we have around 1600 screens So the year I mean when you model it out it looks phenomenal You mentioned the simultaneous streaming and theater theatrical release at the same time So after some films did get that in 2021 we saw them release simultaneously on streaming platforms and in theaters It's likely that a lot of films in theaters are going to get some exclusivity this year That is looking like it's going to be roughly 45 days What's the impact of this type of exclusivity What does that mean to theaters And what does that mean to IMAX Well I'll start with theaters in general I mean what it means is the 45 day window means that people have to go to theaters to create a social experience and a buzz and excitement around the movie And you look at kind of the first major movie to make that change with Shang-Chi which moved on Labor Day this year was the first Disney 45 day window And it became the biggest movie in the history of Labor Day which is typically a soft period of time It really well And if you go through the list the strong performing movies this year almost all had theatrical windows around them I would say that the idea of doing a big blockbuster movie at the same time in a theater as on a streaming service was kind of a failed experiment I mean the numbers didn't work either theatrically a lot of it was cannibalized by piracy over the streaming service and people just didn't turn out an event wasn't created And by the way it didn't even work to the narrative about streaming There was just recently a piece I read a fairly detailed study that showed people didn't really sign up for streaming services because they had movies on them It was more episodic television So I think you know it's kind of Wall Street Love this narrative put it on streaming and that's going to increase the value but it just costs the studios more money and didn't work So I think this year you're going to see a lot of movies more with a theatrical release every studio has kind of gone in that direction And I think for.
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"I'm Ed Baxter and I'm Denise Pellegrini Ed and sarnath is one of the most powerful executives in the entertainment business right now Now she's chair and CEO at WarnerMedia studios and networks group And she tells Bloomberg's Lucas Shaw the film business is still trying to recover from the pandemic So here she is at the Bloomberg technology summit It is a work in progress You know everyone was hoping we would be on the other side of the pandemic by now but unfortunately with Delta and acron we were kind of having to live with it for a while longer But thankfully people are going back to theaters not everybody but certain demographics certainly are showing more of a willingness But for us to really get back in full swing we need the broader spectrum of ages and tastes to go back to the theater Who are those who are more willing and who are those who still seem to be resistant Probably you would guess the answer to that but it tends to be younger people and I'm going to say below 35 As youngish and the opposite over 35 we're not seeing as much of an inclination to run back to theaters But certain movies we think they will come back but I think it's going to be a gradual thing where people have gotten used to because of the pandemic And because of trends that were happening before the pandemic with amazing content now being delivered in the home And high quality content And bigger screens And then the pandemic kind of accelerated the needing to sit on your couch and not being able to go anywhere So I think that's the biggest competition of the theatrical the exhibition business is sitting in one's living room and having that content be good enough So you have to compel we all have to compel we the theaters have to compel people to come out you know buy the tickets enjoy the popcorn head out with the family and watch movies again on the big screen And it is no surprise that the movies that tend to get people out of their homes are the big action adventure movies superhero movies certainly horror movies people tend to like to be scared together Not me personally but that is a thing So those genres are doing well and better than others but I really hope it goes beyond that Is it possible you talked about the mix of people who will and won't go Can you release one of those big $200 million movies right now Justin dieters and expect that you'll make money from it We are about to start doing that in 2022 As you know we stated that we would go back to an exclusive theatrical window 45 days with our 2022 slate And we're certainly hoping to again we're coming out of COVID but a little bit of a Hubble stuff But we hope that as people get used to going to theaters go to one movie then that gets them to go to another movie We hope that we can And of course it's not just the theatrical It'll be kind of the whole value chain if you will of monetizing the movie and overseas We've got a bit of a patchwork of people in theaters people not in theaters So as a whole we're hoping by next spring when we have The Batman release that will be in much more of a full attendance situation Given a Macron and just have this seeming drift in the pandemic it seems like cases are spiking again and a lot of the world Have you guys given any thought to revisiting that plan for next year and because this year you guys were the studio that really put your stake in the ground and say we're going to release all of our movies at home and indeed is at the same time It was a very controversial decision It now looks rather prescient Was there any thought of extending that to next year Well in terms of background of how we got to the strategy for 21 we had released a big $200 million movie in the pandemic summer of 2020 Christopher Nolan's tenant And we're actually quite pleased with the results We had 363 million of box office and the pandemic was making everybody kind of wobbly New York City in LA were not open markets So to actually launch a big feature movie in markets that didn't include New York and LA was quite old but and also to get that box office result was very successful But then as the year went on 2020 you remember we got the cold in certain parts of the country and people started spending more time indoors and then we got the rebirth of COVID And so looking at 17 movies that we had ready for 2021 first starting with Wonder Woman 1984 we just didn't see honestly a way to put them in theaters only Because there was just so much up in the air So we decided to put those movies in theaters and on HBO Max day and date in the U.S. for 31 days The rest globally in theaters where they were open Sometimes theaters weren't open So we put them on premium VOD And you've been listening to end sarnoff.
Bloomberg Radio New York
"pellegrini" Discussed on Bloomberg Radio New York
"Would not collaborate with the character Am I gonna collab with Peppa pig No When confronted by the actress playing Peppa on Britain's capital breakfast shows she changed her tune That made me really really sad Why not My favorite and anytime you want to go jumping in Marty puddles and seeing my pedals I'm with you I'm Scott Carr And I'm Susanna Palmer in the Bloomberg news room New York State officials have formally filed an appeal to a vaccine ruling earlier this week by a federal judge in Utica more from Bloomberg's Denise Pellegrini The appeal officially was made Tuesday by governor Cathy hoka outgoing health commissioner Howard Zucker an attorney general letitia James to the U.S. Court of Appeals second circuit Earlier this week U.S. district court judge David heard upheld religious exemptions for healthcare workers That effectively at least for now bars the state or employers from furloughing or firing those workers who filed for an exemption Denise Pellegrini Bloomberg radio Another New York City department of correction detainee died Friday the 13th person to die while in the department's custody this year The department of correction says Victor Mercado died yesterday afternoon at elmhurst hospital He was 64 The times reports Mercado's lawyer as saying he died from COVID-19 complications Goldman Sachs Group posted a surprise jump in its trading business rounding out a stellar quarter for Wall Street's biggest banks The firm's trading operation posted a 23% increase in revenue analysts were expecting that the business would struggle to keep up with last year's pace and would actually slide 9% CEO David Solomon spoke with Bloomberg's son Ali bassick about the results and other headwinds for the U.S. economy including inflation There is real wage inflation across all aspects of the economy right now And there's certainly because the supply chain constraints inflation and other inputs to all variety of products and services And so I think this is something to watch very closely It's not baked in the cake as to how this will play out and whether or not it will be a significant issue as we go forward But there's definitely inflation Goldman Sachs CEO David Solomon Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg.
Everything Everywhere Daily
Alfred Wegner Takes Continental Drift to the Next Level
"It was a really interesting guy. Born in eighteen eighty in germany got his degree in astronomy but became meteorologist which was still a rather new field at the time. His primary interest was in the northern polar regions. And how air circulated. He participated in four expeditions to greenland and was one of the first meteorologist to adopt the use of weather balloons. However meteorology and expeditions to greenland aren't what alfred wegener is best known for its for his contributions to geology and geophysics. The idea that he is remembered for began innocently enough on christmas day nineteen ten. He was at his friend's house when he began looking at his brand new world. Atlas he made the observation that south america and africa seemed like they fit together like pieces in a puzzle. I should that he was far from the first person to notice this once. Decent maps began being published. In the last part of the sixteenth century people. i observed the same thing. The first person we know of who made the observation was dutch. Cartographer abraham or telling us or telling us created the first modern atlas in fifteen seventy which means he was probably the first person to have the idea because no one before that really had a good grasp of the geography of the continent's william colby wrote in his book on geologic history. Quote abraham are telling us in his work to doris geographic suggested that the americas were torn away from europe and africa by earthquakes and floods and went on to say the vestiges of the rupture. Reveal themselves if someone brings forward a map of the world and considers carefully the coasts of the three continents and quote. Ortelius was far from alone after him. The idea that the continents fit together somehow kept popping up theater. Christoph lilienthal alexander von humboldt antonio snider pellegrini and alfred russel wallace all made the same observation one or two hundred years before moreover there were several other scientists just a decade before who came to a similar conclusion. In fact. there's a good chance that you probably made the same observation. One of the first times that you saw a world map they took the idea to another level however he began by cutting up maps and piecing the landmasses together like a puzzle. He was able to put the continents together into one giant continent that he named panja from the greek words for all and land.
Bloomberg Daybreak Weekend
New York PD gives cops new orders to let people smoke weed in public
"Is legal in New York and the New York Police Department. She is adjusting more from Bloomberg's Dinis Pellegrini, a member of two officers says People 21 older can legally smoke weed almost anywhere that cigarette smoking is allowed. And this includes on sidewalks on front, stoops and other public places just like with cigarettes. No pot smoking is allowed, though, in city parks, beaches and boardwalks, public golf courses, playgrounds, pools and pedestrian plazas, including Times Square. And Herald Square. People are allowed to have up to three ounces of cannabis. Under the law, Marijuana was decriminalized in the state in 2019. It was made legal Wednesday. Legal recreational sales are not expected to begin for another one or two years.
Bloomberg Daybreak
Cuomo, state leaders agree to legalize marijuana
"Governor Andrew Cuomo. Senate Majority Leader Andrea Start, Cousins and Assembly Speaker Carl Heastie last night announced an agreement on legislation to legalize the Don't use cannabis in New York. Bloomberg's Denise Pellegrini reports bill would established the Office of Cannabis Management to implement a comprehensive regulatory framework to cover medical adult use and cannabinoid hemp. The bill would also expand New York state's existing medical, marijuana and him programs. The legislation provides licensing for marijuana producers, distributors, retailers and other participants in the cannabis market tax collection from the legalization is expected to reach $350 million a year and the industry could potentially create 30,000 to 60,000 jobs.
Bloomberg Businessweek
Gov. Murphy Drops Restrictions That Banned Parents From Attending School Sporting Events In New Jersey
"Their Children's sporting events in New Jersey. Again, We get more on that from Bloomberg's Dinis Pellegrini governor Murphy says he has signed an executive order to permit up to two parents or guardians to attend indoor or outdoor school sporting events. Murphy says the order is effective immediately. Indoor youth sporting events are captain 35% capacity or 150 people. Governor says school District's could still impose stricter guidelines if they want to, and Murphy says New Jersey officials feel comfortable taking the step to allow the attendance again with metrics on covert 19 trending in the right direction to Nisa
Charlie Parker
A Global Shortage In Computer Chips Hits Auto Industry
"The global auto chip shortage has intensified. Danny's Pellegrini a. Bloomberg has his and focus report, just this pandemic production was starting to get back to normal for carmakers now. The chips are down for the auto industry, and the computer chip shortage is slowing their assembly lines. It's manufacturers aren't able to get these ships and literally does stop the production. Tom Doll is CEO of Subaru America. You can't produce these vehicles. And then insert the chip later. The chip has to be inserted into the device before it gets put into the vehicles. GM is idling production of some small and crossover SUVs and Ford, Toyota, Nissan, Volkswagen and others have also cut production because of the shortage, a shortage caused in part by a jump in demand for phones. PCs game consoles, another Consumer Electron IX. During pandemic lockdowns, all things that doll says could be bad news for car buyers and other consumers down the road somehow find another source for your chip supply. It could be increases in chip
Meet the Press
New members of Congress representing New York sworn in
"Congress convenes for the first time in 2021 today, with two groundbreaking swearing in ceremonies from members from New York or from Bloomberg's tiny's Pellegrini one his Bronx representative Richie Torres, He's becoming the first openly gay black at let next member of the House, he'll replace Jose Serrano. Who is retired after 30 years in Congress, and the other is Monday. Air Jones, the first openly gay black member of Congress, and he represents parts of Rockland and Westchester County, replacing need a Louis who also decided to retire.
Bloomberg Daybreak
Stock exchange delisting 3 China companies under Trump order
"Exchange has announced. It is delisting three Chinese companies or from Bloomberg's Denise Pellegrini. The nicey is removing China Mobile, China Telecom and China unit come from the exchange. This is to comply with an executive order from President Trump. The order imposes restrictions on companies affiliated with China's military. China Telecom's US unit has said it's an independent business, and China's Foreign Ministry has said the U. S. Is viciously slandering its military civilian policies. The three companies do have alternate listings in Hong Kong and the U. S de listing is seen as largely symbolic. But China's government is also threatening to come up with its own blacklist of US Cos Denise Pellegrini Bloomberg Radio. It
Bloomberg Businessweek
Internal NYPD memo warns of cops being targets of IED, vehicle attacks
"News Room. The New York City Police Department has been on the alert for weeks for possible attacks similar to Friday's deliberate RV explosion in Nashville. Bloomberg's Denise Pellegrini. Reports and Internal NYPD memo issued earlier this month warned that law enforcement or the priority targets for terror attacks involving homemade bombs and vehicle arson. This is a December 14th memo. It was obtained by the post, and it said violent extremists and malicious criminal actors might go after cops to exacerbate tension exploit civil unrest. And incite
Bloomberg Businessweek
New Jersey, outside of Philadelphia, to open 6 vaccine ‘mega sites’ in January
"Will open six vaccine mega sites across the state in early January. More from Bloomberg's Dinis Pellegrini, New Jersey is also working to open 200 satellite sites, including an urgent care centers, chain pharmacies and individual hospitals. State expects to begin vaccinations of residents and staff at long term care facilities. December 28th through a partnership with CDC, CVS and Walgreens. Hospitalizations have declined for two straight days. But Governor Phil Murphy says two days certainly did not make a trend. New Jersey's health commissioner says she expects about 70% of eligible adult populations in the state. About 4.7 million individuals to be able to get the vaccine within six months to
Bloomberg Businessweek
Hartford Courant, oldest US newspaper, to close its offices
"The oldest continuously published newspaper in the U. S plans to close the newsroom and offices it has been operating out of since the mid forties this by the end of the year. More from Bloomberg's Dinis Pellegrini. The newspaper will continue to be published publisher and editor in chief, Andrew Julian, telling staffers in an email parent company Tribune Publishing is making the decision about the need for physical space amid the challenging environment for health and economics, and will consider if it needs to open a new office in the future. Building in Hartford has been largely empty since many staff members began working remotely in March during the Corona virus pandemic. Denise
Meet the Press
New York City mayor announces public elementary schools to begin reopening
"Will begin the process of re opening December 7th this despite the 3% positive test rate for covert 19 he had set for closing the schools. We get more about that from Bloomberg's tiny's Pelligrini diplo CEOs has the reopening will begin with prekindergarten classes through elementary school special Ed would begin three days later. The mayor says the city is just not ready to begin opening middle and high schools just yet. In a mid morning news conference, de Blasio said, there's less concern about the spread when it comes to younger kids, and he feels for all the parents who are Feeling so many challenges. Now, de Blasio shut the schools. November 19 after the city's positive test, rape rose above 3% Denise Pellegrini. Bloomberg Radio. So again, Mayor Bill de Blasio has announced in New York City. Public Elementary schools will begin to open December 7th. Republican women who will
Bloomberg Opinion
Dunkin' to Be Sold to Inspire Brands for $8.8 Billion
"Duncan and Baskin Robbins air getting a new owner when we hear more about that from Bloomberg's Denise Pellegrini, the owner of the Donut, an ice cream chains, has agreed to sell itself to the owner of Arby's at Buffalo Wild Wings. This $11.3 billion deal to inspire brands would be in the company would be privately owned, and Duncan is selling for almost 7% more than yesterday's clothes and 20% more than its stock price about a week ago, inspire calls Duncan in Baskin Robbins, two of the most iconic restaurant brands in the world. And also points to their international operations licenses and 15 million loyalty members. Duncan's digital operations and expansion beyond traditional breakfast have helped shares gained during the pandemic. City's Pellegrini Bloomberg radio.
Masters in Business
New Yorkers stand in long lines at the polls on first day of early voting
"Up at polling places today, the first day of early voting in the state by 9 30. Shortly before the polls opened, hundreds of people had already lined up in front of Madison Square Garden. There were similar lines reported at the Barclays Center in Brooklyn, the armory in Washington Heights and other major sites around the city. Bloomberg's Denise Pellegrini has more on early voting in the state this early voting in New York the last nine days until November, 1st and there are 88 early voting locations across the city, including Barclay Center in Brooklyn, Madison Square Garden and the Brooklyn Museum, and they're all big enough to help keep people apart. There's also hand sanitizer at every table plexiglass dividers and reminders to wear masks the NYPD. He is also beefing up security at polling places. Denise
Masters in Business
SoftBank Nears $40 Billion Deal to Sell Arm Holdings
"We're hearing Softbank Group is nearing a deal to sell British chip designer arm holdings to in Vidia. For about $40 billion more on that from Bloomberg's Denise Pellegrini. A sale of Arm holdings would be the latest in a Siri's of big asset sales by soft Bank, the Japanese technology conglomerate. The cash and stock deal being discussed would value arm somewhere north of $40 billion. Now, the terms under discussion could mark a big win for Softbank. Which bought arm four years ago for $32 billion and its struggle to jumpstart growth of the business. Denise Pellegrini Bloomberg Radio
Bloomberg Best
SoftBank Nears $40 Billion Deal to Sell Arm Holdings
"Group is nearing a deal to sell British chip designer arm holdings to in Vidia. For about $40 billion more on that from Bloomberg's Denise Pellegrini. A sale of Arm holdings would be the latest in a Siri's of big asset sales by soft Bank, the Japanese technology conglomerate. The cash and stock deal being discussed would value arm somewhere north of $40 billion. Now, the terms under discussion could mark a big win for Softbank. Which fought arm four years ago for $32 billion and its struggle to jumpstart growth of the business to the spell. O'Grady Bloomberg radio another
Bloomberg Law
Nvidia to buy rival chipmaker Arm from Softbank for $40B
"Group is nearing a deal to sell British chip designer arm holdings to in Vidia. For about $40 billion more on that from Bloomberg's Denise Pellegrini. A sale of Arm holdings would be the latest in a Siri's of big asset sales by soft Bank, the Japanese technology conglomerate. The cash and stock deal being discussed would value arm somewhere north of $40 billion. Now, the terms under discussion could mark a big win for Softbank, which bought arm four years ago for $32 billion and its struggled to jumpstart growth in the business. Denise Speller Grady Bloomberg radio
Fox News Sunday
China's new AI trade rules could hamper a TikTok sale
"China has imposed new restrictions on the export of artificial intelligence technologies, and that signals it may step into block by dance from selling the U. S operations of the popular video sharing up The Chinese Ministry of Commerce says government permits will be required for overseas transfers to quote safeguard national economic security. And the official Xinhua News Agency says the new restrictions could cover the technologies that bike dance uses in Ticktock. Sinisa Pellegrini.
Fox News Sunday
TikTok to challenge Trump’s order to ban U.S. transactions
"To file a lawsuit against the Trump administration to challenge its executive order banning transactions with the video APP in the U. S, or from Bloomberg's Denise Pellegrini. TIC TAC set. It strongly disagreed with the concerns raised by President Donald Trump, and it says it will challenge his executive order in court. President, just giving Tic tac a 90 day deadline to divest US operations. Trump made the order under a 1977 law. It lets the president declared a national emergency in response to an unusual and extraordinary threat, and that allows him to block transactions and seize assets. Tic TAC is owned by China's bite dance. It's seen an interest in its operations in the U. S and a handful of other countries. Like a soft Oracle and Twitter Manda bidding for assets. Tic Tac's employees are also responding with a lawsuit against the proposed Ben. They're using a crowdfunding campaign to raise money for legal expenses. Denise Pellegrini