19 Burst results for "Secretary Raimondo"
Bloomberg Radio New York
"secretary raimondo" Discussed on Bloomberg Radio New York
"For former proud boys chairman Enrique Terrio China's open for business that's the message from a top Biden administration official speaking in Shanghai Commerce Secretary Gina Raimondo says that US companies want to do business with fishing but need a level playing field I've spent the past three days meeting with US business leaders that haven't seen a commerce secretary in person on the ground in China for more than five years Secretary Raimondo called meetings in China very productive Russian officials are accusing Ukraine of launching what appears to be the biggest nighttime drone attack on Russian soil since the war began 18 months ago drones hit an airport in Russia near the border with Estonia and Latvia early today meanwhile the Kremlin's forces hit Kiev with what Ukrainian officials called a massive combined attack that killed two people live from the Bloomberg interactive broker broker studios this is global news 24 hours a day powered by more than 2 ,700 journalists and analysts in over 120 countries I'm Michael Barr this is Bloomberg Tom Paul Michael Barr thanks so much Paul Sweeney countdown billion -dollar down now maybe not Oppenheimer 700 million dollars and I mean on a global basis are they sitting there in Hollywood framing out I think we could do a history on nuclear energy no exactly no one got this right one got this they did get a great cast together Killian Murphy who's so these days and a great cast but it just there I'm guessing they had some big -time producer behind this the shepherd of this thing through Hollywood just twisted some arms and just said hey we're gonna get this thing done here out X number of weeks without the fanfare of beach cannon Barbie is Oppenheimer can they find another 250 million dollars of revenue to get to the big B probably not Probably not you know used to be that China would push you over that level, but I don't think the China market is as open as it was pre -pandemic so we'll have to see but note there's still a monster number and the real question Is you know then some of the a -list actors did they get points on the back of this thing? Because you know the studio property offered it up because they This didn't see kind of box office by demand of popular came we now turn to the Bloomberg surveillance suggestion correspondent On the edge of London the city had this the cameras John Tucker our congestion Responded, but they're not like at the Lincoln Tunnel counting cars work. They're over by the Deutsche Bank Center, which I still call the Time Warner Center. Yep. It's 60th and Columbus Circle Cameras are lined up so I could give am I right John nine dollars a day. Oh, I Don't know this is the congestion pricing. Yeah, London referred to has both congestion and now polluting vehicle Stuff in but the cameras are now the cameras are placing of this Of third Avenue go up and see it and say hi to it Nine dollars a day. It's gonna be onerous Michael Barr. I'm gonna pay. No, we're all gonna. I'm Talking somewhere in expenses for you. I'm working on it. We're expenses and nine dollars a day 20 days a week. I know $180 trucks that deliver that's gonna be passed on to you in terms of like higher I had no idea was nine dollars. That's like ginormous it is a report Our from congestion correspondent, this is Bloomberg when news breaks across the globe Bloomberg Radio is there from Asia? We are officially in deflation and China to Europe UK economy grew more Strongly than expected in the second quarter and anywhere in the world news happen slim back Sam Murray on the ground in The 20th Bloomberg's Steven Engle has the latest from Hong Kong joining us from Bangkok Bloomberg chief international correspondent has Bloomberg's Greg Sullivan begins our global team coverage from Budapest Bloomberg Radio everywhere this is the story of a very special woman just a few knew about her superpowers in a matter of seconds she turned herself into a great mathematician she created as a regular person at work but as a superhero at home everyone knows her as Gabriella I still call her mom your hero needs you now and AARP is here to help find the care guides you need to help complete with tips and resources at AARP .org slash brought to you by AARP and the ad console. You've heard the phrase the voice of experience
Bloomberg Radio New York
"secretary raimondo" Discussed on Bloomberg Radio New York
"Well I don't know what kind of expectations you have to come from this meeting but there's a hope that it might be followed on by Gina Raimondo the commerce secretary and eventually I don't know about a visit but a meeting between the two presidents, she and Biden is that the end goal here or is the administration not looking that far ahead anymore? Well I think they're looking that far ahead, I think they're looking beyond that as well. You know the key watch points I think for this visit for Secretary Ellen's visit would be does she get to see Xi Jinping or apparently she has a meeting confirmed with the with the premier Li Chang which is good. Does she get a meeting with the top guy? It's not clear to me that she will but if she does sends that a signal of intent from China which is positive. Does she reach any kind of meeting of the minds on helping out countries like the or Sri Lanka have that have a lot of debt which is held to China? Does she emerge with a clear picture about what China's going to do on monitoring this so policy that US policy can be adjusted accordingly? So I think there's things some that she can do and then looking beyond that as you said with with possible visit of Secretary Raimondo, I think that's actually a more difficult visit even more difficult than yelling because because the Commerce Department is in the lead on the technology strategy towards China and China's even less likely to make concessions in her department than for yelling.
Marketplace with Kai Ryssdal
"secretary raimondo" Discussed on Marketplace with Kai Ryssdal
"This final note on the way out today, there is some new data from glass door. That we got today. It's about internships specifically how much they pay. The average intern glass door says makes $24 63 cents an hour that is an 11% bump from a couple of years ago. 87% of paid interns say they make at least $15 an hour always pay your interns, by the way. The highest paid internship. The payment company stripe average intern pay there $9064 a month. All right, out of here we are not, of course, without your moment of economic context, perhaps not surprising this one will be as the recession vibe takes slightly firmer hold out there. The conference board said this morning that consumer confidence fell this month to be a bit more specific. We, consumers, that is, right? We feel okay now. It's the 6 month outlook that has fallen to its lowest level since July. Our digital and on demand team includes Kerry barber, filling me at the ninja win, Olga oxman, Ellen rolfe, Virginia K Smith, and Tony Wagner. Francesca levy is the executive director of digital and on demand on Kai rizal, we will see you tomorrow, everybody. This is 8 p.m.. Hey there, it's Chrissy Clark, host of the marketplace podcast, the uncertain hour. Join me and our producers on May 4th for a free virtual event where we'll discuss what went into the making of the latest season and answer your questions. Learn more and register for free at marketplace dot org slash uncertain. See you there.
Marketplace with Kai Ryssdal
"secretary raimondo" Discussed on Marketplace with Kai Ryssdal
"I mentioned inflation over in the UK the other day, 10.1% year on year. It's been above 10% since last July. And food prices over there are up 19% over a year ago, which makes what I'm about to say makes some sense. The latest round of labor strikes and stoppages will happen later this week over their teachers on Thursday and junior hospital doctors are threatening to go out again, not long after their recent four day walk out. The government, though, is planning a crackdown on essential services strikes as marketplaces Stephen beard reports now from London. Why do you want? When do we want it? No. 8 years into her career as a hospital doctor near me done is on the picket line demanding a big increase in pay. At this point in my career I should be able to at least comfortably afford to pay for child care, pay mortgages and you can't pay for child care and you can't meet your mortgage payments. Like a lot of my colleagues, I'm struggling. The doctors earn between 37,078 $1000 a year. They want a 35% increase to make up for what they say they've lost through inflation over the past decade. As a result, says junior doctor Michael mccardell has been an exodus of medical staff from Britain's national health service, putting intolerable pressure on those that remain. Stress and burnout is that an all time high overall morale within junior doctor cohorts are just profoundly bad at managing. Gaps in the workforce have led to overcrowded hospitals and poor healthcare says Naomi done. I was kicking on the back of ambulances to assess patients with hip fractures. And they were then being taken off ambulances to be X rayed and put back on an ambulance because there is nowhere to put them. The government says 35% is unaffordable and could trigger a wage price spiral hospital bosses, meanwhile, have accused the strikers of endangering patient safety, but Naomi done says better pay for doctors will improve recruitment and retention and healthcare. These gaps will be filled and hospitals will be safer for it and patient safety will be better for it. A similar dispute over pay recruitment and retention has been festering in another essential public service. Teachers in public schools will go on strike for two days over the next couple of weeks in a long running campaign for higher pay. My pay in terms in real terms has dropped by 20% over the last ten years. Claire selby has been a teacher for 16 years. She works a 60 hour week for around $50,000 per annum and says she's struggling. But the critics say teachings of vocation. It's about so much more than money, the real reward is the feel good factor. That's very true. It is a vocation, but unfortunately I find that when I go to the shops or when I'm paying a bill, the feel good factor doesn't seem to be legal tender. At this high school language teacher Charlotte Nash is also planning to join the strike for a raise that at least matches the current rate of inflation 10.1%, but the strike will mean more disruption for the kids education which suffered horribly during the COVID-19 pandemic. Do not hand on heart field just a little bit guilty about taking this action. Yes, I do. I really do, but it isn't just about pay. It's about recruitment and retention, she says, and ensuring that any pay hike is funded with fresh government money. It's about making sure that our schools are funded properly. Alarmed by the wave of strikes in essential public services, the government has introduced a bill providing that key workers who fail to maintain a minimum level of service during a strike can be fired junior doctor Naomi done. It just makes me extremely angry to stomp down on free speech and people's ability and right to strike. But teacher Charlotte Nash sees the government move as futile. If all of us lost our jobs because we had taken strike action. This school would close. It's not a credible threat, in other words. I really don't see it as such. In fact, the strikes appear to be paying off the rate of public sector pay hikes as more than double to 5% over the past few months, almost catching up with the growth in private sector salaries, it remains to be seen whether all this will give an upward twist of the UK's inflation rate. In London, I'm Stephen beard for marketplace.
Marketplace with Kai Ryssdal
"secretary raimondo" Discussed on Marketplace with Kai Ryssdal
"Release companies have this energy, that energizes me. These are people who are trying to change the world. When a community of women entrepreneurs was looking for help, BDO turned to Brooke. We're looking for someone to come volunteer and be a resource for our entrepreneurs. I didn't go seek out this opportunity and bring it to my bosses. They heard about this opportunity and brought it to me. Volunteering is another chance for Brooke to do work that matters. It's a big deal for these entrepreneurs. And so therefore, it's a big deal to me. I'm thriving by helping others thrive every day. Learn more at video dot com. People who know. If you're in the market for an SUV, choosing a Toyota makes great financial sense. First off, Toyota's are known for their reliability and longevity. They hold their value well and are low maintenance, which saves you money over time. And with models like the rav four, venza, and highlander, which are not only stylish and versatile, but also come available in hybrid models, you can get great fuel economy without sacrificing performance. Toyota also offers a range of safety features from blind spot monitoring to adaptive cruise control, giving you the peace of mind, knowing you're driving one of the safest SUVs on the market. So when you're considering an SUV, think Toyota, their reputation for reliability, fuel efficiency, and safety make buying a Toyota the smart choice. Visit your local dealer or find out more on buy a Toyota dot com and let's go places. This is marketplace. I'm Kai riz doll. If you've been on a plane lately, you know it's crowded up there. Full flights as far as the eye can see and sure enough, if you check the TSA's passenger numbers, how many people go through security at airports every day? Turns out it's almost exactly the same now as it was in the before times. 2.4 million people in the flying public yesterday, just about the same back on April 24th, 2000 19. But the mix of travelers and the price of getting on that plane, oh, that's changed a bunch since then. Marketplace is Mitchell Hartman, is on that one. Just wait in line to clear security for a flight these days, or try to find room for your carry on in the packed overhead bins. Leisure travel has really come roaring back. Lindsay roski at polling for a morning consult says a lot of consumers are still flush with savings from the pandemic. People are excited to travel after a couple of years of really pulling back because they missed out on travel for so long. Revenue from business travel, though, is still down more than 25% since the pandemic hit. That could be partly due to the rise in work from home technologies. Now, with fears of a recession looming tightening corporate travel budgets, Chris rate at research firm third bridge says, here's what he's hearing from corporate travel agencies. On those business travel trips, they're now sending less employees than they had in historically less frequency throughout the year. Problem is, before the pandemic, corporate travelers, often buying business class seats at last minute, accounted for as much as 70% of airlines profit. But rate says another new trend is helping the airlines. The uptake of the premium cabin by leisure travelers. So we've actually seen consumers with a propensity to spend and they show our spending. Prices wherever you are in the airplane remain high. Morning consults, Lindsay roski, has been traveling recently. The beach vacation in Mexico earlier this year just came back from a couple of weeks in Sweden, visiting some family and they've been great, but also clenching my teeth a little bit when I'm paying for flights.
Marketplace with Kai Ryssdal
"secretary raimondo" Discussed on Marketplace with Kai Ryssdal
"Lots of housing news out there today. Home prices were up in February for the first time in 8 months by the by. That is according to the latest case schiller home price index. Also, the number of new homes sales was up almost 10% in March. That's from the Department of Housing and urban development and the Census Bureau. The caveat here, of course, is that two data points do not a trend make, but we can pretty readily infer that the housing market is still tight. Supply is low, prices, and mortgage rates are still high. So affordability is a challenge. Starting the 1st of May, though, conditions are going to ease just a bit for some low and middle income buyers because mortgage fees for loans banked by Fannie Mae and Freddie Mac are changing marketplaces Samantha fields, explains that one. When most people think about buying a home, they tend to focus on two expenses. Their down payment and their monthly mortgage payment. But Jenny shuts at the brookings institution says there are a whole bunch of other fees, too. Some go to the lender, you pay things like brokers fees, that go to the realtor, you pay closing costs, which go to cover a variety of things like title insurance, and those costs can add up to thousands of dollars. For people who are stretching to make the down payment and get in, this can be a hurdle. Sometimes the hurdle that prevents them from buying. The federal housing finance agency is trying to change that equation. That's why it's changing one of those fees called loan level price adjustment for the more than half of buyers who get loans backed by Fannie and Freddie. The fee will go down for buyers with smaller down payments and buyers with lower credit scores. Those two changes together will have a major impact on the affordability for borrowers, particularly those with low and moderate incomes, Vanessa Perry is at the George Washington University school of business. And that really matters in the current price environment where house prices are so high and have essentially skyrocketed over the past few years. This change is designed to save lower income buyers money, says metria spots are at the center for responsible lending. Often a few $1000, which is enough to make the difference for some people. It expands access by making home ownership more accessible to a broader scope of folks. As part of this change too, buyers with very high credit scores and more money to put down will see their loan level price adjustment
Marketplace with Kai Ryssdal
"secretary raimondo" Discussed on Marketplace with Kai Ryssdal
"On the program today the role of government in this economy with one of the women in charge of it. From American public media, this is market claims.
Bloomberg Radio New York
"secretary raimondo" Discussed on Bloomberg Radio New York
"American companies making fiber optic cable because of our initiatives to provide every American broadband. So the president is calling on manufacturers to make more in America. It is working. And it's reflected in these jobs numbers. I mean, this is an excellent jobs report. You're seeing record low black unemployment. You're seeing record low unemployment among people who have been left behind. And the best news for me is higher percentage of people working in the workforce any time in decades. So we're going to Middle America. We're going to folks like my dad who were left behind in the collapse and manufacturing and we're getting them back to work. That's the message to Middle America. Secretary raimondo, what's the message to the Europeans as you do this? Work with us. You know, I'm headed to Europe at the end of next month. We need to work together. And you know, I think whether it's the IRA or the chips initiative, there's opportunities for European companies and opportunities for us to work together to meet the moment with climate change and our global competition with China. Perhaps I should have been more precise. European companies will invest in the United States. What's the message for European governments who are perhaps unhappy about what's happening at the moment? It's the same message. You know, I understand that there was some initial concern about the IRA in particular. But I'll tell you, we are in constant contact with our European colleagues, including me, I've met with numbers of them and from Germany from the EU in the past couple of months. I think they're now understanding that there are opportunities for them. And by the way, we all need to do more to combat climate change. So initial hurt feelings maybe, but there's a lot of good work to do together. Let's talk about what's handy with supply chains. I know this is very important to you. Adam poston of the peace and institute said the idea that making everything domestically build resiliency is quote the fallacy of self sufficiency and has been disproven repeatedly. How would you respond to that? He's right. I mean, nobody thinks we should be making everything that we need in America. Nobody's saying we should be self sufficient. It's a global economy. We want to continue to trade. But in the case of semiconductors, for example, which are essential to our national security, the fact that we
Bloomberg Radio New York
"secretary raimondo" Discussed on Bloomberg Radio New York
"The foreign minister, of course, that would be end the war in Ukraine. Officials at the G 20 though could not reach agreement on language to describe the war. Very similar to the outcome of the finance ministers meeting last weekend if you recall, the U.S. did warn companies at the G 20 to be on guard for transactions that could help Russia evade western sanctions, especially if linked to China, the secretary spoke more about that. This is a shared concern. And many other partners have raised this and not just raise this with us, but it's my understanding have raised it directly with China, including here today in Delhi. The competition not conflict as the administration likes to put it with China on full display today in a conversation here at Bloomberg with secretary Gina raimondo the secretary of commerce. Listen to the language she chose. Now remember, of course, she's working on the chips issue specifically when it comes to economic competition, keeping certain technologies away from China. She talked about it with Bloomberg's Washington bureau chief Peggy Collins. There have been times in America's history of intense global competition with another superpower who does not share our values. This is one of those times. And in the same way that we invested in our nuclear capacity, we invested in president Kennedy said we're going to put a man on the moon and the thick of the Cold War. This is a similar time. And so in this intense competition with China, it's going to revolve around a lot of it around technology, not just who can make the best tanks and missiles, but who's going to lead with artificial intelligence, quantum, et cetera let's bring in Bloomberg's Washington bureau chief Peggy Collins who led that conversation in some insights on this entire idea of Peggy. Welcome back. Good to see you. Thank you, Joe. So great to be here. Intense global competition. Secretary raimondo is comparing this moment with the nuclear arms race, putting a man on the moon on the Cold War, she said, in your conversation, The Pentagon and the State Department have their worries, they have their angle right now, but they'll putting a man on the moon moment here for her agency is what, when you talk about technology. Well, I think it's semiconductor chips, really. It's about this unprecedented move by the Biden administration, which secretary of commerce Gina raimondo is really running now in terms of plowing a lot of money into the U.S. to try to make us able to produce more semiconductor chips in this country and not depend on others at the same time that China is trying to do the same thing. You know, we saw an incredible supply shortages in all sorts of things connected to chip's cars, other things, refrigerators, during the pandemic. So this is a big push to try to make sure that we can build and make more in America, but at the same time, they're tying it to national security risks. So as you were just saying, Joe, you know, secretary blinken is talking about this. People on the hill are talking about this. There's this real intersection going on right now between thinking about our economic growth and our national security risks when it comes to China. And it's two layers, of course, you talked a lot about the chip act and she's there to help implement this. That's reassuring as they say, right? Or friend shoring whatever we're going to call that, but the administration has also been very aggressive about keeping certain technologies out of China's hands. That's right. And secretary raimondo made that distinction that you just made for long, long time, the U.S. has been seen as a leader in many things connected to technology. But in a lot of cases, around the innovation and creation of it, not necessarily in the making of it. The actual hardware and factories and things like that. So in some ways, she is really putting out there that we can have a manufacturing renaissance with a new type of industrial policy. The question remains, how will this unfold over the next several years? How will people make sure that the money that goes out is accountable and spent well? These are huge questions. There's a conversation in Washington as well about secondary sanctions or maybe going after certain companies that are working with Russia and so forth. We've seen the Biden administration go after Chinese companies that designed the spy balloon, for instance, are we going to see a lot more of that with regard to Ukraine or trade law or whatever it is that the administration is concerned about? Well, we've been doing a lot of reporting here since the Ukraine Russia war around this idea of secondary sanctions. But they are more difficult to enact than maybe we would have thought of at this time last year. I will say that secretary raimondo said in our interview that they are looking broader than something like one company like TikTok, right? She's saying they are looking at more companies at that intersection of national security and privacy in the technology space. So there's a lot of people on the hill who say we should just ban TikTok altogether. She was saying she feels like maybe a ban on one single company is not the way to go, but that they're working with legislators on the hill to figure out a way to protect our national security and also allow for economic growth. This doesn't sound like two countries moving closer together. What does this look like in a couple of years? If this is a Cold War right now, what is our economic relationship? Well, it's a great question, Joe. And I think there's a question of whether or not this is a race against time for both China and the U.S. while Taiwan controls so much of the semiconductor market to basically build up their own capabilities before we do potentially have an even more catastrophic potentially issue come to us. But at the same time, secretary of commerce raimondo is saying, but we're not calling for a decoupling of the two economies. So the question is, but wait, if you ratchet up the heat and ratchet up the heat and ratchet up the heat, then is there an ability to keep trading some goods? I'm not sure. Well, we're developing quite a compartmentalized relationship, I guess, with China aren't we? When you have Anthony blinken on TV or at the G 20 saying, you know, don't you dare send weapons to Russia, it will be a new level of escalation. You've got Joe Biden talking about competition versus conflict. You've got secretary raimondo, hopefully talking about some sort of future of trade between the two companies, but with new restrictions put on it. How can you have all of these happening at the same time and have a productive relationship? Well, one of the things I was just thinking when you ask that question, Joe is, how can you have all these things going on with the potential for something to go wrong? Okay. That's another way of asking it. You certainly, I think there's a lot of people with a lot of optimism that they can almost have two rails of some open dialog, but then also kind of turn off some of the points where we feel it's at the intersection of our economy and national security. But the more that that happens and the more that we ask allies to choose sides or this idea of friend shoring, maybe not even some of our traditional allies, but countries that we're reaching out to more because of their natural resources and we're asking people to pick more sides. The potential for something I think to really be ratcheted up quickly and unexpectedly goes higher. This is a very tricky balancing act, isn't it? Right. I think it is. And I think just going back to what I said about resources, that's going to be like another area. We hear from a lot of people we talk to that this whole idea of critical minerals is the next, but not necessarily the next thing that they're going to come out with a plan around, but the next issue that people are really focusing on where there could be a crossroads because of the lack of resources or who owns it and who's willing to trade with who. Fascinating. This is why it's important for you to go check out Peggy's interview with secretary Gina raimondo, go to the terminal search romando look at it on the website as well. Peggy Collins, great to see you in the studio. Let's reassemble our panel for their thoughts. There's a lot to cover
Bloomberg Radio New York
"secretary raimondo" 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
Squawk Pod
"secretary raimondo" Discussed on Squawk Pod
"Divided government. One of the things I was sort of alluding to in the memoirs, I kind of like to hear about what really went on with getting senator Manchin's vote and your credited with bringing him into the. Crowd on that. And then the permitting that he insisted on the rug got pulled out from under him. But you did salvage what looked like it wasn't even going to happen with, you know, it would have been much larger following the chips act and the infrastructure Bill didn't look like there was going to be a another really big Bill and by getting Manchin that did happen. Is it unfortunate you think that permitting then go through? That was his biggest, I guess that was the biggest gift that he got to go ahead with it. It is unfortunate. It's unfortunate that Congress didn't move forward and certainly the president and I for myself, I would say it needs to continue to be a priority just because the Congress wasn't able to get this done at the end of last year. We are going to need more comprehensive permitting reform if we're going to move at the scale and speed that we need to build out the clean energy economy and to maintain energy security as we do so. And so I think and I hope that that will continue to be a priority. I'm confident it will be continue to be a priority for the president. And there is still opportunity to work on that front. And I think what you'll see is this administration as part of that effort to implement effectively using the existing tools that we have anywhere we can to try to rationalize the process, cut out time, make sure that we are doing things as effectively and efficiently as we can from the federal government side. A lot of this is about unlocking new investment in things like transmission lines all across the country that we need to facilitate more zero carbon electrons moving from point a to point B so I hope it will continue to be a priority. I expect it certainly will be for the president tonight. I think that there is a pathway to keep moving this on the hill. In the chips act, there wasn't a provision about buybacks when it was done. But now we are hearing senator Warren talk about not even being allowed to do buybacks if you accept some of the chips act largess. And one of her former advisers is getting is getting elevated, but I'm a Murthy. Is it does that mean it's likely that a lot of these chip makers will be at least at a temp will be made where they're not allowed to buy back stock? Well, the chips legislation itself had a provision that said that none of the money that the government provides can be used for stock buybacks. In the implementation of that secretary raimondo and the commerce team are going to flesh out what that means in practical terms. I think if you step back, the policy goal of using federal taxpayer dollars to try to encourage the build out of semiconductor fabs leading edge as well as legacy fabs and also to build the IP infrastructure around that in research and innovation, the whole goal of using federal taxpayer dollars is to encourage capital investment in the United States. And so that's not consistent with a company taking those funds and then doing significant buybacks. And so from a policy perspective, there's a logic to saying, if you need federal funding to move forward, your priority should be investing in America, investing in building out fast, investing in research here in the United States. So we're going to keep that policy goal in mind with every part of the implementation. Obviously, secretary mono and her team will speak to the specifics of that. Sorry to interrupt you. I just wanted to ask you one more thing. Governor desantis is going to prohibit ESG, I guess, funds in terms of muni bond sales, things of state can control. There has been a little bit of a backlash. Do you think that the pendulum swings both ways? It went way over this way. Now it's back. I don't know somewhere here. Do you think it's going to continue to fall out of favor or do you think that it's going to have a renaissance? Look, I think there's a lot of politics on this issue. I think underlying it is the core fiduciary obligation that a company has to act in the long-term interest of its shareholders needs to incorporate things that are material to those long-term outcomes. And so companies themselves are going to make decisions about what's material, but if you talk to operating companies, CEOs across sectors of the economy, things like how the physical impacts of a changing climate are going to affect their capital investments in certain parts of the country or the world. Are clearly material to their investments going forward. And so there is a lot of there's a lot of noise around this. I think that the core issue will be the increasing salience of these issues from pure investment perspective. I don't know what to say now, Brian. A lot of people, when they've had a great career like in government, they can, at that point, become a CNBC contributor. I mean, and not before, but we talked to you yet on that. I can't offer you that right now, but I know where to reach you. I appreciate that. I'm just focused on running through the tape here, but I will say it's been, it's been a privilege, it's been a lot of fun to spend some mornings with you guys over the last couple of years, so I appreciate you for doing it, Brian. We've shown he's just saying some of the morning. Some of the things I remember some of the more I remember some of the other mornings, but some of the mornings. It was completely pleasant, but you know, we've had some ups and downs here. I remember, well, I would hope every great relationship. I would hope so. It's not like, you know, everybody's just nodding when you're talking about it. There is some disagreement in the world right now. Absolutely. As you probably know. But seriously, thank you for taking me. We appreciate it. Great to see you, Brian. Thank you. Coming up on squawk pod a new gig for Pharrell. The musician is swapping the recording studio for the runway, and our own Robert Frank has the high fashion story. This is going to be his life and job and a very demanding one. So I think it radically changes his life. CNBC invites you to get Jim Cramer's guide to investing for free. 25 actionable rules to help you invest smarter and build long-term wealth. Get it now at CNBC dot com slash Kramer. That's CNBC dot com slash Kramer. Welcome back to squawk pod. Here's Becky quick. Louis Vuitton Tapping musical artist and producer Pharrell Williams as its new men's creative director. Robert Frank joins us right now with more on this strategic move from the luxury brand giant LVMH, Robert, what's behind the move? Well, Becky, as you say, investors happy about this LVMH cheers up 21% this year up again today. Now a market cap of over $440 billion, it is the most valuable company in Europe, CEO Bernard Arnault, closing in on a net worth of close to $200 billion. He is the richest person in the world right now. LVMH announcing yesterday, it's hiring Pharrell Williams, and this is part of a strategy, not just for being a luxury goods company, but what are now calls a culture company, they're Tapping into music, art, movies, even sports, to create hype and attention, LVMH is
Bloomberg Radio New York
"secretary raimondo" Discussed on Bloomberg Radio New York
"Portfolio and discover undervalued companies that may have a greater growth potential. Try IBKR, global analyst today at IBKR dot com slash GA. Up first, we begin with the latest on Twitter. Shares are down more than 6% in early trading as the showdown between Elon Musk and the social media company appears to be headed to court. Bloomberg should need a young joins us live with the latest we need a good morning. Good morning, Karen. Elon Musk is backing out of the $44 billion deal to buy Twitter after all, but he can't just walk away without a court case. And Twitter has lawyered up in a race to suit Musk to follow through. Bloomberg sources say a filing could come as soon as early this week. Now, if the judge rules against Musk, he could be forced to pay Twitter shareholders $54 and 20 cents a share, but a ruling in his favor would let Musk walk, although he'd probably have to pay a $1 billion breakup fee, and there's always the prospect that both sides could reach a settlement. Live in New York, I'm ready to young Bloomberg day break. All right, we need a thank you. Stocks are lower to begin a new trading week. It's a big week for big banks and corporate earnings. JPMorgan, Morgan Stanley, Citigroup and Wells Fargo all reports second quarter earnings late in the week. We also get important inflation data, the latest consumer price index comes out Wednesday producer prices on Thursday. Well, Nathan, when it comes to tackling inflation, the Biden administration is considering lowering tariffs on Chinese imports to provide relief. Commerce secretary Gina raimondo expect a decision from the president's shortly. He's going to do it in a thoughtful way that is strategic and also most important, most important to him and to all of us is without hurting American workers. And secretary raimondo made the comments on NBC's meet the press or in Sundays on Bloomberg radio will speak live with commerce secretary raimondo today on Bloomberg radio and TV can actually conversation in 11 a.m. eastern hour. The President Biden plans to speak with Chinese leader Xi Jinping in the coming weeks, Karen, Secretary of State Antony Blinken laid the groundwork for the call over the weekend in a conversation with the Chinese foreign minister. And finally, in Asia, Nathan Chinese, stocks had their worst day in about a month, a slew of issues, including COVID flare ups led to a drop of almost 3% for Hong Kong's hang seng index. And as to find things that
Mark Levin
Peter Schweizer: Interior Secretary Husband's Tied to Communist China
"The problem is her husband Andrew Moffat is an investor and a major stakeholder in a company called path AI and here's the thing Mark the commerce secretary's husband's company their biggest investor is a Chinese equity firm called Dan hua capital which happens to be linked to the Chinese government So we thought this is really interesting Is this affecting perhaps in some way the decision she's making and lo and behold you look at the things that she's doing and saying she's done a couple of favors for Huawei the Chinese telecom company that 7 countries including our country says is linked to the Chinese intelligence service She's literally giving away concessions that the Trump administration is secured from China She's giving it away for their benefit and I think that's directly tied to the facts that her family's financial fortunes are linked now to the Chinese government That is unbelievable And of course as long as the Democrats control both houses of Congress they're never going to look into any of this are they That's right That's right It's really troubling that you can not find anybody in the Democratic Party that wants to take a simple honest look at some really basic questions like how Hunter Biden got these deals How treasury sorry commerce secretary raimondo's husband got this money They don't want to look at these deals Corruption which used to be an issue that people tried to look at in a nonpartisan way has become partisan as well And it's to our country's great detriment
Bloomberg Radio New York
"secretary raimondo" Discussed on Bloomberg Radio New York
"With the EU So thank you again madam president for your personal friendship for your partnership and above all your leadership All of this is bringing the European Union United States even closer together And that's a win for all of us So I thank you all and I am now going to yield the podium The president pulled this out And you're listening to a live address from President Biden Speaking in Brussels alongside the European Commission president Ursula von der leyen the announcement of an agreement to try to wean Europe off its dependence on Russian energy and speaking now is the European Commission president Ursula von der leyen In Brussels this week at the NATO summit at the G 7 and at our European council sends a very powerful message to the world The transatlantic partnership stands stronger and more united than ever And we are determined to stand up against Russia's brutal war This war will be a strategic failure for Putin Our cooperation on the four successive waves of sanctions against Russia has been extraordinary and exceptional The sanctions are now working their way deep into the Russian system draining Putin's resources to finance this atrocious war Our work on sanctions also shows that when we act together we are stronger and we really can make a difference And we are continuing to reinforce our cooperation in many strategic ways On humanitarian and security assistance to Ukraine on energy and fighting the threats against our democracies on solving outstanding issues in the EU U.S. cooperation including a data protection and privacy In a world faced with disorder our transatlantic unity upholds fundamental values and rules that our citizens believe in Let me focus first on refugees Until now around three and a half million people have left Ukraine half of them children every second refugee is a child And the numbers will keep rising So together we are mobilizing massive resources to support those displaced by the conflict be it in Ukraine or in the neighboring countries Just this week for example I announced that the European Union will allocate an extra €3.4 billion for this purpose and more will come This demonstrates our deep support for Ukraine and its citizens And I want to tell the American people how grateful Europe is for their unwavering support This support also extends to strengthening Europe's energy security and independence from Russian fossil fuels As you know we aim to reduce this dependency on Russian fossil fuels and to get rid of it And this can only be achieved through of course first of all investment in renewables but also through additional gas supplies including LNG deliveries So we want as Europeans to diversify away from Russia towards suppliers that we trust that our friends and that are reliable And therefore the U.S. commitment to provide the European Union with additional at least 15 billion m³ of LNG this year is a big step in this direction Because this will replace the LNG supply recurrently received from Russia And looking ahead the United States and Europe will ensure stable demand and supply for additional at least 50 billion m³ of U.S. LNG until 2030 and if we look at that this amount 50 BC emperor here is replacing one third already of the Russian gas going to Europe today so we are right in on track now to diversify away from Russian gas and towards our friends and partners reliable and trustworthy suppliers We need to secure our supplies not just for next winter but also for the years ahead And this is an important big starting point to do that Our partnership aims to sustain us through this war to work on our independence from Russian fossil fuels but it also focuses on building a greener future with climate neutrality We will work together also with our energy intensive industry and the good news is that the infrastructure that we use for gas today can be used for clean hydrogen in the future so this investment we are doing right now is also an investment in the decarbonizing of our economy The corporation shows the power of our democracies I particularly welcome that we will step up our respective action on strengthening democracies the rule of law the freedom of media in the world and we also need to continue adapting our own democracies to a changing world This is particularly true when it comes to digitalization In which the protection of personal data and privacy has become so crucial And therefore I'm very pleased that we have found an agreement in principle on a new framework for transatlantic data flows This will enable predictable and trustworthy data flows between the EU and U.S. safeguarding privacy and civil liberties And I really want to thank commissioner reminders and secretary raimondo for their tireless efforts over the past month to finish a balanced and effective solution This is another step in our strengthening our partnership We managed to balance security and the right to privacy and data protection Mister president Diaz Putin is trying to turn back the clock to another era an era of brutal use of force of power politics of spheres of influence and internal repression I am confident he will fail We are working together To forge a peaceful prosperous and sustainable future And I know we will succeed Thank you very much The European Commission president Ursula von der leyen speaking alongside President Biden who addressed the group earlier this meeting earlier in Brussels there the announcement with both of them on an agreement to wean Europe off its dependence on Russian energy and let's take a deeper dive into this agreement and the latest developments were joined along with my co anchor Nathan Hager with Greg valier the chief U.S. policy strategist at AGF investment Greg another display of a united front your take this morning Well you're absolutely right I think the unity is really quite impressive As many people have commented and I would agree I don't think Vladimir Putin expected this kind of unity So it's a good sign But when it comes to all the energy stuff the devil will be in the details A lot to be worked out in terms of infrastructure to accept natural gas in Western Europe Yeah I'm no logistics expert but I can tell you that Germany for instance doesn't have an LNG terminal at least at the moment Exactly right Maybe in a couple of years they will But I don't think it's going to be imminent And that's a problem There's other issues as well including huge U.S. shipments to Asia will they have to slow will that drive China to burn more coal in many respects despite what Joe Biden said a few minutes ago This is not a good story for the environmental movement It relies even more on fossil fuels And Greg it's Nathan And I have to think that this announcement with the details still need to be worked out It can only add to the volatility we've seen in the energy markets What do you think is going to happen with the price of natural gas The price of oil with this going forward Well it should keep the price pretty elevated Nathan I don't know if it's going to go a lot higher but energy continues to be a big uncertainty I'd probably walk back and look at the big picture after what we've just heard and conclude that there is this remarkable unity that the Russians I think are facing a depression with a capital D over the next few months Yes wanted to ask a little bit about that because in the lead up even before the invasion there were a lot of questions about whether Germany in particular would be on board with tightening the kinds of energy sanctions that Ukraine in particular has been looking for Do you get the sense now after these emergency summits in Brussels that we are seeing more unity between the U.S. NATO and Europe when it comes to Russia Yes I do I think that the Germans still have to be persuaded on a lot of the LNG activity as we just discussed But I would say that most all of Europe is on board There are a lot of countries that aren't India isn't China probably isn't To me the key country in the next few weeks is going to be turkey of all places I think the Turkish prime minister could be an important intermediary So you're getting an awful lot of countries trying to help trying to bring this to a close Greg Ursula von der leyen saying at the end of her address there that the sanctions are.
Bloomberg Radio New York
"secretary raimondo" Discussed on Bloomberg Radio New York
"Tim Former Secretary of State Madeleine Albright has died at the age of 84 from cancer She was the first woman U.S. secretary state under former president Bill Clinton and 2018 she participated in a forum at wellesley college I loved foreign policy There's no question wherever we went I started an international relations club and made myself president of it I'll write also received the Presidential Medal of Freedom in 2012 Her family says she died surrounded by family and friends The Biden administration today announced it has determined Russia has committed war crimes in Ukraine citing the destruction of civilian targets like schools and hospitals and President Biden is warning Russia could use chemical weapons He's expected to land in Brussels in minutes He's going to press for even more sanctions from European allies We spoke with commerce secretary Gina raimondo Yes we're thinking of what's the next piece of escalation But I think we just have to stay strong and vigilant and a tight coalition and focused on enforcement because he's already feeling pain and every week that one intensify Commerce secretary raimondo spoke at the Bloomberg equality summit French president Emmanuel Macron's office says the EU is looking to ratchet up existing sanctions without cutting off oil and gas purchases from Russia Chinese authorities investigating the crash of a Boeing 7 37 800 jet this week say they found the cockpit voice recorder from the flight It's being sent to Beijing for repair and analysis Global news 24 hours a day on air and on.
Bloomberg Radio New York
"secretary raimondo" Discussed on Bloomberg Radio New York
"And it's 7 30 a.m. here London very good morning I'm Caroline Hepburn So in markets this morning we've got Chinese economic policy makers shifting towards easing mode that triple R cart That seems to be the thing lifting stocks in Asia so you've got the CSR 300 up by 6 tenths of 1% And broad gains in Japan are in Hong Kong and in Australia the MCI a specific index up by 1.7% This morning also had some strong export input data out of China this morning Futures for the U.S. and European market open also are positive The big debate in markets is around how much to buy the dip whether this is the moment or not Some ETF investors seem to think it's all in others not As for the bond markets we watch evergreen the overdue coupon payments the 30 day grace period is technically expired We'd had one headline on the brink terminal this morning saying that bondholders had not received that payment no comment yet from evergrande but we're watching this developing story This as oil is at 1.9% $70 78 WTI crude features the dollar pulls back down a tenth of 1% this morning and you are benchmark yields at one spot four 5 5 up two basis points as Germany's begin trading in Europe at negative 35 basis points Also up by four close to four basis points for Europe Let's go to our top stories then And an exclusive to Bloomberg sources tell us that the U.S. and European allies are now weighing sanctions targeting Russia's biggest bangs If president Vladimir Putin invades Ukraine the sanctions are among the options that president Joe Biden may spell out when he speaks to Putin in a video call later today here's a preview now from Bloomberg's Nathan Hager in Washington The White House says President Biden will underscore U.S. concerns about Russian military activity near Ukraine's border and reaffirm U.S. support for that country's sovereignty and territorial integrity Last week President Biden said he anticipated a long discussion with Putin about the threat of a Ukraine invasion the Kremlin says the Russian leader will listen with great interest to Biden's proposals but according to Russia's task news agency Kremlin spokesman Dmitry peskov is warning against quote exalted emotional hopes for the video conference In Washington I'm Nathan Hager Bloomberg daybreak Europe So I cast on what happens in Ukraine next Meanwhile here in the UK consumers splash the cash in November as Black Friday boosted sales of clothing toys and jewelry and spending on bars and restaurants also rose total sales in shops and online were 4.1% higher than in the same month for 2019 That's according to the British retail consortium and KPMG separate data from Barkley card also showed overall consumer spending jumped by 16% in the UK And I mentioned ever ground in the data around up this morning it is on the brink of default some of the property developers bondholders say that they have not yet received overdue coupon payments as a month long grace period comes to an end ever grant has made no comment the developer did say in a brief exchange filing on Friday that it plans to actively engage with offshore creditors on a restructuring plan And just lastly a deal in corporate news a group led by BlackRock has agreed to invest 15 and a half $1 billion in Saudi Aramco's and natural gas pipelines The group will buy a 49% stake in a new entity called Aramco gas pipelines which holds a 20 year leasing right for the network So the plan is part of Saudi Arabia's efforts to open up to more foreign investment and then using the funds to diversify its own economy Right those are a few of our headlines That's one of our key interviews that you should listen to the trade talks between the UK and the United States The government here is saying that it's moving forwards on trade engagement but with individual American states in an exclusive interview with remain bostick Taylor Riggs and solely bass act The section of state for international trade in the UK amery trevelyan tob Bloomberg that the government stands ready to resume talks with Washington on a broader federal deal too We have a fantastic bilateral trade relationship with the U.S. over 200 billion a year of trade between our two great nations But of course we want that to be more we want to reduce some of the barriers to trade that still exists And with that we are looking to continue to work on the comprised comprehensive free trade agreement that as you say a lot of the work was begun under the previous administration at the moment and I completely understand why the Biden administration is focused very much on its domestic issues COVID has put pressures on everybody and it's no different here in the U.S. but we stand ready to pick up and continue those negotiations with the team as and when there's a capacity to do So in the meantime I'm here to have a chance to catch up with ambassador and secretary Ramon do to talk about trade and more widely think about the many issues that we're working on together not only by Lashley between us as two nations but thinking about how we provide that global leadership on so many issues When you sit down with your two pairs there and you ask them about these tariffs you ask them about some of the trade barriers that are still in place The legacy of the Trump administration and a legacy for the most part the Biden administration hasn't touched and he's not really made a public statement about being willing to touch them What's the persuasive argument that you make to them So I think in a number of areas we're working very closely together and we want to continue to grow on that particularly in something like green trade where the U.S. has very much come back into the global conversation It was wonderful to have John Kerry really advocating on behalf of the U.S. and for the world at cop 26 in Glasgow with us just a few weeks ago And those relationships are so strong and so important And on the side we want to think about tackling feels like steel transfer We were very pleased that last week the axe put through to remove the remaining issues for lamb Exports from the UK to the U.S. so that's a really exciting 20 years in waiting to be sold So that's one that's my land farmers in Northumberland where my constituency is will be very pleased about I'm really curious about your conversations with secretary raimondo in particular What seems to be her priority in regards to negotiations with you So I'm looking forward to meeting her formula Then you have the chance to be to virtually so far as so many cases so when we're looking forward to having the chance to have a proper conversation with her face to face and we're keen to discuss a broad range of issues in the trade space not only how we might pick up on the FDA in due course but things like female empowerment investment in female businesses and issue that not only in our two countries but globally is something that we want to tackle and we want to really drive forwards on You know you mentioned the FDA And we talked about Gina raimondo and we know her as the former governor of Rhode Island There's been sort of this key shift and I'm curious your thoughts on this and more of a state by state approach to focus on maybe New York or California whether that be agriculture a digital is that a pivot a state by state approach So we are doing that now whilst we wait the opportunity to pick up to carry on the overarching comprehensive conversations One of my ministers honeymoon is presently in California having exactly this conversation since she'll be also visiting Georgia and Tennessee and South Carolina and Oklahoma in the ranch Christmas and maybe doing a bit of Christmas shopping while she's here Enjoying all that the U.S..
KOMO
"secretary raimondo" Discussed on KOMO
"We are now getting a new look at America. Thanks to the first numbers out from the Census Bureau on the 2020 head counts. Population growth has slowed down considerably. Many of us have been moving. And that's going to cause some changes here in Washington will spend time on that this morning. Another big case involving the police, shooting and killing of a black man is growing into another major story. This one in Elizabeth City, North Carolina, will go there. This as the Department of Justice launches an investigation into operations at the Louisville Police Department, a result of the botched raid that resulted in the death of Rianna Taylor. The pullout of U. S troops from Afghanistan continues with the U. S military and National Security Agency is trying to keep the withdrawal safe. And to fill the power vacuum being created will spend time on that as well Tuesday morning money and other stormy day in the southern Plains and especially beautiful movie to tell you about late sports all in the mix as we greet the day. At first light. Well, we all know the 2020 census was a challenge A pandemic. For one thing. Delays. Court challenges accusations of political interference from the White House. But we're getting the first numbers now. And correspondent Linda Kenyon has them for us. Linda Michael. Why is the new census so important? The census is conducted every 10 years. The data gathered from it are used to Dole out the number of seats each state gets in the U. S. House of Representatives. That's important, says Commerce secretary Gina Raimondo. But she says, that's not all the data are used for state and local officials. The federal government nonprofits, all you Census data. To make decisions that have a direct impact on our lives. We used the data to decide how many teachers we need in our schools. How much funding we need for public housing programs. Where to locate a business or health clinic where to build new roads. The acting director of the Census Bureau is Ron German. Six states will gain seats in the House Representatives. Texas will gain two seats. In Colorado, Florida, Montana, North Carolina in Oregon will each gain one seat. German says seven states will lose one seat each California. Illinois, Michigan, New York, Ohio, Pennsylvania and West Virginia. By the way, New York lost it's one seat by just 89 residents while California loans to seat for the first time in U. S history. The census also updated how many people are represented by each member of the house after the first a portion occurred based on the 17 90 census. Each member of the house represented roughly 34,000 people. Now the average population size of Beach House District based on the 2020 census will be 761,169 people or more than 50,000 additional people per representative over just 10 years ago. Data also show a 7.4% increase in population since the last census and a slower growth rate them in any decade since the 19 thirties. The census is used not only to apportion seats in the House of representatives, which determines the balance of power in Congress. It also is used to determine the amount of federal money each district gets for its population. Secretary Raimondo says the census also determines redistricting. We live forward to delivering the redistricting data no later than September 30th. The redistricting data will be used to draw new maps of congressional district. Linda Canyon Washington. Thanks, Linda. We'll have more on the census numbers and will bear down on the political impact later on first light right now it's 10 past the hour. Correspondent Kathy Foster reports on a new federal investigation into the Louisville, Kentucky Police Department won, the local officials seemed to welcome U. S Attorney GENERAL MERRICK Garland making the announcement Monday, the U. S Department of Justice will launch a thorough investigation into the Louisville Metro Police Department. It will determine whether L MPD engages in unconstitutional.
MAD MONEY W/ JIM CRAMER
Cramer calls on U.S. to build factories to address chip shortage, unemployment
"As the pandemic gradually draws to a close. We've still got to national emergencies that we had to talk about a man money. A horrendously high unemployment rate and the semiconductor shorts is causing major problems for us manufacturing and competitiveness. We need more chips and we need more jobs so why. Kill two birds with one stone. It's time for our government to invest in building the biggest and best complex of semiconductor foundries. That's the factories in the world. And we can do this now. This kind of initiative went out of style decades ago but we know it works because the government just did it with operation warp speed the co vaccine program that got us to trick vaccines in less than a year. Were on a roll. Let's keep it. I don't need to explain. Employments national emergency but what south with the massive government back semiconductor foundry pro. Okay we just heard from general motors. They have all these new indian vehicles but they simply can't make them because they're sending books shortage and modern cars require a lot of tech ford said the same thing could cost them one to two billion this year bleed. You're gonna start hearing about this shortage. Constantly dan we the us really havoc with all sorts of industries and making us less competitive and perhaps even hostage country hostage to a bigger chip customer. The pr see. We got to get ahead of this. Now some of this shortages natural thanks to cova. We've got millions of new homes. That require a lot. Har- we're eating these chips like doritos at halftime. But some of you thanks to globalization are sitting been able to outsource their manufacturing most couple of huge asian operators taiwan's semi which is now the biggest samsung. These are both incredible mazing. Well run companies but they also get so production capacity that they have they hit the entire world including demand from china that hits american companies extra hard because new of our businesses run on just in time ordering. They don't want to sit in a lot of extra components it just by the chips when they need them. That's a quick way to make money save money until it's a shortage. Now that's where we find ourselves. Our companies can't get enough chips because there's not enough. Production were wide and that lack of chips is hurting all sorts of manufacturing including the formation. Gm and ford now. There are two ways to approaches. We can throw up our hands and baked samsung taiwan semi to build more plants. That's been our strategy or anywhere for that matter or we can roll up our sleeves. Like operation warp speed. Remember today when everyone get tested raw. Got javert here can roll up our sleeves and get this job done ourselves. If we're supposed to be the most powerful country in we'd be able to manufacture semiconductors for heaven's sake it's our industry so let me tell you what needs to happen. You might not know it. But america's best tech industry the most intellectual property that is anywhere in tech is in the semiconductor capital equipment space. That's lam research. Kelly tinker applied materials. They had machines that we need to make chips meaning while building gigantic simtek foundries can put more people to work and just about any other research project much more than a much than highway than a bridge. Why stop at roads and bridges and we re establish yourself as a whole new kingpin in manufacturing industry that used to dominate. And hey biden's pick for commerce secretary gina raimondo. She was a venture. Capitals governor of rhode island. I got into politics. She'd be the perfect champion for this project. We can take advantage of low interest rates to issue fifty year semiconductor savings bonds to raise the money for this project partner up with the private sector then. These businesses can pay back. uncle sam. Production gets rolling or chips. Defense ships all sorts of internet of things. Chips should be able to make this stuff domestically in the best in the world. Honestly it's insane. We outsource our semiconductor manufacturing to taiwan south korea. When they're within spitting distance of our biggest wattle china. I love taiwan. I love south korea but we ever get into a shooting war with the chinese. For heaven's sake they'll be right in the middle of it. Hopefully it never comes to that but why would even taking that chance. How much would this cost. We know semi spending up to twenty billion to boost its output. And they're very good at what they do. Let's say let's let's borrow one hundred billion dollars in savings bonds to make the us more semiconductor independent over the next few years but we have to start immediately to alleviate the shortage people intensive national imperative blueprint ready customer for the suppliers. Ready to help so soon. To be secretary raimondo. You've been on the show. Let's get the loan just chip ongoing going and put an end to this chip. Shorter's saving tens of thousands of jobs giving me economy a huge boost. This is what we used to call industrial policy. It worked for vaccines. And i know from work for chips to
WBZ NewsRadio 1030
"secretary raimondo" Discussed on WBZ NewsRadio 1030
"Biden has selected Boston Mayor Marty Walsh is his labor secretary. Walsh has served as a mayor of Boston since 2014. He's also a former union worker who has a long history with organized labor. Meanwhile, Rhode Island Governor Genera Mondo has been selected by the President elect Biden to be his Commerce secretary. Raimondo is the first female governor of Rhode Island and has served in the role since her election in 2014. Meanwhile, local union leaders are reacting to the nomination of Boston Mayor Marty Walsh for Biden's labor secretary. Here's more from WBC's match here. Teamsters Local 25 president Sean O'Brien describes the trump years as disappointing in a department of Labor that's been run. My corporate attorneys and corporate consultants that are losing side of what's important and who makes big business successful. That's the work is that are in the trenches Day in and day out. So when he heard that Marty Walsh had been nominated for labor secretary with the incoming Biden administration, Sean was excited and to be honest with you. It's like hope. He's worked closely with lost going all the way back to his days of state rep. And throughout his seven years as mayor, a conversation with him early on, and I said to him, you are no longer labor person. The CEO of a huge business, the city of Boston. But don't forget where you come from. He never has that sure, WBZ, Boston's news radio and with mayor Wall said to resign that will lead to a very big change at City Hall. 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 J d 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 in his mayor, Marty Walsh resigns before March 5th. The city charter requires a city toe hold a special election, in addition to them regularly scheduled September runoff and November final election, But City Councilor Ricardo Royal Royal has introduced a home roll petition. Let the acting mayor serve out the balance of Walsh's term, avoiding a special election. Royal side of the cost of what he called a redundant election in the midst of a public health crisis. Two people are in custody in Massu, in accused of assaulting a state trooper. Authorities say the trooper was attacked while responding to reports of a fight between a man and a woman in the middle of Lowell Street, the whole thing captured on video by passing motorist that couple turned on the trooper before running into some nearby woods. They were eventually captured and now are facing a couple of charges, including assaulting an officer and resisting arrest. Trooper, meanwhile, was treated at Lawrence General Hospital for shoulder injury and has since been released. It's 12 38 over now to Wall Street and business. The pandemic has been a disaster for movie theater operators box office revenue in North America was down 80% in 2020, But there's a lot of optimism about the second half of this year. You hear narratives 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..