WEBVTT - Michigan Primary Results; Apple Ditches Self-Driving Car

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today.

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<v Speaker 3>There are lots to talk about this morning in politics,

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<v Speaker 3>starting in Michigan, where voters took to the polls yesterday

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<v Speaker 3>and brought the nation closer to a twenty twenty four

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<v Speaker 3>rematch between President Biden and former President Donald Trump. But

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<v Speaker 3>the Democratic primary may have been trying to send the

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<v Speaker 3>president a message in his victory. With ninety eight percent

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<v Speaker 3>of votes counted, President Biden one with eighty one point

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<v Speaker 3>one percent, while thirteen point three percent voted uncommitted. A

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<v Speaker 3>campaign called Listen to Michigan had urged Democrats to cast

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<v Speaker 3>a protest, voted, and hope to gather ten thousand votes.

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<v Speaker 3>More than one hundred thousand answered the call. Dearborn resident

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<v Speaker 3>Lexi Zaidan was one of them.

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<v Speaker 4>As you see a number of individuals getting behind a

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<v Speaker 4>protest full through are power to vote to be able

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<v Speaker 4>to tell President Biden that we are uncommitted to him

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<v Speaker 4>and his administration as they continue to aid in a

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<v Speaker 4>bet in the ongoing genocide and.

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<v Speaker 3>RASA dearborn voter, Lexi z Aidan there and as for

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<v Speaker 3>the Republican primary, former President Trump defeated Nikki Haley there

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<v Speaker 3>by a vote of sixty eight point two percent to

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<v Speaker 3>Haley's twenty six and a half percent.

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<v Speaker 1>Well, Nathan. Back in Washington, there are new signs of

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<v Speaker 1>optimism that Congress can avoid a partial government shut down

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<v Speaker 1>at the end of the week. Here's what House Speaker

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<v Speaker 1>Mike Johnson had to say after meeting with President Biden

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<v Speaker 1>and other leaders at the White House.

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<v Speaker 5>We're very optimistic. I hope that the other leaders came

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<v Speaker 5>out here and told you the same.

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<v Speaker 6>We believe that we can get to agreement on these

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<v Speaker 6>issues and prevent a government shutdown.

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<v Speaker 1>But Speaker Mike Johnson and other leaders are still far

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<v Speaker 1>apart on approving billions of dollars for Ukraine and Israel,

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<v Speaker 1>as well as the US Mexico border. Democratic Senator Elizabeth

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<v Speaker 1>Warren says this standoff does not make sense.

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<v Speaker 7>This is the craziest kind of negotiation you would ever see,

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<v Speaker 7>and that is that, as far as I can tell,

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<v Speaker 7>everybody wants to deal keep the government open. We've all

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<v Speaker 7>agreed on what the numbers are as budget deal, right,

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<v Speaker 7>and everyone's agreed on it, and the Republicans in the

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<v Speaker 7>House are just saying no.

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<v Speaker 1>Senator Elizabeth Warren appeared on Bloomberg's Balance of Power with

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<v Speaker 1>Joe Matthew and Kaylee Lines. Catch more of that conversation

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<v Speaker 1>on the Balance of Power podcast.

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<v Speaker 3>Turning to Wall Street, Karen the biggest name in banking,

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<v Speaker 3>sounds like he's warming to red state Texas over the

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<v Speaker 3>Big Apple. More from Bloomberg's John Tucker.

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<v Speaker 5>And Jamie Diamond, praising the lack of an income tax

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<v Speaker 5>in Texas and its light regulatory touch. After touring a

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<v Speaker 5>worker training facility in Houston, the CEO of New York

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<v Speaker 5>based JP Morgan Chase also criticized some New York elected

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<v Speaker 5>officials as being anti business. He said they were the

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<v Speaker 5>reason Amazon chose not to build a second headquarters here.

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<v Speaker 5>For instance, on JP Morgan's workforce in Texas has now

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<v Speaker 5>surpassed thirty thousand in recent years, while New York's total

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<v Speaker 5>has slipped to less than twenty nine thousand. Companies think

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<v Speaker 5>Texas is the place to be In recent years. Tesla

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<v Speaker 5>and Shns Schwab have moved their headquarters to Texas from California,

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<v Speaker 5>while Caterpillar relocated from Illinois. John Tucker Bloomberg.

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<v Speaker 1>Radio, all right, John, thanks, Well, having five million dollars

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<v Speaker 1>does not crack the top one percent in the US anymore,

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<v Speaker 1>and Bloomberg's Ed Baxter explains.

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<v Speaker 8>It's a moving target upward. It now takes five point

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<v Speaker 8>eight million to join the magic circle of rich. How

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<v Speaker 8>fast is it moving, Well, it's almost fifteen percent more

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<v Speaker 8>than twelve months ago. This according to research from Knight Frank.

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<v Speaker 8>Monaco retains the top spot of the highest threshold worldwide

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<v Speaker 8>at twelve point eight million, Luxembourg and Switzerland. Well one

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<v Speaker 8>needs more than eight million to make the cut. The

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<v Speaker 8>findings underscore how rebounding markets in the US and other

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<v Speaker 8>Western nations are widening the gap between rich and poor countries.

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<v Speaker 8>Ed Baxter, Bloomberg Radio, Okay, and thanks.

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<v Speaker 3>In Company News, Apple is canceling it's decade long effort

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<v Speaker 3>to build an electric car. The multi billion dollar project

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<v Speaker 3>began in twenty fourteen. It would have vaulted Apple into

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<v Speaker 3>a whole new industry. Bloomberg Mark German broke the story.

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<v Speaker 9>This is a bombshell development. This is a very rare

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<v Speaker 9>retreat for Apple. This is a project that they've invested

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<v Speaker 9>over ten billion dollars in They've worked on it for

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<v Speaker 9>over ten years. It's had many fits and starts, It's

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<v Speaker 9>had many directional changes.

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<v Speaker 3>Bloomberg's Mark German reports many of the two thousand employees

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<v Speaker 3>we're currently working on the electric car project are going

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<v Speaker 3>to be shifted to Apple's artificial intelligence division.

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<v Speaker 1>Meanwhile, Nathan Apple is also making news on the legal front.

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<v Speaker 1>Company representatives met last week with the Justice Department, and

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<v Speaker 1>we get more with Bloomberg's Doug Chrisner.

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<v Speaker 10>We're told it was the final bid to persuade the

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<v Speaker 10>DOJ not to file an anti trust lawsuit, and forcer's

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<v Speaker 10>allege Apple has imposed limitations on its iPhones and iPads

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<v Speaker 10>to impede rivals from effectively competing, and the app store

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<v Speaker 10>has come under heavy criticism from both app developers and lawmakers.

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<v Speaker 10>Earlier this month, California ag Rob Bonta said the state

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<v Speaker 10>was in touch with the DOJ about the potential case

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<v Speaker 10>and could join on an eventual complaint. We are told

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<v Speaker 10>the suit is expected in the coming weeks, likely by

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<v Speaker 10>the end of March.

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<v Speaker 5>In New York.

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<v Speaker 10>I'm Doug Krisner, Bloomberg Radio.

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<v Speaker 3>Doug Gapple's not the only company in the Justice Department's

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<v Speaker 3>cross hairs. Bloomberg News has learned the DOJS initiated an

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<v Speaker 3>antitrust investigation into United Health Group. Sources say the problem

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<v Speaker 3>merged out of concerns about United Health's acquisitions of healthcare

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<v Speaker 3>providers and data companies. The company and DOJ both declined

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<v Speaker 3>to comment.

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<v Speaker 1>Well checking some stocks on the move this morning, Nathan

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<v Speaker 1>Shares a Beyond Meat surging fifty five percent. The alternative

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<v Speaker 1>protein maker reported fourth quarter sales that surpassed expectations. The

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<v Speaker 1>company says it'll take a number of actions to find

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<v Speaker 1>a pathway to profitability, including reducing operating expenses, adjusting prices,

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<v Speaker 1>and releasing a new healthier Beyond Burger Care.

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<v Speaker 3>And Shares of eBay are up more than three percent

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<v Speaker 3>in early trading. The company posted a strong holiday quarter.

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<v Speaker 3>We get the story from Bloomberg's Charlie Pellett.

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<v Speaker 11>The company also added two billion dollars to an existing

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<v Speaker 11>stock buyback program, increasing the total repurchase authorization to three

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<v Speaker 11>point four billion dollars. Once an industry pioneer, the San Jose,

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<v Speaker 11>California based company who's been losing US market share for

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<v Speaker 11>years to the likes of Amazon and Walmart, and in

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<v Speaker 11>an effort to be more nimble, eBay announced last month

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<v Speaker 11>that it was cutting one thousand jobs, or about nine

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<v Speaker 11>percent of its full time workforce. In New York, Charlie

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<v Speaker 11>Pellett Bloomberg Radio, all Right.

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<v Speaker 1>Charlie, thanks so, Meta CEO Mark Zuckerberg is in Asia

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<v Speaker 1>making stops from Soul to Tokyo. The billionaire discussed ways

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<v Speaker 1>to deepen metas strategic alliance on extended reality technology with

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<v Speaker 1>LG Electronics.

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<v Speaker 12>We had a good productive conversation about AI and the

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<v Speaker 12>future of technology, and I'm really excited for the work

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<v Speaker 12>that is happening here in Japan.

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<v Speaker 1>Mark Zuckerberg's next stop is India, where he is slated

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<v Speaker 1>to attend the pre wedding celebrations at billionaire Mukash and

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<v Speaker 1>Bonnie's youngest son.

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<v Speaker 3>Time and not to take a look at some of

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<v Speaker 3>the other stories making news in New York and around

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<v Speaker 3>the world with Bloomberg's Michael Barr, Good morning, Michael.

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<v Speaker 13>Good morning. Nathan. Israel animas appear to be inching toward

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<v Speaker 13>a new deal that would freeze some of the roughly

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<v Speaker 13>one hundred and thirty hostages held in the Gaza Strip

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<v Speaker 13>in exchange for a week's long pause in the war.

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<v Speaker 13>President Joe Biden says a deal could go into effect

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<v Speaker 13>as early as Monday. Meanwhile, the UN says a quarter

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<v Speaker 13>of Gaza's population is one step from famine and a

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<v Speaker 13>trucks are being looted by hungry people. The UN Envoy

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<v Speaker 13>for the Observed State of Palestine, Riad Mansour, accused Israel

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<v Speaker 13>of using famine as a weapon of war.

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<v Speaker 14>Sorelli's use of starvation as a method of warfare has

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<v Speaker 14>become one of the main tools and es genocidal arsenal

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<v Speaker 14>against the Palacinian people. This is a fact that cannot

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<v Speaker 14>be ignored and for which there must be immediate accountability.

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<v Speaker 13>US Representative Robert Wood also spoke at the UN Security

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<v Speaker 13>Council meeting.

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<v Speaker 6>It is unconscionable that Hamas fighters continue to embed themselves

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<v Speaker 6>among civilians and civilian infrastructure, including in hospitals and schools.

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<v Speaker 6>We caution that a major ground offensive should not proceed

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<v Speaker 6>in Rafa under the current circumstances.

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<v Speaker 13>US Representative Wood is also calling for the protection of

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<v Speaker 13>UN and humanitarian workers. President Biden will sign an executive

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<v Speaker 13>order today designed to prevent foreign entities from accessing troves

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<v Speaker 13>of Americans' personal data amid worries it could be exploited

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<v Speaker 13>for commercial and military advantage, particularly by China and Russia.

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<v Speaker 13>It appears New York Mayor Eric Adams is behind modifying

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<v Speaker 13>sanctuary city laws. Adams said migrants who commits US crimes

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<v Speaker 13>should be deported and the city should be able to

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<v Speaker 13>communicate with federal ICE agents. However, Adams also supports the

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<v Speaker 13>city's stance on how it treats migrants.

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<v Speaker 15>We met when national leaders who came here and walked

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<v Speaker 15>through what we're doing, and they stated, no one is

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<v Speaker 15>doing what the City of New York is doing.

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<v Speaker 11>No one.

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<v Speaker 15>And they said, you are treating people with the humanitarian

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<v Speaker 15>response and dignity that should be duplicated across the entire country.

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<v Speaker 13>Adams made its comments after forty migrants were found yesterday

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<v Speaker 13>sleeping in a queen's basement behind a furniture store. It

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<v Speaker 13>came after a tip about e bike batteries and a

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<v Speaker 13>potential fire hazard. Voters in Bridgeport, Connecticut elected to keep

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<v Speaker 13>Joe Gadam as mayor. It comes after a judge throughout

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<v Speaker 13>earlier results because of allegations of absentee ballot box stuffing

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<v Speaker 13>during a Democratic primary Gadam defeated a former aide, fellow Democrat,

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<v Speaker 13>John Gomes fifty six percent to forty three percent. Global

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<v Speaker 13>in the English twenty four hours at and whenever you

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<v Speaker 13>want it with Bloomberg News Now, I'm Michael Barr. This

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<v Speaker 13>is Bloomberg NEKTA now.

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<v Speaker 3>Funny mention Bloomberg News Now, Michael, because of course we

0:10:08.120 --> 0:10:10.400
<v Speaker 3>do bring you news throughout the day here on Bloomberg Radio.

0:10:10.480 --> 0:10:12.480
<v Speaker 3>But now you can get the latest news on demand

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<v Speaker 3>whenever you want it by subscribing to Bloomberg News Now.

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<v Speaker 3>It gives you the latest headlines of the click of

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<v Speaker 3>Listen and subscribe to Bloomberg News Now on the Bloomberg

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<v Speaker 3>your podcasts. Bout time now for the Bloomberg Sports Update,

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<v Speaker 3>brought to you by Tri State out he Here's John

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<v Speaker 3>stash Hour, Thanks.

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<v Speaker 16>Naith, and the next that we're on the floor at

0:10:42.440 --> 0:10:44.720
<v Speaker 16>the Garden. Not the lineup they hoped to have come

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<v Speaker 16>playoff time, but for now, the two All Stars didn't play,

0:10:47.840 --> 0:10:51.240
<v Speaker 16>nor did the top two centers, both starting forward Jamaine injured.

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<v Speaker 16>The depleted next lost of the Pelicans one fifteen to

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<v Speaker 16>ninety two. They shot just thirty seven percent. Since that

0:10:56.520 --> 0:10:59.120
<v Speaker 16>nine game winning stree, Knicks are just three and seven.

0:10:59.160 --> 0:11:01.520
<v Speaker 16>I hos Golden State tomorrow. The Warriors got Chris Paul

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<v Speaker 16>back from injury. They won in Washington. They've won nine

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<v Speaker 16>of the last eleven. The Celtics have won all of

0:11:06.320 --> 0:11:09.720
<v Speaker 16>their last nine, one seventeen ninety nine over Philadelphia, who's

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<v Speaker 16>struggling without Joe LMB for the six Ers twelve losses

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<v Speaker 16>the last sixteen games. Net's got blown out in Orlando.

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<v Speaker 16>They lost one O eight to eighty one Dallas. In Cleveland,

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<v Speaker 16>the MAVs led by a point, quite a fine. Chev's

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<v Speaker 16>out of timeout strew send them mobly back to Max

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<v Speaker 16>half court.

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<v Speaker 15>Shot God, God, Jeff Win, this place is Golledge.

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<v Speaker 16>Crazy, etam the call of Max Struce's game winning sixty

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<v Speaker 16>foot shot. Devils and San Jose scored seven on answer

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<v Speaker 16>and four goals in a fan of four minutes sixteen

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<v Speaker 16>seconds the third period. New Jersey won seven to two.

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<v Speaker 16>Capitol's lost in Detroit eight to three. I went for

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<v Speaker 16>Colorado and Nathan McKinnon. He's got at least one point

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<v Speaker 16>in every ABS home game this season. Rangers look to

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<v Speaker 16>start a new winning streak tonight at the Garden. They

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<v Speaker 16>faced the same Columbus team that beat them Sunday and

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<v Speaker 16>the Rangers club record tying ten game win stream. Two

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<v Speaker 16>college basketball games last night were delayed at Indiana fire

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<v Speaker 16>alarms went off they had to evacuate the arena. In

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<v Speaker 16>a Texas Tech fans through bottles onto the court after

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<v Speaker 16>a hard foul by a Texas player. And in the

0:12:14.360 --> 0:12:17.360
<v Speaker 16>Cactus League, first time Shoeo Tommy played the Dodgers and

0:12:17.440 --> 0:12:20.720
<v Speaker 16>sure enough he's seven hundred million dollar man hit a

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<v Speaker 16>home ruck.

0:12:21.200 --> 0:12:24.880
<v Speaker 3>John Stashaware, Bloomberg Sports DEEPA okay, John, Thanks, Let's get

0:12:24.960 --> 0:12:27.480
<v Speaker 3>right back now to our top stories this morning. President

0:12:27.480 --> 0:12:30.040
<v Speaker 3>Biden and former President Trump are inch and closer to

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<v Speaker 3>a twenty twenty four rematch after the Michigan primary, and

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<v Speaker 3>Congress maybe inch and closer to a voting a partial

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<v Speaker 3>government shutdown following a leader's meeting at the White House.

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<v Speaker 3>For more on all this, we're joined by Laura Davison,

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<v Speaker 3>Deputy Politics editor for Bloomberg News. So it was runaway

0:12:45.120 --> 0:12:48.480
<v Speaker 3>victories for both presidents Biden and Trump in Michigan. But

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<v Speaker 3>there's been a lot of focus, Laura on this uncommitted

0:12:51.480 --> 0:12:55.760
<v Speaker 3>vote on the Democratic side, This protest vote seems pretty

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<v Speaker 3>significant after the results last night.

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<v Speaker 17>Yeah, about thirteen percent of the vote that came in

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<v Speaker 17>was uncommitted, you know, not choosing Joe Biden nor any

0:13:04.240 --> 0:13:07.280
<v Speaker 17>of the alternatives Dean Phillips or Mary and Williamson on

0:13:07.320 --> 0:13:10.640
<v Speaker 17>the ballot. So this is a warning sign for the

0:13:10.640 --> 0:13:13.520
<v Speaker 17>Biden campaign. It doesn't you know, affect the primary, it

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<v Speaker 17>doesn't affect the delegates, but what it can do is,

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<v Speaker 17>you know, really show Biden where his weaknesses are in

0:13:19.200 --> 0:13:23.000
<v Speaker 17>a very key swing state going into twenty twenty four.

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<v Speaker 17>This is a state that Biden won in twenty twenty

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<v Speaker 17>and Trump won in twenty sixteen, and so Michigan as

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<v Speaker 17>well as sort of Pennsylvania and Wisconsin, those states all

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<v Speaker 17>there in the Upper Midwest are seen as sort of

0:13:35.679 --> 0:13:39.119
<v Speaker 17>critical to twenty twenty four. And having this relatively significant

0:13:39.120 --> 0:13:42.000
<v Speaker 17>portion of the vote, you know, kind of lodged this

0:13:42.120 --> 0:13:45.160
<v Speaker 17>protest vote against Joe Biden, you know, is a worrying side.

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<v Speaker 3>For his campaign and the campaign behind this. Listen to

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<v Speaker 3>Michigan was focused specifically on President Biden's stand on the

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<v Speaker 3>war in Gaza. Could that point to a potential vulnerability

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<v Speaker 3>in a likely rematch with President Trump in November.

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<v Speaker 17>Yeah, this has been you know, an issue for both

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<v Speaker 17>Arab American voters, which there's a sizable population in Michigan,

0:14:06.880 --> 0:14:09.160
<v Speaker 17>as well as a lot of young voters. You know,

0:14:09.200 --> 0:14:12.320
<v Speaker 17>it's unclear exactly how big of a deal this will play,

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<v Speaker 17>you know, looking down eight months down the road. In November,

0:14:17.080 --> 0:14:21.000
<v Speaker 17>typically voters have voted more on domestic issues, things like immigration,

0:14:21.160 --> 0:14:24.640
<v Speaker 17>the economy, rather than foreign policy. But because of the

0:14:24.640 --> 0:14:27.480
<v Speaker 17>personal nature of this issue for many Americans as well

0:14:27.520 --> 0:14:30.280
<v Speaker 17>as just the amount of the response and how you know,

0:14:30.360 --> 0:14:32.400
<v Speaker 17>top of mind, this has been this could be an

0:14:32.400 --> 0:14:34.680
<v Speaker 17>issue or for President Biden in the fall.

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<v Speaker 3>And as for former President Trump, he did defeat Nikki

0:14:37.600 --> 0:14:40.520
<v Speaker 3>Haley by more than forty percentage points, I think, but

0:14:41.120 --> 0:14:44.400
<v Speaker 3>there's still a fairly significant vote for Nikki Haley. What

0:14:44.440 --> 0:14:47.040
<v Speaker 3>does that say about his potential in November.

0:14:48.200 --> 0:14:50.320
<v Speaker 17>Yeah, So Haley you know, only got a little bit

0:14:50.320 --> 0:14:52.480
<v Speaker 17>over a quarner of the vote in Michigan, and that's

0:14:52.560 --> 0:14:55.160
<v Speaker 17>less well than she has done both in New Hampshire

0:14:55.160 --> 0:14:58.320
<v Speaker 17>and South Carolina before this, But as you noted, it's

0:14:58.320 --> 0:15:00.960
<v Speaker 17>still a significant portion of the vote. You know, it's

0:15:01.000 --> 0:15:03.800
<v Speaker 17>not enough to win. It's not enough, you know, to

0:15:04.160 --> 0:15:06.000
<v Speaker 17>show that she sort of has momentum to beat Trump

0:15:06.080 --> 0:15:07.760
<v Speaker 17>at this point, but it shows that there's you know,

0:15:07.840 --> 0:15:11.000
<v Speaker 17>about one in four Republicans are not happy with Trump

0:15:11.560 --> 0:15:13.560
<v Speaker 17>and are you know, worried about you know, the variety

0:15:13.560 --> 0:15:15.800
<v Speaker 17>of risks he brings to the ticket. You know when

0:15:15.800 --> 0:15:19.400
<v Speaker 17>those legal his policies, and you know, this is really

0:15:19.560 --> 0:15:21.160
<v Speaker 17>you know where you saw the Haley vote come in

0:15:21.240 --> 0:15:22.920
<v Speaker 17>or some of these key areas that that you know,

0:15:23.000 --> 0:15:26.480
<v Speaker 17>may decide the twenty twenty four election, places like the suburbs,

0:15:26.560 --> 0:15:29.000
<v Speaker 17>women as well as college educated voters.

0:15:29.600 --> 0:15:31.720
<v Speaker 3>Our last minute, Laura, what can we say about the

0:15:31.960 --> 0:15:34.160
<v Speaker 3>odds of a potential government shutdown at the end of

0:15:34.200 --> 0:15:37.680
<v Speaker 3>the week. Following that White House meeting with the congressional

0:15:37.720 --> 0:15:40.200
<v Speaker 3>leaders yesterday, Those.

0:15:39.960 --> 0:15:42.200
<v Speaker 17>Are ticking down slightly. There was a meeting with the

0:15:42.200 --> 0:15:45.040
<v Speaker 17>top congressional leaders yesterday at the White House. You know,

0:15:45.080 --> 0:15:47.800
<v Speaker 17>they don't have a deal yet, though there are is

0:15:47.920 --> 0:15:50.960
<v Speaker 17>talk of some sort of short term continuing resolution as

0:15:51.000 --> 0:15:53.440
<v Speaker 17>would basically kick the can down the road. So instead

0:15:53.440 --> 0:15:56.320
<v Speaker 17>of having a deadline on Friday and next Friday, those

0:15:56.400 --> 0:15:58.600
<v Speaker 17>deadlines would be moved to next Friday and then later

0:15:58.600 --> 0:16:01.400
<v Speaker 17>in March. So we you know, will a Burg a

0:16:01.440 --> 0:16:03.080
<v Speaker 17>shutdown for right now? That would mean that, you know,

0:16:03.160 --> 0:16:04.920
<v Speaker 17>we would be on that cliff, you know, just a

0:16:04.920 --> 0:16:05.880
<v Speaker 17>couple of days down the road.

0:16:07.840 --> 0:16:10.880
<v Speaker 2>This is Bloomberg Daybreak Today, your morning brief on the

0:16:10.920 --> 0:16:14.360
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