December 31, 2024 • 17 mins
On today's podcast:
1) The Treasury Department says hackers backed by China gained access to their systems earlier this month
2) President-elect Trump backs Mike Johnson for Speaker with some GOP members signaling concern
3) A National Day of Mourning for Jimmy Carter is scheduled for January
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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. Good morning. I'm Amy
Morris and I'm Karen Moscow. Here are the stories we're
following today.
Speaker 2 (00:14):
Karen, We begin in Washington with a major story out
of the US Treasury. The Treasury Department says it was
hacked earlier this month by Chinese based cyber attackers. In
a letter to Congress, Treasury says the major cybersecurity incident
led to unauthorized accessing of workstations and unclassified documents. Bloomberg's
John Harney says the news is likely to further complicate
(00:37):
relations between Washington and Beijing.
Speaker 3 (00:40):
US China relationship whi's cover a vast bass scope for
issues and agendas, etc. Has been improving somewhat, but this,
as a trumpet administration is about to take office, suggests
that much much remains to be resolved.
Speaker 2 (00:55):
Bloomberg editor John Harney says the hackers gained access via
a third party software provider, Beyond Trust, which has contracts
with the Defense and Justice Departments. In a statement, the
Chinese Embassy in Washington called the claims smear attacks against
China without any factual basis.
Speaker 1 (01:12):
Well Lamy over on Capitol Hill, the House votes Friday
on the speaker of the next US Congress, but Mike
Johnson's reelection bid remains uncertain. Yesterday, President elect Donald Trump
through his support behind the Republican congressman, but with a
thin GOP majority and Democrats expected to vote for Hakim
Jeffreys along party lines, Johnson can only afford to lose
one GOP vote, and yesterday, Arizona Representative Andy Biggs told
(01:36):
Fox News he has not publicly or privately committed to
voting for Johnson, and GOP representatives Andy Harris of Maryland
and Thomas Massey at Kentucky also signaled they might not
beck Johnson. Bloomberg's Joe matthew says a fight over the
speakership will make it harder for a president elect Trump
to govern on the mandate that got him re elected.
Speaker 4 (01:56):
When it comes to the legislature, this is an incredibly
eight majority for Republicans in the House, and it could
get tighter. Donald Trump has actually tapped three members to
join his administration. If they all join, Mike Johnson has
a majority of one, and good luck renegotiating the tax
code right in an environment like that. We've got some
big stuff coming including the debt ceiling, that they were
(02:18):
unable to manage it.
Speaker 1 (02:19):
Bloomer's Joe Matthew shes the Republicans who have signed possible
opposition to Mike Johnson, his House Speaker, are concerned about
government spending.
Speaker 2 (02:28):
Elsewhere in Washington, President Biden marked Thursday, January ninth as
a national day of mourning for former US President Jimmy Carter,
who died at the age of one hundred. On Sunday,
US doc markets will close in observance as part of
a long standing American tradition. Bloomberg's Tyler Kendall has more
on what we can expect on January ninth.
Speaker 5 (02:47):
We are expecting there to be a funeral procession first,
though Jimmy Carter will lie in state in Atlanta and
the Georgia State capital over the weekend. His body will
then be transported to Washington on Monday, where he then
will lie in state at the US Capitol. I've learned
that only twelve other presidents have had that honor of
lying in state at the US Capitol before his funeral
(03:09):
possession to the National Cathedral.
Speaker 2 (03:11):
Bloomberg's Tyler Kendall says President Biden has also expected to
deliver a eulogy for former President Carter on January ninth.
Speaker 1 (03:19):
Well in politics overseas, amy German leaders are expressing anger
over Elon musks repeated public support to the country's far
right party AfD. In a televised New Year's Eve address,
German Chancellor Oloff Schultz said German citizens alone will decide
the direction of the country, not owners of social media channels.
Other major parties attacked Musk after he expressed support for
(03:41):
the AfD party. With less than two months until the election,
the conservative CDUCSU alliance has a comfortable lead in opinion polls,
with the AfD in second place and Schultz's SPD party
in third.
Speaker 2 (03:54):
Meanwhile, over in Asia, we are seeing positive signs from
China's economy to end the yearsident that Shijinping says, the
Chinese economy is expected to expand around five percent for
twenty twenty four, signaling that Beijing is on track to
meet its official targets now. This comes as new data
shows China's services activities expanding at the fastest pace in
(04:14):
nine months, while manufacturing grew for a third month in
a row. China is expected to set a twenty twenty
five growth target, similar to twenty twenty four.
Speaker 1 (04:23):
Well elsewhere in Asia, amy a South Korean court as
issued an arrest warrant for President yunsuk u all over
insurrection allegations related to his short lived martial law declaration.
If executed, Yun would be the first sitting president in
South Korea's history to be arrested. It's unclear if investigators
will be able to take him into custody. Yun's team
(04:44):
is called the warrant illegal and invalid and plans to
seek an injunction from the Constitutional Court.
Speaker 2 (04:50):
Let's turn out to markets. On the final trading day
of twenty twenty four, Global equities are on course for
their first quarterly loss of the year. Meanwhile, in the US,
the S and P and Nasdaq each declined more more
than one percent yesterday, marking the third time the indexes
dropped more than one percent over the past eight sessions. Still,
the S and B has gained more than twenty percent
on the year, driven by the rally in megacats tech stocks.
(05:11):
Anna wrathbund Cio at SEBIZ says, with the FED expected
to keep monetary policy tied in twenty twenty five to
bring inflation down to two percent, traders could see more
choppy sessions in the new year.
Speaker 6 (05:22):
Two percent.
Speaker 7 (05:23):
We need to revisit that and we need to really
talk about whether or not that's a realistic goal without
slowing down the economy. And we think that we're in
a higher for longer inflation environment, and that is that
all of those things just basically mean higher tenure yield,
and that's one of the reasons why we think there's going.
Speaker 2 (05:41):
To be price volatility and our wrathbund Cio at Sea
Biz says. Additional investor concerns in twenty twenty five range
from President elect Donald Trump's protectionist policies, to the health
of the European and Chinese economies.
Speaker 1 (05:55):
And finally, amy as we ring in the new year,
estimates from the US Census Bureaus say the world population
will be almost eight point one billion people on January first.
We get more on that with the Bloomberg's Charlie Pellett.
Speaker 6 (06:07):
Those estimates say the global population increased by more than
seventy one million people in twenty twenty four, representing a
point nine percent increase, which was a slight slowdown from
twenty twenty three, when the world population grew by seventy
five million people. The US meanwhile expanded by two point
six million people, and on New Year's Day, the population
(06:29):
count will be three hundred and forty one million people.
The nation is expected to have one berth every nine
seconds and one death every nine point four seconds. In
January of twenty twenty five, in New York, Charlie Pellett
Bloomberg Radio, it.
Speaker 1 (06:48):
Is time now for 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 Michael, good.
Speaker 8 (06:54):
Morning, Good morning, Karen Sight. Securities plan for New Year's celebrations,
but no specific threats. According to law enforcement, Times Square
in New York City will be packed with partygoers to
ring in twenty twenty five. Mayor Eric Adams vows that
they're increased NYPD presence, including K nine teams, drones, boats,
and helicopters will provide a safe environment for visitors and
(07:17):
New Yorkers alike. Make sure each one of those who
come here to visit and enjoyed the ball drop will
be safe. In Atlanta, large crowds are expected for the
Peach Drop returning this year after a hiatus in Las Vegas.
Two hundred and fifty thousand expected on the strip for
the countdown to twenty twenty five. In Philadelphia, Deputy Police
(07:37):
Commissioner Mike Cram says the city is preparing for Tomorrow's
Mummers Parade.
Speaker 9 (07:42):
We always take a very layered approach, right, and that's
everything from law enforcement to the use of other parts
of the city. As you go around, you'll see sanitation
trucks that doubles walking vehicles as well to restrict access
onto the parade routes, things that nature.
Speaker 8 (07:57):
It's the oldest continuous Folk Day parade and a New
Year's tradition since nineteen oh one. New York City's controversial
pricing plan for drivers coming into parts of Manhattan is
set to take effect Sunday, but a federal judge said
hold on. They want more information about the effects of
congestion pricing on communities in New Jersey. Lisaid Daglian is
(08:18):
an advocate for congestion pricing in New York who says
the MTA plan can still move forward.
Speaker 2 (08:24):
It would be different responses that will have to happen
over sometime.
Speaker 10 (08:30):
It will have started.
Speaker 8 (08:31):
But New Jersey lawmakers disagree. New Jersey Congressman Josh Gotdheimer.
Speaker 11 (08:36):
And the way New Jersey's lawyers are responding is when
you remand back for answers and further study, New York
can't go ahead.
Speaker 8 (08:44):
The judge set a deadline of January seventeenth for New
York to respond. President elect Donald Trump lost a bid
to overturn a five million dollar judgment against him for
sexual abuse and defamation. A federal appeals scored uphill the
damages awarded to e Gene Carrell. The columnists hailed the
decision in an online post, writing twenty twenty four ends
(09:05):
with a win. Carol accused Trump of raping her in
a department store dressing room about thirty years ago. Global
News twenty four hours a day and whenever you want
it with the Bloomberg News. Now, I'm Michael Barn. This
is Bloomberg.
Speaker 3 (09:17):
Karen.
Speaker 1 (09:18):
All right, Michael Barn, thank you time now for the
Bloomberg Sports Update, brought to you by tries Dade Audie.
We bring in Dan Schwartzman.
Speaker 12 (09:29):
Dan, good morning, Good morning, Karen. The line's improving to
fourteen and two as a big road win in San
Francisco GoF here's a.
Speaker 11 (09:37):
Little lateral to Williams saying he's down the sunline and
co on for a touchdown. Almond Ross Saint Brown made
the catch. He's done this before this year, Almen Ross
Saint Brown, and this time the lateral for the touchdown.
Speaker 12 (09:56):
That's Chrissy vspn Lines beating the forty nine Ers forty
to thirty four in match of last year's NFC Championship
game won by the Niners as shared goff throws for
three hundred and three yards and three touchdowns. The win
by the Lions setting up a week eighteen Sunday night
showdown versus the fourteen to two Vikings for both the
NFC North title as well as the top seat in
the NFC and a first round by heading into the playoffs.
(10:18):
The loser will become the NFL's first fourteen win wild
card team Nicks winner eighth in a row. They knock
off the Wizards one twenty six to one oh six,
Karl Anthony Towns leading the next for thirty points and
thirteen rebounds, else Arad Nikola Jokich putting up a ridiculous
thirty six points with twenty two rebounds and eleven assists
and a Nuggets one thirty two to one to twenty
(10:38):
one win over the Jazz, while the Cavaliers improved our
league best twenty eight and four with a one to
thirteen to ninety five win over the Warriors. College football
playoffs resuming tonight in Glendale, Arizona, with the first to
four quarter final matchups as the third seed Boise State
battle six seed a Penn State at the Verbo Fiesta Bowl.
Kickoff is scheduled for seven thirty pm Eastern time. Light
(10:59):
schedule on the NHL Rangers, though lose their fifteenth game
in the last twenty they fall to the Florida Panthers
five to three. They remain in last place in the
Metropolitan Division. That's your Bloomberg Sports update. I'm Dan Schwartzman,
Karen and Amy.
Speaker 8 (11:15):
Coast to Coast on Bloomberg Radio nationwide on SYRIUSXM.
Speaker 6 (11:19):
And around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2 (11:27):
And the Treasury Department says Chinese hackers have remotely accessed
several Treasury Department workstations and unclassified documents. After it was
able to compromise a third party software service provider. We're
joined now by Bloomberg Radio and TV Markets correspondent Creedy
Gupta to sort of fill us in on exactly what's
going on here. Creedy, we're getting a little more information
(11:49):
now about the cyber incident. So Chinese hackers have accessed
Treasury Department workstations, there was a third party software provider
that was sort of their doorway to this. Tell us
what's going on here.
Speaker 10 (12:01):
Good morning, Amy. So Beyond Trust is that third party
software provider basically sells access software cybersecurity products to the
likes of the US Treasury and other federal government agencies
as well. It's a contract that's worth more than four
million dollars. That's according to data compiled by Bloomberg. But Amy,
I think what's scary here is that this is a
(12:23):
kind of notification that Beyond Trust gave to the US
Treasury Department that there was some sort of hacking tied
to China, as as you had just said, but that
they also Beyond Trust also does business with other departments
like the Department of Defense, Department of Veterans Affairs, the
Department of Justice, just to name a couple of other agencies.
So it's uncleared the extent to which this has been
affected or the amount of customers that were really involved.
(12:45):
But so far, all we know is that Beyond Trust
had notified the Treasury that a certain amount of kind
of data and contact information, et cetera from an undisclosed
number of Americans was accessed by this hacker that they
have now traced back to China.
Speaker 2 (13:00):
Now, this is coming right after US officials dealing with
the fallout of another cyber espionage campaign access in those
private texts and phone conversations of an unknown number of Americans.
Are we going to see more of this? What's going
on here?
Speaker 10 (13:14):
I mean, we don't know if we're going to see
more of this. I mean, there seems to be a
pattern developing, as you just laid out, But that's exactly
the pattern that the Chinese government is trying to get
ahead of, because we still don't know if this was
associated with the Chinese government. At the end of the day,
the embassy of the Chinese embassy over in Washington already
kind of being very outspoken about this, saying, quote, spare
attacks against China without any factual basis. The US needs
(13:37):
to stop using cybersecurity to smear and slander China and
stop spreading all kinds of disinformation about the so called
Chinese hacking throat. Those are the words of the Chinese
embassy in Washington, which really speaks to this trend. Amy,
as you said that this has been coming out of
out of at least been associated with China lately in
the campaign you were talking about, and now with this
(13:58):
leak as well. But again it's unclear who's actually behind it.
There's just clear that the US government is exposed in
a way that they may never thought they would be
before and taking.
Speaker 2 (14:08):
A broader look at this, as you said very rightly,
So we don't really know if this is specifically associated
with the Chinese government, but it's sure not going to
help relations between Washington and Beijing.
Speaker 10 (14:18):
They absolutely aren't at a time when we know not
only Donald Trump, but even under the Biden administration have
been looking at ways at the American economy in the
way the American stock market, for example, in other parts
of the American infrastructure are intertwined but also under threat
with China. And remember this comes after not only a
trade war looming between the United States and China and
(14:38):
perhaps even more terrift than a new administration. But the
idea that we're talking about things like how much debt
China buys from the United States. We're talking about how
Chinese companies can or cannot be listed on the New
York Stock Exchange, on the NASAC, et cetera. Not to
mention some of the kind of spyware and cybersecurity threats
as we were just talking about, and other alliances that
(15:01):
they're making internationally. Remember the partnership between China and Russia,
between China and India, between China and the EU are
all under the magnifying glass right now in terms of
how that all affects the United States. And I think
Donald Trump is going to kind of put that under
an even hotter spotlight.
Speaker 2 (15:18):
Absolutely, And you mentioned that other agencies that use this
third party vendor maybe at risk. It isn't clear yet,
but that this third party vendor also is associated with
other federal agencies. Fair enough, could this put a chilling
effect on using these third party type contractors for something like.
Speaker 10 (15:37):
This, It absolutely could. And remember we are not only
seeing this in the government space. We saw this in
the corporate space as well. When the Microsoft outage with
several kind of data and cybersecurity providers with CrowdStrike led
to a global outage, a grounding of flights that the
one in Stock exchange was affected. So this is something
that's getting a little bit scarier. And Amy are sure
(15:58):
you'll remember on the onset of the war Ukraine, for example,
cybersecurity stocks did really, really well because of this anticipation
that that cybersecurity product would be needed.
Speaker 2 (16:07):
You talk about AI.
Speaker 10 (16:08):
This is just another element where cybersecurity has to be
kind of intertwined with that story. But in terms of
using the software, you also have to talk about what
actions the government is going to be using. And Newburger,
who's the Deputy National Security Advisor for cyber and Emerging Technologies,
said that the administration has actions planned hole Beijing accountable
after moving ahead with a band on Chinese telicom in
(16:30):
the United States, so that maybe something they expand upon.
Speaker 1 (16:33):
This is Bloomberg day Break, your morning podcast and the
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Speaker 2 (16:40):
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Speaker 1 (16:47):
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Speaker 2 (17:02):
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Speaker 1 (17:08):
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Speaker 2 (17:21):
I'm Amy Morris. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg Daybreak
Bloomberg Audio Studios, Podcasts, Radio News. Good morning. I'm Amy
Morris and I'm Karen Moscow. Here are the stories we're
following today.
Speaker 2 (00:14):
Karen, We begin in Washington with a major story out
of the US Treasury. The Treasury Department says it was
hacked earlier this month by Chinese based cyber attackers. In
a letter to Congress, Treasury says the major cybersecurity incident
led to unauthorized accessing of workstations and unclassified documents. Bloomberg's
John Harney says the news is likely to further complicate
(00:37):
relations between Washington and Beijing.
Speaker 3 (00:40):
US China relationship whi's cover a vast bass scope for
issues and agendas, etc. Has been improving somewhat, but this,
as a trumpet administration is about to take office, suggests
that much much remains to be resolved.
Speaker 2 (00:55):
Bloomberg editor John Harney says the hackers gained access via
a third party software provider, Beyond Trust, which has contracts
with the Defense and Justice Departments. In a statement, the
Chinese Embassy in Washington called the claims smear attacks against
China without any factual basis.
Speaker 1 (01:12):
Well Lamy over on Capitol Hill, the House votes Friday
on the speaker of the next US Congress, but Mike
Johnson's reelection bid remains uncertain. Yesterday, President elect Donald Trump
through his support behind the Republican congressman, but with a
thin GOP majority and Democrats expected to vote for Hakim
Jeffreys along party lines, Johnson can only afford to lose
one GOP vote, and yesterday, Arizona Representative Andy Biggs told
(01:36):
Fox News he has not publicly or privately committed to
voting for Johnson, and GOP representatives Andy Harris of Maryland
and Thomas Massey at Kentucky also signaled they might not
beck Johnson. Bloomberg's Joe matthew says a fight over the
speakership will make it harder for a president elect Trump
to govern on the mandate that got him re elected.
Speaker 4 (01:56):
When it comes to the legislature, this is an incredibly
eight majority for Republicans in the House, and it could
get tighter. Donald Trump has actually tapped three members to
join his administration. If they all join, Mike Johnson has
a majority of one, and good luck renegotiating the tax
code right in an environment like that. We've got some
big stuff coming including the debt ceiling, that they were
(02:18):
unable to manage it.
Speaker 1 (02:19):
Bloomer's Joe Matthew shes the Republicans who have signed possible
opposition to Mike Johnson, his House Speaker, are concerned about
government spending.
Speaker 2 (02:28):
Elsewhere in Washington, President Biden marked Thursday, January ninth as
a national day of mourning for former US President Jimmy Carter,
who died at the age of one hundred. On Sunday,
US doc markets will close in observance as part of
a long standing American tradition. Bloomberg's Tyler Kendall has more
on what we can expect on January ninth.
Speaker 5 (02:47):
We are expecting there to be a funeral procession first,
though Jimmy Carter will lie in state in Atlanta and
the Georgia State capital over the weekend. His body will
then be transported to Washington on Monday, where he then
will lie in state at the US Capitol. I've learned
that only twelve other presidents have had that honor of
lying in state at the US Capitol before his funeral
(03:09):
possession to the National Cathedral.
Speaker 2 (03:11):
Bloomberg's Tyler Kendall says President Biden has also expected to
deliver a eulogy for former President Carter on January ninth.
Speaker 1 (03:19):
Well in politics overseas, amy German leaders are expressing anger
over Elon musks repeated public support to the country's far
right party AfD. In a televised New Year's Eve address,
German Chancellor Oloff Schultz said German citizens alone will decide
the direction of the country, not owners of social media channels.
Other major parties attacked Musk after he expressed support for
(03:41):
the AfD party. With less than two months until the election,
the conservative CDUCSU alliance has a comfortable lead in opinion polls,
with the AfD in second place and Schultz's SPD party
in third.
Speaker 2 (03:54):
Meanwhile, over in Asia, we are seeing positive signs from
China's economy to end the yearsident that Shijinping says, the
Chinese economy is expected to expand around five percent for
twenty twenty four, signaling that Beijing is on track to
meet its official targets now. This comes as new data
shows China's services activities expanding at the fastest pace in
(04:14):
nine months, while manufacturing grew for a third month in
a row. China is expected to set a twenty twenty
five growth target, similar to twenty twenty four.
Speaker 1 (04:23):
Well elsewhere in Asia, amy a South Korean court as
issued an arrest warrant for President yunsuk u all over
insurrection allegations related to his short lived martial law declaration.
If executed, Yun would be the first sitting president in
South Korea's history to be arrested. It's unclear if investigators
will be able to take him into custody. Yun's team
(04:44):
is called the warrant illegal and invalid and plans to
seek an injunction from the Constitutional Court.
Speaker 2 (04:50):
Let's turn out to markets. On the final trading day
of twenty twenty four, Global equities are on course for
their first quarterly loss of the year. Meanwhile, in the US,
the S and P and Nasdaq each declined more more
than one percent yesterday, marking the third time the indexes
dropped more than one percent over the past eight sessions. Still,
the S and B has gained more than twenty percent
on the year, driven by the rally in megacats tech stocks.
(05:11):
Anna wrathbund Cio at SEBIZ says, with the FED expected
to keep monetary policy tied in twenty twenty five to
bring inflation down to two percent, traders could see more
choppy sessions in the new year.
Speaker 6 (05:22):
Two percent.
Speaker 7 (05:23):
We need to revisit that and we need to really
talk about whether or not that's a realistic goal without
slowing down the economy. And we think that we're in
a higher for longer inflation environment, and that is that
all of those things just basically mean higher tenure yield,
and that's one of the reasons why we think there's going.
Speaker 2 (05:41):
To be price volatility and our wrathbund Cio at Sea
Biz says. Additional investor concerns in twenty twenty five range
from President elect Donald Trump's protectionist policies, to the health
of the European and Chinese economies.
Speaker 1 (05:55):
And finally, amy as we ring in the new year,
estimates from the US Census Bureaus say the world population
will be almost eight point one billion people on January first.
We get more on that with the Bloomberg's Charlie Pellett.
Speaker 6 (06:07):
Those estimates say the global population increased by more than
seventy one million people in twenty twenty four, representing a
point nine percent increase, which was a slight slowdown from
twenty twenty three, when the world population grew by seventy
five million people. The US meanwhile expanded by two point
six million people, and on New Year's Day, the population
(06:29):
count will be three hundred and forty one million people.
The nation is expected to have one berth every nine
seconds and one death every nine point four seconds. In
January of twenty twenty five, in New York, Charlie Pellett
Bloomberg Radio, it.
Speaker 1 (06:48):
Is time now for 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 Michael, good.
Speaker 8 (06:54):
Morning, Good morning, Karen Sight. Securities plan for New Year's celebrations,
but no specific threats. According to law enforcement, Times Square
in New York City will be packed with partygoers to
ring in twenty twenty five. Mayor Eric Adams vows that
they're increased NYPD presence, including K nine teams, drones, boats,
and helicopters will provide a safe environment for visitors and
(07:17):
New Yorkers alike. Make sure each one of those who
come here to visit and enjoyed the ball drop will
be safe. In Atlanta, large crowds are expected for the
Peach Drop returning this year after a hiatus in Las Vegas.
Two hundred and fifty thousand expected on the strip for
the countdown to twenty twenty five. In Philadelphia, Deputy Police
(07:37):
Commissioner Mike Cram says the city is preparing for Tomorrow's
Mummers Parade.
Speaker 9 (07:42):
We always take a very layered approach, right, and that's
everything from law enforcement to the use of other parts
of the city. As you go around, you'll see sanitation
trucks that doubles walking vehicles as well to restrict access
onto the parade routes, things that nature.
Speaker 8 (07:57):
It's the oldest continuous Folk Day parade and a New
Year's tradition since nineteen oh one. New York City's controversial
pricing plan for drivers coming into parts of Manhattan is
set to take effect Sunday, but a federal judge said
hold on. They want more information about the effects of
congestion pricing on communities in New Jersey. Lisaid Daglian is
(08:18):
an advocate for congestion pricing in New York who says
the MTA plan can still move forward.
Speaker 2 (08:24):
It would be different responses that will have to happen
over sometime.
Speaker 10 (08:30):
It will have started.
Speaker 8 (08:31):
But New Jersey lawmakers disagree. New Jersey Congressman Josh Gotdheimer.
Speaker 11 (08:36):
And the way New Jersey's lawyers are responding is when
you remand back for answers and further study, New York
can't go ahead.
Speaker 8 (08:44):
The judge set a deadline of January seventeenth for New
York to respond. President elect Donald Trump lost a bid
to overturn a five million dollar judgment against him for
sexual abuse and defamation. A federal appeals scored uphill the
damages awarded to e Gene Carrell. The columnists hailed the
decision in an online post, writing twenty twenty four ends
(09:05):
with a win. Carol accused Trump of raping her in
a department store dressing room about thirty years ago. Global
News twenty four hours a day and whenever you want
it with the Bloomberg News. Now, I'm Michael Barn. This
is Bloomberg.
Speaker 3 (09:17):
Karen.
Speaker 1 (09:18):
All right, Michael Barn, thank you time now for the
Bloomberg Sports Update, brought to you by tries Dade Audie.
We bring in Dan Schwartzman.
Speaker 12 (09:29):
Dan, good morning, Good morning, Karen. The line's improving to
fourteen and two as a big road win in San
Francisco GoF here's a.
Speaker 11 (09:37):
Little lateral to Williams saying he's down the sunline and
co on for a touchdown. Almond Ross Saint Brown made
the catch. He's done this before this year, Almen Ross
Saint Brown, and this time the lateral for the touchdown.
Speaker 12 (09:56):
That's Chrissy vspn Lines beating the forty nine Ers forty
to thirty four in match of last year's NFC Championship
game won by the Niners as shared goff throws for
three hundred and three yards and three touchdowns. The win
by the Lions setting up a week eighteen Sunday night
showdown versus the fourteen to two Vikings for both the
NFC North title as well as the top seat in
the NFC and a first round by heading into the playoffs.
(10:18):
The loser will become the NFL's first fourteen win wild
card team Nicks winner eighth in a row. They knock
off the Wizards one twenty six to one oh six,
Karl Anthony Towns leading the next for thirty points and
thirteen rebounds, else Arad Nikola Jokich putting up a ridiculous
thirty six points with twenty two rebounds and eleven assists
and a Nuggets one thirty two to one to twenty
(10:38):
one win over the Jazz, while the Cavaliers improved our
league best twenty eight and four with a one to
thirteen to ninety five win over the Warriors. College football
playoffs resuming tonight in Glendale, Arizona, with the first to
four quarter final matchups as the third seed Boise State
battle six seed a Penn State at the Verbo Fiesta Bowl.
Kickoff is scheduled for seven thirty pm Eastern time. Light
(10:59):
schedule on the NHL Rangers, though lose their fifteenth game
in the last twenty they fall to the Florida Panthers
five to three. They remain in last place in the
Metropolitan Division. That's your Bloomberg Sports update. I'm Dan Schwartzman,
Karen and Amy.
Speaker 8 (11:15):
Coast to Coast on Bloomberg Radio nationwide on SYRIUSXM.
Speaker 6 (11:19):
And around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2 (11:27):
And the Treasury Department says Chinese hackers have remotely accessed
several Treasury Department workstations and unclassified documents. After it was
able to compromise a third party software service provider. We're
joined now by Bloomberg Radio and TV Markets correspondent Creedy
Gupta to sort of fill us in on exactly what's
going on here. Creedy, we're getting a little more information
(11:49):
now about the cyber incident. So Chinese hackers have accessed
Treasury Department workstations, there was a third party software provider
that was sort of their doorway to this. Tell us
what's going on here.
Speaker 10 (12:01):
Good morning, Amy. So Beyond Trust is that third party
software provider basically sells access software cybersecurity products to the
likes of the US Treasury and other federal government agencies
as well. It's a contract that's worth more than four
million dollars. That's according to data compiled by Bloomberg. But Amy,
I think what's scary here is that this is a
(12:23):
kind of notification that Beyond Trust gave to the US
Treasury Department that there was some sort of hacking tied
to China, as as you had just said, but that
they also Beyond Trust also does business with other departments
like the Department of Defense, Department of Veterans Affairs, the
Department of Justice, just to name a couple of other agencies.
So it's uncleared the extent to which this has been
affected or the amount of customers that were really involved.
(12:45):
But so far, all we know is that Beyond Trust
had notified the Treasury that a certain amount of kind
of data and contact information, et cetera from an undisclosed
number of Americans was accessed by this hacker that they
have now traced back to China.
Speaker 2 (13:00):
Now, this is coming right after US officials dealing with
the fallout of another cyber espionage campaign access in those
private texts and phone conversations of an unknown number of Americans.
Are we going to see more of this? What's going
on here?
Speaker 10 (13:14):
I mean, we don't know if we're going to see
more of this. I mean, there seems to be a
pattern developing, as you just laid out, But that's exactly
the pattern that the Chinese government is trying to get
ahead of, because we still don't know if this was
associated with the Chinese government. At the end of the day,
the embassy of the Chinese embassy over in Washington already
kind of being very outspoken about this, saying, quote, spare
attacks against China without any factual basis. The US needs
(13:37):
to stop using cybersecurity to smear and slander China and
stop spreading all kinds of disinformation about the so called
Chinese hacking throat. Those are the words of the Chinese
embassy in Washington, which really speaks to this trend. Amy,
as you said that this has been coming out of
out of at least been associated with China lately in
the campaign you were talking about, and now with this
(13:58):
leak as well. But again it's unclear who's actually behind it.
There's just clear that the US government is exposed in
a way that they may never thought they would be
before and taking.
Speaker 2 (14:08):
A broader look at this, as you said very rightly,
So we don't really know if this is specifically associated
with the Chinese government, but it's sure not going to
help relations between Washington and Beijing.
Speaker 10 (14:18):
They absolutely aren't at a time when we know not
only Donald Trump, but even under the Biden administration have
been looking at ways at the American economy in the
way the American stock market, for example, in other parts
of the American infrastructure are intertwined but also under threat
with China. And remember this comes after not only a
trade war looming between the United States and China and
(14:38):
perhaps even more terrift than a new administration. But the
idea that we're talking about things like how much debt
China buys from the United States. We're talking about how
Chinese companies can or cannot be listed on the New
York Stock Exchange, on the NASAC, et cetera. Not to
mention some of the kind of spyware and cybersecurity threats
as we were just talking about, and other alliances that
(15:01):
they're making internationally. Remember the partnership between China and Russia,
between China and India, between China and the EU are
all under the magnifying glass right now in terms of
how that all affects the United States. And I think
Donald Trump is going to kind of put that under
an even hotter spotlight.
Speaker 2 (15:18):
Absolutely, And you mentioned that other agencies that use this
third party vendor maybe at risk. It isn't clear yet,
but that this third party vendor also is associated with
other federal agencies. Fair enough, could this put a chilling
effect on using these third party type contractors for something like.
Speaker 10 (15:37):
This, It absolutely could. And remember we are not only
seeing this in the government space. We saw this in
the corporate space as well. When the Microsoft outage with
several kind of data and cybersecurity providers with CrowdStrike led
to a global outage, a grounding of flights that the
one in Stock exchange was affected. So this is something
that's getting a little bit scarier. And Amy are sure
(15:58):
you'll remember on the onset of the war Ukraine, for example,
cybersecurity stocks did really, really well because of this anticipation
that that cybersecurity product would be needed.
Speaker 2 (16:07):
You talk about AI.
Speaker 10 (16:08):
This is just another element where cybersecurity has to be
kind of intertwined with that story. But in terms of
using the software, you also have to talk about what
actions the government is going to be using. And Newburger,
who's the Deputy National Security Advisor for cyber and Emerging Technologies,
said that the administration has actions planned hole Beijing accountable
after moving ahead with a band on Chinese telicom in
(16:30):
the United States, so that maybe something they expand upon.
Speaker 1 (16:33):
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