Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.A US judge has ordered the Trump administration to pause plans to fire thousands of federal workers during the government shutdown while labor unions challenge the move.The ruling on Wednesday from US District Judge Susan Illston in San Francisco follows layoff notices that have gone out to more than 4,100 federal employees since last week.The order isn’t a final decision on the merits of the case. It means that more than two dozen federal agencies named in the case cannot send out new layoff notices if they involve programs that include labor union members that sued. The decision means the government must halt action on notices that already went out while the judge weighs whether to impose a longer-term block.Today's show features: Laura Davison, Bloomberg Washington Deputy Bureau Chief, on Judge Blocks Federal Firings During Government Shutdown for Now Dan Letter, President and incoming CEO of Prologis, on earnings and the industrial real estate market Mizuho Senior Consumer Analyst David Bellinger on Walmart on Path to Trillion Dollar Status After OpenAI Alliance Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee and Bloomberg News Economics Editor Molly Smith on Beige Book and latest Eco Data See omnystudio.com/listener for privacy information.
Women currently control about one-third of the world's wealth and that figure is expected to rise to 50% by the end of the decade, according to research data from BlackRock. Women are also playing an increasingly large role in driving and engaging with the capital markets, and these statistics could indicate a coming structural shift for the financial services industry.Jaime Magyera, the Head of BlackRock’s US Wealth Advisory business and Head of BlackRock’s Retirement business, discusses investing trends among high net-worth clients and why women will soon be the nation's key market drivers. Jaime speaks with Carol Massar and Isabelle Lee on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.Investors spooked by the implosion of auto lender Tricolor Holdings and car-parts supplier First Brands Group got little reassurance Tuesday from the head of the biggest US bank.“My antenna goes up when things like that happen,” Jamie Dimon, JPMorgan Chase & Co.’s chief executive officer, said on a call with analysts. “I probably shouldn’t say this, but when you see one cockroach, there are probably more. Everyone should be forewarned on this one.”The pair of bankruptcies were a shock for the credit markets, where companies have been borrowing at a record pace while handing investors outsized returns. And Dimon, fresh off posting results that put his bank on track for another record year, said there could be more pain than usual when the economy takes a turn for the worse. In drawing attention to investors’ growing disillusionment with public vehicles that hold private-debt investments, Dimon touched on a niche corner of the market where investors are on the lookout for signs of widening cracks in debt markets.Investors have been fleeing BDCs, seen as a proxy for the $1.7 trillion private-credit market, as they cut distributions available to shareholders. That has opened a widening gap between the broader equity market and private-credit BDC stocks. Last month, the $75 billion non-traded Blackstone Private Credit Fund, the largest in the industry, said it was reducing its shareholder payouts.Today's show features: Bloomberg News Chief Wall Street Correspondent Sridhar Natarajan and Bloomberg Intelligence Senior Analyst for Global Investment Banks & Asset Managers Alison Williams on quarterly bank earnings from JPMorgan, Goldman Sachs, Citigroup and Wells Fargo Bloomberg News US Semiconductor Reporter Ian King on Oracle’s deal to deploy a large batch of AMD’s forthcoming MI450 chips next year Cathy Seifert, Vice President of CFRA Research, on BlackRock’s quarterly earnings and outlook Bloomberg News Global Economy Reporter Enda Curran US China on global trade shifts brought on by tariffs See omnystudio.com/listener for privacy information.
Lumen Technologies last month announced the successful completion of a repricing transaction of Level 3 Financing, Inc.’s (“Level 3”) $2.4 billion credit facilities at Term SOFR + 3.25%. The new pricing represents a reduction of 100 basis points, resulting in $24 million in annual interest expense savings. Additionally, in connection with the refinancing transaction certain other modifications were made to the covenants in the Credit Agreement to provide additional flexibility to Level 3.Chris Stansbury, Lumen's CFO, discusses the company's debt restructuring and path toward for growth, the sale of its residential-fiber unit to AT&T, and the current state of the telecom space. Chris speaks with Tim Stenovec, Emily Graffeo and Nina Trentmann on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump pressed world leaders gathered at a summit on Gaza’s future to ensure the US-led truce between Israel and Hamas turns into a lasting peace, hailing the agreement as a “new beginning” for the war-torn region.“Today, for the first time anyone can remember, we have a once-in-a-lifetime chance to put the old feuds and bitter hatreds behind us,” Trump said in the Egyptian resort town of Sharm El-Sheikh.” “Together we’re going to forge a magnificent, great and enduring peace.”Trump’s whirlwind trip, which also included a stop in Israel, heightened optimism for ending the two-year-long war between Israel and Hamas.“Together, we’ve achieved what everybody said was impossible. At long last we have peace in the Middle East,” Trump said. “Now the rebuilding begins.”Yet the nascent ceasefire remains fragile, with many key details left to be worked out. Trump said food and aid has begun to flow into Gaza, which has been devastated by the conflict. “Numerous countries of great wealth” have pledged reconstruction funds, Trump added, though he did not name them.Today's show features: Mona Yacoubian, Director and Senior Adviser, Middle East Program at the Center for Strategic and International Studies, on President Donald Trump’s Middle East visit and the fragile Gaza ceasefire Daniel Florness, CEO of Fastenal on earnings and the state of US manufacturing Harmit Singh, Chief Financial and Growth Officer and Levi Strauss & Co, on the retailer’s latest quarterly earnings and the impact of tariffs See omnystudio.com/listener for privacy information.
Rick Caruso has amassed a $5.8 billion fortune building open-air malls known for their relentlessly cheerful, Disneyfied aesthetic, with dancing fountains and sightseeing trolleys. He moonlighted in local California politics, emerging as a civic fixer for a series of mayors who turned to him when they had a difficult or distasteful task they needed done. Caruso vied for office himself in 2022, spending $107 million of his personal fortune on a run for LA mayor, casting himself as a centrist Democrat who had a businessman’s knack for problem-solving. He lost soundly and seemed to recede from view, a mogul without a public cause to champion.The wildfires that ripped through parts Southern California in January have since thrust Caruso back into the spotlight, with the business mogul blaming the area's response to the fires on local leaders, including Los Angeles Mayor Karen Bass, the progressive who beat him in the 2022 election. Caruso discusses his state's path to economic recovery as well as whether he plans to once again seek political office with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily, which was broadcasting live from Bloomberg Screentime in LA.See omnystudio.com/listener for privacy information.
Featuring some of our favorite conversations of the week from our daily radio show “Bloomberg Businessweek Daily.” Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BWSee omnystudio.com/listener for privacy information.
Watch Bloomberg Businessweek LIVE every day on YouTube: http://bit.ly/3vTiACF.US President Donald Trump threatened a “massive increase” of tariffs on goods from China and to cancel an upcoming meeting with the country’s leader, Xi Jinping, citing recent “hostile” export controls Beijing placed on rare-earth minerals.“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” Trump posted Friday on social media.The president added that one form of retaliation the US is considering “is a massive increase of Tariffs on Chinese products coming into the United States of America,” adding that “there are many other countermeasures that are, likewise, under serious consideration.”Markets recoiled at the president’s comments, which portended fresh trade tensions between the world’s two largest economies. The S&P 500 and the Nasdaq 100 both plummeted, with the latter seeing its biggest drop since April 30. Chicago soybean futures also fell, hitting session lows after the post.Today's show features: Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee on President Donald Trump’s reversal on a planned meeting with China’s Xi Jinping Jayati Bharadwaj, Director of FX Strategy at TD Securities, on the global currency market Dana Stroul, Senior Fellow and Director of Research at the Washington Institute for Near East Policy on the Israel-Hamas ceasefire deal and President Donald Trump’s planned visit to the Middle East next week Bloomberg Intelligence Global Equity Strategist Gillian Wolff on Friday's market selloff See omnystudio.com/listener for privacy information.
The Digital Wellness Lab at Boston Children’s Hospital conducts rigorous, multi-method research to understand how interactive media impacts the mental, social, and emotional health of children and teens. When it comes to the tech and media industry, the Lab aims to embed what it's learning into the decisions leaders are making every day about product, policy, and user supports to ensure young people’s social, emotional, and mental wellbeing and overall health are at the forefront. Dr. Keneisha Sinclair-McBride, Associate Chief of Integrated Behavioral Health at Boston Children's Hospital and Assistant Professor of Psychology at Harvard Medical School, discusses the impact of social media on adolescent minds with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Jared Isaacman and President Donald Trump have met in recent weeks and discussed reviving the fintech billionaire’s nomination to lead NASA, according to a person familiar with the matter.A decision to reconsider the Elon Musk ally would mark a major reversal for Trump after the White House revoked the job offer in May citing Isaacman’s ties to Democratic politicians. That left NASA without a long-term leader as the space agency grapples with funding and job cuts and races to bring astronauts back to the moon.Trump has met with Isaacman, a SpaceX astronaut and executive chairman of Shift4 Payments Inc. in person more than once in recent weeks to discuss his vision for leading the space agency, the person said, speaking on condition of anonymity because the matter is confidential.The person cautioned that Trump hasn’t made a final decision and could go in a different direction. The role of NASA administrator also requires confirmation by the US Senate. Today's show features: Bloomberg Tech Co-Host Ed Ludlow on reports that Jared Isaacman and President Donald Trump have met to discuss reviving Isaacman's nomination to lead NASA Samira Bakhtiar, General Manager of Media & Entertainment, Games & Sports Industry at AWS, on the impact of AI in Entertainment Laura Martin, Senior Entertainment & Internet Analyst, Needham & Co., on the prospects for consolidation in the media and entertainment business Edward Hamati, Chief Investment Officer of The Steward Trust and President of Polarity, on investment trends in the media and entertainment business See omnystudio.com/listener for privacy information.
Rubrik CEO Bipul Sinha believes that artificial intelligence is creating "one hundred times more opportunities," but with "one hundred times more risk" for cybersecurity clients. He joined Scarlet Fu and Norah Mulinda on 'Bloomberg Businessweek Daily' to discuss balancing AI innovation with data privacy.See omnystudio.com/listener for privacy information.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Several participants at the Federal Reserve’s September policy meeting said it was important to continue monitoring money-market conditions and evaluate how close bank reserves are to their “ample” level, as the central bank continues to unwind its massive portfolio of securities. The remarks come as prolonged funding pressures in US money markets, just as bank reserves held at the Fed are dwindling, are suggesting the central bank may be getting closer to ending its balance sheet runoff. A few participants noted that the Standing Repo Facility — the Fed’s liquidity backstop — would help keep the federal funds rate within its target range and ensure that temporary pressures in money markets wouldn’t disrupt the ongoing balance-sheet reduction, according to the minutes of the Sept. 16-17 gathering released Wednesday. Today's show features: Kay Herr, JPMorgan Asset Management US CIO of Global Fixed Income, Currency, and Commodities Stephen Carroll, Host of Bloomberg Daybreak Europe, on Macron's next two days during which he needs to select a new prime minister Mandeep Singh, Bloomberg Intelligence Global Head of Technology Research, on how AI became a trillion dollar market Herman Chan, Bloomberg Intelligence Senior Analyst for US Regional Banks on the bank merger outlook See omnystudio.com/listener for privacy information.
Zwift is a massively multiplayer online cycling and running physical training program that enables users to interact, train, and compete in a virtual world. Eric Min is co-founder and CEO of Zwift. He discusses using AI for the online cycling and running physical training program.See omnystudio.com/listener for privacy information.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Dell Technologies Inc. roughly doubled its growth estimates for sales and profit for the next two years, and said demand for artificial intelligence products will extend those higher projections at least through the 2030 fiscal year.The company unveiled a “long-term financial framework” that calls for sales to rise at a rate of 7% to 9% annually for the next four years, while earnings per share, excluding some items, will increase 15% or more. The company in 2023 had estimated revenue growth of 3% to 4% and adjusted EPS of 8% or better. Dell is announcing the updated numbers, which apply through fiscal year 2030, at an investor event Tuesday in New York, Chief Operating Officer Jeff Clarke said in an interview ahead of the event.Today's show features: Woo Jin Ho, Bloomberg Intelligence Senior Hardware and Networking Analyst Erin Harkless Moore, Vice President and Managing Director, Investments, Pivotal Ventures Eric Clark, Accuvest Global Advisors CIO Brandon Scott, the Mayor of Baltimore See omnystudio.com/listener for privacy information.
Paramount Skydance Corp. acquired the online news site the Free Press and named founder Bari Weiss editor-in-chief of CBS News, a move likely to stir controversy inside and outside of the venerable news organization.Weiss, 41, will report to Paramount Chief Executive Officer David Ellison and oversee the editorial direction of a news division whose programs include the prestigious 60 Minutes and CBS News Sunday Morning. Financial terms of the deal weren’t disclosed, but other outlets have reported the acquisition values the Free Press at about $150 million.“Bari is a proven champion of independent, principled journalism, and I am confident her entrepreneurial drive and editorial vision will invigorate CBS News,” Ellison said in a statement on Monday. “This move is part of Paramount’s bigger vision to modernize content and the way it connects – directly and passionately – to audiences around the world.”To discuss how Weiss' selection could change CBS News, hosts Carol Massar and Tim Stenovec speak with Katie Fallow, Deputy Litigation Director for the Knight First Amendment Institute at Columbia University See omnystudio.com/listener for privacy information.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Advanced Micro Devices Inc. landed a blockbuster deal with OpenAI to build artificial intelligence infrastructure, giving the chipmaker a chance to show it can mount a challenge to Nvidia Corp. in the AI computing industry. AMD shares soared 24% to $203.71 after the agreement was announced Monday, adding $63.4 billion to the company’s market valuation. It’s now worth $330.6 billion, more than Coca-Cola Co., General Electric Co. or Chevron Corp. OpenAI will deploy 6 gigawatts’ worth of AMD graphics processing units over multiple years, according to the pact, which is just over half the size of an agreement the AI startup recently reached with Nvidia. It also sets the stage for OpenAI to acquire a large stake in the chipmaker. The deal represents a high-stakes test for AMD — one that could deliver tens of billions of dollars in new revenue and burnish its status as a serious contender in AI technology. There are also risks: It further ties AMD’s prosperity to an AI market that some worry is in a bubble. Today’s show features:Bloomberg Tech Co-Host Ed LudlowBloomberg Intelligence Global Head of Technology Research Mandeep SinghRick Welts, CEO of the Dallas Mavericks, and Bloomberg News Texas bureau Chief Julie FineDrive to the Close with Lesley Marks, CIO for Equities, Mackenzie InvestmentsSee omnystudio.com/listener for privacy information.
A developer of residential towers in New York, Miami and Los Angeles has embarked on a new venture, with plans to spend more than $1 billion converting cruise ships into luxury condos on the seas.Earlier this year, Russell Galbut, managing principal of developer Crescent Heights, struck a $230 million deal with Norwegian Cruise Line Holdings Ltd. for a long-term lease on his first ship. Galbut said he intends to upgrade the vessel, known as the Seven Seas Navigator, and sell berths to customers who’d want to live on the ship for extended periods of time.Crescent Seas, the new entity created for the effort, will offer 210 units on the Navigator at prices ranging from $750,000 to $8 million. Galbut aims to have the ship ready for its initial voyage in late 2026, and details his unique business plan with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
Damian Sanchez, (Damian J to music fans) is a Miami-based jazz musician. A car accident landed him in the hospital with multiple fractures to his leg. Once there, he faced the difficult decision of whether or not to take the pain medication that was offered to him. With patients like Damian in mind, Dr. Paul Negulescu and the research team at Vertex are thinking differently about pain – they’re investigating potential non-opioid based treatment options that aim to target pain differently.Produced by Bloomberg Media Studios and Vertex Pharmaceuticals. Featured guests:Damian Sanchez is a Miami based jazz musician. He is the founder of the Damian J Foundation.Norm Buckley is the Scientific Director of the Michael G. DeGroote Institute for Pain Research and Care at McMaster University. David Altshuler is the Executive Vice President, Global Research and Chief Scientific Officer at Vertex Pharmaceuticals.Paul Negulescu is a renowned cystic fibrosis researcher and now the Senior Vice President leading the team researching pain at Vertex Pharmaceuticals.Read more about Vertex's approach to targeting pain at VRTX.comSee omnystudio.com/listener for privacy information.
Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."Hosted by Carol Massar and Tim StenovecHear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BWSee omnystudio.com/listener for privacy information.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Hamas agreed to release all Israeli hostages captured in its Oct. 7 attack but said the rest of President Donald Trump’s 20-point peace plan would be subject to negotiation.The statement was a positive step that still raised questions about whether the promise would be sufficient to end the fighting. It also didn’t address Trump’s demand that the group disarmIn a statement, Hamas said it agreed “to release all Israeli prisoners — both living and deceased — in accordance with the exchange formula outlined in President Trump’s proposal, and contingent upon the necessary field conditions for carrying out the exchange.”Hamas also said the hostages would need to be released “in a manner that ensures the cessation of the war and the full withdrawal from the Gaza Strip,” a caveat that raised questions in Israel about whether the group would go through with the plan. Hamas also said it was ready to transfer administration of the Gaza Strip to “a Palestinian body composed of independent technocrats.”The group also said other parts of Trump’s 20-point plan “require a unified national stance and must be addressed based on relevant international laws and resolutions.”Today's show features: Bloomberg Intelligence Senior Defense Analyst Wayne Sanders on Hamas agreeing to release remaining Israeli hostages Bloomberg TV & Radio International Economics & Policy Correspondent Mike McKee on his conversation with Federal Reserve Governor Stephen Miran Karin Kimbrough, Chief Economist at LinkedIn, on the health of the US labor market Dr. Iman Abuzeid, Co-Founder and CEO of Incredible Health, on building the largest career marketplace for permanent healthcare workers See omnystudio.com/listener for privacy information.
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