Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 3: For keeping our eyes on a major storm brewing in
Speaker 3: the Caribbean that's got its sight set on Florida. Bloomberg
Speaker 3: Media religist Rob Carolyn is tracking hurricane and Dahlia for us.
Speaker 3: So what's the latest job.
Speaker 4: Nathan and Karen. Hurricane warnings in an effect from the
Speaker 4: Tampa Bay Area across the Florida Panhandle this morning. A
Speaker 4: tropical storm warning and effects south of Tampa to southwestern Florida,
Speaker 4: all due to Edalia, which continues to move northward into
Speaker 4: the southeastern Gulf of Mexico. Edalia will be intensifying rapidly today,
Speaker 4: will become a major hurricane with winds of one hundred
Speaker 4: and fifteen to one hundred and twenty five miles an
Speaker 4: hour by the time it's making landfall somewhere near cedar
Speaker 4: Key tomorrow morning after sunrise. It'll then be working its
Speaker 4: way inland across Florida, weakening rapidly.
Speaker 3: So Rob, who all could be affected by this storm
Speaker 3: and where does it track beyond Florida.
Speaker 4: Looks like the storm system is going to turn more
Speaker 4: northeast with time. Once it moves inland, it's like to
Speaker 4: affect portions of southern and central Georgia as well as
Speaker 4: the Carolina is but the threat there, rather than wind
Speaker 4: and storm surge, becomes rain. Portions of the Carolina is
Speaker 4: likely to see four to six inches of rain from
Speaker 4: the system through Wednesday and Thursday, before it moves off
Speaker 4: the coast of the Carolinas some point later this week.
Speaker 3: All right, Bloomberg meteorologist Rob Carolyn will be checking back
Speaker 3: with you over the next few days for the latest
Speaker 3: on Hurricane Dahlia.
Speaker 2: Well, Nathan, the storm is sure to have a major
Speaker 2: disruption on air travel down south, but passengers are also
Speaker 2: scrambling in Europe. This morning, we get the details at
Speaker 2: Bloomberg's James Wilcock in London, James.
Speaker 5: Karen and Nathan. It's being called the worst failure in
Speaker 5: a decade for the UK Civil Aviation computer system. The
Speaker 5: glitch on Monday, so more than five hundred flights canceled
Speaker 5: as carriers had to resort to planning flights manually. Add
Speaker 5: that chaos to one of the busiest summer holiday periods
Speaker 5: and we're seeing knock on travel disruption and delays expected
Speaker 5: to affect air travel across the continent this week in London,
Speaker 5: James Wilcock Bloomberg.
Speaker 3: Daybreak Thanks James staying oversees a strike is looming in Australia.
Speaker 3: Workers are two of Chevron's liquefied now gas export plans
Speaker 3: will go on strike as soon as September seventh. The
Speaker 3: labor on rest comes at a time when global energy
Speaker 3: supplies are already squeezed well.
Speaker 2: In Asia, Nathan geopolitics are and focused as Commerce Secretary
Speaker 2: Gina Ramando continues her visit to China. She spoke today
Speaker 2: with Chinese Vice former Holly Feng. We get more from
Speaker 2: Bloomberg's China government reporter Colin Murphy in Beijing.
Speaker 6: We definitely do detect this effort at least to sort
Speaker 6: of display a shift in tone on the US side,
Speaker 6: emphasizing the importance of economic ties and how they can
Speaker 6: sort of influence political gize that they're well handled so
Speaker 6: trade and transparency, emphasizing that the US does not want
Speaker 6: to stop or sort of set back China's rise. So
Speaker 6: definitely an effort to shift the tone. Of course, the
Speaker 6: issue will be will it be accepted as such and
Speaker 6: will it be sustainable or is this just another effort
Speaker 6: to get tie US back on track?
Speaker 2: Bloomberg China government or porter Cola Murphy in Beijing says
Speaker 2: Romando has met with several Chinese officials since arriving in
Speaker 2: Beijing on Sunday, and one.
Speaker 3: Other note out of Asia this morning, Karen Bloomberg News
Speaker 3: has learned China's biggest state owned banks are considering lowering
Speaker 3: deposit rates for at least a third time in a year,
Speaker 3: as part of an effort to boost the economy and
Speaker 3: protect margins. Sources say Industrial and Commercial Bank of China,
Speaker 3: China Construction Bank, and other lenders may cut rates on
Speaker 3: local currency deposits by between five and twenty basis points.
Speaker 2: Well back here in the US, Nathan the feder Reserve's
Speaker 2: head of Bank Supervision in San Francisco, which had oversight
Speaker 2: of lenders including Silicon Valley Bank and First Republic Bank,
Speaker 2: will depart at the end of October. We get the
Speaker 2: story from Bloomberg's Charlie Pellett.
Speaker 7: San Francisco FED spokesperson said A Zera Bossi, the executive
Speaker 7: vice president of the Supervision and Credit Group at the
Speaker 7: Federal Reserve Bank of San Francisco will retire on October
Speaker 7: thirty first a Bossi, along with San Francisco FED president
Speaker 7: Mary Daily, came under scrutiny in March following the sudden
Speaker 7: collapse of SVB and lenders. Those episodes revealed management shortcomings
Speaker 7: of the regional FED Outpost, which is responsible for the
Speaker 7: on the ground supervision of small and medium sized banks
Speaker 7: in New York. Charlie Pellett Bloomberg Daybreak, Thanks Charlie ken Griffin.
Speaker 3: Citadel is going all out in the battle for the
Speaker 3: world's brightest mathematical minds. While tens of thousands apply for
Speaker 3: the Hedge Fund Summer Internship, only a few are chosen.
Speaker 3: Bloomberg's Asia Investing reporter Luluchen says the competition is fierce.
Speaker 8: Out of the sixty nine thousand INTERNT applications this year,
Speaker 8: fewer than one percent actually made it cut to the program.
Speaker 8: Almost without exception. These students boast titles and degrees from
Speaker 8: top schools in their regions, many holding math and computer
Speaker 8: science degrees. Some actually have Math OLYMPIAD Gold titles under
Speaker 8: their belt.
Speaker 3: In Bloomberg's Luluchen says, those who secure a place can
Speaker 3: expect to be well compensated are in close to twenty
Speaker 3: k a month.
Speaker 2: As Molly, do have some healthcare news to tell you
Speaker 2: about this morning. Nathan Walmart, Walgreens, Boots Alliance, and CBS Health.
Speaker 2: They're rolling out new care options normally only available at doctors' offices.
Speaker 2: Testing and treatment services for a strep throat flu in
Speaker 2: COVID nineteen will now be available. The big chains are
Speaker 2: angling for a larger slice of healthcare spending as new
Speaker 2: state laws allow pharmacists to treat minor ailments. Analysts say
Speaker 2: this could save people time consuming and expensive visits to
Speaker 2: the doctor. And is five h seven on Wall Straight
Speaker 2: Time now for look for that some of the other
Speaker 2: stories making news around the world. For that, we're joined
Speaker 2: by Bloomberg's John Tucker, John Good Morning, Good Morning Care.
Speaker 9: And Donald Trump's Washington trial over his efforts to a
Speaker 9: return of the twenty twenty election has been set for
Speaker 9: March fourth, the day before the Super Tuesday primaries, and
Speaker 9: now his legal team has one possible strategy to delay
Speaker 9: or avoid it altogether that could tee up a high
Speaker 9: stakes presidential immunity fight for the US Supreme Court. Trump
Speaker 9: already lost immuniately bid against civil litigation, but his appeal
Speaker 9: of that ruling has been pending for more than a year,
Speaker 9: offering a template for how he might try to postpone
Speaker 9: his Washington criminal trial. All classes canceled today at unc
Speaker 9: and Chapel Hill after Monday's deadly shooting at the university.
Speaker 9: A faculty member was killed, prompting an hour's long lockdown
Speaker 9: of the campus there.
Speaker 6: Everyone was just panicking.
Speaker 2: People almost open the door and not open the door,
Speaker 2: and then finally we got evacuated.
Speaker 9: Well, police at the University of North Carolina and Chappa
Speaker 9: Hill say the suspected shooter is in custody. If you're
Speaker 9: not paying for an Amazon Prime membership, you'll have to
Speaker 9: spend more to get free shipping. Let's get more on
Speaker 9: that story from Bloomberg Jeff Bellinger.
Speaker 10: The company is testing raising the minimum spend from twenty
Speaker 10: five dollars to thirty five dollars in order to qualify
Speaker 10: for no cost delivery. The change does not affect customers
Speaker 10: who are already paying for Prime membership, which can run
Speaker 10: you fourteen dollars ninety nine cents a month or one
Speaker 10: one hundred and thirty nine dollars a year. Amazon has
Speaker 10: been cutting costs across its business. This year, it's scrapped
Speaker 10: free grocery delivery for Prime members on orders under one
Speaker 10: hundred and fifty dollars. Jeff Bellinger, Bloomberg Daybreak.
Speaker 9: And the man who became famous as Joe the Plumber
Speaker 9: has died. Samuel Joe Urzelbacher got into the political spotlight
Speaker 9: after questioning Barack Obama about his economic proposals during the
Speaker 9: two thousand and eight presidential campaign. He was a plumber
Speaker 9: in Toledo. It led to Republican challenger John McCain repeatedly
Speaker 9: citing Joe the Plumber in his presidential debate. He was
Speaker 9: forty nine years old, as family said earlier this year,
Speaker 9: he had pancreatic cancer. Global News twenty four hours a day,
Speaker 9: power by more than twenty seven hundred journalist and analysts
Speaker 9: in more than one hundred twenty countries. I'm John Tucker.
Speaker 9: This is Bloomberg.
Speaker 2: Karen All right, John, thank you. It is five o
Speaker 2: nine on Wall Street Time Now for the Bloomberg Sports
Speaker 2: Outdate with John Stashauer. Morning.
Speaker 11: You're in The Seattle Mariners, hottest team in baseball, just
Speaker 11: had their twentieth win. In the month of August. That
Speaker 11: ties the club record for most wins in a month.
Speaker 11: They still have a couple of the games remaining. Julio Rodriguez,
Speaker 11: the hottest Mariner of all.
Speaker 7: Here's the sin and the one one on the way
Speaker 7: to Julio swinging a.
Speaker 11: Drive deep into center field.
Speaker 9: Puddler going back looking up, goodbye baseball.
Speaker 11: In the Julio Rodriguez win, it's twenty fourth home run
Speaker 11: of the season.
Speaker 9: Three rby eyes.
Speaker 2: On the night at Snow the Mariners six and the A's.
Speaker 11: Nothing final was seven. I think Cairo had the call.
Speaker 11: Oh Seattle's won twelve with the last thirteen and Rodriguez
Speaker 11: recently had that stretch of seventeen hits in a four
Speaker 11: game stretch. He's raised his batting average thirty eight point
Speaker 11: to the month of August. Houston with a thirteen to
Speaker 11: five are out of the Red Sox in Boston. Big
Speaker 11: game for Jose al Tuobe came to the flight of
Speaker 11: the eighth. Did hey need a home run to complete
Speaker 11: the cycle?
Speaker 7: And he homered.
Speaker 11: It's the ninth cycle in Astro history, the first in
Speaker 11: ten years. The Orioles blew out the White Sox night
Speaker 11: and nothing the Nationals lost in Toronto six to three.
Speaker 11: The Giants beat the Reds four to one. US Open
Speaker 11: opening day. Coco Goff on the court at ash Stadium
Speaker 11: last night. Lost the first set, one of the next two.
Speaker 11: Easy win for Novak Djokovic. You lost only five games.
Speaker 11: US Ryder Cup captain Zach Johnson will complete his roster.
Speaker 11: Announce it today. Six players are shuret of a spot.
Speaker 11: He needs to pick six more. The Ryder Cup will
Speaker 11: take place in role in five weeks. Johns Stashie were
Speaker 11: Bloomberg Sports.
Speaker 12: From coast to coast, from New York to San Francisco,
Speaker 12: Boston to Washington, DC, nationwide on sirisxam, the Bloomberg Business
Speaker 12: Appen Bloomberg dot com. This is Bloomberg Daybreak. Good morning,
Speaker 12: I'm Nathan Hager.
Speaker 3: The competition for the next crop of Wall Street interns
Speaker 3: is getting more and more fierce. In the search for
Speaker 3: top talent in the high speed, quant driven trading world.
Speaker 3: Many apply, but few are chosen. And no where may
Speaker 3: that be more true than at Citadel Securities, the company
Speaker 3: that provides much of the plumbing on the modern day
Speaker 3: Wall Street. For more on this and what it takes
Speaker 3: to be an intern on Wall Street these days were
Speaker 3: joined from Hong Kong by Bloomberg's Asia Investing team leader
Speaker 3: Lulu Chen on this really amazing story on the terminal
Speaker 3: that you've written this morning, Lulu, Citadel, that's sixty nine
Speaker 3: thousand intern applicants to find the next math geniuses. Tell
Speaker 3: us more about what it takes to be an intern
Speaker 3: at Citadel these.
Speaker 9: Days, Lulu.
Speaker 8: It's pretty amazing how cutthroat these internship programs are, and
Speaker 8: at Citadel and Citadel Securities especially, fewer than one percent
Speaker 8: of the applicants actually made it this year. I think
Speaker 8: it has to do with the complexity of what these
Speaker 8: companies are trying to do, both on the hedge fun
Speaker 8: side of the business, but also the market makers side,
Speaker 8: because to process the amount of trades that this company does,
Speaker 8: more than four hundred and sixty bills billion dollars a day,
Speaker 8: it's almost impossible to do this manually. You have to
Speaker 8: write code and automate the process. And what they're trying
Speaker 8: to do is to find the arbitrage and risks in
Speaker 8: the meantime, which is why they need this cross breed
Speaker 8: of wizards between math and computer science.
Speaker 3: Well, just that alone tells you how much different the
Speaker 3: intern experience is compared to what a lot of Wall
Speaker 3: Street veterans may have gone through in their time. Tell
Speaker 3: us a little bit more about what these interns are
Speaker 3: tasked to do once they make it through the door.
Speaker 8: Yeah, so the program is roughly eleven weeks and the
Speaker 8: most important task for them is that they'll be given
Speaker 8: a big project and these are real life kind of
Speaker 8: projects that problems that the company is facing. And by
Speaker 8: the end of it, they're supposed to do a fifteen
Speaker 8: minute presentation showcasing to the company's team leaders how they
Speaker 8: managed to tackle these issues, what they plan to do
Speaker 8: if they were given the opportunity to work on it
Speaker 8: more and given a hiring a return offer. Also, they
Speaker 8: are trained to off site for a few days at
Speaker 8: this five star hotel in Hong Kong. This year they
Speaker 8: went to the Fullerton Hotel and they were placed in
Speaker 8: these simulation training exercises where they role played as hedge
Speaker 8: fund managers and also market makers. So they pulled in
Speaker 8: simulated data news fees and tried to write algorithm and
Speaker 8: automate the process for this. So it really gives them
Speaker 8: a taste of what it's like to work for these
Speaker 8: secrets often secretive businesses. And then also during the rest
Speaker 8: of the internship, they will be working side by side
Speaker 8: with the army of financiers at Citadel and Citadel Securities,
Speaker 8: who collectively made nearly thirty six billion dollars in revenue
Speaker 8: last year.
Speaker 3: So it's a grueling workload, but you mentioned that they're
Speaker 3: doing it at a five star hotel, so they're getting
Speaker 3: pretty well compensated while they're doing all this as well.
Speaker 8: Right, that's pretty i catching figures for students at such
Speaker 8: a young age because the hiring process now goes it
Speaker 8: takes place much earlier and is all year round. Companies
Speaker 8: like Citadel and their competing firms are really going to
Speaker 8: campus recruiting at a much earlier stage. Also, it's not
Speaker 8: a one off deal. They take a targeted approach through
Speaker 8: referrals and also a network of target network where they
Speaker 8: have pretty much like a database of professors who they
Speaker 8: know who can groom talent that will succeed at Citadel. So,
Speaker 8: you know, the rewards are great, but I also think
Speaker 8: the competition is intense as well.
Speaker 3: So what's the actual hiring rate for Citadel to get
Speaker 3: these interns, Because if they're looking for math and computer
Speaker 3: science background types, so they've got to be competing not
Speaker 3: just with other Wall Street firms, but with major tech
Speaker 3: companies to attract this talent. Are all of these interns
Speaker 3: ending up getting hired at Citadel or are they moving
Speaker 3: on from the experience to other companies that might want them.
Speaker 8: Most of the people that Citadel want to target usually
Speaker 8: have an offer from another firm, And you're exactly right.
Speaker 8: They're not just competing with Wall Street firms. It's with
Speaker 8: the big tech companies as well, and there's only a
Speaker 8: finite pool of talent that have this kind of skill set,
Speaker 8: which is why Citadel also spares no resources to try
Speaker 8: to ensure the return of the people that they really want.
Speaker 1: This is Bloomberg day Break Today, your morning brief on
Speaker 1: the stories making news from Wall Street to Washington and beyond.
Speaker 2: Look for us on your podcast feed at six am
Speaker 2: Eastern each morning, on Apple, Spotify, and anywhere else you
Speaker 2: get your podcasts.
Speaker 1: You can also listen live each morning starting at five
Speaker 1: am Wall Street time on Bloomberg eleven three to zero
Speaker 1: in New York, Bloomberg ninety nine one in Washington, Bloomberg
Speaker 1: one oh sixty one in Boston and Bloomberg nine sixty
Speaker 1: in San Francisco.
Speaker 2: Our flagship New York station is also available on your
Speaker 2: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus.
Speaker 1: Listen coast to coast on the Bloomberg Business app, serious
Speaker 1: XM Channel one nineteen, the iHeartRadio app, and on Bloomberg
Speaker 1: dot com. I'm Nathan Hager and.
Speaker 2: I'm Karen Moscow. Join us again tomorrow morning for all
Speaker 2: the news you need to start your day right here
Speaker 2: on Bloomberg Daybreak