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Speaker 1: Good morning. I'm Brian Curtiz and I'm Doug Krisner. Here

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Speaker 1: are the stories we're following today.

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Speaker 2: Well, US House of Representatives has elected as speaker, as

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Speaker 2: you heard there in our headlines, Mike Johnson has taken

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Speaker 2: the oath. At Baxter has the story and the rest

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Speaker 2: of the news from the nine to sixty Newswoman in

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Speaker 2: San Francisco.

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Speaker 3: And yeah, that's right. Brian cements the Republican Party's right

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Speaker 3: word shift after three weeks of a fight that paralyzed

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Speaker 3: legislative work. Mike Johnson is a social conservative with fundamental

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Speaker 3: Christian beliefs.

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Speaker 4: The people have lost their faith in our institutions. Their

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Speaker 4: faith is at an all time low. And one of

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Speaker 4: the reasons they've lost it is because the Congress over

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Speaker 4: the years has not delivered for the American people well enough.

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Speaker 3: And Johnson says that will change right now.

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Speaker 4: In the days and weeks ahead, You're going to see

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Speaker 4: Congress working as hard as it's ever worked, and we

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Speaker 4: are going to deliver for the American people. I'm grateful

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Speaker 4: that this opportunity. I want to thank you for being

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Speaker 4: patient with us, and I promise you it'll be worth it.

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Speaker 5: God bless you, God bless you.

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Speaker 3: Johnson back congressional attempts to discredit the twenty twenty election

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Speaker 3: and is a staunch backer of Donald Trump, who's very

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Speaker 3: pleased by the way he's popular.

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Speaker 2: He's smart, to sharp, he's going to be fantastic.

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Speaker 6: I think he's going to be a fantastic speaker.

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Speaker 3: Now, House Minority Leader Hakim Jeffrey says it's time to

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Speaker 3: get back to work. First issue Ukraine and Israel.

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Speaker 4: We can either stand up for Ukraine or bow down

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Speaker 4: to Vladimir Putin.

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Speaker 3: That is not a difficult choice. So more of who

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Speaker 3: is Mike Johnson. He's characterized as having a very conservative

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Speaker 3: voting record, being aligned with Donald Trump, as we say,

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Speaker 3: elected the very same year. By the way, is Trump.

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Speaker 3: So the difference between him and say Jim Jordan, Well,

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Speaker 3: Bloomberg's Mike Dorning says, personality number one.

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Speaker 7: He's definitely someone who throughout his career has definitely taken

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Speaker 7: a voting record far to the right on the Republican side.

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Speaker 7: That said, he's not this confrontational, combative personality like, for instance,

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Speaker 7: Jim Jordan, who was nominated and failed to win speaker.

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Speaker 3: And Jordan promised immediately to work on passing a resolution

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Speaker 3: of aid for Israel, and sources tell us that they're

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Speaker 3: doing that. Israel says it is going to delay its

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Speaker 3: ground invasion in an effort to get hostages out and

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Speaker 3: to follow the US time to bolster US air defenses

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Speaker 3: and forces in the Middle East, and US President Joe

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Speaker 3: Biden says it was not a US demand.

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Speaker 1: What I have indicated to him is that if that's

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Speaker 1: possible to get these folks out safely, that's what he

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Speaker 1: should do his third decision. But I did not demand it.

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Speaker 3: And UN Secretary General Antonio Gutera says he's surprised by

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Speaker 3: the angry reaction to his comments yesterday regarding the Palestinian people.

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Speaker 5: I spoke of the grievances of the Palestinian people.

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Speaker 2: I mean doing.

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Speaker 8: So so clearly stated and I quote, but the grievance

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Speaker 8: is of the Palestinian people.

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Speaker 6: Cannot justify the appalling attacks by a mass.

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Speaker 3: Meanwhile, Cutter's foreign minister says that talks to release more

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Speaker 3: hostages held by Hamas are progressing well, and top Pentagon

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Speaker 3: officials are pressing Congress to provide a three point four

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Speaker 3: billion dollar in supplemental funding to boost the Navy submarine

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Speaker 3: industrial base and ease a fulfillment of the Acas agreements

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Speaker 3: to counter China's military expansion of the Indo Pacific. This

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Speaker 3: while Australian Prime Minister Anthony Albanezi visits the US Global

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Speaker 3: News twenty four hours a day and whenever you want

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Speaker 3: it with Bloomberg News. Now, I'm in San Francisco, I'm

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Speaker 3: at Baxter and this is Bloomberg.

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Speaker 2: I'm Brian Curtis along with Doug Krisner. Let's take a

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Speaker 2: look at some of the top business stories of the day.

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Speaker 2: We're seeing Meta platform shares trading a little bit lower

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Speaker 2: now in after hours trading, after spiking on the earnings,

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Speaker 2: now down about two percent or so. The company did

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Speaker 2: post third quarter sales of thirty four point two billion

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Speaker 2: dollars that beat the estimates of thirty three point five.

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Speaker 2: Meta's core advertising business return to growth after struggles that

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Speaker 2: had begun last year, and it comes while Meta is

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Speaker 2: still investing heavily in AI and also in virtual reality.

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Speaker 2: We heard from Bloomberg's John Erlickman.

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Speaker 9: They showed top line strength, they showed bottom line discipline.

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Speaker 9: We've seen massive cost reductions. Headcount has come down dramatically

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Speaker 9: since last November for the company, and so if they

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Speaker 9: can grow their revenue at a time when they are

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Speaker 9: sending a message to the street about costs being improved,

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Speaker 9: you know, it's a nice recipe.

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Speaker 2: And that is John Erlickman Medicines its expenses increasing to

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Speaker 2: between ninety four and ninety nine billion dollars next year,

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Speaker 2: and most of those dollars will be going toward its

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Speaker 2: expansion of technology infrastructure to run complex AI and virtual

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Speaker 2: reality tools. Now, we had mentioned that the shares for

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Speaker 2: a lot of the after hours trading session were higher,

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Speaker 2: just getting some indications now that some other factors at play.

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Speaker 2: Now down about one point seven percent, and as we

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Speaker 2: heard earlier from Dougie, was a day when you had

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Speaker 2: sharply higher long term bond yields and that tends to

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Speaker 2: have a downward press on big tech shares.

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Speaker 1: Doug We also heard from IBM after the bell the

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Speaker 1: company reported better than expected sales and at the same time,

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Speaker 1: IBM affirmed its full year outlook. The stock right now

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Speaker 1: is up about one point four percent in the late

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Speaker 1: US session. Let's get more now from Bloomberg's Charlie Pellett.

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Speaker 5: It suggests the company's focus on software and hybrid cloud

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Speaker 5: services is producing positive results. Third quarter sales gained four

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Speaker 5: point six percent to fourteen point eight billion dollars. Analyst

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Speaker 5: on average estimated fourteen point seven billion. As part of

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Speaker 5: its transformation, IBM has divested its managed infrastructure, weather, and

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Speaker 5: health businesses in recent years. In New York, Charlie Pellett,

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Speaker 5: Bloomberg Radio, Well, let's.

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Speaker 2: Take a close look at this Morgan's dan Lee's story

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Speaker 2: here selecting Ted Pick to become its new chief executive

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Speaker 2: officers starting in January. He succeeds James Gorman after a

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Speaker 2: fourteen year run that reshaped the US bank. Pick is

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Speaker 2: the man credited with spurring a revival in Morgan Stanley's

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Speaker 2: trading business after a perilous stretch during the two thousand

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Speaker 2: and eight financial crisis. Pick will be able to lean

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Speaker 2: on Gorman, he has indicated. Gorman has indicated that he

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Speaker 2: wants to help with this transition, without specifying how long

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Speaker 2: he plans to stay on as chairman and just looking

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Speaker 2: at the shares here in after hours they did in

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Speaker 2: jump a little bit on this selection.

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Speaker 1: Well, Sam bankman Freed will be taking the stand in

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Speaker 1: his fraud trial and that could happen as early as tomorrow.

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Speaker 1: He will likely defend his actions in the run up

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Speaker 1: to the collapse of his digital asset Empire FTX. Now

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Speaker 1: we know that former colleagues have already painted him as

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Speaker 1: the mastermind of a year's long scheme to defraud customers

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Speaker 1: and investors. Bloomberg's Sonali Bossik tells us what we can

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Speaker 1: expect when bankman Freed takes the stand.

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Speaker 10: Well, we know that he's been saying a lot about

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Speaker 10: how he didn't knowingly commit fraud. A lot of this

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Speaker 10: is not only about intent, but also he's his lawyers

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Speaker 10: at least have been making the case that this was

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Speaker 10: a matter of poor risk management rather than knowingly defrauding investors.

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Speaker 10: They've been making the point over and over here that

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Speaker 10: these loans taken between FTX and Alameda were known were

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Speaker 10: very standard course of business and anyone could take in

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Speaker 10: margin loan as a customer from FTX, just Alameda had

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Speaker 10: the most of them.

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Speaker 1: That is Bloomberg Shanali Bosik, Brian Well.

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Speaker 2: President Biden, and Australian Prime Minister Anthony albanisia ramping up

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Speaker 2: cooperation on critical minerals and also on infrastructure initiatives. It's

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Speaker 2: part of a strategy aimed at countering China's military and

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Speaker 2: economic influence in the Indo Pacific. Here's Albanizi speaking at

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Speaker 2: a joint news conference with Biden.

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Speaker 11: We're working closely with the United States to build end

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Speaker 11: to ends, sustainable, reliable and transparent supply chain for critical minerals.

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Speaker 11: Of course, Australia has abundant supplies of those critical minerals

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Speaker 11: that will drive our economies throughout this century, lithium, kybolt, copper,

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Speaker 11: banetium and rares.

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Speaker 2: That's Australian Prime Minister Anthony Albanisi. The US and Australia

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Speaker 2: will also work on a project to deliver high speed,

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Speaker 2: stable internet connectivity to many Pacific islands. The White House

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Speaker 2: said the two countries planned to invest a total of

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Speaker 2: some sixty five million dollars in boosting connectivity and will

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Speaker 2: work with Alphabet's Google on the project.

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Speaker 1: China's chip maker Smick is said to have used advanced

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Speaker 1: technology from ASML to manufacture a high level processor for Huawei.

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Speaker 1: Bloomberg's Joanne Wong has more from Hong Kong.

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Speaker 6: Sources to say ASML's immersion Deep ultravolet machines were used

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Speaker 6: to make a chip the powers Huawei's Made sixty phone.

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Speaker 6: The level of sophistication and Made sixty hed alarmed Washington,

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Speaker 6: and it worried policymakers that US export restrictions might have

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Speaker 6: been circumvented. The development suggests that the curbs on ASML

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Speaker 6: might have come too late to stamn China's advances and

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Speaker 6: chip making. ISML declined to comment, so did SMIC. Now

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Speaker 6: there will be some gnashing of teeth here, but there's

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Speaker 6: no suggestion to the sales violated export restrictions in Hong Kong.

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Speaker 6: Join Wong.

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Speaker 2: Bloomberg Radio SML shares did trade lower during the European session.

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Speaker 2: Let's get to our guest, Joe Matthew, head of or

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Speaker 2: host of Bloomberg Sound On and with us to talk

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Speaker 2: a little bit about the House Speaker election. Joe, great

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Speaker 2: to have you on. I asked a flippant question yesterday

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Speaker 2: on the show to one of our guests, why don't

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Speaker 2: they just ask Donald Trump who he wants and be

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Speaker 2: done with it? So that was obviously tongue in cheek,

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Speaker 2: But then the columnist Francis Wilkinson asks it today and

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Speaker 2: I think many are asking this, who chose the speaker,

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Speaker 2: Republicans or Trump.

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Speaker 12: Well, look, Donald Trump doesn't have a great record in

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Speaker 12: choosing speakers. If you look at the last few nominations.

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Speaker 12: We had a full throated endorsement of Jim Jordan, who

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Speaker 12: went down in flames. We were just talking to Mick

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Speaker 12: Mulvaney a couple of moments ago, who is Donald Trump's

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Speaker 12: former acting chief of staff. Knows the man pretty well.

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Speaker 12: He knows Congress pretty well too. He helped to co

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Speaker 12: found the Freedom Caucus, and he said, Donald Trump really

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Speaker 12: doesn't have that much power when it comes to endorsements.

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Speaker 12: His power lies in destroying someone. As we saw just

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Speaker 12: yesterday with Tom Emmer a moment after he became the nominee.

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Speaker 12: Donald Trump depth charged the whole thing. I will say, however,

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Speaker 12: that I think he gave a few members covered today

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Speaker 12: when he said let's get this done, and it seemed

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Speaker 12: pretty clear that this was coming together in a very

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Speaker 12: convincing fashion. Every member of the Republican Conference after all

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Speaker 12: the drama we just lived through, voted for this speaker.

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Speaker 12: And it's funny, Joe.

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Speaker 8: One of the reasons given is that you know he's amicable,

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Speaker 8: He gets on with everybody, this guy Johnson, But he's

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Speaker 8: also the person who collected votes for the amicus brie

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Speaker 8: filed in Texas and the lawsuit that wanted to overturn

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Speaker 8: the election results. How trustworthy is he to get house.

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Speaker 5: Work done well?

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Speaker 12: How trustworthy he is for Democrats is a question. I

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Speaker 12: just asked Stanny Hoyer that a couple of moments ago,

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Speaker 12: and that has yet to be seen. People seem to

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Speaker 12: be giving him the benefit of the doubt. Let's start

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Speaker 12: the clock now and see how he acts as speaker.

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Speaker 12: But what you said is correct, and this was a

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Speaker 12: problem for Jim Jordan, for a lot of people. This

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Speaker 12: is the individual who wrote the amicus brief, who not

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Speaker 12: only acted to decertify the election results, but in fact

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Speaker 12: fought them and wanted to bring this to the Supreme Court.

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Speaker 12: That's just a part of history. It's a fact, and

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Speaker 12: that's what it is. When he was asked last night

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Speaker 12: in a news briefing after the vote that made him nominee,

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Speaker 12: a reporter from ABC News asked him just simply to

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Speaker 12: comment on that, and she was shouted down by members

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Speaker 12: of the Republican conference, told to shut up, and she

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Speaker 12: never got an answer.

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Speaker 2: Given the uphill battle that this was for Mike Johnson

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Speaker 2: eventually to take this post. I think we can say,

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Speaker 2: can we that Maga is ascendant? Now?

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Speaker 12: Look, I think it's hard to deny that if you

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Speaker 12: look certainly any polls on the presidential campaign trail, but

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Speaker 12: also the poll that he has I suppose in the

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Speaker 12: House of Representatives, which is a very different place than

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Speaker 12: the Senate, you don't see the influence of Donald Trump

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Speaker 12: in the so called upper chamber. But look, yeah, this

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Speaker 12: is a concern. Joe Biden says he wants to work

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Speaker 12: with a new speaker, and that would be his character

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Speaker 12: to try. But there's going to be a lot of

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Speaker 12: skepticism here. That's, by the way, why a lot of

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Speaker 12: Democrats were in fact comfortable with the idea of Tom

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Speaker 12: Emmer becoming speaker yesterday. A lot of folks don't even

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Speaker 12: remember that happening, but he voted to certify the results,

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Speaker 12: and they thought that put him in a different class.

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Speaker 8: Joe Johnson is an advocate of cutting spending. More than that,

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Speaker 8: he called the federal government a monster and said it

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Speaker 8: should be starved. Is there going to be a funding

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Speaker 8: deal done?

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Speaker 12: Boy, that's a good question. There will be it looks

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Speaker 12: like a continuing resolution that will prevent a shutdown on

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Speaker 12: November seventeenth. He's indicated that he's open to doing that,

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Speaker 12: which is the very thing that got Kevin McCarthy fired.

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Speaker 12: So a lot of us are scratching our heads. How

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Speaker 12: did he get every member of the Republican House to

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Speaker 12: vote for him knowing this would be the case. And

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Speaker 12: it really brings us back to the idea of that

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Speaker 12: being a personal vendetta from folks like Matt Gates against

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Speaker 12: Kevin McCarthy. That's certainly how the former Speaker saw it.

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Speaker 12: But there's going to be a little bit of a

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Speaker 12: honeymoon here. He's going to get a bit of room

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Speaker 12: continuing resolution. Also, this budget request for Israel, there are

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Speaker 12: more questions about that because it looks like they're going

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Speaker 12: to try to combine that with money for Ukraine, for

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Speaker 12: Taiwan and the border, and this Republican House is not

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Speaker 12: fond of attaching all of these spending measures and they're

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Speaker 12: going to ask for single issue spending bills on each

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Speaker 12: of them. That could slow things down.

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Speaker 2: Yeah, so that's what I was going to ask you about.

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Speaker 2: No likely short term action.

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Speaker 12: Then, look in terms of the supplemental budget request. Let's

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Speaker 12: see news events have a way of making things happen

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Speaker 12: in Washington. If we see an invasion of Gaza, for instance,

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Speaker 12: if we see an actual second or third front open

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Speaker 12: with real you know, fighting that takes place, it's going

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Speaker 12: to be a different conversation. The problem, though, is Ukraine.

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Speaker 12: That's sixty billion of the one hundred and six billion

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Speaker 12: dollars President is asking for, and we're hearing from a

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Speaker 12: lot of Republicans in the House, not another dollar for Ukraine.

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Speaker 1: Joe, Was there a deal done?

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Speaker 5: I'm sorry.

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Speaker 8: Was there a deal done in order for him to

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Speaker 8: get to the two seventeen votes?

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Speaker 12: I'm not sure that there was. This happened so fast.

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Speaker 12: I don't think the new speaker even knew that he

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Speaker 12: was going to be in this position two days ago.

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Speaker 12: This really seemed to be frustration capitulation. Let's get someone,

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Speaker 12: and they found an individual who had so little experience,

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Speaker 12: He didn't have enemies, you know, you talk about he

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Speaker 12: gets along with a lot of people. I'll be honest

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Speaker 12: with you, a lot of members don't know who he is.

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Speaker 12: And so there's going to be a real getting to

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Speaker 12: know your process that starts now.

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Speaker 2: It begs the question does the public know who he is? Not?

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Speaker 5: At all?

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Speaker 12: Look, this will be one of the top searches on

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Speaker 12: Google today. Who the heck is Mike Johnson Stanny Hoyer,

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Speaker 12: the former Democratic leader in the House, had to have

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Speaker 12: his staff compile a one sheet on who this person

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Speaker 12: was today. This should tell you a lot about it,

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Speaker 12: and again, experience is apparently a deficit in the House.

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