May 5, 2025 • 17 mins
On today's podcast:
1) President Donald Trump suggested that his administration could strike trade deals with some countries as soon as this week, offering the prospect of relief for trading partners seeking to avoid higher US import duties.
2) Warren Buffett picked the final minute of his 60th shareholder meeting to drop a long-awaited announcement that was still completely surprising for his fans, most of his board and even his successor.
3) Elon Musk called the US government inefficient and said artificial intelligence should be used to replace the functions currently done by some public workers, according to a person who attended the closed-door session at the Milken Institute Global Conference.
See omnystudio.com/listener for privacy information.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
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, let's begin with the latest on the global trade war.
President Trump is hinting that trade deals could come as
soon as this week with some countries. The President spoke
with reporters on Air Force one last night.
Speaker 4 (00:26):
At some point in the next two weeks or three weeks,
I'm going to be setting the deal. I'm going to
say that such and such a country has had a
tremendous trade surplus, surplus their way with us. They've taken
advantage of us in various ways.
Speaker 3 (00:44):
President Trump also says his aides are having conversations with
their counterparts in Beijing, though he has no current plans
to speak with Chinese President Shi Jinping.
Speaker 1 (00:52):
Nathan.
Speaker 2 (00:53):
The President says he does have plans for a new
tariff on foreign made films and a truth social posts.
President Trump said he's directed the Commerce Department to begin
instituting a one hundred percent duty on movies made overseas,
and he spoke about that on Air Force One last
night as well.
Speaker 5 (01:10):
Other nations have been stealing.
Speaker 6 (01:13):
These the movies, the movie.
Speaker 4 (01:15):
Making capabilities from the United States, And I said to
a couple of people, what do you think I've been
Trump very trung.
Speaker 7 (01:22):
Research over the last week, and what're making.
Speaker 8 (01:25):
Very few movies.
Speaker 2 (01:27):
President Trump's comments come after a mar A Lago meeting
over the weekend with actor John Voyd, Sources tow Bloomberg
Void and as manager Stephen Paul gave the President plans
for more movie and TV tax incentives.
Speaker 3 (01:39):
And Karen All. This follows a wide ranging interview with
President Trump on NBC's Meet the Press heard on Bloomberg Radio.
President said he made lower tariffs on China at some
point because the one hundred and forty five percent duties
are so high. Now both countries have essentially stopped doing
business with each other.
Speaker 9 (01:55):
China's getting killed right now. They're getting absolutely destroyed. The
factories are closing, their unemployment is going through the roof.
I'm not looking to do that to China.
Speaker 3 (02:05):
The President also insisted he's not looking to fire FED
chair J. Powell, though he still thinks the Central banks
waited too long to cut interest rates.
Speaker 9 (02:13):
Well, he should lower them, and at some point he will.
He'd rather not because he's not a fan of mine,
not you know, it just doesn't like me because I
think he's a total stiff.
Speaker 3 (02:25):
President Trump also said he could give TikTok another extension
to sell to a US buyer, saying he has a
warm spot for the Chinese owned app, and asked again
whether he's thinking of running for a third term. The
President had this to.
Speaker 9 (02:37):
Say, so many people want me to do it. I
have never had requests so strong as that. But it's
something that, to the best of my knowledge, and not
allowed to do.
Speaker 3 (02:47):
President Trump told NBC's Meet the Press he could see
Vice President jd Vance or Secretary of State Marco Rubio
succeeding him Nathan.
Speaker 2 (02:55):
In another major story we're following this morning, the passing
of the tour arch at Berkshire, Hathaway Warren Buffett Pick
the final minute of a sixtieth annual shareholder meeting to
announce his retirement and Bloomberge John Tucker joins us with
Moore and John Buffett also announcing his replacement.
Speaker 10 (03:11):
Yeah, Karen, it was a shock to many you, including
his shareholders at this meeting. Only his two kids board
members at Berkshire knew this is coming. Blindsiding even his
vice chairman, greg Abel. Abel is the man Buffett has
picked to replace him. Tom Finkel, author of Warren Buffett,
investor and entrepreneur, says the company will be in good hands.
Speaker 7 (03:32):
I think he's going to do a great job.
Speaker 2 (03:33):
He's been mentored all these years.
Speaker 7 (03:36):
I haven't heard one negative thing about Greg Abel, not
one negative thing.
Speaker 10 (03:42):
Well, Buffett will hand the sixty two year old to
able the keys to a one point two trillion dollar giant,
commanding a portfolio of stocks like Apple and American Express
on top of a collection of insurance, energy, railroad, and
consumer businesses that churn out ten billion dollars a quarter
in operating profit. Abel will now have to decide what
to do with Berkshire's almost three hundred and fifty billion
(04:04):
dollar cash pile, after Buffett largely sat out a volatile
last few years in the markets. At ninety four years old,
Buffett has served as CEO for sixty years, and in
pre market trading this morning, Berkshire Class B shares are
down two percent in New York. I'm John Tucker Bloomberg Radio.
Speaker 3 (04:21):
All right, John, thank you, And reaction is pouring in
around the world on Warren Buffett's pending departure. We get
that part of the story from Bloomberg's Genas Cervetti.
Speaker 11 (04:30):
As Warren Buffett called an end to his historic run
atop Berkshire Hathaway, Luminaries from the technology in banking worlds
rushed to praise the man, whose lessons they partially credit
for their success. Apples, Tim Cook called him inspiring. Bankup
America's Brian moynihan praised his lessons on life and business,
and JP Morgan's Jamie Diamond said he's quote everything that
(04:52):
is good about American capitalism. The famed investor delivered a
more than five million, five hundred thousand percent return on
Berkshire Stuff as he turned a once failing textile firm
into the most valuable company in the world that is
neither a tech giant nor a state oil producer. Gina
Cervetti Bloomberg Radio.
Speaker 2 (05:10):
All right, Tana, thank you. We'll turning to the markets.
The S and P five hundred coming off nine straight
days of gains this week, investors will have a fed
decision and a bevy of earnings to digest. We get
a preview with Bloomberg's Charlie Pellett.
Speaker 6 (05:22):
We've heard from roughly seventy percent of S and P
five hundred companies. But a major theme is what they
are or are not saying about geopolitical tensions, tariffs and
global boycotts. Emily Rowland is CO Chief Investment strategistic John
Hancock Investment Management.
Speaker 12 (05:38):
We're learning from this earning season that companies are in
really solid footing.
Speaker 11 (05:42):
Of course, they're going.
Speaker 1 (05:42):
To need to contend with some of these challenges around
tariff's potentially for we're coming into this in a pretty
good space.
Speaker 6 (05:48):
Among the notable names scheduled to report this week are
Disney Ford, Marriotte, Uber and Burger King parent restaurant Brands
International in New York, Charlie Pelletts Bloomberg Radio.
Speaker 3 (06:00):
Charlie Thanks. Oil prices are slumping. That's after OPEC plus
agreed to another bumper increase in output. The latest tike
is more than fourty thousand barrels per day starting next month.
That matches a similar out increase announced last month. Checking
prices right now, Nymex cruds down more than two percent
at fifty seven dollars five cents per barrel. Brent is
(06:21):
down two percent that sixty dollars five cents.
Speaker 2 (06:24):
Nathan to shake up in the Taiwanese markets, the currency
is surged by the most in three decades on speculation,
exporters are rushing to convert their holdings of US dollars
to the island's currency. The Central Bank will hold an
emergency press conference later today to address this surging local dollar.
The Taiwanese dollar, which surged almost five percent earlier today,
is up three percent right now.
Speaker 3 (06:44):
And Karen Elon Musk says artificial intelligence could help offset
the loss of government workers. That's according to a person
who attended a closed door session at the Milken Institute
Global Conference, where we're told the world's richest man called
the US government inefficient and said ai I should be
used to replace functions currently done by some public workers.
(07:04):
Elon Musk's comments come as he prepares to wind down
his role leading the Department of Government Efficiency, or DOGE.
Bloomberg will bring you the biggest names and most important
conversations for Milkin Live all day long. We'll be broadcasting
a special edition of Bloomberg BusinessWeek from the Milkin Conference
starting at two pm Wall Street Time. Catch it on
Bloomberg Radio, Bloomberg Television, and on the Bloomberg Podcasts page
(07:27):
on YouTube.
Speaker 2 (07:31):
It's time 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 Michael Barr.
Speaker 5 (07:38):
Michael, good Morning, Good Morning, Karen Jerry. Selection is set
to begin today in the trial of Sean Diddy Combs.
Some potential jurors have already been asked to fill out
questionnaires on objectivity, as the music mogul faces five federal
counts involving sex trafficking and racketeering. Jury consultant doctor Joe
Ollen Demetris talked about what prosecutors could be look for
(08:00):
in their picks.
Speaker 13 (08:01):
I would think that the prosecution is looking for possibly
older people. I think they're looking for certainly a lot
of order people.
Speaker 5 (08:12):
Combs has pleaded not guilty. Flights in and out of
Israel had been disrupted after a missile attack near Tel
Aviv's main airport Sunday. Huthy rebels have claimed responsibility. Israel
blames a glitch in its Iron Dome for not preventing
the strike. President Donald Trump says he is directing his
government to reopen and expand Alcatraz. The notorious former prison
(08:35):
in the San Francisco Bay. It has been closed for
more than sixty years. In a message on his Truth
social site last night, President Trump wrote he wants to
reopen and expand the prison to how's America's most ruthless
and violent offenders. Renewed concern about the Trump administration's actions
targeting public health over the president's first one hundred days,
(08:57):
Two New York senators say the White House has broken
their promise to their own GOP leaders to restore funding
for HHS programs that provide healthcare for nine to eleven
perse responders. Senate Minority Leader Chuck Schumer.
Speaker 14 (09:11):
The administration, Donald Trump and RFK revealed their true intentions
Friday night when they fired another sixteen. Not only did
they not restore those who are Republican colleagues. They promised
we're going to restore, but then they fired new people.
Speaker 5 (09:27):
Schumer spoke alongside fellow Senator Christin Gillibrand. The Trump administration
is planning to release the proposal to modernize the US
air traffic control system. It will include upgrades to air
traffic control systems and facilities, and require billions of dollars
in new funding from Congress. The need for the upgrade
was highlighted by recent technology breakdowns and staffing issues at
(09:50):
Newark Liberty International Airport. Global News twenty four hours a
day and whenever you want it with Bloomberg News Now.
I'm Michael Barr, and this is Bloomberg Karn.
Speaker 2 (09:58):
All right, Michael Barr, thank you time now for the
Bloomberg Sports Update. Here is John's caashower, John, good morning,
Good morning Karen.
Speaker 7 (10:10):
There had never been a game seven played in Winnipeg.
There's never been a game seven like what the Jets
played with the Blues, who held a two goal lead
for forty five minutes until with under two minutes to play,
Winnipeg scored and then scored again with three seconds remaining,
the latest game time goal ever in a game seven.
They went to overtime, then double overtime.
Speaker 1 (10:30):
A peal.
Speaker 10 (10:34):
Which he for the tickets at Kyle Putter, p On
wants it, he gets it. Peon shoots.
Speaker 7 (10:44):
Sports that Canada had the call of the Winnipeg game winner.
Adam Lowry scored the goal. He was born in Saint
Louis because his father played for the Blues. The Jets advance,
The Warriors advance. Of the NBA second Round after losses
in games five and six, Golden State won at Houston
one of three to eighty nine. Thanks it's some brilliant
three point shooting knock from Steph Curry from Buddy Held.
(11:04):
He was nine of eleven on threes, scored thirty three points.
Second Round under Waylon upset win by Indiana won twenty
one to one twelve in Cleveland the next looking for
an upset, lost all four games of the Celtics in
the regular season. Here's Boston's Jalen Brown on two old
rivals meeting in the playoffs.
Speaker 8 (11:20):
It's a great stage for basketball, you know, just all
a history between you know, Boston and New York is
excellent to be able to live or to relive in that.
So I don't take that for granted. You know, I
think a lot of people will be excited watching this
series just because of the history.
Speaker 7 (11:37):
The sixteenth playoff series between the two the first and
is twenty thirteen. Game one tonight in Boston at the Stadium.
Tampa Bay beat the Yankees seven to five, and Saint
Louis Cardinals swept the doubleheader for the Mets sixty five
and five, four and Scottie Scheffler's home of Texas. He
won the Byron Nelson by eight shots. He tied the
PGA Tour record a score of two fifty three thirty
(11:57):
one under Paul John Stashedward Bloomberg Sports, Karen and Nathan.
Speaker 1 (12:04):
Coast to Coast on Bloomberg Radio nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 6 (12:14):
Good morning.
Speaker 3 (12:14):
I'm Nathan Hager. It is a moment investors knew was coming,
but still came as a bit of a surprise. Warren
Buffett waited until the end of his annual shareholder meeting
to announce he is stepping down at year's end as
CEO of Berkshire Hathaway, handing the reins to sixty two
year old energy executive greg Abel. Bill Stone is chief
investment officer at Omaha based glen View Trust.
Speaker 10 (12:35):
We all knew this day was going to come at
some point. Like I said, I think if you're a shareholder,
you feel good that it happened before I'll say it
quote unquote had.
Speaker 3 (12:44):
To happen, and joining us this morning after we got
that news Matthew Pallazola, senior insurance equity analyst at Bloomberg
Intelligence with us in our Bloomberg Interactive Brokers Studios. Matt,
it's great to have you with us, and I think
it's worth just taking a moment to reflect on this
enormous run of success what Warren Buffett built over nearly
six decades at Berkshire Hathaway.
Speaker 6 (13:06):
Good morning morning.
Speaker 12 (13:07):
Yeah. You know, if you look at the returns of
Berkshire Hathaway double the stock market over the time that
Buffett has been in charge, so truly phenomenal run, and.
Speaker 3 (13:18):
It raises the question, can Greg Gable repeat that? Are
investors expecting him to.
Speaker 12 (13:25):
I don't think investors are expecting him to repeat that.
I mean, look, there's one Warren Buffett. Certainly some of
the magic of the company gets lost.
Speaker 5 (13:35):
But you know, as we were hearing.
Speaker 12 (13:36):
And Buffett has been talking about this for years, he
has been preparing people. He's too good of a stewart
of shareholder money to kind of let it come to
a point where it was some sort of emergency or
something like that. So he has been preparing for this
for a long time.
Speaker 3 (13:54):
So what can we expect from a newly led Berkshire
Hathaway under Gray Gable. Do we expect many changes from
the kind of ethos that the Warren Buffett and Charlie
Munger really put into the company.
Speaker 12 (14:10):
Yeah, I wouldn't expect many changes right away. I think
perhaps over time we can see, you know, maybe the
company get a little more friendly to analysts, which would
be great for me. But I don't think right away.
I mean, part of the reason that Abel is taking
over is because he is going to carry on that
ethos of Berkshire.
Speaker 3 (14:32):
Berkshire Hathaway course is so big. I think, what is
it like the eighth highest market cap in the s
and P Five hundred? Does Warren Buffett's departure raised questions
for you about the future of Berkshire Hathaway's makeup itself,
whether it could be due for a breakup down the line.
Speaker 12 (14:51):
I don't think that will happen. I do think Berkshire
Hathaway got away with a lot because Warren Buffett right
Without that, I do think shareholders probably have more of
a standing to bring up questions and bring up things
like a breakup or these businesses know better on their own.
(15:13):
The board will still be made up of you know,
very Berkshire long term friendly people, Buffett's children, So I
think I don't think anything major like that happens, but
I do think the prospect of people bringing up these
questions and the company having to address them in a
more coherent fashion does come up now.
Speaker 3 (15:37):
So in our last thirty seconds for now, Matt, what
are we expecting over the next several months before Warren
Buffett officially does hand over those reigns at the end
of the year.
Speaker 12 (15:47):
Yeah, like you said, so Buffett still has the rest
of the year. Berkshire doesn't do analyst calls, they don't
do quarterly conference calls. I would expect greg Abel gets
out there more in front of the press in between
now and the end of the year. He has, for
such a large job, had a relatively low profile, so
I do think you'll probably see him doing a lot
(16:09):
more interviews in between now and then, probably not investor stuff,
but more media.
Speaker 2 (16:12):
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.
Speaker 3 (16:19):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:25):
You can also listen live each morning starting at five
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Speaker 4 (16:40):
Plus.
Speaker 3 (16:40):
Listen coast to coast on the Bloomberg Business app now
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Speaker 2 (16:46):
And 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
and I'm Nathan Hay.
Speaker 3 (17:00):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg day
Break
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, let's begin with the latest on the global trade war.
President Trump is hinting that trade deals could come as
soon as this week with some countries. The President spoke
with reporters on Air Force one last night.
Speaker 4 (00:26):
At some point in the next two weeks or three weeks,
I'm going to be setting the deal. I'm going to
say that such and such a country has had a
tremendous trade surplus, surplus their way with us. They've taken
advantage of us in various ways.
Speaker 3 (00:44):
President Trump also says his aides are having conversations with
their counterparts in Beijing, though he has no current plans
to speak with Chinese President Shi Jinping.
Speaker 1 (00:52):
Nathan.
Speaker 2 (00:53):
The President says he does have plans for a new
tariff on foreign made films and a truth social posts.
President Trump said he's directed the Commerce Department to begin
instituting a one hundred percent duty on movies made overseas,
and he spoke about that on Air Force One last
night as well.
Speaker 5 (01:10):
Other nations have been stealing.
Speaker 6 (01:13):
These the movies, the movie.
Speaker 4 (01:15):
Making capabilities from the United States, And I said to
a couple of people, what do you think I've been
Trump very trung.
Speaker 7 (01:22):
Research over the last week, and what're making.
Speaker 8 (01:25):
Very few movies.
Speaker 2 (01:27):
President Trump's comments come after a mar A Lago meeting
over the weekend with actor John Voyd, Sources tow Bloomberg
Void and as manager Stephen Paul gave the President plans
for more movie and TV tax incentives.
Speaker 3 (01:39):
And Karen All. This follows a wide ranging interview with
President Trump on NBC's Meet the Press heard on Bloomberg Radio.
President said he made lower tariffs on China at some
point because the one hundred and forty five percent duties
are so high. Now both countries have essentially stopped doing
business with each other.
Speaker 9 (01:55):
China's getting killed right now. They're getting absolutely destroyed. The
factories are closing, their unemployment is going through the roof.
I'm not looking to do that to China.
Speaker 3 (02:05):
The President also insisted he's not looking to fire FED
chair J. Powell, though he still thinks the Central banks
waited too long to cut interest rates.
Speaker 9 (02:13):
Well, he should lower them, and at some point he will.
He'd rather not because he's not a fan of mine,
not you know, it just doesn't like me because I
think he's a total stiff.
Speaker 3 (02:25):
President Trump also said he could give TikTok another extension
to sell to a US buyer, saying he has a
warm spot for the Chinese owned app, and asked again
whether he's thinking of running for a third term. The
President had this to.
Speaker 9 (02:37):
Say, so many people want me to do it. I
have never had requests so strong as that. But it's
something that, to the best of my knowledge, and not
allowed to do.
Speaker 3 (02:47):
President Trump told NBC's Meet the Press he could see
Vice President jd Vance or Secretary of State Marco Rubio
succeeding him Nathan.
Speaker 2 (02:55):
In another major story we're following this morning, the passing
of the tour arch at Berkshire, Hathaway Warren Buffett Pick
the final minute of a sixtieth annual shareholder meeting to
announce his retirement and Bloomberge John Tucker joins us with
Moore and John Buffett also announcing his replacement.
Speaker 10 (03:11):
Yeah, Karen, it was a shock to many you, including
his shareholders at this meeting. Only his two kids board
members at Berkshire knew this is coming. Blindsiding even his
vice chairman, greg Abel. Abel is the man Buffett has
picked to replace him. Tom Finkel, author of Warren Buffett,
investor and entrepreneur, says the company will be in good hands.
Speaker 7 (03:32):
I think he's going to do a great job.
Speaker 2 (03:33):
He's been mentored all these years.
Speaker 7 (03:36):
I haven't heard one negative thing about Greg Abel, not
one negative thing.
Speaker 10 (03:42):
Well, Buffett will hand the sixty two year old to
able the keys to a one point two trillion dollar giant,
commanding a portfolio of stocks like Apple and American Express
on top of a collection of insurance, energy, railroad, and
consumer businesses that churn out ten billion dollars a quarter
in operating profit. Abel will now have to decide what
to do with Berkshire's almost three hundred and fifty billion
(04:04):
dollar cash pile, after Buffett largely sat out a volatile
last few years in the markets. At ninety four years old,
Buffett has served as CEO for sixty years, and in
pre market trading this morning, Berkshire Class B shares are
down two percent in New York. I'm John Tucker Bloomberg Radio.
Speaker 3 (04:21):
All right, John, thank you, And reaction is pouring in
around the world on Warren Buffett's pending departure. We get
that part of the story from Bloomberg's Genas Cervetti.
Speaker 11 (04:30):
As Warren Buffett called an end to his historic run
atop Berkshire Hathaway, Luminaries from the technology in banking worlds
rushed to praise the man, whose lessons they partially credit
for their success. Apples, Tim Cook called him inspiring. Bankup
America's Brian moynihan praised his lessons on life and business,
and JP Morgan's Jamie Diamond said he's quote everything that
(04:52):
is good about American capitalism. The famed investor delivered a
more than five million, five hundred thousand percent return on
Berkshire Stuff as he turned a once failing textile firm
into the most valuable company in the world that is
neither a tech giant nor a state oil producer. Gina
Cervetti Bloomberg Radio.
Speaker 2 (05:10):
All right, Tana, thank you. We'll turning to the markets.
The S and P five hundred coming off nine straight
days of gains this week, investors will have a fed
decision and a bevy of earnings to digest. We get
a preview with Bloomberg's Charlie Pellett.
Speaker 6 (05:22):
We've heard from roughly seventy percent of S and P
five hundred companies. But a major theme is what they
are or are not saying about geopolitical tensions, tariffs and
global boycotts. Emily Rowland is CO Chief Investment strategistic John
Hancock Investment Management.
Speaker 12 (05:38):
We're learning from this earning season that companies are in
really solid footing.
Speaker 11 (05:42):
Of course, they're going.
Speaker 1 (05:42):
To need to contend with some of these challenges around
tariff's potentially for we're coming into this in a pretty
good space.
Speaker 6 (05:48):
Among the notable names scheduled to report this week are
Disney Ford, Marriotte, Uber and Burger King parent restaurant Brands
International in New York, Charlie Pelletts Bloomberg Radio.
Speaker 3 (06:00):
Charlie Thanks. Oil prices are slumping. That's after OPEC plus
agreed to another bumper increase in output. The latest tike
is more than fourty thousand barrels per day starting next month.
That matches a similar out increase announced last month. Checking
prices right now, Nymex cruds down more than two percent
at fifty seven dollars five cents per barrel. Brent is
(06:21):
down two percent that sixty dollars five cents.
Speaker 2 (06:24):
Nathan to shake up in the Taiwanese markets, the currency
is surged by the most in three decades on speculation,
exporters are rushing to convert their holdings of US dollars
to the island's currency. The Central Bank will hold an
emergency press conference later today to address this surging local dollar.
The Taiwanese dollar, which surged almost five percent earlier today,
is up three percent right now.
Speaker 3 (06:44):
And Karen Elon Musk says artificial intelligence could help offset
the loss of government workers. That's according to a person
who attended a closed door session at the Milken Institute
Global Conference, where we're told the world's richest man called
the US government inefficient and said ai I should be
used to replace functions currently done by some public workers.
(07:04):
Elon Musk's comments come as he prepares to wind down
his role leading the Department of Government Efficiency, or DOGE.
Bloomberg will bring you the biggest names and most important
conversations for Milkin Live all day long. We'll be broadcasting
a special edition of Bloomberg BusinessWeek from the Milkin Conference
starting at two pm Wall Street Time. Catch it on
Bloomberg Radio, Bloomberg Television, and on the Bloomberg Podcasts page
(07:27):
on YouTube.
Speaker 2 (07:31):
It's time 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 Michael Barr.
Speaker 5 (07:38):
Michael, good Morning, Good Morning, Karen Jerry. Selection is set
to begin today in the trial of Sean Diddy Combs.
Some potential jurors have already been asked to fill out
questionnaires on objectivity, as the music mogul faces five federal
counts involving sex trafficking and racketeering. Jury consultant doctor Joe
Ollen Demetris talked about what prosecutors could be look for
(08:00):
in their picks.
Speaker 13 (08:01):
I would think that the prosecution is looking for possibly
older people. I think they're looking for certainly a lot
of order people.
Speaker 5 (08:12):
Combs has pleaded not guilty. Flights in and out of
Israel had been disrupted after a missile attack near Tel
Aviv's main airport Sunday. Huthy rebels have claimed responsibility. Israel
blames a glitch in its Iron Dome for not preventing
the strike. President Donald Trump says he is directing his
government to reopen and expand Alcatraz. The notorious former prison
(08:35):
in the San Francisco Bay. It has been closed for
more than sixty years. In a message on his Truth
social site last night, President Trump wrote he wants to
reopen and expand the prison to how's America's most ruthless
and violent offenders. Renewed concern about the Trump administration's actions
targeting public health over the president's first one hundred days,
(08:57):
Two New York senators say the White House has broken
their promise to their own GOP leaders to restore funding
for HHS programs that provide healthcare for nine to eleven
perse responders. Senate Minority Leader Chuck Schumer.
Speaker 14 (09:11):
The administration, Donald Trump and RFK revealed their true intentions
Friday night when they fired another sixteen. Not only did
they not restore those who are Republican colleagues. They promised
we're going to restore, but then they fired new people.
Speaker 5 (09:27):
Schumer spoke alongside fellow Senator Christin Gillibrand. The Trump administration
is planning to release the proposal to modernize the US
air traffic control system. It will include upgrades to air
traffic control systems and facilities, and require billions of dollars
in new funding from Congress. The need for the upgrade
was highlighted by recent technology breakdowns and staffing issues at
(09:50):
Newark Liberty International Airport. Global News twenty four hours a
day and whenever you want it with Bloomberg News Now.
I'm Michael Barr, and this is Bloomberg Karn.
Speaker 2 (09:58):
All right, Michael Barr, thank you time now for the
Bloomberg Sports Update. Here is John's caashower, John, good morning,
Good morning Karen.
Speaker 7 (10:10):
There had never been a game seven played in Winnipeg.
There's never been a game seven like what the Jets
played with the Blues, who held a two goal lead
for forty five minutes until with under two minutes to play,
Winnipeg scored and then scored again with three seconds remaining,
the latest game time goal ever in a game seven.
They went to overtime, then double overtime.
Speaker 1 (10:30):
A peal.
Speaker 10 (10:34):
Which he for the tickets at Kyle Putter, p On
wants it, he gets it. Peon shoots.
Speaker 7 (10:44):
Sports that Canada had the call of the Winnipeg game winner.
Adam Lowry scored the goal. He was born in Saint
Louis because his father played for the Blues. The Jets advance,
The Warriors advance. Of the NBA second Round after losses
in games five and six, Golden State won at Houston
one of three to eighty nine. Thanks it's some brilliant
three point shooting knock from Steph Curry from Buddy Held.
(11:04):
He was nine of eleven on threes, scored thirty three points.
Second Round under Waylon upset win by Indiana won twenty
one to one twelve in Cleveland the next looking for
an upset, lost all four games of the Celtics in
the regular season. Here's Boston's Jalen Brown on two old
rivals meeting in the playoffs.
Speaker 8 (11:20):
It's a great stage for basketball, you know, just all
a history between you know, Boston and New York is
excellent to be able to live or to relive in that.
So I don't take that for granted. You know, I
think a lot of people will be excited watching this
series just because of the history.
Speaker 7 (11:37):
The sixteenth playoff series between the two the first and
is twenty thirteen. Game one tonight in Boston at the Stadium.
Tampa Bay beat the Yankees seven to five, and Saint
Louis Cardinals swept the doubleheader for the Mets sixty five
and five, four and Scottie Scheffler's home of Texas. He
won the Byron Nelson by eight shots. He tied the
PGA Tour record a score of two fifty three thirty
(11:57):
one under Paul John Stashedward Bloomberg Sports, Karen and Nathan.
Speaker 1 (12:04):
Coast to Coast on Bloomberg Radio nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 6 (12:14):
Good morning.
Speaker 3 (12:14):
I'm Nathan Hager. It is a moment investors knew was coming,
but still came as a bit of a surprise. Warren
Buffett waited until the end of his annual shareholder meeting
to announce he is stepping down at year's end as
CEO of Berkshire Hathaway, handing the reins to sixty two
year old energy executive greg Abel. Bill Stone is chief
investment officer at Omaha based glen View Trust.
Speaker 10 (12:35):
We all knew this day was going to come at
some point. Like I said, I think if you're a shareholder,
you feel good that it happened before I'll say it
quote unquote had.
Speaker 3 (12:44):
To happen, and joining us this morning after we got
that news Matthew Pallazola, senior insurance equity analyst at Bloomberg
Intelligence with us in our Bloomberg Interactive Brokers Studios. Matt,
it's great to have you with us, and I think
it's worth just taking a moment to reflect on this
enormous run of success what Warren Buffett built over nearly
six decades at Berkshire Hathaway.
Speaker 6 (13:06):
Good morning morning.
Speaker 12 (13:07):
Yeah. You know, if you look at the returns of
Berkshire Hathaway double the stock market over the time that
Buffett has been in charge, so truly phenomenal run, and.
Speaker 3 (13:18):
It raises the question, can Greg Gable repeat that? Are
investors expecting him to.
Speaker 12 (13:25):
I don't think investors are expecting him to repeat that.
I mean, look, there's one Warren Buffett. Certainly some of
the magic of the company gets lost.
Speaker 5 (13:35):
But you know, as we were hearing.
Speaker 12 (13:36):
And Buffett has been talking about this for years, he
has been preparing people. He's too good of a stewart
of shareholder money to kind of let it come to
a point where it was some sort of emergency or
something like that. So he has been preparing for this
for a long time.
Speaker 3 (13:54):
So what can we expect from a newly led Berkshire
Hathaway under Gray Gable. Do we expect many changes from
the kind of ethos that the Warren Buffett and Charlie
Munger really put into the company.
Speaker 12 (14:10):
Yeah, I wouldn't expect many changes right away. I think
perhaps over time we can see, you know, maybe the
company get a little more friendly to analysts, which would
be great for me. But I don't think right away.
I mean, part of the reason that Abel is taking
over is because he is going to carry on that
ethos of Berkshire.
Speaker 3 (14:32):
Berkshire Hathaway course is so big. I think, what is
it like the eighth highest market cap in the s
and P Five hundred? Does Warren Buffett's departure raised questions
for you about the future of Berkshire Hathaway's makeup itself,
whether it could be due for a breakup down the line.
Speaker 12 (14:51):
I don't think that will happen. I do think Berkshire
Hathaway got away with a lot because Warren Buffett right
Without that, I do think shareholders probably have more of
a standing to bring up questions and bring up things
like a breakup or these businesses know better on their own.
(15:13):
The board will still be made up of you know,
very Berkshire long term friendly people, Buffett's children, So I
think I don't think anything major like that happens, but
I do think the prospect of people bringing up these
questions and the company having to address them in a
more coherent fashion does come up now.
Speaker 3 (15:37):
So in our last thirty seconds for now, Matt, what
are we expecting over the next several months before Warren
Buffett officially does hand over those reigns at the end
of the year.
Speaker 12 (15:47):
Yeah, like you said, so Buffett still has the rest
of the year. Berkshire doesn't do analyst calls, they don't
do quarterly conference calls. I would expect greg Abel gets
out there more in front of the press in between
now and the end of the year. He has, for
such a large job, had a relatively low profile, so
I do think you'll probably see him doing a lot
(16:09):
more interviews in between now and then, probably not investor stuff,
but more media.
Speaker 2 (16:12):
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.
Speaker 3 (16:19):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:25):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Speaker 4 (16:40):
Plus.
Speaker 3 (16:40):
Listen coast to coast on the Bloomberg Business app now
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Speaker 2 (16:46):
And 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
and I'm Nathan Hay.
Speaker 3 (17:00):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg day
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