February 26, 2025 • 17 mins
On today's podcast:
1) Ukraine agreed with the US to jointly develop its wealth of natural resources as part of a deal that could ease tension with President Donald Trump and advance his administration’s goal of a ceasefire with Russia, people familiar with the matter said.
2) Chances for early action on Donald Trump’s tax cut plans improved as House Republicans passed a budget blueprint Tuesday calling for deep cuts in safety-net programs such as Medicaid.
3) Nvidia Corp. will deliver its highly anticipated fourth-quarter report on Wednesday, giving investors an update on AI spending at a time when the world’s biggest tech stocks have been in retreat.
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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.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karen, we begin with the latest on efforts to end
the war in Ukraine. The country has agreed on a
deal with the US to jointly develop its natural resources.
Sources say Ukraine's cabinet is expected to recommend today that
the deal be signed in President Vladimir Zelenski's planning to
travel to the US on Friday to seal the agreement.
Here's President Trump speaking from the Oval Office.
Speaker 4 (00:36):
I hear that he's coming on Friday.
Speaker 5 (00:38):
Certainly, it's okay with me if we'd like to, and
he would like to sign it together with me, and
I understand that's a big deal.
Speaker 2 (00:44):
Sources say the deal came together after the US dropped
a demand for Kiv to pay five hundred billion dollars
from resource extraction to a fund as a form of
aid repayment. This framework agreement would create a joint US
Ukraine fund to manage future natural resource revenues.
Speaker 3 (01:00):
Well, Nathan and President Trump's plans to cut taxes have
taken a big step forward on Capitol Hill, House Republicans
have passed a budget blueprint that would make deep cuts
to safety net programs like Medicaid to pave the way
for four and a half trillion dollars in tax cuts.
It's a victory for House Speaker Mike Johnson.
Speaker 6 (01:18):
We are going to deliver the American First Agenda. We're
going to deliver all of it, not just parts of it,
and this was the first step in that process.
Speaker 3 (01:24):
House Speaker Mike Johnson's plan was endowed for much of
the day. He initially canceled a vote, with four Republicans
holding out, but after phone calls from President Trump, just
one Republican, Thomas Massey, joined with Democrats in voting against it.
The bill now heads to the Senate, where more changes
could be made, and that could lead to more objections
from House Republicans Well Karen.
Speaker 2 (01:44):
President Trump could be opening the door to a new
tariff on medals. President has signed an executive action for
the Commerce Department to explore a levy on copper. Senior
Administration officials say it's a national security issue. The dumping
and overcapacity have left US weapons systems and other critical
products dependent on foreign copper. The officials say it's too
soon to discuss a potential rate for the tariffs, Nathan.
Speaker 3 (02:08):
President Trump is also making a move on immigration. The
President says he will offer residency and a path to
citizenship to people who pay at least five million dollars
on projects in the US.
Speaker 7 (02:18):
He says the plan.
Speaker 3 (02:19):
Will launch in two weeks and won't need congressional approval.
Speaker 5 (02:22):
We're going to be selling a gold card.
Speaker 4 (02:26):
You have a green card. This is a gold card.
Speaker 5 (02:29):
We're going to be putting a price on that card
of about five million dollars, and that's going to give
you green card privileges. Plus, it's going to be a
route to citizenship, and wealthy people will be coming into
our country by buying this card.
Speaker 4 (02:41):
They'll be wealthy.
Speaker 3 (02:43):
Commerce Secretary Howard Ludenek says the move could replace the
existing EB five visa program, which allows immigrants to acquire
Green cards by investing a certain amount in a US business.
Speaker 2 (02:54):
Thank Karen, President Trump's plan to take over and develop
Gaza maybe taking shape. Trump's special Middle East en voice
Tam Wickcoff says they're planning a summit with real estate
developers and planners in the Middle East. Wickcoff isn't saying
where this gathering would happen or when, but he says
many countries have contacted the US about being part of
a permanent solution for Gaza's residence. Witcoff's comments come as
(03:16):
Israel tries to extend a ceasefire with Hamas that's set
to expire this weekend.
Speaker 3 (03:21):
Well, turning to the markets now, Nathan and skepticism about
potential tariffs and federal cost cutting efforts maybe taking a
toll on investors. The S and P five hundred has
dropped more than three percent over the past four trading days,
and the selloff is affecting Elon Musk. His net worth
fell by twenty two point two billion dollars yesterday. That's
his fourth largest one day loss. Tesla makes up more
(03:43):
than half of Musk's fortune. That stock dropped more than
eight percent. Tesla sales in Europe plunge nearly in half.
In January. Elon Musks favorability there has stumbled as he's
inserted himself into Europe's politics.
Speaker 2 (03:56):
Well, Karen, the direction of markets for the rest of
this week will be greatly influenced by Nvidia the AI
Darling reports earnings this afternoon, and Bloomberg's John Tucker is
here with a preview. This is hotly anticipated.
Speaker 6 (04:10):
Johnny, Yeah, and Nathan Chip demand China and Donald Trump.
They're going to be on investors' minds. As in Vidia
reports after the close. The results come just over a
month after the launch of Deep seeks cheaper AI alternative,
and as you know, that's secured investors into thinking there
may be a dramatic drop off in demand for equipment
like in Vidia's chips at US restrictions on selling to
(04:31):
China may be a cloud. That's according to Dan Ives
at Wedbush Securities.
Speaker 8 (04:36):
I think some of this stuff does go to the background,
but no doubt it has.
Speaker 5 (04:39):
Been white knuckles to start the year.
Speaker 3 (04:42):
You're just giving you don't know what's going to come
out from a regulatory perspective.
Speaker 4 (04:46):
In terms of this U as China called tech warm.
Speaker 6 (04:49):
The investors will want forward guidance related to Invidia's next
generation black Whale chip. Back in the fall, CEO Jensen
Wang said demand was insane. The Bloomberg consensus call for
revenue three eight point twenty five billion dollars pre marketing
video shares up two and a half percent in new
York on John Tucker Bloomberg Radio.
Speaker 3 (05:07):
Right, John, thank you well. Nvidia, of course, is one
of the so called Magnificent Seven, and it has been
anything but a magnificent start of the year for the
group that's powered most of the S and P five
hundreds gains over the past two years. The Bloomberg Magnificent
seven Index has fallen almost ten percent from a December high,
erasing about one point four trillion dollars in value. The
mag seven Index is an equal a weighted gauge of
(05:30):
Nvidia along with Apple, Alphabet, Amazon, Meta, Microsoft in Tesla.
People have full coverage and analysis of Nvidia's earnings on
Bloomberg Radio and the Bloomberg Podcast page on YouTube.
Speaker 9 (05:42):
Well.
Speaker 2 (05:42):
Speaking of the Magnificent Seven, Karen one of those Apple
may be getting an iPhone band lifted. In Indonesia, Apple
has signed an investment agreement paving the way for sales
of the iPhone sixteen to resume in Southeast Asia's largest nation.
The pact is set to end a five month tussle
that began in October after Indonesia refused to issue a
(06:04):
sales permit to Apple, citing failure to comply with domestic
manufacturing requirements for smartphones and tablets at.
Speaker 3 (06:11):
Bank of America to the list of Wall Street firms
scrappingdi plans, Nathan, the bank is rolling back workplace representation
targets and replacing references to diversity, citing legal changes under
the Trump administration. In an interview you heard right here
on Bloomberg Radio, Bank of America CEO Brian Monahan told
David Rubinstein about the company's recent inclusion efforts.
Speaker 10 (06:34):
We have a very diverse company in terms of representation
from all economic stratus, all races, au ethnicities. Once they
get in, the opportunity is there for a lifetime. We
equal pay for equal work, the ability to promote, we train,
we do all the work, and so the idea is
that's an opportunity.
Speaker 3 (06:49):
Bank of America CEO Brian Monahan says the bank will
no longer have aspirational goals for diversity and inclusion and
will replace references to diversity with talent and opportunity. In
its annual report.
Speaker 2 (07:02):
Weally, Karen, we want to let you know about something new.
For Bloomberg dot Com subscribers get the Going Private newsletter.
It's delivered to your inbox Wednesdays and Fridays, bringing you
coverage of private markets and the forces moving capital away
from the public eye. Subscribe to the Going Private newsletter
now at bloomberg dot com slash Going Private.
Speaker 3 (07:26):
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 9 (07:31):
Michael, Good morning, Good morning, Karen. New Jersey Governor Phil
Murphy has unveiled a fifty eight point one billion dollar
budget proposal for the fiscal years starting July first. It
caps new discretionary spending and relies on twenty seven point
nine billion dollars in federal funds. The proposal includes cunts
to various departments such as agriculture and environmental Protection. Murphy,
(07:54):
in his address at the state capitol in Trenton, also
says working families have been pummeled by ryan prices, with
the noise of chaos louder than ever in Washington.
Speaker 3 (08:04):
We need to keep fighting with every fiber of our
being for.
Speaker 2 (08:08):
Our children, workers, parents, senior citizens, and every New Jersey
and who was struggling to get by.
Speaker 9 (08:16):
The NTSB and FAA are investigating a close call at
Chicago's Midway Airport between a Southwest Airlines Boeing seven thirty
seven and a business jet. As the Southwest flight from
Omaha was touching down, the business jet crossed the runway
in front of it. The Southwest pilots, right as the
wheels were about to touch the runway, push the throttles
(08:37):
up and took off. Air Traffic controllers could be heard
telling the business jet not to cross the runway, but
it did anyway, retire Marine Fighter pilot Colonel Stephen Ganiard.
Speaker 2 (08:46):
If the Southwest crew hadn't been so alert and seeing
this aircraft crossing the runway, this could have been a terrible,
terrible tragedy.
Speaker 9 (08:54):
The White House says its officials will determine which news
outlets cover President Donald Trump Hose Press Secretary Caroline.
Speaker 11 (09:01):
Lovin Legacy outlets who have participated in the press pool
for decades will still be allowed to join, fear not,
but we will also be offering the privilege to well
deserving outlets who have never been allowed to share in
this awesome responsibility.
Speaker 9 (09:17):
Levitt says the move would restore access back to the
American people who elected Trump. Global News twenty four hours
a day and whenever you want it with Bloomberg News Now,
Michael Barn, This is Bloomberg Carron.
Speaker 3 (09:28):
All right, Michael Barn, thank you. Time now for the
Bloomberg Sports Update, brought to you by Trying State OUTI.
Here's John Stanshawer, John.
Speaker 1 (09:39):
Good morning, Good morning. Cans for an uphill climb for
the Rangers trying to make the playoffs despite that horrendous
stretch when they lost fifteen out of nineteen games the
Ubs Arena. They meet the Islanders five to one. Johnny
Presents given a pair of first period goals, even Matt
Rimpy scored, and the Rangers are now two points behind
Columbus to the last playoff spot in the East. Washington
lost in Calgary three to one, but Alexavetchkin's scored the
(10:00):
Caps goal, his thirtieth of the season. He needs twelve
more goals for Wayne Gretzky's career goal scoring record. It
was Boston against Toronto in the NHL and NBA.
Speaker 7 (10:09):
A TV Garden.
Speaker 1 (10:10):
The Bruins blew a three to nothing lead, lost to
the Maple Leaves five to four, and overtime. In Toronto,
Celtics beat the Raptors one eleven one oh one in
LA the Lakers beat Dallas one oh seven ninety nine.
Luca Donsin's faced his former team had a triple double.
Knicks come off that lost weekend, those losses in Cleveland
and Boston. They're at the Garden tonight to play Philadelphia
Saint John's. With a win tonight at Butler clinches at
(10:32):
least a tie for the Big East regular season title.
What didn't Diana Tarassi do in her career? Three NC
double championships at Yukon led Phoenix to three titles in
the WNBA, where she scored the most points in the
league history, six Olympic gold medals. Tarasse retiring at age
forty two. The NFL scouting combine underway in Indianapolis. Giants
(10:52):
GM Joe Sheen looking for a quarterback, either a rookie
or a veteran or maybe both.
Speaker 8 (10:57):
You know, yeah, we don't know what's going to happen
in the draft. We don't know who's going to be there.
You know, when we get around these kids, they may
or may not be a fit for us. So you know,
we're gonna have to dress the position somewhere. And even
if you get a young quarterback you'd like to have
a vet, you know, in the room with them to
show them the ropes and how to be a pro. So,
you know, we're looking at all different avenues. It's Hey,
is this guy gonna be really good for a young quarterback?
(11:17):
Or is this guy a starter?
Speaker 1 (11:18):
Cleveland GM Andrew Berry says the Browns are not going
to trade Miles Garrett, who's tired of losing once out.
Kansas City GM. Brett Beach wait in on Travis Kelsey
said he believes Kelsey will not retire. John Stasha, We're
Bloomberg Sports.
Speaker 3 (11:32):
Karen Nathan.
Speaker 9 (11:35):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM.
Speaker 1 (11:39):
And around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 7 (11:44):
This is Bloomberg Daybreak. Good morning.
Speaker 2 (11:46):
I'm Nathan Hager. Ukraine may have a deal to develop
its resources jointly with the US and move toward a
ceasefire with Russia. President Vladimir Zelenski's expected to head to
the White House on Friday to seal the agreement. It
backs off and an initial demand from the US for
a half trillion dollars as a form of repayment for
aid but President Trump says he is getting what he wants.
Speaker 5 (12:08):
It could be a trillion dollar deal, it could be whatever.
Speaker 4 (12:10):
But it's rareer and other things.
Speaker 5 (12:14):
And look, we're spending hundreds of billions of dollars on
Ukraine and Russia fighting a war that should have never
ever happened.
Speaker 2 (12:24):
President Trump, speaking from the Oval Office, has heard on
Bloomberg Radio for more. We're joined by Bloomberg News Senior
editor Bill Ferries and Bill just listening to those comments,
it sounds like the President is sort of glossing over
the details. But let's get into the details.
Speaker 7 (12:37):
What is in this deal? Good morning, Good morning, Nathan.
Speaker 12 (12:42):
Well, I think we almost know more about what's not
in the deal at this point than we know what's
exactly in the deal. But as you mentioned, what's not
in in it is is that initial five hundred billion
dollar requests that the US had to get repaid for
its support to Ukraine over the last three years of
this war. It seems to be more of a kind
(13:03):
of a framework agreement that will create a fund jointly
managed by the US and Ukraine based on revenue that
comes from developing rarer and perhaps.
Speaker 7 (13:16):
Other natural resources in Ukraine.
Speaker 12 (13:19):
We don't know what that fund is expected to top
out at, and we don't exactly know what that fund
is going to spend its money on. But it seems
like both sides have agreed in this situation.
Speaker 7 (13:30):
They've agreed to agree, and.
Speaker 12 (13:31):
That's probably for Ukraine the most important part of this.
If you remember, just last week, we were watching the
US Ukraine relationship melt down as Trump called Zelensky a
little dictator and Zolensky said that Trump was living in
a disinformation space. So things we're looking very rocky a
week ago, Zelensky coming into Washington now looks like they've
(13:55):
agreed to at least be in the same room and talk.
We don't think there are, as far as we know,
security guarantees for Ukraine and all of this, but it's
probably as much as they're going to get at this point,
and they keep that relationship with the US functioning.
Speaker 2 (14:10):
Okay, So where does this leave things when it comes
to getting closer to a resolution between Russia and Ukraine
and with Europe as well. Of course, in the talks
with US and Russian officials, Europe was kind of left
on the sidelines.
Speaker 12 (14:28):
They were left on the sidelines in what seems to
be a process that's unfolding very very quickly. You know,
Donald Trump just a few days ago said that he
could be meeting with Vladimir Putin within a couple weeks.
So I think where it leaves the overall situation, it
gives Ukraine a chance to show that it's willing and
(14:49):
able to strike a deal with the US that I think,
from their perspective, keeps them at the table as the
Trump administration pushes forward as quickly as possible, as quickly
as they can to reach a deal with Russia. President
Trump already talking about the potential for easing sanctions on
(15:09):
Russia doing deals natural resource deals with Russia. I think
Europe and Ukraine have been watching that with a lot
of alarm at this point. They're glad to find something
that gets Zelensky to sit at a table with Trump
and reach a deal.
Speaker 2 (15:24):
And in terms of the kind of investment that we
could see come out of this bill, there's a question
about just how much resources Ukraine has, isn't there in
terms of critical minerals, we have about a minute left.
Speaker 12 (15:36):
Yeah, I mean there have been reports of trillions of
dollars in mineral deposits.
Speaker 7 (15:41):
But the reality is when you talk.
Speaker 12 (15:43):
About rare earth reserves, Ukraine has no rare earth reserves
that are really recognized internationally as economically viable. So that's
where a lot of questions I think are going to
come up on how much money would really go into
this fund? Is it really an economic deal or is
it more of just a deal.
Speaker 3 (16:00):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (16:07):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (16:13):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Bloomberg ninety two to nine in Boston, and nationwide on
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Speaker 2 (16:28):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 3 (16:34):
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.
Speaker 2 (16:47):
And I'm Nathan Hager. 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.
Speaker 2 (00:10):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karen, we begin with the latest on efforts to end
the war in Ukraine. The country has agreed on a
deal with the US to jointly develop its natural resources.
Sources say Ukraine's cabinet is expected to recommend today that
the deal be signed in President Vladimir Zelenski's planning to
travel to the US on Friday to seal the agreement.
Here's President Trump speaking from the Oval Office.
Speaker 4 (00:36):
I hear that he's coming on Friday.
Speaker 5 (00:38):
Certainly, it's okay with me if we'd like to, and
he would like to sign it together with me, and
I understand that's a big deal.
Speaker 2 (00:44):
Sources say the deal came together after the US dropped
a demand for Kiv to pay five hundred billion dollars
from resource extraction to a fund as a form of
aid repayment. This framework agreement would create a joint US
Ukraine fund to manage future natural resource revenues.
Speaker 3 (01:00):
Well, Nathan and President Trump's plans to cut taxes have
taken a big step forward on Capitol Hill, House Republicans
have passed a budget blueprint that would make deep cuts
to safety net programs like Medicaid to pave the way
for four and a half trillion dollars in tax cuts.
It's a victory for House Speaker Mike Johnson.
Speaker 6 (01:18):
We are going to deliver the American First Agenda. We're
going to deliver all of it, not just parts of it,
and this was the first step in that process.
Speaker 3 (01:24):
House Speaker Mike Johnson's plan was endowed for much of
the day. He initially canceled a vote, with four Republicans
holding out, but after phone calls from President Trump, just
one Republican, Thomas Massey, joined with Democrats in voting against it.
The bill now heads to the Senate, where more changes
could be made, and that could lead to more objections
from House Republicans Well Karen.
Speaker 2 (01:44):
President Trump could be opening the door to a new
tariff on medals. President has signed an executive action for
the Commerce Department to explore a levy on copper. Senior
Administration officials say it's a national security issue. The dumping
and overcapacity have left US weapons systems and other critical
products dependent on foreign copper. The officials say it's too
soon to discuss a potential rate for the tariffs, Nathan.
Speaker 3 (02:08):
President Trump is also making a move on immigration. The
President says he will offer residency and a path to
citizenship to people who pay at least five million dollars
on projects in the US.
Speaker 7 (02:18):
He says the plan.
Speaker 3 (02:19):
Will launch in two weeks and won't need congressional approval.
Speaker 5 (02:22):
We're going to be selling a gold card.
Speaker 4 (02:26):
You have a green card. This is a gold card.
Speaker 5 (02:29):
We're going to be putting a price on that card
of about five million dollars, and that's going to give
you green card privileges. Plus, it's going to be a
route to citizenship, and wealthy people will be coming into
our country by buying this card.
Speaker 4 (02:41):
They'll be wealthy.
Speaker 3 (02:43):
Commerce Secretary Howard Ludenek says the move could replace the
existing EB five visa program, which allows immigrants to acquire
Green cards by investing a certain amount in a US business.
Speaker 2 (02:54):
Thank Karen, President Trump's plan to take over and develop
Gaza maybe taking shape. Trump's special Middle East en voice
Tam Wickcoff says they're planning a summit with real estate
developers and planners in the Middle East. Wickcoff isn't saying
where this gathering would happen or when, but he says
many countries have contacted the US about being part of
a permanent solution for Gaza's residence. Witcoff's comments come as
(03:16):
Israel tries to extend a ceasefire with Hamas that's set
to expire this weekend.
Speaker 3 (03:21):
Well, turning to the markets now, Nathan and skepticism about
potential tariffs and federal cost cutting efforts maybe taking a
toll on investors. The S and P five hundred has
dropped more than three percent over the past four trading days,
and the selloff is affecting Elon Musk. His net worth
fell by twenty two point two billion dollars yesterday. That's
his fourth largest one day loss. Tesla makes up more
(03:43):
than half of Musk's fortune. That stock dropped more than
eight percent. Tesla sales in Europe plunge nearly in half.
In January. Elon Musks favorability there has stumbled as he's
inserted himself into Europe's politics.
Speaker 2 (03:56):
Well, Karen, the direction of markets for the rest of
this week will be greatly influenced by Nvidia the AI
Darling reports earnings this afternoon, and Bloomberg's John Tucker is
here with a preview. This is hotly anticipated.
Speaker 6 (04:10):
Johnny, Yeah, and Nathan Chip demand China and Donald Trump.
They're going to be on investors' minds. As in Vidia
reports after the close. The results come just over a
month after the launch of Deep seeks cheaper AI alternative,
and as you know, that's secured investors into thinking there
may be a dramatic drop off in demand for equipment
like in Vidia's chips at US restrictions on selling to
(04:31):
China may be a cloud. That's according to Dan Ives
at Wedbush Securities.
Speaker 8 (04:36):
I think some of this stuff does go to the background,
but no doubt it has.
Speaker 5 (04:39):
Been white knuckles to start the year.
Speaker 3 (04:42):
You're just giving you don't know what's going to come
out from a regulatory perspective.
Speaker 4 (04:46):
In terms of this U as China called tech warm.
Speaker 6 (04:49):
The investors will want forward guidance related to Invidia's next
generation black Whale chip. Back in the fall, CEO Jensen
Wang said demand was insane. The Bloomberg consensus call for
revenue three eight point twenty five billion dollars pre marketing
video shares up two and a half percent in new
York on John Tucker Bloomberg Radio.
Speaker 3 (05:07):
Right, John, thank you well. Nvidia, of course, is one
of the so called Magnificent Seven, and it has been
anything but a magnificent start of the year for the
group that's powered most of the S and P five
hundreds gains over the past two years. The Bloomberg Magnificent
seven Index has fallen almost ten percent from a December high,
erasing about one point four trillion dollars in value. The
mag seven Index is an equal a weighted gauge of
(05:30):
Nvidia along with Apple, Alphabet, Amazon, Meta, Microsoft in Tesla.
People have full coverage and analysis of Nvidia's earnings on
Bloomberg Radio and the Bloomberg Podcast page on YouTube.
Speaker 9 (05:42):
Well.
Speaker 2 (05:42):
Speaking of the Magnificent Seven, Karen one of those Apple
may be getting an iPhone band lifted. In Indonesia, Apple
has signed an investment agreement paving the way for sales
of the iPhone sixteen to resume in Southeast Asia's largest nation.
The pact is set to end a five month tussle
that began in October after Indonesia refused to issue a
(06:04):
sales permit to Apple, citing failure to comply with domestic
manufacturing requirements for smartphones and tablets at.
Speaker 3 (06:11):
Bank of America to the list of Wall Street firms
scrappingdi plans, Nathan, the bank is rolling back workplace representation
targets and replacing references to diversity, citing legal changes under
the Trump administration. In an interview you heard right here
on Bloomberg Radio, Bank of America CEO Brian Monahan told
David Rubinstein about the company's recent inclusion efforts.
Speaker 10 (06:34):
We have a very diverse company in terms of representation
from all economic stratus, all races, au ethnicities. Once they
get in, the opportunity is there for a lifetime. We
equal pay for equal work, the ability to promote, we train,
we do all the work, and so the idea is
that's an opportunity.
Speaker 3 (06:49):
Bank of America CEO Brian Monahan says the bank will
no longer have aspirational goals for diversity and inclusion and
will replace references to diversity with talent and opportunity. In
its annual report.
Speaker 2 (07:02):
Weally, Karen, we want to let you know about something new.
For Bloomberg dot Com subscribers get the Going Private newsletter.
It's delivered to your inbox Wednesdays and Fridays, bringing you
coverage of private markets and the forces moving capital away
from the public eye. Subscribe to the Going Private newsletter
now at bloomberg dot com slash Going Private.
Speaker 3 (07:26):
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 9 (07:31):
Michael, Good morning, Good morning, Karen. New Jersey Governor Phil
Murphy has unveiled a fifty eight point one billion dollar
budget proposal for the fiscal years starting July first. It
caps new discretionary spending and relies on twenty seven point
nine billion dollars in federal funds. The proposal includes cunts
to various departments such as agriculture and environmental Protection. Murphy,
(07:54):
in his address at the state capitol in Trenton, also
says working families have been pummeled by ryan prices, with
the noise of chaos louder than ever in Washington.
Speaker 3 (08:04):
We need to keep fighting with every fiber of our
being for.
Speaker 2 (08:08):
Our children, workers, parents, senior citizens, and every New Jersey
and who was struggling to get by.
Speaker 9 (08:16):
The NTSB and FAA are investigating a close call at
Chicago's Midway Airport between a Southwest Airlines Boeing seven thirty
seven and a business jet. As the Southwest flight from
Omaha was touching down, the business jet crossed the runway
in front of it. The Southwest pilots, right as the
wheels were about to touch the runway, push the throttles
(08:37):
up and took off. Air Traffic controllers could be heard
telling the business jet not to cross the runway, but
it did anyway, retire Marine Fighter pilot Colonel Stephen Ganiard.
Speaker 2 (08:46):
If the Southwest crew hadn't been so alert and seeing
this aircraft crossing the runway, this could have been a terrible,
terrible tragedy.
Speaker 9 (08:54):
The White House says its officials will determine which news
outlets cover President Donald Trump Hose Press Secretary Caroline.
Speaker 11 (09:01):
Lovin Legacy outlets who have participated in the press pool
for decades will still be allowed to join, fear not,
but we will also be offering the privilege to well
deserving outlets who have never been allowed to share in
this awesome responsibility.
Speaker 9 (09:17):
Levitt says the move would restore access back to the
American people who elected Trump. Global News twenty four hours
a day and whenever you want it with Bloomberg News Now,
Michael Barn, This is Bloomberg Carron.
Speaker 3 (09:28):
All right, Michael Barn, thank you. Time now for the
Bloomberg Sports Update, brought to you by Trying State OUTI.
Here's John Stanshawer, John.
Speaker 1 (09:39):
Good morning, Good morning. Cans for an uphill climb for
the Rangers trying to make the playoffs despite that horrendous
stretch when they lost fifteen out of nineteen games the
Ubs Arena. They meet the Islanders five to one. Johnny
Presents given a pair of first period goals, even Matt
Rimpy scored, and the Rangers are now two points behind
Columbus to the last playoff spot in the East. Washington
lost in Calgary three to one, but Alexavetchkin's scored the
(10:00):
Caps goal, his thirtieth of the season. He needs twelve
more goals for Wayne Gretzky's career goal scoring record. It
was Boston against Toronto in the NHL and NBA.
Speaker 7 (10:09):
A TV Garden.
Speaker 1 (10:10):
The Bruins blew a three to nothing lead, lost to
the Maple Leaves five to four, and overtime. In Toronto,
Celtics beat the Raptors one eleven one oh one in
LA the Lakers beat Dallas one oh seven ninety nine.
Luca Donsin's faced his former team had a triple double.
Knicks come off that lost weekend, those losses in Cleveland
and Boston. They're at the Garden tonight to play Philadelphia
Saint John's. With a win tonight at Butler clinches at
(10:32):
least a tie for the Big East regular season title.
What didn't Diana Tarassi do in her career? Three NC
double championships at Yukon led Phoenix to three titles in
the WNBA, where she scored the most points in the
league history, six Olympic gold medals. Tarasse retiring at age
forty two. The NFL scouting combine underway in Indianapolis. Giants
(10:52):
GM Joe Sheen looking for a quarterback, either a rookie
or a veteran or maybe both.
Speaker 8 (10:57):
You know, yeah, we don't know what's going to happen
in the draft. We don't know who's going to be there.
You know, when we get around these kids, they may
or may not be a fit for us. So you know,
we're gonna have to dress the position somewhere. And even
if you get a young quarterback you'd like to have
a vet, you know, in the room with them to
show them the ropes and how to be a pro. So,
you know, we're looking at all different avenues. It's Hey,
is this guy gonna be really good for a young quarterback?
(11:17):
Or is this guy a starter?
Speaker 1 (11:18):
Cleveland GM Andrew Berry says the Browns are not going
to trade Miles Garrett, who's tired of losing once out.
Kansas City GM. Brett Beach wait in on Travis Kelsey
said he believes Kelsey will not retire. John Stasha, We're
Bloomberg Sports.
Speaker 3 (11:32):
Karen Nathan.
Speaker 9 (11:35):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM.
Speaker 1 (11:39):
And around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 7 (11:44):
This is Bloomberg Daybreak. Good morning.
Speaker 2 (11:46):
I'm Nathan Hager. Ukraine may have a deal to develop
its resources jointly with the US and move toward a
ceasefire with Russia. President Vladimir Zelenski's expected to head to
the White House on Friday to seal the agreement. It
backs off and an initial demand from the US for
a half trillion dollars as a form of repayment for
aid but President Trump says he is getting what he wants.
Speaker 5 (12:08):
It could be a trillion dollar deal, it could be whatever.
Speaker 4 (12:10):
But it's rareer and other things.
Speaker 5 (12:14):
And look, we're spending hundreds of billions of dollars on
Ukraine and Russia fighting a war that should have never
ever happened.
Speaker 2 (12:24):
President Trump, speaking from the Oval Office, has heard on
Bloomberg Radio for more. We're joined by Bloomberg News Senior
editor Bill Ferries and Bill just listening to those comments,
it sounds like the President is sort of glossing over
the details. But let's get into the details.
Speaker 7 (12:37):
What is in this deal? Good morning, Good morning, Nathan.
Speaker 12 (12:42):
Well, I think we almost know more about what's not
in the deal at this point than we know what's
exactly in the deal. But as you mentioned, what's not
in in it is is that initial five hundred billion
dollar requests that the US had to get repaid for
its support to Ukraine over the last three years of
this war. It seems to be more of a kind
(13:03):
of a framework agreement that will create a fund jointly
managed by the US and Ukraine based on revenue that
comes from developing rarer and perhaps.
Speaker 7 (13:16):
Other natural resources in Ukraine.
Speaker 12 (13:19):
We don't know what that fund is expected to top
out at, and we don't exactly know what that fund
is going to spend its money on. But it seems
like both sides have agreed in this situation.
Speaker 7 (13:30):
They've agreed to agree, and.
Speaker 12 (13:31):
That's probably for Ukraine the most important part of this.
If you remember, just last week, we were watching the
US Ukraine relationship melt down as Trump called Zelensky a
little dictator and Zolensky said that Trump was living in
a disinformation space. So things we're looking very rocky a
week ago, Zelensky coming into Washington now looks like they've
(13:55):
agreed to at least be in the same room and talk.
We don't think there are, as far as we know,
security guarantees for Ukraine and all of this, but it's
probably as much as they're going to get at this point,
and they keep that relationship with the US functioning.
Speaker 2 (14:10):
Okay, So where does this leave things when it comes
to getting closer to a resolution between Russia and Ukraine
and with Europe as well. Of course, in the talks
with US and Russian officials, Europe was kind of left
on the sidelines.
Speaker 12 (14:28):
They were left on the sidelines in what seems to
be a process that's unfolding very very quickly. You know,
Donald Trump just a few days ago said that he
could be meeting with Vladimir Putin within a couple weeks.
So I think where it leaves the overall situation, it
gives Ukraine a chance to show that it's willing and
(14:49):
able to strike a deal with the US that I think,
from their perspective, keeps them at the table as the
Trump administration pushes forward as quickly as possible, as quickly
as they can to reach a deal with Russia. President
Trump already talking about the potential for easing sanctions on
(15:09):
Russia doing deals natural resource deals with Russia. I think
Europe and Ukraine have been watching that with a lot
of alarm at this point. They're glad to find something
that gets Zelensky to sit at a table with Trump
and reach a deal.
Speaker 2 (15:24):
And in terms of the kind of investment that we
could see come out of this bill, there's a question
about just how much resources Ukraine has, isn't there in
terms of critical minerals, we have about a minute left.
Speaker 12 (15:36):
Yeah, I mean there have been reports of trillions of
dollars in mineral deposits.
Speaker 7 (15:41):
But the reality is when you talk.
Speaker 12 (15:43):
About rare earth reserves, Ukraine has no rare earth reserves
that are really recognized internationally as economically viable. So that's
where a lot of questions I think are going to
come up on how much money would really go into
this fund? Is it really an economic deal or is
it more of just a deal.
Speaker 3 (16:00):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (16:07):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (16:13):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
in New York, Bloomberg in ninety nine to one in Washington,
Bloomberg ninety two to nine in Boston, and nationwide on
serious XM Channel one twenty one.
Speaker 2 (16:28):
Plus listen coast to coast on the Bloomberg Business app
now with Apple CarPlay and Android Atto interfaces.
Speaker 3 (16:34):
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.
Speaker 2 (16:47):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
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