WEBVTT - Florida Braces for Big Storm; Citadel Looking for Next Math Genius

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 3>For keeping our eyes on a major storm brewing in

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<v Speaker 3>the Caribbean that's got its sight set on Florida. Bloomberg

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<v Speaker 3>Media religist Rob Carolyn is tracking hurricane and Dahlia for us.

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<v Speaker 3>So what's the latest job.

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<v Speaker 4>Nathan and Karen. Hurricane warnings in an effect from the

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<v Speaker 4>Tampa Bay Area across the Florida Panhandle this morning. A

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<v Speaker 4>tropical storm warning and effects south of Tampa to southwestern Florida,

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<v Speaker 4>all due to Edalia, which continues to move northward into

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<v Speaker 4>the southeastern Gulf of Mexico. Edalia will be intensifying rapidly today,

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<v Speaker 4>will become a major hurricane with winds of one hundred

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<v Speaker 4>and fifteen to one hundred and twenty five miles an

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<v Speaker 4>hour by the time it's making landfall somewhere near cedar

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<v Speaker 4>Key tomorrow morning after sunrise. It'll then be working its

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<v Speaker 4>way inland across Florida, weakening rapidly.

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<v Speaker 3>So Rob, who all could be affected by this storm

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<v Speaker 3>and where does it track beyond Florida.

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<v Speaker 4>Looks like the storm system is going to turn more

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<v Speaker 4>northeast with time. Once it moves inland, it's like to

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<v Speaker 4>affect portions of southern and central Georgia as well as

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<v Speaker 4>the Carolina is but the threat there, rather than wind

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<v Speaker 4>and storm surge, becomes rain. Portions of the Carolina is

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<v Speaker 4>likely to see four to six inches of rain from

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<v Speaker 4>the system through Wednesday and Thursday, before it moves off

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<v Speaker 4>the coast of the Carolinas some point later this week.

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<v Speaker 3>All right, Bloomberg meteorologist Rob Carolyn will be checking back

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<v Speaker 3>with you over the next few days for the latest

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<v Speaker 3>on Hurricane Dahlia.

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<v Speaker 2>Well, Nathan, the storm is sure to have a major

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<v Speaker 2>disruption on air travel down south, but passengers are also

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<v Speaker 2>scrambling in Europe. This morning, we get the details at

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<v Speaker 2>Bloomberg's James Wilcock in London, James.

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<v Speaker 5>Karen and Nathan. It's being called the worst failure in

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<v Speaker 5>a decade for the UK Civil Aviation computer system. The

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<v Speaker 5>glitch on Monday, so more than five hundred flights canceled

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<v Speaker 5>as carriers had to resort to planning flights manually. Add

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<v Speaker 5>that chaos to one of the busiest summer holiday periods

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<v Speaker 5>and we're seeing knock on travel disruption and delays expected

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<v Speaker 5>to affect air travel across the continent this week in London,

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<v Speaker 5>James Wilcock Bloomberg.

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<v Speaker 3>Daybreak Thanks James staying oversees a strike is looming in Australia.

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<v Speaker 3>Workers are two of Chevron's liquefied now gas export plans

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<v Speaker 3>will go on strike as soon as September seventh. The

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<v Speaker 3>labor on rest comes at a time when global energy

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<v Speaker 3>supplies are already squeezed well.

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<v Speaker 2>In Asia, Nathan geopolitics are and focused as Commerce Secretary

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<v Speaker 2>Gina Ramando continues her visit to China. She spoke today

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<v Speaker 2>with Chinese Vice former Holly Feng. We get more from

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<v Speaker 2>Bloomberg's China government reporter Colin Murphy in Beijing.

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<v Speaker 6>We definitely do detect this effort at least to sort

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<v Speaker 6>of display a shift in tone on the US side,

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<v Speaker 6>emphasizing the importance of economic ties and how they can

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<v Speaker 6>sort of influence political gize that they're well handled so

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<v Speaker 6>trade and transparency, emphasizing that the US does not want

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<v Speaker 6>to stop or sort of set back China's rise. So

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<v Speaker 6>definitely an effort to shift the tone. Of course, the

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<v Speaker 6>issue will be will it be accepted as such and

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<v Speaker 6>will it be sustainable or is this just another effort

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<v Speaker 6>to get tie US back on track?

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<v Speaker 2>Bloomberg China government or porter Cola Murphy in Beijing says

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<v Speaker 2>Romando has met with several Chinese officials since arriving in

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<v Speaker 2>Beijing on Sunday, and one.

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<v Speaker 3>Other note out of Asia this morning, Karen Bloomberg News

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<v Speaker 3>has learned China's biggest state owned banks are considering lowering

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<v Speaker 3>deposit rates for at least a third time in a year,

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<v Speaker 3>as part of an effort to boost the economy and

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<v Speaker 3>protect margins. Sources say Industrial and Commercial Bank of China,

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<v Speaker 3>China Construction Bank, and other lenders may cut rates on

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<v Speaker 3>local currency deposits by between five and twenty basis points.

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<v Speaker 2>Well back here in the US, Nathan the feder Reserve's

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<v Speaker 2>head of Bank Supervision in San Francisco, which had oversight

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<v Speaker 2>of lenders including Silicon Valley Bank and First Republic Bank,

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<v Speaker 2>will depart at the end of October. We get the

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<v Speaker 2>story from Bloomberg's Charlie Pellett.

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<v Speaker 7>San Francisco FED spokesperson said A Zera Bossi, the executive

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<v Speaker 7>vice president of the Supervision and Credit Group at the

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<v Speaker 7>Federal Reserve Bank of San Francisco will retire on October

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<v Speaker 7>thirty first a Bossi, along with San Francisco FED president

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<v Speaker 7>Mary Daily, came under scrutiny in March following the sudden

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<v Speaker 7>collapse of SVB and lenders. Those episodes revealed management shortcomings

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<v Speaker 7>of the regional FED Outpost, which is responsible for the

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<v Speaker 7>on the ground supervision of small and medium sized banks

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<v Speaker 7>in New York. Charlie Pellett Bloomberg Daybreak, Thanks Charlie ken Griffin.

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<v Speaker 3>Citadel is going all out in the battle for the

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<v Speaker 3>world's brightest mathematical minds. While tens of thousands apply for

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<v Speaker 3>the Hedge Fund Summer Internship, only a few are chosen.

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<v Speaker 3>Bloomberg's Asia Investing reporter Luluchen says the competition is fierce.

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<v Speaker 8>Out of the sixty nine thousand INTERNT applications this year,

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<v Speaker 8>fewer than one percent actually made it cut to the program.

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<v Speaker 8>Almost without exception. These students boast titles and degrees from

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<v Speaker 8>top schools in their regions, many holding math and computer

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<v Speaker 8>science degrees. Some actually have Math OLYMPIAD Gold titles under

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<v Speaker 8>their belt.

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<v Speaker 3>In Bloomberg's Luluchen says, those who secure a place can

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<v Speaker 3>expect to be well compensated are in close to twenty

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<v Speaker 3>k a month.

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<v Speaker 2>As Molly, do have some healthcare news to tell you

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<v Speaker 2>about this morning. Nathan Walmart, Walgreens, Boots Alliance, and CBS Health.

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<v Speaker 2>They're rolling out new care options normally only available at doctors' offices.

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<v Speaker 2>Testing and treatment services for a strep throat flu in

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<v Speaker 2>COVID nineteen will now be available. The big chains are

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<v Speaker 2>angling for a larger slice of healthcare spending as new

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<v Speaker 2>state laws allow pharmacists to treat minor ailments. Analysts say

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<v Speaker 2>this could save people time consuming and expensive visits to

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<v Speaker 2>the doctor. And is five h seven on Wall Straight

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<v Speaker 2>Time now for look for that some of the other

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<v Speaker 2>stories making news around the world. For that, we're joined

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<v Speaker 2>by Bloomberg's John Tucker, John Good Morning, Good Morning Care.

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<v Speaker 9>And Donald Trump's Washington trial over his efforts to a

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<v Speaker 9>return of the twenty twenty election has been set for

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<v Speaker 9>March fourth, the day before the Super Tuesday primaries, and

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<v Speaker 9>now his legal team has one possible strategy to delay

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<v Speaker 9>or avoid it altogether that could tee up a high

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<v Speaker 9>stakes presidential immunity fight for the US Supreme Court. Trump

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<v Speaker 9>already lost immuniately bid against civil litigation, but his appeal

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<v Speaker 9>of that ruling has been pending for more than a year,

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<v Speaker 9>offering a template for how he might try to postpone

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<v Speaker 9>his Washington criminal trial. All classes canceled today at unc

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<v Speaker 9>and Chapel Hill after Monday's deadly shooting at the university.

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<v Speaker 9>A faculty member was killed, prompting an hour's long lockdown

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<v Speaker 9>of the campus there.

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<v Speaker 6>Everyone was just panicking.

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<v Speaker 2>People almost open the door and not open the door,

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<v Speaker 2>and then finally we got evacuated.

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<v Speaker 9>Well, police at the University of North Carolina and Chappa

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<v Speaker 9>Hill say the suspected shooter is in custody. If you're

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<v Speaker 9>not paying for an Amazon Prime membership, you'll have to

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<v Speaker 9>spend more to get free shipping. Let's get more on

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<v Speaker 9>that story from Bloomberg Jeff Bellinger.

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<v Speaker 10>The company is testing raising the minimum spend from twenty

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<v Speaker 10>five dollars to thirty five dollars in order to qualify

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<v Speaker 10>for no cost delivery. The change does not affect customers

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<v Speaker 10>who are already paying for Prime membership, which can run

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<v Speaker 10>you fourteen dollars ninety nine cents a month or one

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<v Speaker 10>one hundred and thirty nine dollars a year. Amazon has

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<v Speaker 10>been cutting costs across its business. This year, it's scrapped

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<v Speaker 10>free grocery delivery for Prime members on orders under one

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<v Speaker 10>hundred and fifty dollars. Jeff Bellinger, Bloomberg Daybreak.

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<v Speaker 9>And the man who became famous as Joe the Plumber

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<v Speaker 9>has died. Samuel Joe Urzelbacher got into the political spotlight

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<v Speaker 9>after questioning Barack Obama about his economic proposals during the

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<v Speaker 9>two thousand and eight presidential campaign. He was a plumber

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<v Speaker 9>in Toledo. It led to Republican challenger John McCain repeatedly

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<v Speaker 9>citing Joe the Plumber in his presidential debate. He was

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<v Speaker 9>forty nine years old, as family said earlier this year,

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<v Speaker 9>he had pancreatic cancer. Global News twenty four hours a day,

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<v Speaker 9>power by more than twenty seven hundred journalist and analysts

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<v Speaker 9>in more than one hundred twenty countries. I'm John Tucker.

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<v Speaker 9>This is Bloomberg.

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<v Speaker 2>Karen All right, John, thank you. It is five o

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<v Speaker 2>nine on Wall Street Time Now for the Bloomberg Sports

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<v Speaker 2>Outdate with John Stashauer. Morning.

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<v Speaker 11>You're in The Seattle Mariners, hottest team in baseball, just

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<v Speaker 11>had their twentieth win. In the month of August. That

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<v Speaker 11>ties the club record for most wins in a month.

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<v Speaker 11>They still have a couple of the games remaining. Julio Rodriguez,

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<v Speaker 11>the hottest Mariner of all.

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<v Speaker 7>Here's the sin and the one one on the way

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<v Speaker 7>to Julio swinging a.

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<v Speaker 11>Drive deep into center field.

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<v Speaker 9>Puddler going back looking up, goodbye baseball.

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<v Speaker 11>In the Julio Rodriguez win, it's twenty fourth home run

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<v Speaker 11>of the season.

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<v Speaker 9>Three rby eyes.

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<v Speaker 2>On the night at Snow the Mariners six and the A's.

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<v Speaker 11>Nothing final was seven. I think Cairo had the call.

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<v Speaker 11>Oh Seattle's won twelve with the last thirteen and Rodriguez

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<v Speaker 11>recently had that stretch of seventeen hits in a four

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<v Speaker 11>game stretch. He's raised his batting average thirty eight point

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<v Speaker 11>to the month of August. Houston with a thirteen to

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<v Speaker 11>five are out of the Red Sox in Boston. Big

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<v Speaker 11>game for Jose al Tuobe came to the flight of

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<v Speaker 11>the eighth. Did hey need a home run to complete

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<v Speaker 11>the cycle?

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<v Speaker 7>And he homered.

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<v Speaker 11>It's the ninth cycle in Astro history, the first in

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<v Speaker 11>ten years. The Orioles blew out the White Sox night

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<v Speaker 11>and nothing the Nationals lost in Toronto six to three.

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<v Speaker 11>The Giants beat the Reds four to one. US Open

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<v Speaker 11>opening day. Coco Goff on the court at ash Stadium

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<v Speaker 11>last night. Lost the first set, one of the next two.

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<v Speaker 11>Easy win for Novak Djokovic. You lost only five games.

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<v Speaker 11>US Ryder Cup captain Zach Johnson will complete his roster.

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<v Speaker 11>Announce it today. Six players are shuret of a spot.

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<v Speaker 11>He needs to pick six more. The Ryder Cup will

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<v Speaker 11>take place in role in five weeks. Johns Stashie were

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<v Speaker 11>Bloomberg Sports.

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<v Speaker 12>From coast to coast, from New York to San Francisco,

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<v Speaker 12>Boston to Washington, DC, nationwide on sirisxam, the Bloomberg Business

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<v Speaker 12>Appen Bloomberg dot com. This is Bloomberg Daybreak. Good morning,

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<v Speaker 12>I'm Nathan Hager.

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<v Speaker 3>The competition for the next crop of Wall Street interns

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<v Speaker 3>is getting more and more fierce. In the search for

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<v Speaker 3>top talent in the high speed, quant driven trading world.

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<v Speaker 3>Many apply, but few are chosen. And no where may

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<v Speaker 3>that be more true than at Citadel Securities, the company

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<v Speaker 3>that provides much of the plumbing on the modern day

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<v Speaker 3>Wall Street. For more on this and what it takes

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<v Speaker 3>to be an intern on Wall Street these days were

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<v Speaker 3>joined from Hong Kong by Bloomberg's Asia Investing team leader

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<v Speaker 3>Lulu Chen on this really amazing story on the terminal

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<v Speaker 3>that you've written this morning, Lulu, Citadel, that's sixty nine

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<v Speaker 3>thousand intern applicants to find the next math geniuses. Tell

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<v Speaker 3>us more about what it takes to be an intern

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<v Speaker 3>at Citadel these.

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<v Speaker 9>Days, Lulu.

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<v Speaker 8>It's pretty amazing how cutthroat these internship programs are, and

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<v Speaker 8>at Citadel and Citadel Securities especially, fewer than one percent

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<v Speaker 8>of the applicants actually made it this year. I think

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<v Speaker 8>it has to do with the complexity of what these

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<v Speaker 8>companies are trying to do, both on the hedge fun

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<v Speaker 8>side of the business, but also the market makers side,

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<v Speaker 8>because to process the amount of trades that this company does,

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<v Speaker 8>more than four hundred and sixty bills billion dollars a day,

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<v Speaker 8>it's almost impossible to do this manually. You have to

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<v Speaker 8>write code and automate the process. And what they're trying

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<v Speaker 8>to do is to find the arbitrage and risks in

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<v Speaker 8>the meantime, which is why they need this cross breed

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<v Speaker 8>of wizards between math and computer science.

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<v Speaker 3>Well, just that alone tells you how much different the

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<v Speaker 3>intern experience is compared to what a lot of Wall

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<v Speaker 3>Street veterans may have gone through in their time. Tell

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<v Speaker 3>us a little bit more about what these interns are

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<v Speaker 3>tasked to do once they make it through the door.

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<v Speaker 8>Yeah, so the program is roughly eleven weeks and the

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<v Speaker 8>most important task for them is that they'll be given

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<v Speaker 8>a big project and these are real life kind of

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<v Speaker 8>projects that problems that the company is facing. And by

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<v Speaker 8>the end of it, they're supposed to do a fifteen

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<v Speaker 8>minute presentation showcasing to the company's team leaders how they

0:11:54.760 --> 0:11:57.280
<v Speaker 8>managed to tackle these issues, what they plan to do

0:11:57.840 --> 0:12:00.920
<v Speaker 8>if they were given the opportunity to work on it

0:12:00.960 --> 0:12:06.320
<v Speaker 8>more and given a hiring a return offer. Also, they

0:12:06.360 --> 0:12:08.440
<v Speaker 8>are trained to off site for a few days at

0:12:08.440 --> 0:12:11.400
<v Speaker 8>this five star hotel in Hong Kong. This year they

0:12:11.400 --> 0:12:14.560
<v Speaker 8>went to the Fullerton Hotel and they were placed in

0:12:14.760 --> 0:12:19.520
<v Speaker 8>these simulation training exercises where they role played as hedge

0:12:19.520 --> 0:12:23.640
<v Speaker 8>fund managers and also market makers. So they pulled in

0:12:24.160 --> 0:12:27.880
<v Speaker 8>simulated data news fees and tried to write algorithm and

0:12:27.960 --> 0:12:30.600
<v Speaker 8>automate the process for this. So it really gives them

0:12:30.640 --> 0:12:32.800
<v Speaker 8>a taste of what it's like to work for these

0:12:33.040 --> 0:12:38.760
<v Speaker 8>secrets often secretive businesses. And then also during the rest

0:12:38.760 --> 0:12:41.439
<v Speaker 8>of the internship, they will be working side by side

0:12:41.480 --> 0:12:45.640
<v Speaker 8>with the army of financiers at Citadel and Citadel Securities,

0:12:45.640 --> 0:12:49.160
<v Speaker 8>who collectively made nearly thirty six billion dollars in revenue

0:12:49.200 --> 0:12:49.720
<v Speaker 8>last year.

0:12:50.040 --> 0:12:53.800
<v Speaker 3>So it's a grueling workload, but you mentioned that they're

0:12:53.840 --> 0:12:57.240
<v Speaker 3>doing it at a five star hotel, so they're getting

0:12:57.320 --> 0:13:00.320
<v Speaker 3>pretty well compensated while they're doing all this as well.

0:13:00.440 --> 0:13:06.480
<v Speaker 8>Right, that's pretty i catching figures for students at such

0:13:06.520 --> 0:13:10.560
<v Speaker 8>a young age because the hiring process now goes it

0:13:10.600 --> 0:13:15.040
<v Speaker 8>takes place much earlier and is all year round. Companies

0:13:15.200 --> 0:13:18.840
<v Speaker 8>like Citadel and their competing firms are really going to

0:13:18.920 --> 0:13:22.880
<v Speaker 8>campus recruiting at a much earlier stage. Also, it's not

0:13:22.920 --> 0:13:25.960
<v Speaker 8>a one off deal. They take a targeted approach through

0:13:26.040 --> 0:13:30.240
<v Speaker 8>referrals and also a network of target network where they

0:13:30.520 --> 0:13:34.559
<v Speaker 8>have pretty much like a database of professors who they

0:13:34.640 --> 0:13:38.640
<v Speaker 8>know who can groom talent that will succeed at Citadel. So,

0:13:39.040 --> 0:13:42.680
<v Speaker 8>you know, the rewards are great, but I also think

0:13:42.760 --> 0:13:44.880
<v Speaker 8>the competition is intense as well.

0:13:45.440 --> 0:13:50.000
<v Speaker 3>So what's the actual hiring rate for Citadel to get

0:13:50.040 --> 0:13:54.120
<v Speaker 3>these interns, Because if they're looking for math and computer

0:13:54.280 --> 0:13:57.439
<v Speaker 3>science background types, so they've got to be competing not

0:13:57.559 --> 0:14:00.439
<v Speaker 3>just with other Wall Street firms, but with major tech

0:14:00.480 --> 0:14:05.640
<v Speaker 3>companies to attract this talent. Are all of these interns

0:14:06.160 --> 0:14:08.480
<v Speaker 3>ending up getting hired at Citadel or are they moving

0:14:08.520 --> 0:14:12.080
<v Speaker 3>on from the experience to other companies that might want them.

0:14:12.800 --> 0:14:16.040
<v Speaker 8>Most of the people that Citadel want to target usually

0:14:16.080 --> 0:14:19.520
<v Speaker 8>have an offer from another firm, And you're exactly right.

0:14:19.560 --> 0:14:22.000
<v Speaker 8>They're not just competing with Wall Street firms. It's with

0:14:22.120 --> 0:14:25.160
<v Speaker 8>the big tech companies as well, and there's only a

0:14:25.240 --> 0:14:28.920
<v Speaker 8>finite pool of talent that have this kind of skill set,

0:14:29.120 --> 0:14:32.880
<v Speaker 8>which is why Citadel also spares no resources to try

0:14:32.920 --> 0:14:36.040
<v Speaker 8>to ensure the return of the people that they really want.

0:14:38.200 --> 0:14:41.120
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