7 Burst results for "Peter L Strum"
Bloomberg Radio New York
"peter l strum" Discussed on Bloomberg Radio New York
"New Zealand has a new prime minister. Chris hipkins has been sworn in, completing the handover from Jacinda Ardern. He's expected to hold a news conference at some point. Germany and U.S. have reached agreement to get heavy tanks to Ukraine, Germany, the leopards, Abrams from the U.S., Switzerland has taken a crucial step toward allowing others to re export armaments produced in Switzerland and send them to Ukraine. The head of the World Health Organization says he's concerned about China COVID cases and death count after the abandoning of COVID zero. FDA, meanwhile, is rolling out procedures for annual COVID vaccines, most probably one for COVID and one for the flu to begin with. Classified documents have been found former U.S. vice president Mike Pence home in Indiana. They were immediately taken to the national archives. The U.S. Department of Justice has joined 8 states today to file civil lawsuit against Google for it says designing a monopoly on digital advertising technologies and the film everything everywhere all at once leads the Oscar nomination pack with 11. In San Francisco, I'm Ed Baxter, this is Bloomberg back to Singapore Michelle. Thank you, mister Ed. Apple is looking to boost production in India to about a quarter of its global total and joining us now as Peter alstrom, Bloomberg executive editor for Asia technology, good morning Peter or certainly some big news here, especially for all those watching companies pursuing that so called China plus one strategy where will they go many boosting production out of Southeast Asia where I am India has been a big question mark. And we note that this story, you show that India's trade and industry minister is the one reporting this. Did you feel this was a big surprise and how durable do you think these plans are? Well, you're exactly right. I mean, just stepping back a little bit, many companies are looking for alternatives to China for a number of reasons. And you partly because of the rise in pensions between the U.S. and China and also because of the Communist Party's policies during the COVID pandemic we truly recap the bunch of the production, including some of apple's most important planets within China. So Apple and its partners have been looking at expanding a number of different regions India is probably the most important one, although they're also looking at genomics and other areas that the Indians have been working very hard to bring in more manufacturers and compete for some of this business. Apple is willing to go over the tech industry and this valuable company, of course, out there. And it has said that it's based in this production. But it hasn't really given any quantitative figures so far. We use this reported that Apple is looking at new business much as 20% of its production to India and now you have in these trade and industry minister pios goyal saying that he thinks it could be 25% of the manufacturing. So it's a bit more aggressive than what we've heard in the past. It was questions about what the prospects are long-term for Apple in India. How much do we know about whether or not this is being driven more by Apple or by the suppliers Foxconn pegatron and wistron? Of course, apple is key suppliers, as you mentioned Foxconn, petrona was trying to really the key suite that are working on iPhones and many of the other Apple products. They look very tightly together. What they generally government has been doing is offering financial incentives to bring in these high-tech manufacturers ultimately those companies. Have been able to get financial incentives from the Indian government and with that comes from commitments to be able to build up domestic capacity. They want to see, of course, make iPhones and other products for the domestic market. But they also want these companies to invest enough that they be able to begin using India as an export base to ship those products into other countries too, which is very much competing with China for that kind of business. Peter, thanks very much, very interesting story and thanks for joining us here live on Bloomberg day break Asia. Peter L strummed Bloomberg executive editor for Asia
Bloomberg Radio New York
"peter l strum" Discussed on Bloomberg Radio New York
"Right now, ANZ banking group shares down a little more than four and a half percent off session lows, the bank reported profit above estimates, full cash profit from continuing operations, a little more than 6 and a half billion. That's Aussie dollars, but the stock is I mentioned showing some weakness. We are off the low of the day with a drop now in ANZ banking group or up around 4.6%. More on markets in 15 minutes. Head Baxter next with a look at global news headlines, Eddie. All right, thank you, Douglas, U.S. Secretary of State Antony Blinken is calling on the globe to send a united message to China about any use of force regarding Taiwan exclusive Bloomberg interview. He says they continue to accelerate accelerate their move to a unified. UK prime minister Rishi sunak told the House of Commons today that he is delaying the economy's strategy announcement until November 17th. Chinese leaders omitted the elders that is from an official account of how Xi Jinping chose his new leadership team in an apparent plan to change policy from including party leaders as important members in major decisions. South Korean defense minister Lee Jong su says that Korea needs to be more aggressive in adopting a stance of saying even if Kim attempts to use nuclear weapons that it will bring an end to his regime. It appears that the rosters of the Philadelphia Phillies and Houston Astros will see no black players. It is the first time that has happened since Jackie Robinson in broke in in the 50s, and a Tesla is being investigated for misleading claims about capabilities of its autopilot driver assistance system. These are criminal allegations. I should say Jackie Robinson actually broke in on the late 40s, but the last time that this has happened was 1950, the World Series. In San Francisco, Ahmed Baxter, this is Bloomberg. Yeah, thanks very much. Let's take a closer look here at Samsung. Third quarter profit missed analysts estimates and joining us to discuss the earnings is Peter L strum, Bloomberg executive editor for Asia, technology. So operating profit for the chip segment almost cut in half, yet Samsung is not cutting back on CAPEX. We saw that from SK Hynix yesterday for next year, but as one of our colleagues said, Samsung has deeper pockets than most. Your thoughts on this earnings report, Peter. Yes. Well, these have been rough days for the semiconductor industry and particular in the technology industry more broadly. We knew that there were going to be some weak results here this had been pretty well foreshadowed by Hynix, as you mentioned. And micron even before that, they've been pulling back on their expenditures high next yesterday reported weak earnings and said they're seeing an unprecedented downturn in demand. So expectations were pretty low for Samsung. As you mentioned, earnings are down sharply. They did miss estimates. That was largely driven by the chips business. As much as Samsung, Samsung really makes its money from the chips business, even though it's it may be best known for its smartphones, but ships really make the difference in terms of profit or nonprofit. And as you mentioned, the difference here is that Samsung is saying it is going to keep spending on factories and new fabs to make more chips. Because it sees opportunities ahead that's both in the memory business and it's also pushing into the foundry business, which is making chips for other people the way Taiwan Semiconductor does. In the memory business, it is expanding in a few different areas, including into the U.S.. So it's expanding very aggressively at this point, which is pretty contrary to what its peers are doing. Yes, Samsung, a major producer of the world's chips, obviously. Producing more chips into a market that admits already got a glass. Most of the impact on the broader market are going to be with this. Yeah, there's some parallels to the oil industry, I think, in the OPEC countries where some company, some countries continue to produce very aggressively because they want the revenue. Samsung is acting aggressively. They're investing even though prices are falling pretty sharply in the memory chip market. They're investing aggressively. They see opportunities here. They're expanding geographically also. Into a few different markets. And they do want to become a bigger, more competitive player in logic chips, which are microprocessors as they build up this foundry business. They want to compete with Taiwan. Semiconductor, which is now the most valuable chip company in the world and has built a very, very strong business as a foundry for other companies. So we've seen these new U.S. government rules on exports to China, particularly having to do with very high level chips for AI and such. I think a lot of people are curious what Samsung is saying about these new rules. Have we heard anything on that yet? That is the big question for the chip industry over the past two to three weeks. That's really the only thing that everybody is talking about. What are these U.S. export rules mean for the industry broadly and especially for doing business in China? Samsung, of course, sits in a quite challenging spot in South Korea. It has many factories there. It also has a fab in Mainland China. And the Korean government has very close ties to the U.S. also. The conference call hasn't started for Samsung yet. So they haven't gone into details on how those chip export rules are going to affect them. But they have been able to secure a one year exemption so that they continue to ship equipment and supplies into China to supply that fab that they've got in China so they can continue to produce memory chips at that facility there. Yeah, that conference call you to get underway in about 5 minutes of Bluebird subscribers will be able to follow the details on our blog top live go. But talk to us about smartphones as well. We have had some weak growth in that division. The market doesn't seem too troubled though. Yeah, it's interesting. Samsung is probably better known for its smartphones than its chips because that is a consumer facing business. It's just that business was pretty strong, which is a little surprising. The overall smartphone market is falling this year, there has been some weakness across the board. Even Apple has shown some signs of weaknesses and they sell at the very high end of the market. Samsung has sort of pushed the envelope with their flip phones and their foldable phones. They say that demand has been relatively strong and they're optimistic about that business going forward. Is there a glut in that business at the moment? Well, the real glut is in the chips business as we talked about. That's challenging for people because during the COVID pandemic there were chronic shortages of chips. That led customers to over order because they were so anxious to get chips that they needed into their facilities. And now all the chip makers are really saying that inventories are a problem. They've been piling up. And that means that customers are going to use their inventories before they start buying new chips from Samsung or Hynix or micron or the other companies. In terms of smartphones, it's a bit less of an issue. The problem with smartphones is that they become obsolete a lot more quickly that's a business that's very has to be very, very timely. So Samsung is facing some uncertainties that are also. We have seen a very weak one over the past few quarters as well. How's that altering our perspective on these results? Well, they say that the strong dollar did have an effect that strong dollar of the weekend did have an effect on their business. Largely Samsung benefits because they are selling much of their products abroad and bringing that revenue back in either dollars or other currencies. So
Bloomberg Radio New York
"peter l strum" Discussed on Bloomberg Radio New York
"I'm John Tucker in New York with your global look ahead at the top stories for investors in the coming week We talk a lot about decoupling with the U.S. and China both looking at trying to decrease dependence on the other Now those were China may be taking it to a whole new level and for more we go to Bloomberg daybreak Asia hosts Brian Curtis and Doug Chris John China set up a secretive committee 5 years ago to find local companies that could replace American and foreign technology Sources say these companies would vet and approve suppliers at home from cloud to semiconductors Now the committee has already grown to 1800 firms and the reason for this aggressive push well it's the U.S. blacklisting of certain large Chinese tech companies Well for more on how this is unfolding Doug and I reached out to Peter L strum Bloomberg's executive editor for Asia technology Peter let's go back to the beginning 2016 What was the motivation to exclude U.S. and western suppliers Well China has had a desire for a long time to be able to move away from the foreign technology that it's companies use that its government organizations use and rely instead on their own domestic technology So this has been a long-standing goal of the Communist Party and the government in China but they have struggled to accomplish this for a number of reasons They lag behind in several key cutting edge areas of technology particularly semiconductors some networking and software especially the kind of software that can run a large corporate systems and government organizations So they've been pushing for a while but they have not been very successful Now with the clash particularly between the Trump administration and Xi Jinping in China the tensions have risen to the point where China is more determined than ever to replace foreign technology with its own One of the flash points is you alluded to earlier was the blacklisting of Huawei the big telecom equipment giant that the U.S. cut off from American components a few years ago that really hurt the smartphone business of Huawei in particular and that kind of little fire under the Chinese government to try to move more quickly in replacing these foreign technologies Yeah the Huawei story is very much about 5G we get that and the technology that would be used for mobile telecom for consumers also for the backbone of autonomous vehicles But I think that 5G is critical because it becomes the basis for industry four right The so called dark factory no humans only robots is China at the same time making an aggressive push into using more automation for manufacturing Well certainly one of the tensions in China right now is how to keep the economy on track amid COVID troubles the trade war with the U.S. multiple other challenges that they've got And also a very serious demographic shift where they're looking at a shrinking of the workforce in the future and they need to figure out how they're going to be able to replace some of those workers positions with more automation So that's certainly one of the subtext here Part of this is also security They don't want to have their banking systems or the government organizations run on say and IBM mainframe or some of the old technologies that they've got They don't want to have their technology champions like a Huawei vulnerable to the United States deciding that they're not going to let a company like Huawei buy chips from Qualcomm or Nvidia for that matter So there's a long-term security goal that kind of goes along with the effort to improve automation and replace some of these jobs with technology So Peter could we say that this blacklisting of Chinese companies originally by the U.S. has actually helped China stimulate its own homegrown technology sector particularly in some of these areas like we've talked about semiconductors cloud AI Well the success of these programs is really yet to be seen Again China has been trying for years to build its own technologies and some of these curious like semiconductors Largely without success they have not been able to catch up to the leading edge companies in the world which includes Taiwan Semiconductor Intel Samsung for example I would say that more likely the blacklisting by the U.S. increased the determination of China to get on track with building some of these pillar technologies that they need to be able to build a solid foundation for their economy for their companies and for their government organizations Peter thanks so much for joining us Really interesting Peter ellstrom there Bloomberg's executive editor for Asia technology I Brian in Curtis along with Doug Kristen You can catch us every weekday for Bloomberg day break Asia beginning at.
Bloomberg Radio New York
"peter l strum" Discussed on Bloomberg Radio New York
"Tucker in New York with your global look ahead at the top stories for investors in the coming week We talk a lot about decoupling with the U.S. and China both looking at trying to decrease dependence on the other Now those were China may be taking it to a whole new level and for more we go to Bloomberg daybreak Asia hosts Brian Curtis and dun Chris John China set up a secretive committee 5 years ago to find local companies that could replace American and foreign technology Sources say these companies would vet and approve suppliers at home from cloud to semiconductors Now the committee has already grown to 1800 firms and the reason for this aggressive push well it's the U.S. blacklisting of certain large Chinese tech companies Well for more on how this is unfolding Doug and I reached out to Peter L strum Bloomberg's executive editor for Asia technology Peter let's go back to the beginning 2016 What was the motivation to exclude U.S. and western suppliers Well China has had a desire for a long time to be able to move away from the foreign technology that it's companies use that it's government organizations use and rely instead on their own domestic technology So this has been a long-standing goal of the Communist Party and the government in China but they have struggled to accomplish this for a number of reasons They lag behind in several key cutting edge areas of technology particularly semiconductors some networking and software especially the kind of software that can run a large corporate systems and government organizations So they've been pushing for a while but they have not been very successful Now with the clash particularly between the Trump administration and Xi Jinping in China the tensions have risen to the point where China is more determined than ever to replace foreign technology with its own One of the flash points is you alluded to earlier was the blacklisting of Huawei the big telecom equipment giant that the U.S. cut off from American components a few years ago that really hurt the smartphone business of Huawei in particular and that kind of little fire under the Chinese government to try to move more quickly in replacing these foreign technologies Yeah the Huawei story is very much about 5G we get that and the technology that would be used for mobile telecom for consumers also for the backbone of autonomous vehicles But I think that 5G is critical because it becomes the basis for industry four The so called dark factory no humans only robots is China at the same time making an aggressive push into using more automation for manufacturing Well certainly one of the tensions in China right now is how to keep the economy on track amid COVID troubles the trade war with the U.S. multiple other challenges that they've got And also a very serious demographic shift where they're looking at a shrinking of the workforce in the future and they need to figure out how they're going to be able to replace some of those workers positions with more automation So that's certainly one of the subtext here Part of this is also security They don't want to have their banking systems or the government organizations run on say an IBM mainframe or some of the old technologies that they've got They don't want to have their technology champions like a Huawei vulnerable to the United States deciding that they're not going to let a company like Huawei buy chips from Qualcomm or Nvidia for that matter So there's a long-term security goal that kind of goes along with the effort to improve automation and replace some of these jobs with technology So Peter could we say that this blacklisting of Chinese companies originally by the U.S. has actually helped China stimulate its own homegrown technology sector particularly in some of these areas like we've talked about semiconductors cloud AI Well the success of these programs is really yet to be seen Again China has been trying for years to build its own technologies and some of these curious like semiconductors largely without success They have not been able to catch up to the leading edge companies in the world which includes Taiwan Semiconductor Intel Samsung for example I would say that more likely the blacklisting by the U.S. increased the determination of China to get on track with building some of these pillar technologies that they need to be able to build a solid foundation for their economy for their companies and for the government organizations Peter thanks so much for joining us Really interesting Peter elston there Bloomberg's executive editor for Asia technology I'm Brian Curtis along with Doug Kristen You can catch us every weekday for Bloomberg daybreak Asia beginning at 7 a.m. in Hong Kong and 6 p.m. on Wall Street John Bryan and Doug thanks a lot just to hit on Bloomberg daybreak weekend We'll go to Washington and take a look at the U.S..
Bloomberg Radio New York
"peter l strum" Discussed on Bloomberg Radio New York
"I'm John Tucker in New York with your global look ahead at the top stories for investors in the coming week We talk a lot about decoupling with the U.S. and China both looking at trying to decrease dependence on the other Now that's where China may be taking it to a whole new level and for more we go to Bloomberg daybreak Asia hosts Brian Curtis and Doug Kushner John China set up a secretive committee 5 years ago to find local companies that could replace American and foreign technology Sources say these companies would vet and approve suppliers at home from cloud to semiconductors Now the committee has already grown to 1800 firms and the reason for this aggressive push well it's the U.S. blacklisting of certain large Chinese tech companies Well for more on how this is unfolding Doug and I reached out to Peter L strum Bloomberg's executive editor for Asia technology Peter let's go back to the beginning 2016 What was the motivation to exclude U.S. and western suppliers Well China has had a desire for a long time to be able to move away from the foreign technology that it's companies use that it's government organizations use and rely instead on their own domestic technology So this has been a long-standing goal of the Communist Party and the government in China but they have struggled to accomplish this for a number of reasons They lag behind in several key cutting edge areas of technology particularly semiconductors some networking and software especially the kind of software that can run a large corporate systems and government organizations So they've been pushing for a while but they have not been very successful Now with the clash particularly between the Trump administration and Xi Jinping in China the tensions have risen to the point where China is more determined than ever to replace foreign technology with its own One of the flash points is you alluded to earlier was the blacklisting of Huawei the big telecom equipment giant that the U.S. cut off from American components a few years ago that really hurt the smartphone business of Huawei in particular and that kind of little fire under the Chinese government to try to move more quickly in replacing these foreign technologies Yeah the Huawei story is very much about 5G we get that And the technology that would be used for mobile telecom for consumers also for the backbone of autonomous vehicles But I think that 5G is critical because it becomes the basis for industry four right The so called dark factory no humans only robots is China at the same time making an aggressive push into using more automation for manufacturing Well certainly one of the tensions in China right now is how to keep the economy on track amid COVID troubles the trade war with the U.S. multiple other challenges that they've got And also a very serious demographic shift where they're looking at a shrinking of the workforce in the future and they need to figure out how they're going to be able to replace some of those workers positions with more automation So that's certainly one of the subtext here Part of this is also security They don't want to have their banking systems or the government organizations run on say an IBM mainframe or some of the old technologies that they've got They don't want to have their technology champions like a Huawei vulnerable to the United States deciding that they're not going to let a company like Huawei buy chips from Qualcomm or Nvidia for that matter So there's a long-term security goal that kind of goes along with the effort to improve automation and replace some of these jobs with technology So Peter could we say that this blacklisting of Chinese companies originally by the U.S. has actually helped China stimulate its own homegrown technology sector particularly in some of these areas like we've talked about semiconductors cloud AI Well the success of these programs is really yet to be seen Again China has been trying for years to build its own technologies and some of these curious like semiconductors Largely without success they have not been able to catch up to the leading edge companies in the world which includes Taiwan Semiconductor Intel Samsung for example I would say that more likely the blacklisting by the U.S. increased the determination of China to get on track with building some of these pillar technologies that they need to be able to build a solid foundation for their economy for their companies and for their government organizations Peter thanks so much for joining us Really interesting Peter elston there Bloomberg's executive editor for Asia technology I'm Brian Curtis along with Doug Kristen You can catch us every weekday for Bloomberg daybreak Asia beginning at 7 a.m. in Hong Kong and 6 p.m. on Wall Street John Brian and Doug thanks a lot just ahead on Bloomberg day break weekend We'll go to Washington and take a look at the U.S..
Bloomberg Radio New York
"peter l strum" Discussed on Bloomberg Radio New York
"I'm John Tucker in New York with your global look ahead at the top stories for investors in the coming week We've talked a lot about decoupling with the U.S. and China both looking at trying to decrease dependence on the other Now those were China may be taking it to a whole new level and for more we go to Bloomberg daybreak Asia hosts Brian Curtis and dun Chris John China set up a secretive committee 5 years ago to find local companies that could replace American and foreign technology Sources say these companies would vet and approve suppliers at home from cloud to semiconductors Now the committee has already grown to 1800 firms and the reason for this aggressive push well it's the U.S. blacklisting of certain large Chinese tech companies Well for more on how this is unfolding Doug and I reached out to Peter L strum Bloomberg's executive editor for Asia technology Peter let's go back to the beginning 2016 What was the motivation to exclude U.S. and western suppliers Well China has had a desire for a long time to be able to move away from the foreign technology that it's companies use that its government organizations use and rely instead on their own domestic technology So this has been a long-standing goal of the Communist Party and the government in China but they have struggled to accomplish this for a number of reasons They lag behind in several key cutting edge areas of technology particularly semiconductors some networking and software especially the kind of software that can run a large corporate systems and government organizations So they've been pushing for a while but they have not been very successful Now with the clash particularly between the Trump administration and Xi Jinping in China the tensions have risen to the point where China is more determined than ever to replace foreign technology with its own One of the flash points is you alluded to earlier was the blacklisting of Huawei the big telecom equipment giant that the U.S. cut off from American components a few years ago that really hurt the smartphone business of Huawei in particular and that kind of little fire under the Chinese government to try to move more quickly in replacing these foreign technologies Yeah the Huawei story is very much about 5G we get that And the technology that would be used for mobile telecom for consumers also for the backbone of autonomous vehicles But I think that 5G is critical because it becomes the basis for industry four right The so called dark factory no humans only robots is China at the same time making an aggressive push into using more automation for manufacturing Well certainly one of the tensions in China right now is how to keep the economy on track amid COVID troubles the trade war with the U.S. multiple other challenges that they've got And also a very serious demographic shift where they're looking at a shrinking of the workforce in the future and they need to figure out how they're going to be able to replace some of those workers positions with more automation So that's certainly one of the subtext here Part of this is also security They don't want to have their banking systems or the government organizations run on say and IBM mainframe or some of the old technologies that they've got They don't want to have their technology champions like a Huawei vulnerable to the United States deciding that they're not going to let a company like Huawei buy chips from Qualcomm or Nvidia for that matter So there's a long-term security goal that kind of goes along with the effort to improve automation and replace some of these jobs with technology So Peter could we say that this blacklisting of Chinese companies originally by the U.S. has actually helped China stimulate its own homegrown technology sector particularly in some of these areas like we've talked about semiconductors cloud AI Well the success of these programs is really yet to be seen Again China has been trying for years to build its own technologies and some of these curious like semiconductors largely without success They have not been able to catch up to the leading edge companies in the world which includes Taiwan Semiconductor Intel Samsung for example I would say that more likely the blacklisting by the U.S. increased the determination of China to get on track with building some of these pillar technologies that they need to be able to build a solid foundation for their economy for their companies and for the government organizations Peter thanks so much for joining us Really interesting Peter elston there Bloomberg's executive editor for Asia technology I Brian Curtis along with Doug Kristen You can catch us every weekday for Bloomberg daybreak Asia beginning at 7 a.m. in Hong Kong at 6 p.m. on Wall Street John Ryan and Doug thanks a lot Just a hit on Bloomberg daybreak weekend We'll go to Washington hand take a look at the U.S..
WJR 760
"peter l strum" Discussed on WJR 760
"The unvaccinated dying from covid in their communities. This is totally unacceptable. President Biden not calling out Governor Rhonda Santa's by name, but dog on clothes. He called out Republicans by name in an address earlier today, talking about safety in schools. Does he really think that that's going to bring us closer together? Or that by throwing that much vinegar into the mix that he is going to draw people to his effort to get vaccinated? The one thing you don't want to do at this point is make it even more political than it already is. And and, you know, Some have said that this is a war on Republicans. I don't know what it is. Let's ask one. Congressman bill Highs in it from the west side of our state joins us on this day where we're talking about the sacrifices of 9 11 and also about the president's vaccine vaccine or test mandate. Congressman Good to Have you with us. Hey, guy. Good to be with you. And, uh, yes. I'm glad you mentioned 9 11. That was such a seminal moment for all of us. You know, I was actually a staffer, district director for my predecessor, Peter Hook stra who had just been named to the intelligence. Uh, yeah. And I can tell you just it. Just completely changed. Obviously, everybody's everybody's world. But certainly the policy world in Washington, D. C was pretty dramatically altered that day. Well and what a crazy time that was, as we had to explore the intelligence failures that led us to that moment, and also the incredible intelligence improvement that has helped helped keep us safe. Since, um so I'm pleased that you were part of that effort and that you're there now as well. And so help me with this year. We We know that we need to do more to get people vaccinated. It's it's the best way out of what could become a long term mess. Why do you find what do you think about this path? And will it be effective? Is this the best path to take? Please hear the sarcasm in my voice. When I say the great unifier and healer of our land, Joe Biden has once again shown up and, uh and and and it's like stunning to me that they think that this is going to be productive way of approaching people. And clearly, it's not, um you know, it's it's ridicule. It's mockery. It's threats. It's all those things. And then, of course, it's about his organized well as well organized as our.