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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest on the Los Angeles wildfires.

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Speaker 3: Crews from as far away as Canada are still struggling

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Speaker 3: to contain the massive blazes that broke out eight days ago.

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Speaker 3: Now the same combination of high winds and low humidity

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Speaker 3: that set them off in the first place is threatening

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Speaker 3: the region again. LA Mayor Karen Bass says the next

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Speaker 3: twenty four to forty eight hours will be critical.

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Speaker 4: If you are told that you are in a warning zone.

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Speaker 5: It would be advised that you actually take that opportunity

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Speaker 5: to leave, get packed, get everything ready.

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Speaker 3: Mayor Karen Bass says she's issued directives to help fast

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Speaker 3: track the rebuilding, but first conditions on the ground need

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Speaker 3: to improve. Palisades Fire incident meteorologist Rich Thompson says they're

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Speaker 3: getting there.

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Speaker 6: Critical fire re conditions, red flag warnings in effect untils

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Speaker 6: six pm Wednesday evening. Now by Wednesday evening Wednesday night,

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Speaker 6: I expect the critical conditions to diminish, and then for

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Speaker 6: Thursday into the weekend, we're actually get back to a

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Speaker 6: more normal weather powder here for this part of the country.

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Speaker 3: As it stands now, the biggest fire in the Palisades

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Speaker 3: is eighteen percent contained. The Eton Fire, which destroyed much

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Speaker 3: of Altadena, is under thirty five percent containment. The death

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Speaker 3: toll remains at twenty four Estimates of insured losses running

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Speaker 3: as high as forty billion dollars well Nathan.

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Speaker 2: The fires are also threatening to make the Los Angeles

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Speaker 2: housing crisis even worse. Before the fires, only about five

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Speaker 2: percent of LA apartments were vacant, with the median rent

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Speaker 2: of twenty two hundred ninety nine dollars. Now more than

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Speaker 2: twelve thousand buildings have been destroyed, many of them homes.

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Speaker 2: One rental company that manages some of LA's priciest neighborhood

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Speaker 2: says it's getting more than ten times as many calls

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Speaker 2: as it did before the fires. The firm recently arranged

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Speaker 2: a twelve month lease for one tenant in Beverly Hills

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Speaker 2: for thirty five thousand dollars. A month after the fires,

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Speaker 2: the owner raised the rent to forty thousand.

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Speaker 3: Now to the latest on efforts for a truce in

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Speaker 3: the Middle East, Israel and Hamas are now accusing one

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Speaker 3: another of delaying a Gaza ceasefire aimed at exchanging hostages

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Speaker 3: for prisoners and sending aid to the beleaguered Palestinian territory.

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Speaker 3: While officials say an agreement for a six week pause

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Speaker 3: in fighting is still likely soon, frequent failures to get

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Speaker 3: a deal finalized have left everyone saying nothing is being

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Speaker 3: taken for granted. CBS News previously reported that Israel and

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Speaker 3: Hamas have agreed in principle to a ceasefire at.

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Speaker 7: The Atlantic Council.

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Speaker 3: Secretary of State Anthony Blincoln said he thinks they're close.

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Speaker 8: I believe we will get a ceasefire, and whether we

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Speaker 8: get there in the remaining days of our administration or

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Speaker 8: after January twentieth, I believe the deal will follow closely

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Speaker 8: the terms of the agreement that President Biden put forward

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Speaker 8: last May, and our administration rallied the world behind.

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Speaker 3: Secretary Blincoln added, the sides are discussing a pause to

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Speaker 3: allow for the exchange of hostages and a boost in aid.

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Speaker 3: During the truce, Israel and Hamas will start a second,

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Speaker 3: more serious round of indirect negotiations about ending the war

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Speaker 3: and rebuilding the territory.

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Speaker 2: Meanwhile, Nathan and Washington President elect Donald Trump's pick for

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Speaker 2: Defense Secretary, Pete Hankseth, appears on course to win confirmation

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Speaker 2: after a half day Senate hearing. Bloomberg's Amy Morris is

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Speaker 2: in Washington and has more on the heated hearing.

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Speaker 9: New York Democratic Senator Kirsten Gillibrand questioned hag Seth's position

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Speaker 9: on women in the military.

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Speaker 2: You will have to change how you see women to

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Speaker 2: do this job well, and I don't know if you

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Speaker 2: are capable of that.

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Speaker 9: And Virginia Democratic Senator Tim Caine questioned hag Seth's character.

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Speaker 8: You had just fathered a child two months before by

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Speaker 8: a woman that was not your wife.

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Speaker 9: Senat Armed Services Committee chair, Republican Roger Wicker of Mississippi

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Speaker 9: showed his support for the nominee.

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Speaker 4: I'm confident that mister Hegseth, supported by a team of

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Speaker 4: experienced top officials, will get the job done.

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Speaker 9: Hag Seth himself laid out his objective for the Pentagon

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Speaker 9: if he's confirmed. When President Trump chose me for this position,

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Speaker 9: the primary charge he gave me was to bring the

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Speaker 9: warrior culture back to the Department of Defense. Hag Seth

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Speaker 9: does not need Democrats to win confirmation. But he can't

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Speaker 9: lose more than three Republicans in Washington. Amy Moore as

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Speaker 9: Bloomberg Radio.

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Speaker 3: Amy, thanks. Turning to the economy now, A day after

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Speaker 3: we learned US wholesale inflation unexpectedly cooled in December, we

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Speaker 3: get another reading this morning. Consumer prices are forecasts to

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Speaker 3: have risen four tenths of one percent last month. Let's

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Speaker 3: get a preview from Bloomberg's Michael McKee.

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Speaker 10: The change in the consumer price index usually doesn't match

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Speaker 10: the change in producer prices, so yesterday's surprisingly tame PPI

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Speaker 10: report probably tells us very little about what we'll see today.

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Speaker 10: Investors and Fed officials will be watching housing costs, in particular,

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Speaker 10: after housing inflation finally appeared to start cooling in November.

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Speaker 10: If that continues, it's good news for the inflation outlook.

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Speaker 10: Also under scrutiny used cars, food and energy, and airline fares.

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Speaker 10: Nothing but a huge miss high or low would get

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Speaker 10: Fed officials to consider changing their plan to hold rate

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Speaker 10: steady at their January meeting. Michael McKee, Bloomberg Radio.

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Speaker 2: All right, Michael, thank you.

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Speaker 5: Well.

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Speaker 2: On Wall Street, big bank earnings begin with Goldman Sachs

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Speaker 2: City Group JP Morgan Chase and Wells Fargo. This morning,

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Speaker 2: we get more on what to expect from Goldman with

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Speaker 2: Bloomberg Intelligence senior Global Banks analyst Allison Williams.

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Speaker 11: Ohman sachs they may post the strongest EPs growth compared

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Speaker 11: to a year ago, as well as Morgan Stanley. Both

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Speaker 11: of the banks are focused on the capital markets business,

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Speaker 11: but Goldman is also benefiting from a honed focus. Much

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Speaker 11: of the changes that they made last year have helped

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Speaker 11: them sort of return to their core institutional strength, and

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Speaker 11: we expect that they're going to show benefit from those

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Speaker 11: trends as well as momentum into the first quarter, especially

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Speaker 11: for their leading equities trading revenue as well as the

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Speaker 11: M and A business.

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Speaker 2: Bloomberg Intelligence Senior Global Banks analyst Allison Williams expects Goldman

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Speaker 2: earnings at seven thirty am Wall Street Time.

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Speaker 3: Well Karen Elon Musk is being sued by the Securities

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Speaker 3: and Exchange Commission. The agency is accusing Musk of failing

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Speaker 3: to timely disclose a major purchase of Twitter shares before

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Speaker 3: he took over the social media platform. We get more

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Speaker 3: from Bloomberg's Megan Howard.

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Speaker 1: The agency is alleging that Musk waited to disclose his

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Speaker 1: acquisition of Twitter shares in order to build his position

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Speaker 1: at lower prices. They are also saying that must deliberately

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Speaker 1: ignored a deadline to publicly disclose that he acquired more

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Speaker 1: than a five percent stake in the company early in

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Speaker 1: twenty twenty two, and this is actually something that he

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Speaker 1: had previewed in a letter last month. So the agency

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Speaker 1: has officially filed that lawsuit in federal court as of today.

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Speaker 3: And Bloomberg's Megan Howard says the SEC is seeking a

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Speaker 3: civil penalty and for Musk to return profits made from

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Speaker 3: his stock purchases.

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Speaker 2: Well. Nathan Elon musk Space company SpaceX has had another

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Speaker 2: landmark launch three two one Dignition and John go Hi Bay,

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Speaker 2: a Falcon nine rocket with a pair of commercial satellites

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Speaker 2: on board, took off from the Kennedy Space Center overnight.

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Speaker 2: Both the satellites are carrying lunar rovers heading into the

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Speaker 2: private sector moon race. One from Texas based Firefly Aerospace

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Speaker 2: is named Blue Ghost. It'll attempt at moon landing in

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Speaker 2: forty five days. The other is owned by Tokyo's Eye Space.

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Speaker 2: The Hakuto R probe will try for its second trip

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Speaker 2: to the Moon after a field attempt last April. Time

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Speaker 2: now for a look at some of the other stories

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Speaker 2: making news in New York and around the world. And

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Speaker 2: for that we're joined by Bloomberg's John Tucker. John, Good morning, Yeah, Good.

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Speaker 5: Morning, Karen. New York Governor Kathy Hochel proposing a middle

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Speaker 5: class tax cut. Let's get more in the story. This

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Speaker 5: morning from Bloomberg's Charlie pellan.

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Speaker 7: Word came in her State of the State address, focusing

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Speaker 7: on pocketbook concerns.

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Speaker 3: First, I'm calling for a sweeping middle class tax cut.

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Speaker 2: Benefiting eight point three million.

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Speaker 3: Taxpayers making less than three d and twenty three two

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Speaker 3: thousand dollars.

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Speaker 7: The speech outlined a range of proposals aimed at reducing

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Speaker 7: the cost of living in one of the most expensive

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Speaker 7: states while expanding social services and reducing crime in New York,

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Speaker 7: Charlie Bloomberg radios.

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Speaker 5: Were this morning that Russia launched a massive aerial attack

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Speaker 5: against Ukraine. The AP reports that force Ukraine to introduce

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Speaker 5: preventative power cuts in the middle of winter. South Korean

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Speaker 5: investigators arrested President yunsukiel today after launching a pre dawn

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Speaker 5: operation to bring the impeached leader in for questioning. This

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Speaker 5: comes over his short lived martial law declaration, and TikTok

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Speaker 5: reportedly plans has shut off its app for US users

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Speaker 5: on Sunday. That's the day it'll be banned unless the

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Speaker 5: Supreme Court intervenes. Where the enormity of the destruction in

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Speaker 5: southern California has quickly snuffed out all festiveness in the

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Speaker 5: movie industry's high season of celebration. The Oscars remain as scheduled,

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Speaker 5: but it's certain they'll be transformed due to the wildfires.

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Speaker 5: Some telethon like element also seems sure to accompany the

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Speaker 5: Oscars In recent days, many throughout the industry a voice

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Speaker 5: suggestions for how that broadcast could be reconsidered. Global news

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Speaker 5: twenty four hours a day, whenever you want it with

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Speaker 5: Bloomberg News.

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Speaker 1: Now.

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Speaker 5: I'm John Tucker and this is Bloomberg.

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Speaker 7: Karen.

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Speaker 2: All right, John Tucker, thank you time now for the

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Speaker 2: Bloomberg Sports Update, brought to you by Tri State Outie.

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Speaker 2: Here's John Stashaur, John, Good morning.

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Speaker 7: Good morning, Karen.

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Speaker 12: It was forty years ago that Saint John's and Georgetown

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Speaker 12: played at the Garden, one of the most hyped college

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Speaker 12: basketball games ever. They were ranked one two in the country.

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Speaker 12: The Hoyas won that game. They'd hardly won the previous

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Speaker 12: three seasons, a Big East record of four and fifty eight,

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Speaker 12: but they're much better this season and at MSG Georgetown

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Speaker 12: had a fourteen point lead early in the second half,

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Speaker 12: Saint John's responded a nineteen to two run to win

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Speaker 12: sixty three point fifty eight. Coach of the Red Storm,

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Speaker 12: Rick Patino was on NBC for you.

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Speaker 4: Don't have a great night, they come back and win.

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Speaker 4: It tells you who you are and what you're all about.

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Speaker 4: And these guys were about winning and that's all that counts.

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Speaker 4: They came out and said, don't worry about it. We're

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Speaker 4: gonna get a single digits, will win this game.

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Speaker 12: And see John's now fifteen and three, six and one

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Speaker 12: of the Big East. Auburn's ranked number one, which is

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Speaker 12: the second time ever Tigers meet Mississippi State. By twenty two,

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Speaker 12: they're sixteen and one. Third ranked. Duke now seventeen and two,

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Speaker 12: beat Miami by thirty five the Nets, but just their

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Speaker 12: fifth win since November one, thirty two to one to

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Speaker 12: fourteen in Portland. Nick's play tonight in Philadelphia. They may

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Speaker 12: be without Karl Anthony Towns. He hurt his thumb in

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Speaker 12: the game. This past Monday, all three New York hockey

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Speaker 12: teams lost. Rangers at Colorado three two in overtime. The

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Speaker 12: Acid tie the game of the minute. Thirteen left Islanders

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Speaker 12: got shut out by Ottawa two nothing. The Devil's lost

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Speaker 12: to Florida two to one in the shootout. First place

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Speaker 12: Capitals three nothing went over. Anaheim Bruins beat Tampa Bay

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Speaker 12: six to two. Round to the Australian Open saw a

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Speaker 12: second straight four set victory for the ten time champion

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Speaker 12: Novak Djocovis. Carlos Alca has lost only five games straight

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Speaker 12: set wins for the women's top seed, Arena Sablanca as

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Speaker 12: well as Jess Pagoula and Coco Got. The second week

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Speaker 12: of TGL That's Tomorrow's Golf League played indoors, some real,

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Speaker 12: some simulated. Tiger Woods one of the founders, and he

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Speaker 12: played not all that well. Tiger's team lost the fifty

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Speaker 12: hole match twelve to one. Johns Dashieller, Bloomberg Sports Karen Nathan.

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Speaker 4: Coast to Coast on Bloomberg Radio, nationwide on Sirius.

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Speaker 3: XM, and around the world on Bloomberg dot Com and

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Speaker 3: the Bloomberg Business app.

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Speaker 9: This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. Another morning with little led

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Speaker 3: up to the dangerous weather that has fueled the Los

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Speaker 3: Angeles wildfires for more than a week. Now, even more

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Speaker 3: challenging conditions are in the forecast for today and the

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Speaker 3: warning from La Mayor Karen Bass.

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Speaker 4: We are not out of this crisis yet.

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Speaker 1: We still have another twenty four to forty eight hours

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Speaker 1: and so Angelino's please be safe.

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Speaker 3: Joining us now for the update Bloomberg News Senior editor

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Speaker 3: Bill Ferries. So, Bill, where do things stand now? What

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Speaker 3: kind of conditions are we expecting today?

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Speaker 7: Good morning, Good morning, Nathan.

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Speaker 13: Yeah, there's really been no reprieve for residents of Los Angeles,

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Speaker 13: southern California or the firefighters out still battling these blazes.

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Speaker 13: With those Santa Ana wins continuing to gust up to

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Speaker 13: sixty miles an hour.

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Speaker 7: There were some.

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Speaker 13: New fires that started over the last day. Firefighters were

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Speaker 13: largely able to contain or extinguish those. But when you're

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Speaker 13: talking about the two main fires, they eat and fire

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Speaker 13: that's only thirty five percent contained still, and the Palisades

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Speaker 13: fire even in worse shape eighteen percent contained, so a

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Speaker 13: lot of work still ahead. There is some hope that

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Speaker 13: humidity levels at least will be picking up later in

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Speaker 13: the week and maybe the winds dying down a little bit.

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Speaker 13: That's important in terms of helping the vegetation not become

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Speaker 13: quite as dry. But there are already some concerns about

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Speaker 13: weather winds might be picking up about a week from

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Speaker 13: now when the weather conditions shift again. So still very

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Speaker 13: tough time. You've got eighty eighty eight thousand residents under

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Speaker 13: evacuation orders and two million people in that region facing

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Speaker 13: extreme fire conditions.

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Speaker 3: Wow, and it sounds as though the resources that are

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Speaker 3: being put to bear against these fires are really overwhelming

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Speaker 3: now firefighters from as far away as Mexico and Canada.

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Speaker 3: Is there still a question about whether there's enough resources

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Speaker 3: going into this.

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Speaker 13: It seems an issue of the resources than just the

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Speaker 13: scale of the of what they're facing at this point.

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Speaker 13: It's you know, it's really the conditions are really not

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Speaker 13: favorable to the firefighters at this point. It haven't been.

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Speaker 13: You have these strong winds continuing to blow. Those can

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Speaker 13: really fueling those fires and keep them kind of moving along.

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Speaker 13: So it's less it seems less an issue with the resources,

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Speaker 13: whether it's personnel or water, than just the kind of

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Speaker 13: the huge, the huge conditions that they are up against

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Speaker 13: at this point.

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Speaker 3: Just as shift gears. Another major story I know you're

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Speaker 3: following is this Securities and Exchange Commission lawsuit that Elon

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Speaker 3: Musk is now facing over his disclosures ahead of the

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Speaker 3: Twitter buyout. Is this the kind of case that we

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Speaker 3: were expecting the SEC to make against Musk, given that

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Speaker 3: he's really been under scrutiny for quite some time now.

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Speaker 7: Yeah.

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Speaker 13: I mean, Musk did provide a hint of this in

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Speaker 13: December when he released a letter he had received from

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Speaker 13: the SEC. It's really hard to know whether this is

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Speaker 13: kind of more of a symbolic parting shot by the

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Speaker 13: outgoing Bided administration and the SEC chief, or whether it

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Speaker 13: will really have an impact. I mean, the crux of

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Speaker 13: their argument is that Musk, when he was he passed

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Speaker 13: this five percent ownership threshold in Twitter in late March

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Speaker 13: twenty twenty two, that he did not let the public

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Speaker 13: let investors know as quickly as he should have that

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Speaker 13: he was becoming a large stakeholder in the company in

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Speaker 13: that time. When that information wasn't public, he continued to

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Speaker 13: buy hundreds of millions of dollars in shares. If investors

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Speaker 13: had known Elon Musk was there doing that, they probably

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Speaker 13: would have gotten a higher price. That's what the SEC

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Speaker 13: is saying, that investors were built of about one hundred

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Speaker 13: and fifty million dollars. But whether that case is something

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Speaker 13: that goes forward in the next administration when you have

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Speaker 13: a new SEC share, that's something we're going to have

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Speaker 13: to wait and find out.

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