WEBVTT - Middle East Truce Setback; Biden Farewell Address  

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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 3>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 3>stories we're following today, Karen.

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<v Speaker 2>We began in the Middle East. In some late breaking news,

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<v Speaker 2>Israeli Prime Minister Benjamin D'atanyahu is accusing Hamas of renegging

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<v Speaker 2>on parts of a ceasefire agreement that looked set to

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<v Speaker 2>pause more than fifteen months of fighting in Gaza starting Sunday.

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<v Speaker 2>Naton Yahu's office says new demands by the Palestinian group

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<v Speaker 2>are an effort to extort last minute concessions. We get

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<v Speaker 2>more from Bloomberg's Ethan Brunner.

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<v Speaker 4>I mean, there are numerous, numerous details, which prisoners will

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<v Speaker 4>be released on, what kind of schedule, all sorts of

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<v Speaker 4>things that are not necessarily all written down, And so

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<v Speaker 4>it's easy for one side to say suddenly the other

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<v Speaker 4>side is making new demands, and fundamentally they have such

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<v Speaker 4>different goals. The goal of Israel is for Hamas to

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<v Speaker 4>be destroyed and eliminated in any position of power in Gaza,

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<v Speaker 4>and the goal of Hamas is to retain its power

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<v Speaker 4>and drive Israel out of Gaza. So ultimately they're on

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<v Speaker 4>a kind of collision course even though they're theoretically negotiating

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<v Speaker 4>a compromise.

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<v Speaker 2>Bloomberg's Eeth and Brunner notes, under the terms of the agreement,

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<v Speaker 2>Hamas would release thirty three hostages taken on October seventh,

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<v Speaker 2>twenty twenty three, while Israel would pull out of populated

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<v Speaker 2>areas in the Gaza Strip and release hundreds of Palestinian prisoners.

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<v Speaker 2>Hama says it is committed to the ceasefire deal announced

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<v Speaker 2>by the mediators.

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<v Speaker 3>Well, Nathan, we want to turn to Washington now and

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<v Speaker 3>a farewell from President Joe Biden. The President took the

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<v Speaker 3>cameras in the Oval Office to deliver a final address

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<v Speaker 3>to the nation and a warning about the administration to come.

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<v Speaker 5>Today.

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<v Speaker 6>An oligarchy is taking shape in America, of extreme wealth,

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<v Speaker 6>power and influence that literally threads our entire democracy.

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<v Speaker 3>President Biden echoed former President Dwight Eisenhower's warning of a

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<v Speaker 3>military industrial complex, saying the nation now face is the

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<v Speaker 3>threat of a tech industry real complex.

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<v Speaker 2>Trained to politics. North of the US. Karen Canada has

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<v Speaker 2>drawn up an initial list of more than one hundred

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<v Speaker 2>billion dollars of US manufactured items that would hit with

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<v Speaker 2>tariffs if President elect Donald Trump decides to levy tariffs

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<v Speaker 2>against Canadian goods. Sources tell us the list is a

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<v Speaker 2>draft and would come into play only if the Trump

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<v Speaker 2>administration moves First Prime Minister Justin Trudeau and the premiers

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<v Speaker 2>of Canada's provinces met yesterday. It's a plot, a strategy

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<v Speaker 2>for dealing with US protectionism.

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<v Speaker 3>Well Nathan. Donald Trump's pick for Treasury Secretary is hedge

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<v Speaker 3>fund investor Scott Besson. He faces a Senate committee for

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<v Speaker 3>his confirmation hearing later this morning, and Bloomberg's Amy Morris

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<v Speaker 3>has a preview from Washington.

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<v Speaker 7>Back in October, Besant told Bloomberg TV Donald Trump tends

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<v Speaker 7>to be more involved in the financial side of things.

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<v Speaker 5>He has a deep understanding of financial markets as opposed

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<v Speaker 5>to most politicians, so he wants to be involved in

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<v Speaker 5>the conversation.

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<v Speaker 7>He has very well formed opinions. Bessett has said he

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<v Speaker 7>plans to pursue policies that boost the US economic output

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<v Speaker 7>whiles flashing budget deficits, and that his priority will be

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<v Speaker 7>to deliver on Trump's tax cut proposals. But he's been

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<v Speaker 7>known to not be as supportive of tariffs. That will

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<v Speaker 7>be a big focus for senators and investors. Scott Besson

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<v Speaker 7>still is expected to win approval easily from the Senate

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<v Speaker 7>in Washington. Amy Moore as Bloomberg Radio.

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<v Speaker 3>Right, Amy, thank you well and prepared remark set for

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<v Speaker 3>later this morning. Besson will say maintaining the dollar as

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<v Speaker 3>the world's reserve asset is critical to US economic health

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<v Speaker 3>and the nation's future. Stay with Bloomberg for full coverage

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<v Speaker 3>of Besson's confirmation hearing starting at ten thirty am Wall

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<v Speaker 3>Street Time on Bloomberg Radio and Television.

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<v Speaker 2>And Karen Is. TikTok continues to battle to keep its

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<v Speaker 2>app operating in the US after this Sunday. The CEO

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<v Speaker 2>of the company is joining the list of tech boguls

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<v Speaker 2>attending Trump's inauguration on Monday. The New York Times is

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<v Speaker 2>reporting CEO Show Choo has been invited to sit in

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<v Speaker 2>a position of honor on the dais where former presidents

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<v Speaker 2>and other important guests traditionally are seated. TikTok, which is

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<v Speaker 2>owned by China's Bytdance, does face a Sunday deadline to

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<v Speaker 2>find a US buyer in order to keep operating in

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<v Speaker 2>the country. Politicians from both parties are looking for ways

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<v Speaker 2>to keep TikTok accessible in this country despite that impending ban.

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<v Speaker 3>All Nathan, we now want to turn to the latest

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<v Speaker 3>developments in the battle if you contain the wildfires in

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<v Speaker 3>Los Angeles and Bloomberg. John Tucker joins us for an update. John,

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<v Speaker 3>Good morning, and good morning Careen.

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<v Speaker 8>The traumatized region made it through yesterday without another major

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<v Speaker 8>fire breaking out, and the last of the red flag

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<v Speaker 8>warnings they're expected to end this afternoon. Was fire crews

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<v Speaker 8>work to gain control. Officials also speaking to witnesses to

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<v Speaker 8>find the cause of the blazes, including the devastating palisades

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<v Speaker 8>and eaten fires. Jose Medina is with the ATF.

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<v Speaker 2>We are talking to individuals about not just what they saw,

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<v Speaker 2>but what they smelled and they heard.

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<v Speaker 8>The fires have killed twenty five and destroyed more than

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<v Speaker 8>twelve thousand structures. The government has yet to release damage estimates,

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<v Speaker 8>but private firms expect they'll climb into the tens of

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<v Speaker 8>billions and it could become the costliest fire disag yes

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<v Speaker 8>in US history. I'm John Tucker, Bloomberg Radio.

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<v Speaker 2>Thanks John. Turning out of Space Blue Origins new flagship

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<v Speaker 2>rocket has lifted off for the first time and successfully

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<v Speaker 2>reached orbit, all seven engines.

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<v Speaker 4>Of cold product taking the pressures of good people through

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<v Speaker 4>the tower.

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<v Speaker 8>Now passing eighteen seconds in the.

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<v Speaker 2>Play, New Glen thundered off the launch padd at Cape Canaveral, Florida,

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<v Speaker 2>just after two am Eastern time. This mission is expected

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<v Speaker 2>to last several hours. It put the company's Blue Ring

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<v Speaker 2>pathfinder test satellite into orbit. That it was the main

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<v Speaker 2>objective of the flight, but launch commentators did confirm that

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<v Speaker 2>the booster portion of the New Glenn rocket was destroyed

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<v Speaker 2>as it attempted to land on a barge in the

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<v Speaker 2>Atlantic Ocean. That fell short of the mission's secondary goal.

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<v Speaker 3>Well to the markets now, Nathan where futures are higher

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<v Speaker 3>following Wednesday's one point eight percent rally on Wall Street

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<v Speaker 3>that was the S and P five hundreds biggest gain

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<v Speaker 3>since the aftermath of the election. The rally came out

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<v Speaker 3>after core inflation eased for the first time in six months.

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<v Speaker 3>Chicago Fed President Austin Goulesby says he's optimistic about the

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<v Speaker 3>Fed's inflation battle.

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<v Speaker 9>The trend continues to be improvement in inflation. I'm still

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<v Speaker 9>optimistic for twenty twenty five that we can continue growing

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<v Speaker 9>and have a soft.

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<v Speaker 3>Landing Chicago Fed President Austin Goulesby. Investors are now betting

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<v Speaker 3>the Central Bank is likely to lower itge benchmark interest

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<v Speaker 3>rate by half a percentage point this year.

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<v Speaker 2>And bank earnings continue this morning, Karen, They come after

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<v Speaker 2>blowout results yesterday from JP Morgan Chase, Goldman, Sachs, City Group,

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<v Speaker 2>and Wells Fargo. We get more from Bloomberg Intelligence senior

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<v Speaker 2>banking analyst Alison Williams.

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<v Speaker 10>Certainly the bar has been raised for Bank of America

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<v Speaker 10>and Morgan Stanley after strong sets of results from the

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<v Speaker 10>other four big US banks. We're expecting to see at

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<v Speaker 10>Bank of America an interest income growth. We could see

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<v Speaker 10>upside to the guidance in the near term. We've also

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<v Speaker 10>I've seen good expense control and solid credit trends. We

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<v Speaker 10>also expect to see a Bank of America. However, we

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<v Speaker 10>note that their first quarter does tend to have seasonally

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<v Speaker 10>higher expenses, so we could see that in their guidance.

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<v Speaker 2>Allison Williams of Bloomberg Intelligence says, so far, the big

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<v Speaker 2>banks have notched their second most profitable year ever.

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<v Speaker 3>Time. Now for a look at some of the other

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

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<v Speaker 3>And for that we're joined by Bloomberg's Michael Barr. Welcome back, Michael,

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<v Speaker 3>Thank you.

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<v Speaker 5>Very much, Karen. President elect Trump's pick for Attorney General,

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<v Speaker 5>Pam Bondy, was in the hot seat on Capitol Hill

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<v Speaker 5>yesterday and the latest in the series of confirmation hearings

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<v Speaker 5>for the incoming administration. During her confirmation hearing, Bondi refused

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<v Speaker 5>to say that Trump lost the twenty twenty election. Democrats

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<v Speaker 5>on the Senate Judiciary Committee press Bondy on whether she

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<v Speaker 5>will truly be independent from President elect.

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<v Speaker 4>Trump if confirmed.

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<v Speaker 7>I will do everything in my power and it will

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<v Speaker 7>be my great responsibility to make America safe again.

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<v Speaker 5>Bondi's confirmation is all but assured, with Republicans praisinger. President

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<v Speaker 5>elect Trump has repeatedly expressed interest in either buying Greenland

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<v Speaker 5>from Denmark We're taking it by force. During his Senate

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<v Speaker 5>confirmation hearing, Senator Marco Rubio explained buying Greenland would be

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<v Speaker 5>an important piece of land for the US. Trump has

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<v Speaker 5>nominated Rubio as his next Secretary of State. Rubio says

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<v Speaker 5>talking about acquiring Greenland isn't new.

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<v Speaker 6>Harry Truman made an effort to try to buy for

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<v Speaker 6>one hundred million dollars. He was rebuffed, and then the

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<v Speaker 6>US has maintained through a mutual defense agreement, there the

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<v Speaker 6>opportunity to base its military bases, and I have them

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<v Speaker 6>for a while.

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<v Speaker 5>It's believed the Senate will begin to start voting this

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<v Speaker 5>Monday on Inauguration Day to confirm some of Trump's picks.

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<v Speaker 5>The US Federal Trade Commission and two states who tractor

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<v Speaker 5>giant Deer, alleging the company legally monopolized agricultural equipment repairs.

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<v Speaker 5>The FTC and state attorneys general from Illinois and Minnesota

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<v Speaker 5>filed a complaint in federal court in Chicago's saying the

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<v Speaker 5>tractor manufacturer withheld key information and diagnostic tools from farmers

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<v Speaker 5>and independent repair shops. FTC chair Lina Khan spoke to Bloomberg.

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<v Speaker 11>They've been steered into Deer's network of authorized dealers, which

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<v Speaker 11>practically means they're paying more, and especially for farmers that

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<v Speaker 11>live in rural areas, it means they sometimes have to

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<v Speaker 11>drive hours to even get to the nearest dealer.

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<v Speaker 5>Deer's vice president of after market and Customer Supports said

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<v Speaker 5>in a statement the lawsuit is meritless. The FDA is

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<v Speaker 5>ordering food and drug makers to remove a die called

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<v Speaker 5>red number three from the products consumers eat and drink.

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<v Speaker 5>The colorant was banned from cosmetics and non oral medications

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<v Speaker 5>decades ago because the study showed it cause to cancer

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<v Speaker 5>when eaten by rats. Global News twenty four hours a

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<v Speaker 5>day and whenever you want it with the Bloomberg News. Now,

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<v Speaker 5>I'm Michael Barm, and this is Bloomberg caret all.

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<v Speaker 3>Right, Michael Barr, thank you time now for the Bloomberg

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<v Speaker 3>Sports Update, brought to you by Tri State. Howdy. Here's

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<v Speaker 3>John Stamshower. John, good morning, Good morning care.

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<v Speaker 12>Nixon Sixers in Philadelphia. Nicks had a sixteen point league,

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<v Speaker 12>led by thirteen and a half in a fifty three

0:10:19.520 --> 0:10:23.240
<v Speaker 12>minute game. They never once trailed, yet their victory was

0:10:23.280 --> 0:10:25.679
<v Speaker 12>anything but easy. Philly made up the deficit in the

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<v Speaker 12>third quarter of the game, was tied several times. In

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<v Speaker 12>the fourth. It went to overtiming. With Karl Anthony Towns

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<v Speaker 12>out with an injured thumb, Jalen Brunson stepped.

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<v Speaker 13>Up Clockett ten Kate Crockett twenty two fronts. It breaks

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<v Speaker 13>his inside lead. Jalen Brunson exposure Bronts at thirty points

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<v Speaker 13>five rebounds, four assists. You hear the Knicks chance meet

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<v Speaker 13>in Philadelphia, bron sits.

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<v Speaker 12>Three stood how E spn Nicks won one twenty five

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<v Speaker 12>one nineteen. Brunson scored thirty eight points. Josh Hart had

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<v Speaker 12>triple double. The Los Angeles Nets and Clippers tie that

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<v Speaker 12>to the first quarter, but LA won the second quarter

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<v Speaker 12>by twenty three points and the third by twenty eight.

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<v Speaker 12>In the fourth, they were up by sixty four. The

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<v Speaker 12>Clippers won one twenty six to sixty seven. It's their

0:11:14.480 --> 0:11:17.600
<v Speaker 12>biggest blowout win ever and the most lopsided loss in

0:11:17.760 --> 0:11:20.360
<v Speaker 12>Net's history. They had lost by fifty two to Houston

0:11:20.600 --> 0:11:23.559
<v Speaker 12>in nineteen seventy eight. Celtics lost at Toronto, won ten

0:11:23.640 --> 0:11:26.480
<v Speaker 12>ninety seven. The big East Seaton Hall loss at Butler.

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<v Speaker 12>At Fordham's Venerable rose Hill Gym, they celebrated the one

0:11:29.920 --> 0:11:34.000
<v Speaker 12>hundredth anniversary of college basketball's oldest still active arena, and

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<v Speaker 12>then Fordham lost to UMass in triple overtime. Quinn ewers

0:11:37.480 --> 0:11:39.800
<v Speaker 12>the quarterback at Texas the past three seasons going pro,

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<v Speaker 12>which means Archie Manning will finally take over as the

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<v Speaker 12>Longhorn starting QB at the Australian Open. Taylor Fritz lost

0:11:45.120 --> 0:11:48.400
<v Speaker 12>only three games in three sets, but fellow American Francis

0:11:48.480 --> 0:11:51.960
<v Speaker 12>Tiafa lost in five sets. Top Seedionic Center playing now

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<v Speaker 12>tied one set off. John stash Shower Bloomberg.

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<v Speaker 7>Sports, Jarny Nickols.

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<v Speaker 1>Coast to Coast on Bloomberg Radio, nationwide on Sirius Exam,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 5>Good morning.

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<v Speaker 2>I'm Nathan Hager. Israel and Hamas appeared on the cusp

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<v Speaker 2>of a pause to fifteen months of fighting after agreeing

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<v Speaker 2>to a six week ceasefire and deferring hostages and moving

0:12:17.200 --> 0:12:19.760
<v Speaker 2>in aid to Gaza. But as the deal was announced,

0:12:20.080 --> 0:12:24.040
<v Speaker 2>White House National Security spokesman John Kirby sounded a tentative note.

0:12:24.360 --> 0:12:27.880
<v Speaker 14>Now comes the real hard work of putting the modalities

0:12:27.880 --> 0:12:30.320
<v Speaker 14>of the plan in place and executing to it over

0:12:30.360 --> 0:12:33.720
<v Speaker 14>the course of the weeks and months ahead, and that's

0:12:33.760 --> 0:12:34.640
<v Speaker 14>going to be tough work.

0:12:34.920 --> 0:12:37.679
<v Speaker 2>John Kirby's words may be ringing true this morning. Is

0:12:37.679 --> 0:12:41.120
<v Speaker 2>Israel now accuses Hamas of renegging on parts of the deal.

0:12:41.240 --> 0:12:43.280
<v Speaker 2>For the very latest, we go to Tel Aviv and

0:12:43.360 --> 0:12:47.280
<v Speaker 2>check in with Bloomberg News Israel Bureau chief Ethan Bronner. Ethan,

0:12:47.400 --> 0:12:51.040
<v Speaker 2>good morning. What is Israel accusing Hamas of? Do we

0:12:51.120 --> 0:12:53.679
<v Speaker 2>have a sense of what aspects of the deal that

0:12:53.720 --> 0:12:55.520
<v Speaker 2>Hamas is accused of renegging on.

0:12:56.480 --> 0:13:00.880
<v Speaker 4>They haven't specified. Earlier in the day, the Prime Minister's

0:13:01.000 --> 0:13:05.440
<v Speaker 4>office complained that Hamas was asserting that it had the

0:13:05.520 --> 0:13:07.760
<v Speaker 4>right to choose all of the prisoners that were going

0:13:07.800 --> 0:13:10.800
<v Speaker 4>to be released by Israel rather than clearing them with Israel,

0:13:10.880 --> 0:13:13.319
<v Speaker 4>and that Israel said that was not part of the agreement.

0:13:13.720 --> 0:13:15.760
<v Speaker 4>So that may be more of the same it maybe

0:13:15.800 --> 0:13:19.880
<v Speaker 4>other details. There's so many details here that one could

0:13:19.920 --> 0:13:23.319
<v Speaker 4>accuse the other side of suddenly changing course on. I

0:13:23.360 --> 0:13:25.400
<v Speaker 4>think it's important to say something else, which is that

0:13:25.520 --> 0:13:30.200
<v Speaker 4>the deal is facing a fair amount opposition in the

0:13:30.240 --> 0:13:33.600
<v Speaker 4>government on the far right of the government. Two parties

0:13:33.640 --> 0:13:38.280
<v Speaker 4>that the coalition rely on, relies on to continue to exist,

0:13:38.559 --> 0:13:42.240
<v Speaker 4>are threatening to possibly leave the government over this deal.

0:13:42.400 --> 0:13:46.800
<v Speaker 4>So these two facts, two phenomena may be related. The

0:13:46.800 --> 0:13:50.719
<v Speaker 4>Prime Minister's statement complaining about Hamas and the opposition here

0:13:50.720 --> 0:13:51.240
<v Speaker 4>in Israel.

0:13:51.520 --> 0:13:53.880
<v Speaker 2>So then, Ethan, does this mean at this point that

0:13:53.920 --> 0:13:56.400
<v Speaker 2>the deal is off or is there still a chance

0:13:56.440 --> 0:13:57.720
<v Speaker 2>that this can be salvaged.

0:13:58.440 --> 0:14:01.520
<v Speaker 4>Well, the deal is not yet on. I wouldn't call

0:14:01.559 --> 0:14:05.000
<v Speaker 4>it off, I have to. I just don't know the

0:14:05.080 --> 0:14:10.080
<v Speaker 4>answer to that. I think that if in theory Hamas responds,

0:14:10.160 --> 0:14:12.200
<v Speaker 4>it's already responded and said, that's not true. We're not

0:14:12.240 --> 0:14:14.600
<v Speaker 4>doing anything that you're accusing us of. But if they

0:14:14.679 --> 0:14:19.320
<v Speaker 4>somehow work out those details, I would imagine that the

0:14:19.360 --> 0:14:23.560
<v Speaker 4>cabinet here would pass it. But they have. Prime Minister

0:14:23.600 --> 0:14:25.480
<v Speaker 4>has announced that he's not even going to hold a

0:14:25.560 --> 0:14:29.040
<v Speaker 4>vote in the cabinet until he solves this Hamas last

0:14:29.080 --> 0:14:31.880
<v Speaker 4>minute problem. And it's very hard to know what this

0:14:31.960 --> 0:14:35.520
<v Speaker 4>amounts to. I really can't answer you. I don't know, Okay.

0:14:35.840 --> 0:14:39.680
<v Speaker 2>Well, in the speech that President Biden gave last night

0:14:39.760 --> 0:14:43.800
<v Speaker 2>his farewell address, he mentioned the Gaza cease fire deal

0:14:43.840 --> 0:14:46.160
<v Speaker 2>as one of his accomplishments, saying it was going to

0:14:46.200 --> 0:14:47.600
<v Speaker 2>be something that was going to be left to the

0:14:47.640 --> 0:14:52.560
<v Speaker 2>next administration to implement. We've talked before about the massive

0:14:52.680 --> 0:14:56.000
<v Speaker 2>US pressure that's been put on both sides in these

0:14:56.120 --> 0:14:59.040
<v Speaker 2>last few weeks during the transition. What could this mean

0:14:59.640 --> 0:15:03.200
<v Speaker 2>for the US in terms of its influence As we

0:15:03.320 --> 0:15:05.840
<v Speaker 2>start to see this as you know, sort of tentative

0:15:06.600 --> 0:15:09.040
<v Speaker 2>doubt raised about this proposal.

0:15:10.440 --> 0:15:13.040
<v Speaker 4>I think you're right to raise the question, Nathan. I mean,

0:15:13.360 --> 0:15:15.480
<v Speaker 4>you know, in theory, everyone was giving a lot of

0:15:15.520 --> 0:15:20.080
<v Speaker 4>credit to President Trump in coming President Trump for having

0:15:20.160 --> 0:15:24.320
<v Speaker 4>squeezed this out of the nitagne Is and also from

0:15:24.400 --> 0:15:28.480
<v Speaker 4>Katar onto Hamas, all those things. I think it's true.

0:15:29.240 --> 0:15:32.480
<v Speaker 4>But on the other hand, it's also the circumstances of

0:15:32.520 --> 0:15:35.400
<v Speaker 4>the last six months that really made the difference, which

0:15:35.440 --> 0:15:39.360
<v Speaker 4>had to do with the neutering Ofbellah and the killing

0:15:39.360 --> 0:15:42.520
<v Speaker 4>of a number of Hamas leaders, the collapse of the

0:15:42.560 --> 0:15:47.480
<v Speaker 4>Syrian regime under Havas Lasad, and the difficulties that Iran

0:15:47.520 --> 0:15:50.360
<v Speaker 4>has faced. So all those things are still here. But

0:15:51.520 --> 0:15:54.160
<v Speaker 4>it turned out and so we thought that the circumstances

0:15:54.200 --> 0:15:56.000
<v Speaker 4>were ripe for a deal, But it turned out that

0:15:56.120 --> 0:15:59.760
<v Speaker 4>inside Israel, and it must be said, on the right

0:15:59.800 --> 0:16:04.400
<v Speaker 4>side of the American Jewelry, there is a great concern

0:16:04.800 --> 0:16:07.520
<v Speaker 4>that too much is being given to Hamas, that too

0:16:07.520 --> 0:16:10.240
<v Speaker 4>many people with so called blood on their hands are

0:16:10.240 --> 0:16:15.880
<v Speaker 4>going to be freed, and that this organization that's vowed

0:16:15.920 --> 0:16:20.400
<v Speaker 4>to destroy Israel will be reconstituted. That seems to be

0:16:20.760 --> 0:16:23.560
<v Speaker 4>what's driving the anger on the right of the opposition,

0:16:24.120 --> 0:16:26.960
<v Speaker 4>and it took me a little by surprise this morning

0:16:26.960 --> 0:16:29.560
<v Speaker 4>that it has become so powerful. But we are in

0:16:29.560 --> 0:16:32.040
<v Speaker 4>a situation where I don't know what's going to be.

0:16:32.440 --> 0:16:35.840
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