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Speaker 1: News when you want it with Bloomberg News Now I

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Speaker 1: made Kleggi. Secretary of State Mark Or Rubio says Europe's

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Speaker 1: fate is intertwined with the US, while faulting the continent

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Speaker 1: for what he said was a drift away from their

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Speaker 1: shared Western values. The double edged message offered some reassurance

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Speaker 1: to Allied leaders gathered at the Munich Security Conference, but

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Speaker 1: did little to temper their push for more independence from Washington.

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Speaker 1: Rubio spoke with Bloomberg News editor in chief John Micklethwaite

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Speaker 1: and also talked about the vested interest the US has

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Speaker 1: with Europe when it comes to China.

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Speaker 2: We should never be in a situation where our alliance

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Speaker 2: and our respective countries are vulnerable to extortion or blackmail

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Speaker 2: because someone controls nine percent of something that's critical to

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Speaker 2: national life. So I think we do have a vested

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Speaker 2: interest in that regard. Today is different than yesterday, but

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Speaker 2: it has parallels, not in that China the new Soviet Union,

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Speaker 2: but that in our future collectively will be stronger if

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Speaker 2: we work on these things together.

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Speaker 1: Secretary Rubio speaking with Bloomberg News editor in chief John Micklethwaite.

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Speaker 1: While US inflation has cooled, from its pandemic era, peak

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Speaker 1: prices at grocery store meat counters or skyrocketing with no

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Speaker 1: relief in sight. Beef costs have driven faster than most

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Speaker 1: other items in the Consumer Price Index, with a broad

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Speaker 1: beef and veal category of fifteen percent over the past years.

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Speaker 1: Of January, uncooked ground beef reached a fresh record after

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Speaker 1: soaring by the most since June twenty twenty in government

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Speaker 1: data released Friday. The gains were a standout from the

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Speaker 1: rest of the consumer grocery basket, where thanks it broadly improved,

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Speaker 1: chicken price has rose by only one point one percent

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Speaker 1: in the past twelve months, while milk was little changed.

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Speaker 1: President Trump's crackdown on Venezuela is costing the US billions.

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Speaker 1: Bloomberg's Monica Rick.

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Speaker 3: Reports operations around Venezuela have pulled in nearly a fifth

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Speaker 3: of the US Navy's surface fleet, costing more than twenty

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Speaker 3: million dollars a day at its peak from mid November

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Speaker 3: to mid January. That includes vessels in the Caribbean, air support,

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Speaker 3: and dozens of special forces that not only led to

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Speaker 3: the eventual capture of President Nicolas Madudol but also helped

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Speaker 3: beef up the overall military terry posture in the region.

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Speaker 3: Bloomberg estimates costs have surged near three billion dollars so far,

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Speaker 3: and while the Pentagon hasn't commented, most of that money

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Speaker 3: is covered by defense funding that's already been allocated Monica Rix,

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Speaker 3: Bloomberg Radio.

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Speaker 1: After years of restrained following the twenty zero eight global

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Speaker 1: financial crisis, Wall Street is handing CEOs a record payout.

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Speaker 1: Chief executive officers at the top US banks all received

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Speaker 1: annual compensation of at least forty million dollars, with their

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Speaker 1: total pace or passing records set in twenty oh six

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Speaker 1: and twenty twenty one. Bank of America's Brian moynihan was

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Speaker 1: the latest CEO to have his pay disclosed, with this

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Speaker 1: compensation rising seventeen percent last year to forty one million dollars.

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Speaker 1: City Group said this week that it boosted the pay

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Speaker 1: of CEO Jane Fraser twenty two percent to forty two

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Speaker 1: million dollars for twenty twenty five, a sign of confidence

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Speaker 1: on the board about her ability to turn the company

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Speaker 1: around after years of unperforming peers. The European Central Bank

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Speaker 1: is prepared to offer euro liquidity to monetary authorities from

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Speaker 1: around the world, an effort to prevent market tensions and

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Speaker 1: increase global use of the single currency, and a statement Saturday,

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Speaker 1: the Frankfurt based institution says it will extend repo lines

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Speaker 1: to all central banks unless excluded on the grounds of,

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Speaker 1: in particular, money laundering, terrorist financing, or international sanctions, adding

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Speaker 1: that the changes will apply as of the third quarter.

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Speaker 1: The move to make euros more readily available reflects Europe's

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Speaker 1: broader efforts to redefine its place and a global order

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Speaker 1: up ended by President Trump. Just in time for tax season,

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Speaker 1: the Treasury Department in the IRS have released new guidance

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Speaker 1: on restrictions to clean energy tax credits under President Trump's

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Speaker 1: tax and spending cut law. Bloomberg's Nathan Hagar has more

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Speaker 1: from Washington.

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Speaker 4: The guidance provides more details on prohibited foreign entity rules,

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Speaker 4: which require clean energy developers to limit contracts and supplies

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Speaker 4: from China, Russia and other cover nations. The specific rule

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Speaker 4: is related to what's called the material assistance cost ratio.

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Speaker 4: Companies have to calculate it so they make sure components

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Speaker 4: from those countries don't exceed a certain amount out Tax

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Speaker 4: practitioners say this is one of the more complex areas

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Speaker 4: in the new tax law in Washington. I'm Nathan Hager

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Speaker 4: Bloomberg Radio.

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Speaker 1: Western official Saint China increased its support for Russia's war

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Speaker 1: in Ukraine in twenty twenty five and is likely to

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Speaker 1: deepen cooperation with Moscow further this year, casting doubt on

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Speaker 1: efforts by European leaders to improve relations with Beijing. President

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Speaker 1: Shuzhunping has become more assertive and confident in his supporting

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Speaker 1: Russi's Vladimir Putin, and attempts by the Europeans to persuade

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Speaker 1: their Chinese character parts to help end the war have

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Speaker 1: become more challenging over the past year. Russia's war in

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Speaker 1: Ukraine would not be able to continue without ongoing Chinese support,

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Speaker 1: particularly the export of dual use components and critical minerals

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Speaker 1: used in Russian drone production. A massive store aimed at

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Speaker 1: California may help the state, which has been struggling with

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Speaker 1: a snow drought through much of the winter. At least

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Speaker 1: twelve inches of snow is expected to fall between three

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Speaker 1: thousand and four thousand feet across mountains in northern and

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Speaker 1: eastern California through next week. Up to eight feet or

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Speaker 1: forecast to fall at higher elevations as a winter store

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Speaker 1: Watch covers much of the area. The snow drought is

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Speaker 1: hurting much of the US West, including California, which depends

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Speaker 1: on snow for its annual water supplies. Storms have either

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Speaker 1: brought too much rain even at high elevations, or, as

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Speaker 1: was the case through most of January, they haven't arrived

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Speaker 1: at all. The Trump administration is moving ahead with a

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Speaker 1: plan to remake the US immigration detention system. Bloomberg's Amy

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Speaker 1: Mars has details from Washington.

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Speaker 5: The Detention re Engineering Initiative is a thirty eight point

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Speaker 5: three billion dollar plan that calls for acquiring and renovating

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Speaker 5: detention centers, adding processing sites, and taking control of existing

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Speaker 5: facilities to create an efficient detention network. This new network

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Speaker 5: will increase bed capacity by more than ninety two thousand

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Speaker 5: and is expected to be fully implemented by November, funded

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Speaker 5: through congressional allocations under the One Big Beautiful Bill Act.

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Speaker 5: In Washington, Amy Moore as Bloomberg Radio.

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Speaker 1: Checking the metal count at the Winter Olympics. Norway leads

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Speaker 1: with twenty, Italy is second with eighteen, the US third

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Speaker 1: with seventeen months of deadly Smoggan news You Delhi are

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Speaker 1: sharpening public anger over a pollution crisis the government has

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Speaker 1: failed to fix. India's toxic air crisis is reaching a

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Speaker 1: breaking point. You can read all about it in Bloomberg's

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Speaker 1: weekend edition, exploring the places where finance, life and culture meet.

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Speaker 1: Find it now on bloomberg dot Com and the Bloomberg

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Speaker 1: Business app. That's news when you want it with Bloomberg

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Speaker 1: News Now. I'm Mad Kleggi.

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Speaker 5: This is Bloomberg