Afleveringen
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Bloomberg Balance of Power cohost Joe Mathieu Phil Gramm, Economist and former Republican US Senator from Texas Gary Bettman, Commissioner of the National Hockey League on the Stanley Cup Finals
US and Chinese negotiators will resume trade talks on June 9 in London, President Donald Trump announced, as the world’s two largest economies look to resolve a simmering dispute over tariffs and technology that has unnerved markets.
US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet Monday “with Representatives of China, with reference to the Trade Deal,” Trump posted Friday on social media. “The meeting should go very well.”
The new round of talks follow a 90-minute call between Trump and Chinese leader Xi Jinping on Thursday that saw the two agree to defuse growing tensions spurred by concerns over the flow of critical minerals needed by American firms.
Earlier talks between the two countries in Switzerland in May resulted in a tariff truce between Beijing and Washington that set the stage for further talks on trade. But negotiations between the rivals stalled after the Geneva meeting, with both sides accusing the other of violating the agreement that brought down duties from massive highs.
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Featuring some of our favorite conversations from the Bloomberg Tech Summit in San Francisco.
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.
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Florian Seibel, co-founder and CEO of Quantum-Systems GmbH, discusses the rapid advancements in drone technology, the role of drones in warfare and how artificial intelligence factors in.
The former German army helicopter pilot and aeronautical engineer in 2015 co-founded a maker of reconnaissance drones, aiming to tap into his creative side after years in the military. In the past decade, his company, backed by Peter Thiel, has grown to about 400 employees worldwide.
Its unmanned aerial vehicles were first used primarily in low-stress fields such as agriculture and archaeology. But today, 90% of its sales go to the military sector, with the Munich company providing thousands of drones to Ukraine, where its AI features can keep the aircraft flying even when Russian jamming disrupts steering, navigation and communication.See omnystudio.com/listener for privacy information.
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RJ Scaringe, Founder and CEO of Rivian Bloomberg Technology Co-Host Ed Ludlow Peggy Johnson, CEO of Agility Robotics Ashley Mayer, Co-Founder & General Partner, Coalition Operators and Helen Min, Venture Partner, True Ventures
President Donald Trump proposed ending Elon Musk’s government contracts and subsidies, escalating the war of words between the world’s richest man and the president he helped elect.
“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!” Trump posted on his social media site Thursday.
Trump’s threat strikes at a main source of the billionaire’s wealth. Musk’s Tesla Inc. and Space Exploration Technologies Corp. have benefited from federal contracts and subsidies. Ending contracts with Musk’s companies could prove legally and practically unwieldy, given they are deeply intertwined with US space and defense operations.
Total revenue for SpaceX and Tesla from federal unclassified contracts since fiscal year 2000 is $22.5 billion, according to Bloomberg Government data. Tesla’s shares fell as much as 18% on Thursday, extending earlier losses after Trump floated ending Musk’s federal relationships.
“Go ahead, make my day,” Musk posted on X in response to Trump’s threat. The Tesla chief then alleged that Trump’s name appears in the files related to the late New York financier Jeffrey Epstein, who was accused of sex trafficking underage girls and later died by suicide while in federal detention.
“Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!” Musk wrote. The White House declined to comment on the Epstein accusation.
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Tillamook Ice Cream – the fastest-growing family size ice cream brand in the United States – is now officially in production at the new Tillamook County Creamery Association (TCCA) manufacturing facility in Decatur, Ill. As TCCA’s first owned-and-operated manufacturing site outside of Oregon, the production facility opening marks a key milestone in the 116-year-old farmer-owned co-op’s national expansion.
Tillamook President and CEO David Booth discusses the company’s growing dairy business on the first day of operation for its new plant, as well as the impact of tariffs on profits.See omnystudio.com/listener for privacy information.
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The Education Department said Columbia University no longer appeared to meet accreditation standards after concluding that the school is in violation of anti-discrimination laws, the latest effort by the Trump administration to target elite schools over their handling of pro-Palestinian protests.Education Secretary Linda McMahon said in a statement that the school’s leadership “acted with deliberate indifference towards the harassment of Jewish students on its campus” after the Oct. 7 attack by Hamas on Israel. The Education Department said it had notified the Middle States Commission on Higher Education that the administration found that the school failed to meaningfully protect students during the protests, violating Title VI of the Civil Rights Act. The department also cited federal law which they said required accreditors to notify member institutions if they were in noncompliance and establish a plan to bring them back into compliance.
Any revocation of the school’s accreditation could have significant implications for students. Some 21% of Columbia College and Columbia Engineering undergraduates receive the Pell Grant, a type of federal aid for high-need students, according to figures on the university’s website. Removing access to federal student loans would also increase borrowing costs for many students financing their education, while federally-backed work-study programs could also be under threat.
McMahon has been in communication with university President Claire Shipman since the administration pulled some $400 million in federal grants and contracts from the school in March. Last month, Shipman announced that Columbia was cutting nearly 180 staff members after reductions to its federal funding.
President Donald Trump and McMahon have previously suggested that conversations with Columbia were headed in the right direction, especially compared to another Ivy-League institution, Harvard University, which has launched legal challenges against the administration’s decision to cancel its federal funding and revoke its license to admit international students.The Department of Education does not have the authority to revoke a school’s accreditation, that authority lies with accrediting agencies like MSCHE. But the federal government can stop recognizing an accreditor as a reliable judge of the quality of higher education, which chokes off federal aid from an agency’s member schools.
Today's show features:
Bloomberg News White House Reporter Akayla Gardner on the White House saying Columbia University no longer meets accreditation standards Henrietta Treyz, Co-Founder and Director of Economic Policy at Veda Partners on key fiscal policy and trade issues facing the Trump administration and the GOP-led Congress Brent Schutte, Chief Investment Officer of Northwestern Mutual Wealth Management on the outlook for US monetary and fiscal policy changes Bloomberg News Senior Technology Reporter Dana Hull on the Big Take detailing Elon Musk’s push to bring robotaxis to Austin, Texas even as federal regulators investigate whether the system is safe Bloomberg Businessweek Editor Brad Stone on his Dan Gilbert feature storySee omnystudio.com/listener for privacy information.
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John Caplan, CEO of financial technology company Payoneer, discusses how a the health of the American consumer impacts the global digital payment industry. Payoneer sees the uncertainty surrounding global trade and tariffs posing a headwind to revenue, prompting the company to pull its outlook for the year when it reported earnings last month.
The New York City-based fintech company specializes in facilitating cross-border payments and is one of the top performers in the space along with Paypal and Venmo.
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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg News US Finance Team Leader Sally Bakewell on Wells Fargo being released from a Federal Reserve asset cap that has restricted its size for over seven years Bloomberg Radio and Television Anchor Alix Steel on Meta's deal to buy nuclear power from Constellation Energy to help run its AI platforms Bloomberg News National Security Team Leader Nick Wadhams on President Donald Trump’s decision to attend the upcoming NATO summit and NATO’s push to boost European to air defenses Katy Kaminski, Chief Research Strategist of AlphaSimplex on key trends to watch in the equity and bond markets Eric Clark, Chief Investment Officer at Accuvest Global Advisors on consumer-focused ETFs and investing strategies
Wells Fargo & Co. finally escaped a Federal Reserve asset cap that has restricted its size for more than seven years, unleashing the firm from the unprecedented punishment in a major win for Chief Executive Officer Charlie Scharf. The bank’s shares surged.
The Fed said in a statement Tuesday that Wells Fargo met all conditions required by an enforcement action imposed on the bank in 2018 to remove the restriction. The central bank completed its review of Wells Fargo’s remediation efforts and third-party assessments, as well as its own assessment of the bank’s corporate governance and risk management programs, it said.
The hotly anticipated verdict closes the door on nearly a decade of scandals at the fourth-largest US lender and allows the bank to pursue growth again. Since the cap was imposed in February 2018, it became the most-feared punishment in banking and caused Wells Fargo to miss out on about $39 billion in profits by one measure.
The Fed said that other elements of the 2018 enforcement action will remain in place for now.
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President Donald Trump said he would name a new nominee for NASA administrator, just days before billionaire Jared Isaacman, the current pick and a close ally of Elon Musk, was to face his planned Senate confirmation vote.
It wasn’t immediately clear why Trump was dropping the nomination of Isaacman, who had already been approved by the Senate Commerce Committee. Trump posted on Truth Social that he made the decision after a “thorough review of prior associations.”
Bloomberg News Space Reporter Loren Grush details the fallout from Trump’s decision and discusses what comes next for the space agency.
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Angela Stent, Senior Fellow at the Brookings Institution, on Ukraine’s drone strikes inside Russia and Monday’s talks between the warring nations Bloomberg Economic Chief Geoeconomics Analyst Jennifer Welch on new developments in the US-China trade war Alan Zafran, Co-Founder and Managing Partner IEQ Capital on markets and investing strategies Jeffrey Hirsch, President and Chief Executive Officer of Starz on his company’s recent earnings and separation from Lionsgate
Ukraine’s drone strike deep inside Russian territory left Kremlin officials angry and alarmed over the sudden vulnerability of a nuclear-capable air fleet far from the battlefield, according to people close to senior officials in Moscow.
Sunday’s dramatic attack on Russian long-range bombers in air fields in Siberia helped to disrupt an arsenal that Moscow deploys to hit Ukraine with some of its most powerful missiles. It also demonstrated Ukraine’s ability to hit key assets thousands of miles from the front lines, which the Russian military had thought were safe.
While nobody is predicting that Sunday’s dramatic attack will change the course of Vladimir Putin’s war, Ukrainian President Volodymyr Zelenskiy celebrated the “brilliant” covert operation.
Planned over a year and a half and involving unmanned aerial vehicles popping out of trucks that had been driven across Russia’s vast expanse, it was the longest-range mission undertaken in the three-year war, he said.
The damage inflicted on the warplanes is likely to rattle decision makers around Putin rather than shake up Moscow’s military aims. Only a few such bombers are needed for attacks on Ukraine, meaning that the pace of missile and bombing strikes won’t slow, according to people close to the Kremlin who spoke on condition of anonymity.
But the deep-penetration raid was a direct hit on air assets, including targets on Tu-160, Tu-95 and Tu-22 M3 bombers that have long been considered less vulnerable to attack than land and naval forces, which have suffered bigger losses. Russia’s Defense Ministry confirmed attacks at five military airbases across the country on Sunday. Russia acknowledged that several aircraft were damaged, compared with Kyiv’s claim that more than 40 planes were hit. A person close to the Kremlin put the tally at closer to 10. Pro-Moscow military blogger Rybar, which has about 1.3 million Telegram subscribers, estimated that 13 aircraft were affected, most of them long-range bombers.
Western officials continued to assess the aftermath of the raid. The destruction was “substantial,” with at least seven Tu-95s and four Tu-22s damaged or destroyed, according to one senior official. The strike, broadcast widely on Russian social media, was successful in lifting moral in Ukraine, a European diplomat said.
President Donald Trump’s administration was not notified ahead of the attack, a US official said.
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For two decades, YouTube has tried to convince advertisers that it’s the future of entertainment.
The streaming giant has spent the past few years trying to make itself the centerpiece of the living room. The company teamed up with TV manufacturers so watching YouTube on a TV became as easy as watching it on your phone or laptop. People can now leave comments and subscribe to YouTube channels on a TV, and creators can arrange videos as though they’re episodes of a show.
Bloomberg News Managing Editor, Media & Entertainment Lucas Shaw details his Businessweek story on content creators making longer shows to meet viewers where they are.
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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.
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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Businessweek Senior Reporter Max Chafkin on Elon Musk’s departure from his White House role Monica Duffy Toft, Professor of International Politics at Tufts University’s Fletcher School of Law and Diplomacy, on geopolitical conflicts Tyler Rosenlicht, Portfolio Manager & Head of Natural Resource Equities at Cohen and Steers on alternative investment strategies
Elon Musk said he will continue to advise President Donald Trump even after stepping away from the Department of Government Efficiency effort he has spearheaded.
“I expect to remain a friend and an adviser, and hopefully, if there’s anything the president wants me to do, I’m at the president’s service,” Musk said alongside Trump during a press conference Friday at the White House. “This is not the end of DOGE, but really the beginning.”
The comments indicate that the chief executive officer of Tesla Inc. and SpaceX plans to remain in the president’s orbit despite vows to pull back from Washington and prioritize his business empire. As the head of DOGE, Musk’s efforts to slash spending and cut government jobs have drawn pushback from federal workers and Democratic lawmakers as well as a consumer backlash to his business interests.
Musk’s divided attention has rattled investors and Wall Street analysts who underestimated the damage being done to Tesla’s brand around the world. As discontent grew over his focus, the billionaire vowed to pull back “significantly” from his government work to devote more time to Tesla as it nears the critical launch of robotaxi service.
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Costco Wholesale Corp. posted better-than-expected earnings in the third quarter, a sign that the nation’s largest club chain is flexing its scale and devoted following to navigate tariffs and other forces of economic turbulence.
The retailer said it generated earnings per share of $4.28 for the quarter ended May 11, above what Wall Street analysts were expecting. The metric suggests that Costco is growing its business even as consumers prioritize necessities to save money.
Burt Flickinger, Managing Director of Strategic Resource Group, reacts to Costco's earnings other key players in the retail sector, including Walmart, The Gap and Ulta Beauty.
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Bloomberg News US Legal Reporter Erik Larson and Jimmy Gurulé, Professor of Law at Notre Dame Law School and Founder and Director of the Exoneration Justice Clinic Elizabeth Economy, Hargrove Senior Fellow and co-chair of the Program on the US, China, and the World at Stanford University’s Hoover Institution Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management
A federal appeals court offered President Donald Trump a temporary reprieve from a ruling threatening to throw out the bulk of his sweeping tariff agenda, offering at least some hope to a White House now facing substantial new restrictions on its effort to rewrite the global trading order.
The administration celebrated the order from the US Court of Appeals for the Federal Circuit as validating its vow to aggressively challenge a ruling issued Wednesday night by the Court of International Trade blocking sweeping parts of Trump’s tariffs over his use of the International Emergency Economic Powers Act, or IEEPA.
“I can assure you, American people, that the Trump tariff agenda is alive, well, healthy, and will be implemented to protect you, to save your jobs and your factories,” trade adviser Peter Navarro told reporters on Thursday.
Even as Navarro celebrated the temporary stay, the possibility that the appeals court could ultimately back the original ruling and block Trump’s tariff policy hung heavy over the White House. Separately, a second federal judge declared a number of Trump’s levies enacted using emergency powers unlawful, but limited his decision to the family-owned business that sued and delayed the order from taking effect for 14 days to allow the Justice Department time to appeal.
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Bloomberg News Chief Correspondent for Global Macro Markets Liz McCormick explains why Asian investors are rethinking their strategy of investing in US assets. The trend has been driven by concerns over the US budget deficit, political polarization, and the impact of Trump's policies on the dollar.
The shift away from US assets could lead to a significant unwinding of dollar investments, with potential beneficiaries including emerging markets, Europe, and Japan, and a possible appreciation of Asian currencies.
This story is the subject of the latest Bloomberg Big Take. You can read the full story, and more from Bloomberg The Big Take on the Bloomberg Terminal and at Bloomberg.com/bigtake.See omnystudio.com/listener for privacy information.
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Nvidia, the world’s most valuable chipmaker, gave an upbeat revenue forecast for the current period, even as a slowdown in China weighed on results. Sales will be about $45 billion in the second fiscal quarter, which runs through July, the company said on Wednesday. That included the loss of roughly $8 billion in revenue from China because of export controls. The forecast was in line with analysts’ estimates, according to data compiled by Bloomberg.
Nvidia shares rose about 4% in extended trading following the announcement. The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The chipmaker — now the world’s largest by revenue — dominates the market for AI accelerators, the components that help develop and run artificial intelligence models. And an ever-broader lineup of hardware and software is letting Nvidia sell more products to customers.
Bloomberg Intelligence Senior Tech Industry Analyst Mandeep Sing Joe Kaiser, Managing Director at Mercato Partners
For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with:See omnystudio.com/listener for privacy information.
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Jay Goldberg, Senior Analyst at Seaport Research Partners on Nvidia earnings Bloomberg Businessweek Senior Reporter Max Chafkin Bloomberg News Cross-Asset Reporters Emily Graffeo and Vildana Hajric
Nvidia Corp., the world’s most valuable chipmaker, gave an upbeat revenue forecast for the current period, even as a slowdown in China weighed on results.
Sales will be about $45 billion in the second fiscal quarter, which runs through July, the company said on Wednesday. That included the loss of roughly $8 billion in revenue from China because of export controls. The forecast was in line with analysts’ estimates, according to data compiled by Bloomberg.
The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The chipmaker — now the world’s largest by revenue — dominates the market for AI accelerators, the components that help develop and run artificial intelligence models. And an ever-broader lineup of hardware and software is letting Nvidia sell more products to customers.
As part of that push, the company is increasingly offering its chips as part of whole computer systems — a move it says is necessary to speed up the deployment of more complex and powerful technology. Nvidia expects AI infrastructure to eventually transform much of the economy, part of what Chief Executive Officer Jensen Huang refers to as a new industrial revolution.
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Sukhinder Singh Cassidy, Chief Executive Officer of cloud software company Xero, discusses the New Zealand-based company's outlook and its push to grow its small-business customer base in the United States.
Xero is a global small business platform that helps customers supercharge their business by bringing together the most important small business tools, including accounting, payroll and payments. Singh Cassidy cites strong revenue growth in the US from its most recent earnings report, and also explains how the emergence of artificial intelligence could help lift her business to new heights.See omnystudio.com/listener for privacy information.
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Meghan Robson, Head of US Credit Strategy for BNP Paribas Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman Bloomberg News Managing Editor for Deals Liana Baker Nate Rempe, President and Chief Executive Officer of Omaha Steaks
Wall Street kicked off the week with a rally in stocks as consumer confidence rebounded sharply while the US and the European Union sped up trade talks. A global surge in bonds also helped sentiment.
As equities halted a four-day slide, the S&P 500 climbed 2%. Nvidia Corp. paced gains in megacaps ahead of its results. Treasuries got a boost, pushing the 30-year yield below 5% on signs Japan will be ready to calm jittery debt markets. The moves in the US extended after a sale of two-year notes was met with solid bidding metrics. The dollar rose against all developed-market currencies.
President Donald Trump noted he was encouraged the EU is speeding up negotiations on trade, days after he said the bloc would face 50% tariffs if they fail to reach a deal with the US. Trump extended a deadline for those taxes to take effect to July 9 after a call with European Commission President Ursula von der Leyen.
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