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January 15, 2025 • 16 mins

On today's podcast:

1) LA Faces High Winds and No Sign of Rain After Week of Flames

2) Musk Accused by SEC of Cheating Twitter Holders Out of Millions

3) Big Bank Earnings Begin

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Episode Transcript

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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.

Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.

Speaker 3 (00:15):
Karen, we begin with the latest on the Los Angeles wildfires.
Crews from as far away as Canada are still struggling
to contain the massive blazes that broke out eight days ago.
Now the same combination of high winds and low humidity
that set them off in the first place is threatening
the region again. LA Mayor Karen Bass says the next
twenty four to forty eight hours will be critical.

Speaker 4 (00:35):
If you are told that you are in a warning zone.

Speaker 5 (00:39):
It would be advised that you actually take that opportunity
to leave, get packed, get everything ready.

Speaker 3 (00:46):
Mayor Karen Bass says she's issued directives to help fast
track the rebuilding, but first conditions on the ground need
to improve. Palisades Fire incident meteorologist Rich Thompson says they're
getting there.

Speaker 6 (00:57):
Critical fire re conditions, red flag warnings in effect untils
six pm Wednesday evening. Now by Wednesday evening Wednesday night,
I expect the critical conditions to diminish, and then for
Thursday into the weekend, we're actually get back to a
more normal weather powder here for this part of the country.

Speaker 3 (01:11):
As it stands now, the biggest fire in the Palisades
is eighteen percent contained. The Eton Fire, which destroyed much
of Altadena, is under thirty five percent containment. The death
toll remains at twenty four Estimates of insured losses running
as high as forty billion dollars well Nathan.

Speaker 2 (01:27):
The fires are also threatening to make the Los Angeles
housing crisis even worse. Before the fires, only about five
percent of LA apartments were vacant, with the median rent
of twenty two hundred ninety nine dollars. Now more than
twelve thousand buildings have been destroyed, many of them homes.
One rental company that manages some of LA's priciest neighborhood

(01:47):
says it's getting more than ten times as many calls
as it did before the fires. The firm recently arranged
a twelve month lease for one tenant in Beverly Hills
for thirty five thousand dollars. A month after the fires,
the owner raised the rent to forty thousand.

Speaker 3 (02:02):
Now to the latest on efforts for a truce in
the Middle East, Israel and Hamas are now accusing one
another of delaying a Gaza ceasefire aimed at exchanging hostages
for prisoners and sending aid to the beleaguered Palestinian territory.
While officials say an agreement for a six week pause
in fighting is still likely soon, frequent failures to get
a deal finalized have left everyone saying nothing is being

(02:24):
taken for granted. CBS News previously reported that Israel and
Hamas have agreed in principle to a ceasefire at.

Speaker 7 (02:30):
The Atlantic Council.

Speaker 3 (02:31):
Secretary of State Anthony Blincoln said he thinks they're close.

Speaker 8 (02:34):
I believe we will get a ceasefire, and whether we
get there in the remaining days of our administration or
after January twentieth, I believe the deal will follow closely
the terms of the agreement that President Biden put forward
last May, and our administration rallied the world behind.

Speaker 3 (02:49):
Secretary Blincoln added, the sides are discussing a pause to
allow for the exchange of hostages and a boost in aid.
During the truce, Israel and Hamas will start a second,
more serious round of indirect negotiations about ending the war
and rebuilding the territory.

Speaker 2 (03:03):
Meanwhile, Nathan and Washington President elect Donald Trump's pick for
Defense Secretary, Pete Hankseth, appears on course to win confirmation
after a half day Senate hearing. Bloomberg's Amy Morris is
in Washington and has more on the heated hearing.

Speaker 9 (03:18):
New York Democratic Senator Kirsten Gillibrand questioned hag Seth's position
on women in the military.

Speaker 2 (03:24):
You will have to change how you see women to
do this job well, and I don't know if you
are capable of that.

Speaker 9 (03:30):
And Virginia Democratic Senator Tim Caine questioned hag Seth's character.

Speaker 8 (03:35):
You had just fathered a child two months before by
a woman that was not your wife.

Speaker 9 (03:39):
Senat Armed Services Committee chair, Republican Roger Wicker of Mississippi
showed his support for the nominee.

Speaker 4 (03:46):
I'm confident that mister Hegseth, supported by a team of
experienced top officials, will get the job done.

Speaker 9 (03:52):
Hag Seth himself laid out his objective for the Pentagon
if he's confirmed. When President Trump chose me for this position,
the primary charge he gave me was to bring the
warrior culture back to the Department of Defense. Hag Seth
does not need Democrats to win confirmation. But he can't
lose more than three Republicans in Washington. Amy Moore as
Bloomberg Radio.

Speaker 3 (04:12):
Amy, thanks. Turning to the economy now, A day after
we learned US wholesale inflation unexpectedly cooled in December, we
get another reading this morning. Consumer prices are forecasts to
have risen four tenths of one percent last month. Let's
get a preview from Bloomberg's Michael McKee.

Speaker 10 (04:27):
The change in the consumer price index usually doesn't match
the change in producer prices, so yesterday's surprisingly tame PPI
report probably tells us very little about what we'll see today.
Investors and Fed officials will be watching housing costs, in particular,
after housing inflation finally appeared to start cooling in November.
If that continues, it's good news for the inflation outlook.

(04:49):
Also under scrutiny used cars, food and energy, and airline fares.
Nothing but a huge miss high or low would get
Fed officials to consider changing their plan to hold rate
steady at their January meeting. Michael McKee, Bloomberg Radio.

Speaker 2 (05:03):
All right, Michael, thank you.

Speaker 5 (05:04):
Well.

Speaker 2 (05:04):
On Wall Street, big bank earnings begin with Goldman Sachs
City Group JP Morgan Chase and Wells Fargo. This morning,
we get more on what to expect from Goldman with
Bloomberg Intelligence senior Global Banks analyst Allison Williams.

Speaker 11 (05:17):
Ohman sachs they may post the strongest EPs growth compared
to a year ago, as well as Morgan Stanley. Both
of the banks are focused on the capital markets business,
but Goldman is also benefiting from a honed focus. Much
of the changes that they made last year have helped
them sort of return to their core institutional strength, and

(05:41):
we expect that they're going to show benefit from those
trends as well as momentum into the first quarter, especially
for their leading equities trading revenue as well as the
M and A business.

Speaker 2 (05:53):
Bloomberg Intelligence Senior Global Banks analyst Allison Williams expects Goldman
earnings at seven thirty am Wall Street Time.

Speaker 3 (06:00):
Well Karen Elon Musk is being sued by the Securities
and Exchange Commission. The agency is accusing Musk of failing
to timely disclose a major purchase of Twitter shares before
he took over the social media platform. We get more
from Bloomberg's Megan Howard.

Speaker 1 (06:13):
The agency is alleging that Musk waited to disclose his
acquisition of Twitter shares in order to build his position
at lower prices. They are also saying that must deliberately
ignored a deadline to publicly disclose that he acquired more
than a five percent stake in the company early in
twenty twenty two, and this is actually something that he
had previewed in a letter last month. So the agency

(06:36):
has officially filed that lawsuit in federal court as of today.

Speaker 3 (06:39):
And Bloomberg's Megan Howard says the SEC is seeking a
civil penalty and for Musk to return profits made from
his stock purchases.

Speaker 2 (06:47):
Well. Nathan Elon musk Space company SpaceX has had another
landmark launch three two one Dignition and John go Hi Bay,
a Falcon nine rocket with a pair of commercial satellites
on board, took off from the Kennedy Space Center overnight.

(07:08):
Both the satellites are carrying lunar rovers heading into the
private sector moon race. One from Texas based Firefly Aerospace
is named Blue Ghost. It'll attempt at moon landing in
forty five days. The other is owned by Tokyo's Eye Space.
The Hakuto R probe will try for its second trip
to the Moon after a field attempt last April. Time

(07:31):
now for a look at some of the other stories
making news in New York and around the world. And
for that we're joined by Bloomberg's John Tucker. John, Good morning, Yeah, Good.

Speaker 5 (07:38):
Morning, Karen. New York Governor Kathy Hochel proposing a middle
class tax cut. Let's get more in the story. This
morning from Bloomberg's Charlie pellan.

Speaker 7 (07:46):
Word came in her State of the State address, focusing
on pocketbook concerns.

Speaker 3 (07:51):
First, I'm calling for a sweeping middle class tax cut.

Speaker 2 (07:55):
Benefiting eight point three million.

Speaker 3 (07:57):
Taxpayers making less than three d and twenty three two
thousand dollars.

Speaker 7 (08:01):
The speech outlined a range of proposals aimed at reducing
the cost of living in one of the most expensive
states while expanding social services and reducing crime in New York,
Charlie Bloomberg radios.

Speaker 5 (08:14):
Were this morning that Russia launched a massive aerial attack
against Ukraine. The AP reports that force Ukraine to introduce
preventative power cuts in the middle of winter. South Korean
investigators arrested President yunsukiel today after launching a pre dawn
operation to bring the impeached leader in for questioning. This
comes over his short lived martial law declaration, and TikTok

(08:36):
reportedly plans has shut off its app for US users
on Sunday. That's the day it'll be banned unless the
Supreme Court intervenes. Where the enormity of the destruction in
southern California has quickly snuffed out all festiveness in the
movie industry's high season of celebration. The Oscars remain as scheduled,
but it's certain they'll be transformed due to the wildfires.

(08:57):
Some telethon like element also seems sure to accompany the
Oscars In recent days, many throughout the industry a voice
suggestions for how that broadcast could be reconsidered. Global news
twenty four hours a day, whenever you want it with
Bloomberg News.

Speaker 1 (09:11):
Now.

Speaker 5 (09:11):
I'm John Tucker and this is Bloomberg.

Speaker 7 (09:13):
Karen.

Speaker 2 (09:14):
All right, John Tucker, thank you time now for the
Bloomberg Sports Update, brought to you by Tri State Outie.
Here's John Stashaur, John, Good morning.

Speaker 7 (09:25):
Good morning, Karen.

Speaker 12 (09:26):
It was forty years ago that Saint John's and Georgetown
played at the Garden, one of the most hyped college
basketball games ever. They were ranked one two in the country.
The Hoyas won that game. They'd hardly won the previous
three seasons, a Big East record of four and fifty eight,
but they're much better this season and at MSG Georgetown
had a fourteen point lead early in the second half,
Saint John's responded a nineteen to two run to win

(09:49):
sixty three point fifty eight. Coach of the Red Storm,
Rick Patino was on NBC for you.

Speaker 4 (09:54):
Don't have a great night, they come back and win.
It tells you who you are and what you're all about.
And these guys were about winning and that's all that counts.
They came out and said, don't worry about it. We're
gonna get a single digits, will win this game.

Speaker 12 (10:07):
And see John's now fifteen and three, six and one
of the Big East. Auburn's ranked number one, which is
the second time ever Tigers meet Mississippi State. By twenty two,
they're sixteen and one. Third ranked. Duke now seventeen and two,
beat Miami by thirty five the Nets, but just their
fifth win since November one, thirty two to one to
fourteen in Portland. Nick's play tonight in Philadelphia. They may
be without Karl Anthony Towns. He hurt his thumb in

(10:28):
the game. This past Monday, all three New York hockey
teams lost. Rangers at Colorado three two in overtime. The
Acid tie the game of the minute. Thirteen left Islanders
got shut out by Ottawa two nothing. The Devil's lost
to Florida two to one in the shootout. First place
Capitals three nothing went over. Anaheim Bruins beat Tampa Bay
six to two. Round to the Australian Open saw a
second straight four set victory for the ten time champion

(10:50):
Novak Djocovis. Carlos Alca has lost only five games straight
set wins for the women's top seed, Arena Sablanca as
well as Jess Pagoula and Coco Got. The second week
of TGL That's Tomorrow's Golf League played indoors, some real,
some simulated. Tiger Woods one of the founders, and he
played not all that well. Tiger's team lost the fifty
hole match twelve to one. Johns Dashieller, Bloomberg Sports Karen Nathan.

Speaker 4 (11:14):
Coast to Coast on Bloomberg Radio, nationwide on Sirius.

Speaker 3 (11:18):
XM, and around the world on Bloomberg dot Com and
the Bloomberg Business app.

Speaker 9 (11:23):
This is Bloomberg Daybreak.

Speaker 3 (11:24):
Good morning, I'm Nathan Hager. Another morning with little led
up to the dangerous weather that has fueled the Los
Angeles wildfires for more than a week. Now, even more
challenging conditions are in the forecast for today and the
warning from La Mayor Karen Bass.

Speaker 4 (11:39):
We are not out of this crisis yet.

Speaker 1 (11:41):
We still have another twenty four to forty eight hours
and so Angelino's please be safe.

Speaker 3 (11:48):
Joining us now for the update Bloomberg News Senior editor
Bill Ferries. So, Bill, where do things stand now? What
kind of conditions are we expecting today?

Speaker 7 (11:56):
Good morning, Good morning, Nathan.

Speaker 13 (11:58):
Yeah, there's really been no reprieve for residents of Los Angeles,
southern California or the firefighters out still battling these blazes.
With those Santa Ana wins continuing to gust up to
sixty miles an hour.

Speaker 7 (12:11):
There were some.

Speaker 13 (12:12):
New fires that started over the last day. Firefighters were
largely able to contain or extinguish those. But when you're
talking about the two main fires, they eat and fire
that's only thirty five percent contained still, and the Palisades
fire even in worse shape eighteen percent contained, so a
lot of work still ahead. There is some hope that

(12:35):
humidity levels at least will be picking up later in
the week and maybe the winds dying down a little bit.
That's important in terms of helping the vegetation not become
quite as dry. But there are already some concerns about
weather winds might be picking up about a week from
now when the weather conditions shift again. So still very

(12:57):
tough time. You've got eighty eighty eight thousand residents under
evacuation orders and two million people in that region facing
extreme fire conditions.

Speaker 3 (13:08):
Wow, and it sounds as though the resources that are
being put to bear against these fires are really overwhelming
now firefighters from as far away as Mexico and Canada.
Is there still a question about whether there's enough resources
going into this.

Speaker 13 (13:25):
It seems an issue of the resources than just the
scale of the of what they're facing at this point.
It's you know, it's really the conditions are really not
favorable to the firefighters at this point. It haven't been.
You have these strong winds continuing to blow. Those can
really fueling those fires and keep them kind of moving along.

(13:50):
So it's less it seems less an issue with the resources,
whether it's personnel or water, than just the kind of
the huge, the huge conditions that they are up against
at this point.

Speaker 3 (14:05):
Just as shift gears. Another major story I know you're
following is this Securities and Exchange Commission lawsuit that Elon
Musk is now facing over his disclosures ahead of the
Twitter buyout. Is this the kind of case that we
were expecting the SEC to make against Musk, given that
he's really been under scrutiny for quite some time now.

Speaker 7 (14:27):
Yeah.

Speaker 13 (14:28):
I mean, Musk did provide a hint of this in
December when he released a letter he had received from
the SEC. It's really hard to know whether this is
kind of more of a symbolic parting shot by the
outgoing Bided administration and the SEC chief, or whether it
will really have an impact. I mean, the crux of

(14:49):
their argument is that Musk, when he was he passed
this five percent ownership threshold in Twitter in late March
twenty twenty two, that he did not let the public
let investors know as quickly as he should have that
he was becoming a large stakeholder in the company in

(15:10):
that time. When that information wasn't public, he continued to
buy hundreds of millions of dollars in shares. If investors
had known Elon Musk was there doing that, they probably
would have gotten a higher price. That's what the SEC
is saying, that investors were built of about one hundred
and fifty million dollars. But whether that case is something
that goes forward in the next administration when you have

(15:31):
a new SEC share, that's something we're going to have
to wait and find out.

Speaker 2 (15:34):
This is Bloomberg Day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.

Speaker 3 (15:41):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.

Speaker 2 (15:47):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on Seri
XM Channel one twenty one.

Speaker 3 (16:02):
Plus listen coast to coast on the Bloomberg Business app
now with Apple CarPlay and Android auto interfaces, and.

Speaker 2 (16:08):
Don't forget to subscribe to Bloomberg News Now. It's the
latest news, whenever you want it in five minutes or less.
Search Bloomberg News Now on your favorite podcast platform to
stay informed all day long. I'm Karen Moscow.

Speaker 3 (16:21):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg debray
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