35 Burst results for "Seventeen Billion Dollar"
The Great Microchip Shortage of 2021 Is Causing Headaches for Tech Companies, Car Manufacturers and More
"This is business wars daily on this monday january twenty fifth. Happy star the week everyone. Well we've got one of those good news bad news situations to kick off the week. I the good consumer demand for electronics like laptops five g powered phones and even tech-laden automobiles has bounced back faster than expected that means that consumers are spending again and that's good for the economy now the bad news. There's a global shortage of semiconductors. More widely known as micro chips are just chips yes. Those little electricity conductors that form the essential components virtually all consumer electronics are in short supply. And that is making it. Tough for manufacturers to meet demand and that in turn is bad for the economy now there have been periods of chip shortages in recent years but a perfect storm of circumstances makes this one especially tough to beat. According to a wall street journal report in the early days of the pandemic demand for laptops and cloud computing services surged among remote workers creating greater chip demand. Now ten months in consumer spending is loosening up especially in certain categories as new car sales began to rebound each with an average of one hundred. Semiconductors touchscreens computerized systems and other bells and whistles. Well that means a lot more chips on top of that. You got five g phone sales spiking and that means even more chips and then there's a so-called internet of things iot where everything from your refrigerator to your bathroom scale can be connected to the internet and of course you guessed it more chips which means big moves from the world's biggest chip manufacturer taiwan semiconductor manufacturing corporation or t s mc the company's making enormous investments to respond to the chip shortage and possibly emerge bigger and stronger than ever bloomberg reports that. Tsmc spent seventeen billion dollars last year to boost manufacturing capabilities. This year total spending could be more than twenty five billion to push its output even more that kind of spending would make it one of the biggest spending companies with a market value of ten billion or more in other words. The corporate wallet is wide open. But there's a method behind the mad. Spending competitors like intel. The biggest chip manufacturer in the us by sales are struggling to meet demand. The tech giant replaced it. Ceo after losing ground to us competitor. nevada Bloomberg report said that intel has been in talks to outsource some of its chip manufacturing to tsmc turning the competitor into a supplier to while it's not confirmed bloomberg analysis speculates that if tsmc can cement that outsourcing relationship intel may shift. Its focus away from its own manufacturing efforts and opt to focus on other areas of its business and become a long term revenue stream for tsmc right now though scoring everything from laptops to new cars is a struggle with some plants actually sitting idle while they wait for the chips they need or forced to pay higher prices for those that are available but if
Should You Go to War With a Larger Company
"Super committed to your success online. We've worked with them to a special offer just remarking school listeners. All you have to do is go to dream host dot com slash marking school to learn more and get your website online today. Welcome to another episode of Marketing School I'm Eric Su. And I'm Neil Patel and today we're GonNa talk about if you should go to war with a larger company. So let's give you some context here. Yesterday were recording this as of August Fourteenth Twenty, twenty fortnight decided to go all out. They basically added in that payments and gay people discount, and you're actually you're not allowed to do that inside of apples ego system or android ecosystem because they charge either apple charges thirty percent commission I believe for Android it's about twenty percent or so. So both android and apple kick them off the. But what happened was epic, which is the owner fortnight by the way to do seventeen, billion dollars a year I believe they had their lawyers ready to go. So everything was drafted out boom lawsuit and basically what happened next was they had the nineteen eighty-four spin spin on apple's nineteen eighty-four added where that person came out and she spun around and through this thing. At the big giant TV and so look they were totally prepared to take off the gloves ready to go crazy and so yeah, they're fighting this behemoth seventeen billion dollars is the David Goliath is, what's what's apple's market cap trillion right over one trillion they're actually me up closer to getting to too there you have it. So what are your thoughts on this? Neil? Look at today I believe you should do what's best for your customers and users, and if that means you have to fight someone didn't do it because whatever's the best experience for your customers, your users what benefits in the most is what's going to win in the long run? Even if that means, you're going to have a battle with a really large corporation. Yeah I, think you know most people that are not in text don't know about the base camp founders how they launched. Hey and the how they're fighting they were fighting apple I don't know what ended up happening with that. But this is a much bigger example because everyone knows what art is and for them to actually file a lawsuit and then go against them and create a really nice add as well. That shows that you know they are sick and tired of being charged. You know seemingly outrageous kind of race it's I actually think it's apples prerogative to charge whatever they want. To charge, you know you're you're free to come off the platform whatever. So we'll see how this plays out. You know I think it's good pr you know from a market perspective it's going to be good for epic fortnight to just be like Oh like, yes I'm was actually standing up to apple and you know they're going to be in the news for a little bit more, and so we'll see what happens there and they're also big enough where they potentially when while most people who are trying to mess around with apple are much smaller have the capital while fortnight has enough. Money, but in general speaking, you should do its best beer users, and if that means you fight against someone than Soviet, you're doing what's best and what's right and at the goal then go for it you may not win. There's no guarantee of that but you gotta do what's right for people. Yeah I mean the final thing I'll add is look the discount on a permanent discount, right so instead of paying seven dollars or sorry instead of paying ten dollars for to buy coins for for in game items, it's actually seven dollars. Now I believe eight dollars. That's a significant discount because. I. Remember back
Epic Games trolling their way to a win
"We were recording our podcast last week with Dan Rabin. Oh, we're talking about the surface duo. We ended the show with what's happening with the TIKTOK acquisition. Microsoft is pursuing tiktok Canada Australia, and New Zealand operations than they pivoted and said, no, we want the whole thing but as that was happening. EPIC Games had been kind of Going through some subterfuge earlier in the day, they launched it direct payments in fortnight for android and Ios it was a server side changed. So there were no updates to speak of the sudden. You pay less money for V bucks inside the game if you didn't want to go through apple and Google's own. In purchase mechanism. And then apple said nope that's not allowed and kicked the four-night APP off of the APP store a few hours later Google did the same thing then a very well coordinated media. Roll out of a an amazing video parenting apple's nineteen eighty-four. Macintosh at the most famous ad ever. Epic did the same thing they kind of? Made a shot for shot recreation of it. Basically calling out apple for its own monopolistic practices and then launched lawsuit and did the same for Google few hours. Later when Google kicked fortnight off the play store now Gul's Lawsuit Jerry is a little epochs. Lawsuit Against Google is a little different. But it does claim that Google uses the play store to suppress competition in particular because it makes side loading super super scary, and it also prevents companies like LG and one plus which were called out in particular inside the lawsuit. From making side deals with companies like epic in order to prevent. Third. Party APP stores from. Behaving like I party stores. So you know in particular, we have situations where. There's the play store preinstalled on a Samsung Phone and also the galaxy store and APP updates can happen in the background silently but for a company like one plus trying to install or pre installed the epic game store those. Silent updates are not possible because Google thinks. That they are a security risk. That's one element of a very, very long, very detailed lawsuit. So walk us through what your thoughts are about this Google lawsuit in particular first office is. I don't know it's it's epic is. Really just trying to troll its way to a win. A lot of what it saying. Takes a little bit of the truth and then stretching it out, making it worse I. Mean They they claim it takes you know dozens of clicks to side load an APP when it really only takes one. A day talk about how APPs are unable to send updates outside but facebook does it on every phone that's not a pixel. It's it's just. Stretching the truth a bit. I don't like that because it takes away from the an actual real issue that. Is thirty percent too much. I mean I think thirty percent is a bit much. I have to out and say that that Google takes too much money from developers. And we're losing sight of that simple fact because. EPIC. Is being epic and spending millions of dollars to make videos and stuff. Right but it's also not nearly as big a company and this has been this really been the the the sticking point for some people right? It's like to massive companies are battling it out and users are stuck in the middle right they can't install four night. But when you when you look at the scale of epoch, which is A. Seventeen billion dollar company not a small organization at all Tim Sweeney? Is a very wealthy man. He can fund this by himself if you wanted to But compared to apple and Google epic is a relatively company by degrees right and slaying that up a lot. They are no doubt about that. I mean there's there's absolutely no question that epic is is taking advantage of of these of big Tex size but there is also the argument that this company epic is perfectly suited to try to tackle big tech from a law perspective from A. From judicial perspective, trying to force the courts to take up the the call that these companies are too big and engage in anticompetitive practices. I just don't like the way it's being done. epic was fine with the agreements with Google and apple that it had made. Until it got enough users were it. Could you know? Cause trouble. And that's the what. In my opinion that's what happened they knew okay. We'll do it and eventually will get millions and millions of users on mobile like we have on you know consoles and PC, and once we have all those users will you know have leveraged to fight apple and Google? And all those users are being, you know they're like pawns being used as a bargaining chip and I just don't like that at all.
Epic Games' Fortnite is no longer available in the Apple App Store
"If you saw me tweeting last week, you know I have lots of things to say about this epic. Game store, but it's been really good that I've had a couple of days to sit on it and look at some other people's opinions and read a lot more about it, and so I think that it's it's going to be something that obviously is going to be drawn out because legal battles never move quickly especially ones of this nature but in case you happen to miss the news. Microsoft is no longer the only person with beef with apple facebook gaming is no longer the only person with beef with Apple. Now, epic Games decided to just take a can of gasoline and throw it on the beefy fire and it's like let's go sim is seven beefy Phya. Literally that's exactly what they're doing. All right. So let me catch you up here. So this right up comes from Games Industry Dot Biz fortnight developer epic Games seems to have a way of breaking with the rules in the face of fortnight success companies have ended a long standing practices hold on let me move these notes over some not looking so far off screen. There we go. Like Sony, which abandoned its fight against cross platform play back in two thousand eighteen after EPA Games forced the issue eventually leading cross to other games to fortnight size and popularity. Of course, gave EB Games the power to Ben Sony Nintendo's rules but we'll the tactic work with monolith like apple and Google. While the North Carolina, based company is trying on Thursday morning EPA Games updated fortnight with new options for payment processing providing a discounted price for players who chose to process payments through epic, not apple or Google epic circumvented the. Apples. storefront thirty percent cut on purchases by giving players a twenty percent discount on books. Fortnight's in game currency in response both apple and Google removed fortnight from the APP store and the Google play store respectively citing policy violations as it turns out. This is what epic Games was acting and it had a plan moments after the game was removed from Apple storefront EPA Games began its Hash Tag free fortnight campaign complete with a Hashtag in game propaganda video and a pair of lawsuits. So before I continue I'm GONNA. Go ahead and. Get this rolling freeze. You guys can take a look hold on Erica In those lawsuits games argues that Google and apple's policies are anti-competitive a violation of antitrust laws. EPA, game CEO Tim Sweeney said on twitter that his company was not looking for special treatment. It wants apple and Google to change its rules to create a truly open platform debate benefit all developers not just. It'll be a hell of a fight Sweeney said fortnight's removal from the APP store doesn't necessarily impact gamers too much at least not gamers on android Google's platform has more than apples and the game wasn't even available on the play until April instead, people had to download it directly from epic games and they can still do that including its updates. So. We all know that the legal process for anti-trust cases is devastatingly slow as came. Industry has pointed out and what they kind of continue to the story with and did cut up quite a bit of this. If you want to read the full article, you are welcome to go to that website and check it out but it is quite a lengthy one but I think. It's important to kind of look at the litigation impact and so what they write is this litigation has a much larger scope than any of the challenges that EPA Games his face like the Sony Faceoff EPA. Games is the underdog if you can call it that although it's valued at more than seventeen billion dollars that's still significantly overshadowed by the trillion dollar market capitalization of. Google's parent company and Apple epic isn't asking the court to rewrite antitrust laws as it stands instead, it's asking the judge to enforce the law as it currently exists. It's different in that way from the antitrust here in Congress last month where government officials discussed potential changes to market power rules. Epochs lawsuit however is still important. If epic wins, it will make it clear that apple and Google's practices are illegal, and then those companies will be forced to change their practices.
The Economic Case for Electrifying Everything
"So. Let's turn to our topics this week, and we'll start out with another report that has come out but this one is very different from some of the climate reports. We've been discussing a plan to create millions and millions of jobs by electrifying the economy and slashing emissions eighty, five percent. It's simple. It's elegant and the authors say it is totally doable. The authors are Saul Griffith. Sam College Alex Laskey you might know Saul Griffith we profiled him on a recent what it takes episode and he talked a little bit about how this the the origins of this plan came together and Alex Laskey is the CO founder of power and we profile. His Co founder Dan Yates on a recent what it takes as well. So they're part of a team called rewiring America, which is putting out a series of technical reports, mobilization plans for rapidly electrifying in decarbonising America, and putting a lot of people to work in the process. So there are two parts to this conversation was the actual modelling that goes into the plan, and the other is the economic benefit and jobs claims. So Melissa, let's look at the origins It doesn't start with emissions instead, it looks at decarbonisation the way an engineer might an engineer like yourself walk us through the basis of how they're modeling the decarbonised economy in this report. Is this interesting at you know I've been a model for fifteen plus years i. like modeling thing saying what happens with that? From a modeling approach. I mean frequently when we look at climate mitigation so how do we reduce emissions? We start with an emissions target or frequently in combination of emissions, targets, economic development targets, etc, and then we kind of back our we into what the mix of things could look like to meet that. So it's this top down approach or this perfect foresight. We know what's happening in the future and we back out from there in this report, they really looked at what machines and equipment are out there. What could we get out there and how quickly could we do it and they went from there? So they said, okay, what can we get online if we really double down on this and they broke it into a couple of stages stage one being ramp up production of technologies and Stage two being okay. Let's deploy these things as quickly as possible. So it was this bottom up, call it an engineer's dream because it gives me a lot of tech to play with and look at. But it really gives you the nitty gritty on how do we get this done? So, in this modeling, they mostly focus on electrification unpack how they do that yes. On the electrification side, they look at how do we beef up the supply side of things ahead we get all the power generation we need in line and I've got a lot of thoughts especially around their cost assumptions and what they think we can actually accomplish. Jigger I'm curious what you think about it as well but then on the demand side I mean they also say, okay, every car that gets sold when your targets taking off the road isn't electric one every bit of equipment in your house would replace there's no more combustion it's going to be electric I'm so it's it's essentially a near one, hundred percent replacement rate zero carbon technologies. As soon as you would naturally retire those things they do have a caveat in the report which is interesting of saying they're not forcing you to early retire. Anything, but it would help if you did. I like. I think this is fantastic. Right that it's exactly what we've been saying on the energy gang for seven years right which is that we have the technologies necessary to decarbonised and we have to deploy faster. I think that part of this that. Is still sort of not fitting exactly together for me is what are the forces around here that will make it happen i. You know I think that part of the reason I'm hopeful I had a long conversation with Alex about this, we had a good reconnection in these inspired me to figure out how to get involved with rewiring America but like is it. The when we think about for instance The planned obsolescence of natural gas utilities natural gas utility spent about seventeen billion dollars a year on distribution grids and other sort of Cap Bax. In the local level, you could imagine that they could spend that seventeen billion dollars making all these things come true. So whenever someone's gas boiler? goes out they could replace it with electrify everything solutions and they could actually just charge people thirty bucks a month or whatever for the next twenty years to recoup their their costs right. So there are ways to actually figure out how to do this. But I. Think it's critical for an a report like this to come out I and to say it's actually possible. The math actually works. Now, where's the political willpower to actually make this happen and there's some really interesting insights, a commodity report that I think many of us who've been steeped in this? No but for think the first time watcher is shocking. Right So the energy information, administration and many other sources really always compare solar and wind to primary energy. Right. So the way that the world works is you basically pull oil out of the ground ten percent of all of our energy in the United States and pretty much globally is used to bring this kind of stuff out of the ground and then. You say you know this is how many quads of energy we use as a society right and so of solar and wind come in at two percent of that energy. Then people say look how small it is. But in fact, when that energy actually goes to keep your beer cold as emery, Levin's would say. It loses about seventy percent of its energy through the process right in transporting the oil than like. How to put it into a refinery, converting it into useful fuels like gasoline and diesel. Then actually burning that fuel and you know and creating the electricity that then actually keeps your beer cold all the losses in there are eliminated when you go directly to electricity but in but we are constantly comparing ourselves to primary energy and so part of what this report shows is a week actually eliminate fifty percent of our entire primary energy usage just by electrifying everything right because you lose all those losses
Makeover: Oil Giant BP Promises to Cut Oil Production, Invest in Renewables
"Somebody had to go I. It's no surprise that Covid Nineteen Delta Draconian blow to the oil and gas industry stay at home orders and line shutdowns of dramatically reduced the need for oil and gas prices and earnings plunged well. Now at least one giant oil company says demand for fossil fuels will never be the same again and it's taking steps not just to pivot, but to make itself over entirely. That business is BP the london-based behemoth last week, the one, hundred, ten year, old company announced a seventeen billion dollar quarterly loss and multibillion dollar writedown of its assets. But what generated headlines was its announcement that over the next decade, it intends to discard its identity as a fossil fuel business. Instead, it'll invest heavily in a wide variety of renewable energy technologies on its way to achieving net zero emissions by twenty fifty. Specifically bb says it will cut oil and gas production by forty percent over the next decade. At the same time, it plans to put ten times as much money into renewable energy investments as it currently does with a goal of investing five billion dollars a year by twenty thirty bio-energy hydrogen, carbon, capture and storage investments in electric vehicle charging stations are all said to be on the menu as our wind and solar. From. A business perspective the move does make some sense BP expects demand for oil to fall between fifty and seventy five percent over the next thirty years as the world attempts to slow global warming. In June BP officials acknowledged that the pain caused to the oil business by the pandemic isn't temporary. It's permanent. They say in a statement, they said covid nineteen would accelerate an existing transition to a lower carbon economy as country seek to quote, build back better meaning in ways less harmful to the environment. The shift is taking a toll on BP's employees. The company announced in June that it plans to lay off ten thousand people. BP's dismal second quarter didn't seem to faze investors instead they embrace the company's new renewable energy shift its share price leapt seven percent on the news stuart joyner an analyst at the market research firm redburn remarked that the move was major positive, thoughtful, and largely unexpected the New York Times reported. Unexpected too many perhaps, but close observers of the company may not have been that surprised. BP has spent the last decade clawing back from its disastrous deepwater horizon oil spill in the Gulf of Mexico. For obvious reasons, the company hasn't exactly been a darling of environmentalists, but quickly after becoming CEO in February Bernard Looney made a pledge for BP to achieve net zero emissions by twenty fifty it was the first of giant global oil companies to do so. At the time both socially conscious and traditional investors applauded BP's pledge Andrew Logan and oil and gas director at series a climate change advocacy organization said EP was setting a new standard for leadership in the oil industry CNN reported and Barclays analysts called the plan both fundamental and radical. Last week. Looney. said in a statement quote. This coming decade is critical for the world in the fight against climate change and to drive the necessary change in global energy systems will require action from everyone but so far oil giants. Exxon and Chevron have not followed suit indeed mobile continues to expand oil exploration and production around the world despite its own sharp drop in earnings. The Washington Post reported BP has attempted and failed at other eco, friendly initiatives over the years and BP will continue to invest in and make most of its money from fossil fuels for at least another five years. Still observers agree that this is the company's most transformative move yet, and the realities of business may give BP's ecoconscious strategy more momentum than has existed in the past. As reporter Steven muffs wrote in. The Washington Post for. BP. Is trying to get ahead of what climate change might forced the industry to do. Anyway.
Trump Says He'll Ban TikTok From U.S. As Soon As Saturday
"President Donald Trump said he will take action as soon as Saturday to ban TIKTOK for popular chinese-owned video APP that has been a source of national security and censorship concerns. Trump's comments came after published reports that the administration is planning to order China's bite dance to sell tick Tock. There were also reports Friday that software giant Microsoft is in talks to buy the APP. As far as Tik Tok is concerned we are banning them from the United States trump told reporters Friday on Air Force One as he returned from Florida. Trump said, he could use emergency economic powers or an executive order to enforce the action insisting I have that authority he added it's going to be signed tomorrow. Reports by Bloomberg News and the Wall Street. Journal citing anonymous sources said the administration could soon announce a decision ordering by dance to divest its ownership and TIKTOK. There have been reports of US tech giants and financial firms being interested in buying or investing in Tiktok as the trump administration said its sights on the APP, The New York Times and Fox business citing an unidentified source reported Friday that Microsoft is in talks to buy Tiktok, Microsoft declined to comment. Tick Tock issued a statement Friday saying that while we do not comment on rumors or speculation, we are confident in the long term success of TIKTOK. By dance launched tick tock in two thousand seventeen then bought musical dot L. Y. of video service popular with teens in the US and Europe and combined the two a twin service do yen is available for Chinese users. Tick talks fun goofy videos and ease of use has made it immensely popular and us. Tech giants like facebook and snapchat. See it as a competitive threat. It has said it has tens of millions of us, users and hundreds of millions globally. But it's Chinese. Ownership has raised concerns about the censorship of videos including those critical of the Chinese government and the potential for sharing user data with Chinese officials. Tick Tock maintains it doesn't censor videos based on topic sensitive to China, and it would not give the Chinese government access to U. S. user data. Even if asked, the company has hired a US CEO, a former top Disney executive in an attempt to distance itself from its Chinese ownership. US, national security officials of been reviewing the musical dot L. Y. Acquisition in recent months while US armed forces have banned their employees from installing Tiktok on government issued phones. Secretary of State Mike pompeo said earlier this month that the US was considering banning tiktok. These national security worries parallel a broader US security crackdown on Chinese companies including telecom providers while away and Z. t. e.. The trump administration has ordered that the US stop funding equipment from those providers in US networks. It has also tried to steer allies away from hallway because of worries about the Chinese government's access to data which the companies have denied it has. The trump administration has stepped in before to block or dissolve deals on national security concerns including stopping Singapore's broadcom from its one hundred seventeen billion dollar bid for US chip maker. QUALCOMM in two thousand, eighteen in an effort to help retain US leadership in the telecom space. It also told China's Beijing Quinlan Tech Company to sell off its twenty sixteen purchase of gay dating. APP Grinder. Other countries are also taking action against. TIKTOK. India. This month band dozens of Chinese APPs including Tick Tock citing privacy concerns amid tensions between the countries.
Sony Buys Minority Stake in Epic Games
"Invested two hundred fifty million dollars at epic games. The two companies announced today. That investment gives Sony minority stake, but they don't disclose how much. Much of the company, two hundred fifty million dollars gets them at Games has been estimated to be worth about seventeen billion dollars, according to a Bloomberg article came out last month as it begins raised another funding round of seven hundred and fifty million for comparison twitches valued at about four billion dollars, although that number may have gone up alongside record viewership during this pandemic.
Manhattan, New York rental vacancy is highest in 14 years
"You're a real estate investor of your landlord life is getting difficult Manhattan's vacancy rate is now at the highest level in fourteen years rental rates are down eight percent third down not just in New York but in cities all across the country San Jose Salt Lake City New Orleans Pittsburgh Nashville Orlando Atlanta Charlotte ranks down across the board we're also of course seeing a sharp drop in travel and that translates to a sharp drop in travel taxes a fifty percent decline in hotel taxes seventeen billion dollars that cities and states are not collecting because people have been staying home as a result of all of this though revenue to state and local taxes a sharp drop in travel people are staying home no kidding during all of this there's a fifty percent decline in hotel taxes that seventeen billion dollars that cities and states are not collecting hi tourism states California New York Florida Nevada Texas they're losing out on billions of dollars of revenue and that doesn't even include the property taxes and let's not forget that one out of every twenty five jobs in this country or people who work in the hotel industry
Airline Cash Flow
"All right our first story comes in from our Listener Linda. This is from one mile at a time surprising statistics about mileage, plus about united, mileage plus. In, we see that united has announced financing in the amount of five billion dollars secured through the airlines loyalty program. This is part of their to have seventeen billion dollars in liquidity by the end of September. Separately CNN reports that that's three times the cash. They normally have on hint. Of course all the airlines are. Struggling essentially with their cash flow situations and they they need to have. Cash on hand united is amongst them of course and It's it's an interesting strategy to take their mileage plus program and leverage off some financing based on that and the findings. He's GonNa come through Goldman Sachs Barclays. And Morgan Stanley and united will have seven years to repay that. These affinity programs like mileage plus our big business for the airlines united estimates that the value of their mileage plus program. If it was a standalone business, would be twenty billion dollars, so there's a lot of. A lot of revenue that changes hands here. We need Dan back as guest to explain all this 'cause. I tried to read how they mortgaged their frequent flyer program to raise five billion in my head started to hurt. Well I'm just thinking I I'm GonNa. Leave the show early right now because I'm GonNa, go start the airplane, Geeks, mileage plus program. I mean there's this is a twenty billion dollar business. We're wasting our time here, guys. I know it's It's pretty amazing so. The, the partners United Partners Pay United to award miles to their own customers, so says things like credit, cards and hotels when you earn united miles or mileage plus miles by reserving at a hotel or using a credit card. United gets a piece of that action and it adds up to quite a lot. So that large part of it comes from selling miles to other airline programs. I didn't see them call out specifically income from credit cards for example card I use most often still is the united mileage plus a credit card. I would imagine they must be earning. Some money from chaser manages that card. Even My my Hilton Program have the option the option of taking my awards, my my points, basically that I earned from staying at Hilton, properties and I, either get Hilton points which I can redeem for rooms, or I can get united, miles well Hilton. Kick something that United Four that for Hilton. There's value because it's you know. It's a service can offer its customers. If you look at the one mile at a time website. It gets down to break some of the stuff down. Like seventy one percent of the cat is offer twenty, one, thousand, nine hundred. Seventy one percent of the cash flow is from sales miles purchased by third party partners. But then when you look at how it was redeemed, ninety seven percent is redeemed by. using it on united. Right for travel, in yeah, only three percent of those milder redeemed for non travel rewards, it does make you start to wonder if the the planes are just kind of you know aside business. Instead they're making money off of mileage plus baggage fees. You wonder at some point Could this be one of these businesses where you know you give away the the razors for free, and you're making it all on selling razor blades. Absolutely I am particularly these days, but even you know even without the huge drop in air traffic is the result of the pandemic. Even before that the aircraft, just the promotional item Eb. Senses Yeah and in some in some way, so it's it's a really interesting business. It's not always what you What you think we also see here that you united his made an SEC filing an aide filing in in that filing. We learn a little bit more about the program. that united mileage. Plus program has over a hundred million members. And that fifty percent of United's flight revenue comes from mileage plus members. Which is that's? That's pretty high. Also the mileage plus program generated five point three billion in cash flow from sales in two thousand nineteen, and that's roughly twelve percent of United's overall revenue. So, Oh, another interesting The number here is it. The mileage plus program generated one point eight billion dollars in Eba, DA, which represents about twenty six percent of their total adjusted ebitda. That's. earnings before interest taxes depreciation and amortization. So that's that's sort of a A. Year of earnings from an operating standpoint, twenty six percent of united's basically operating earnings from this mileage plus
Global airline ADRs updates
"France's Airbus is falling eight point six percent the French government unveiled a rescue plan for the playmaker and its suppliers that's valued at about seventeen billion dollars Airbus's ADRs had risen for six straight days and gained a total of forty eight percent European airline ADRs are dropping as U. S. peers also pull back British Airways owner IAG is down six point eight percent in Air France KLM is down seven point two percent Hong Kong's Cathay Pacific Airways has risen five point three percent the carrier is selling four billion dollars in shares and warrants primarily the city's government and receiving a billion dollar loan from a government linked entities Cathay Pacific's largest shareholder is Hong Kong Swire Pacific who's eighty ours are also up five point three percent
France announces $16.9 billion in aid to aviation industry
"The French government declares a state of emergency for its aerospace industry live from London. This is marketplace morning report from the BBC World Service I'm Victoria. Craig Good Morning France Economy Minister. Today unleashed another roughly ten billion dollars in emergency aid for the nation industry, which is struggling from a drop in demand, due to corona virus travel restrictions the government support for the industry. Industry now totals nearly seventeen billion dollars including a previously announced rescue package for the airline air. France KLM the BBC. Legged explains how today's fresh funding will be allocated one and a half billion euros for research into decarbonisation of aircraft, trying to green at the industry, an investment fund for Small and medium-sized enterprises, which will start off at half a billion euros and rise. Rise to a billion over time. What this package is about is clearing up the damage that has been done by the COVID nineteen crisis. It's a huge industry. In France it employs nearly two hundred thousand people and the city of to lose him. The South West where Airbus has, its headquarters is massively dependent on this industry and the theories, the with aircraft production having. Having declined by more than a third since the crisis, the thousands of people could be laid off and to lose could become Europe's Detroit, so the French government is very keen to over the crisis, and then to provide the foundation for future growth as well. The Global Aviation Industry has been struggling to stay afloat amid the COVID, nineteen, pandemic and today. It's not. Not just France, but Hong Kong's flag-carrier. Cathay Pacific also received. Government assistance yes. Catholic Pacific has been very badly hit by the COVID nineteen crisis, and even before that it was feeling the effects of civil unrest in Hong Kong, which was deterring people from travelling, so there's a large bail out package. Does the government investment worth about two point six billion dollars a government? Government loan worth another billion and the existing shareholders of Catholic Pacific, the main ones being swire China and castaways putting more money in as well about one and a half billion dollars, so it's to help tiny airline over until traffic picks up again. The BBC's the delegate. Thanks so much. You'll very welcome. Victoria
Market panic after coronavirus spending stimulus packages
"As crown avars cases Roy's across the country and industry shuts down hundreds of thousands of people. Losing jobs and businesses across the country lay going broke so is government spending enough or too much and how long can the Australian economy survive before we keep into irreparable damage? Are WE AS POOR. Kili asks in the Australian newspaper This Week. We burning the village to save it. Daniel would is budget policy and institutional reform program director at the Graduate Institute. And she's the incoming chief executive officer of the Graduate Institute and Salmon. Cowan is the research director at the Center for Independence Studies at Sydney. Think tank that I had up Danielle Salmon. Welcome both of you. Thank you come now. Danielle the in response to the government's big spending stimulus packages those a seventeen billion dollar package about a fortnight ago. Then another six billion dollar one earlier this week in response the markets panicked a full stampede trends indicate that the markets will continue their stampede lock fraught and capital is all this government largess justified. Look I think it is absolutely justified when you look at the style of health challenge. And what the government's trying to do to keep that contained in terms of effectively shutting down pretty significant sectors of our economy You know the hospitality industry is gone. anything that relies on social consumption so a lot of businesses headdresses petitions. The canucks very significant swipe at the economy. And so we need this government package in order to support the businesses during what is going to be a very shop. It comes down to it. Jonathan Freedland in the Guardian this week Sam and he says just as there are no atheists on a sinking ship. There are no free marketeers independent so manure relating free-market t doesn't this unprecedented cross justify unprecedented measures such as much bigger government. Well you've wrought remind frame rocketeer evening across as so. I guess that's a positive spun for from Mor perspective. I think there's an important distinction that we need to make I here. Which is the audio of stimulus as opposed to the broader concept of what government support government action in a pandemic? Cannon should be so the idea that what the government can or should do his prop up. Economic growth is in the short term. Which is what stimulus is. I think that that's a very mistaken idea. It's a mistake and concert. Not The least of which because what? We're actually trying to do here is Danielle roughtly. Daddy shutdown pots economy for health rights. So the the issue here is not so much. A case of should the government being involved in short term stimulus. It's what sort of support package. Should we give to cushion some economic impacts of this crisis in? What should we do on a health perspective? Now of an expert on the hill saw things. That's where the government's getting its health advice from an economic perspective. I think it's important to realize that we cannot prop every business in in the country. You know Macaroni France. Basically said we won't let a single business go bankrupt. That would be a stike. We're looking at a potentially protracted shut down in the economy with significant economic impacts. And we need to be smart in strategic about how we deploy our resources. The government doesn't have an unlimited budget. Econ prop up. Everyone and it shouldn't try and provide support to everyone. What it needs to do is target. It's assistance to the areas most in need to the people most in need and ensuring that when we come out the other side of this whereas applies to as we can be to get coming out on the other side of this means massive deficits as far as the. I can see and that would imply a substantial future tax increase crosses. Maybe as soon as next she wouldn't that retired the recovery. Daniel look really depends on how quickly you try to pay down the debt. And you're absolutely right when we will be wrecking up a substantial amount of with these reforms. There's absolutely no question about that So essentially we are asking future generations to pay for this response but given the importance of supporting business through this and I do agree with him. We will not say every business here. But we absolutely need to avoid. Is You know what will be preheated to economics and the economy becoming a permanent one if we lose a lot of productive capacity and the economy that has got to be the priority. Right now yes it waiting for that we go substantial debt to pay off the government will hopefully find a path to do that in a way that will not hit the the economy is coming out of the what happens if the pandemic lasts into the winter and early. Spring Salmon Cowan that the CLEM will be for another round and then another round of high levels of government spending. Is that really sustainable? Well it's an interesting question Australia's coming into these spots. A lot of people were not an is good spot as wearing two thousand night. But we're not coming into these crosses with government dead at one hundred percent of Jj pay a lot of the countries in Europe. The challenge I think here is and what the government You know it's difficult for the government to do this because it's been so reactive in such a short period of tall it but it is. How can we draw on the resources of society? More broadly so that we don't put the entire burden for these onto future generations. You know if you sort of think of it in these terms Government has its role to apply. It will take its level of debt individuals who have resources businesses who have resources we should encourage them to access those resources as well One good example. These we have caught a good deal of money in superannuation that could be used to support people in the short term. It's not going to be a complete substitute for an expanded welfare system in this cross but it could take some of the pressure off the system at a point in time where we don't know how long this will last Danielle. The government did announce that would allow Australians to access a superannuation. What's your position on that yet? Look wait we think unbalanced the good idea and clearly difficult decision for individuals to make to to draw down on the sweeper particularly the time when we hear the knock. It's onto forming. Particularly well sited the value of their investment might not be what they were but in a world in which the government is offering generous safety net but for many people that will not be enough if I have lost their jobs to keep up with their bills So we think allowing people to tap into those saving given the extraordinarily nightshirt. These crosses is a good idea to help people get
Anne Cox Chambers, Atlanta Media Heiress, Dies At 100
"Cox Chambers has died at the age of one hundred. The Atlanta newspaper heiress was one of the richest women in the country from member station W. A. B. E. Susannah Kappa Ludo reports and Cox Chambers owned the Atlanta Journal Constitution as part of the COX accent price media empire until last year it included TV and radio stations from around the country chambers supported Democrats including President. Jimmy Carter for whom she served S. Ambassador to Belgium. She also supported Barack Obama's first presidential campaign. She was known as a local philanthropist sitting on the board of the Atlanta High Museum of art and other other institutions Forbes estimated her net worth a few years ago at seventeen billion dollars she was the daughter of former Ohio governor James Cox for NPR. News I'M SUSANNAH CAPITAL LUCHO IN ATLANTA.
Panama Canal marks 20 years of US handover amid water crisis
"Our main water way for East West trade marks a milestone wall facing a major crisis they say the handover demolished a barrier the divided their country Panama marking the twentieth anniversary since the US handed over control of the Panama Canal that structure cost US taxpayers three hundred and fifty two million dollars to build in nineteen fourteen expanded six years ago that short cut has earned Panama about seventeen billion dollars in payments for ships to pass between the Atlantic and Pacific that expansion a drought in the looming dry season creating a water crisis for the canal it utilizes fresh water lakes to fill up its locks lakes that also provide drinking water for two million people the US China and Japan are the canals biggest
Trade in Asia-Pacific declines for the first time since 2009
"Trade in the Asia Pacific region has declined for the first time since the global economic crisis a decade ago the UN Office for the region escape reported on Wednesday total export volume fell by two point. Five percent this year while import volume decreased by three point five percent although economies are expected to bounce back in twenty twenty s caps said they are still facing risks related to trade tensions between between the United States and China the global slowdown in economic growth. Combined with the heightened tensions also affected merchandise trade in the region particularly leaf or economies closely integrated with China the UN office estimated that the tariff wars impact on gross domestic product or GDP could reach as much just four hundred billion dollars worldwide and one hundred and seventeen billion dollars in the region escape chief on meet US Elsia Alisyahbana said the challenge launch for Asia. Pacific is to increase trade and deepen economic integration to support sustainable development. She also welcomed the recent phase. One deal between the US Wesson China adding that it should reduce policy uncertainty
Opioid crisis: Johnson & Johnson hit by landmark ruling
"Attorneys for Johnson and Johnson say they'll appeal of five hundred seventy two million dollar judgment in a landmark OP what liability case brought by the state of Oklahoma is NPR's wins our Johnston reports the judgment is a fraction of the amount the state wanted Oklahoma had sought seventeen billion dollars in damages and issuing his decision judge that Bachmann ruled that Johnson and Johnson's marketing practices had helped fuel the opioid crisis in the state my judgment includes findings of fact and conclusions of law that the state met its burden that the defendants misleading marketing and promotion of Felix created a nuisance looting of finding that those actions compromise the health and safety of thousands of Oklahomans this is the first trial in the U. S. seeking to hold a drug maker and accountable for helping fuel the opioid epidemic Johnson and Johnson says it plans to appeal winter Johnston
Oklahoma, Johnson And Ohio discussed on Morning Edition
"Later today a judge in Oklahoma is expected to announce a verdict in the states seventeen billion dollar opioid lawsuit against drug manufacturer Johnson and Johnson the ruling is being watched by plaintiffs in about two thousand pending opioid lawsuits currently before a federal judge in Ohio
"seventeen billion dollar" Discussed on 600 WREC
"Caesars seventeen billion dollar deal this is fox news fox nation is the place for exclusive content you can't get anywhere else new opinion shows for more ingram tucker carlson and tom laron you can only get by signing up or fox station plus the real stories behind the headlines documentaries on chappaquiddick jimmy hoffa and more that you'll only find on fox nation more of the opinion done right you grade it's on fox nation documentaries and specials you can't get anywhere else there on fox nation so go to fox nation dot com today and sign up now for fox nation opinion done right now prepare when someone watch the news they want someone they can trust our job is to cut through the talking points month mccallum we're going to ask the tough questions because there's a lot of conventional wisdom out there that needs to be challenged in what i'm doing is making sure that whatever is develops through the day people are fully informed from coast to coast we're twenty four seven news but really down to the minute we're going to be fearless we're going to be fair whether it's midnight were there box news Janelle real news. Real, honest, opinion. new hampshire prep school graduate convicted of sexually assaulting a classmate is getting out of jail twenty-three-year-old owen lebron expected to be released today for good behavior liberty the prep school graduate from saint paul's school in new hampshire convicted back in two thousand fifteen of sexually assaulting a fifteen year old classmate after being acquitted of raping the girl as part of a sexual conquest game called the senior salute a jury finding him guilty of misdemeanor sexual assault and using a computer to lure and underage student for sex that requires him to register as a sex offender paul stevens.
"seventeen billion dollar" Discussed on KFI AM 640
"Take a unit of blood and will will knock ten percent off? But these dogs have to be screened that's expensive all this. It's just I things it's a real gap in a seventeen billion dollar US veterinary industry. And so the people trying to get the word out there. Trying to develop little donor banks in their own little. Pet hospital areas, you know, animal rights critics will say we'll these dogs aren't giving their consent. But you dogs don't give consent to anything that happens at the vet. No, I don't want my teeth cleaned. Oh, you know. I don't watch shots. You know, your dogs. Don't give consent. They can't give consent. In fact, I feel like they are protesting right there at us in front of us the minute we walk them through the door as they start turning around. And polling and being like, I don't wanna be here. I smell where we are. I don't want to go in. Yeah. But but this blood situation next time, you're at the vet asked the bet. I will what situation. Yeah. That's an interesting conversation. We can all have with our vets should something even happen. Do they have the appropriate supply? Or what how do they get the blood in? That's great. All right. Jane before I let you go. What is going on in strange success this week? I may have told you what I did the video story, but the podcast is the full story. Speaking of animals of this woman who has made eight million dollars selling toilet training kits for cats. She will train your cat. Pop up onto a seat and eventually learned to go in the toilet and flush the toilet. And the best part of the podcast is a weird encounter about shark tank. She had in her gynecologist office. Okay. So your cat goes to the bathroom on your toilet. And there's a story of shark tank and the gynecologist office all in your podcast, all inequity minutes, all in twenty minutes. Okay. I think we all have a reason to listen, Jane. Thank you so much. Take care later finder on Twitter at Jane wells, and her podcast is strange success. Cats gynecologists and shark tank. Oh, my all right. When we come back. We'll talk with ABC's. Tom rivers such a crazy story coming out of Africa this morning cyclone just ripped through central Mozambique, people are on their roofs. They're stranded people holding onto trees rivers are bursting just a crazy situation there and the rain continues to fall plus traffic in your forecast on your wakeup call. I'm.
"seventeen billion dollar" Discussed on Pat Gray Unleashed
"That makes absolute sense. Yep. And again, I say, it's the one thing Democrats have found that they aren't comfortable spending money on security. Yeah. It's that's when they're there. We're going to draw the line on your crazy out of control spending. Yeah. We're we're going to save the cave dwelling trial costs us seventeen billion dollars to do. But that's worth it. But we will not build your five billion dollar wall. No with no, sir. What did we learn yesterday shutdown cost the economy eleven billion, you could two of Trump's planned wall there? Oh my gosh. I can't take it. Yeah. You could have built it literally eleven billion dollars would've allowed you to build a wall. Probably Trump's concrete wall, you built that along all of the territory that they're talking about building right now where wherever they're gonna put a barrier. This would have done it for eleven billion dollars these stories today. I mean, they are correct me if I'm wrong, they are maddening. Correct. It's not just because I didn't get any sleep last night. Right. Okay. Just making sure because I don't want to set the wrong tone here. It's absolutely that absurd. Okay. Good to know. As we're talking about the proposed law in Virginia on abortion, keep in mind that's already done in New York and New York state that's already done except calling them abortion law a merger murder lights legalizing murder. It's hard to think of it any other way. Because that's what that's what it is. It just when you can when you can slaughter a baby at birth time. Add as your as it's being birthed, that's just plain murder. I don't know how you get around that triple eight nine hundred thirty three Ninety-three and patent leashed on Twitter. It's a new year now. And of course, we made some resolutions and maybe.
"seventeen billion dollar" Discussed on Bloomberg Radio New York
"Singapore on Juliette Sally Doug krizner at Bloomberg interactive brokers studio in New York, kind of a mixed picture for equities across the Asia Pac region, we had no trading in US financial markets. We were closed for the Martin Luther King junior day. And as such a note trading in bonds until now. Now in the Tokyo session with the yield on the US ten year treasury at two point seven seven percent. We'll take a closer look at market action in a moment right now. This hour's top business stories. Well, the IMF is warning global economic growth will slow the weakest in three years. It's blaming slowing European growth market, volatility and central Bank tightening. But Bloomberg's Andrew my says even saw the lender is still forecasting a slot pickup in global growth next year. They're stopping short at this point of of Saint at the world is about to enter a major downturn. If you look at their numbers, it looks like they're predicting more of a soft landing. The IMF also full a p copying Japanese growth, thanks to fiscal stimulus and also sticking with projections for the US and China at it still forecasting that India will grow seven point. Three percent. Meantime, we're hearing China is stepping up fiscal support of the at Seekonk by boosting the quota on provincial borrowing. Now the plan we are told is to increase issuance of so-called special bonds by. Sixty percent to around three hundred seventeen billion dollars. However, this plan still requires final approval. Taiwan reporting a dramatic drop in export orders. They slid ten percent in December from a year ago. Taiwan's economic affairs minister says a drop in demand for high end smartphones had a ripple effect in the supply chain. President Trump has tweeted that China's economy is slowing and therefore it makes sense for China to do a real deal on trade. That's afterward that the two sides are still far apart on the issue of intellectual property now. The Trump administration has accused Beijing of sponsoring intellectual property theft. And for the other side, they have denied it vehemently. Well, a victory for a Vancouver. Trump in China. Beijing has granted the first old has company. Preliminary approval for another five trademarks this month four trademarks, including childcare centers, sunglasses and wedding dresses were approved over the weekend, a fifth covering brokerage, charitable, fundraising and art valuation services. Got the thumbs up earlier this month the first daughter. Expanding intellectual property holdings have raised ethical concerns, especially amid U S China trade tension. She closed her fashion brand in July. But rep say the trademark filings are needed to protect her from copycats the five trademarks could be finalized within ninety days. Mark mills Bloomberg daybreak Asia. We go to Japan next where Takeda pharmaceutical is considering a massive asset sale. Bloomberg's Denise Pellegrini. Tells us emerging market drugs are front and center, suck obeys Takeda said to be considering selling certain over the counter and prescription assets it acquired the drugs through it's twenty eleven purchase of it's Swiss rival Nike, and we're told that together these assets could be worth about three billion dollars that could help the Japanese drugmaker cut debt following at sixty two billion dollar takeover of Shire. Earlier this month. We're also hearing Takeda's working with Bank of America to gauge investor interest for the assets. Denise Pellegrini, Bloomberg daybreak Asia. We'll send breaks at related developments as well. With. CK markets moving out of the U CMA groupies relocating its forex forwards and swaps venue from London to Amsterdam and by global shifting mice. European equities trading there as well after Brexit CME has already moved some other operations. There are at thirty four past the hour. Bryan Curtis is in Hong Kong looking at price action here. So I'm not seeing a lot of positivity. But the the losses aren't that substantial. Are they today where we're giving back a little, and I think a lot of bullets would be happy with this clear out some of the ribbon clues as you were the Nikkei says is the bad joke. The Nikkei is down a tenth of one percent. Asx two hundred used to play poker with a guy who used to always say that anyway. X two hundred down a quarter of a percent. We're also moving little bit to the downside down three tenths of a percent. In Seoul, the kospi. We did have some reasonably encouraging economic data out South Korea that was fourth quarter. GDP expanding one percent quarter-on-quarter. He estimate not point six percent. And then annualized it was three point one percent. And that was stronger than the two point seven percent. And I have a couple of interesting notes that are slightly positive in terms of views not fitting with the selling today. The Hong Kong fifty day moving average just crossed above it's one hundred day average, and that's a bully signal that has proceeded multiple rallies in recent years when both momentum indicators arising and gamma investment says now's a good time to be building positions in Chinese automaker. Stocks saying that valuations are near historic lows government stimulus will be up powerful catalyst some of the big names last year down thirty to fifty percent. And here's an interesting take from your Isan s. L J capital at the consensus view on the US China. Trade war will be a one hundred eighty degree miss with a more open China rather than a more closed United States as the end result saying that the consequences of the opening will offset the negative drag from weakening demand within China. And ultimately that will prove to strengthen the global economy. All right. Let's take a look at currencies. The Bloomberg dollar spot is flat. The doll yen one nine fifty eight yield on the ten year now down to two seventy six and the oil price pretty firm up there at fifty three ninety three a barrel. Juliette to you the best part about you laughing at your drugs. Brian is that I don't have to just kidding. Let's get to news. Now. China's president Xi Jinping has warned China's top leaders of serious dangers in the current global environment. Ed Baxter is coming all the global news in the Bloomberg nine sixty San Francisco newsroom. Ed, you're tough. Juliette? This was an unusual meeting of the top echelon of power. She telling. The leaders of the communist party needs greater efforts to prevent and resolve major risks. She reporting the areas of concern listed as politics and ideology to the economy environment external situations. Bloomberg's Tom MacKenzie says the concern could coalesce around some of these anniversaries including on October the first which is a seventieth anniversary of the founding of the People's Republic of China. And also the thirtieth over the thirty diversity. I should say all the tenement square massacre. She is quoted as saying the party is facing long term and complex tests in terms of maintaining long-term rule and opening up a market driven economy UK's labour party's proposed as alternative to the Brexit stalemate. Jeremy Corbyn, saying a second referendum is what's needed to get the government to move. The prime minister seems to be going through the motions of accepting the results, but in reality is in deep denial. So prime minister may rejecting the idea out of hand, we all need to be able to look. Our constituents in the. I'd say that we did the right thing by she says the issue is still a backstop New Zealand and UK meanwhile up signed a mutual recognition agreement to ensure trade flows freely wants, the UK has left the EU. If Kamala Harris could win the democratic nomination and election it would make history. She's announced her run for president today. Bloomberg's Suhil Kapoor methods that she's running on his primarily one of Justice. He is a former prosecutor in California district attorney, and the attorney general she's very fluent in issues of criminal Justice immigration reform issues that are important to segments of the democratic face so much more in common than what separates us. And when we emphasize that commonality while we recognize that commonality, we will achieve greater unity, and in particular, greater unity that we have right now where there are so many powerful voices or trying to so hate and division among us. We have got to reject that ABC news reporting Trump, personal attorney. Rudy Giuliani is backtracking on comments. He made yesterday reported that Trump Trump Tower Russia talks continued into November at the time of the election. He now says a comment hypothetical only for reference ABC has released what Giuliani said a month ago on this week. So we could float whether he was talking hypothetically, Donald Trump. No, Michael Cohen was pursuing the Trump Tower in Moscow into the summer of two thousand sixteen according to the answer that he gave. Would have covered all the way up to November of covered on November twenty sixteen in San Francisco. I'm Ed Baxter. This is Bloomberg. Doug. All right. It's thirty nine past the hour. We've got Dan Schwartzman. Looking.
"seventeen billion dollar" Discussed on Bloomberg Radio New York
"President Trump signal to Defense Secretary James Mattis that he may request seven hundred and fifty billion dollars a national security spending for the next fiscal year days after Madison and two of his top lawmakers urged him to abandon a plan to seek only seven hundred billion donate Capuccio is a Bloomberg news national security reporter, he joins us now for more on this story, and Tony the seven hundred billion dollar would have been a cut from the current fiscal year. What walk us through these numbers? Confusing as all get up seven hundred sixteen was the number. Passed by the congress for this current fiscal year. Down the seven hundred dollars. But two percent. Versus the three to five percent real growth increase. The secretary Madison chairman of the joint chiefs talked about two years ago, which was kind of a fantasy at the time. So there we have it. Now, they're now we're hearing that Trump is what we're seeing is seven hundred and fifty billion dollar plus a budget. That's about seventeen billion dollars over the original plan of seven hundred thirty three billion dollars. So this is a game of back and forth. I'm convinced that this was a negotiating ploy secretary Mattis. I have up pretty good authority was very happy with it. He pushed it. It's a victory for him. It's also signalled. Everybody who listens to you. That is not going to be leaving any time soon. How about that? He he was very happy about this. He can't tell you see a lot. But he he was taught colleagues that they came in at a really strong position after this meeting which. This was negotiating ploy because they're going to have to explain what these additional seventeen billion is gonna come from. You know, it's gonna come from cuts to social programs or is it just going to be additional deficit spending. So so what about all this chatter, though, that you know, Mattis was on the verge of leaving. And he and Trump had had were falling out. What about all that chatter chatter with a easy to write stories? We we Bloomberg tried to put actual facts this stuff. Here's the deal. Signaled leaving he's pushing initiatives left and right. He gets tired in new star Marine Corps general to be his spokesman the vibe, I got was that this general would not have taken the job inside Madison's walking out the door anytime soon. And this is a big victory for him. It was like cap Weinberger in the early eighties of beating out David Stockman. Oh and be for a major increase when Reagan kind of let it. President Reagan Reagan kinda let them fight over it. But kept Weinberger convinced Reagan to boost defense spending over the objections of only be directed at the time. Dave stockman. Kind of similar to that. What is frightening about that? Tony as I covered that fight like you. Oh my gosh. An article. I remember that the woodshed article. Yes. Okay. Then. So then I wondering if so this this would be good news for defense companies, obviously. Recanted. They're sitting pretty on missile defense issues. They had a successful navy intercept one of their standard missile one of the new models. So they're sitting fairly pretty at the moment. However, this is going to be a proposal, and we have the Democrats taking control of the house, obviously in January. So. Be. This is a bid high come in the middle and the seven thirty degrees out there. It's been an Olympic office of management and budget documents that were released earlier in the year. They're going to have to explain where the sector money gonna come from, you know, cut what agencies are they gonna cut and overall, Peter they still basic capital budget cap five hundred seventy six billion dollars. Fiscal twenty. That's quite a bit one hundred seventy six billion dollars over seven fifty. No, I think there's going to be this is the old sequester that everybody's blown through right? Seven fifty. Billion dollars over a five hundred seventy six billion dollar cap. Well, let's talk a little bit though about the politics of this of defense spending going into next year, and then ahead of the twenty twenty elections. You know, you could you might see a number of Democrats who who support higher defense spending. And maybe I mean much higher defense spending. Maybe the president cobble something together on that. I I don't I don't disagree with that. I mean, look at there's no there's no appetite for for for cutting back for reduction. They take the key party the tea party who puts it heavily. He's no longer a major force in congress deficit spending is the order of the day, Democrats and Republicans can agree on that. We can just blow it all for salt per Medicare. Security discretionary and defense. There doesn't seem to be an interesting coming back spending control the deficit, and this is going to be another example of that. And Democrats can agree with what you're you're going to see it. You're going to see more of its oversight of major defense programs. I think like the thirty five missile defense navy shipbuilding. There'll be more aggressive oversight on the house side. There has been under a publican house. And the last time we talked to you about defense spending. It was it was a that that audit that the the first time audit ever, right? That showed that this is at the Pentagon has had a very difficult time tracking all the defense spending. You know from from toilet seats to to cruise missiles to wrenches. Yeah. Let's keep the context context. This is about money. Wasted dollars dollars. They can't account for on their books, and it's not a good thing. But it's not like money going out the window or money that they? Being wasted a dead projects. That's a different issue caught by different oversight mechanisms, but you hit it on the head. They face public. Now. Ninety five percent of the public is not connected to the military. They face publicity audits. That they're not cast. And yet the Pentagon's asking for an astronomical increase in defense spending. This seven fifty would be the largest since about two thousand ten when the Obama administration got through about an eight hundred billion dollar national security budget that was the highest ever since the Cold War. Nobody likes talking about it because it's Obama, but he said the standard everything everything's gone down since then, but the standard the level is pretty high seven fifty would be the second highest since two thousand ten thank you donate. That's a Bloomberg national security reporter, Tony Capuccio. You're listening to Bloomberg politics policy of power on Bloomberg radio. Coming up a stronger economy has not led to strong wage growth for African American workers. This is Bloomberg. Donna from Louisiana. The storm hit and we went from donating to the food Bank..
"seventeen billion dollar" Discussed on Le Show
"Sparkling water so most of them are purified tap water the one thing you notice in these stories almost none of them and i haven't found one so i'm saying almost charitably makes the distinction between spring water and purified tap water bottled water is the phrase they use while there's two different kinds and as that list i just shared with you showed most of the contaminated brands were one kind speak of which cocacola which makes the sanni has admitted the designee water's contaminated with microplastics the emission came a day after they release to that study designing is sourced from kenya ladies and gentlemen nothing nothing wrong with that allegedly contained a contains a concentration of three hundred thirty five plastic pieces for every leader i don't know what that is in our gallons and you don't either don't start with me but i if if it were up to me and i was running dishonor or coke or both i'd be running to the ad agencies saying do jingle three hundred thirty five particles per leader you know and and make it sound like fun because in a way it isn't now to me came to me to to me two note about our friend the atom the federal government in the united states sear right where i'm sitting is demanding that the company building a giant nuclear waste treatment plant is does have to be treated it's sick on the hanford nuclear site in washington state provide records the purpose of the records what the records are being demanded for is to prove that the steel used in the nearly seventeen billion dollar project.
"seventeen billion dollar" Discussed on MSNBC Morning Joe
"Never so roll tide rohtak but is so yes there is a seventeen billion dollar deficit with canada when you include energy and timber but there's like twenty one or twenty two billion dollars surplus when you add on everything else so we actually do any trade plus right with canada so justin trudeau and it hurts me to say this mr box masculine masking walsh matty minute step in hurts me to say this but justin trudeau was right that was a british shaky that was shake much better anyway nice to just to the bottom line it hurts me to say it but justin trudeau was right it doesn't hurt me to say donald trump is wrong he making up a story and then he told the last night i didn't even know what i sent them out and then they came back in you're right so you're nobody said that because it's just not the truth he was lying last night what is the prize to his contributor and it shows how casually did it you know it was like a flip in one off story where the fundamental basic conversation was based on something that wasn't true at the highest possible level between two heads of state steve and he's for guy who claims fake news about five six times a day that's really important to tell the truth to have your facts right when you're talking to another head of state you're the president united well no he's a big picture guy he doesn't spend a lot of times well to ask but yet a normal person say okay i made a mistake oh you know and you fix that as opposed to say that convoluted.
"seventeen billion dollar" Discussed on KQED Radio
"Is now the biggest hedge fund in the world 1500 employee he's roughly one hundred and sixty billion dollars under management dallaglio who recently stepped down as co ceo has a net worth of around seventeen billion dollars he traces his success back to having weathered and learn from that early failure we have a challenge of being able to deal with our own imperfections and our own weaknesses um and our own being wrong and our society reinforces that it's reinforced and schools about you know okay you got the grades ride your awry to your right or your writer right it doesn't reinforce the notion of failure and learning from failures and that whole experience he'd be plenty of mistakes is everybody's business has david rubinstein again from the carlyle group both how should have made a mistake probably really isn't in the business or something hanis carlisle is a private equity firm buying establish companies sometimes replacing their ceos and ultimately selling them off this is not to be confused with a venture capital firm which generally funds startups i don't think i have the skill set in venture capital hike passed on facebook when mark zuckerberg was in college and i had a chance to be an early owner of amazon and effectively turn it down still rubinstein is among the most experienced people on the planet when it comes to observing ceos carlisle has acquired or invested in nearly six hundred companies in aerospace healthcare energy media financial as you name it so rubinstein has formed some rules of thumb running companies is different than getting them off the ground i think it's much harder to get them off the ground but generally the companies that are going to make it with some exceptions are the companies that have a she oh founder who has driven the company for a first couple of years and really driven it's a success and then you bring in a she here who's better it managing in premature company than somebody's getting it off the ground some of the greatest managers of companies in the world are not great entrepreneurs and some great entrepreneurs are not really good at managing companies in the.
"seventeen billion dollar" Discussed on Bloomberg Radio New York
"The hour broad come is facing a major hurdle in its hostile one hundred seventeen billion dollar takeover of rival qualcomm the powerful committee on foreign investment in the us has ordered an investigation of the proposed acquisition for national security reasons and our 30day delay of its investor meeting according to the us treasury department broad coms takeover of qualcomm could pose a national security risk because of qualcomm leadership and developing critical semiconductor technology the government's move to suspend broad comes hostile takeover is the most highprofile example yet of the trump administration's national security concerns about foreign purchases of american technology firms joining us is matt larson litigation analysts for bloomberg intelligence met let's talk about what's happening right now with the deal itself qualcom filed a volunteer terry request to start an investigation which broad come labeled a blatant desperate act to entrench it's incumbent board of directors what's going on here yeah they're certainly divergent views is to call comes motivations here is essentially what's happening is broad commas looking to fill bunch of board seats oncall coms board so that the board will accept broad coms offer to purchase the company would qualcomm has done is they very early on sought sylvia's or committee fear a yes the him aren't they asked me in the us thank you exactly sylvia's for the lawyers and legal jargon sylvia's took a look at the deal they typically see if there's going to be any national security or infrastructure risks with foreign investors having control over us commerce are you as businesses it's typically filed when you have an international merger after the deal is done you seeks if he is approval but what qualcomm did as they sought review very early on as an attempt to ward off this said hostile takeover attempt by broad com so that makes this different from other deals the government stepping in the middle and a takeover fight also brought come is now headquartered in singapore but it's reincorporating in the us does that make a difference you know it could one of the issues that people have with sylvia's as there's not a whole lot of transparency and sometimes what is put out in public documents are descriptions what's going on in the case varies a little bit from what sylvia's.
"seventeen billion dollar" Discussed on Bloomberg Radio New York
"The hour broad come is facing a major hurdle in its hostile one hundred seventeen billion dollar takeover of rival qualcomm the powerful committee on foreign investment in the us has ordered an investigation of the proposed acquisition for national security reasons and our 30day delay of its investor meeting according to the us treasury department broad coms takeover of qualcomm could pose a national security risk because of qualcomm leadership and developing critical semiconductor technology the government's move to suspend broad comes hostile takeover is the most highprofile example yet of the trump administration's national security concerns about foreign purchases american technology firms joining us is matt larson litigation analyst for bloomberg intelligence met let's talk about what's happening right now with the deal itself qualcom filed a volunteer cherry request to start an investigation which broad com labelled of blatant desperate act to entrench it's incumbent board of directors what's going on here you're there certainly divergent views is to call comes motivations here is essentially what's happening is broad commas looking to fill a bunch of board seats oncall coms board so that the board will accept broad coms offer to purchase the company would qualcomm has done is they very early on sought sylvia's or committee fear a yes the heavy aren't idiot asked me in the us thank you exactly sylvia's for the lawyers and legal jargon sylvia's took a look at the deal they typically see if there's going to be any national security or infrastructure risks with foreign investors having control over us commerce are you as businesses it's typically filed when you have an international merger after the deal is done you seeks if his approval but what qualcomm did as they sought review very early on as an attempt to ward off this said hostile takeover attempt by broad com so that makes this different from other deals the government stepping in the middle of a takeover fight also brought come as now headquartered in singapore but it's reincorporating in the us does that make a difference you know it could one of the issues that people have with sephiha says there's not a whole lot of transparency i'm sometimes what is put out in public documents are descriptions of what's going on in the case varies a.
"seventeen billion dollar" Discussed on C-SPAN Radio
"I agree about a lot of stuff at of this by back thing though i i just disagree i wrote a paper with alan our back has come as a democratic witness i think before this committee in the past on what drives by tax and we have this very special one time thing going on where there were these trillions of dollars offshore that are suddenly a they're able to bring them home end firms are investing them they're giving bonuses they're putting money in the bank and they're buying back shares and increasing dividends and that's how capital markets work but imagine if i own a share and then the firm buys it back at says if they gave me a dividend eat other giving me some money i'm in the coming because i mean investment in their firm will then i as an investor will presumably go out and buy some other equity in some other firm and so what that will do is that if you have a big firm like apple say that that has already done all the investment plans that it plans to and hasn't doesn't need the money that it's sending home to build a new factory then it might buy back the shares and then the people who owned apple will go out and buy equities and firms that are new and innovative at at that's house but that's how capital markets work the churn in capital markets is what drives growth levitra one more question that are present it keeps talking about is repeatedly recently claimed that their seventeen billion dollar trade deficit with canada and get your report talks about actually a net trade surplus with canada and was singapore this is a re she's made radio programming from thursday wcs being from washington so can you educate him on our canadian trade surplus police presence very well educated on these matters he uh i i think uh i haven't looked at his specific reference that you're talking about but there's.
"seventeen billion dollar" Discussed on MeatEater Podcast
"Access opportunities on public lance they are extremely important for those who do want access are also extremely important opportunities for specially those in rural areas the wants maintain agriculture while they're around so they grant the ease months they can maintain their property but it's still will be there for agricultural purposes and they have but it's it's also some of those eesmond takes place in urban areas to go like on the uh baltimore the highway between baltimore in washington is actually owned by the park service and they have eased minutes on it gotcha and there are part of this lw see a funding for those minutes so with that no domain but then take the other half the goes the federal government and say let's make sure that we can do something useful with that money the federal side of the money to federal half for example we have a seventeen billion dollar backlog in the park service let's put some of that money into actually solving our maher park service fish and wildlife beal am also have double digits in the millions of dollars in back billions dollars i'm sorry i'm back lock in their areas put the money in there we do payment in lieu of taxes to states so that they can actually provide services on the county level where there is massive amount of federal land that has always been uh we're we're doing better than when i first came here but that is around four hundred million a year put some to boost up that same time let's take the federal side of the money and not just spend it to reward special interest groups but put it on programs that actually help people that's what i'm trying to do but it will but it would steer money away from acquisition.
"seventeen billion dollar" Discussed on Boss Files with Poppy Harlow
"Uh sold or jettisoned pieces of the business that were fundamental to the company we sold off all the international um sort of bits and pieces that we had invested in not we remained a global bank now through merrill but what what i'm talking about is uh we had investments in a mexican bag of brazilian bags address so those pieces off get out of the retail business in europe and then focused on our own knitting brad countrywide basically back down to its pegues a lot how do you rebuild the culture and morale internally because you've talked about the most important thing being your employees and drowned they feel you guys reach a seventeen billion dollar sentiment with informant of justice at t it's an enormous number it's the largest civilian in a civil settlement with with a single entity in american history so how do you tell people great way to make history there you go but the i mean that that is what was in your lap ban and you have a relatively new ceo how do you convince your employees this is a company you want to work for well with more difficulty then then today that's for sure um but i do think every move we were making was pretty transparent so we weren't trying to hide anything we talked about the company having to reset its compass we talked about what was important we talked about um uh seeking to settle where we felt we needed to so that the company could move on in arguing who was to blame was no longer an option so just settling meant it was behind as seventeen billion as you know.
"seventeen billion dollar" Discussed on C-SPAN Radio
"Other joint joint chiefs of staff as well as the as assistant a deputy wherever he's called undersecretaries come to make the presentations justice is not about that number although for baiters don't necessarily say the authorising number is the appropriate at number is that not correct when as crack but nonetheless that's not the issue nobody saying we wanted take down the defence number but we're saying is in the defence non defence domestic discretionary budget a third of it a third of the budget our veterans homeland security out at the issue of antiviolence antiterrorism activities of the justice department and the state department all security functions are in that domestic side of it so we need money there but also part of our strength of our countries for us to rid the country of the opioid epidemic to give more money to our veterans there's a need for more funding for veterans in that's why in the difference between the that's the seventeen billion dollar difference or issues that i think we would all find to be bipartisan and noncontroversial opioid epidemic veterans issues issues that relate to the national institutes of health which need more funding so it isn't isn't about whether we question the number on defense we don't we don't but were saying that our strength of our country as is reflected in that defence domestic site as well i want to stipulate that everything you're saying is true i understood that be exactly what you said the first time as well my question is we've agreed on in the a defence no we haven't agreed on all of those other great bipartisan parties that we're talking about the we've made a passionate case today lippi shouldn't hold the dreamer bill hostage until we agree on everything else that you also stipulated was incredibly important as it relates immigration why is it legitimate to hold our men and women in uniform and their budget hostage until we finish everything when not holding 'em in when in uniform hostage at memorial you probably know that nobody nobody's doing that and at at don't appreciate that characterization will regret i do have an agreement that only a budget agreement that said there would be paramount leader between denies through your presentation in the same way that you meant exactly what you said when you called.
"seventeen billion dollar" Discussed on WNYC 93.9 FM
"The city's use of controversial computer programs to analyse evidence housing secretary ben carson is encouraging public housing residents to think like homeowners and make repairs themselves but wnyc cindy rodriguez says public housing buildings have major problems like leaky roofs and crumbling facades during his manhattan institute talk carson told the audience he wanted to create escrow accounts for public housing residents that withhold money for apartment repairs those accounts would grow of her time if tenants opted to fix things themselves toilets running i'm not calling the ha over the fans of their that if i can fix because i'm saving money in a few leave public assistance within five to ten years you get the money for a down payment a spokesman for hud tried to walk back carson's remarks and said the secretary was encouraging a mindset of selfsufficiency not addressing matches seventeen billion dollar repair backlog snow is likely today mainly after 5 o'clock we could see an inch here in the city it's morning edition from npr news i'm david greene and i am rachel martin republicans are set to unveil their tax bill compromise later today and people who built affordable housing are desperate to see what is in this bill that's because the house version would scrap a tax incentive that underpins about half of the affordable housing units that gap built across the country and paris chris arnold report since the house version of the tax bill was first passed housing advocates have been scared they say that a provision in it would mean that a lot of working families people on lower incomes of the elderly with lose out on the chance to get a place that they could afford to live the effect would be devastating it would mean a loss of around eight hundred thousand affordable rental homes over the next ten years diane yeah intel heads up the national lowincome housing coalition she says it for decades they spend his bed rock funding mechanism that's helped millions.
"seventeen billion dollar" Discussed on The B2B Revenue Leadership Show
"Um now depends on the ability of the person i mean i've managed both it if you you know it it does help to probably have other people if you're trying to scale buildup but then again depends on the scale the business right charlemagne kodak academia it's like a mentioned seventeen billion dollar budget kind of people paying attention to that i'm not not to mention i was trying to drive everything to what i called above the line and above the blood alignment salaries and cost and basel i meant promotion in outreach and marketing truly marketing in in a poll through an income gently generation customer demand and so forth and so on so when i got their most of it was below the line so is just god it was a mess in and then drive that above the line before i love for years later was a big big accomplishment so that would have been tougher to do had i had to manage sales at the same time so in and by the way sales in two different go to market strategies one in a a beat asean one in a to be so we did separate those young plus some us channels such as the company in it and if you wanna meet people you look good thing about sales good thing by marketing as you wanna meet a lot of people because the more people you meet the more business you tend to do so and bill relationships and be tough is on just one of you and where do you see marketing going i mean it's changed so much in the last five to ten years that.
"seventeen billion dollar" Discussed on Bloomberg Radio New York
"Over seventeen billion dollars under management coming up will be taking a look at what happens with fixed income and what happens with the fed but first let's go and check national and the world headlines with man to lions when the bloomberg ninety nine one newsroom in washington thanks fan likely winners lions against has been penalty called on the board today klingberg meteorologist rob carolina's been tracking it for the storm goes away from him in atlantic states that's where will see improving weather conditions any snow sleeper rainfall and the wins will pick up however weather conditions will continue carried across northeastern pence of a in your through new jersey the hudson river valley of new york interior new england that area will see some very heavy so fall ramo continue to fall mix with sleep times along the connecticut coast over one island and across coastal portions avert island itself eastern massachusetts this syria me see some very high wins this afternoon they could just over sixty miles an hour nearly one hundred thousand customers are without power in the minute flanagan ne dominion power reports fifty thousand customers in the dark in virginia maryland officials thirty thousand out edges thousands more being reported in delaware new jersey and also around philadelphia white house budget chief make mold lanie says he does not trust the congressional budget offices prediction at fourteen million americans will lose healthcare insurance in the next year under the report public and healthcare plan in interviews on them ascend be seen fox news mold lanie were noted that the cb out was wrong in estimating coverage under former president obama's plan them all they me says the office is wrong now to germany is trying to get a handle on fake news the justice ministers proposing have team maximum penalties up to fifty three million dollars for social networking sites global news twenty four hours a day powered by more than twenty six hundred journalist and analysts in a hundred and twenty countries do you drive buying anything that says some assembly reply then you probably prefer your business him financial meals gathered from over twenty six hundred journalists that analysts in more than a hundred twenty countries the put together in a way that makes it is your actually finding those things that if that was fun market with here i'm answering corey jones but does it mean for the on a makers.