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Speaker 1: My Life from the Bloomberg Interactive Berker's Studios. This is

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Speaker 1: Bloomberg day Break for Friday, February twenty fourth. Coming up today.

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Speaker 1: One year ago today, Russia invaded Ukraine. We are live

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Speaker 1: in Kiev with team coverage. China's ceasefire plan for Ukraine

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Speaker 1: quickly gets rejected, the US plans to announce sweeping sanctions

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Speaker 1: against Russia, and Wall Street waits for the Fed's favorite

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Speaker 1: inflation reading Governor Hoko calls and battled Congressman Santos's latest

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Speaker 1: move a polling. Plus, the NTSB releases its preliminary report

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Speaker 1: on the Ohio Trained railment. I'm Michael Barr. More ahead,

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Speaker 1: I'm Scott s Edinburgh. The Rangers lose their third straight,

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Speaker 1: that Devils win it overtime, and spring training games begin.

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Speaker 1: I'll have all that coming up in sports. Thanks all

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Speaker 1: straight ahead on Bloomberg day Break, the business news you

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Speaker 1: need disturn your day, and just one fifteen minute podcast

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Speaker 1: each pointing on Apple, Spotify, the Bloomberg Business App, and

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Speaker 1: everywhere you get your podcasts. Good morning, I'm Nathan Hagar

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Speaker 1: and I'm Cameron Moscow. Here are the stories we're following today.

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Speaker 1: We begin with the war in Ukraine. It has been

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Speaker 1: one year since Russia began its assault and march toward Kiev.

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Speaker 1: One year later, the capital is still standing despite massive

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Speaker 1: attacks on its people and infrastructure. Bloomberg Radio has team coverage,

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Speaker 1: beginning with Bloomberg's Oliver Krook in Kiev. It was a

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Speaker 1: shock for many that Kiev is still standing today. You

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Speaker 1: take the train over from Warsaw into Kiev, as we

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Speaker 1: have just done, You cross through Buscha. That is the

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Speaker 1: last thing you do before you enter Kiev. It is

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Speaker 1: right on the outscars. You realize how close the Russian

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Speaker 1: military was to the seat of government here in Ukraine.

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Speaker 1: But a year later it still stands, the Lenski still presidents,

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Speaker 1: still fighting, and the cost has been immense. Hundreds of

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Speaker 1: thousands of wounded and killed on both sides, eight million

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Speaker 1: people displaced. You see on the train mostly women coming

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Speaker 1: back to Ukraine because the men are not allowed to leave.

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Speaker 1: So a year into this you have the Ukrainians defined.

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Speaker 1: Everyone you speak to here, one thing is very clear.

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Speaker 1: There is absolutely no backing down. Bloomberg's Oliver Crook reporting

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Speaker 1: from Kiev. Stay with us for more from Oliver. In

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Speaker 1: just a few minutes. Meantime, Nathan Schina is going in

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Speaker 1: on the war. Beijing is published a twelve point proposal

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Speaker 1: for ending the conflict, and Bloomberg Daybreak Asia anchor Brian

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Speaker 1: Curtis as more from Hong Kong. The plan calls for

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Speaker 1: ending hostilities, protecting nuclear plants, resuming peace talks, and eliminating sanctions.

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Speaker 1: It's an effort by China to portray itself as a

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Speaker 1: neutral party. Bloomberg reporting suggests the plan appears to have

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Speaker 1: little chance of succeeding. That's because Ukraine has said it

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Speaker 1: would fight until Russia leaves its borders, and Moscow has

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Speaker 1: shown no signs of stopping its attacks in Kong. Bryan Curtis,

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Speaker 1: Bloomberg Daybreak, Thank you, Brian. Back here in the US,

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Speaker 1: the White House has just announced more sweeping sanctions against

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Speaker 1: parts of Russia's economy, including its banking, defense, and tech industries.

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Speaker 1: Amy Morris has more from our Bloomberg ninety nine one

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Speaker 1: newsroom in Washington. The White House says the sanctions will

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Speaker 1: also hit actors in other countries that could be trying

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Speaker 1: to help Russia, including Chinese companies accused of evading sanctions

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Speaker 1: on Russia. Lighthouse Press Secretary Karin Jean Pierre says there

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Speaker 1: are also concerns that China could be considering providing lethal

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Speaker 1: aid for Russia. You haven't seen them do it yet,

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Speaker 1: but they haven't taken it off the table. And Whitehouse

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Speaker 1: says they also plan to announce a new economic and

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Speaker 1: Security assistance package for Ukraine to aid defense efforts and

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Speaker 1: provide basic government services like electricity and heat. In Washington,

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Speaker 1: I made me more as Bloomberg daybreak her right amy,

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Speaker 1: thank you a while turning away from the war for

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Speaker 1: a moment. Now. A couple of Treasury secretaries are speaking

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Speaker 1: out about the chance of a US recession and remarks

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Speaker 1: at the G twenty meeting in India. Secretary Janet Yellen

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Speaker 1: says a soft landing is still possible. She credits a

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Speaker 1: strong labor market. At the same time, former Treasury Secretary

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Speaker 1: Larry Summers is concerned about a drop off an economic activity.

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Speaker 1: I think the chances of a soft landing, which look

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Speaker 1: to be getting better a couple months ago, I think

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Speaker 1: are now receding. Larry Summers made the comments on Bloomberg's

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Speaker 1: Wall Street Week with David Weston. Catch the program today

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Speaker 1: at six pm Eastern on Bloomberg Radio and Television. Well,

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Speaker 1: we'll get a closely watched economic report for the Fed

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Speaker 1: later this morning, Karen. The Central banks preferred inflation gauge,

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Speaker 1: the PC index, is expected to show an acceleration in prices.

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Speaker 1: We get a preview from Bloomberg's Michael McKee. A surprise

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Speaker 1: upward revision to the fourth quarter PC inflation figures put

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Speaker 1: a scare into markets. Ana. Let's, however, say it's just

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Speaker 1: the application of the same seasonal adjustment factors that boosted

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Speaker 1: CPI earlier this month. So expect a higher PC inflation reading,

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Speaker 1: but don't necessarily make too much of it. In any case,

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Speaker 1: the message will be the same. The Fed has more

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Speaker 1: work to do. Michael McKee, Bloomberg Daybreak. All right, Michael,

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Speaker 1: thank you will. In corporate news today, Boeing is pausing

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Speaker 1: deliveries of its seven eighty seven Dreamliner. That's due to

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Speaker 1: a documentation issue with part of its fuselage, and Bloomberg's

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Speaker 1: Churnley Pellet has the story. Boeing says production of the

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Speaker 1: seven eighty seven is continual while deliveries are halted. The

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Speaker 1: airplane maker also sees no change to twenty twenty three

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Speaker 1: production or delivery targets. Boeing said the issue is related

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Speaker 1: to a supplier analysis error. The FAA, meanwhile says it

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Speaker 1: is working with Boeing to determine any actions that might

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Speaker 1: be required for recently delivered airplanes in New York. Charlie

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Speaker 1: Pellet Bloomberg Daybreak, Thank you, Charlie. Well, there's no pause

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Speaker 1: on antitrust enforcement In Washington. Bloomberg News has learned the

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Speaker 1: Justice Departments preparing a lawsuit to block Adobe's twenty billion

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Speaker 1: dollar takeover of software maker Figma. We're told an anti

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Speaker 1: trust case could be filed next month. And now another

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Speaker 1: sign of the toll that last year's stock route took

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Speaker 1: on investments, A number of four or one K accounts

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Speaker 1: with million dollar balances shrink in twenty twenty two. We

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Speaker 1: get more from Bloomberg's Doug Prisoner blame it on weakness

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Speaker 1: in bonds and megacap stocks. Data from Fidelity Investment show

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Speaker 1: the number of workplace retirement accounts with million dollars plus

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Speaker 1: values fell last year by two percent. Now, investors may

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Speaker 1: have multiple four oh one k's at Fidelity, so it

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Speaker 1: isn't clear exactly how many individuals were represented in this

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Speaker 1: diminishing pool. Most accounts are far far smaller than a

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Speaker 1: million dollars. The average four oh one K account at

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Speaker 1: Fidelity stood at just under one hundred and fourth thousand

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Speaker 1: in the fourth quarter. For all of last year, the

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Speaker 1: average four oh one K lost twenty percent. In New York,

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Speaker 1: I'm Dead Prisoner Bloomberg Daybreak. It's forty three degrees in

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Speaker 1: New York. It'll be sunny, breezy today. Early highs in

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Speaker 1: the low forties. Temperatures are going to slowly drop through

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Speaker 1: the day down to the low twenties tonight. Time now

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Speaker 1: to take a look at some of the other stories

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Speaker 1: making news in New York and around the world, with

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Speaker 1: Bloomberg's Michael bar Good morning, Michael, Good morning, Nathan. The

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Speaker 1: crew operating the freight train that derailed in East Palestine,

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Speaker 1: Ohio didn't get much warning before dozens of cars went

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Speaker 1: off the tracks, and there was no indication that crew

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Speaker 1: members did anything wrong. That's according to federal safety investigators,

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Speaker 1: who released a preliminary report Thursday into the fiery wren

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Speaker 1: that prompted a toxic chemical release and an evacuation. The

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Speaker 1: National Transportation Safety Board Chairwoman Jennifer Hammady there are a

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Speaker 1: number of causes for overheated roller bearings. These could include fatigue, cracking,

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Speaker 1: water damage, mechanical damage, a loose bearing, or a wheel defect.

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Speaker 1: And we will look at all that. The report's release

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Speaker 1: came as Transportation Secretary Pete Budajage made his first visit

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Speaker 1: to East Palestine since the wreck nearly three weeks ago.

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Speaker 1: Embattled New York Republican Congressman George Santos, who some call

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Speaker 1: a serial liar, has co sponsored a bill in Congress

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Speaker 1: that would name the a R fifteen rifle the National

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Speaker 1: gun of the United States. This is a gun manufactured

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Speaker 1: in the United States, creates jobs in the United States,

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Speaker 1: some made in America gun. And I mean we have

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Speaker 1: national everything, but why not have a national gun. New

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Speaker 1: York Governor Kathy hokel rip jenda Santos in a statement.

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Speaker 1: HOCl says it's outrageous and appalling. Harvey Weinstein will likely

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Speaker 1: spend the rest of his life in prison after getting

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Speaker 1: another sixteen years behind bars for rape and other sex crimes.

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Speaker 1: The disgraced Hollywood mogul was sentenced yesterday for a twenty

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Speaker 1: thirteen attack in Los Angeles. Jennifer Siebald Newsom, the wife

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Speaker 1: of California Governor Gavin Newsom, was among his alleged victims.

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Speaker 1: She posted a video to her social media following Thursday sentencing.

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Speaker 1: What Harvey Weinstein did to me was nursed. His assault

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Speaker 1: was excruciatingly traumatic, and for years he walked away unfettered.

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Speaker 1: Weinstein already faces more than twenty years for a similar

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Speaker 1: twenty twenty conviction in New York. Two major winter storms

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Speaker 1: on both sides of the country are causing numerous problems.

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Speaker 1: A blizzard warning has been issued for the southern California

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Speaker 1: Mountains for the first time since nineteen eighty nine. In Argo,

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Speaker 1: North Dakotas, no plows were pulled off the roads due

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Speaker 1: to near zero visibility. Global News twenty four hours a day,

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Speaker 1: powered by more than twenty seven hundred journalists and analyst

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Speaker 1: in over one hundred twenty countries. I'm Michael barn and

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Speaker 1: this is Bloomberg. Nathan. Thank you, Michael. Time now for

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Speaker 1: our Bloomberg Sports update, brought to you by Tri State Auty.

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Speaker 1: For that we bring in Scott Sidonburn. Thanks Nathan. Make

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Speaker 1: it three straight losses now for the Rangers as they

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Speaker 1: fell in Detroit for one last night. The Blue Shirts

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Speaker 1: have scored just four goals in their three straight losses combined.

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Speaker 1: Here was Mika Zebnejad after the loss. I mean, obviously

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Speaker 1: we're not happy with tonight's result in tonight's game, but

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Speaker 1: think about it. Upset about it with it tonight and

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Speaker 1: then tom get get ready to going the game on Saturday.

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Speaker 1: Both the Tally Kraftsov and Jake decision not available last

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Speaker 1: night due to what the team called roster management reasons,

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Speaker 1: fueling the speculation that another trade could be on the horizon.

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Speaker 1: The Rangers visit the Capitols tomorrow. Elsewhere, Nico Heischer scored

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Speaker 1: in the final minute to send the Devils into overtime

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Speaker 1: with the Kings, and halfway through the extra session, Dawson

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Speaker 1: Mercer scored his second goal of the game. New Jersey

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Speaker 1: picked up the wind. The Devil's host the Flyers tomorrow.

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Speaker 1: The Islanders were off last night. Tonight, they welcome in

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Speaker 1: the aformentioned Kings and BA Tonight, the Knicks will visit

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Speaker 1: the Wizards. The Nets are in Chicago and baseball spring

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Speaker 1: training games get under way. The Yankees will take on

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Speaker 1: the Phillies tomorrow. The Mets will have split squad games

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Speaker 1: against the Astros and Morlins. Scott Seidenberg with Bloomberg Sports

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Speaker 1: live from coast to coast, from New York to San Francisco,

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Speaker 1: Boston to Washington, d C. Nationwide on Sirius, xamp, the

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Speaker 1: Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 1: Good morning, I'm Nathan Hagar. The world marks one year

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Speaker 1: since Russia's invasion of Ukraine, a war that the Kremlin

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Speaker 1: may have hoped would end quickly, but it has turned

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Speaker 1: into a grinding battle of attrition with no clear end

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Speaker 1: in sight. Bloomberg News is covering the anniversary with a

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Speaker 1: team of reporters in Kiv, including Bloomberg's Oliver Kruk, who

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Speaker 1: joins me live now from the Ukrainian capital. And Oliver,

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Speaker 1: we're seeing this resolve from Ukraine that has played out

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Speaker 1: over the last year. In a tweet this morning from

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Speaker 1: the President of Ukraine, vladimir's Lensky, he writes, on February

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Speaker 1: twenty four, millions of us made a choice, not a

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Speaker 1: white flag, but the blue and yellow one, not fleeing

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Speaker 1: but facing, resisting and fighting. Does that reflect what you're

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Speaker 1: seeing this morning? Nathan absolutely I mean, you take the

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Speaker 1: train in here from Warsaw as we did, and you

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Speaker 1: crossed through the huge expense that is Ukraine, and just

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Speaker 1: before you enter a key of you've crossed the Rabuscha,

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Speaker 1: where of course there was that horrible massacre of civilians,

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Speaker 1: and then you realize a year on, we forget, I

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Speaker 1: think to a degree the early days of this war,

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Speaker 1: or how close the Russian military was to the seat

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Speaker 1: of power here in Kiev. And that's that's how everyone

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Speaker 1: woke up one year ago at dawn explosions, you know,

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Speaker 1: sirens going off, planes overhead, fights for airports, and in

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Speaker 1: a year later, the shock to think that a war

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Speaker 1: in Europe and the shock that Kiev today still stands

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Speaker 1: and it does. Zelenski out this morning awarding medals. He

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Speaker 1: will speak later today and Ukraine continues to fight on

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Speaker 1: and anyone you speak to here there is a sort

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Speaker 1: of normality to life. But when you ask about any

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Speaker 1: possible resolution in the future, they all have the stand

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Speaker 1: exact line. There is absolutely no backing down. It's amazing

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Speaker 1: to see that, especially when we think about all the

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Speaker 1: infrastructure attacks that have happened in recent months, Russia really

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Speaker 1: going after the energy sector, just the things that people

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Speaker 1: need to live in that country and to continue that resolve.

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Speaker 1: It seems as though it's difficult to point whether that

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Speaker 1: can continue, see that resolve continuing to hold up. I

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Speaker 1: think it's a very big question. And as you mentioned

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Speaker 1: this sort of I mean, this has been referred to

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Speaker 1: as the energy war, and so I think that this

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Speaker 1: is a war that's actually waged on two fronts. So

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Speaker 1: you have the energy war on the ground. After some

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Speaker 1: military losses in Russia really change its focus to cutting

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Speaker 1: off electricity supply, its targeting for substations and transformers, then

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Speaker 1: moving to power plants. And it's amazing how adaptive the

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Speaker 1: Ukrainians have been at being able to fix this, bring

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Speaker 1: power back, but also create defensive and shoot these rockets

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Speaker 1: out of the sky. And then the second war, which

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Speaker 1: is the war that the entire rest of the world

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Speaker 1: has been engaged with, is the war that's waged in

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Speaker 1: the markets and a total reordering of global energy system

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Speaker 1: a trillion dollars worth of costs of energy prices last

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Speaker 1: year according to Bloomberg's calculations, and really putting in doubt

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Speaker 1: energy supply for developed nations in Europe that is not

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Speaker 1: something that has happened, or at least decades you had

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Speaker 1: BASF in Germany cutting jobs. Today, all of this directly

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Speaker 1: related to the cost of doing business, increasing prices of energy,

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Speaker 1: but also access to gas. It raises the question is

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Speaker 1: well about whether Europe's support for Ukraine can continue at

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Speaker 1: the level that we've seen over the last twelve months.

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Speaker 1: If we continue to see this deterioration in energy markets,

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Speaker 1: particularly in Europe, what does that imply about Europe's support

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Speaker 1: for Ukraine going forward? And again, I think this is

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Speaker 1: another big question. So Ukraine is in it for the

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Speaker 1: long haul. Joe Biden showed up here in Kia for

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Speaker 1: a huge adrenaline shot of morale here in Ukraine. So

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Speaker 1: Ukraine is committed, but it needs to be met half way.

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Speaker 1: It cannot go at it alone. So maybe two extra

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Speaker 1: billion dollars coming overnight from the USA, that's what we're

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Speaker 1: hearing reports that adds to twenty seven and a half

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Speaker 1: billion dollars worth of military aid. Biden and Kia is saying,

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Speaker 1: as long as the people will be here as long

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Speaker 1: as it takes. But will the American people be there

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Speaker 1: as long as it take? Will domestic support in the

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Speaker 1: United states in Europe pulled off, particularly in the face

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Speaker 1: of a world filled with distraction and other issues, whether

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Speaker 1: it recession, inflation concerns around the South China. See So

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Speaker 1: I think that Velenski is very conscious of the fact

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Speaker 1: that he requires a support. He has been in a

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Speaker 1: great cheerleader for the cause of Ukraine, speaking last week

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Speaker 1: in Munich at the Munich Security Conference. You'll speak again today,

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Speaker 1: Canny keep in front of mine where the country's survival

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Speaker 1: really depends on it. And we've just gotten word from

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Speaker 1: the White House this morning about yet more sanctions on Russia,

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Speaker 1: something like ninety entities that are going to be coming

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Speaker 1: under restrictions here. There's been such a huge sanctions regime

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Speaker 1: against Russia, but it doesn't seem as though it's deterred

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Speaker 1: the onslaught that we've seen over the last year. We've

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Speaker 1: got about thirty seconds left, yeah, I mean, we saw

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Speaker 1: Putin give his State of the Nation address earlier this week,

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Speaker 1: and this is an economy that's really gearing itself towards

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Speaker 1: totally being cut off from the rest of the world

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Speaker 1: and working totally within itself. Obviously, the fact that you know,

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Speaker 1: energy and fossil fuels have been cut off as offset

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Speaker 1: to a degree that the price went after the invasion.

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Speaker 1: So I think Ukraine and Russia are both locked in this.

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Speaker 1: You know, we're going to see more sanctions. I think

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Speaker 1: part of it is that the US is trying to

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Speaker 1: do is make sure that that sanction enforcement is effective.

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Speaker 1: And again we just see the lines crossing now the

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Speaker 1: two billion additional aid for Ukraine. This is Bloomberg Daybreak Today,

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