Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: Good morning, I maybe Morris and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: We begin with the tragedy near Baltimore. It is no
Speaker 3: longer a search and rescue operation. It is now search
Speaker 3: and recover after yesterday's collapse of the Francis Scott Key Bridge.
Speaker 3: A road crew was working on the bridge at the
Speaker 3: time of the collapse. Now two of them have been rescued,
Speaker 3: six remain unaccounted for. The area remains blocked off to traffic,
Speaker 3: which means a major artery around the city of Baltimore
Speaker 3: is also blocked off. Baltimore Mayor Brandon Scott is asking
Speaker 3: for people to be patient.
Speaker 4: They're going to be detours.
Speaker 2: This is going to be a long road. But when
Speaker 2: we think.
Speaker 5: About the realities of what those families are going through
Speaker 5: versus us have it this spend a little bit more
Speaker 5: time in traffic we can't even compare.
Speaker 3: Baltimore Mayor Brandon Scott says the search is the priority,
Speaker 3: but he also recognizes the economic ripple effect this will
Speaker 3: have on his city.
Speaker 2: Well Lamy, the business that contracted the road work as
Speaker 2: Broner Builder's company attorney Jeffrey Pritzker explains it's possible the
Speaker 2: crew never heard any warnings.
Speaker 6: Where they were working on the bridge was right in
Speaker 6: the center span of the bridge, so it's quite possible
Speaker 6: that they heard nothing and had no idea what happened
Speaker 6: until it happened.
Speaker 2: Attorney Jeffrey Pritzker. Maryland Governor Wes Moore says the loss
Speaker 2: of the bridge and the loss of life is heartbreaking.
Speaker 7: When I first got the phone call in the middle
Speaker 7: of the night saying the Key bridge is gone one,
Speaker 7: it takes your breath away and then immediately start thinking about.
Speaker 2: These families and Governor Moore says the work will continue
Speaker 2: to find those who are still missing. The next phase
Speaker 2: of the recovery process begins this morning.
Speaker 3: The one point six mile long bridge collapsed in just
Speaker 3: a matter of seconds. The catastrophic consequences are set to
Speaker 3: stretch out for weeks. President Biden says the government needs
Speaker 3: to step up.
Speaker 8: That's my intention that federal governor will pay for the
Speaker 8: entire cost to reconstructing that bridge.
Speaker 9: I expect the Congress to support my effort.
Speaker 3: Facing months of uncertainty, Baltimore and Maryland both have declared
Speaker 3: a state of emergency.
Speaker 2: Well, I mean, the aftermath of the bridges collapse throws
Speaker 2: another spotlight on the fragile nature of global supply chains.
Speaker 2: Brendan Murray leads to our global trade coverage for Bloomberg.
Speaker 7: The Port of Baltimore has closed indefinitely. They're they're going
Speaker 7: to have, you know, weeks or months of salvage operations
Speaker 7: to clean up the site. All that cargo is going
Speaker 7: to have to go somewhere else, places like Norfolk, Virginia, Charleston,
Speaker 7: South Carolina, Savannah, Georgia. The big ships will have to
Speaker 7: go to New York and New Jersey. So there's going
Speaker 7: to be a period where supply chains have these wrinkles
Speaker 7: that need to be ironed out. It's going to be
Speaker 7: it's going to mean delays for people and businesses for
Speaker 7: their for their parts and their products, and it's going
Speaker 7: to possibly mean some some higher costs in the short.
Speaker 2: Term bloom Brendon Murray says about thirty five thousand people
Speaker 2: use the bridge every day. The American Trucking Association says
Speaker 2: the annual value of goods going over is about twenty
Speaker 2: eight billion dollars, And.
Speaker 3: Of course we will continue to follow the latest developments
Speaker 3: on the bridge collapse right here on Bloomberg Radio. Now,
Speaker 3: let's turn to political news. Robert F. Kennedy Junior has
Speaker 3: picked Nicole Shanahan to be his vice presidential pick and
Speaker 3: his independent White House bid that's trying to appeal to
Speaker 3: voters disaffected by a rematch of the twenty twenty election.
Speaker 3: The thirty eight year old Shanahan is a California lawyer
Speaker 3: and a philanthropist who has never held elected office.
Speaker 2: Meanwhile, Amy, the Republican presidential candidate, is also making headlines.
Speaker 2: Donald Trump will need to be careful with this rhetoric
Speaker 2: during his trial concerning alleged payments to Stormy Daniels and
Speaker 2: Bloomberg's Nancy Lyons reports.
Speaker 1: Now that in April fifteenth, start date has been set
Speaker 1: for Donald Trump's trial on alleged hush money payments. The
Speaker 1: judges out with some ground roles for the former president.
Speaker 1: Judge wanmer Shan has issued a gag order banning Trump
Speaker 1: for making statements about witnesses, lawyers, or jurors involved in
Speaker 1: the trial. Manhattan District Attorney Alvin Braggs sought the order
Speaker 1: because of Trump's quote longstanding history of verbal attacks. The
Speaker 1: trial marks the first criminal prosecution of a former American
Speaker 1: president in Washington. I'm Nancy Lyons Bloomberg Radio.
Speaker 3: Thank you, Nancy. It was a volatile first day of
Speaker 3: trading for former Trump. Former president Donald Trump's social media startup,
Speaker 3: Trump Media and Technology Group gained sixteen percent in its
Speaker 3: first trading day as a public company, and surged as
Speaker 3: much as fifty nine percent at one point. The most
Speaker 3: high profile blank check deal in years added billions to
Speaker 3: Trump's fortune, at least on paper. Shares are up ten
Speaker 3: percent in early trading this morning.
Speaker 2: Well in the currency market, amy the yen has touched
Speaker 2: its lowest level versus the dollar since nineteen to ninety.
Speaker 2: Japan has stepped closer to currency intervention with its strongest
Speaker 2: warning yet. The country's finance minister ramped up his hints
Speaker 2: a possible action. Looking at the yen right now, it's
Speaker 2: little changed against the dollar in the end, at one
Speaker 2: fifty one point four to nine.
Speaker 3: In geopolitical news, Chinese President Xi Jinping has met with
Speaker 3: US business executives hoping to restore confidence in Beijing. Bloomberg
Speaker 3: Daybreak Asia anchor Brian Curtis as more from Hong.
Speaker 10: Kong shinwas as president. She met with representatives from US business, strategic,
Speaker 10: and academic communities. China's hoping to shore up confidence submit
Speaker 10: a slow down in foreign investment. Investment fell to a
Speaker 10: thirty year low last year. Tensions with the US have
Speaker 10: risen in recent weeks. China said it filed a complaint
Speaker 10: to the WTO over US EV subsidies, and the US
Speaker 10: and UK accused Chinese hackers of targeting politicians and companies.
Speaker 10: China is now ramping up outreach to foreign investors, hoping
Speaker 10: to kick start the slumping economy in Hong Kong. Brian
Speaker 10: Curtis Bloomberg.
Speaker 2: Radio, Hi, Brian, thank you now to a discussion on
Speaker 2: the broader economy with black Rock CEO Larry Fink. Fink
Speaker 2: talked about his annual letter yesterday with Bloomberg's David Weston,
Speaker 2: warning that the US is facing a looming retirement crisis
Speaker 2: and says a high level effort is needed to address it.
Speaker 2: Fink added that America's unsustainable debt servicing bill could lead
Speaker 2: to a period of stagnation.
Speaker 6: The cost of financing our deficits are going to erode
Speaker 6: more and more of our disposable income. As a country,
Speaker 6: and I do believe there we're getting to a point
Speaker 6: where our public debt is going to start up, crowding
Speaker 6: out private capital, and we're going to have structurally higher
Speaker 6: interest rates.
Speaker 2: Black Rock CEO Larry Fink added he's frightened by the
Speaker 2: US public debt situation, but says a US debt crisis
Speaker 2: is not inevitable. And you can catch our entire conversation
Speaker 2: with Larry Fink on the Bloomberg Talks podcast, available on Apple, Spotify,
Speaker 2: or anywhere you get your podcasts. And it's time now
Speaker 2: for a look at some of the other stories making
Speaker 2: news in New York and around the world. And for
Speaker 2: that we'rejoined by Bloomberg's Michael Barr. Michael, good Morning, Good.
Speaker 4: Morning, Karen is really. Prime Minister Benjamin at Yahoo's says
Speaker 4: his government will not accept Tamas's delusional conditions for a
Speaker 4: ceasefire in Gaza. The militant group has rejected the latest
Speaker 4: truce proposal because it wants an end to the war
Speaker 4: and Israel's full withdrawal from the Gaza strip. Natanyahu also
Speaker 4: rebuked a UN Security Council resolution calling for a ceasefire
Speaker 4: in Gaza. State Department spokesman Matthew Miller pushed back on
Speaker 4: claims that amasa's most recent rejection of a ceasefire framework
Speaker 4: agreement resulted from the US abstention vote in the UN.
Speaker 2: That response was prepared before the UN Security Council vote,
Speaker 2: not after it.
Speaker 4: Yesterday, Defense Secretary Lloyd Austin welcomed Israeli Defense Minister Joav
Speaker 4: Gallant to the Pentagon, where the two talked about US
Speaker 4: Israeli security cooperations and the ongoing efforts to bring humanitarian
Speaker 4: aid into Gaza. A vigil will be held tonight at
Speaker 4: Massapequa Park in the hometown for the NYPD officer who
Speaker 4: was shot and killed this week. Officer Jonathan Dillar, who
Speaker 4: was thirty one, was fatally shot during a traffic stop
Speaker 4: in Queens. Diller, who was with the force for three years,
Speaker 4: had a wife and a toddler's son. Diller and another
Speaker 4: officer approached a car that was parked illegally at a
Speaker 4: bus stop. Authority say one of the two men who
Speaker 4: were in the car, thirty four year old Guy Rivera,
Speaker 4: pulled out a gun and shot Diller in the torso.
Speaker 4: Official say Diller's partner then fired and shot Rivera in
Speaker 4: the back. New York Mayor Eric Adams says the city
Speaker 4: has a recidivism problem.
Speaker 8: These two individuals, one of the men had been arrested
Speaker 8: on a gun charge in April twenty twenty three. To
Speaker 8: the driver, he has more than twenty prize, the other
Speaker 8: as an equal amount of prize.
Speaker 4: Mayor Adams also says the city has to deal with
Speaker 4: mental health issues and random acts of violence. Today, New
Speaker 4: YORK'SA holds its final vote on acting what would be
Speaker 4: the US's first large scale congestion pricing system. The plan
Speaker 4: would charge most drivers a fee of at least fifteen
Speaker 4: dollars to drive south of sixtieth Street in Manhattan. The
Speaker 4: program is set to begin in June, but that could
Speaker 4: change depending on the outcome of lawsuits in New York
Speaker 4: and New Jersey. Supporters say you will reduce carbon emissions,
Speaker 4: speed up bus service and emergency response times, and raise
Speaker 4: funds for public transportation. Former NYC Traffic Commissioner Sam Schwartz
Speaker 4: is in favor of the plan.
Speaker 9: I know a number of cities are keeping their eye
Speaker 9: on New York. If you can get through all the
Speaker 9: log jams, all the bureaucracy, all the politics of New York, city.
Speaker 9: And you can get this done in New York, you
Speaker 9: could do it elsewhere.
Speaker 4: Critics say there should be a commitment to improve mass
Speaker 4: transit service. Global news twenty four hours a day and
Speaker 4: whenever you want it with the Bloomberg News. Now, Michael Barr,
Speaker 4: this is Bloomberg.
Speaker 3: Karen sor right, Michael, thank you.
Speaker 2: Time now for the Bloomberg Sports Update, brought to you
Speaker 2: by Tri State Audi. Here's John stash Hour, John, Good morning,
Speaker 2: Good morning Karen.
Speaker 5: Winding down the NHL regular season. The race is on
Speaker 5: for the President's Trophy home ice in the playoffs. Seven
Speaker 5: teams separated by just three points, and the team that
Speaker 5: right now is a top the league, the Rangers. They
Speaker 5: hosted the Flyers scoreless first period. Philly led two to
Speaker 5: one after two, and then seven goals were scored in
Speaker 5: the third. Rangers had three different leads. The game went
Speaker 5: to overtime.
Speaker 3: Fox tangles the blue line, leaves it.
Speaker 7: Back for tro check back to Fox, Fox rips a
Speaker 7: shot up score.
Speaker 9: Adam foxing overtime, and the Rangers won a wild game,
Speaker 9: six to five, one one hundred points.
Speaker 3: They clitch a playoff berth for the third.
Speaker 5: Consecutive Yearny ESPN Fox, scoring thirty six seconds into ot
Speaker 5: Deable's trying to make the playoffs. They won in Toronto's
Speaker 5: sixty three, took over first place in their division four
Speaker 5: to three win at Florida double overtime. In the NBA,
Speaker 5: the Lakers, playing without Lebron James, came from nineteen down
Speaker 5: and one in Milwaukee for Anthony Davis thirty four points
Speaker 5: twenty three rebounds. The Warriors won by twenty one at Miami.
Speaker 5: Dallas won by thirty six at Sacramento, fiftieth winn of
Speaker 5: the season for Oklahoma City Man. He felt Indiana State
Speaker 5: would have made the NCAA tournament settled for the niit
Speaker 5: now thirty one and six after a quarterfinal win over Cincinnati.
Speaker 5: Georgia won by two at Ohio State. Seaton Hall has
Speaker 5: its NIT quarterfinal game tonight at home against UNLV. Major
Speaker 5: rule changes to kickoffs in the NFL all look very different.
Speaker 5: The kicker will now stand in his own thirty five
Speaker 5: yard line. His ten teammates will be twenty five yards ahead.
Speaker 5: At least seven of the receiving players will be just
Speaker 5: five yards from them. It's an effort to make the
Speaker 5: kickoff again be part of the sport. Most of them
Speaker 5: had not been returned. Baseball starts tomorrow, and free agent
Speaker 5: pitcher Jordan Montgomery has finally found a job. He signed
Speaker 5: with Arizona. John Stanshedward Bloomberg Sports.
Speaker 11: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 11: and around the world on Bloomberg dot Com and the
Speaker 11: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3: And returning to our top story this morning, the key
Speaker 3: bridge in Baltimore, struck by a cargo ship, collapsed in
Speaker 3: just seconds yesterday. The consequences, though, will likely stretch out
Speaker 3: four weeks. We are joined now by Bloomberg's trade expert
Speaker 3: Brendan Murray. Brendan, thanks for taking the time with us.
Speaker 3: What is the latest now?
Speaker 5: Sure?
Speaker 7: So tragically, the officials locally have said that they're calling
Speaker 7: off the search and rescue for the six missing workers
Speaker 7: who are on the bridge filling potholes when the ship
Speaker 7: struck the bridge. So they're recovery, they're looking for they're
Speaker 7: recovering the victims at this stage. So a rather somber
Speaker 7: day starting here on Wednesday. In the meantime, all this
Speaker 7: cargo that was supposed to come in and out of
Speaker 7: Baltimore has to go somewhere else. So we're seeing ships
Speaker 7: diverting to ports in Virginia and North Carolina, South Carolina, Georgia,
Speaker 7: and New York. So all that cargo is going to
Speaker 7: be slower to get where it's going, and it will
Speaker 7: need truck or a train to pick it up in
Speaker 7: another location that it wasn't expecting. So expect a bit
Speaker 7: of a tangled mess in the weeks ahead.
Speaker 3: Let's get into that a little bit and talk about
Speaker 3: some of those ports you mentioned, South Carolina, Virginia, New
Speaker 3: Jersey and other ports. Are they going to be able
Speaker 3: to handle all of the extra traffic that they're about
Speaker 3: to get?
Speaker 7: From what they tell us, they're not running at full
Speaker 7: capacity right now. The US economy is fairly solid, but
Speaker 7: it's not gangbusters, so some of them tell us they're
Speaker 7: running it about seventy or eighty percent capacity. So yeah,
Speaker 7: they can handle this extra this extra cargo flowing in
Speaker 7: their direction, but it'll take They can't do it immediately,
Speaker 7: so it could we could see ships sitting outside these
Speaker 7: ports for a few days perhaps, and we'll see how
Speaker 7: they're able to orbit. The big issue is Baltimore is
Speaker 7: a big car port for imports and exports, and not
Speaker 7: every not every trade gateway along the Eastern Seaboard can
Speaker 7: handle cars. So we'll have to wait and see how
Speaker 7: the how the auto companies deal with these the disruptions
Speaker 7: to their supply chains.
Speaker 3: Right, they handle cars, construction equipment, farm equipment, and I
Speaker 3: wonder if that's where we might see the most impact,
Speaker 3: because it seems like there would be more isolated industries
Speaker 3: as opposed to industries as a whole.
Speaker 7: Yeah, it's not a lot of sort of consumer facing
Speaker 7: goods that flow through Baltimore. It's things that are kind
Speaker 7: of in the you know, go to the industrial heartland.
Speaker 7: Construction equipment, farm equipment, you know, and those kinds of things.
Speaker 7: You know, the spring construction season kind of heats up
Speaker 7: in a month or two, you know, will there be
Speaker 7: enough equipment, Will some of that equipment and the materials
Speaker 7: needed for home building and office construction be you know,
Speaker 7: be as readily available as it might might have been.
Speaker 7: Farmers are going to start, you know, planting crops in
Speaker 7: a few months. Are they going to have you know,
Speaker 7: the equipment that they need the new tractor or combine?
Speaker 7: You know that that would normally flow through Baltimore. So
Speaker 7: some we're not expecting a widespread economic headwind from this,
Speaker 7: but it could create some isolated headaches.
Speaker 3: And briefly, Brendan, it wasn't long ago we experienced the
Speaker 3: firsthand the fragile nature of the global supply chains, very
Speaker 3: briefly thirty seconds. How is this going to factor into that?
Speaker 7: Well, we're going to get another test of the resilience
Speaker 7: of supply chains along the East Coast. Basically, it will
Speaker 7: it will mean trucks. You know, there's going to be
Speaker 7: a lot of traffic around Baltimore for the foreseeable future.
Speaker 7: That highway, that beltway around Baltimore is now gone, so
Speaker 7: all that traffic is going to have to move somewhere else.
Speaker 7: So I think we're just going to have to see
Speaker 7: how the companies involved in logistics and supply chains can
Speaker 7: flex with this shock, and hopefully it the fallout won't
Speaker 7: be too widespread or too painful.
Speaker 3: You are listening to Bloomberg Daybreak today, your morning brief
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Speaker 3: and beyond.
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Speaker 2: here on Bloomberg Daybreak