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Speaker 1: Welcome to the Bloomberg P and L Podcast. I'm pim Fox.

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Speaker 1: Along with my co host Lisa Abramowitz. Each day we

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Speaker 1: bring you the most important, noteworthy, and useful interviews for

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Speaker 1: you and your money, whether at the grocery store or

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Speaker 1: the trading floor. Find the Bloomberg P L Podcast on iTunes,

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Speaker 1: SoundCloud and at Bloomberg dot com. This is the time

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Speaker 1: of year when people get a chance to scare everybody

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Speaker 1: with potentially negative predictions for the year ahead, or potentially

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Speaker 1: cheer them up with positive predictions. Here with a perhaps

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Speaker 1: a negative one, but but a very important one, is

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Speaker 1: a Gran, a senior software and I T Services analyst

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Speaker 1: for Bloomberg Intelligence Umora. One of your predictions for two

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Speaker 1: thousand seventeen is that cyber attacks are going to be

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Speaker 1: the biggest threat to the global economy. Can you please elaborate, Thanks, Lisa. So,

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Speaker 1: you know, cyber attacks have been going on for a

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Speaker 1: very long period of time and it's nothing new, frankly,

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Speaker 1: but what we have seen, at least in the past

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Speaker 1: six months, is that both the number of attacks and

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Speaker 1: the sophistications of these attacks have actually accelerated. So we are,

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Speaker 1: you know, running in terms of you know, new malvery

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Speaker 1: discovered every day is growing at a rate we have

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Speaker 1: never seen before. So as you look into businesses that

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Speaker 1: are unable to protect themselves properly, uh, I mean we

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Speaker 1: just saw the big attack on div Ian, which you know,

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Speaker 1: paralyzed a lot of the UM Internet infrastructure for a while. UM.

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Speaker 1: If you could have those kinds of attacks on critical

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Speaker 1: infrastructures of a country, whether it would be you know, transportation,

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Speaker 1: logistics utilities, you know, those has the capacity to seriously

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Speaker 1: dent the economy of a particular country. Ana, can you

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Speaker 1: speak about shadow brokers because I was reading a story

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Speaker 1: having to do with a dump of information, aation that

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Speaker 1: came supposedly from the NSA, the National Security Agency, and

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Speaker 1: these are cyber weapons that are for sale on the internet.

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Speaker 1: Is that something that can be stopped or is you

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Speaker 1: just have to accept that this stuff is always going

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Speaker 1: to be there. So we have to accept that there

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Speaker 1: is a lot of bad stuff that's coming almost for

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Speaker 1: every industry, every vertical, every government. And the problem is

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Speaker 1: that no individual, no individual company UM, no matter what

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Speaker 1: their sizes, would have a very difficult time to block

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Speaker 1: any of these things. Because of the changing nature of

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Speaker 1: these attacks, so it is it is going to be,

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Speaker 1: you know it truly an extremely collaborative effort that would

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Speaker 1: involve both the private sector and the public sector, and

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Speaker 1: government's really big involvement in it to come up with

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Speaker 1: a system of information sharing for these attacks, just so

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Speaker 1: that people are aware, you know, off of what kind

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Speaker 1: of new malverda is coming out? Anara, can you walk

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Speaker 1: us through how a malware attack could directly lead to

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Speaker 1: a substantial slowdown in a specific economy? I mean, think

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Speaker 1: about it if in just in the financial services vertical, Um,

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Speaker 1: if I get up tomorrow morning and I don't find

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Speaker 1: my money into the Schwab account, I mean, what would

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Speaker 1: it what would it do? What? What? Think about the

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Speaker 1: stock exchanges, think about the airlines, think about you know,

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Speaker 1: just the power grids. Um, what would happen is you

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Speaker 1: can have malware is going through the network for any

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Speaker 1: of these critical infrastructure you know elements, and sometimes these

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Speaker 1: infrastructures are provided by third parties, which is you know

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Speaker 1: what we saw for example, in the case of Target,

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Speaker 1: it was in targets main infrastructure, but it was one

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Speaker 1: of the third party vendors. So are you seeing that

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Speaker 1: a lot of companies are substantially boosting their expenditures on

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Speaker 1: uh software safety. And do you think it's enough? No,

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Speaker 1: I mean, they are boosting. There is a blank check

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Speaker 1: for most you know, companies, for their security departments as

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Speaker 1: to what they go to buy. But frankly, you know,

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Speaker 1: in that grand sense, it's not enough, just because, as

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Speaker 1: I said, the number and the sophistication of these attacks

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Speaker 1: are growing at a much faster rate than we have

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Speaker 1: ever seen before. So mathematically it's very difficult for an

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Speaker 1: I T department to prevent these numbers from flowing into

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Speaker 1: their system. They just have to you know, vision um,

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Speaker 1: you know, basically pray that it's it's you know, they

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Speaker 1: can detect it much faster than um, you know in

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Speaker 1: the previous times. I don't know praying is necessarily going

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Speaker 1: to work. But is there a proactive position that companies

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Speaker 1: can adopt. I mean, as I said, they are spending

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Speaker 1: a lot of money to prevent this. So that's the

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Speaker 1: first thing that to prevent I'm talking about going out

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Speaker 1: and actually combating the cyber attacks. You know, the financial industry,

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Speaker 1: for example, is has made an effort to share information

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Speaker 1: between banks as to you know, who attacks. Then what

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Speaker 1: kind of viruses are there, but you really need this

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Speaker 1: in my view, at the at the government level, where um,

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Speaker 1: you know, the government gets kind of a database of

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Speaker 1: a lot of these viruses coming in and is able

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Speaker 1: to quickly, um you know, share that information with the

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Speaker 1: rest of the world. One of the things we wrote

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Speaker 1: on our on our piece was a large portion of software.

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Speaker 1: You know, it's still extremely old in terms of people

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Speaker 1: don't update their firmware, either in their hardware or networking equipment,

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Speaker 1: even simple stuff like that. Can you know, prevent from

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Speaker 1: both consumers as well as companies to uh, you know,

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Speaker 1: against attacks and arch You're talking about how the the

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Speaker 1: amount and the sophistication of the attacks has increased meaningfully

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Speaker 1: this year. Is there a sense of who is behind

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Speaker 1: that or whether some of the players imagine it's not

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Speaker 1: just one No, I mean, in fact, the you know

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Speaker 1: more increasing partners. I mean it used to be state sponsored.

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Speaker 1: It is still you know, a portion of that is

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Speaker 1: state sponsored, but there is a lot more money to

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Speaker 1: be made here. Ransomwarees have become extremely large over the

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Speaker 1: last two one and a half two years because they

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Speaker 1: can What they can do is they can walk up

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Speaker 1: your you know, take control of all your files. They

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Speaker 1: put an encryption on it and they will say, well,

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Speaker 1: if you need us to decrypt it, just bus ten

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Speaker 1: thousand dollars for example, or twenty dollars. The amounts are

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Speaker 1: not that large, but the number has become extremely large

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Speaker 1: for a small and medium sized business, and that's becoming

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Speaker 1: a very lucrative business for a lot of people. Now

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Speaker 1: this is in addition to this simple stuff as credit

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Speaker 1: card information, you know, healthcare information, your social Security numbers,

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Speaker 1: all of those are up for sales that you know,

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Speaker 1: anywhere from ten dollars a piece to fifty bucks out there.

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Speaker 1: Happy New Year, Thank you so much on our Grana

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Speaker 1: Senior Software and I T Services analyst for Bloomberg Intelligence.

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Speaker 1: We've all been talking about the food deflation trend that

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Speaker 1: we've seen growing across the world really but particularly in

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Speaker 1: the US with worn wheat and other commodity prices falling.

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Speaker 1: But will be a bit of a different year. I

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Speaker 1: want to bring in Mike mcloan commodity Strategies for Bloomberg

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Speaker 1: Intelligence and Sal Giberti, president and founder of two Creum

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Speaker 1: Trading and Agricultural UH commodity Trading firm. So Uh, Mike,

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Speaker 1: I want to start with, you are you expecting to

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Speaker 1: see some kind of resurgence in the prices for some

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Speaker 1: of these uh hallmark commodities. I think that's a high risk,

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Speaker 1: most most notably in the grains. And if you look

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Speaker 1: at it from a you know, forty thou um feet overview,

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Speaker 1: this year is quite significant because the entire agriculture market

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Speaker 1: was actually up. Grains were actually up despite the largest

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Speaker 1: harvests and history of the world in US basically US harvest.

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Speaker 1: If it's not gonna you know, if the market won't

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Speaker 1: go down an environment like that, it's probably at risk

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Speaker 1: of doing the opposite. And the main reason is demand.

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Speaker 1: Demand has just picked up exponentially. We've had thirty year

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Speaker 1: highs in the velocity of the increase in demand and

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Speaker 1: lone of the grains, So that makes the market more

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Speaker 1: susceptible to potential risk of lower production next year. And

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Speaker 1: now I'm not predicting the weather, but generally if we

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Speaker 1: have you know, agriculture is always about the weather, but

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Speaker 1: if we have a weather event, is more likely to

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Speaker 1: probably increase more than in history because of this substantial

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Speaker 1: shift in increase in demand. Sal do you agree with

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Speaker 1: with Mike, And maybe you could then get into some details.

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Speaker 1: I want to start with soybeans and Chinese imports. Sure,

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Speaker 1: I do agree with Mike in that, I mean the

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Speaker 1: velocity of demand. That's an interesting statistic. Demand is rising,

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Speaker 1: and you know every year in recent memory we have

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Speaker 1: had an increase in demand, primarily because global population is increasing.

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Speaker 1: So all the grains, you're using more grains because there

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Speaker 1: are more people, more animals to feed. People eat the

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Speaker 1: animals um soybeans in particular. They're kind of like the

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Speaker 1: lost middle child. So the big three graine of coin, corn, soybeans,

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Speaker 1: and wheat. Soybeans and corn share acreage, so you either

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Speaker 1: plant soybeans or corn in the same dirt. And soybeans

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Speaker 1: the import pace of China has been beyond people's wildest expectations.

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Speaker 1: It's primarily feeding, uh, their swine, poultry, and aquaculture industries

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Speaker 1: because they are increasing the meat intake and protein and

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Speaker 1: take via meats in their diets. It's beyond anything anyone

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Speaker 1: could have predicted. I was gonna futures are up in

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Speaker 1: Chicago this year. Uh, that's correct. And our you know

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Speaker 1: of our funds, we we have the e t F

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Speaker 1: out there and corn soybeans and wheat. There each a

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Speaker 1: different ETF and soybeans the smallest. It's like the lost child,

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Speaker 1: you know, that middle child that's ignored, but it's the

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Speaker 1: smartest one. They soybeans have really been the best performer

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Speaker 1: this year in the AGGS sector, and UM wheat has

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Speaker 1: been the worst. And wheat is very interesting as well,

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Speaker 1: because you had some winter killed we believe two nights

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Speaker 1: ago in the in you know, the prime winter wheat

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Speaker 1: growing areas of the United States have less than two

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Speaker 1: inches of snow and thirty below temperatures a couple of

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Speaker 1: days ago. That's of some concern and only farmers are

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Speaker 1: talking about it. So it's very interesting that you have

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Speaker 1: increasing demand and you you really do have uncertainty of

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Speaker 1: supply in that um. Every five to seven years, if

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Speaker 1: you look back statistically, there tends to be a major

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Speaker 1: drought in one of these big three crops, and price

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Speaker 1: history shows us that the prices rise very significantly. I mean,

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Speaker 1: when you have increasing demand that does not abate even

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Speaker 1: if it doesn't rain somewhere that you know you can

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Speaker 1: figure out what's going to happen in the price. So

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Speaker 1: if there is a weather event Mike like you are

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Speaker 1: talking about just how much could the prices of wheat

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Speaker 1: and corn increase? Well, use the most recent history two

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Speaker 1: thousand twelve is the last significant weather event. US is

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Speaker 1: basically the flash drought was only one month that you know,

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Speaker 1: we've basically got no rain in the grain belt in

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Speaker 1: July August area, and the price of corn sowing beans

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Speaker 1: and we normably corn beings doubled at least double. They

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Speaker 1: went about eight bucks in corn currently in corn or

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Speaker 1: below four dours. So that's the risk, um, And so

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Speaker 1: here we are about about the same prices when we

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Speaker 1: started out in two thousand twelve. So that's I guess

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Speaker 1: that's the key risk. And then that was a bit

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Speaker 1: of an extreme event. And I think, um, it's not

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Speaker 1: so much a drought we have to worry about. It's

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Speaker 1: just as Sale mentioned, that increase usually in production usually

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Speaker 1: last in five year increments. Now we're into the fifth year.

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Speaker 1: It's just we can't expect this type of production to

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Speaker 1: continue increase as records. We expect some normalization. Normalization means

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Speaker 1: potentially market should recover. Now were already starting to price

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Speaker 1: a little bit in that in soybeans are up in

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Speaker 1: the year and we'll see how you know, we're waiting

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Speaker 1: for the next month or two to see how production

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Speaker 1: comes in South America. That's the first indication. Sal Well,

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Speaker 1: I got a thought for a trade going into seventeen

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Speaker 1: where you'd like to be positioned right now. Um, you know,

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Speaker 1: we're not investment advisors, but I think people should speak

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Speaker 1: very seriously with their advisors and look at you know,

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Speaker 1: it's not necessarily a trade when things turned. Grains are

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Speaker 1: definitely in a downsideways market right now because of the supply.

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Speaker 1: But again, demand is steady, supply is uncertain every year.

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Speaker 1: There are no seeds in the ground in the Northern

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Speaker 1: Hemisphere right now, and so I think that what people

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Speaker 1: should look at is maybe looking at an allocation and

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Speaker 1: talk to their advisor about into directly these grain products, because,

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Speaker 1: as Mike said, the upside is actually explosive. And I

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Speaker 1: know this time of year people look to put you know,

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Speaker 1: ex percent of their portfolio and gold and do a

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Speaker 1: little rebalancing. I think people should discuss very seriously with

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Speaker 1: their advisors. Corn wheat, soybeans, these things are atted near

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Speaker 1: their cost of production. They're very low. They're in a

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Speaker 1: four year down trend, which is very very rare, and

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Speaker 1: they're they're upside is quite significant, I think on a

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Speaker 1: risk reward just from a farmer. If you're a farmer,

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Speaker 1: you're looking at three fifty corn right now. Could it

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Speaker 1: go to three dollars? Of course it can. If we

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Speaker 1: have another bumper crop year. Can it go to eight

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Speaker 1: dollars where it was a few years ago. Anything's possible.

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Speaker 1: With with the demand the way it is, any anything's possible.

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Speaker 1: All right, Thanks very much, sal GILBERTI. He is the

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Speaker 1: president of the chief investment officer and the co founder

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Speaker 1: of two Cream Trade Eating Uh. He's the sponsor of corn, soybean, wheat, cane.

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Speaker 1: These are all single commodity agriculture et f s and

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Speaker 1: they trade on the New York Stock Exchange. And our

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Speaker 1: thanks of course to Mike mclogan, commodity strategist, Bloomberg Intelligence.

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Speaker 1: Deutsche Bank. It is the bank of choice for President

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Speaker 1: elect Donald Trump, or at least one of them, and

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Speaker 1: it has about three hundred million dollars and loans extended

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Speaker 1: to the Trump organization. With US is Carrie Geiger, Bloomberg

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Speaker 1: News reporter who co authored a really interesting story that

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Speaker 1: I thought illuminated this issue in sort of some of

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Speaker 1: the potential conflicts that could arise. SIT Bank is reportedly,

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Speaker 1: according to her reporting, UM, trying to renegotiate some of

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Speaker 1: the rewrite some of these contracts. Can you explain what

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Speaker 1: they're trying to accomplish, right, So, so Trump it's done

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Speaker 1: business with Deutsche Bank for the last couple of decades,

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Speaker 1: starting with you know, relatively small lending projects for his

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Speaker 1: forty Wall Street project back in the nineties, and the relationship,

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Speaker 1: despite some pretty messy legal battles between the two, has

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Speaker 1: stayed and they Deutsche Bank is essentially one of the

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Speaker 1: main banks for Donald Trump's business now. To keep him mind,

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Speaker 1: Donald Trump does not have a lot of debt compared

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Speaker 1: to the size of his overall empire UM, so it's

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Speaker 1: not a significant amount of money if you look at

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Speaker 1: that UM. But these loans were basically done on a

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Speaker 1: recourse level, which means that there are some personal guarantees

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Speaker 1: tied to these loans, and these are not an uncommon

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Speaker 1: way to do these types of loans. UM. But as

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Speaker 1: we've seen in some court documents and other types of

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Speaker 1: reporting with some previous loans where he's had recourse if

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Speaker 1: you don't pay the full amount of the loan when

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Speaker 1: it comes due, then you would personally be have to

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Speaker 1: make a subscizable payment that can be in the tents

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Speaker 1: and millions of dollars. So you of this extremely unusual,

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Speaker 1: probably unprecedented, I think we could say situation where you

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Speaker 1: have a president that owes a bank money um, and

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Speaker 1: basically how do you manage that relationship going forward. Now,

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Speaker 1: it's not Deutsche Bank's fault. They didn't do anything wrong

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Speaker 1: that Donald Trump got elected president. It's nott Donald Trump's

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Speaker 1: fault that he's got a personal um and business loans

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Speaker 1: with this bank, um. So the two of them just

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Speaker 1: kind of have to figure out how to do this. Obviously,

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Speaker 1: one of the big big topics with the Trump presidency

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Speaker 1: is conflict of interest and how his business empire will

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Speaker 1: influence decisions in the White House and vice versa. And

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Speaker 1: this is just one of one of many things that

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Speaker 1: they're looking at for this. Kerry, isn't there an ongoing

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Speaker 1: investigation into Deutsche Bank? So this is the other kind

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Speaker 1: of interesting, um, kind of ethical question that we're looking at.

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Speaker 1: So Deutsche Bank is under investigations for a couple of

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Speaker 1: different things. One is for mortgage backed security sales, which

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Speaker 1: every bank on Wall Street has has to go through

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Speaker 1: with a settlement process with the Department of Justice. It's

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Speaker 1: their turn. Now we're likely to see that settlement relatively soon.

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Speaker 1: It's going to be in the billions of dollars probably. Um.

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Speaker 1: They're also in investigations for the way that they did

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Speaker 1: some trading in Russia. Um. That is a criminal investigation

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Speaker 1: being done by the Department Justice. So the issue with

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Speaker 1: that is if you have a relationship between the standing

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Speaker 1: president of the United States and an investment bank that's

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Speaker 1: under investigation by the Department of Justice, what is the

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Speaker 1: issue if the person overseeing the Department of Justice is

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Speaker 1: a presidential appointee of his choice. Does it create I mean,

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Speaker 1: is it just bad optics? Does it create a situation

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Speaker 1: where Deoytscha Bank could get more favorable terms? I mean,

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Speaker 1: we don't really know what this what what the outcome is,

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Speaker 1: or what's going to happen. What are the potential conflicts

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Speaker 1: of interest? Um, Given the way that these three billion

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Speaker 1: dollars and loans currently arranged, you talked about how UH

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Speaker 1: as one sort of potential collateral measure they could Deutsche

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Speaker 1: Bank could access the President himself or the president elect himself. Uh,

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Speaker 1: and require millions of dollars of payments. Uh. Is that

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Speaker 1: the main concern or is there something else? I think

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Speaker 1: for Deutsche Bank, you know, and I can't speak on

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Speaker 1: their behalf. They obviously did not comment for the article.

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Speaker 1: But you know, in talking to people that follow this

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Speaker 1: issue quite closely, in the whole conflict of interest issue closely,

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Speaker 1: you know, it really is an issue of of awkwardness

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Speaker 1: for the bank. It's it's it's very low probability that

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Speaker 1: these loans will default and they'll ever have to call

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Speaker 1: on those personal guarantees. Um. But if they wanted to

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Speaker 1: restructure the loans to kind of remove that basically to

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Speaker 1: kind of ease some of those concerns, you know, typically

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Speaker 1: the way you would do that is you would increase

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Speaker 1: the interest rate because you're taking away a guarantee. You

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Speaker 1: would make the requirements on how the money has spent

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Speaker 1: a little bit more restrictive. So there's all sorts of

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Speaker 1: ways that you can do this, and they're not necessarily

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Speaker 1: in favor for the bank or Trump. Thanks very much.

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Speaker 1: Carry Geiger, financial crimes reporter for Bloomberg News, telling us

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Speaker 1: about President elect Donald Trump and his relationship with Deutsche Bank.

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Speaker 1: When I think of Carl Icon, I think of the

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Speaker 1: history of US business R j R, Nabisco, t w A, Texico,

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Speaker 1: Gulf and Western Uni, Royal, Blockbuster, Motorola. Well, now you

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Speaker 1: think of Bill Ackman. Indeed, I wonder what Bill Ackman's

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Speaker 1: thinking today as Carl Icon has been named as President

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Speaker 1: elect Donald Trump's special advisor. Here to tell us more,

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Speaker 1: Mike Dorning, Bloomberg's White House correspondent. Mike tell us about

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Speaker 1: this selection of Carl Icon as a special advisor. Do

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Speaker 1: we know any details about what he'll be advising on.

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Speaker 1: We know that he'll be focused on reducing regulation, as

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Speaker 1: as President Electrump put it on. He'll be a czar

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Speaker 1: on quote unquote strangling regulations UM and how to remove

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Speaker 1: regulations to improve economic growd. Mike, you know this is

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Speaker 1: not a post that's ever been held before. It's a

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Speaker 1: newly created post that has no particular that I know of,

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Speaker 1: conflicts of interest, types of laws governing it. UM. What

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Speaker 1: will Carl icon steps be, if any. Are we gonna

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Speaker 1: get into any indication whether he'll divest himself of any

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Speaker 1: of his holdings in some of these companies that would

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Speaker 1: most benefit from deregulation in certain industries and thinking specifically

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Speaker 1: and energy among others. We haven't gotten any indications on

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Speaker 1: what he'll do on that yet. Um Now, Democrats have

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Speaker 1: already criticized this, saying, you know, this man has huge

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Speaker 1: interests in oil refineries fornch to which you have an

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Speaker 1: interest in the lower costs conclusion regulations. But obviously people

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Speaker 1: live around the refiners have an interest in cleaner air

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Speaker 1: and stuff like that. And they've gone down the line

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Speaker 1: and say a lot of his business investments would benefit

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Speaker 1: directly if regulations that helped the public health and public

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Speaker 1: safety were reduced. So this issue of a conflict of

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Speaker 1: interest is something that will be hearing a lot about politically.

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Speaker 1: Is there any kind of disclosure that he will have

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Speaker 1: to make prior to attending any meetings with the President elect?

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Speaker 1: You know, I actually I am not sure what the

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Speaker 1: disclosure requirements are if you're not paid. And it's not

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Speaker 1: clear whether this special advisor role is going to be

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Speaker 1: something akin to what Paul Volker did, where he was

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Speaker 1: essentially didn't work for the president, but he was just

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Speaker 1: giving him advice and convening a council, or whether he

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Speaker 1: will be a paid person on the White House staff um,

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Speaker 1: but the issue of what conflicts he has is one

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Speaker 1: that will be litigated politically. And as far as confirmation goes,

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Speaker 1: since it's a new post that hasn't been had before,

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Speaker 1: does he have to be confirmed in any way? No,

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Speaker 1: you do not have to be confirmed unless the post

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Speaker 1: is created by law and requires a Senate confirmation. So

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Speaker 1: most of the President's advisors are not confirmed that some

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Speaker 1: exceptions are like the Chairman of the Council of Economic Advisors.

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Speaker 1: That is a post created by law which has to

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Speaker 1: be confirmed. On the other hand, the Director of the

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Speaker 1: National Economic Council to post Garry Tone from Golden Sex

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Speaker 1: has been appointed to, which is a more powerful position.

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Speaker 1: Usually there's no confirmation apart on that. The only thing

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Speaker 1: is the President relying on you for advice. Would this

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Speaker 1: be the same case for Kelly and Conway, former campaign

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Speaker 1: manager and advisor to President Electron. She would have to

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Speaker 1: make a disclosure as an employee, but you wouldn't be

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Speaker 1: subject to confirmation. And indeed Gary Collen will have to

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Speaker 1: make a disclosure to as do other employees of the

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Speaker 1: executive branch in high positions. What's been the reaction to

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Speaker 1: carl icons appointment to this position from from Washington folks. Well, Um,

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Speaker 1: the main reaction so far was coming from Democrats and

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Speaker 1: Democratic Party organizations, which have said it's a terrible conflict

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Speaker 1: of interest. Um, there hasn't been a huge sense of

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Speaker 1: surprise in Washington because carl Icon was someone who uh

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Speaker 1: President Electron repeated when talked about in campaign as a

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Speaker 1: hype of person whose advice you would like to get.

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Speaker 1: The only surprised here in what capacity is being used.

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Speaker 1: So there hasn't been huge reaction yet in Washington. Also,

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Speaker 1: Congress is, um, you know, not working this week. Well,

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Speaker 1: thank you so much. I appreciate you talking about this.

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Speaker 1: Mike Dorning, Bloomberg White House correspondent h joining us from Washington.

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Speaker 1: So Trump is going to have carl Icon by his side,

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Speaker 1: as widely expected throughout the campaign as he figures out

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Speaker 1: how to slash regulations. Thanks for listening to the Bloomberg

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Speaker 1: pian L podcast. You can subscribe and listen to interviews

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Speaker 1: at iTunes, SoundCloud, or whatever podcast platform you prefer. I'm

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Speaker 1: Pim Fox. I'm out there on Twitter at Pim Fox.

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00:23:36,800 --> 00:23:39,480
Speaker 1: I'm out there on Twitter at Lisa Abramo. It's one

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00:23:39,760 --> 00:23:42,520
Speaker 1: before the podcast. You can always catch us worldwide on

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Speaker 1: Bloomberg Radio