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Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg

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Speaker 1: day Break for Friday, March two. Coming up this hour,

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Speaker 1: President Biden push us for Russia to be removed from

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Speaker 1: the G twenty, Vladimir Selinski, Skalds Nate el for not

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Speaker 1: to flying a no fly zone over Ukraine, and world

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Speaker 1: leaders continue their SunNet on the war. We're iam Brussels

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Speaker 1: and Poland. With the very latest reaction to New York

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Speaker 1: Mayor Adams exempting athletes and performers from vaccine mandates. Was

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Speaker 1: the House Committee investigates the wife of Justice Clarence Thomas,

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Speaker 1: Michael Barr More ahead, I'm John stash Are in sports,

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Speaker 1: Mike Sachetski's coaching career not over yet. Duke advances in

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Speaker 1: the n C Double A Tournament Gonzaga in Arizona. Law

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Speaker 1: St Peter's plays tonight. That's all straight ahead on Bloomberg

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Speaker 1: day Break on Bloomberg elim Intrio, New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one, O six Horn, Boston, Bloomberg nine sixties,

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Speaker 1: San Francisco, Sirius x M one nineteen and around the

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Speaker 1: world on Bloomberg Radio dot Com and via The Bloomberg Business.

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Speaker 1: A good morning. I'm John Tucker, I'm Nathan Hager. Futures

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Speaker 1: are moving a little bit lower to close out the week.

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Speaker 1: We're coming up to five oh one on Wall Street.

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Speaker 1: We checked the markets every fifteen minutes during the trading day.

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Speaker 1: On Bloomberg. Future is fluctuating between gains and losses this morning.

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Speaker 1: Right now, SMP futures are down four point, staff futures

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Speaker 1: down eight, nastack futures down twenty nine points. The tenure

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Speaker 1: Treasury is up eight thirty seconds. The yeal two point

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Speaker 1: three four percent held on the two year two point

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Speaker 1: one three percent, nime X Screwed is down two point

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Speaker 1: six percent, down two dollars eighty seven cents at a

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Speaker 1: hundred nine dollars forty seven cents a barrel, and Comics

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Speaker 1: Gold right now is down three tenths per cent or

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Speaker 1: five dollars ninety cents ninety announced John Nathan will have

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Speaker 1: more in the markets in a minute. But first, the

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Speaker 1: latest in the war and President Biden's trip overseas. The

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Speaker 1: presidentist told NATO he wants Russia out of the G twenty.

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Speaker 1: Bloomberg said, Baxter begins our global team coverage. President answered

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Speaker 1: the direct question of whether Russia should be removed. My

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Speaker 1: answer is yes, depends on the twenty um I that

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Speaker 1: was raised today, and I raised the possibility if that

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Speaker 1: can't be done, if Indonesia and others do not agree,

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Speaker 1: then Ukraine should be invited there to witness the proceedings.

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Speaker 1: Biden also said if Russia uses either chemical or nuclear weapons,

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Speaker 1: or response should be in direct retaliation, and says that

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Speaker 1: military supplies are going into Ukraine on a continuing basis.

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Speaker 1: In San Francisco, I'm at Baxter Bloomberg Day Break. Okay,

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Speaker 1: and thanks. It is another busy day for President Biden.

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Speaker 1: He's just wrapped up meetings with European Commissioned President Ursula Vonderlyne.

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Speaker 1: Let's go live to London and get the very latest

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Speaker 1: with Bloomberg's Max Ramsey. Good morning, Max, Morning to you,

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Speaker 1: Nathan and John. Yes, what actually EXPERCT expecting to hear

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Speaker 1: from President Biden alongside the head of the European Commission

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Speaker 1: ASCID of Underland any moment now that address this new

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Speaker 1: supply deal that was just announced in the past thirty minutes,

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Speaker 1: We'll say we'll see America supply EU nations with at

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Speaker 1: least fifteen billion cubic meters of all energy by the

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Speaker 1: end of twenty two. Remember, up to now Russia has

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Speaker 1: been the biggest supplier of natural gas to Europe, so

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Speaker 1: this an important step in the EU efforts to shift

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Speaker 1: their energy policy away from Moscow. Live in London, Max

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Speaker 1: Ramsey blooming back daybreak, Thanks Macks. The next and final

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Speaker 1: staff for PROS and BNDES Europe trip Poland. That's where

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Speaker 1: he plans to meet local officials and Bloomberg's age Cantroll

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Speaker 1: continues our global team coverage from the Humanitarian Aid Center

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Speaker 1: near the border of Ukraine. There are going to be

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Speaker 1: two focuses to his meetings here today. Firstly, there's the

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Speaker 1: humanitarian angle. He's going to be talking about the humanitarian crisis,

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Speaker 1: which Poland has seen the tangible effects of having accepted

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Speaker 1: two million of the refugees coming over the border from Ukraine.

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Speaker 1: And then there's also the other side, the security side.

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Speaker 1: He's expected to meet with the eight second airborn here

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Speaker 1: in Jeeshov, and there's going to be talked about this

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Speaker 1: effort to bolster the eastern flank of NATO. Bloomberg's age

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Speaker 1: Cantrill says, Poland he is taking in the bulk of

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Speaker 1: rafugees from Ukraine. It's winning praise for the move, but

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Speaker 1: it's also causing political and economic stress. A meantime, John

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Speaker 1: Ukrainian President Vladimir Zolensky is scolding NATO leaders for not

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Speaker 1: responding to his request for a no fly zone. During

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Speaker 1: his late night address to the European Council summit in Brussels,

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Speaker 1: the Ukrainian President asked for more weapons and tighter sanctions

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Speaker 1: on Russia. What do we need for this? Ukraine is

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Speaker 1: very specific in answering this question. First, to intentify sankings

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Speaker 1: against Russian aggression on a weekly basis until it stops

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Speaker 1: and restores peace. For second, take part in the creation

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Speaker 1: of a new system of security guarantees for Ukraine for

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Speaker 1: a region real guarantees. President Zelenski also called out Hungary

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Speaker 1: in his remarks, asking Prime Minister Victor Orban to shun

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Speaker 1: Russia and fully support Ukraine. Manytime there's more concerned about

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Speaker 1: Shot is showing support for Russia. Bloomberg News has learned

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Speaker 1: to the officials suspect Beijing may supply semi conductors at

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Speaker 1: other tech hard to Moscow. It would be part of

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Speaker 1: an effort to soft the impact of sanctions. Russie and

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Speaker 1: China denied any request for abre made or accepted, and

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Speaker 1: now some other news were following this morning. Keeps us

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Speaker 1: in China, John, the mystery is deepening over that commercial

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Speaker 1: plane crash from Monday. All on two people on the

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Speaker 1: China Eastern Airlines going seven thirty seven are presumed dead. Bloomberg.

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Speaker 1: Stephen Angle has the latest. Well, the latest is that

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Speaker 1: authorities have indicated they have found potentially a piece of

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Speaker 1: the aircraft about ten kilometers away from the main wreckage site,

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Speaker 1: about six miles away, and that potentially indicates that something

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Speaker 1: came off the aircraft midflight. And the questions now are

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Speaker 1: if that piece was from the airplane, did that cause

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Speaker 1: the plane to go into that nose dive and crash.

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Speaker 1: Bloomberg Stephen Angle reports the flight went down without an

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Speaker 1: emergency radio call from pilots. Let's take a hard turn

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Speaker 1: down to the economy of the Marketston, your treasury yields

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Speaker 1: this morning coming in at two thirty four, and let's

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Speaker 1: head to Europe right now. Breaking news President Biden delivering

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Speaker 1: his statement with the EU Commissioned President Dependence on Russian

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Speaker 1: energy putent has issued Russia's energy resources, that's course, and

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Speaker 1: manipulate his neighbors. That's how he's used it. He's used

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Speaker 1: the profits to drive his war machine. That's why earlier

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Speaker 1: this month, I announced the United States would ban all

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Speaker 1: imports of Russian energy to make it clear that American

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Speaker 1: people would not be part of subsidizing pudent, brutal, unjustified

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Speaker 1: war against people of Ukraine. At the time, I noted

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Speaker 1: that we were able to take this steps when others

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Speaker 1: could not because the United States is a net exporter

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Speaker 1: of energy with a strong domestic industry, and the United

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Speaker 1: States welcomed the European Union's powerful statement earlier this month

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Speaker 1: committing to rapidly reduce his dependence on Russian gas. Today,

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Speaker 1: we've agreed on a joint game plan towards that goal,

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Speaker 1: while accelerating our progress towards a secure, clean energy future.

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Speaker 1: This initiative focuses on two core issues. One, helping Europe

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Speaker 1: reduces dependency on Russian gas as quickly as possible. Secondly,

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Speaker 1: reducing Europe's demand for gas overalls and trustworthy data flows

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Speaker 1: between the EU and US, safeguarding privacy and civil liberties.

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Speaker 1: And I really want to thank Commissioner Renders and Secretary

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Speaker 1: Raimondo for their tireless efforts over the past month to

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Speaker 1: finish a balance and effective solution. This is another step

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Speaker 1: in our strengthening our partnership. We managed to balance security

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Speaker 1: and the right to privacy and data protection. Mr President

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Speaker 1: did Joe put In is trying to turn back the

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Speaker 1: clock to another era, an era of brutal use of force,

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Speaker 1: of power, politics of spheres of influence and internal repression.

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Speaker 1: I am confident he will fail. We are working together

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Speaker 1: to forge a peaceful, prosperous, unsustainable future and I know

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Speaker 1: we will succeed. Thank you very much. The European Commissioned

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Speaker 1: President Urselav underlying there, speaking alongside President Biden, who addressed

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Speaker 1: the group earlier this meeting earlier Ian Brussels. There the

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Speaker 1: announcement with both of them on an agreement to wean

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Speaker 1: Europe off its dependence on Russian energy and let's take

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Speaker 1: a deeper dive into this agreement and the latest developments.

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Speaker 1: Were joined along with my co anchor Nathan Hagar with

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Speaker 1: Greg Valier, the chief US policy strategist at a g

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Speaker 1: F Investment. Greg, another display of a united front. Your

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Speaker 1: take this morning, well, You're absolutely right. I think the

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Speaker 1: unity is really quite impressive, as many people have commented,

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Speaker 1: and I would agree. I don't think Vladimir Putin expected

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Speaker 1: this kind of unity, so it's a good sign. But

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Speaker 1: when it comes to all the energy stuff, the devil

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Speaker 1: will be in the details. A lot to be worked

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Speaker 1: out in terms of infrastructure to accept natural gas in

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Speaker 1: Western Europe. Yeah, I'm no logistics expert, but I can

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Speaker 1: tell you that Germany, for instance, doesn't have an energy terminal,

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Speaker 1: at least at the moment, exactly right. You know, maybe

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Speaker 1: in a couple of years they will, but I don't

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Speaker 1: think it's going to be imminent, and that's that's a problem.

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Speaker 1: There's other issues as well, including huge U S shipments

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Speaker 1: to Asia. Will they have to slow Will that drive

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Speaker 1: China to burn more coal? In many respects, Despite what

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Speaker 1: Joe Biden said a few minutes ago, this is not

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Speaker 1: a good story for the environmental movement. It relies even

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Speaker 1: more on fossil fuels. I think, Greg, it's Nathan Hey Grint.

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Speaker 1: I have to think that this announcement, with the details

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Speaker 1: still need to be worked out, it can only add

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Speaker 1: to the volatility we've seen in the energy markets. What

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Speaker 1: do you think is going to happen with the price

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Speaker 1: of natural gas, the price of oil with this going forward, Well,

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Speaker 1: it's it should keep the price pretty elevated, Nathan. I

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Speaker 1: don't know if it's gonna go a lot higher, but

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Speaker 1: energy continues to be a big uncertainty. You know. I'd

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Speaker 1: probably walk back and look at the big picture after

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Speaker 1: what we've just heard and conclude that there is this

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Speaker 1: remarkable unity that the Russians I think are facing a

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Speaker 1: depression with a capital D over the next few months. Yea.

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Speaker 1: I wanted to ask a little bit about that because

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Speaker 1: in the lead up, even before the invasion, there were

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Speaker 1: a lot of questions about whether Germany in particular would

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Speaker 1: be on board with tightening the kinds of energy sanctions

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Speaker 1: that Ukraine in particular has been looking forward. Do you

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Speaker 1: get the sense now, after these emergency summits in Brussels,

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Speaker 1: that we are seeing more unity between the US and

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Speaker 1: NATO and Europe when it comes to Russia. Yeah, I do.

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Speaker 1: I think that the Germans still have to be persuaded

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Speaker 1: on a lot of the LG activity as we just discussed,

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Speaker 1: but I would say that most all of Europe is

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Speaker 1: on board. There are a lot of countries that aren't India,

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Speaker 1: isn't China, probably isn't Uh. To me, the key country

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Speaker 1: in the next few weeks is going to be Turkey,

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Speaker 1: of all places, I think the Turkish Prime Minister could

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Speaker 1: be an important intermediary. So you're getting an awful lot

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Speaker 1: of countries trying to help, trying to bring this to

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Speaker 1: a close. Greg Ursula wonder lying thing at the end

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Speaker 1: of her address there that the sanctions are draining Putin's resources.

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Speaker 1: Does that mean a dangerous man is backed in the

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Speaker 1: corner and becomes more dangerous. Well, that's the fear, isn't it.

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Speaker 1: I mean you've got the oligarchs are are furious with him.

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Speaker 1: The generals who have five of their colleagues who have

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Speaker 1: been killed on the battlefield are I think increasingly skeptical

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Speaker 1: of Putin, and I think ordinary Russians, who see their

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Speaker 1: standard of living declining, are also beginning to turn against him.

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Speaker 1: As the ruble is worth less than a penny, his

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Speaker 1: interest rates succeed. It's a very dire economic situation. And

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Speaker 1: then to compound everything, you see this totally inept performance

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Speaker 1: on the battlefield by Russian troops facing Ukrainian troops who

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Speaker 1: are willing to die for their country. I don't think

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Speaker 1: a lot of Russian troops are willing to die for

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Speaker 1: Vladimir Putin, so it's a pretty grim scenario right now

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Speaker 1: for him, thankfully. Yeah, and I got to say, I

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Speaker 1: was just struck by a headline that cross the Bloomberg

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Speaker 1: terminal moments to go from Russian Farm Minister Sergei lavrov

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Speaker 1: Uh speaking this morning, saying the West wants to destroy

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Speaker 1: Russia's economy and Russia itself. What does that say about

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Speaker 1: where Russia could be taking this war, the idea that

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Speaker 1: it out. I think that despite the fact that a

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Speaker 1: all the sacrifices they've made. But I do think there's

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Speaker 1: got to be a renewed focus on negotiations of trying

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Speaker 1: to give Putin the one thing he needs, and that's

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Speaker 1: an offer, ramp Uh, an excuse for him to declare

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Speaker 1: somewhat of a victory. That victory would be Ukraine's reluctance

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Speaker 1: to join NATO. Anytime soon. I think Putin would hail

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Speaker 1: that has a big accomplishment, and he might get to

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Speaker 1: keep some of the Eastern provinces, he might get to

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Speaker 1: keep crimea things like that. But without an offer ram

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Speaker 1: from Putin, I agree with you. I think this is

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Speaker 1: a very unnerving situation where he becomes even more unpredictable.

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Speaker 1: We're not going to forget the human suffering in Ukraine

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Speaker 1: by any means. But Greg, being at Washington, I have

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Speaker 1: to ask you this question, how does this play with

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Speaker 1: the mid term elections approaching? Well, First and foremost, I

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Speaker 1: think this has been remarkable to see both parties pretty

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Speaker 1: much unified. On the extremes. There are some dissenters, you know,

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Speaker 1: uh Tucker Carlson, people like that, But I would say,

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Speaker 1: in general, you have tremendous support for confronting Russia, and

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Speaker 1: that's a good story for Biden. But the recent polls

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Speaker 1: that I've seen over the last week or so don't

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Speaker 1: show any increase in Biden's job approval rating, and he

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Speaker 1: still has other big problems inflation, urban crime, illegal immigration.

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Speaker 1: So I would have to say, you know, despite this

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Speaker 1: unity with Biden and NATO, the Democrats are clear underdogs

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Speaker 1: to keep the house. Greg a pleasure, Thanks very much

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Speaker 1: for joining us this morning. Greg Valier, the chief US

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Speaker 1: policy strategist at a gap investment with this this morning

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Speaker 1: and ahead of the cash open up. Wall Street dowth

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Speaker 1: futures right now fourteen points lower. Little change right now, say,

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Speaker 1: with the S and P five hunted down just three,

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Speaker 1: the nines day futures are twenty four points lower. This

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Speaker 1: is Bloomberg day Break. The Bloomberg weather from Road Carola

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Speaker 1: becoming apparently Sunday mild today high sixty to sixty five

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Speaker 1: maybe a shower. The heights aperture fifty five degrees. Broadcasting

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Speaker 1: live from the Bloomberg Interactive Broker Studio in New York.

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Speaker 1: Bloomberg Living Freedom to Washington, d C, Bloomberg N one

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Speaker 1: to Boston, Bloomberg one O six one to San Francisco,

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Speaker 1: Bloomberg M sixty to the Country, Sirius XM to A

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Speaker 1: one nine and around the globe, the Bloomberg Business apt

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Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's

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Speaker 1: five thirty on Wall Street. Good morning on John Tucker

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Speaker 1: and I'm Nathan Hagar. We're just about four hours away

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Speaker 1: from the open of US trading. Let's get you up

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Speaker 1: to date on the news you need to know at

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Speaker 1: this hour. President Biden cante used his trip in Europe.

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Speaker 1: This morning. He has met with European Commissioned President Ursula

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Speaker 1: vunder Lyine. Moments ago, he announced an agreement to boost

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Speaker 1: the supply of liquefied natural gas to European countries. These

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Speaker 1: steps will increase energy security, economic security, and national security.

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Speaker 1: We're gonna stand up joint task force to molement these changes,

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Speaker 1: drive progress that will be co chaired by representatives from

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Speaker 1: the White House and the President of the European Unions Team.

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Speaker 1: President Biden says the agreement DAMES to help Europe wean

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Speaker 1: itself from Russian fuel. Moscow has been the main focus

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Speaker 1: of the submoity in Europe. Yesterday, President Biden called Fort

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Speaker 1: Runcha to be removed from the G twenty. He also

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Speaker 1: warned Vladimir Putin against using biological, chemical or nuclear weapons

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Speaker 1: in Ukraine. Bloom Briggs Maria Today, oh has more from Brussels.

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Speaker 1: The symbolic nature of the STRIMP was huge, and yesterday

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Speaker 1: we did get the show of unity. The President of

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Speaker 1: the United States summarized it very well. He said, when

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Speaker 1: Vladimer Putting invaded Ukraine, he was looking to create ko

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Speaker 1: us in disarray in Europe. The reality is at this

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Speaker 1: point we're more united than we've ever been. And that

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Speaker 1: was echoed by the Secretary General of NATO who said,

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Speaker 1: at this point where the strongest military allies and the

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Speaker 1: world we stayed together, we stick together, We are going

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Speaker 1: to be safe. Bloomberg Maria Today reports the Ukrainian President,

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Speaker 1: Flodimer Zolinski is asking NATO for more weapons and tighter

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Speaker 1: sanctions on Russia. I meantime, John, there's more concerned about

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Speaker 1: China showing support for Russia, and Bloomberg News has learned

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Speaker 1: EU officials suspect Beijing may supply semiconductors and other tech

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Speaker 1: hardware to Moscow. It would be part of an effort

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Speaker 1: to soften the impact of sanctions. Russia and China have

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Speaker 1: denied any requests for aid were made or accepted. And

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Speaker 1: another story we're following this morning, Nathan, the mystery deepening

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Speaker 1: over the crash of that China Eastern Airlines Boeing seven

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Speaker 1: thirties seven. At least one piece of the plane appears

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Speaker 1: to a broken loose well before impact. It was found

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Speaker 1: about six miles away from the main wreckage area. That

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Speaker 1: is raising questions about the condition of the plane. Would

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Speaker 1: have begun a steep nosedive from nearly thirty thousand feet.

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Speaker 1: All one thirty two people on board are presumed dead night.

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Speaker 1: Let's check the markets ahead of the Friday morning open.

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Speaker 1: The SMP futures right now are down four points, Stown

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Speaker 1: futures down twenty four. Nasdaq futures are lower by twenty

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Speaker 1: three points. The tenure Treasury is up five thirty seconds,

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Speaker 1: the yield two point three five percent yield down, the

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Speaker 1: two year two point one four nime X screwed is

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Speaker 1: down two point four percent or two dollars seventy three

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Speaker 1: cents at a hundred nine dollars sixty one cents in barrel,

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Speaker 1: and Comex gold is down two tenths per cent or

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Speaker 1: four dollars forty cents. In nineteen sixty three, thirty announced

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Speaker 1: straight ahead your latest local headlines and a check of sports.

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Speaker 1: This is Bloomberg hesive thirty three on Wall Street. Time

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Speaker 1: to bring in Michael Barr with more of what else

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Speaker 1: is going on to New York and around the world. Jeahn,

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Speaker 1: thank you very much. Their New York City unions are

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Speaker 1: blasting Mayor Eric Adams after he exempted athletes and performers,

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Speaker 1: including Brooklyn net starre Kyrie Irving, from the city's vaccine mandate.

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Speaker 1: This after about fourteen hundred city workers were fired last

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Speaker 1: month for failing to comply with the mandate. Harry nest Pole,

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Speaker 1: head of the Municipal Labor Committee, said the city should

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Speaker 1: offer away for fired workers to get their jobs back.

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Speaker 1: Don't shut the door on them. Not when they had

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Speaker 1: to come to work, when everybody was running out to

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Speaker 1: the Hampton's and everybody's running up State New York and

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Speaker 1: the only people here with city works. Harry nest Poley,

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Speaker 1: head of the Municipal Labor Committee. However, Mayor Adams says

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Speaker 1: his move will help struggling performers as well as those

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Speaker 1: vendors and smaller businesses that rely on the city's entertainment economy.

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Speaker 1: We created an unfair disadvantage to New York based performance.

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Speaker 1: I'm correcting that unfair disadvantage, and I'm doing it at

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Speaker 1: the appropriate time when our numbers are low. Mayor Eric Adams.

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Speaker 1: It's an extraordinary development in the ongoing investigation into the

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Speaker 1: January sixth rioting last year on Capitol Hill. The House

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Speaker 1: Committee is now examining dozens of text messages sent to

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Speaker 1: President Trump's chief of Staf Mark Meadows. According to several reports,

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Speaker 1: Virginia Thomas, wife of Justice Clarence Thomas, texted Meadows urging

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Speaker 1: him to keep challenging the election results. North Korea's leader,

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Speaker 1: Kim John Une, told state media that he's getting ready

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Speaker 1: for a confrontation with the United States. The report came

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Speaker 1: after North Korea launched its largest intercontinental ballistic missile yesterday,

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Speaker 1: drawing international condemnation. Retired General Robert Abram's, former commander of

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Speaker 1: US forces in Korea, is calling for tougher sanctions on

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Speaker 1: North Korea. The sanctions that North Korea is under today

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Speaker 1: pale in comparison to what the international community has done

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Speaker 1: in very short order to Russia. So we should look

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Speaker 1: very hard at that. Retired General Abrams spoke to ABC

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg quick Take, powered by more than journalists, analysts

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Speaker 1: more than a hundred twenty countries. I'm Michael Barr. This

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Speaker 1: is Bloomberg. John Michael, thank you. He is five six

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Speaker 1: Wall Street, this time for the Boober Sports updates. Can

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Speaker 1: Good morning John, Good morning John. The upsets continue in

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Speaker 1: the n C Double A tournament has to One Seeds

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Speaker 1: went down. Arkansas had never beat No. One seed in

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Speaker 1: the n C Double as the Razorbacks beat Gonzaga six eight,

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Speaker 1: and then Arizona ousted by Houston seventy two sixty four

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Speaker 1: to two. Seeds did win Villanova sixty three fifty five

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Speaker 1: over Michigan, and Duke moves on trail at the half.

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Speaker 1: But against Texas Tech, the nation's top defensive team, Duke

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Speaker 1: scored forty nine points and won seventy eight seventy three.

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Speaker 1: So Duke is gonna? Is Duke gonna go to the

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Speaker 1: Final four in micro Eskin's final season. We'll find out

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Speaker 1: tomorrow against Arkansas. Villanova will play Houston. Four more Sweet

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Speaker 1: Sixteen games tonight, including Cinderella St. Peter's taken on Perdue

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Speaker 1: in Philadelphia. The Pea coops have been letting the postseason

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Speaker 1: by Doug Eatard. He says they have nothing to lose tonight,

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Speaker 1: no pressure at all. Honestly, there's no pressure at all.

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Speaker 1: Um I think that, Uh, there's there's nothing that shared.

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Speaker 1: There's nothing really that's different. Now we've we've been playing

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Speaker 1: basketball this whole season. We've been uh, we had our

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Speaker 1: ups and downs, and we're just gonna look forward to

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Speaker 1: keep executing the game plan and just keeping what we've

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Speaker 1: been doing. Also in Philly, use c l A plays

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Speaker 1: North Carolina, battle of college basketball traditional powers. In Chicago,

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Speaker 1: it's Kansas against Providence and two double digit seeds meet

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Speaker 1: Miami plays Iowa State. N i t A has its

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Speaker 1: Final four next week at the Garden, where the n

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Speaker 1: i T, except for last year, has concluded every year

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Speaker 1: since the tournament began in eighteen thirty eight. Now we're

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Speaker 1: the n i T Final four. The next two seasons

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Speaker 1: will not take place in New York. It's not known

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Speaker 1: where it will be. John stash Award Bloomberg Sports don't

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Speaker 1: all right, John, thanks very much. It is five thirties

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Speaker 1: seven on Wall Street, timed out for the Tri State

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Speaker 1: Business Report. After that, we're joined by Bloomberg's Ed Quarry.

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Speaker 1: Sources tell Bloomberg Blackstone's exploring a large office expansion in Manhattan,

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Speaker 1: seeking space at a time when many companies are embracing

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Speaker 1: hybrid schedules. The New York based private equity firm is

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Speaker 1: hunting for about one and a half million square feet

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Speaker 1: of ADS as it considers relocating from its Park Avenue headquarters.

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Speaker 1: Connecticut residents can expect some relief at the gas bump.

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Speaker 1: Governor Ned Lamont Thursdays signed to bipartisan bill to temporarily

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Speaker 1: lift the state's gasoline tax. House and Senate lawmakers Wednesday

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Speaker 1: voted unanimously in favor of suspending the state's twenty five

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Speaker 1: cents a gallon excise tags on gasoline. Starting April one,

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Speaker 1: New Jersey's Cannabis Board took its first formal action on

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Speaker 1: recreational marijuana applications, approving sixty eight conditional licenses to cultivate, manufacture,

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Speaker 1: or run a testing lab. In all, three hundred seventy

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Speaker 1: one more applications are being evaluated now. Drew Bloomberg try

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Speaker 1: State Business Report. I'm ind Corey all right, thanks said,

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Speaker 1: It is five thirty eight on the Wall Street. Bloomberg

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Speaker 1: Radio is on the air from San Francisco to New York,

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Speaker 1: London to Hong Kong. Let's check in now with their

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Speaker 1: global news team for some of the top stories heard

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Speaker 1: on our three hundred affiliate radio stations around the world.

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Speaker 1: I'm Steve poto Stan on ten ten Wins in New York.

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Speaker 1: We're talking about how has more people returned to gym workouts.

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Speaker 1: Wall Street is pouring millions in the companies that owned

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Speaker 1: gym um Courtney Donaho on Carol Dan Dallas Southwest will

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Speaker 1: allow customers to transfer the value of the council ticket

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Speaker 1: to someone else. I'm Gina Servetti in for w fl

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Speaker 1: A in Orlando. I'm reporting that Olive Garden's owner is

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Speaker 1: looking at raising menu prices again to cover its rising costs.

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Speaker 1: I'm Carolyn Hip complained bag D a B Digital Radio

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Speaker 1: in London. Women porting on a slump in UK retail

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Speaker 1: sales and soft consumer confidence as the cost of living

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Speaker 1: crunch hits consumers. I mean Corey on w w T

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Speaker 1: A M in Cleveland. I'm reporting Great Lakes Brewing is hired,

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Speaker 1: Boulevard Brewing Brewmaster is its news ceoo. Yeah, those are

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Speaker 1: some of these stories are twenty seven hundred Bloomberg journalists

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Speaker 1: and analysts are working on this morning around the world.

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Speaker 1: It's five thirty nine on Wall Street. The following is

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Speaker 1: an editorial from Bloomberg Opinion. This senatorial was written by

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Speaker 1: the Bloomberg and Atorial Board. Questions about the US commitment

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00:25:03,320 --> 00:25:07,920
Speaker 1: to Asia flourished even before Russia's shocking invasion of Ukraine.

429
00:25:08,280 --> 00:25:12,119
Speaker 1: With Europe now demanding more attention, those doubts will only grow.

430
00:25:12,640 --> 00:25:15,800
Speaker 1: That makes it crucial for US President Joe Biden to

431
00:25:15,960 --> 00:25:19,560
Speaker 1: address the issue. Indo Pacific nations care about the most

432
00:25:20,000 --> 00:25:26,359
Speaker 1: economic engagement. Unfortunately, the Administration's vague Indo Pacific Economic framework

433
00:25:26,680 --> 00:25:30,760
Speaker 1: won't excite countries that want more access to US markets.

434
00:25:31,000 --> 00:25:34,760
Speaker 1: In effect, it pushes them to sign onto American priorities

435
00:25:34,960 --> 00:25:39,120
Speaker 1: without offering much in return. There is a better alternative.

436
00:25:39,480 --> 00:25:42,639
Speaker 1: The US instead should seek to join the eleven member

437
00:25:42,760 --> 00:25:48,760
Speaker 1: Comprehensive and Progressive Transpacific Partnership or cpt p P that

438
00:25:48,760 --> 00:25:52,320
Speaker 1: would demonstrate the commitment to economic engagement that countries in

439
00:25:52,320 --> 00:25:56,600
Speaker 1: the region really want to see. This editorial was written

440
00:25:56,640 --> 00:26:00,240
Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please

441
00:26:00,240 --> 00:26:03,440
Speaker 1: go to Bloomberg dot com, Slash Opinion or O P

442
00:26:03,640 --> 00:26:06,720
Speaker 1: I N go on the Bloomberg terminal. This has been

443
00:26:06,760 --> 00:26:11,000
Speaker 1: Bloomberg Opinion. Bloomberg Opinion editorial is gonna be heard every

444
00:26:11,080 --> 00:26:14,280
Speaker 1: weekday at this time and terminal customers can read more

445
00:26:14,320 --> 00:26:17,880
Speaker 1: in I P I n GO. You're listening to Bloomberg

446
00:26:17,960 --> 00:26:23,840
Speaker 1: day Break Bloomberg Weather for It today from meturologists Rob Carlin,

447
00:26:23,920 --> 00:26:26,200
Speaker 1: becoming partly study. Gonna be a mild day. The high

448
00:26:26,240 --> 00:26:29,480
Speaker 1: temperature sixty to sixty five tomorrow morning, So I'm giving

449
00:26:29,480 --> 00:26:32,560
Speaker 1: reddick clouds, maybe a shower. The high temperature be limit.

450
00:26:32,760 --> 00:26:40,320
Speaker 1: US needs markets, headlines and breaking news twenty four hours

451
00:26:40,320 --> 00:26:43,280
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at

452
00:26:43,400 --> 00:26:46,760
Speaker 1: and at Bloomberg Quick Tape Greece. He's a Bloomberg Business

453
00:26:46,800 --> 00:26:55,879
Speaker 1: Flash Nathan Hagar. Stocks are struggling for traction this morning

454
00:26:55,920 --> 00:26:59,960
Speaker 1: as investors evaluate the economic risks from federal reserve policy

455
00:27:00,160 --> 00:27:03,439
Speaker 1: tightening and Russia's war in Ukraine. We checked the markets

456
00:27:03,480 --> 00:27:06,480
Speaker 1: every fifteen minutes during the trading day on Bloomberg SMP

457
00:27:06,600 --> 00:27:09,560
Speaker 1: futures are little change down, futures up two points, NASTACK

458
00:27:09,600 --> 00:27:12,760
Speaker 1: futures lower by four. The decks in Germany is up

459
00:27:12,800 --> 00:27:15,080
Speaker 1: two tenths percent, the CACK and Paris up one tenth

460
00:27:15,160 --> 00:27:18,200
Speaker 1: of one percent. The tenure treasury is up six thirty seconds.

461
00:27:18,200 --> 00:27:20,320
Speaker 1: The yield two point three five percent yield on the

462
00:27:20,359 --> 00:27:23,400
Speaker 1: two year two point one five percent. Nim X crew

463
00:27:23,560 --> 00:27:25,760
Speaker 1: down two percent, down two dollars nineteen cents at a

464
00:27:25,840 --> 00:27:28,760
Speaker 1: hundred ten dollars eighteen cents of barrel comes to gold

465
00:27:28,800 --> 00:27:31,119
Speaker 1: down a quarter percent, or four dollars eighty cents at

466
00:27:31,200 --> 00:27:34,200
Speaker 1: nineteen sixty two ninety announce. The Euro is at one

467
00:27:34,200 --> 00:27:36,520
Speaker 1: point one zero one two against the dollar, British pound

468
00:27:36,520 --> 00:27:38,600
Speaker 1: one point three six eight, the end is at one

469
00:27:38,960 --> 00:27:41,240
Speaker 1: one point five six and Bitcoin right now is up

470
00:27:41,280 --> 00:27:44,080
Speaker 1: six tenths percent right trading right around forty four thousand

471
00:27:44,080 --> 00:27:46,439
Speaker 1: dollars at ten am all street time, we get February

472
00:27:46,480 --> 00:27:49,520
Speaker 1: pending home sales and the University of Michigan Sentiment Index.

473
00:27:49,840 --> 00:27:52,480
Speaker 1: That's a Bloomberg business flash. And now here's Michael Barr

474
00:27:52,560 --> 00:27:55,240
Speaker 1: with more on what's going on around the world. Good morning, Michael,

475
00:27:55,400 --> 00:27:58,639
Speaker 1: Good morning, Nathan. President Biden announced the United States and

476
00:27:58,840 --> 00:28:02,320
Speaker 1: European Union have a new partnership to reduce the continent's

477
00:28:02,320 --> 00:28:06,560
Speaker 1: reliance on Russian energy, start of a year's long initiative

478
00:28:06,680 --> 00:28:10,840
Speaker 1: to further isolate Moscow after its invasion of Ukraine. The President,

479
00:28:10,880 --> 00:28:13,679
Speaker 1: speaking in Poland, says, as part of the plan, the

480
00:28:13,760 --> 00:28:17,480
Speaker 1: US and other nations will increase liquefied natural gas exports

481
00:28:17,480 --> 00:28:21,760
Speaker 1: to Europe. Jersey City St. Peter's Peacocks look to keep

482
00:28:21,760 --> 00:28:24,480
Speaker 1: their surprise running the n C Double A tournament and

483
00:28:24,560 --> 00:28:26,879
Speaker 1: when they are going to play for due tonight. The

484
00:28:26,880 --> 00:28:30,000
Speaker 1: Peacocks are the third fifteenth seed to make the Sweet

485
00:28:30,000 --> 00:28:32,760
Speaker 1: sixteen and are trying to become the first to get

486
00:28:32,800 --> 00:28:35,400
Speaker 1: to the Elite eight in the NHL. The Islanders won

487
00:28:35,640 --> 00:28:38,000
Speaker 1: global news twenty four hours a day on air and

488
00:28:38,120 --> 00:28:41,160
Speaker 1: on Bloomberg Quick Take Power by more than twenty d

489
00:28:41,280 --> 00:28:44,440
Speaker 1: journalists analysts more than a hundred twenty countries. Michael bar

490
00:28:44,560 --> 00:28:46,880
Speaker 1: this is Bloomberg, alright, Michael, thank you. Five and forty

491
00:28:46,960 --> 00:28:49,360
Speaker 1: nine on the Wall. Streeper line from the Bloomberg interranto

492
00:28:49,400 --> 00:28:52,280
Speaker 1: Broker's studios, and she said, the European leaders and President

493
00:28:52,320 --> 00:28:55,360
Speaker 1: Biden wrapping up meetings and Russell's focused almost entirely on

494
00:28:55,440 --> 00:28:58,120
Speaker 1: Russia's war in Ukraine. And we did here earlier this

495
00:28:58,200 --> 00:29:01,160
Speaker 1: hour from President Biden and the europe Pan Commissioned President

496
00:29:01,400 --> 00:29:05,640
Speaker 1: Vers underlying announcing a deal to help wean Europe off

497
00:29:05,800 --> 00:29:10,280
Speaker 1: Russian energy. Let's get more now. Line from Brussels, and

498
00:29:10,280 --> 00:29:14,240
Speaker 1: that's where we find our corresponded Maria today, Maria, good

499
00:29:14,280 --> 00:29:18,600
Speaker 1: morning to you. Another show of unity. Just how important

500
00:29:22,480 --> 00:29:24,440
Speaker 1: well it is, and you know, I think you have

501
00:29:24,640 --> 00:29:27,520
Speaker 1: to separate always the symbolic nature of a lot of

502
00:29:27,520 --> 00:29:30,479
Speaker 1: these meetings with the real detail. When it comes to

503
00:29:30,520 --> 00:29:34,480
Speaker 1: the symbolic nature of this, we did see a show

504
00:29:34,520 --> 00:29:37,000
Speaker 1: of unity. We heard from the President of United States,

505
00:29:37,040 --> 00:29:40,240
Speaker 1: but also NATO and all the European countries say we

506
00:29:40,280 --> 00:29:43,360
Speaker 1: are aligned on this and this is a barbaric war

507
00:29:43,520 --> 00:29:46,960
Speaker 1: that Puttin has instigated. But the reality is he's getting

508
00:29:46,960 --> 00:29:49,200
Speaker 1: the opposite of what he wanted. We're more united than

509
00:29:49,240 --> 00:29:51,920
Speaker 1: we've ever been, and that was echoed pretty much by everyone,

510
00:29:51,960 --> 00:29:54,479
Speaker 1: the Secretary General of NATO but also the French President

511
00:29:54,600 --> 00:29:57,520
Speaker 1: repeating uh this line that everyone is now on their

512
00:29:57,560 --> 00:30:00,920
Speaker 1: feet to try to counter this terrible war and try

513
00:30:01,000 --> 00:30:04,080
Speaker 1: to put Vladimir Putting in the corner. The big question, however,

514
00:30:04,200 --> 00:30:06,960
Speaker 1: is how is he going to respond to this, especially

515
00:30:07,000 --> 00:30:11,280
Speaker 1: because as you see, Russia is facing huge economic isolation.

516
00:30:11,720 --> 00:30:14,800
Speaker 1: It's been essentially shut off from normal financial markets. And

517
00:30:14,840 --> 00:30:17,520
Speaker 1: now today we had a new energy deal between the

518
00:30:17,600 --> 00:30:22,040
Speaker 1: United States and the European Union, about energy being shipped

519
00:30:22,040 --> 00:30:24,920
Speaker 1: over to Europe. So there is a clear commitment now

520
00:30:24,960 --> 00:30:28,000
Speaker 1: from the European Union to move away to from Russia

521
00:30:28,000 --> 00:30:31,440
Speaker 1: and the energy sector and this is a big money maker. Yeah,

522
00:30:31,520 --> 00:30:35,960
Speaker 1: this also raises some logistical questions if I'm not mistaken correctly,

523
00:30:36,000 --> 00:30:44,600
Speaker 1: But Germany doesn't even have any energy import facilities, does it. Yeah,

524
00:30:44,640 --> 00:30:48,560
Speaker 1: And you know the reality is when you look at

525
00:30:49,000 --> 00:30:54,240
Speaker 1: energy facilities Germany, Uh, you know, it doesn't have the

526
00:30:54,280 --> 00:30:58,000
Speaker 1: infrastructure off It's it's very unclear how they can get

527
00:30:58,040 --> 00:31:03,560
Speaker 1: this going very quickly. And you know, it's it's it's

528
00:31:04,160 --> 00:31:06,400
Speaker 1: it's it's unclear. You know, how can they do this

529
00:31:06,520 --> 00:31:08,720
Speaker 1: very quickly? Well, you know they they'll tell you we

530
00:31:08,720 --> 00:31:11,160
Speaker 1: we want to accelerate this transition. In fact, today there

531
00:31:11,280 --> 00:31:15,240
Speaker 1: was a headline that says Germany aims for four kind

532
00:31:15,240 --> 00:31:17,560
Speaker 1: of dependency from Russia. But the government is going to

533
00:31:17,640 --> 00:31:20,200
Speaker 1: have to get very creative about the infrastructure, and it's

534
00:31:20,200 --> 00:31:22,640
Speaker 1: gonna have to get very creative about the way it

535
00:31:22,720 --> 00:31:26,440
Speaker 1: does this thing in the months ahead of the next winter. Remember,

536
00:31:26,520 --> 00:31:30,760
Speaker 1: the biggest preoccupation for the EU is not the two

537
00:31:30,800 --> 00:31:32,800
Speaker 1: to three winters down the line, but it really is.

538
00:31:32,800 --> 00:31:34,760
Speaker 1: A winter season is coming up in a few months.

539
00:31:34,960 --> 00:31:37,840
Speaker 1: I remember when you look about storage facilities, this is

540
00:31:37,880 --> 00:31:40,160
Speaker 1: really a story that begins now. I know it seems

541
00:31:40,200 --> 00:31:42,600
Speaker 1: strange to talk about the winter when we're in spring

542
00:31:42,640 --> 00:31:44,680
Speaker 1: and you know the weather is completely different, But the

543
00:31:44,760 --> 00:31:46,640
Speaker 1: reality is, you know very well that you plan a

544
00:31:46,720 --> 00:31:49,200
Speaker 1: year ahead. So this conversation really has to begin now

545
00:31:49,720 --> 00:31:52,280
Speaker 1: because the storage and some of the purchases will have

546
00:31:52,320 --> 00:31:56,120
Speaker 1: to get done immediately. Do is vladimer' Zelinski getting everything

547
00:31:56,200 --> 00:32:02,200
Speaker 1: he wants from NATA at this point? Well, you know,

548
00:32:02,480 --> 00:32:09,440
Speaker 1: it's it's it's uh, it's it's Varmerzeninski has spoken clearly

549
00:32:09,960 --> 00:32:12,480
Speaker 1: about the need for airplanes and the need to shut

550
00:32:12,520 --> 00:32:16,239
Speaker 1: up the sky and the need to get uh, you know,

551
00:32:16,560 --> 00:32:19,440
Speaker 1: additional help to help protect his country. It's been a

552
00:32:19,480 --> 00:32:22,400
Speaker 1: month of war so far, he's had a major reality check.

553
00:32:22,440 --> 00:32:24,680
Speaker 1: The Natives are not going to come and help the country.

554
00:32:24,680 --> 00:32:26,760
Speaker 1: The native is not going to fight this. Yesterday that

555
00:32:26,840 --> 00:32:30,720
Speaker 1: with native trying to explain this was by saying, uh,

556
00:32:30,800 --> 00:32:32,720
Speaker 1: you know, we want to help as much as we can,

557
00:32:32,840 --> 00:32:35,160
Speaker 1: but we are not belligerents here. We were not going

558
00:32:35,240 --> 00:32:38,160
Speaker 1: to fight. So for them, it really is about keeping

559
00:32:38,160 --> 00:32:41,880
Speaker 1: a flow weapons from the West into the country. And

560
00:32:41,960 --> 00:32:44,280
Speaker 1: this is why this meeting today between President Biden, who's

561
00:32:44,320 --> 00:32:46,120
Speaker 1: on his way out to Poland by the way, with

562
00:32:46,320 --> 00:32:49,720
Speaker 1: the Polish president uh Mr Doola, will be so important

563
00:32:49,760 --> 00:32:53,800
Speaker 1: because Poland is a distribution hub for big weapons into Ukraine.

564
00:32:53,800 --> 00:32:56,720
Speaker 1: And the President Biden, as you say, headed to to Poland.

565
00:32:57,120 --> 00:33:01,800
Speaker 1: He'll tell the humanitarian after there. The refugees also going

566
00:33:01,840 --> 00:33:04,600
Speaker 1: to meet with the members of the eighty second Airborne

567
00:33:05,320 --> 00:33:08,720
Speaker 1: Marie Zadeo live from Brussels this morning. Thanks very much.

568
00:33:08,720 --> 00:33:11,960
Speaker 1: We appreciated, Nathan. All Right, John, Thanks, It's five fifty

569
00:33:12,040 --> 00:33:14,600
Speaker 1: three on Wall Street. It's time for a Bloomberg Law Report.

570
00:33:14,720 --> 00:33:17,120
Speaker 1: Let's get to the legal stories we're watching this morning.

571
00:33:17,120 --> 00:33:24,360
Speaker 1: Here's Bloomberg's Jeff Phalinger. The U S Council for International

572
00:33:24,400 --> 00:33:28,120
Speaker 1: Business reiterated its concerns about new regulations on the Foreign

573
00:33:28,120 --> 00:33:32,040
Speaker 1: Tax Credit and again urged the Treasury to delay implementing them.

574
00:33:32,080 --> 00:33:34,400
Speaker 1: Amazon is facing a tougher fight if it hopes to

575
00:33:34,480 --> 00:33:37,240
Speaker 1: keep its warehouses non union. The a f l c

576
00:33:37,440 --> 00:33:40,440
Speaker 1: i O is joining the Teamster's efforts to unionize the

577
00:33:40,480 --> 00:33:43,760
Speaker 1: facilities and Environmental group told the federal court that the

578
00:33:43,840 --> 00:33:48,280
Speaker 1: environmental protection agencies failure to approve or reject revised water

579
00:33:48,400 --> 00:33:51,840
Speaker 1: quality standards in Montana is a violation of federal law.

580
00:33:52,040 --> 00:33:56,880
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,

581
00:33:57,040 --> 00:34:01,680
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more

582
00:34:01,760 --> 00:34:06,120
Speaker 1: at Boomberg Law dot com. Now, another legal story we're

583
00:34:06,120 --> 00:34:09,240
Speaker 1: watching brings us to the issue of redistricting. A divided

584
00:34:09,280 --> 00:34:13,319
Speaker 1: Supreme court gave a victory to the Republican controlled Wisconsin legislature.

585
00:34:13,440 --> 00:34:17,280
Speaker 1: Tassa got a state ruling that adopted voting maps crafted

586
00:34:17,320 --> 00:34:20,520
Speaker 1: by the Democratic governor. For more in the case, Bloomberg's

587
00:34:20,560 --> 00:34:25,040
Speaker 1: June Grosso speaks to Columbia law professor Richard Brefalt. The U. S.

588
00:34:25,040 --> 00:34:28,759
Speaker 1: Supreme Court left in place the governor's congressional maps, but

589
00:34:28,920 --> 00:34:33,080
Speaker 1: throughout the governor's legislative maps. Right What the U. S.

590
00:34:33,080 --> 00:34:37,680
Speaker 1: Supreme Court said was that the governor's decision, which the

591
00:34:37,719 --> 00:34:42,120
Speaker 1: state Supreme Court accepted, that the voting rights fact required

592
00:34:42,360 --> 00:34:46,400
Speaker 1: an additional black majority district in the Milwaukee area, and

593
00:34:46,440 --> 00:34:50,279
Speaker 1: that doing that wouldn't violate the Fourteenth Amendment. The U. S.

594
00:34:50,239 --> 00:34:53,000
Speaker 1: Supreme Court said the governor and the state Supreme Court

595
00:34:53,120 --> 00:34:56,480
Speaker 1: neither of them did enough to show that that was correct,

596
00:34:57,040 --> 00:34:59,880
Speaker 1: they failed to show that the Voting Rights Act required

597
00:34:59,880 --> 00:35:02,560
Speaker 1: the US and therefore they failed to show that it

598
00:35:02,640 --> 00:35:06,880
Speaker 1: didn't violate the Fourteenth Amendment, and therefore they reversed the

599
00:35:06,920 --> 00:35:09,560
Speaker 1: decision to pick the Assembly in the Senate maps and

600
00:35:09,680 --> 00:35:13,560
Speaker 1: sent it back to the state Supreme Court for further analysis,

601
00:35:13,600 --> 00:35:16,759
Speaker 1: which could include keeping the governor's maps. If there was

602
00:35:16,800 --> 00:35:20,360
Speaker 1: additional evidence that showed that there was a strong Voting

603
00:35:20,440 --> 00:35:24,239
Speaker 1: Rights Act requirement for the additional district, is that what

604
00:35:24,360 --> 00:35:29,520
Speaker 1: Supreme Court precedents called for. Because in dissent, Justice Sonia Sotomayor,

605
00:35:29,840 --> 00:35:36,239
Speaker 1: joined by Justice Elaina Kagan, called the decision unprecedented and extraordinary. Yes,

606
00:35:36,360 --> 00:35:39,480
Speaker 1: it's unprecedent extraordinary in several ways. For one, Normally, the

607
00:35:39,520 --> 00:35:42,400
Speaker 1: burden is on the challenger to prove that race was

608
00:35:42,520 --> 00:35:46,000
Speaker 1: the predominant motivating factor, whereas here the burden that seems

609
00:35:46,000 --> 00:35:49,040
Speaker 1: to be being put on the governor or state Supreme Court.

610
00:35:49,200 --> 00:35:52,360
Speaker 1: So one thing is that totally shifted the burden. Normally,

611
00:35:52,360 --> 00:35:55,560
Speaker 1: a map gets adopted and then somebody challenges the map.

612
00:35:55,960 --> 00:35:59,480
Speaker 1: The challenger says this violates people Protection Clause, and then

613
00:35:59,480 --> 00:36:01,960
Speaker 1: the plaint has to make that case by showing that

614
00:36:02,280 --> 00:36:05,000
Speaker 1: it was predominly motivated by race and the status to

615
00:36:05,040 --> 00:36:07,760
Speaker 1: come back and defend that there was a strong basis

616
00:36:07,760 --> 00:36:10,919
Speaker 1: and evidence for a Voting Rights Act violation. They've never

617
00:36:10,960 --> 00:36:13,560
Speaker 1: had a case before where a similar challenge was brought

618
00:36:13,560 --> 00:36:16,319
Speaker 1: to a map adopted by a state supreme court as

619
00:36:16,320 --> 00:36:20,200
Speaker 1: opposed to one adopted by a legislature. Beyond that, there's

620
00:36:20,320 --> 00:36:23,799
Speaker 1: a sense that the interplay between the Voting Rights Act

621
00:36:23,800 --> 00:36:26,360
Speaker 1: and the fourteen Amendment is difficult. And indeed, the Supreme

622
00:36:26,400 --> 00:36:29,960
Speaker 1: Court about a month ago agreed to stay a map

623
00:36:30,000 --> 00:36:33,000
Speaker 1: adopted by a court in Alabama that held it over

624
00:36:33,200 --> 00:36:37,640
Speaker 1: for full argument because of the murkiness of the relationship

625
00:36:37,680 --> 00:36:40,360
Speaker 1: between the Voting Rights Act and the Fourteenth Amendment. But

626
00:36:40,520 --> 00:36:42,840
Speaker 1: here the supporting court actually made a ruling on the

627
00:36:42,880 --> 00:36:46,520
Speaker 1: merits about the burden being on the state to show

628
00:36:46,520 --> 00:36:48,400
Speaker 1: that there was not an alternative means of doing it.

629
00:36:48,600 --> 00:36:51,520
Speaker 1: I don't think they'd ever ruled that before, and here

630
00:36:51,560 --> 00:36:54,160
Speaker 1: they're doing it in a so called shadow doted case,

631
00:36:54,239 --> 00:36:57,840
Speaker 1: without oral argument, without full briefing, and really pretty close

632
00:36:57,920 --> 00:37:00,600
Speaker 1: to the time where these maps have to be finalize.

633
00:37:01,440 --> 00:37:05,440
Speaker 1: That's Columbia law professor Richard Brafalt speaking with Bloomberg's June Grosso.

634
00:37:05,560 --> 00:37:08,120
Speaker 1: Catch more of that interview, plus analysis of the latest

635
00:37:08,200 --> 00:37:10,680
Speaker 1: legal news by listening to the Bloomberg Law Show at

636
00:37:10,680 --> 00:37:13,520
Speaker 1: ten pm Eastern Time on Bloomberg Radio or subscribing to

637
00:37:13,600 --> 00:37:17,120
Speaker 1: the Bloomberg Law Podcast. And attorneys can find exceptional legal

638
00:37:17,160 --> 00:37:22,080
Speaker 1: research and business development tools at Bloomberg Law dot com.

639
00:37:22,800 --> 00:37:26,240
Speaker 1: Right now, SMP futures are up two points, staff futures

640
00:37:26,280 --> 00:37:28,680
Speaker 1: up twenty five, Dance Deck features little changed at the moment,

641
00:37:28,760 --> 00:37:31,439
Speaker 1: and your Treasury is up three thirty seconds. The yield

642
00:37:31,440 --> 00:37:33,640
Speaker 1: two point three six percent yield on the two year

643
00:37:33,680 --> 00:37:37,040
Speaker 1: two point one six percent. NIMEX crude is down one

644
00:37:37,040 --> 00:37:38,759
Speaker 1: point six percent or a dollar eighty and at the

645
00:37:38,840 --> 00:37:41,400
Speaker 1: hundred ten dollars at fifty six cents of barrel, and

646
00:37:41,480 --> 00:37:43,799
Speaker 1: the Euro right now one point one zero zero seven

647
00:37:43,840 --> 00:37:48,400
Speaker 1: against the dollar. Bloomberg Day Break continues. This is Bloomberg