1 00:00:03,360 --> 00:00:06,760 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:06,840 --> 00:00:10,560 Speaker 1: day Break for Tuesday, November one, two. Coming up this hour, 3 00:00:10,720 --> 00:00:13,520 Speaker 1: stock teachers rise as we begin a new trading month. 4 00:00:13,680 --> 00:00:17,440 Speaker 1: Can President Biden deliver on promises to impost higher taxes 5 00:00:17,440 --> 00:00:20,800 Speaker 1: on big oil? Says the bank is not for sale. 6 00:00:20,880 --> 00:00:23,959 Speaker 1: We'll talk with the Swisslanders chairman, and the Fed begins 7 00:00:24,000 --> 00:00:27,520 Speaker 1: its two day policy meeting. A salary transparency law takes 8 00:00:27,520 --> 00:00:30,200 Speaker 1: effect today in New York City. Plus God the Supreme 9 00:00:30,280 --> 00:00:34,840 Speaker 1: Court in affirmative action at universities and colleges. I'm Michael Barr. 10 00:00:34,920 --> 00:00:37,919 Speaker 1: More Ahead, I'm John Stave Showard sports much didn't win 11 00:00:38,040 --> 00:00:40,600 Speaker 1: for the Nets, the Browns upset the Bengals. The World 12 00:00:40,640 --> 00:00:46,440 Speaker 1: Series got reined out. That's all. Trade ahead on Bloomberg 13 00:00:46,479 --> 00:00:51,560 Speaker 1: day Break, on Bloomberg Eliving Free on New York, Bloomberg one, Washington, 14 00:00:51,680 --> 00:00:55,720 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, 15 00:00:55,800 --> 00:00:59,680 Speaker 1: San Francisco, Sirius x AM one nineteen and around the 16 00:00:59,680 --> 00:01:03,000 Speaker 1: world on Bloomberg Radio dot Com and by other Bloomberg 17 00:01:03,040 --> 00:01:11,000 Speaker 1: Business Good Tuesday morning. I'm Any Morris. I'm Nathan Hagar 18 00:01:11,040 --> 00:01:13,440 Speaker 1: futures are moving higher this morning. We're coming up to 19 00:01:13,520 --> 00:01:15,360 Speaker 1: five oh one on Wall Street, and we checked the 20 00:01:15,360 --> 00:01:17,920 Speaker 1: markets every fifteen minutes during the trading day. On Bloomberg, 21 00:01:18,280 --> 00:01:20,720 Speaker 1: SMP futures are up twenty eight points down futures up 22 00:01:20,720 --> 00:01:23,600 Speaker 1: a hundred sixty seven. Nastack futures are higher by a 23 00:01:23,680 --> 00:01:27,240 Speaker 1: hundred two points. Sen Your Treasury is up fifteen thirty seconds. 24 00:01:27,240 --> 00:01:29,280 Speaker 1: The yield three point nine eight percent yield on the 25 00:01:29,319 --> 00:01:32,399 Speaker 1: two year four point for three percent. NIMEX crude is 26 00:01:32,480 --> 00:01:34,720 Speaker 1: up one point three percent this morning at eighty seven 27 00:01:34,720 --> 00:01:37,880 Speaker 1: dollar sixty five cents of barrel Amy Nathan's Dock Center. 28 00:01:37,959 --> 00:01:40,840 Speaker 1: The first day of November moving higher. If history is 29 00:01:40,880 --> 00:01:44,160 Speaker 1: any indication, equities may build on October's gains, which saw 30 00:01:44,240 --> 00:01:47,880 Speaker 1: the SMP five d rise eight percent. Bespoke investment groups 31 00:01:47,880 --> 00:01:51,040 Speaker 1: as the SMP five hundred has registered an average gain 32 00:01:51,080 --> 00:01:54,360 Speaker 1: of eight tenths of a percent in November. Amanda Gotti 33 00:01:54,480 --> 00:01:57,240 Speaker 1: is chief investment officer at p n C Set Management. 34 00:01:57,480 --> 00:02:00,680 Speaker 1: We're still playing a little bit of defense. We're leaning 35 00:02:01,240 --> 00:02:05,640 Speaker 1: US over international, larger over smaller capitalization. We kind of 36 00:02:05,720 --> 00:02:09,560 Speaker 1: neutralize our growth and value bets here um. But with 37 00:02:09,680 --> 00:02:13,200 Speaker 1: valuations following six plus multiple points since the beginning of 38 00:02:13,200 --> 00:02:15,440 Speaker 1: the year, just on the SMP five. You have to 39 00:02:15,480 --> 00:02:20,280 Speaker 1: start getting interested um in opportunities at these levels. The 40 00:02:20,440 --> 00:02:24,079 Speaker 1: n C Asset Managements Amanta Agatti says markets will rally 41 00:02:24,160 --> 00:02:27,320 Speaker 1: if the FED gives a clear message on when rate 42 00:02:27,440 --> 00:02:29,960 Speaker 1: hikes will end. Well. It's been a big trading day 43 00:02:29,960 --> 00:02:33,520 Speaker 1: in Asia, and each Chinese stock surged overnight as speculation 44 00:02:33,600 --> 00:02:36,959 Speaker 1: grows the government there is making preparations to exit stringent 45 00:02:37,040 --> 00:02:40,320 Speaker 1: COVID restrictions. The Hang Sang in Hong Kong rows five 46 00:02:40,360 --> 00:02:43,440 Speaker 1: per cent, while stocks in China gained three point six percent. 47 00:02:44,200 --> 00:02:47,280 Speaker 1: And we continue to see historic profit from oil companies. 48 00:02:47,360 --> 00:02:50,560 Speaker 1: VP this morning reported its second highest quarterly profit on 49 00:02:50,680 --> 00:02:53,680 Speaker 1: record and announced two and a half billion dollars of 50 00:02:53,720 --> 00:02:57,960 Speaker 1: share buybacks. Bloomberg's at Steven Sabzinski says it's a banner 51 00:02:58,080 --> 00:03:01,000 Speaker 1: year for big oil. It's really hard to see anyone 52 00:03:01,080 --> 00:03:04,240 Speaker 1: who is really losing out on this surgeon prices, and 53 00:03:04,240 --> 00:03:06,480 Speaker 1: you've seen it across the board over the last week. 54 00:03:06,480 --> 00:03:10,600 Speaker 1: You've seen you know, Shell total x on h VP 55 00:03:10,919 --> 00:03:14,440 Speaker 1: is is joining this larger group not just in Europe, 56 00:03:14,440 --> 00:03:16,400 Speaker 1: in the United States, but you're also seeing this in 57 00:03:16,639 --> 00:03:21,200 Speaker 1: you know, Saudi Aramco posted their second best quarterly profit ever. Now, 58 00:03:21,200 --> 00:03:24,840 Speaker 1: when it comes to Saudi Aramco, Bloomberg's Steven Stepzinski reports 59 00:03:24,880 --> 00:03:28,280 Speaker 1: the company posted its second highest earnings on record this morning. 60 00:03:28,680 --> 00:03:31,280 Speaker 1: The results from big oil this quarter are do largely 61 00:03:31,320 --> 00:03:33,880 Speaker 1: the surging prices at the pump. Yeah, we've also seen 62 00:03:33,919 --> 00:03:36,280 Speaker 1: record profits from x On Mobile and Chevron. Of course, 63 00:03:36,320 --> 00:03:39,400 Speaker 1: amy they amassed more than thirty billion dollars in combined 64 00:03:39,400 --> 00:03:42,320 Speaker 1: net income last quarter, and that has President Biden calling 65 00:03:42,360 --> 00:03:45,600 Speaker 1: on Congress to impose higher taxes on oil companies. If 66 00:03:45,600 --> 00:03:49,440 Speaker 1: they're not reinvesting in production. They don't, they're gonna pay 67 00:03:49,480 --> 00:03:53,200 Speaker 1: a higher tax on their excess profits and face other restrictions. 68 00:03:53,760 --> 00:03:56,200 Speaker 1: My team will work with Congress to look at these 69 00:03:56,280 --> 00:03:58,760 Speaker 1: up these options that are available to us and others. 70 00:03:59,440 --> 00:04:02,280 Speaker 1: It's time for these comedies to stop for profit cheering 71 00:04:02,640 --> 00:04:05,680 Speaker 1: by President Biden's promised to impose higher taxes will be 72 00:04:05,720 --> 00:04:09,160 Speaker 1: hard to deliver. Democrats have unsuccessfully sought a so called 73 00:04:09,160 --> 00:04:12,000 Speaker 1: windfall profit tax for more than a decade. Such a 74 00:04:12,040 --> 00:04:14,240 Speaker 1: proposal would have a hard time passing the Senate and 75 00:04:14,360 --> 00:04:18,440 Speaker 1: its current makeup. And Nathan Central Banks are also in focus. 76 00:04:18,640 --> 00:04:21,080 Speaker 1: This morning, the Fed begins it's two day policy meeting. 77 00:04:21,200 --> 00:04:24,960 Speaker 1: It is expected to hike rates another seventy basis points. 78 00:04:25,279 --> 00:04:28,560 Speaker 1: At the same time, Australia's Central Bank has raised interest 79 00:04:28,640 --> 00:04:31,159 Speaker 1: rates by a quarter percentage point. It looks like the 80 00:04:31,240 --> 00:04:34,000 Speaker 1: r b A is pivoting away from larger hikes. That's 81 00:04:34,000 --> 00:04:37,120 Speaker 1: according to Bloomberg's that Garfield Reynolds, it's definitely a pivot 82 00:04:37,160 --> 00:04:39,800 Speaker 1: for the r b A. The question is whether other 83 00:04:39,880 --> 00:04:42,520 Speaker 1: central banks are going to be as concerned about the 84 00:04:42,560 --> 00:04:46,719 Speaker 1: growth side of the mandate as the AVA is signaling 85 00:04:46,800 --> 00:04:49,559 Speaker 1: that it is. It's still concerned about inflation. It says 86 00:04:49,680 --> 00:04:53,360 Speaker 1: more hikes are to come, but reading between the lines, 87 00:04:53,440 --> 00:04:56,760 Speaker 1: it's concerned about growth mean that it's not wanting to 88 00:04:56,800 --> 00:05:00,000 Speaker 1: go more than twenty five basis points of time. Bloom 89 00:05:00,200 --> 00:05:03,400 Speaker 1: Chief Rates correspond and Garfield Reynolds says the cash rate 90 00:05:03,400 --> 00:05:07,800 Speaker 1: in Australia now stands at two. That's the highest level 91 00:05:07,839 --> 00:05:11,240 Speaker 1: since In corporate news this morning, Amy we're focused on 92 00:05:11,279 --> 00:05:14,200 Speaker 1: credit suits again. The Swiss Bank is not for sale. 93 00:05:14,360 --> 00:05:16,840 Speaker 1: That's what the firm's chairman Axel Leman is saying, after 94 00:05:16,880 --> 00:05:19,800 Speaker 1: shares have fallen more than fifty percent this year. He 95 00:05:19,880 --> 00:05:22,719 Speaker 1: spoke to us in Hong Kong. We're going to you know, 96 00:05:22,839 --> 00:05:27,040 Speaker 1: to swife again, so we don't have any take over 97 00:05:27,240 --> 00:05:30,200 Speaker 1: the conscience and at that point we truly believe we 98 00:05:30,279 --> 00:05:33,080 Speaker 1: want to stay independent. Credit Swiss chairman Excel Layman made 99 00:05:33,120 --> 00:05:35,640 Speaker 1: the comments in an interview with Bloomberg News. Stay tuned 100 00:05:35,680 --> 00:05:37,960 Speaker 1: for more of that conversation coming up later this hour. 101 00:05:38,400 --> 00:05:40,599 Speaker 1: And back here in the US, the airline and travel 102 00:05:40,640 --> 00:05:45,960 Speaker 1: recovery continues as the busy holiday season approaches. Dert Delta 103 00:05:46,080 --> 00:05:49,960 Speaker 1: air pilots have voted to authorize a strike. Let's get 104 00:05:49,960 --> 00:05:53,040 Speaker 1: the story from Bloomberg's Charlie Pellett. It gives union leaders 105 00:05:53,040 --> 00:05:56,520 Speaker 1: the authority to call for a work stoppage once they 106 00:05:56,560 --> 00:06:00,280 Speaker 1: have gone through steps set by federal labor law. The 107 00:06:00,320 --> 00:06:04,000 Speaker 1: Delta unit of the Airline Pilots Association says about ninety 108 00:06:04,080 --> 00:06:08,080 Speaker 1: nine percent of pilots who voted approved the proposal. The 109 00:06:08,240 --> 00:06:13,040 Speaker 1: participation rate among Delta's roughly fifteen thousand pilots was ninety 110 00:06:13,160 --> 00:06:17,040 Speaker 1: six percent. While aviators must follow steps set by the 111 00:06:17,120 --> 00:06:20,640 Speaker 1: Railway Labor Act and can't randomly walk off the job, 112 00:06:20,960 --> 00:06:24,200 Speaker 1: the strength of the vote represents pilot's view about the 113 00:06:24,279 --> 00:06:28,720 Speaker 1: lack of progress in negotiations in New York. Charlie Palot 114 00:06:28,720 --> 00:06:32,000 Speaker 1: Bloomberg Daybreak, Charlie thanks in another note on the airline industry. 115 00:06:32,040 --> 00:06:34,800 Speaker 1: For the first time since COVID cut air travel, US 116 00:06:34,880 --> 00:06:38,440 Speaker 1: airline passenger traffic has been running above twenty nineteen levels. 117 00:06:38,480 --> 00:06:40,800 Speaker 1: Just over fifteen million people went through t s A 118 00:06:40,960 --> 00:06:43,440 Speaker 1: security portals in the past seven days. That's about thirty 119 00:06:43,520 --> 00:06:46,800 Speaker 1: nine thousand more than and On the political front, the 120 00:06:46,839 --> 00:06:49,400 Speaker 1: midterm elections are set for a week from today, which 121 00:06:49,440 --> 00:06:52,640 Speaker 1: means a policy change from Twitter. The social media company 122 00:06:52,640 --> 00:06:55,520 Speaker 1: has frozen some employee access to internal tools used for 123 00:06:55,560 --> 00:06:59,160 Speaker 1: content moderation and other policy enforcement, curbing the staff's ability 124 00:06:59,200 --> 00:07:02,640 Speaker 1: to clamp down on misinformation ahead of the election. Bloomberg 125 00:07:02,680 --> 00:07:05,000 Speaker 1: News has learned most people who work in Twitter's Trust 126 00:07:05,080 --> 00:07:09,480 Speaker 1: and Safety organization are currently unable to alter or penalize 127 00:07:09,480 --> 00:07:14,040 Speaker 1: most accounts that break rules around misleading information, offensive posts, 128 00:07:14,080 --> 00:07:23,960 Speaker 1: and hate speech futures are higher. This is Bloomberg five 129 00:07:24,000 --> 00:07:26,200 Speaker 1: oh seven on Wall Street. Let's bring in Michael Barr 130 00:07:26,200 --> 00:07:27,680 Speaker 1: with more on what else is going on in New 131 00:07:27,760 --> 00:07:30,840 Speaker 1: York and around the world. Good morning Michael, Good morning Amy. 132 00:07:30,960 --> 00:07:34,400 Speaker 1: A salary transparency law. It takes affect today in New 133 00:07:34,480 --> 00:07:38,040 Speaker 1: York City. It requires most companies in the nation's largest 134 00:07:38,120 --> 00:07:42,280 Speaker 1: job market to include minimum and maximum salary ranges when 135 00:07:42,280 --> 00:07:46,480 Speaker 1: they post job openings. The law supporters say it intends 136 00:07:46,600 --> 00:07:49,840 Speaker 1: to close the pay gap for women and people of color, 137 00:07:50,120 --> 00:07:53,440 Speaker 1: but critics argue it will do just the opposite. The 138 00:07:53,480 --> 00:07:57,320 Speaker 1: Supreme Court kicked off hearing arguments over affirmative action at universities. 139 00:07:57,680 --> 00:08:02,000 Speaker 1: Conservative groups have sued both Harvard University and the University 140 00:08:02,040 --> 00:08:05,559 Speaker 1: of North Caroline up claiming that their admissions processes aren't 141 00:08:05,600 --> 00:08:09,280 Speaker 1: fair to white or Asian applicants. The courts three liberal 142 00:08:09,360 --> 00:08:12,440 Speaker 1: justices cast a doubt on whether race is the sole 143 00:08:12,480 --> 00:08:17,040 Speaker 1: indicator and admissions processes. Attorney Patrick Strawbridge represents students for 144 00:08:17,160 --> 00:08:20,080 Speaker 1: Fair Admissions in the U n C case and says 145 00:08:20,120 --> 00:08:22,960 Speaker 1: that race should only be used in a broader context 146 00:08:23,000 --> 00:08:27,160 Speaker 1: of an application. Racial classifications are wrong. That principle was 147 00:08:27,280 --> 00:08:30,560 Speaker 1: enshrined in our law at great cost Following the Civil War. 148 00:08:30,840 --> 00:08:33,960 Speaker 1: Justice Helena Kagan encountered, the race is part of the culture, 149 00:08:33,960 --> 00:08:35,960 Speaker 1: and the culture is part of the race, isn't it. 150 00:08:36,040 --> 00:08:39,960 Speaker 1: I mean that's slicing the Boloney awfully since. Meanwhile, conservative 151 00:08:40,040 --> 00:08:43,280 Speaker 1: justices have been casting doubt on whether the affirmative action 152 00:08:43,320 --> 00:08:47,680 Speaker 1: programs are needed. A correction officer inside Rikers Island was 153 00:08:47,679 --> 00:08:50,480 Speaker 1: injured after being stabbed over a dozen times. The New 154 00:08:50,559 --> 00:08:54,000 Speaker 1: York City Department of Corrections says it happened yesterday afternoon. 155 00:08:54,120 --> 00:08:56,520 Speaker 1: The officer is said to be in stable condition at 156 00:08:56,559 --> 00:09:00,480 Speaker 1: Elmhurst Hospital. Court documents say the mancus of entering the 157 00:09:00,520 --> 00:09:03,360 Speaker 1: San Francisco home of how speaker Nancy Pelosi wanted to 158 00:09:03,400 --> 00:09:07,079 Speaker 1: break her kneecaps. Speaker was not home. Police say forty 159 00:09:07,120 --> 00:09:11,400 Speaker 1: two year old David pop attacked her husband, Paul Pelosi. Meanwhile, 160 00:09:11,440 --> 00:09:15,360 Speaker 1: Democratic Congresswoman Debbie Dingle of Michigan discussed the attack on 161 00:09:15,400 --> 00:09:19,800 Speaker 1: Paul Pelosi and heightened tensions over political rhetoric and violence. 162 00:09:20,320 --> 00:09:24,480 Speaker 1: She referred to recent Elon Musk tweets on Pelosi. The 163 00:09:24,559 --> 00:09:28,680 Speaker 1: conspiracy theories are also adding to this and putting kerosene 164 00:09:28,720 --> 00:09:32,640 Speaker 1: on and people won't read it. So yeah, you know what, 165 00:09:32,840 --> 00:09:35,679 Speaker 1: I will go after somebody. I thinks a new owner 166 00:09:35,840 --> 00:09:39,960 Speaker 1: of Twitter's got some responsibilities too, and was horrified that 167 00:09:40,120 --> 00:09:44,719 Speaker 1: he would participate in some of this conspiracy theory has 168 00:09:44,800 --> 00:09:50,439 Speaker 1: no to it, no truth to wit. Congresswoman Dingle spoke 169 00:09:50,520 --> 00:09:53,119 Speaker 1: on sound On, which airs at five pm on Bloomberg 170 00:09:53,440 --> 00:09:56,080 Speaker 1: Global News twenty four hours a day on air, and 171 00:09:56,240 --> 00:09:59,559 Speaker 1: on Bloomberg Quittake, powered by more than hundred journalist and 172 00:09:59,559 --> 00:10:02,240 Speaker 1: analyists in more than a hundred twenty countries. On Michael 173 00:10:02,240 --> 00:10:04,920 Speaker 1: bar this is Bloomberg Gaming. All right, thank you, Michael. 174 00:10:07,640 --> 00:10:09,880 Speaker 1: It's fun. Ten on Wall Street. Time now for the 175 00:10:09,920 --> 00:10:12,600 Speaker 1: sports report, brought to you by Try State Audi. Here's 176 00:10:12,640 --> 00:10:15,000 Speaker 1: John stash Our. All right, Amy, the Brooklyn Nets have 177 00:10:15,080 --> 00:10:17,559 Speaker 1: become some of them was soap opera, and very often 178 00:10:17,600 --> 00:10:19,920 Speaker 1: it has to do with Kyrie Irving. Seems as if 179 00:10:20,000 --> 00:10:23,400 Speaker 1: it's always something with Kyrie. The latest was his posting 180 00:10:23,480 --> 00:10:26,600 Speaker 1: on social media of a link to an anti Semitic video. 181 00:10:27,080 --> 00:10:29,800 Speaker 1: It's also the team's early season performance one in five 182 00:10:29,880 --> 00:10:32,680 Speaker 1: record worst defense in the NBA. So how much needed 183 00:10:32,720 --> 00:10:35,360 Speaker 1: win at Barkley's One, sixteen to one on night over Indiana. 184 00:10:35,440 --> 00:10:39,160 Speaker 1: Kyrie scored points, Kevin Durant had thirty six Milwaukee one 185 00:10:39,200 --> 00:10:41,000 Speaker 1: again the Bucks are six and oh. The Monday night 186 00:10:41,040 --> 00:10:44,120 Speaker 1: game an upset win for Cleveland thirty two to thirteen 187 00:10:44,120 --> 00:10:47,240 Speaker 1: over Cincinnati. The Browns led to nothing in the fourth quarter. 188 00:10:47,600 --> 00:10:50,800 Speaker 1: NFL trade deadline four o'clock today, Giants could be looking 189 00:10:50,840 --> 00:10:53,440 Speaker 1: for a wide receiver. Jets white out Elijah Moore has 190 00:10:53,480 --> 00:10:56,160 Speaker 1: asked to be traded. No quarterback change for the Jets 191 00:10:56,400 --> 00:10:59,640 Speaker 1: despite Zack Wilson's three interceptions and the loss of the Patriots. 192 00:10:59,679 --> 00:11:02,640 Speaker 1: The Jet coach Robert Salad, I've got full confidence insa 193 00:11:02,840 --> 00:11:06,880 Speaker 1: we all do. Um um. You know, it's not like 194 00:11:06,920 --> 00:11:09,280 Speaker 1: he hasn't had bad games before and he stepped up 195 00:11:09,320 --> 00:11:11,880 Speaker 1: and has followed over with good days. So you know, 196 00:11:11,880 --> 00:11:13,840 Speaker 1: with the way he preps and the way he practices 197 00:11:13,920 --> 00:11:16,920 Speaker 1: and the questions he asks, we've got faith that will 198 00:11:16,960 --> 00:11:19,120 Speaker 1: continue continue to find ways to get better. From Jets 199 00:11:19,120 --> 00:11:21,079 Speaker 1: to have a tough one Sunday against six and one 200 00:11:21,120 --> 00:11:25,160 Speaker 1: Buffalo College football Auburn fired coach Brian Harrison, so he 201 00:11:25,200 --> 00:11:27,880 Speaker 1: didn't finish the second season of a six year contract 202 00:11:28,000 --> 00:11:31,040 Speaker 1: alone about fifteen million dollars. They're also still playing the 203 00:11:31,040 --> 00:11:34,319 Speaker 1: previous Coach World Series resumed Tonither in Philadelphia after last 204 00:11:34,400 --> 00:11:36,920 Speaker 1: night's rain out. The Phillies have changed their Game three 205 00:11:36,960 --> 00:11:40,240 Speaker 1: starter out is the x met Noah Synder Guard in 206 00:11:40,400 --> 00:11:43,080 Speaker 1: his Rangers swore as the Astros are sticking with Lance 207 00:11:43,200 --> 00:11:46,360 Speaker 1: mccullor's The World Series is tied at one. John stash 208 00:11:46,520 --> 00:11:49,960 Speaker 1: with Bloomberg Sports in all right, Thank you, John. Futures 209 00:11:50,000 --> 00:11:53,080 Speaker 1: are higher, SMP futures up by twenty five points, Staal 210 00:11:53,240 --> 00:11:55,600 Speaker 1: future is a hundred fifty two points higher, and Nasdaq 211 00:11:55,679 --> 00:11:59,120 Speaker 1: features higher by almost nine two points. Much more ahead 212 00:11:59,120 --> 00:12:08,240 Speaker 1: on Bloomberg Day Break. This is Bloomberg. The Bloomberg Sports 213 00:12:08,240 --> 00:12:10,400 Speaker 1: Report was brought to you by Audie. Don't let someone 214 00:12:10,440 --> 00:12:13,120 Speaker 1: else drive off in the Audi model you've always wanted. 215 00:12:13,200 --> 00:12:15,440 Speaker 1: Visit your local try state autie dealer to get behind 216 00:12:15,480 --> 00:12:18,079 Speaker 1: the wheel of yours today, or visit Autie Offers dot 217 00:12:18,080 --> 00:12:24,480 Speaker 1: com for more information, markets, headlines and breaking news twenty 218 00:12:24,480 --> 00:12:27,359 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 219 00:12:27,360 --> 00:12:31,800 Speaker 1: Business at and at Bloomberg Rictape. He's a Bloomberg Business Flash. 220 00:12:37,559 --> 00:12:40,559 Speaker 1: I'm Nathan Hagar. Stocks and futures are rallying. The dollar 221 00:12:40,679 --> 00:12:43,520 Speaker 1: and treasury yields are falling as investors await the Federal 222 00:12:43,559 --> 00:12:46,959 Speaker 1: Reserves policy meeting. It kicks off today. We checked the 223 00:12:47,000 --> 00:12:49,959 Speaker 1: markets every fifteen minutes during the trading day on Bloomberg, 224 00:12:50,280 --> 00:12:53,080 Speaker 1: SMP futures are up twenty six points down futures up 225 00:12:53,080 --> 00:12:56,120 Speaker 1: a hundred sixty one. Nastact futures are higher by ninety 226 00:12:56,200 --> 00:12:59,240 Speaker 1: six points. The tenure treasury is up sixteen thirty seconds. 227 00:12:59,240 --> 00:13:01,839 Speaker 1: The yield at three point yield on the two year 228 00:13:02,160 --> 00:13:05,160 Speaker 1: four point four three percent. NIMEX screwed is higher by 229 00:13:05,160 --> 00:13:08,040 Speaker 1: eight tenths percent, or seventy two cents at eighty seven dollars. 230 00:13:08,080 --> 00:13:10,560 Speaker 1: Twenty five cents of barrel comic gold is up a 231 00:13:10,559 --> 00:13:14,040 Speaker 1: half percent or eight dollars ten cents at six eighty announced. 232 00:13:14,320 --> 00:13:17,520 Speaker 1: The euro is trading at point nine six against the dollar, 233 00:13:17,720 --> 00:13:20,640 Speaker 1: British pound one point one eight. The yen is at 234 00:13:20,640 --> 00:13:23,880 Speaker 1: one seven point six nine. Ten am Wall Street Time, 235 00:13:23,880 --> 00:13:26,920 Speaker 1: we get jolts job openings in I S M manufacturing data. 236 00:13:27,160 --> 00:13:30,080 Speaker 1: Nearly fifty companies on the S and P five index 237 00:13:30,080 --> 00:13:33,199 Speaker 1: reporternings today. That's a Bloomberg business flatch. Now with more 238 00:13:33,240 --> 00:13:35,040 Speaker 1: on what's going on around the world, here's Michael bar 239 00:13:35,160 --> 00:13:37,920 Speaker 1: Good morning, Michael, Good morning, Nathan. The Supreme Court heard 240 00:13:38,000 --> 00:13:41,640 Speaker 1: arguments in cases challenging the consideration of a student's race 241 00:13:41,720 --> 00:13:45,959 Speaker 1: and college admissions. The cases involving Harvard and the University 242 00:13:45,960 --> 00:13:49,400 Speaker 1: of North Carolina could end affirmative action at public end 243 00:13:49,480 --> 00:13:53,160 Speaker 1: private schools across the country. Airline passenger traffic in the 244 00:13:53,240 --> 00:13:56,880 Speaker 1: US has been running above the comparable levels of twenty nineteen. 245 00:13:57,559 --> 00:14:00,160 Speaker 1: The t s A says it's the first time that's 246 00:14:00,160 --> 00:14:04,240 Speaker 1: happened since COVID nineteen dramatically cut air travel. They'll try 247 00:14:04,280 --> 00:14:06,880 Speaker 1: to make up Game three of the World Series in Philadelphia. 248 00:14:07,160 --> 00:14:10,720 Speaker 1: Last night's Phillies and Astro's game was postponed because of rain. 249 00:14:11,120 --> 00:14:14,320 Speaker 1: In the NBA, the Nets won, the Wizards lost. In 250 00:14:14,400 --> 00:14:16,719 Speaker 1: the NHL, the Capital is lost in a shootout with 251 00:14:16,760 --> 00:14:20,760 Speaker 1: the Hurricanes three to The Browns beat the Ravens thirteen 252 00:14:20,840 --> 00:14:23,960 Speaker 1: and Monday Night Football. Global News twenty four hours a 253 00:14:24,040 --> 00:14:27,720 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 254 00:14:27,800 --> 00:14:30,400 Speaker 1: than twenty seven hundred journalists and analysts, are more than 255 00:14:30,400 --> 00:14:33,200 Speaker 1: a hundred twenty countries. I'm Michael Barr, and this is 256 00:14:33,280 --> 00:14:36,680 Speaker 1: Bloomberg Gaming. All right, thank you, Michael. It is five 257 00:14:36,760 --> 00:14:39,680 Speaker 1: twenty on Wall Street where live from the Bloomberg Interactive 258 00:14:39,680 --> 00:14:42,800 Speaker 1: Broker Studios. This is Bloomberg Daybreak. Now. For months, the 259 00:14:42,800 --> 00:14:45,520 Speaker 1: White House has been calling on oil companies to invest 260 00:14:45,640 --> 00:14:49,680 Speaker 1: more in oil production. Bloomberg data show the biggest companies 261 00:14:49,680 --> 00:14:52,600 Speaker 1: like Exxon, Shell and Chevron are handing a lot of 262 00:14:52,600 --> 00:14:56,240 Speaker 1: that money over to shareholders and just reinvesting only a 263 00:14:56,360 --> 00:14:59,600 Speaker 1: fraction of their windfall. Now, President Biden has announced as 264 00:14:59,600 --> 00:15:02,640 Speaker 1: planned who raise taxes on oil companies that record those 265 00:15:02,680 --> 00:15:06,720 Speaker 1: windfall profits without reinvesting the money back into production. We're 266 00:15:06,800 --> 00:15:09,800 Speaker 1: joined now by the founder of Pangea Policy, Terry Haines. 267 00:15:09,880 --> 00:15:12,120 Speaker 1: It's gonna help us make sense of it all. Terry, 268 00:15:12,160 --> 00:15:14,320 Speaker 1: thank you for taking the time with us this morning. 269 00:15:14,360 --> 00:15:17,440 Speaker 1: First of all, the presidents also gonna need congressional support 270 00:15:17,520 --> 00:15:20,680 Speaker 1: to do this. Is he going to get it? Good morning, Amy. 271 00:15:20,840 --> 00:15:24,120 Speaker 1: Uh No, he's not. Uh this you know, this strikes 272 00:15:24,160 --> 00:15:27,560 Speaker 1: me politically above all as uh kind of what the 273 00:15:27,600 --> 00:15:30,880 Speaker 1: soccer fans call an own goal. Uh. You know, the 274 00:15:31,200 --> 00:15:33,600 Speaker 1: President's may have been talking about this off and on 275 00:15:33,720 --> 00:15:37,920 Speaker 1: for for a while, but he touts his major legislative 276 00:15:37,920 --> 00:15:42,160 Speaker 1: achievement this year is being the Inflation Reduction Act, Uh, 277 00:15:42,280 --> 00:15:45,520 Speaker 1: something with which you know he wasn't so much involved 278 00:15:45,560 --> 00:15:49,600 Speaker 1: as uh Leader Schumer and Senator Mansion were. And you 279 00:15:49,640 --> 00:15:52,440 Speaker 1: know that was the windfall profits taxes. Not only nowhere 280 00:15:52,480 --> 00:15:55,120 Speaker 1: in that bill, but it was not even discussed at 281 00:15:55,160 --> 00:15:58,600 Speaker 1: that particular time. Uh So what it seems what it 282 00:15:58,680 --> 00:16:03,160 Speaker 1: seems like is a situation where uh, you know, they 283 00:16:03,520 --> 00:16:06,880 Speaker 1: pull out this windfall profits tax narrative whenever they think 284 00:16:06,880 --> 00:16:10,400 Speaker 1: convenient politically, but they're not actually committed to it at all. 285 00:16:11,040 --> 00:16:13,640 Speaker 1: And you know, and frankly, I think voters are gonna 286 00:16:13,680 --> 00:16:17,320 Speaker 1: wonder why so well, not just that, but I'm wondering 287 00:16:17,360 --> 00:16:19,280 Speaker 1: if it's too little too late. I mean, we are 288 00:16:19,360 --> 00:16:21,960 Speaker 1: eyeball deep in the mid term season. Some places are 289 00:16:22,000 --> 00:16:26,440 Speaker 1: already holding early voting in their district. So is this 290 00:16:26,760 --> 00:16:30,200 Speaker 1: coming way too little, way too late? Oh? Yeah, absolutely. 291 00:16:30,280 --> 00:16:33,040 Speaker 1: The you know, the this line might have had some 292 00:16:33,080 --> 00:16:35,720 Speaker 1: public residents six or more months ago, and if you, 293 00:16:36,200 --> 00:16:40,120 Speaker 1: as a communications device, allowed it to develop, and you know, 294 00:16:39,960 --> 00:16:42,440 Speaker 1: you make your case and try to bring the public 295 00:16:42,480 --> 00:16:44,640 Speaker 1: with you. And that's probably how you bring Congress with you. 296 00:16:45,040 --> 00:16:48,400 Speaker 1: But but that's not that's not happening. And the other 297 00:16:48,440 --> 00:16:51,440 Speaker 1: thing I've mentioned briefly is that, you know, the Biden 298 00:16:51,520 --> 00:16:55,800 Speaker 1: legislative achievements, whatever else they are, generally have not featured 299 00:16:56,280 --> 00:16:59,920 Speaker 1: Biden's direct involvement. As I say, the Inflation Reduction Act 300 00:17:00,080 --> 00:17:04,200 Speaker 1: is much more of a mansion product and president that 301 00:17:04,720 --> 00:17:07,320 Speaker 1: was told the White House was told by the bipartisan 302 00:17:07,359 --> 00:17:11,080 Speaker 1: people developing the infrastructure bill frankly, to stay out of negotiations. 303 00:17:11,119 --> 00:17:13,919 Speaker 1: I mean that was publicly known at the time. So, um, 304 00:17:14,040 --> 00:17:16,960 Speaker 1: you've got a White House here who has no persuasive 305 00:17:17,000 --> 00:17:20,439 Speaker 1: ability to actually bring the Congress along with them, and 306 00:17:20,600 --> 00:17:22,320 Speaker 1: you know, certainly not going to bring a lame duck 307 00:17:22,359 --> 00:17:26,480 Speaker 1: Congress of along. And next year's is whether it's a 308 00:17:27,160 --> 00:17:30,000 Speaker 1: whether it's Republican majorities or a split Congress is not 309 00:17:30,320 --> 00:17:32,480 Speaker 1: is not a Congress that's going to do anything about 310 00:17:32,520 --> 00:17:36,080 Speaker 1: this or react to Biden's proposals at all. Did you 311 00:17:36,119 --> 00:17:39,600 Speaker 1: get the impression that the President is sort of holding 312 00:17:39,720 --> 00:17:43,040 Speaker 1: his own party accountable for not doing this sooner because 313 00:17:43,080 --> 00:17:48,040 Speaker 1: Democrats have been pushing for this for months, well exactly. Uh. 314 00:17:48,080 --> 00:17:50,639 Speaker 1: You know, one reason I think of it as an 315 00:17:50,680 --> 00:17:54,800 Speaker 1: own goal is you know, it is I'm not sure 316 00:17:54,800 --> 00:17:57,359 Speaker 1: the White House understands the optics of this, frankly, And 317 00:17:57,640 --> 00:17:59,960 Speaker 1: what it looks like is the president blaming his own 318 00:18:00,080 --> 00:18:03,359 Speaker 1: rational party for not getting uh for not getting something done. 319 00:18:04,000 --> 00:18:06,639 Speaker 1: I don't think that's a good look, and it's certainly uh, 320 00:18:06,920 --> 00:18:10,600 Speaker 1: it certainly undermines the seriousness of what he says he wants, 321 00:18:10,960 --> 00:18:15,160 Speaker 1: but it undermines the seriousness of Biden and Democrats politically. 322 00:18:15,200 --> 00:18:16,960 Speaker 1: If they mean, if they're not on all fours and 323 00:18:17,000 --> 00:18:19,600 Speaker 1: can't get anything done, now I've you know, why why 324 00:18:19,720 --> 00:18:23,480 Speaker 1: vote for them to be blunted? But what would this 325 00:18:23,560 --> 00:18:26,199 Speaker 1: then mean for the other business of government on Congress 326 00:18:26,280 --> 00:18:29,040 Speaker 1: isn't going to be coming back until after the midterms 327 00:18:29,040 --> 00:18:31,080 Speaker 1: are over with, But they still have spending bills they 328 00:18:31,080 --> 00:18:32,639 Speaker 1: have to work on, they have the budget, they have 329 00:18:32,720 --> 00:18:34,800 Speaker 1: all sorts of other issues that are on their plate. 330 00:18:35,280 --> 00:18:38,520 Speaker 1: Is this gonna, I don't know, throw a little smoke 331 00:18:38,680 --> 00:18:41,119 Speaker 1: up in the air and causes some confusion or cause 332 00:18:41,560 --> 00:18:45,080 Speaker 1: them to be able to things to to actually grind 333 00:18:45,080 --> 00:18:47,440 Speaker 1: to an even slower halt when I'm trying to say, yeah, 334 00:18:47,840 --> 00:18:51,200 Speaker 1: well no, I think you're absolutely right. But the the 335 00:18:51,760 --> 00:18:54,840 Speaker 1: the last business of this Congress, which will happen, you know, 336 00:18:54,920 --> 00:18:58,160 Speaker 1: after Thanksgiving into December, is trying to come up with 337 00:18:58,440 --> 00:19:03,679 Speaker 1: UH fiscal year three spending bills. UH in English, what 338 00:19:03,800 --> 00:19:06,480 Speaker 1: that means is that the government will be three months 339 00:19:06,520 --> 00:19:08,600 Speaker 1: behind on its own fiscal spending for this year, and 340 00:19:08,640 --> 00:19:11,359 Speaker 1: we'll try to come up with full year spending bills. 341 00:19:11,640 --> 00:19:13,800 Speaker 1: I never thought they'd be able to do that before 342 00:19:13,880 --> 00:19:16,000 Speaker 1: the end of the year for a variety of reasons. 343 00:19:16,000 --> 00:19:18,960 Speaker 1: I mean, they just don't seem ready. There's uh, there's 344 00:19:19,160 --> 00:19:21,920 Speaker 1: squawking back and forth about whether or not they can 345 00:19:22,119 --> 00:19:26,240 Speaker 1: uh add some debt limit, that ceiling language to it. Uh. 346 00:19:26,240 --> 00:19:29,919 Speaker 1: This was already going to get kicked into uh with 347 00:19:29,960 --> 00:19:33,800 Speaker 1: temper with another temporary spending bill get kicked into three 348 00:19:33,840 --> 00:19:36,240 Speaker 1: and the new Congress, and that was even that's even 349 00:19:36,240 --> 00:19:40,320 Speaker 1: more likely with this windfall profits tax value. All right, 350 00:19:40,440 --> 00:19:42,920 Speaker 1: Terry Hayes, founder of Panagia Policy, I want to thank 351 00:19:42,960 --> 00:19:44,800 Speaker 1: you for your perspective on this, and of course we're 352 00:19:44,800 --> 00:19:48,160 Speaker 1: gonna keep watching it with you, particularly as the mid 353 00:19:48,280 --> 00:19:51,040 Speaker 1: terms come right around the corner. SMP futures twenty seven 354 00:19:51,040 --> 00:19:54,440 Speaker 1: points higher, DALF futures higher by one D sixty five points, 355 00:19:54,760 --> 00:19:58,680 Speaker 1: now that futures one hundred three points higher. Much more 356 00:19:58,720 --> 00:20:01,200 Speaker 1: still to come on Bloomberg day Break, Stay with us 357 00:20:01,240 --> 00:20:07,760 Speaker 1: on this Tuesday morning. This is Bloomberg. Bloomberg Daybreak is 358 00:20:07,760 --> 00:20:09,840 Speaker 1: brought to you by the New York Community. Trust your 359 00:20:09,920 --> 00:20:11,840 Speaker 1: name will live on as a champion of the causes 360 00:20:11,880 --> 00:20:14,560 Speaker 1: you care about four years to come through a charitable 361 00:20:14,600 --> 00:20:17,439 Speaker 1: bequest to the New York Community Trust. Learned more at 362 00:20:17,440 --> 00:20:25,040 Speaker 1: Philanthropist dot NYC. Broadcasting live from the Bloomberg the Interactive 363 00:20:25,080 --> 00:20:28,920 Speaker 1: Broker Studio in New York, Bloomberg E Living Freedom to Washington, 364 00:20:29,000 --> 00:20:33,120 Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one 365 00:20:33,200 --> 00:20:36,640 Speaker 1: does San Francisco, Bloomberg nine sixty to the country Sirius 366 00:20:36,840 --> 00:20:39,960 Speaker 1: XM Cho one nineteen and around the globe, the Bloomberg 367 00:20:40,040 --> 00:20:43,959 Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg 368 00:20:44,040 --> 00:20:51,880 Speaker 1: Daybreak and it's five thirty on Wall Street. Good morning. 369 00:20:51,880 --> 00:20:54,760 Speaker 1: I'm Nathan Hager. Hi'm Amy Morris. Bloomberg day Break is 370 00:20:54,800 --> 00:20:57,199 Speaker 1: brought to you by s E I imagine your asset 371 00:20:57,240 --> 00:21:01,200 Speaker 1: management firms, operational infrastructure as a compet of advantage. Let 372 00:21:01,320 --> 00:21:03,040 Speaker 1: s E I show you how at s E I 373 00:21:03,119 --> 00:21:05,720 Speaker 1: C dot com slash I M S and we're just 374 00:21:05,760 --> 00:21:07,840 Speaker 1: about four hours away from the open of US trading. 375 00:21:07,920 --> 00:21:09,480 Speaker 1: Let's get you up to date on the news you 376 00:21:09,520 --> 00:21:12,159 Speaker 1: need to know at this hour. US Futures are hired 377 00:21:12,160 --> 00:21:14,439 Speaker 1: to start the week as investors Europe for this week's 378 00:21:14,440 --> 00:21:17,720 Speaker 1: FED meeting and the October jobs report. The Fed, especially 379 00:21:17,720 --> 00:21:21,240 Speaker 1: as front and center. According to Bloomberg macro strategist Vince Signarella, 380 00:21:21,600 --> 00:21:24,440 Speaker 1: the Fed made pivots sooner than expected. I think that's 381 00:21:24,440 --> 00:21:27,159 Speaker 1: what the markets are hoping for, some indication that the 382 00:21:27,160 --> 00:21:30,600 Speaker 1: Fed acknowledges that their work is starting to find its 383 00:21:30,640 --> 00:21:32,919 Speaker 1: way through to the economy, specifically in housing, as we 384 00:21:32,960 --> 00:21:36,040 Speaker 1: saw last week pending home sales down over on a 385 00:21:36,080 --> 00:21:38,560 Speaker 1: month over month basis. That's what the market is hoping for. 386 00:21:38,680 --> 00:21:41,760 Speaker 1: Bloomberg's Vince Signerella says markets will respond negatively if the 387 00:21:41,760 --> 00:21:45,240 Speaker 1: Fed does not forecast easing monetary policy in the near future. 388 00:21:45,560 --> 00:21:48,440 Speaker 1: Expectations are for the FED to raise rates seventy five 389 00:21:48,480 --> 00:21:52,679 Speaker 1: basis points tomorrow, followed by fifty in December. Meantime, in Australia, 390 00:21:52,760 --> 00:21:55,439 Speaker 1: the Central bank hike to interest rates today by just 391 00:21:55,520 --> 00:21:58,600 Speaker 1: a quarter percentage point sparked bets that the r b 392 00:21:58,720 --> 00:22:01,159 Speaker 1: A is pivoting away for large types. Well, it has 393 00:22:01,160 --> 00:22:04,360 Speaker 1: been a big day in Asia. Any Chinese stocks surged overnight, 394 00:22:04,359 --> 00:22:08,199 Speaker 1: a speculation grows the government's making preparations to exit COVID restrictions. 395 00:22:08,400 --> 00:22:10,760 Speaker 1: The Hang Sing in Hong Kong rose five percent, while 396 00:22:10,800 --> 00:22:13,840 Speaker 1: stocks in China gained three point six percent, and Nathan, 397 00:22:13,880 --> 00:22:16,840 Speaker 1: we're also seeing historic profits from big oil. Saudi Aramco 398 00:22:16,880 --> 00:22:19,960 Speaker 1: and BP posted their second highest quarterly earnings this morning. 399 00:22:20,280 --> 00:22:23,360 Speaker 1: That's after record profit from Exxon and Chevron. It has 400 00:22:23,359 --> 00:22:27,000 Speaker 1: President Biden calling on Congress to impose higher taxes on 401 00:22:27,119 --> 00:22:30,720 Speaker 1: big oil. Rather than increasing our investments in America or 402 00:22:30,800 --> 00:22:34,120 Speaker 1: giving American consumers of break their excess profits, you're going 403 00:22:34,160 --> 00:22:36,720 Speaker 1: back to their shareholders and buying back their stocks and 404 00:22:36,800 --> 00:22:39,920 Speaker 1: the executive pays. I'm going to skyrocket, give me a break. 405 00:22:40,080 --> 00:22:43,280 Speaker 1: Enough is enough by President Biden's promise to impose higher 406 00:22:43,280 --> 00:22:47,040 Speaker 1: taxes will be hard to deliver. Democrats have unsuccessfully sought 407 00:22:47,040 --> 00:22:49,480 Speaker 1: a windfall profit tax for more than a decade. In 408 00:22:49,560 --> 00:22:52,320 Speaker 1: corporate news this morning, Amy, we were talking Credit Swiss again. 409 00:22:52,400 --> 00:22:54,800 Speaker 1: Sherman Axel Layman tells us the Swiss Bank is not 410 00:22:55,200 --> 00:22:57,280 Speaker 1: for sale if we pick it out where we need 411 00:22:57,359 --> 00:23:00,520 Speaker 1: to go. And we took some bold and we the 412 00:23:00,640 --> 00:23:03,520 Speaker 1: very important decisions for the group and it's now really 413 00:23:03,560 --> 00:23:06,600 Speaker 1: about looking forward and to execute that plan. Credit Suis 414 00:23:06,720 --> 00:23:09,440 Speaker 1: chairman Aga Lehman made the comments in an interview with Bloomberg, 415 00:23:09,440 --> 00:23:11,399 Speaker 1: and you can hear more of that conversation shortly here 416 00:23:11,440 --> 00:23:13,640 Speaker 1: on Bloomberg day break and had to travel. Note US 417 00:23:13,680 --> 00:23:17,639 Speaker 1: airline passenger traffic has now passed pre pandemic levels. Just 418 00:23:17,840 --> 00:23:20,040 Speaker 1: over fifteen million people went through t ESA over the 419 00:23:20,040 --> 00:23:24,280 Speaker 1: past week, now higher than the same time, and futures 420 00:23:24,280 --> 00:23:26,440 Speaker 1: are higher. Amy S and P futures are up thirty points, 421 00:23:26,440 --> 00:23:29,119 Speaker 1: staff futures up one, nest Act futures higher by a 422 00:23:29,200 --> 00:23:31,920 Speaker 1: hundred thirteen. Straight ahead your latest local headlines and the 423 00:23:32,000 --> 00:23:39,440 Speaker 1: check of sports. This is Bloomberg. Thank you, Nathan. It's 424 00:23:39,440 --> 00:23:41,680 Speaker 1: five thirty three on Wall Street. Let's bring in Michael 425 00:23:41,720 --> 00:23:43,520 Speaker 1: bar with more on what else is going on in 426 00:23:43,520 --> 00:23:46,520 Speaker 1: New York and around the world. Good morning Michael, Good 427 00:23:46,520 --> 00:23:50,040 Speaker 1: morning Amy. A salary transparency law takes effect today in 428 00:23:50,080 --> 00:23:53,880 Speaker 1: New York City. It requires most companies to include salary 429 00:23:53,960 --> 00:23:57,600 Speaker 1: ranges when they post a job opening. Supporters say it's 430 00:23:57,600 --> 00:24:00,520 Speaker 1: intended to close the pay gap for women and people 431 00:24:00,520 --> 00:24:03,840 Speaker 1: of color, but critics argue it will do just the opposite. 432 00:24:04,240 --> 00:24:08,320 Speaker 1: Maria Colla Curcio is CEO of Cindio, a company that 433 00:24:08,400 --> 00:24:12,240 Speaker 1: makes software to analyze pay equity. As a company, if 434 00:24:12,240 --> 00:24:15,399 Speaker 1: you have a philosophy of start low, stay low, or 435 00:24:15,560 --> 00:24:18,960 Speaker 1: pay top dollar to the best negotiator that's going to 436 00:24:19,119 --> 00:24:21,719 Speaker 1: very quickly catch up with you. From a pay equity 437 00:24:21,800 --> 00:24:25,800 Speaker 1: and meeting pay gap perspective, a recent study found women 438 00:24:25,800 --> 00:24:28,760 Speaker 1: are paid seventy three cents on the dollar compared to men. 439 00:24:29,280 --> 00:24:32,040 Speaker 1: A deeply divided Supreme Court as art arguments that could 440 00:24:32,119 --> 00:24:36,280 Speaker 1: end affirmative action policies at universities, Bloomberg said Baxter as 441 00:24:36,320 --> 00:24:40,680 Speaker 1: the story the Conservative majority suggesting a readiness to abolish 442 00:24:40,760 --> 00:24:43,520 Speaker 1: the practice. Chief Justice John Roberts, I don't see how 443 00:24:43,560 --> 00:24:46,200 Speaker 1: you can say that the program will ever end. Your 444 00:24:46,240 --> 00:24:50,600 Speaker 1: position is that race matters because it's necessary for diversity, 445 00:24:50,800 --> 00:24:53,280 Speaker 1: which is necessary for the sort of education you want. 446 00:24:54,000 --> 00:24:57,760 Speaker 1: It's not going to stop mattering. The affirmative action proponents 447 00:24:57,760 --> 00:25:00,560 Speaker 1: at North Carolina and Harvard, arguing that the policies and 448 00:25:00,640 --> 00:25:04,239 Speaker 1: sure diversity. Justice Clarence Thomas said he doesn't even know 449 00:25:04,320 --> 00:25:08,280 Speaker 1: what diversity means in this context. In San Francisco, I'm 450 00:25:08,280 --> 00:25:11,240 Speaker 1: a Baxter Bloomberg day Break, federal prosecutors say the man 451 00:25:11,240 --> 00:25:14,119 Speaker 1: accused of attacking Paul Pelosi, the husband of House Speaker 452 00:25:14,240 --> 00:25:16,879 Speaker 1: Nancy Pelosi, told police he wanted to hold the speaker 453 00:25:16,960 --> 00:25:21,240 Speaker 1: hostage and breaker kneecaps if it depop has been charged 454 00:25:21,240 --> 00:25:24,240 Speaker 1: with two federal crimes and a state count of attempted murder. 455 00:25:24,560 --> 00:25:28,879 Speaker 1: Fans wearing fight anti Semitism shirts occupied some court side 456 00:25:28,920 --> 00:25:32,520 Speaker 1: seats at the Brooklyn, Indiana game last night. Days after 457 00:25:32,640 --> 00:25:35,199 Speaker 1: NETS guard Kyrie Irving tweeted out a link to a 458 00:25:35,280 --> 00:25:40,520 Speaker 1: documentary film that includes anti Jewish tropes. Irving deleted tweet 459 00:25:40,600 --> 00:25:44,000 Speaker 1: Sunday after a huge outcry, including criticism from NETS owner 460 00:25:44,119 --> 00:25:47,040 Speaker 1: Joe Sian. Global News twenty four hours a day on 461 00:25:47,160 --> 00:25:50,439 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 462 00:25:50,520 --> 00:25:53,360 Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries. 463 00:25:53,640 --> 00:25:56,840 Speaker 1: Michael barn this is Bloomberg Gaming. All right, Thank you, Michael. 464 00:25:59,640 --> 00:26:02,080 Speaker 1: It's a thirty five on Wall Street time now for 465 00:26:02,119 --> 00:26:04,639 Speaker 1: the sports. Were fourth brought to you by Tri State. Audie. 466 00:26:04,680 --> 00:26:09,320 Speaker 1: Here's John stash Houart. Alright, Amy, thanks Nets and Pacers. 467 00:26:09,320 --> 00:26:11,919 Speaker 1: We just heard they played a home at home finished 468 00:26:12,000 --> 00:26:14,200 Speaker 1: up at Barkley's Indiana one the other night, and that 469 00:26:14,280 --> 00:26:16,000 Speaker 1: was the nets fourth loss in rowan and three of 470 00:26:16,000 --> 00:26:19,240 Speaker 1: them they allowed at least under twenty five points. At Barkley's. 471 00:26:19,240 --> 00:26:21,640 Speaker 1: The Nets blew much of a point leave they held 472 00:26:21,680 --> 00:26:23,879 Speaker 1: on beat. The Pacers won sixteen one on nine, just 473 00:26:23,960 --> 00:26:26,640 Speaker 1: a second win of the season. The coach Steve net 474 00:26:26,640 --> 00:26:28,600 Speaker 1: that was the message after the game. That was a 475 00:26:28,640 --> 00:26:30,919 Speaker 1: message on film this morning. That was the message in 476 00:26:31,119 --> 00:26:34,720 Speaker 1: in UH our walkthrough. Um, you know we we had 477 00:26:34,720 --> 00:26:38,280 Speaker 1: a disastrous defensive game Saturday night, and so the guys responded. 478 00:26:38,400 --> 00:26:41,760 Speaker 1: Proud of him. Now that effort energy. There were several 479 00:26:42,119 --> 00:26:46,080 Speaker 1: uh Kevin Uran led the Nets with thirty six points 480 00:26:46,119 --> 00:26:49,880 Speaker 1: Kyrie Irving as the Nets end of their four game 481 00:26:49,920 --> 00:26:52,320 Speaker 1: losing streets at the Cleveland Browns, they upset the Bengals 482 00:26:52,359 --> 00:26:55,440 Speaker 1: thirty two to thirteen. Nick Chub hundred yards rushing, two 483 00:26:55,440 --> 00:26:58,760 Speaker 1: touchdowns and Marty Cooper hundred thirty two yards receiving. He 484 00:26:58,840 --> 00:27:01,679 Speaker 1: scored a TV in the Browns five sacks of Baltimore 485 00:27:01,760 --> 00:27:03,960 Speaker 1: now his sole possession of first a f C north 486 00:27:04,000 --> 00:27:07,440 Speaker 1: of The Ravens just acquired linebacker Roquan Smith from Chicago. 487 00:27:07,560 --> 00:27:10,040 Speaker 1: Smith leads the entire NFL and tackles. We'll see what 488 00:27:10,080 --> 00:27:13,719 Speaker 1: happens today NFL trade deadline at four o'clock tonight, we're 489 00:27:13,760 --> 00:27:16,960 Speaker 1: here for the first time from the College Football Playoff Committee. 490 00:27:16,960 --> 00:27:19,840 Speaker 1: They will unveil the rankings. This week's a Pepole has 491 00:27:19,840 --> 00:27:23,440 Speaker 1: Georgia and Tennessee ranked one two, and they meet Saturday 492 00:27:23,440 --> 00:27:26,800 Speaker 1: in Athens. Michigan State suspending four football players that they're 493 00:27:26,800 --> 00:27:29,080 Speaker 1: involving in a post game brawl the other night at Michigan, 494 00:27:29,160 --> 00:27:32,399 Speaker 1: criminal charges could be coming. Phillies and Astro's Game three 495 00:27:32,400 --> 00:27:35,320 Speaker 1: of the World Series tonight. Last night's rain out means 496 00:27:35,359 --> 00:27:37,560 Speaker 1: Game five will now be Thursday, and if the series 497 00:27:37,600 --> 00:27:39,920 Speaker 1: is still untill going, Friday will be an off day. 498 00:27:40,240 --> 00:27:43,320 Speaker 1: John Stellar, Bloomberg Sports Team. All right, thank you, John. 499 00:27:43,320 --> 00:27:45,800 Speaker 1: It's seven on Wall Street time now for the Tri 500 00:27:45,920 --> 00:27:49,080 Speaker 1: State Business Report. And with that, here is Bloomberg's Denny 501 00:27:49,119 --> 00:27:52,920 Speaker 1: spell Agree. A judge is blocking Penguin Random Houses more 502 00:27:52,960 --> 00:27:56,200 Speaker 1: than two billion dollar acquisition of rivals Simon and Schuster. 503 00:27:56,600 --> 00:27:59,280 Speaker 1: The federal judge agreed with the Justice Department that the 504 00:27:59,280 --> 00:28:03,480 Speaker 1: merger would love and competition. Penguin Random Houses owner Bertelsman 505 00:28:03,600 --> 00:28:07,520 Speaker 1: plans to appeal. Manhattan based Tornado Realty Trust reporting a 506 00:28:07,600 --> 00:28:10,640 Speaker 1: drop in third quarter profit, but it's still beat estimates 507 00:28:10,680 --> 00:28:14,440 Speaker 1: by some measures. Connecticut's xbo is spinning off its truck 508 00:28:14,480 --> 00:28:17,919 Speaker 1: brokerage unit. Today. The Granwich based logistics business is one 509 00:28:17,920 --> 00:28:21,120 Speaker 1: of the world's largest freight transporters. The r XO unit 510 00:28:21,200 --> 00:28:24,080 Speaker 1: being spun off today makes a spot market and matching 511 00:28:24,080 --> 00:28:27,879 Speaker 1: available trucks with loads and businesses revving at Parsippany, New 512 00:28:27,960 --> 00:28:31,359 Speaker 1: Jersey based Avis, AVIS budget reporting earnings that beat even 513 00:28:31,400 --> 00:28:34,680 Speaker 1: the highest estimates, and that's thanks to a travel rebound, 514 00:28:34,800 --> 00:28:38,360 Speaker 1: especially overseas. Even so, AVIS could be vulnerable now to 515 00:28:38,800 --> 00:28:42,520 Speaker 1: falling used car prices as it appreciates the value of 516 00:28:42,560 --> 00:28:45,960 Speaker 1: its fleet with the Triestate Business Report on Denis Pellegrini. 517 00:28:46,680 --> 00:28:49,120 Speaker 1: Thank you, Denise. It is five thirty eight on Wall Street. 518 00:28:49,120 --> 00:28:51,680 Speaker 1: Bloomberg Radio is on the air from San Francisco to 519 00:28:51,720 --> 00:28:54,200 Speaker 1: New York, London to Hong Kong. Let's check in with 520 00:28:54,280 --> 00:28:56,719 Speaker 1: our global news team for some of the top stories 521 00:28:56,720 --> 00:29:00,000 Speaker 1: heard on our three hundred affiliate radio stations around the world. 522 00:29:03,040 --> 00:29:06,560 Speaker 1: UM Courtney Donaho on CAREL Dan Dallas. The airline passenger 523 00:29:06,600 --> 00:29:11,240 Speaker 1: traffic has surged past levels. I'm Gina Serretti and for 524 00:29:11,480 --> 00:29:14,320 Speaker 1: w w BBM in Chicago, I'm reporting that Boing has 525 00:29:14,360 --> 00:29:17,840 Speaker 1: defeated a pilot's suit for lost wages after the seven 526 00:29:17,920 --> 00:29:21,800 Speaker 1: thirty seven Max crashes. I'm Jeff Bellinger and on Wy 527 00:29:21,840 --> 00:29:25,360 Speaker 1: o D in Miami. I'm reporting Florida has been dethroned 528 00:29:25,400 --> 00:29:28,360 Speaker 1: on the annual list of Best places to retire From 529 00:29:28,520 --> 00:29:31,360 Speaker 1: U S News and World Report. I'm Stephen Carol and 530 00:29:31,400 --> 00:29:34,640 Speaker 1: Bloomberg d AD Digital Radio in London. We've been reporting 531 00:29:34,640 --> 00:29:37,760 Speaker 1: on VP and dancing, a two point five billion dollars 532 00:29:37,760 --> 00:29:41,840 Speaker 1: share buy back as it reports more bumper profits and 533 00:29:41,960 --> 00:29:44,920 Speaker 1: those are some of the stories. Are hundred Bloomberg journalists 534 00:29:44,920 --> 00:29:47,680 Speaker 1: and analysts are working on this morning around the world. 535 00:29:47,760 --> 00:29:51,200 Speaker 1: It's nine on Wall Street. The following is an editorial 536 00:29:51,320 --> 00:29:55,400 Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg 537 00:29:55,640 --> 00:30:00,000 Speaker 1: Editorial Board. The migrants known as Dreamers, who were brought 538 00:30:00,120 --> 00:30:03,440 Speaker 1: to the US as children, have long lived under the 539 00:30:03,520 --> 00:30:08,000 Speaker 1: threat of deportation. With the mid terms looming, lawmakers may 540 00:30:08,000 --> 00:30:12,000 Speaker 1: not get another chance to protect them. The DACA program 541 00:30:12,040 --> 00:30:16,240 Speaker 1: allows these undocumented immigrants to study and work legally in 542 00:30:16,320 --> 00:30:20,480 Speaker 1: the U S. DACA households paid billions in taxes but 543 00:30:20,680 --> 00:30:24,680 Speaker 1: still lack clarity about their legal status. An impending court 544 00:30:24,800 --> 00:30:29,120 Speaker 1: ruling could immediately revoke some enrollees right to work, which 545 00:30:29,120 --> 00:30:33,080 Speaker 1: would be devastating for businesses. To the house has already 546 00:30:33,120 --> 00:30:36,200 Speaker 1: passed a bill that would shield a DACA recipients from 547 00:30:36,280 --> 00:30:40,880 Speaker 1: deportation and given them a path to citizenship. By partisan 548 00:30:40,920 --> 00:30:43,640 Speaker 1: effort in the Senate would do much the same. The 549 00:30:43,800 --> 00:30:47,320 Speaker 1: drama has gone on far too long for the dreamers 550 00:30:47,640 --> 00:30:51,160 Speaker 1: and the families who live in fear. This editorial was 551 00:30:51,200 --> 00:30:54,840 Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion, 552 00:30:54,920 --> 00:30:57,960 Speaker 1: please go to Bloomberg dot com, slash Opinion or O 553 00:30:58,240 --> 00:31:01,440 Speaker 1: P I n go on the Bomberg terminal. These has 554 00:31:01,480 --> 00:31:06,000 Speaker 1: been Bloomberg Opinion. Bloomberg Opinion editorials can be heard every 555 00:31:06,000 --> 00:31:09,160 Speaker 1: weekday at this time, and terminal customers can read more 556 00:31:09,240 --> 00:31:12,920 Speaker 1: at opie I n go. SMP futures up by thirty 557 00:31:12,960 --> 00:31:16,280 Speaker 1: two points, TOUT futures up on Nasdaq Futures up a 558 00:31:16,360 --> 00:31:23,160 Speaker 1: hundred one. This is Bloomberg. The Bloomberg Sports Report was 559 00:31:23,200 --> 00:31:25,360 Speaker 1: brought to you by Audie. Don't let someone else drive 560 00:31:25,400 --> 00:31:27,760 Speaker 1: off in the Audi model you've always wanted. Visit your 561 00:31:27,800 --> 00:31:30,240 Speaker 1: local try state Autie dealer to get behind the wheel 562 00:31:30,240 --> 00:31:32,360 Speaker 1: of yours today, or visit Autie Offers dot com for 563 00:31:32,400 --> 00:31:40,240 Speaker 1: more information, markets, headlines and breaking news twenty four hours 564 00:31:40,240 --> 00:31:43,200 Speaker 1: a day at Bloomberg dot com the Bloomberg Business at 565 00:31:43,280 --> 00:31:52,240 Speaker 1: and at Bloomberg quick tape. This is a Bloomberg Business Flash. 566 00:31:52,720 --> 00:31:55,000 Speaker 1: I'm Nathan Hager. This updates brought to you by SEI. 567 00:31:55,120 --> 00:31:57,440 Speaker 1: Asset managers don't get results that are off the charts 568 00:31:57,440 --> 00:31:59,640 Speaker 1: and their solutions are off the shelf. Learned how SEI 569 00:31:59,760 --> 00:32:02,800 Speaker 1: is up rating platform concern infrastructure into a competitive advantage 570 00:32:02,800 --> 00:32:05,360 Speaker 1: at se i C, dot com, slash Tech. We check 571 00:32:05,440 --> 00:32:07,960 Speaker 1: the markets every fifteen minutes during the trading day on Bloomberg, 572 00:32:07,960 --> 00:32:10,600 Speaker 1: and futures are moving higher. SMP futures up thirty one 573 00:32:10,640 --> 00:32:13,400 Speaker 1: point DAL futures up a D eighty eight, NASTACT futures 574 00:32:13,440 --> 00:32:16,160 Speaker 1: higher by a hundred twenty points ten. Your treasury is 575 00:32:16,240 --> 00:32:18,840 Speaker 1: up twenty two thirty seconds, the yield three point nine, 576 00:32:19,840 --> 00:32:22,000 Speaker 1: and nime X screwed is up one point three at 577 00:32:22,000 --> 00:32:24,920 Speaker 1: eighty seven dollar sixty three cents apparel. That's the Bloomberg 578 00:32:24,920 --> 00:32:27,160 Speaker 1: Business Flash. Now here's Michael Barr with more on that's 579 00:32:27,160 --> 00:32:29,600 Speaker 1: going on around the world. Michael, thank you very much. Nathan. 580 00:32:29,640 --> 00:32:32,680 Speaker 1: The Supreme Court heard arguments involving Harvard and the University 581 00:32:32,720 --> 00:32:36,280 Speaker 1: of North Carolina that could end the affirmative action process 582 00:32:36,320 --> 00:32:40,440 Speaker 1: in college admissions. Former Israeli prem Minister Benjaminett and Yahoo 583 00:32:40,480 --> 00:32:43,200 Speaker 1: cast his vote into Jerusalem is rarely the voting in 584 00:32:43,240 --> 00:32:46,320 Speaker 1: their fifth parliamentary election in less than four years. They'll 585 00:32:46,360 --> 00:32:48,160 Speaker 1: try to make up Game three of the World Series 586 00:32:48,200 --> 00:32:51,080 Speaker 1: in Philadelphia. It reigned out between the Phillies and Astros. 587 00:32:51,160 --> 00:32:54,160 Speaker 1: Last Night, Global News twenty four hours a day on 588 00:32:54,400 --> 00:32:57,680 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 589 00:32:57,720 --> 00:33:01,480 Speaker 1: seven hundred journalists and analysts in more in one twenty countries. 590 00:33:01,520 --> 00:33:05,600 Speaker 1: On Michael Barr and this is Bloomberg. All right, thank you, Michael. 591 00:33:05,640 --> 00:33:08,120 Speaker 1: It's five forty eight on Wall Street. We're now going 592 00:33:08,160 --> 00:33:11,160 Speaker 1: to bring you our interview with Credit Suis chairman Acte Lehman. 593 00:33:11,640 --> 00:33:14,560 Speaker 1: Any bargain Huller is hoping to snap up Credit Suite 594 00:33:14,640 --> 00:33:17,880 Speaker 1: may find themselves getting short shift in Zurich. Lehman spoke 595 00:33:17,920 --> 00:33:22,000 Speaker 1: exclusively with Bloomberg Yvonne Man, saying that although it's stuck 596 00:33:22,080 --> 00:33:25,000 Speaker 1: is down yet again, the lender is not open to 597 00:33:25,080 --> 00:33:28,040 Speaker 1: take over discussions. He talked about the firm's plans moving 598 00:33:28,120 --> 00:33:31,640 Speaker 1: forward and now he hopes to ease concerns over stability. 599 00:33:32,040 --> 00:33:34,440 Speaker 1: All our questions about whether Credits Space is now a 600 00:33:34,520 --> 00:33:37,320 Speaker 1: takeover target. Would you be open to any kind of 601 00:33:37,360 --> 00:33:40,360 Speaker 1: takeover offers given some might find your share price got 602 00:33:40,360 --> 00:33:42,800 Speaker 1: attractive right now? No, Look, we clearly have said this 603 00:33:42,840 --> 00:33:45,120 Speaker 1: is a fantastic franchise you should not forget has a 604 00:33:45,200 --> 00:33:48,960 Speaker 1: hunted sixty six years of regacy. You get fantastic businesses too. 605 00:33:49,000 --> 00:33:52,480 Speaker 1: Else management business to business if you have asset management. 606 00:33:52,880 --> 00:33:55,800 Speaker 1: So this is the core of the group and we 607 00:33:55,840 --> 00:33:59,280 Speaker 1: are going to you know, to slife again, so we 608 00:33:59,320 --> 00:34:03,080 Speaker 1: don't have any take over discussions. And at that point 609 00:34:03,120 --> 00:34:06,720 Speaker 1: we truly believe we want to stay independent. Speaking about 610 00:34:06,720 --> 00:34:09,799 Speaker 1: wealth management, which has always been your historic strength. Um, 611 00:34:10,719 --> 00:34:13,239 Speaker 1: it seems to be now some investors that are still 612 00:34:13,280 --> 00:34:16,879 Speaker 1: quite nervous about the stability of the bank. Many are 613 00:34:16,880 --> 00:34:20,360 Speaker 1: holding off from bringing in new money business with cress 614 00:34:20,360 --> 00:34:23,480 Speaker 1: suits until you have your health in order. What happens 615 00:34:23,520 --> 00:34:27,799 Speaker 1: if those clients don't come back meaningfully before? Look, first 616 00:34:27,800 --> 00:34:29,760 Speaker 1: of all, yes, there were a lot of rumors about 617 00:34:29,800 --> 00:34:33,760 Speaker 1: the credits that was spreading the world that was really 618 00:34:33,840 --> 00:34:36,920 Speaker 1: I think unfunded. Do you look to our liquidity, the ratious, 619 00:34:36,960 --> 00:34:39,480 Speaker 1: look to the balance sheet strengths and now even more 620 00:34:39,560 --> 00:34:41,400 Speaker 1: so as the strengths and the balance sheet and you 621 00:34:41,520 --> 00:34:44,080 Speaker 1: clearly saw the reaction, which was one of the key 622 00:34:44,080 --> 00:34:47,879 Speaker 1: objectives of the announcement was that, you know, eighty one 623 00:34:47,920 --> 00:34:51,400 Speaker 1: spread sedious prints came significantly ly down, so that's a 624 00:34:51,560 --> 00:34:54,920 Speaker 1: very strong signal of comfort. There was a significant amount 625 00:34:54,920 --> 00:34:57,600 Speaker 1: of outflows the first two weeks of October. The firm 626 00:34:57,600 --> 00:35:00,840 Speaker 1: has said that things are stabilized, but not quite reversed. 627 00:35:00,920 --> 00:35:04,200 Speaker 1: Are you expecting those outflows to reverse y stable the reverse? 628 00:35:04,320 --> 00:35:07,560 Speaker 1: It's true the beginning of October, with that social media storm, 629 00:35:07,880 --> 00:35:11,600 Speaker 1: we had outflows. That has clearly stabilized. We even see 630 00:35:11,640 --> 00:35:14,799 Speaker 1: some inflows coming, and I would anticipate that we will 631 00:35:14,800 --> 00:35:17,399 Speaker 1: have further inflows in the weeks and months to come. 632 00:35:17,640 --> 00:35:20,919 Speaker 1: Things like you're exiting out of businesses where maybe where 633 00:35:20,920 --> 00:35:24,280 Speaker 1: profits are coming from. What's the logic in cutting cutting, 634 00:35:24,320 --> 00:35:29,360 Speaker 1: cutting going forward? Criticism is really the wealth management centric 635 00:35:29,400 --> 00:35:34,359 Speaker 1: franchise centered around entrepreneurs, wealthy clients and we don't need 636 00:35:34,520 --> 00:35:38,760 Speaker 1: you know, that type of businesses that has quite isolated 637 00:35:38,800 --> 00:35:40,920 Speaker 1: from the rest of the group. As you know, we 638 00:35:40,960 --> 00:35:45,120 Speaker 1: are in the exclusive discussions with Apollo and with Pincross. 639 00:35:45,200 --> 00:35:48,239 Speaker 1: I'm highly confident that over the next week we will 640 00:35:48,280 --> 00:35:50,959 Speaker 1: come to agreement. What about for the asset management side, 641 00:35:51,000 --> 00:35:54,279 Speaker 1: is there a sale or parts of it? All? These 642 00:35:54,280 --> 00:35:56,840 Speaker 1: were all rumors. You know, we are the wealth manager 643 00:35:57,040 --> 00:36:00,080 Speaker 1: and you know asset management goes very well alongside. We 644 00:36:00,120 --> 00:36:03,480 Speaker 1: need to have and we are a multi specialist asset management, 645 00:36:03,520 --> 00:36:06,200 Speaker 1: so we don't need to be the biggest globally, but 646 00:36:06,320 --> 00:36:09,080 Speaker 1: we need to have those capabilities that we need also 647 00:36:09,120 --> 00:36:12,280 Speaker 1: from a product and product provider perspective for our wealth 648 00:36:12,320 --> 00:36:18,200 Speaker 1: mentioned clients and for institutional clients. This restructuring is being 649 00:36:18,239 --> 00:36:21,560 Speaker 1: funded by a new investor of the Saudies. There are 650 00:36:21,600 --> 00:36:24,560 Speaker 1: some questions being raised around the Swiss government and allowing 651 00:36:25,120 --> 00:36:28,360 Speaker 1: this sort of steak just given the saudiest human rights record. 652 00:36:28,719 --> 00:36:31,719 Speaker 1: How do you address this sort of geopolitical conflicts. First 653 00:36:31,719 --> 00:36:34,239 Speaker 1: of all, we are very happy that we have an 654 00:36:34,280 --> 00:36:37,719 Speaker 1: investors like the Saudi National Bank. It's a private institution 655 00:36:38,239 --> 00:36:41,680 Speaker 1: and I think you know, this is also a region 656 00:36:42,120 --> 00:36:45,480 Speaker 1: that is that is growing, sprawling reach, and so we 657 00:36:45,560 --> 00:36:49,120 Speaker 1: are very happy that we could really secure that type 658 00:36:49,160 --> 00:36:52,080 Speaker 1: of investment into you know, what they believe is a 659 00:36:52,080 --> 00:36:54,560 Speaker 1: great franchise. Credit sists in terms of just the year 660 00:36:54,600 --> 00:36:57,480 Speaker 1: that you've had. Are you joined in January and how 661 00:36:57,480 --> 00:37:00,880 Speaker 1: has it been for you as a chairman and dealing 662 00:37:00,880 --> 00:37:03,160 Speaker 1: with all this. No. Look when I took over, I 663 00:37:03,280 --> 00:37:06,440 Speaker 1: joined the board of Creditist a year ago, first as 664 00:37:06,480 --> 00:37:08,440 Speaker 1: the chair of the Risk Committee, and then you know, 665 00:37:08,440 --> 00:37:10,840 Speaker 1: I took over as the chairman in January. It was 666 00:37:10,920 --> 00:37:14,279 Speaker 1: quite busy, as you can imagine now twenty two last 667 00:37:14,320 --> 00:37:17,719 Speaker 1: year was a nightmare year for Credits with the whole 668 00:37:17,760 --> 00:37:21,480 Speaker 1: banking industry had super results and we had our biggest 669 00:37:21,520 --> 00:37:25,359 Speaker 1: loss ever five billion, So you can imagine that that 670 00:37:25,440 --> 00:37:28,120 Speaker 1: keeps a very very business. We had just too many 671 00:37:28,160 --> 00:37:33,080 Speaker 1: shortcomings in the past and call it too many crisis 672 00:37:33,440 --> 00:37:35,279 Speaker 1: as well as they were all popping up. So it 673 00:37:35,440 --> 00:37:39,080 Speaker 1: was some two very very challenging years for the group. 674 00:37:39,200 --> 00:37:41,600 Speaker 1: And yeah, but you know, I'm on one hand also 675 00:37:41,680 --> 00:37:45,840 Speaker 1: excited about the progress that we're making with a new board, 676 00:37:45,920 --> 00:37:49,120 Speaker 1: the new CEO, the executive board is largely new. I 677 00:37:49,120 --> 00:37:52,120 Speaker 1: think we refined the strategy. We addressed some of the 678 00:37:52,200 --> 00:37:56,040 Speaker 1: core issue that criticis was facing since the Grand Financial 679 00:37:56,080 --> 00:38:00,160 Speaker 1: Crisis in really reposition in the organization. Making clear here 680 00:38:00,239 --> 00:38:04,440 Speaker 1: that the Swiss business wealths management, the multi specialist asset management, 681 00:38:04,440 --> 00:38:06,720 Speaker 1: this is at the court of the franchise is obviously 682 00:38:06,760 --> 00:38:10,960 Speaker 1: special access to capital market capabilities. I think we figured 683 00:38:11,000 --> 00:38:13,239 Speaker 1: out where we need to go, and we took some 684 00:38:13,360 --> 00:38:17,680 Speaker 1: bold and really very important decisions for the group and 685 00:38:17,719 --> 00:38:20,000 Speaker 1: it's now really about, you know, looking forward and to 686 00:38:20,120 --> 00:38:23,840 Speaker 1: execute that plan. Credits with Chairman at A Lemon speaking 687 00:38:23,840 --> 00:38:26,680 Speaker 1: with Bloomberg Van Man in Hong Kong. You can catch 688 00:38:26,719 --> 00:38:29,200 Speaker 1: the full interview on Bloomberg dot com and on the 689 00:38:29,200 --> 00:38:32,080 Speaker 1: Bloomberg terminal. Nathan all Right, Amy, thank you for coming 690 00:38:32,120 --> 00:38:35,040 Speaker 1: up to five fifty four on Wall Street time for 691 00:38:35,040 --> 00:38:38,840 Speaker 1: the Bloomberg LAWBREF brought to you by American Arbitration Association. 692 00:38:39,000 --> 00:38:43,520 Speaker 1: Business disputes are inevitable, resolve faster with the American Arbitration Association, 693 00:38:43,600 --> 00:38:47,000 Speaker 1: the global leader in alternative dispute resolution for over ninety years. 694 00:38:47,320 --> 00:38:50,840 Speaker 1: More at a d R dot org. The Supreme Court's 695 00:38:50,880 --> 00:38:54,000 Speaker 1: conservative majority has suggested they're ready to abolish the use 696 00:38:54,040 --> 00:38:57,520 Speaker 1: of race in university admissions during oral arguments in cases 697 00:38:57,840 --> 00:39:01,280 Speaker 1: challenging affirmative action programs at the Versity of North Carolina 698 00:39:01,360 --> 00:39:05,000 Speaker 1: and at Harvard College. Opponents of affirmative action are seeking 699 00:39:05,040 --> 00:39:08,560 Speaker 1: to overturn the courts two thousand three Grutter Versus Bollinger 700 00:39:08,719 --> 00:39:12,600 Speaker 1: decision that reaffirmed that universities can consider race and admissions 701 00:39:12,880 --> 00:39:17,400 Speaker 1: to bolster campus diversity. Justices were divided down ideological lines 702 00:39:17,440 --> 00:39:20,640 Speaker 1: on the question of affirmative action. From Are Bloomberg's June 703 00:39:20,640 --> 00:39:23,920 Speaker 1: Grosso speaks to Audrey Anderson, head of the higher education 704 00:39:23,960 --> 00:39:29,400 Speaker 1: practice at Bassburian SIMS. Coming into this argument, most legal 705 00:39:29,480 --> 00:39:34,520 Speaker 1: experts thought that affirmative action was on the cutting block. 706 00:39:34,920 --> 00:39:41,120 Speaker 1: Did anything in the oral arguments indicate otherwise? No, not really. 707 00:39:41,480 --> 00:39:45,120 Speaker 1: The only little asterisk I put on that is, you know, 708 00:39:45,160 --> 00:39:48,440 Speaker 1: there were a lot of questions June about this twenty 709 00:39:48,520 --> 00:39:53,960 Speaker 1: five year deadline of sorts language in the Grutter case, 710 00:39:54,280 --> 00:39:58,440 Speaker 1: where Justice O'Connor, who wrote the majority opinion that it 711 00:39:58,520 --> 00:40:02,520 Speaker 1: was the court's expectant sation that affirmative action would not 712 00:40:02,600 --> 00:40:05,840 Speaker 1: be necessary in twenty five years, and there were a 713 00:40:05,840 --> 00:40:09,279 Speaker 1: lot of questions to both sides about what does that mean? 714 00:40:09,320 --> 00:40:11,560 Speaker 1: What should we make of that? And at one point 715 00:40:11,719 --> 00:40:15,880 Speaker 1: Justice Barrett said, well, you know, it's not twenty five 716 00:40:15,960 --> 00:40:18,680 Speaker 1: years yet. That was a kind of only ray of 717 00:40:18,760 --> 00:40:23,000 Speaker 1: sunshine I saw if you were a supporter of affirmative action, 718 00:40:23,440 --> 00:40:26,239 Speaker 1: that maybe she would think about, well, we should let 719 00:40:26,239 --> 00:40:28,520 Speaker 1: it hang in there for a few more years. Other 720 00:40:28,600 --> 00:40:30,839 Speaker 1: than that, I didn't hear anything that made me think 721 00:40:31,120 --> 00:40:34,560 Speaker 1: that will get any decision other than an overruling of Grutter. 722 00:40:35,200 --> 00:40:38,640 Speaker 1: Are the challengers here sort of swinging for the fences. 723 00:40:39,000 --> 00:40:42,160 Speaker 1: Do they want no reference at all to race in 724 00:40:42,200 --> 00:40:45,879 Speaker 1: the college admissions process. Well, that's where it's interesting. They 725 00:40:45,920 --> 00:40:51,320 Speaker 1: want college admissions systems to be color blind, not race conscious. 726 00:40:51,400 --> 00:40:54,759 Speaker 1: I was actually a little bit encouraged, frankly, to hear 727 00:40:54,880 --> 00:40:59,920 Speaker 1: so many members of the court agreeing that if Rutter's overrule, 728 00:41:00,320 --> 00:41:04,920 Speaker 1: universities could take into account race if an applicant brought 729 00:41:04,960 --> 00:41:08,160 Speaker 1: it up in their essay. I've been very afraid that 730 00:41:08,239 --> 00:41:11,480 Speaker 1: the next step that students for Fair Admissions and others 731 00:41:11,600 --> 00:41:15,000 Speaker 1: like them would take would be to say that color 732 00:41:15,080 --> 00:41:19,439 Speaker 1: blind means color blind, that if somebody talks about race, 733 00:41:19,680 --> 00:41:24,239 Speaker 1: university really cannot consider it at all. Almost like you'd 734 00:41:24,239 --> 00:41:26,480 Speaker 1: have to first have a clean team goes through the 735 00:41:26,480 --> 00:41:31,239 Speaker 1: applications and redact anything that had race in it. And 736 00:41:31,320 --> 00:41:34,480 Speaker 1: I'm so much sure we won't see that if Grutter's overturned. 737 00:41:34,520 --> 00:41:36,920 Speaker 1: But you know, the court here was saying, well, no, 738 00:41:37,040 --> 00:41:39,359 Speaker 1: it's not going to be that crazy. But what we're 739 00:41:39,400 --> 00:41:42,479 Speaker 1: saying is not that crazy, everybody. I think that's where 740 00:41:42,480 --> 00:41:46,160 Speaker 1: they were going with these questions. And that was Audrey Anderson, 741 00:41:46,239 --> 00:41:49,360 Speaker 1: head of the higher education practice at Bassberry and Simms, 742 00:41:49,640 --> 00:41:52,520 Speaker 1: speaking with Bloomberg's June Gross Up. You can catch more 743 00:41:52,520 --> 00:41:55,160 Speaker 1: of that interview, plus analysis of the latest legal news 744 00:41:55,160 --> 00:41:58,520 Speaker 1: by subscribing to the Bloomberg Law podcast or downloading the 745 00:41:58,560 --> 00:42:02,399 Speaker 1: show at Bloomberg dot com. Slash podcasts, and attorneys can 746 00:42:02,400 --> 00:42:07,040 Speaker 1: find exceptional legal research and business development tools at Bloomberg 747 00:42:07,120 --> 00:42:10,400 Speaker 1: Law dot com and on the Bloomberg terminal at b Logo. 748 00:42:11,200 --> 00:42:13,759 Speaker 1: Right now, futures are moving higher as the Fed gets 749 00:42:13,800 --> 00:42:17,399 Speaker 1: ready to begin it's to day policy decision making meeting. 750 00:42:17,600 --> 00:42:20,399 Speaker 1: S and p futures are up thirty three points, DAL 751 00:42:20,520 --> 00:42:23,200 Speaker 1: futures up a hundred ninety eight and NASTAC futures are 752 00:42:23,200 --> 00:42:26,000 Speaker 1: on the rise by a hundred twenty four points. Tenure 753 00:42:26,040 --> 00:42:28,600 Speaker 1: Treasury is up twenty one thirty seconds. The yield three 754 00:42:28,600 --> 00:42:30,799 Speaker 1: point nine five percent yield on the two year four 755 00:42:30,840 --> 00:42:33,879 Speaker 1: point four one percent. Nimex screws higher by one point 756 00:42:33,920 --> 00:42:36,239 Speaker 1: three percent or a dollar eleven at eighty seven dollar 757 00:42:36,320 --> 00:42:38,839 Speaker 1: sixty four cents of barrel comics gold up eight tenths 758 00:42:38,840 --> 00:42:41,600 Speaker 1: percent or twelve dollar sixty cents at sixteen fifty three 759 00:42:41,640 --> 00:42:44,680 Speaker 1: thirty announced and the euro right now is training at 760 00:42:44,719 --> 00:42:48,200 Speaker 1: point nine nine three zero against the dollar. You're listening 761 00:42:48,200 --> 00:42:49,160 Speaker 1: to Bloomberg day Break