10 Burst results for "Secretary Armando"
Bloomberg Radio New York
"secretary armando" Discussed on Bloomberg Radio New York
"And so in one sense, Secretary Armando coming back is a reciprocal visit. I think it actually tells the Chinese government if that they continue to send officials to the United States, that that will actually produce positive results. Remember, the Chinese officials have been restricted from traveling during COVID. They're now just starting to go out and visit folks again. So I think this was a very positive message that the United States said, you know, if you're to willing talk to us, we are as well. And having Secretary Armando come here was very important for the business community, because, you know, her number one job is to promote trade between the United States and China. NamCham China feels that that's one of the stabilizing forces in this relationship. You know, Michael, with the Chinese economy facing cyclical and more worrying and deep structural challenges to economic growth. Do you think that dynamic plays to favorably more favorable incentives and policymaking when it comes to foreign companies operating within China? Or does it actually make things harder? No, I think it's a good point. I think as the Chinese economy has hit some bumps, I think that does make policymakers number one more deceptive to talk to US business. And also, it makes them sort of troubleshoot to look for ways or hurdles that are stopping additional foreign direct investment. And so we have had a number of very positive discussions. I had two meetings last week with different financial regulators. And I definitely felt that the tone had improved even over of a couple months ago. And I definitely have to chalk some of that up to probably the challenges the Chinese economy is facing. Michael Hart is the president of AmCham China, in conversation there with Bloomberg Sherian and Heidi Stroud Watts talking about basically what Gina Raimondo is up to as she visits Beijing. Raimondo is obviously the US Commerce Secretary. She's looking for better ties. But the other thing is she's kind of drawing a very firm line when it comes to protecting US national security. Positivity in markets, particularly in Hong Kong, Hang Seng is up 1%. We'll take you through the latest This is Bloomberg. Chainalysis is the premier blockchain data platform crypto businesses, financial institutions and government agencies utilize Chainalysis data and services to make sense of what's happening on the blockchain. chain. As regulators and policymakers work together to pass legislation that provides clarity for crypto businesses and protects consumers, they have the chance to do so with unparalleled data and research into the crypto ecosystem, justify cryptocurrency and gain greater visibility and insight by visiting chainalysis .com slash wherever your business takes you Bloomberg radio is here with you breaking economic who's crossing the Bloomberg powered by 2700 journalists and analysts. Let's get
Bloomberg Radio New York
"secretary armando" Discussed on Bloomberg Radio New York
"Now, the president of CHAM China is Michael Hart. He was a part of two meetings with Raimondo during this visit. He sat down with Bloomberg's Sherri Ann and Heidi Stroud -Watts to talk about Raimondo's latest comments. Raimondo had sort of a carrot and a stick, right? So she helps promote trade, but she also runs export controls. And so she said, you know, they've set up two working groups to talk about those specific things. And we thought that was actually great news from her first day of the three -day visit. How do you view the two tracks of obviously wanting to balance trade and trade? This has been seen as one way to try and boost ties and a win -win both sides, but also reiterating that national security, the strategic competition aspect is not something that's going to go away between these two economies. How hard has it been for American businesses to begin that dynamic? So in general, U .S. businesses have been very successful the past couple of decades in China. And the export controls announced over the past year have given us a little bit of pause. We're trying to make sure that we are trading in places the U .S. government wants us to. But Secretary Raimondo said something that Secretary Yellen said, and that is the vast majority of trade between the U .S. and China is not controversial. And the vast majority of trade does not touch on national security areas. But as you said, Secretary Raimondo has said the U .S. will not compromise in those areas. And so the U .S. business community continues to to talk the U .S. government to make sure we understand where the guardrails are. But again, the U .S. business community in China, our MGM China members, have been the stabilizing factor in this relationship, particularly over the past three years during COVID, but over the past couple of decades. And Michael, we've actually noticed more outreach from Beijing towards officials foreign businesses in the country. They want to hold more regular meetings. They want to hear what you have to say. Are you seeing a shift in tone? And are you seeing an actual change in terms of policies on the ground, though? Yeah, what we did in our last number survey, the number one complaint from our members, and in fact, the number one complaint for the last three years has been poor U .S.-China relations and how that overshadows their business. One of the positive things is, as you say, the Chinese government has been reaching out to the foreign business community. And recently, I think August 13, the Chinese announced what's called the 24 measures, so a number of measures to try to promote additional FDI into China. And so it's interesting, those 24 measures, many of them talk about issues that we have raised to the Chinese government. So on the one hand, we feel they're listening. These have included things like concerns about data, concerns about IP, concerns about tax exemptions. And so it does feel like the conversations we're having, the Chinese government does reflect it. Of course, one of the challenges anytime something is announced, the next question is, will it be implemented? But in general, yes, conversations between the Chinese government and US business have been more positive over the past few months. And we have seen more conversations Secretary Armando's visit was the fourth cabinet level official to visit in the past three months. But we haven't necessarily seen that being reciprocated by Beijing officials coming here to the US. What do you make of that? Right. So first of all, I have to continue to say one of the most important things to stabilize this relationship is exchanges, people to people exchanges, so government to government exchanges, business leaders going back and forth, students going back and forth, and then tourists eventually. I will say in this case, the Commerce Secretary Wang Wintao just recently went to Washington DC. And so he had meetings there with Secretary Armando and others.
Bloomberg Radio New York
"secretary armando" Discussed on Bloomberg Radio New York
"That it is dropping CVS's Caremark business as its primary pharmacy benefit manager. news That comes from a big report from the Wall Street Journal. Apparently this is part of a broader effort by Blue Shield to streamline the very complicated system that Americans use to pay for drugs with the goal of saving millions of dollars in the world. Wall Street Journal sure is apparently exploring different alternatives involving companies including Mark Cuban's Cost Plus drugs and also Amazon. Amazon's foray of course into the drug supply chain has been dreaded by and pharmacies drugstore chains. This has been a big concern. This is also weighing on shares of other health insurers. Cigna, United Health, Humana all moving lower today. That's so interesting. You know CVS has really been trying to push into its medical business and that vertical and yet this appears to be a step in the right direction. I don't know anything about how this healthcare money works. It's all crazy math, but anytime Amazon .com gets into something like that and that's why I guess as you mentioned Alex, some of these other names also trading down as well. I'm sure investors saw Amazon and that is really what is driving the stock lower. Exactly. What else you got for us? So another name as Jess mentioned earlier is Sax Parente Gulf. just an This is interesting one. Shares are down about 16 % today, but that's not even the most interesting move. Yesterday shares plunged 85 % and that's after they surged 624 % on Tuesday in the first day of trading. That was the best initial public offering on a US exchange this year, though obviously proving to be very fleeting. This is the maker of $400 Gulf putters. The listing is of course also the latest sign that we're seeing a revival in stock listings following the IPOs of companies including Oddity Tech, Spoiled Child and of course Kava Group. Speaking to my sources, they're still saying that deals aren't really happening. Brian Belsky over at BMO Capital Markets spoke to him on the phone a few weeks ago. He said, We're scared of our own shadow. Deals actually aren't happening at the speed that people think they are. The IPO market has been showing signs of revival but still not quite back to where it was. You know, I'm just looking at this this symbol is SPGC, which is odd name but whatever. 3 2 .2 million shares offered at $4 a share. The underwriter was the Bench Market Companies, which is a small investment bank. So what I put it for, I don't know what up to like 32 Yeah, almost 3030 bucks a share. Now we're down to just under $4 a share. So I have no idea what happened there from a trading perspective, who got the stock and what they did with it. But that is really unusual. And I would just argue that is completely not representative, I think of the IPO market right now. Let's look, we've seen some bigger deals, much bigger market cap, much bigger number of users that have traded very well this year. Is this a meme stock sort of? It looks like it's just IPO and then I don't know what again, I don't know what what happened on the trading who got the stock and then kind of what they did with it kind of in the IPO market is probably kind of, you know, leading to some of these meme type trades because it's such a rarity to see these companies debut and so investors are piling in, piling out and we're seeing some abrupt moves there. Yeah, what stuns me $190 ,000 of sales from last year. Right, so this is kind of a kind of a startup type situation. All right, very good. Appreciate it very much Alex Semenova. She covers all the markets for us. Again, probably one of the bigger news coming out, you know, over the last several weeks has just been this seemingly kind of never ending or continuous flow of negative economic data coming out of China. Obviously not good for them because remember we started the year and this was going to be a good year for China. Reopening was kind of the theme and how do you play that and what would it and we're just not seeing it. Yeah, then there was the downgrade in terms of the expectations for GDP growth and then, you know, oh wait, the property crisis is still escalating or it's still very much alive and then, you know, all this tension, geopolitical tensions. Yep. going But to we're sort this out, right? Yeah, we're going to work this out right now with Jennifer Welch. economics. She joins us from Washington, DC. First, Jennifer, thanks for joining us. Please tell me what a economist is. That's a new term for me. Thanks so much for having me. Yeah, it's a term we're finding, still but essentially we look at the intersection of geopolitics and economics. So for example, geopolitical developments with economic impacts and the use of economic tools to achieve geopolitical Dave de Wire thought of that. It seems a little above his pay grade. All right. The economic data, I don't know, it just doesn't seem very good. And I guess it could be expectations. Yeah, no, I think that's a really great point. I would say from a geopolitical perspective, and this is a piece we put out recently, I think we shouldn't over exaggerate the impact that this will have on China's geopolitical importance or exaggerate the effect that this will have on their foreign policy. There's a history here of rising powers lashing out when they feel they've hit their economic peak or when they're feeling sensitive about economic challenges. And we don't necessarily see that happening with Beijing. I think at the same time, we should expect that they'll be more defensive when they do feel challenged. But again, we're not looking at a major foreign policy crisis on the horizon as a result of the latest economic data. You know, we had an with interview the frontrunner in the presidential race in Taiwan, who is I guess seen as a little bit less favorable of a candidate with respect to China. I mean, you can weigh in on how China's economic woes are influencing that situation, particularly especially because it's so close, because the tensions with Taiwan, Taiwan just being so physically close to China? Yeah, sure thing. So, I think you're referencing the recent interview with Taiwan's vice president and leading presidential candidate, Lai Qingde, who is actually just wrapping up a transit back through the United States on his way back to Taiwan. Lai is definitely not Beijing's preferred candidate, they've made that quite clear, including in their pretty strongly worded responses to his recent transit. This is despite the fact that it's pretty common for Taiwanese vice presidents and presidential candidates to come through the United States. In this case, Lai was on his way to Taiwan on his way to Taiwan on his way He does look to have a pretty strong lead for the elections in January and I think there's a real question of how China would react to a Lai victory should he emerge at the top of the elections held in January. Jennifer, can you give us a sense of how this administration kind of views or would like to see the relationship with China go over the next several Is it one of engagement? Is it one of limited engagement? Is it one of just shunning China and letting them kind of deal with themselves? What's your approach? Sure, so I think that the term is strategic rivalry and the common catchphrase is intense Petition requires intense engagement, so we're likely to see both of these things and frankly I think the paradigms of the past It's either engagement or it's hawkishness don't really apply anymore. I think the administration is trying to balance both of these features. We're trying to engage Beijing as we saw from Secretary Blinken's visit, Secretary Armando heading out this month with continuing to take actions from the administration's perspective that are aimed at defending US interests, for example rolling out most the most recent outbound investment screening regime.
The Hugh Hewitt Show: Highly Concentrated
"secretary armando" Discussed on The Hugh Hewitt Show: Highly Concentrated
"It's just one big whiteout in the big tent. All right, here's the serious story. From CNN yesterday, China's new foreign minister, Quinn gang. I think I'm saying that right. Warned Tuesday that, quote, conflict and confrontation with the United States is inevitable. If Washington is not change course, delivering a stern and wide ranging rebuke of U.S. policies for his first press conference in the new role. Reaction German Gallagher. Was interesting to me about this. This comes a month and a half after Xi Jinping himself, the general secretary of the Chinese Communist Party, gay, what was probably his strongest and most critical statement of the United States. Saying something to the effect that the United States has implemented containment encirclement on all sides. This was in reaction to us shooting down the Chinese spy balloon. And of course, the irony is that it is the Chinese Communist Party, which is trying to insert a violate the Monroe doctrine, violate our sovereignty with the spy balloons within intellectual property theft with an ongoing cyber war. And the other interesting thing here is it seems that Biden administration is desperate to meet with high level Chinese officials. They're sort of chasing Xi Jinping to foreign minister all around the world. Desperate for some sort of side meeting at an international conference or secretary Yellen wants to go to Beijing, secretary Armando wants to go to Beijing. Despite this, despite what folks like Matt Turpin have called their Ardent student behavior, the CCP keeps rejecting it. They have no interest in engagement. And so to double down on the engagement hypothesis, as secretary Yellen wants to do in the speech she gave two weeks ago, strikes me as insane. And it's not actually producing any moderation on the behavior of the Chinese Communist Party. One thing and I'll stop here that Matt pottinger said in our first hearing, which I keep thinking of whenever I hear statements like this from Chinese officials, is that the paradox of Marxist Leninist regimes is that the more secure they are, the more aggressive they actually become. So it's as if the more we try and placate them and meet them on their own terms, the more they take advantage of that, they see it as weakness and the more they test the limits the more aggressive they become. Now, chairman Gallagher, I'm not bothering you with domestic stories like the debt limit or the Donald Trump trial or anything like that because I do want to focus always at least one segment a week with you on the threat. Now, Mike Turner was on yesterday, your chairman from House Intel. And it is a very real threat that he realized in the United States. But as I see the carnival go by. And I see all these different stories, whether it is gene Carroll trial verdict, whether it is the NFL Draft. We're not paying any attention. Nobody knows. Do you find that to be the case? You know, I think what's even more trouble. Yes, what's even more troubling is that within the military. Within the organization that you think would be most attuned to the threat, it is my observation or hypothesis that we are still fundamentally on a peacetime footing. When in order to avoid war, The Pentagon should be on a war footing, at least when it comes to the production of critical munitions. We still have this sort of peacetime complacent mentality. And that's honestly, it's been a problem. If you look at sort of American history more broadly, our gift tends to be from improvisation for crisis, response from mobilizing after things go awry, whereas dictatorships struggle with that. The challenge we have today is that in order to avoid the crisis, we have to operate as if we're already in it in order to pre position hard power west of the international date line. And for whatever reason, notwithstanding a Chinese spy balloon, notwithstanding the OPM hack, back in 2015, actually happened in 2014, notwithstanding the militarization of the South China Sea, which really began in 2009, but continued for a decade ever since. All these incidents have not amounted to a so called Sputnik moment. There hasn't been that national wake-up call. So what it's going to take is leadership at the federal level. It's going to take better congressional leadership. That's what our committee is trying to provide, but ultimately it's going to take better presidential leadership. And as we've talked about many times, the Biden administration remains conflicted between those who think China is a threat that needs to be dealt with and those who think climate change is just the existential issue of our time and that we need to cooperate with China when it comes to climate change..
Squawk Pod
"secretary armando" Discussed on Squawk Pod
"Kids hear want to see? No, it is based upon the algorithms. Remember, TikTok gives you content that they think you would like. If somehow the Communist Party decides what we want to make sure that nobody who's on TikTok in America sees anything about Taiwan that doesn't mean doesn't include the basis that Taiwan should be part of the PRC. If they suddenly say, we want to make sure you see videos that undermine American democracy or say it's not too bad if Xi Jinping and the Chinese give arms to Russia in terms of supporting Putin's illegal invasion of Ukraine. That ability, if you think a 90 minutes a day, young people are on this tool, it has the potential, I think, to pose a national security risk. Now, I think that's happening right now or you think that this is just a potential. I think this is more on the potential at this point, but one of the things that we also require is to make sure that the intelligence community or others, if they want to make this case, they have to declassify as much as possible why this is a national security risk. You still have to make the case. I think back a few years back when Huawei, the Chinese telecom equipment maker was out. And we said, oh, this is bad news and matter of fact, if you look at where Huawei sold equipment in America, it's almost a 100% match into small telcos who are adjacent to our ICBM bases. At first, we had knowledge about some of the challenges with wall white, but because it was classified, we didn't lay that out in a clear enough basis. Now we have and you've got literally American taxpayer money being used to rip out Huawei equipment across the country and many other nations are taking out Huawei equipment. We've got to lean in more. If we see a vulnerability and frankly give that to the public so we can make our case stronger. Is that what you think was actually happening, senator, that Huawei was doing this as a spying technique for the Chinese government. I think that if you look at the number of countries that had gone down the hallway path and remember, this was a case again where we didn't have an American alternative. There were Ericsson and Nokia Swedish and Finnish companies. They were more expensive. It's one of the reasons why in the semiconductor Bill that's gotten a lot of attention. We also put some money in to get the next generation wireless called oh ran where we can compete again. But I think this is what we're seeing. We've never seen an adversary like China that is in one stealing $500 billion a year of intellectual property from us and two investing in new technologies and in many areas at a rate greater than we are. And I think that the country that controls the telecom system controls the satellite systems, controls AI, has the dominant mobile app platforms. This all falls in my mind into national security concerns, that's different than our traditional thinking of guns and tanks and ships and planes, but in a world where the competition is around technology. I think it's absolutely essential that we and our Friends around the world don't fall victim to the authoritarian regime coming out of the PRC. China just came out with their budget this past weekend. And while the government is not going to be spending on a lot of areas there, two places it is. One is defense. The second is what they call diplomacy. That was described as a lot of belt and road sort of initiatives that are out there. Do you think those initiatives are trying to build up Chinese infrastructure? Goodwill, diplomacy, or do you think that's more of what you just described with the Huawei? Well, first of all, many of the standard setting bodies are like many UN's. And China has been flooding the zone. Again, I say this is an old telecom guy. It blew my mind that you not only had a Chinese company in wireless Huawei, but also that China was setting the rules and regulations and protocols. A lot of that was because these international standard setting bodies, China does try to get gain influence by their belt and road initiative. I do think most of the countries, though, that have taken this Chinese help, are frankly reluctant at this point because they see that China comes in and promises lots of jobs and instead they bring in Chinese labor, oftentimes the products are not very good and the infrastructure is not very good and a lot of places. These countries have now ended up immense debt to China. So I think China has customers. It doesn't have allies and some of those customers are, I think, pretty unhappy based upon some of the belt and road initiatives of the past. Senator Warner, if you're Bill is successful, how long do you think it would be before something like TikTok gets banned? What time frame are you talking about? What we're talking about is still giving the secretary of commerce. She'd have to, in this case, secretary Armando would have to make the case. This is less about TikTok and more about how do we not have the whack a mole approach on foreign technology, but have a frame a modern framework that can take on software hardware mobile apps that pose a national security threat. Remember TikTok is still going through a review on what's called the CFIUS process because the way TikTok came into this country in the first place was an acquisition, which triggered CFIUS. So Cynthia could still be a tool that's been used. I think what we need, though, is not again this kind of one off approach, but a systemic approach that approaches foreign technology from, again, not every country in the world, the 6 nations that the law has already declared as adversarial in nature and give us a tool that we can stay safe. Senator Warner, I want to thank you for your time this morning. I appreciate it. Thank you so much, Becky. Appreciate it. Cheese will be next. Coming up, one of the first accounts of how the world's biggest companies survived the economic shock of the COVID-19 pandemic, author Liz Hoffman on her new book. This moment where, you know, the CEOs are getting caught up in these culture wars. I think the DNA of that is squarely in the pandemic. Squawk pot will be right back. At Morgan Stanley, we see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real, because grit and vision working in lockstep puts you on the path to your full potential, old school grid, new world ideas, Morgan Stanley. To learn more, visit Morgan Stanley dot com slash yos. Investing involves risk, Morgan Stanley Smith Barney LLC. You're listening to squawk pod from CNBC. We're discussing the economy, we're discussing how it relates to jobs and all of the things that are happening right now with the virus that we've become so familiar with. We have therefore made the assessment that COVID-19 can be characterized as a pandemic. Here's Joe kernan. It's been three years since CEO's first confronted the challenge of the COVID-19 pandemic. Crash landing, the inside story of how the world's biggest company survived an economy on the brink is one of the first accounts the detail how the crisis changed the way they lead and joining us now first on CNBC is the author of the new book was Hoffman. She's also the business and finance editor at semaphore. It just thinking about it, Liz, I immediately thought it's like a daunting task and I said, I think I might ask GPT just to put something together. You know what I mean? But you did not do that. I didn't. It was not available to me. Short of talking to all 500 S&P CEOs, how do you come up with similar things that they had? For example, Doug Parker, you point out, okay, so he's got an airline. Media executives. We had to immediately scramble and figure out how to do iPads in our home to stay on the air when you couldn't go. Every company seems like it was faced with its own unique challenges. Did
Bloomberg Radio New York
"secretary armando" Discussed on Bloomberg Radio New York
"From Bloomberg world headquarters, I'm Steve rappaport. Target's latest earnings beat Wall Street expectations, but its forecast was not so great. Bloomberg's genus surveillance reports. Target is predicting a slower than expected recovery from a rough 2022. Last year, weakening demand for non-essential hit the retailer's profits and its stock, the subdued outlook echoes the message from Walmart last week showing U.S. retailers remain cautious amid a cloudy economic picture, but similar to Walmart targets cautious outlook followed a strong fourth quarter the retailers key sales metric rose in the quarter, analysts were looking for a decline. Target CEO Brian Cornell says they're planning business cautiously in the near term to ensure the company remains agile and responsive to the current operating environment. Switzerland's banking regulator says Credit Suisse seriously breached risk management obligations in the greensill capital supply chain financing case. Finma ordered the Swiss lender to take remedial measures, including a periodic review of the most important business relationships for counterparty risks. Finma also announced its opening enforcement proceedings against four former Credit Suisse managers. Visa and Mastercard planned to defer the launch of some cryptocurrency products and services. Reuters reports the company's decided to hold off until market conditions and the regulatory environment improve. Elon Musk reclaims the coveted title of the world's richest person, the Tesla CEO's wealth got a big boost from a surge in Tesla stock, Musk started the year with a net worth of $137 billion, becoming the first person to lose $200 billion from their fortune. Those are the company's stories we're following this hour, I'm Steve rappaport, and this is Bloomberg. Global market news changes in an instant. So don't miss a minute. Listen to Bloomberg radio anytime anywhere around the world on the iHeartRadio app. Tune in, the Bloomberg business app and Bloomberg dot com. This is balance of power on Bloomberg television radio. I'm David Westin well, this is the week when they start rolling out that chips and science act, something we talked about a lot as Congress was passing it on a bipartisan basis, I must say. And it's a very exciting potential development in the development and production of semiconductors in this country. To take us through where we are, we welcome down Mitch landrieu. He's President Biden's senior adviser for infrastructure. Mister Orlando is the former mayor, of course, of New Orleans. So mister mayor, thank you so much for being with us really appreciate it. So first of all, it's like the kid in the back of the car. Are we there yet? When is money going to start going out the door? Well, we're getting there. I mean, right now, as we speak. So this is the announcement today from secretary Armando is what's called a notice of funding opportunity. Where they tell folks that funds are actually available to do a certain thing. And there's certain thing in this particular instance. There's something that this country has been waiting on for a long time. Everybody knows that this little chip that we have as part of everything that we do in our life. And most of them are manufactured overseas. And of course, we saw through COVID, the disruption of the supply chain. So the idea here is to bring those manufacturing capabilities back home. Number one, to push up on national security and protect ourselves. Number two to create manufacturing jobs here in America, the president's already created 800,000 of them. And number three to create high paying jobs with products that have made in America by folks that are in America. So this is a really big announcement. It's going to hit all of those different parts. Secretary raimondo rolled it out this morning. Of course, this is part of the president's overarching strategy to bring manufacturing jobs back to the United States of America through investing in infrastructure through investing in climate and of course now through investing in semiconductors and making America stronger, more steady give on national security, a bigger push and to create those hundreds of thousands of high paying manufacturing jobs are going to come from these investments. Mitch my understanding of what's going on here is there's a fair amount of money in the United States government is putting up. But that's not all of it. The idea I think is sort of priming the pump that in fact, if you get the federal investment, you'll get the private. Where are we right now on constructing the factories? Are some of those factors already under construction? When will they start producing chips? There's no question about that. What normally happens in the idea in creating this industrial policy is for the federal government to show up with cash and with money, whether you're building a bridge or whether you're building a railroad or you're building high speed Internet or whether or not you're investing in all the stuff that we needed to manufacture chips. And then the private sector follows in. As a consequence of all of the investments that the president has made, you've seen now hundreds of billions of dollars for the private sector starting to show up in all of those different places. The same thing is going to happen with semiconductors as well. And as this money goes out, so we're going to put these notices of funding opportunities out there. Folks are going to come to us to say, listen, we think that you ought to work with us. They're going to be four or 5, 6, 7 of what they call these fabrication facilities across America that are really thoughtful and located. And then the private sector is going to come in on top of that. So this $50 billion that the Department of Commerce is talking about now is going to turn into substantially more when the private sector lays on top of that. And then of course, if we get our national security in place, we got a manufacturing in place, everything is just going to flow from there. My experience at least is when you ask for money, particularly a lot of money from something there's usually some strings attached. There's some strings attached here. Take us through some of those strings if you would, particularly starting with investment in China. Well, listen, we don't really look at it as strange. I mean, this is part of a much larger policy to make sure that we bring stuff back home to America to help our national
Bloomberg Radio New York
"secretary armando" Discussed on Bloomberg Radio New York
"Like Visa that we find attractive. I know this is what your zombie movies. I feel exactly where you're heading. But I do wonder Rihanna, just to build on that because it is an important thing. It's an important point this sort of question of what's going to lead to the catharsis where you get capitulation by companies to be purchased at a discount from other companies. At what point you get some sort of washout. What are you looking for to signal? And I understand company specific, but on a broad level, are we there yet? How do you know? In terms of company risk-taking valuations in terms of the appetite of investors. Yeah, I don't think we're at total capitulation. I mean, we think we may have seen the bottom. We feel like we're in a range bound market, somewhere in the 3600 to 4000 in the next 6 to 12 months, and the S&P are base case is for an earnings decline that we have not yet seen factored into the market. Those bottom up earnings forecasts are just starting to come down. You're starting to see 22 come down four Q come down. 23 hasn't yet been touched. And that's because that visibility is so murky. Everybody's struggling with the ultimate fed question. But you're seeing companies starting to respond on cost management. That's going to play out on margins. And that bad news for peoples. Unfortunately, good news ultimately for the market and for earnings. Fundamental here is we now have a risk free rate. We now have finance somewhat back to what we are weaned on. And my great theme is the zombies of all flavors are going to be rolled up in 2023 Bernstein's heritage, the black books of Bernstein's heritage is studying that. Do you see combinations and transactions on fire next year? I don't think we've put out a forecast for M and a volume. Nobody's watching. Come on, help. We're continuing to see M and a volume B robust. I think what you're seeing here is financial conditions and risk-taking, obviously, have gone up recently. And I don't see a real change to that. I think companies are continuing to innovate and invest for the future. And if they can do that with rollups and mergers, then why not? But I think they're going to be opportunistic. We had a curve. Thank you so much. Greatly appreciate it. Thank you, private. Wealth management today. Lisa, there's a wow headline. If I've seen one. Yeah, there's just coming across there right now that blinken, Tony blinken is says that Biden asked him to travel to China early next year. That was really kind of building what we expected coming out of the Xi Jinping meeting was that Tony blinken is going to head over to China. What are they going to talk about? And I think this is important. Are they going to talk about the chip sector? Are they going to talk about Taiwan? Are they going to talk about how they deal with Russia? How do you rank your priorities at a time of some pretty serious red lines? But by quote early next year, we will have a much better framework of the slowdown of China or the stability of economic China or the recovery of economic China. Or the reopening of zero COVID. There's a lot of well, there's a lot of debates out there about China. That's, to me, it's the uncertainty in the next year. You know, there was something that happened overnight. The financial system. The PBOC warned that if there was some sort of reopening, it could cause an inflationary push that they weren't expecting. And it's going to affect their easing and how much they're willing to ease. It just speaks to a preparation, gaming out what this looks like is China clearly needs to reopen into the rest of the world. Well, it's going to be fascinating and Elizabeth economy now with secretary Armando. It commerce has just always said this is fragile. That's a new word. I like it. It's fragile than it. Looks. Futures deteriorate, negative 1.2% on standard and four is negative 47 points of vicks breaks out over 25, some fragility of the market into that important economic data. We'll see it 8 30. We look at FTX at 8 45. Stay with us on radio on television this is Bloomberg. Now the latest news from New York City and around the world, here's Michael Barr. Tom Lisa John
WBZ NewsRadio 1030
"secretary armando" Discussed on WBZ NewsRadio 1030
"Has selected Boston Mayor Marty Walsh as his labor secretary. While she served as the mayor of Boston sends 2014 he's also a former union worker who has a long history with organized labor. Meanwhile, Rhode Island Governor General Mondo has been selected by the president elect as his commerce secretary. Armando is the first female governor of Rhode Island and has served in that role since 2014. Union leaders in Boston celebrating President elect Joe Biden's nomination of mayor Walls for labor secretary WBC's match here. Reports as president and principal officer of Teamsters Local 25 Sean O'Brien can't wait for January. 20th floor be a union leader on the Trump over the last four years has been nothing but disappointing. He takes issue with the people behind Trump's Department of Labor, who he says, are only concerned about a bottom line in balance sheet of big business. I don't think anybody wants big business to fail, but we want Big business to recognize who's responsible for their success, but more importantly, respect the workers who make them a success in Shaun's mind. His old friend Marty is the perfect guy to do just that. Walsh is definitely has the background to not only listen but also to make some changes. For instance, Sean says he clean house and bring in new people who will prioritize rebuilding the middle class. That Shearer WBZ Boston's news radio. And with Mayor Wall set to resign that will lead to a big change at City Hall. WBC's Mike Macklin 2021 was already an election year in Boston, but it looks like body Walsh would be seeking a third term as mayor in November. Now the incumbent come November will be Kim JD, the Boston City Council president who will succeed Walsh as acting mayor. It's not known whether J. D will seek a full four year term as mayor, but two others. City Council is Andrea Campbell and Michelle Woo have already announced that they're running both expected they be taking on Marty Walsh. Now they wait to see what Janie does. And who else might toss their hat into the ring. 2021 is shaping up as an interesting year in Boston politics. Mike Macklin WBZ Boston's news radio. If Mayor Walsh resigns before March, 5th. The city charter requires the city to hold a special election in addition to them that that regularly scheduled run off and November final election, But City Councilor Ricardo Arroyo has introduced a home rule petition toe let the acting mayor serve out the balance of Walsh's term. Avoiding that special election. Arroyo, citing the cost of what he called a redundant election in the midst of a public health crisis, It's time for Bloomberg business. The pandemic has been a disaster for movie theater operators box office revenue in North America was down 80% and 2020. But there's a lot of optimism about the second half of this year. Here now does in North America are movies coming back, and the answer is an unqualified Yes, I Max, CEO Richard Gulf on says theater audiences are already improving in Asia, especially in China..
WBZ NewsRadio 1030
"secretary armando" Discussed on WBZ NewsRadio 1030
"In Boston at 6 30. Good morning. I'm Charlie Bergeron. Here's what's happening. Twitter, removing President Trump's account from its social media platform yesterday, citing risks of further incitement of violence. Twitter initially had suspended the president's account for 12 hours after he posted a video that repeated false claims about election fraud and did not denounce the rioters. Who stormed the capital on Wednesday. Thoughts from C N E. T s ensure it kind of feels like, well better late than never. But unfortunately by acting too late, there are many people whose lives have been turned upside down. By that Twitter account. Twitter is moved deprives the president of a tool that he has used to communicate directly with the American people for more than a decade. President elect Joe Biden is selected Boston Mayor Marty Walsh says his labor secretary. Walsh has served as the mayor of Boston since 2014 He's a former union worker who has a long history with organized labor. Rhode Island Governor Genera Mondo has been selected by the president elect to be his commerce secretary. Armando is the first woman governor of Rhode Island. She has served in that role since her election, also in 2014. So now Boston Mayor Marty Walz prepares for his confirmation hearing before a U. S Senate committee. Once his appointment is confirmed, Walsh will resign as the mayor of Boston, Mike Macklin tells us that will lead to a big change at City Hall in will mark the start of a very interesting year in Boston politics. 2021 was already an election year in Boston, but it looks like body. Walsh would be seeking a third term as mayor in November. Now the incumbent come November will be Kim JD, the Boston City Council president who will succeed Walsh as acting mayor. It's not known whether J. D will seek a full four year term as mayor. But two other City Council is Andrea Campbell and Michelle Woo have already announced that they're running both expected they be taking on Marty Walsh. Now they wait to see what Jamie does. And who else might toss their hat into the ring. 2021 is shaping up as an interesting year in Boston politics. Mike Macklin WBZ. Boston's NewsRadio confirmed cases of the coronavirus in Massachusetts, now topping 400,000 since the pandemic began WBC's Carl Stevens with the latest statistics over the past 24 hours, the number of covert patients in hospitals across the state while still high at more than 2300. Is about 100 fewer than it was two days Previous, the number in ICUs also went down a little bit, but it's still high at 440 hospitals statewide are pretty full running at about 88% capacity. The latest update from the state Department of Public Health also shows 74 new covert related death, bringing the pandemic death toll in the Commonwealth. To 12,708 and the number of newly confirmed virus cases is way up there for one day, more than 7600. Carl Stevens, WBC Boston's.
WBZ NewsRadio 1030
"secretary armando" Discussed on WBZ NewsRadio 1030
"In Boston at three o'clock. Good afternoon. I'm Ben Parker. Here's what's happening. President elect Joe Biden making it official this afternoon. Speaking in Delaware, he is nominated Boston Mayor Marty Walz to be his labor secretary walls giving his thoughts were facing high times. But nobody's tougher than the American worker. And now Now we have the opportunity to put power back in the hands of working people all across this country. And that is a good thing for our economy and for our country. President elect says he had considered from on Senator Bernie Sanders for Labor secretary but didn't want to jeopardize the Senate, which now sits at a 50 50 split another New England connection to the Biden administration. The president elect picking Rhode Island Governor Genera Mondo as his commerce secretary. Armando says she's thankful for the chance to work for the American people. President Trump says will not attend President elect Obama's inauguration January 20 president for weeks had done answer questions about his presence at the event of the U. S. Capitol. Outgoing presidents even those who lose reelection attend this event, which symbolizes the transfer of power between administrations. The president in a video posted on Twitter yesterday came as close to conceding as he has since Election Day. Congress has certified the results and new administration will be inaugurated on January 20th. But Trump did not explicitly acknowledge Joe Biden or his victory and did not say he lost. Karen Travers, ABC NEWS Washington Federal and local authorities working to identify rioters who breached the U. S Capital on Wednesday so far. There have been at least 82 people arrested. Numerous other trespassers have also been identified, including Conspiracy spreader, Jake and Jelly from Arizona, known as the Cuban on C'mon I was on the front line. Boyd Camper came from Montana. If you haven't heard it's called the Insurrection Act. More arrests are expected in the coming days, with suspects facing various charges, including unlawful entry and possibly homicide, following word that a Capitol police officer has died from his injuries. Skylar Henry CBS NEWS Washington, The FBI is also offering a reward of up to $50,000 for information on suspects. Reportedly placed pipe bombs outside the DNC and RNC headquarters in D. C on Wednesday. Companies are responding as well firing employees identified in pictures and videos that have surfaced including one Maryland man who wore his work badge during that break. Mass. Memorial Healthcare also conducted an investigation after learning that one or more staff members may have taken part in the capital riots in a statement it was posted on Twitter, you masked memorial says we strongly condemn such behavior. If true, we have initiated a new investigation, they say. This comes as Massachusetts U. S attorney, Andrew Welling yesterday anyone from Massachusetts that participated would be prosecuted fully coming up a new push to bring Massachusetts students Back into the classroom. Three old three traffic and weather together the Subaru retailers of New England all wheel drive traffic on the threes. The expressway Mike is what sluggish Yeah, We've got a busy expressway here, Ben, and we've got a new problem up to the north. Why don't we start with 93 north? Yeah, it is just crawling now from Medford up into stone him four miles. We just got word of this right lane crash before Monday. Lab. That's exit. 36. So a real problem Here is we start the afternoon rush, Not the three North in trouble already. Now there's more stuff and go after that for a couple of miles up through that Wilmington stretch up towards Route 1 25, but that's to be expected. Now we get to the expressway here. South bound is just crawling along here from the tunnel to South Bay and then from granted. Have most of the way down to the split. And it breaks a little bit. But pretty heavy east Milton into Braintree nor found is back up shortly after a furnace Brook Parkway, a passing upon zit circle. After that, you are good to go now. Route three South is stopping. Go coming off the expressway. By the time you're down by Union Street. You're moving along, Okay? But there is more stop and go down towards Derby Street. Little stop and go with the start of route 24 South can be expected as well. I'll to the west. Things are off to a good start with the mass Turnpike, the outer edge of 4 95. Even Ruutu is in decent shape right now and then looking downtown. We've got delays in the South Bound tunnel. Of course, heading for the expressway. The lower deck is okay. The Tobin Bridge is fine and they're all the airport tunnels. Seemed to be OK to my king WBC's traffic on the.