Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're
Speaker 1: following today.
Speaker 2: We begin in Washington, where a bill aimed at forcing
Speaker 2: a sale of TikTok is moving forward on Capitol Hill.
Speaker 3: The House passed the.
Speaker 2: TikTok Divestment Bill by a vote of three point fifty
Speaker 2: two to sixty five. Republican Dan Crenshaw says there's a
Speaker 2: simple reason why he voted for it. TikTok is owned
Speaker 2: by Byte Dance. Byte Dance is in China, and when
Speaker 2: you're in China, you have to do whatever the Chinese
Speaker 2: Communist Party says you have to do. That's according to
Speaker 2: the National Intelligence Slot pass in twenty seventeen. But fellow
Speaker 2: Republican Thomas Massey says the bill could do more than
Speaker 2: just ban TikTok.
Speaker 4: It could also be named the Facebook Protection and Enhancement Act,
Speaker 4: because it's not the American people are going to benefit
Speaker 4: most from this. It will be Facebook. Talk is going
Speaker 4: to go up if this bill should pass the Senate.
Speaker 2: Now, the bill does now head to the Senate, where
Speaker 2: its prospects are less clear. Majority Leader Chuck Schumer has
Speaker 2: only said he'll review the bill. Democrat Marie Cantwell has
Speaker 2: not committed to taking up the legislation when it comes
Speaker 2: before her Commerce Committee.
Speaker 1: Well Nathan, the CEO of TikTok, says he is disappointed
Speaker 1: with the vote in the House.
Speaker 3: Showed Chu posted this video on.
Speaker 5: X Over the last few years, we have invested to
Speaker 5: keep your data safe, an all platform free from outside manipulation.
Speaker 5: We have committed that we will continue to do so.
Speaker 5: We will continue to do all we can, including exercising
Speaker 5: our legal rights to protect this amazing platform that we
Speaker 5: have built with you.
Speaker 1: And the memo seen by Bloomberg, TikTok reiterated its plan
Speaker 1: to lobby the Senate not to pass the legislation.
Speaker 2: Karrol Let's turn to presidential politics now. Donald Trump may
Speaker 2: be looking to Wall Street to fill some key cabinet
Speaker 2: positions if he wins the White House again. We get
Speaker 2: the story from Bloomberg's Jeff Bellinger.
Speaker 6: Bloomberg News has learned Trump as Tall talked about hedge
Speaker 6: fund titan John Paulson as Treasury Secretary if he wins
Speaker 6: the November presidential election. Sources say Paulson hosted a fundraiser
Speaker 6: for Trump's re election at his Palm Beach home last month,
Speaker 6: and he is scheduled to host another one for Trump
Speaker 6: in three weeks with Cantor Fitzgerald's Howard Lutnik. The sources
Speaker 6: say Paulson's name has come up in recent discussions, but
Speaker 6: the conversations were informal, and any discussions about a possible
Speaker 6: cabinet post are preliminary. Other potential names in the mix
Speaker 6: for the top Treasury post should Trump defeat incumbent President
Speaker 6: Biden include former Trade Representative Robert Leitthheiser and Susquehanna International
Speaker 6: Group founder Jeff Yass Jeff Bullinger Bloomberg.
Speaker 1: Radio, all right, Jeff, thank you well. Speculations for also
Speaker 1: about John Paulson taking a role in Treasury. The current
Speaker 1: secretary is speaking out about the economy. Jenny Yellen says
Speaker 1: it's quote unlikely that market interest rates return to levels
Speaker 1: that prevail before the COVID pandemic triggered a wave of
Speaker 1: floation and higher yields. Ten your US Treasury yields average
Speaker 1: two point three nine percent in the decade through twenty nineteen.
Speaker 1: They spiked about five percent last October after the Fed
Speaker 1: raised rates aggressively to combat inflation. The ten year now
Speaker 1: sits just below four point two percent and care in.
Speaker 2: The busy week for economic data continues this morning with
Speaker 2: the release of retail sales and producer prices for the
Speaker 2: month of February. Let's get a preview from Bloomberg's Michael McKee.
Speaker 7: Fed officials and investors will get two more key pieces
Speaker 7: of data before the Central Banks policy meeting next week.
Speaker 7: A strong rebound is forecast for February retail sales, which
Speaker 7: contracted in January. Private sector sources, including credit card systems,
Speaker 7: suggests spending picked up a lot in the last month.
Speaker 7: On the one hand, that would reassure Fed officials that
Speaker 7: the economy is not close to recession. On the other
Speaker 7: it may feed fears that a strengthening economy will feed inflation.
Speaker 7: The producer price index, also released today, may offer some clues.
Speaker 7: It's basically forecast to be stable after unexpectedly rising in January.
Speaker 7: The Fed and investors will be hoping economists are wrong
Speaker 7: and factory gate prices end up being softer than forecast.
Speaker 7: Michael McKee, Bloomberg Radio.
Speaker 1: All right, Mike, thanks well. In company news, the hunt
Speaker 1: is on for Disney to pick an eventual successor to
Speaker 1: CEO Bob Iger. We get the story from Bloomberg's John Tucker, John.
Speaker 8: And Karen Disney has struggled with its succession planning in
Speaker 8: the past, and now they're making a stronger push to
Speaker 8: find somebody to replace CEO Bob Iiger. Eventually, Disney's board
Speaker 8: focusing on four divisional heads that the TV chief Dana Walden,
Speaker 8: ESPN's Jimmy Peterro, the theme parks boss Josh Tomorrow, and
Speaker 8: Alan Bergman, who heads the film business. Igers spending time
Speaker 8: with all of the candidates to share his Disney magic.
Speaker 8: This is happening under the glare of dissident shareholders like
Speaker 8: Nelson Peltz, who are seeking board seats at Disney's April
Speaker 8: third annual meeting. Iger's contract runs through the end of
Speaker 8: twenty twenty six. No decision on a successor is expected
Speaker 8: this year. John Tucker, Bloomberg Radio, All right, John.
Speaker 2: Thanks to other C suite news this morning, under Armour
Speaker 2: says its founder executive chairman Kevin Plank is returning as CEO.
Speaker 2: That story from Bloomberg's Charlie Pellett.
Speaker 3: Stephanie Lenartz departs after she led just over a year
Speaker 3: of fitful efforts to reinvigorate the athletic brand. Plank will
Speaker 3: return to the CEO job on April first. Lennart's will
Speaker 3: remain an advisor to the company through April thirtieth. Lead
Speaker 3: director Mohammad al Aarian and economists and columnists from Bloomberg
Speaker 3: Opinion will succeed Plank as chairman in New York. Charlie
Speaker 3: Pellett Bloomberg Radio, all.
Speaker 1: Right, Charlie, thanks, We'll investors await the highly anticipated IPO
Speaker 1: from Reddit. The social media company is giving guidance on
Speaker 1: its expectations. Bloomberg News has learned Reddit as telling potential
Speaker 1: investors that it expects revenue in twenty twenty four to
Speaker 1: grow by more than twenty percent versus the previous year.
Speaker 1: According to a filing that the sec revenue in twenty
Speaker 1: twenty three crud just over eight hundred million dollars, and.
Speaker 2: Karina Saudi Arabia pushes ahead with one of the largest
Speaker 2: stock offerings in recent years. Bloomberg News has learned the
Speaker 2: Kingdoms and Tucks to add top Wall Street banks for
Speaker 2: a secondary share sale in oil giant a Ramco. Sources
Speaker 2: say Saudi plans to hire JP Morgan Chase as one
Speaker 2: of the main underwriters to the offering. Bank of America
Speaker 2: and Morgan Stanley are also contending for lead roles in
Speaker 2: the deal, which could raise as much as twenty billion dollars.
Speaker 1: And Nathan a bullish forecash from the world's largest assembler
Speaker 1: of iPhones, Han High Precision Industry, reported its second straight
Speaker 1: quarter of strong profit growth. The company says lucrative AI
Speaker 1: hardware sales helped offset weakness an iPhone and electronics demand.
Speaker 1: It posted a thirty three percent rise in net income.
Speaker 3: That it is time nowf for.
Speaker 1: A look at some of the other stories making news
Speaker 1: in New York and around the world. For that, we're
Speaker 1: joined by Bloomberg's Michael Barr Michael, good Morning, Good.
Speaker 9: Morning, Caaron. Ukrainian drone attacks all the three oil refineries
Speaker 9: deep within Russian territory in an assault President Vladimir boo
Speaker 9: Uden said was aimed at disrupting his presidential election later
Speaker 9: this week. The aerial strike caused a fire at one
Speaker 9: of the country's biggest crude processing facilities near Moscow. It
Speaker 9: comes as the Biden administration says it's concerned about President
Speaker 9: Putin again threatening to use nuclear weapons if his country
Speaker 9: is threatened. White House Press Secretary of Karine Jean Vierre,
Speaker 9: speaking on Air Force one with President Biden heading to Milwaukee,
Speaker 9: says Putin has made similar nuclear threats.
Speaker 10: Russia's nuclear rhetoric has been reckless and irresponsible throughout this conflict.
Speaker 10: It is Russia that brutally invaded Ukraine without provocation or justification.
Speaker 9: The US has insisted it will not send American troops
Speaker 9: to fighting Ukraine. Add will Pe Goldberg to the list
Speaker 9: of vocal critics of congestion. Pricing in Manhattan meant to
Speaker 9: ease traffic. New York Governor Kathy Hokel went on the
Speaker 9: View yesterday, but when the show went to commercial break,
Speaker 9: the cameras kept rolling.
Speaker 11: What is the point Because New Yorkers didn't mess.
Speaker 7: Up the streets of New York.
Speaker 5: We have bike lanes and places that were not prepared for.
Speaker 3: We have trucks that are too big.
Speaker 9: Governor Hockle tried to explain that the tolls below sixtieth
Speaker 9: Street are intended to ease congestion.
Speaker 10: I can walk backwards and heels faster than most trucks
Speaker 10: can get down the streets right now.
Speaker 9: Congestion pricing is expected to take effect in June. Jury
Speaker 9: deliberations resumed this morning in the case of James Crumbley.
Speaker 9: He is the father of the Michigan teen Ethan Crumbley,
Speaker 9: who opened fire at his high school in Oxford in
Speaker 9: twenty twenty one, killing four students. A jury will decide
Speaker 9: whether Ethan's father is responsible for enabling his son to
Speaker 9: carry out the deadly attack. The defense says argued James
Speaker 9: Crumley could not have foreseen his son's deadly shooting rampage. However,
Speaker 9: prosecutors say he was complicit in downplaying the troubles his
Speaker 9: son was going through and did not do enough to
Speaker 9: secure the firearm that Ethan eventually used in the shooting.
Speaker 9: Oakland County Prosecutor Karen McDonald there more than one cause
Speaker 9: of death.
Speaker 10: Jeez probably doesn't get a pass because somebody else also
Speaker 10: caused the death of.
Speaker 1: These four kids.
Speaker 9: James Crumbly's wife, Jennifer, was convicted last month of similar charges.
Speaker 9: Attorneys say Rudolph Giuliani's homes in New York and Florida
Speaker 9: may be put up for sale to help bring in
Speaker 9: cash as he works through his bankruptcy. The former New
Speaker 9: York mayor is facing nearly one hundred and fifty three
Speaker 9: million dollars in debt, the bulk of which stems from
Speaker 9: a one hundred and forty eight million dollar defamation judgment
Speaker 9: awarded to two Georgia poll workers he accused of rigging
Speaker 9: twenty twenty election results. Global news twenty four hours a
Speaker 9: day and whenever you want it with the Bloomberg News Now.
Speaker 9: I'm Michael Barr.
Speaker 3: This is Bloomberg here, Bray, Michaelburr.
Speaker 1: Thank you well. We do bring a news throughout the
Speaker 1: day right here on Bloomberg Radio. But now you can
Speaker 1: get the latest news on demand whenever you want it.
Speaker 1: Just subscribe to Bloomberg News Now to get the latest
Speaker 1: headlines right at the click of a button. Get informed
Speaker 1: on your schedule. You can listen and subscribe to Blue
Speaker 1: Bomberg News Now on the Bloomberg Business app, Bloomberg dot
Speaker 1: Com plus Apples, Spotify, and anywhere else you get your podcasts.
Speaker 1: It's time now for the Bloomberg Sports Update, brought to
Speaker 1: you by by Tri State OUDI. For that, we bring
Speaker 1: in John stash Hour. John, Good morning, all.
Speaker 11: Right, good morning care and the Yankees have had more
Speaker 11: than their share of injuries last couple of years, but
Speaker 11: Garrett Cole has been a mainstay as a Yank has
Speaker 11: not missed a single start due to injury. Now he's
Speaker 11: hurt an elbow injury that it has been reported, will
Speaker 11: sideline Cole one to two months. The good news is
Speaker 11: there's no indication of a tear that would require surgery.
Speaker 11: Cole's heeded the Los Angeles to see a specialist. So
Speaker 11: the question now is if the Yankees pursue a free
Speaker 11: agent pitcher in Blake Snell, last year's NLCY Young Winner,
Speaker 11: remains unsigned, as is the ex Yank Jordan Montgomery. Yanks
Speaker 11: were said to be interested in trading for Dylan Cease
Speaker 11: for the White Sox just traded him to San Diego.
Speaker 11: Joe Flacco was apparently retired at age thirty nine, came
Speaker 11: out of it, joined Cleveland quarterback the Browns of the playoffs.
Speaker 11: Was the NFL Comeback Player of the Year. Flaco has
Speaker 11: signed with Indianapolis. Another QB, Kirk Cousins introduced in Atlanta.
Speaker 12: And I really believe as I looked around at opportunities
Speaker 12: for me in free agency that when the coach told
Speaker 12: me this when I was a young player in the league.
Speaker 3: Coach I have a lot of respect for. He said.
Speaker 12: When the owner, general manager, head coach and quarterback are
Speaker 12: on the same page, that's when you really have a
Speaker 12: chance to go win a Super Bowl. And as I
Speaker 12: looked at the Atlanta Falcons, I believe strongly that the owner,
Speaker 12: head coach, general manager, and quarterback can all be on
Speaker 12: the same page.
Speaker 11: Falcons have not had even a winning record since twenty seventeen.
Speaker 11: Nets lost in Orlando one fourteen one oh six rematch
Speaker 11: of last year's NBA Finals Sam result Denver one in Miami.
Speaker 11: Nick start their road trip tonight in Portland. The Rangers
Speaker 11: visit Tampa Bay Capitol's lost seven to two in Edmonton.
Speaker 11: College basketball season ending losses for Rutgers, Fordham, and Iona
Speaker 11: Boston College and upset went over Clemson to advance at
Speaker 11: the acc Attorney At the PAC twelve, Stanford beat Callen overtime.
Speaker 11: Big game of the Big East today at Saint John's
Speaker 11: against Seaton Hall, Colgate won. The Patriot Red Raiders headed
Speaker 11: a fifth street NCAA tournament. John Stashower of Bloomberg Sports.
Speaker 2: What comes next in the effort to force a sale
Speaker 2: of TikTok by its Chinese owner Byte Dance. The divestment
Speaker 2: bill has sailed through the House, but its prospects in
Speaker 2: the Senate look quite a bit less certain. And Bloomberg's
Speaker 2: Alex Webb is here now with more on this Alex.
Speaker 2: There had seemed to be a fair bit of momentum
Speaker 2: for this bill, but it does really seem to have
Speaker 2: shifted in just a few days. Is this just about
Speaker 2: former President Trump changing his position or is there more
Speaker 2: behind it?
Speaker 13: I mean, clearly that helps, but there are a lot
Speaker 13: of complicating factors here. As you say, is pass through
Speaker 13: the House with very big numbers three hundred and fifty
Speaker 13: two to sixty five. In the Senate. There are a
Speaker 13: number of concerns. Firstly, of course, we're heading into an
Speaker 13: election cycle. A lot of young people and including voters,
Speaker 13: use the app, and there's concern about alienating them. There
Speaker 13: are those within the particularly the Republican Party, who concerned
Speaker 13: that banning it somehow would be an infringement on free speech.
Speaker 13: And that's something actually some Democrats have agreed it's sort
Speaker 13: of aligned with two Particularly, they think it infringes on
Speaker 13: the free speech of younger people. That's where a lot
Speaker 13: of young people express themselves. And thirdly, you know they
Speaker 13: see it as a way of reaching those young voters too.
Speaker 13: So there are a number of different complicating factors. There is,
Speaker 13: of course, another big one that comes out of money,
Speaker 13: that there's a major Republican donor, Jeff Yass, who co
Speaker 13: found a Siscohanna group and he has a fifteen percent
Speaker 13: stake in BTE Dance as a suspicion that he might
Speaker 13: be doing some things behind the scenes because he is
Speaker 13: a considerable donor to the Republican Party.
Speaker 2: Interesting angle there, because we've got Bloomberg News reporting as
Speaker 2: well that former President Trump is considering yes among others,
Speaker 2: as a potential Treasury secretary pick as he wins the
Speaker 2: White House or if he does win the White House.
Speaker 2: But putting that aside, there's also this concern that's been
Speaker 2: raised by supporters of this bill that TikTok's data is
Speaker 2: beholden to the Chinese Communist Party. Is there clear evidence
Speaker 2: behind that?
Speaker 13: So there are two ways of considering this. There's the
Speaker 13: data about people's browsing patterns, what they look at, what
Speaker 13: they buy, and there's the way that the decisions on
Speaker 13: what content is served to people now, we don't have
Speaker 13: any proof or evidence that China is actually directly influencing that,
Speaker 13: but we can see some proof points. Namely, there was
Speaker 13: a study a few months ago which showed that if
Speaker 13: you search for, for instance, tiananmen on TikTok compared to Instagram,
Speaker 13: it serfaces far more results on Instagram than it does
Speaker 13: on TikTok. So we don't know if that's a conscious decision,
Speaker 13: if there are other factors at play, but we can
Speaker 13: see the end result of whatever content decisions might be
Speaker 13: being taken at TikTok, And those are the sort of
Speaker 13: things that get people a little worried.
Speaker 2: What's the potent shall impact Alex if this bill were
Speaker 2: to pass and TikTok were to divest. Are there potential
Speaker 2: buyers out there for TikTok if by Dance were forced
Speaker 2: to sell.
Speaker 13: Yeah, because that's the key thing here. It's like is
Speaker 13: it going to be shut down or is it going
Speaker 13: to be divested. Don't forget that this did come up
Speaker 13: five six years ago when Trump was the president. There
Speaker 13: were lots of potential buyers in the US. We had
Speaker 13: names like Oracle, we had Microsoft, and lots of big
Speaker 13: tech companies in particular who don't necessarily have a social
Speaker 13: media armed. The thing that a lot of people find
Speaker 13: hyper compelling about TikTok is the ability to plug it
Speaker 13: onto the front of actually an advertising or e commerce
Speaker 13: business that you can use it to drive that alternative revenue.
Speaker 13: Like TikTok has an advertising business, it is still far
Speaker 13: early in its evolution than that of Google or alphabet
Speaker 13: that is, or of Meta, but that also provides a
Speaker 13: huge amount of upside if you're able to plug a
Speaker 13: sophisticated existing advertising business into the back of it, and
Speaker 13: so that's where people might spin opportunity.
Speaker 14: This is Bloomberg Daybreak Today, your morning brief on the
Speaker 14: stories making news from Wall Street to Washington and beyond.
Speaker 1: Look for us on your podcast feed at six am
Speaker 1: Eastern each morning, on Apple, Spotify, and anywhere else you
Speaker 1: get your podcasts.
Speaker 14: You can also listen live each morning starting at five
Speaker 14: am Wall Street time, on Bloomberg eleven three to zero
Speaker 14: in New York, Bloomberg ninety nine to one in Washington,
Speaker 14: Bloomberg one oh sixty one in Boston, and Bloomberg ninety
Speaker 14: sixty in San Francisco.
Speaker 1: Our flagship New York station is also available on your
Speaker 1: Amazon Alexa devices, Just say Alexa Play Bloomberg eleven thirty plus.
Speaker 14: Listen coast to coast on the Bloomberg Business app, SERRIUSXM,
Speaker 14: the iHeartRadio app, and on Bloomberg dot Com.
Speaker 3: I'm Nathan Hager.
Speaker 1: And I'm Karen Moscow. Join us again tomorrow morning for
Speaker 1: all the news you need to start your day right
Speaker 1: here on Bloomberg Daybreak