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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning. I'm Nathan Hager and.

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

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Speaker 2: Karen, we begin with politics. With less than a month

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Speaker 2: until Donald Trump returns to the White House, the President

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Speaker 2: elect is rejecting concerns about the idea of a president

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Speaker 2: Elon Musk. More from Bloomberg's Doug Prisner.

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Speaker 3: On Sunday, Trump told a conservative audience in Phoenix, he

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Speaker 3: will be president of the US, not Elon Musk.

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Speaker 4: No, he's not gonna be president. That I can't tell you,

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Speaker 4: and I'm safe. You know why he can't.

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Speaker 1: Be He wasn't born in this country.

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Speaker 3: Ah that Trump would be compelled to address Musk's power

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Speaker 3: as testimony to the unusual influence he's already displayed. Musk

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Speaker 3: was an early and vocal opponent of a budget compromise

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Speaker 3: in Congress last week. Meantime, his appointment to head a

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Speaker 3: cost cutting and deregulation effort has brought can plaints of

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Speaker 3: conflicts of interest in New York. I'm Doug Prisner, Bloomberg Radio.

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Speaker 1: All Right, Doug, thank you well. President elect Trump is

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Speaker 1: continuing to fill out his administration He announced at least

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Speaker 1: a dozen appointments over the weekend, including key roles in

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Speaker 1: defense and crypto policy. He's named billionaire Stephen Feinberg and

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Speaker 1: Deputy Secretary of Defense. Feinberg is the co founder of

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Speaker 1: Cerberus Capital Management, and his companies have held significant defense contracts.

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Speaker 1: Trump has also picked Michael Kratzios to lead the Office

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Speaker 1: of Science and Technology Policy. Crazios is the managing director

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Speaker 1: of Scale AI and has been helping to staff up

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Speaker 1: Elon Musk's Department of Government Efficiency well Karen.

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Speaker 2: President elect Trump's trade threats and diplomatic efforts are causing

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Speaker 2: some global turmoil. The latest aimed at Panama. Trump is

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Speaker 2: claiming the Panama Canal is charging the US exorbitant prices

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Speaker 2: and rates of passage, and he's demanding lower fees or else.

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Speaker 4: The fees being charged by Panama ridiculous, highly unfair, especially

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Speaker 4: knowing the extraordinary generosity that has been bestowed to Panama.

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Speaker 4: I say, very foolishly by the United States, this complete

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Speaker 4: ripoff of our country will immediately stop.

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Speaker 2: The president ellect spoke at a conservative conference in Phoenix

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Speaker 2: over the weekend. In a video statement, Panama's president, Jose

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Speaker 2: Rowland Molino rebuffed Trump's threat.

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Speaker 5: Every square meter of the Panama Canal and its surroundings

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Speaker 5: belongs to Panama and will continue to be. The sovereignty

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Speaker 5: and the independence of our country are non negotiable.

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Speaker 2: Panamanian President Jose Roland Molino spoke there through an interpreter,

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Speaker 2: writing on truth Social Trump hit back, saying quote, We'll

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Speaker 2: see about that.

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Speaker 1: Well, Nathan. The fight over spending in Washington is being

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Speaker 1: put on hold for another three months. President Biden as

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Speaker 1: shinee stop gap bill that keeps the government running until

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Speaker 1: mid March. Senate Democratic Leader Chuck Schumer celebrated after the

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Speaker 1: bill passed early Saturday morning by a vote of eighty

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Speaker 1: five eleven.

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Speaker 6: This is a good bill. It'll keep the government open

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Speaker 6: and funds and helps Americans affected by hurricanes and natural disasters,

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Speaker 6: helps our farmers, and avoid harmful cuts.

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Speaker 1: But the new law does not include a suspension of

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Speaker 1: the debt ceiling that President elect Trump demanded. At the

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Speaker 1: last minute, Republicans abandoned an earlier bipartisan deal under pressure

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Speaker 1: from Trump and Elon Musk and the end. Musk came

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Speaker 1: out in support of the final bill. In a post

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Speaker 1: on x he wrote that it went from a bill

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Speaker 1: that weighed pounds to one that weighed ounces.

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Speaker 2: Certain markets. Now Karen get the latest on a big

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Speaker 2: combination in the auto industry. Japanese carmakers Honda and Nissan

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Speaker 2: have taken their first steps toward creating one of the

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Speaker 2: world's largest automakers, signing a basic agreement for merger talks

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Speaker 2: with the goal of combining by twenty twenty six. Makato

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Speaker 2: Uchida is the CEO of Nissan.

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Speaker 5: In order to work together, we need to benefit from

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Speaker 5: the huge synergies. Otherwise it wouldn't be meaningful in the

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Speaker 5: eyes of the stakeholders. So that is why we agreed

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Speaker 5: to start the discussion. That is why we are making

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Speaker 5: this announcement today.

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Speaker 2: That was Nissan CEO Makoto Chieda, speaking through an interpreter.

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Speaker 2: Former Nissan chairman Carlos Gone says he sees tough times

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Speaker 2: ahead for the combined company.

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Speaker 7: There's no complimentary in the two companies are two Japanese company.

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Speaker 7: They are strong in the same fields, they are weak

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Speaker 7: in the same fields. Both of them have very developed technologies.

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Speaker 7: From an industrial point of view, there is duplication everywhere.

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Speaker 2: Former Nissan chairman Carlos goone spoke at the Foreign Correspondence

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Speaker 2: Club of Japan. Mitsubishi Motors, which is twenty four and

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Speaker 2: a half percent owned by Nissan, also signed the memorandum

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Speaker 2: of understanding and is expected to be part of the

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Speaker 2: combined group.

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Speaker 1: We have more deal news this morning. Nathan Rupert Murdoch's

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Speaker 1: News Corp has agreed to sell Foxtowl Group, the sports platform,

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Speaker 1: to zone G Group, a deal that values the Australian

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Speaker 1: pay television and streaming service at two point one billion dollars.

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Speaker 1: Is owned back by billionaire A. Len Blavatnik is a

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Speaker 1: prominent player in the broadcast of live sports.

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Speaker 2: Here and the US. Karen futures are pointed higher as

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Speaker 2: we kick off the holiday shortened trading week. Major stock

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Speaker 2: indexes are coming off their worst week since mid November

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Speaker 2: after the Fed's decision to be more cautious about cutting

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Speaker 2: interest rates next year.

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Speaker 1: Royal markets and in Europe, Nathan, the UK economy failed

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Speaker 1: to grow in the third quarter. GDP was unchanged in

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Speaker 1: the three months through September. That's a downgrade from its

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Speaker 1: previous estimate of one to ten percent growth. The figures

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Speaker 1: deliver a further blow to Prime Minister Kiir starmer who

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Speaker 1: came to power promising to boost jobs and living standards.

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Speaker 1: And it's time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world. And for that we welcome back Michael Barr Michael,

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Speaker 1: good morning.

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Speaker 8: Good morning, Karen. New York City police say they have

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Speaker 8: a suspect in custody in the death of a war

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Speaker 8: after a man set her on fire and watched as

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Speaker 8: she burned. Police believed the victim may have fallen asleep

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Speaker 8: on a subway train before being intentionally lit on fire

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Speaker 8: by a man she did not know. Transit police apprehended

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Speaker 8: the suspect after receiving a report from three high school

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Speaker 8: students who had recognized the man they had seen images

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Speaker 8: of him taken from surveillance and police bodycam video and

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Speaker 8: widely distributed by authorities. New York City Police Commissioner Jessica.

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Speaker 1: Tish, I want to thank the young people who called

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Speaker 1: nine to one one to help.

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Speaker 4: They saw something, and they said something, and they did something.

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Speaker 8: MTA Chief Security Officer Michael Kemper says cameras now in

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Speaker 8: every subway car is a game changer.

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Speaker 4: It offered detectives immediately answers to questions that they had

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Speaker 4: what happened.

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Speaker 8: Police believed the suspect, who has not been identified, arrived

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Speaker 8: in the US from Guatemala in twenty eighteen. The range

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Speaker 8: meant of the man accused of killing United Healthcare CEO

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Speaker 8: Brian Thompson is expected later today now that he's back

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Speaker 8: in New York. Prosecutors said twenty six year old Luigi

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Speaker 8: Mangioni's handwritten notes express hostility towards the health insurance industry

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Speaker 8: and wealthy executives in particular. Authorities said the notebook describes

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Speaker 8: and intent to whack the CEO of one of the

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Speaker 8: insurance companies at its investor conference. There's word a big

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Speaker 8: report is expected to be released today in Washington. According

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Speaker 8: to CBS, the House Ethics Committee is expected to release

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Speaker 8: its report on former Florida Congressman Matt Gates. The investigation

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Speaker 8: focused on allegations of sexual misconduct and obstruction. Gates has

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Speaker 8: repeatedly denied any wrongdoing. If you are traveling for the holiday,

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Speaker 8: expect crowd delays and traffic at LaGuardia Airport. The TSA

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Speaker 8: expects to screen forty million passengers between December ninetheenth and

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Speaker 8: January second. The terminals are full.

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Speaker 5: I mean, I've never seen them that full before.

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Speaker 8: That's a six point two percent high from last year.

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Speaker 8: On the roads, Triple A expects ninety percent of the

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Speaker 8: travelers drive to their destinations. That's about one hundred and

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Speaker 8: seven million for those taking the train. Amtrak temporarily suspended

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Speaker 8: their Northeast Corridor line from Philadelphia to New York on

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Speaker 8: Sunday morning due to down power lines, and there are

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Speaker 8: still problems. Today. Global News twenty four hours a day

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Speaker 8: and whenever you want it, it's at the Bloomberg News. Now,

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Speaker 8: I'm Michael Barr, and this is Bloomberg Carrot.

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Speaker 1: All right, Michael Barr, thank you time now for the

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Speaker 1: Bloomberg Sports Update, brought to you by Tri State Audie.

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Speaker 1: Here's Dan Schwartzman.

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Speaker 9: Dan, good morning, Good morning, Karrot and Nathan Jane's setting

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Speaker 9: a franchise record for futility with their tenth loss in

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Speaker 9: a row.

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Speaker 10: To give to Robinson to cutback, Robinson bouncing outside, Ronson

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Speaker 10: keep falling into the inn so to the touchdown.

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Speaker 9: That's courtesy of Fox Sports. Giants lose to rookie quarterback

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Speaker 9: Michael Pennix and the Falcons thirty four to seven in Atlanta,

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Speaker 9: Drew Locke struggling, throwing for two hundred and ten yards

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Speaker 9: with a touchdown in two interceptions, both by the Way

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Speaker 9: returned by Atlanta for touchdowns. Giants right now hold the

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Speaker 9: first pick in the NFL draft with a league worst

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Speaker 9: record of two and thirteen. Meanwhile, the Jets lose their

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Speaker 9: eleventh game of the season, falling to the Rams at

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Speaker 9: MetLife nineteen to nine, Los Angeles outscoring the Jets thirteen

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Speaker 9: to nothing in the fourth quarter. Jets lose despite allowing

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Speaker 9: just one hundred and ten passing yards to Matthew Stafford. Elsewhere,

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Speaker 9: the Commander's ending the Eagles ten game winning streak, knocking

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Speaker 9: off Philly thirty six to thirty three, while the Bills

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Speaker 9: outlast the Patriots twenty four to twenty one. The Mets

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Speaker 9: bringing back starter Shawn men Iyah with a three year,

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Speaker 9: seventy five million dollar deal. The lefty went twelve and

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Speaker 9: six last year at the Mets with a three point

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Speaker 9: four to seven ERA, and the NHL Rangers continue to struggle.

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Speaker 9: The fault the Carolina Hurricanes three to one. Elsewhere, the

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Speaker 9: Capital is knocking off the Los Angeles Kings three to one,

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Speaker 9: Tiger Woods and his fifteen year old son Charlie finishing

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Speaker 9: second and a thrilling PNC championship as Bernhard Longer hit

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Speaker 9: an eighteen foot eagle putt in a playoff to win

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Speaker 9: the event with his son Jason for a second straight

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Speaker 9: year with different sons. Charlie Woods meanwhile hitting his first

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Speaker 9: hole in one at the par three fourth hole. That's

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Speaker 9: your Bloomberg Sports Update. I'm Dan Schwartzman, Karen and Nathan.

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Speaker 8: Coast to Coast on Bloomberg Radio nationwide on Sirius XM,

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Speaker 8: and around the world on Bloomberg dot com and the

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Speaker 8: Bloomberg Business app.

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Speaker 2: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. After

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Speaker 2: last week's drama over government spending in Washington, d C.

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Speaker 2: And the shutdown averted, President like Donald Trump is hitting

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Speaker 2: back at what he calls the latest political hoax against him.

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Speaker 4: President Trump has seeded the president's he to Elon Musk. No, no, oh,

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Speaker 4: that's that happening.

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Speaker 2: The President elect spoke at a conservative turning Point conference

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Speaker 2: in Phoenix, Arizona, over the weekend after his last minute

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Speaker 2: bid to lift the debt ceiling as part of a

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Speaker 2: stop gap spending bill backed by himself and Elon Musk

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Speaker 2: also turned out to be not happening. For more, we're

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Speaker 2: joined by Terry Haynes, the founder of Pangaea Policy. Terry,

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Speaker 2: good morning. What does it tell you that the president

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Speaker 2: elect even has to address this subject, the idea that

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Speaker 2: Elon Musk has so much influence over his incoming administration

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Speaker 2: that he might as well be president himself?

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Speaker 10: Good morning, Good morning, Nathan, And yeah, I think it's

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Speaker 10: it's something he'd rather not be talking about. Trump has

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Speaker 10: this habit, and one of the habits is letting people

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Speaker 10: run unsupervised for a while and maybe a little bit

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Speaker 10: too long, and he ends up reeling them back in

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Speaker 10: as he's done. But the damage is done, and the

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Speaker 10: damage here is not small, frankly, because he's fractured. Musk

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Speaker 10: has trastured Trump's relations with congressional Republicans and frankly, some

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Speaker 10: Democrats who might support Trump on taxes, spending, and nominees

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Speaker 10: even before he's taken office. That's about the least productive

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Speaker 10: thing Musk could have done.

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Speaker 2: So do you expect Elon Musk to continue to have

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Speaker 2: the kind of influence that he's had during the transition

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Speaker 2: after President Trump takes office.

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Speaker 10: My instinct is that Busk and Ramaswami will continue through

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Speaker 10: the Doge initiative to be out there and around. But

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Speaker 10: I do expect his influence, his external influence, to be

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Speaker 10: somewhat circumscribed. You know, there's famous people, rich people, rich

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Speaker 10: and famous people tend to think that sometimes that they're

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Speaker 10: every utterance is important, and it's not. And this is

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Speaker 10: a lesson that I think Musk is learning to some extent,

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Speaker 10: and to some extent, I think Trump's probably imposing that

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Speaker 10: lesson upon him. So I don't expect him to be

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Speaker 10: to be any less out there. I do expect him

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Speaker 10: to be somewhat less influential and frankly, stay in his

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Speaker 10: own lane a little bit more.

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Speaker 2: Although interestingly, the utterances that we're hearing now from Elon

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Speaker 2: Musk include a new post on X this morning going

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Speaker 2: after staffing at the Federal Reserve. I wonder what you

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Speaker 2: make of that, Whether we could see threats to FED

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Speaker 2: independence under an Income Trump administration.

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Speaker 10: Well, you know, markets, I'll see that all the time,

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Speaker 10: and I spend a lot of time talking about it

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Speaker 10: with you and others, And you know, the administration does

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Speaker 10: not understand frankly that the FED is not a fourth

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Speaker 10: branch of government, and the FED is not part of

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Speaker 10: the White House. The FED is a creation of Congress.

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Speaker 10: It exercises Congressional power over the over the monetary supply

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Speaker 10: and regulation around it. And you know, frankly, it's not

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Speaker 10: up to the President and certainly not up to mister

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Speaker 10: Musk's dosee initiative to suggest staffing levels at an agency that,

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Speaker 10: frankly is Congress is not the president's. I expect he'll

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Speaker 10: learn that down the road.

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Speaker 2: And I wonder what you make as well of the president,

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Speaker 2: like going after Panamon now, the fees at the Panama Canal,

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Speaker 2: and even this morning reviving the idea of the United

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Speaker 2: States buying Greenland. A lot of talk about global policy

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Speaker 2: with less than a month to go until Donald Trump

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Speaker 2: retakes the White.

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Speaker 10: House, I spend a lot of time with markets talking

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Speaker 10: about geopolitics and geopolitical risk. And the one thing you

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Speaker 10: should take from all that, and you summarized it very well,

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Speaker 10: is that is that defense spending, defense posture, geopolitical risk

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Speaker 10: is going to be much more part of the Trump

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Speaker 10: administration than I think markets appreciate right now. What the

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Speaker 10: Panama and Greenland initiatives have in common, frankly, is that

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Speaker 10: what we're talking about really is a defense perimeter for

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Speaker 10: the United States and in both the Atlantic and the Pacific,

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Speaker 10: and in particular warning the Chinese off controlling the Panama Canals.

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Speaker 10: There's some sort of friendly arrangement with Panama, and so

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Speaker 10: that is a precursor, I think to a much more

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Speaker 10: aggressive defense posture in a way that might discomfit markets

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Speaker 10: a little bit.

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