May 15, 2025: NJ Transit Engineers Declare Strike After Wage Talks Fail, More

Listen for the latest from Bloomberg News 

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:01):
News when he wanted with Bloomberg News. Now, I'm Caroline Hepke.
We have some breaking news this hour. New Jersey Transit
locomotive engineers will go on strike today for the first
time in more than forty years. The action will trigger
a shutdown of New Jersey rail services and destop travel
for thousands of commuters Awage disputers at the heart of

(00:23):
the fight. After years of negotiations, the Brotherhood of Locomotive
Engineers and Trainmen has failed to agree a new contract.
New Jersey Transit Chief executive Officer Chris Kaluri has called
the union's proposals unaffordable. For more on Bloomberg News now
here is Bloomberg's Doug Krisner.

Speaker 2 (00:43):
The Justice Department is investigating how concert promoters responded to
cancelations at the outset of the pandemic back in twenty twenty.
We are told a DOJ criminal antitrust probe is now
focused on whether Live Nation Entertainment and AEG Presents illegally
colluded on refund policies for canceled concerts and worked with

(01:05):
artists to limit losses. The largest US crypto exchange, Coinbase Global,
said today that since January hackers had near constant access
to some of the firm's most valuable customer data. These
data were obtained by bribing customer service representatives. In a
video posted on x, coinbase Global CEO Brian Armstrong laid

(01:25):
out steps the company is taking right now.

Speaker 3 (01:27):
Any customers that were socially engineered as a result of
this incident, we're going to reimburse them. Number two, we're
hardening our systems around customer support to make something like
this much more difficult in the future. In third, we're
actually relocating some of our customer support operations as a
result of this.

Speaker 2 (01:46):
That is Brian Armstrong. He is the CEO of coinbase. Now.
The hackers were demanding twenty million dollars in ransom in
order to delete these data. Instead, Coinbase offered twenty million
dollars in bounty for in leading to the attacker's arrest
and conviction. Separately, today, Coinbase saying it is cooperating within

(02:07):
SEC probe into the firm's previously reported user metrics. Shares
in Coinbase we're down more than seven percent. In the
regular session, Republican House members are still hammering out details
for President Trump's tax bill and how to pay for it.
There are several sticking points, including the state and local
tax deduction. New York Congresswoman Nicole Mally Attuckas is a

(02:29):
member of the Salt Caucus. She is pushing to increase
the cap to thirty thousand dollars.

Speaker 4 (02:35):
In my situation, being a Houseways and Means member, I
pushed very diligently to get to a number that would
cover my district. And the tripling of the deduction to
thirty thousand dollars covers ninety eight percent of my district.
Now what I've liked to hire number, Sure, you know,
but it's not what you want, it's what you need.
That's how this works when you're working with so many

(02:56):
other people who represent very different districts.

Speaker 2 (03:00):
Nicole Maliataka's congresswoman from New York State. Now, Republicans are
planning to work through the weekend to resolve the issue
and other unresolved matters, with plans to bring the bill
to the House floor for a vote next week. We
moved to geopolitics next. President Trump said today there will
be no resolution to Russia's war in Ukraine until he

(03:20):
meets with Russian President Vladimir Putin. Earlier Ukrainian President Vladimir
Zelenski approved a team to travel to Istanbul for talks
with Russia in the presence of both the US and Turkey.
The aim here was to achieve a cease fire. However,
Russian President Putin and Russian Foreign Minister Sergey Lavrov stayed away.

(03:41):
Here is US Secretary of State Marco Rubio.

Speaker 5 (03:43):
The only way we're going to have a breakthrough here
is between President Trump and President Putin. It's going to
require that level of engagement to have a breakthrough in
this matter. I don't think anything productive is actually going
to happen from this point forward until they engage in
a very friend and direct conversation, which I know President
Trump is willing to do.

Speaker 2 (04:03):
That is US Secretary of State Marco Rubio. Now, Trump
has threatened to levy new sanctions on Russia if Putin
were to refuse to meet with Zelensky or to agree
to an immediate and unconditional cease fire. We go to
the economy next. The head of JP, Morgan Chase Jamie
Diamond says recession remains a possibility as Tara fallout continues

(04:25):
to buffet global economies. Diamond spoke exclusively to Bloomberg, and
he said, there is still a lot of uncertainty, although
some of it preceded the Trump administration.

Speaker 6 (04:35):
We had large deficits, int rates going up, inflation going
up in summer, you know, tariffs and things, and of
course the geopolitical situation is very tense, very difficult and
hard to resolve.

Speaker 2 (04:46):
That is JP Morgan Chase CEO Jamie Diamond, speaking to
Bloomberg from the Bank's Global Markets Conference in Paris. Round
one of the PGA Championship has wrapped at Quail Hollow Club.
Jonathan Vegas sits at I topped the leaderboard at seven
hundred par and that is news when you want it
with Bloomberg News. Now I'm Doug Prisoner, and this is
Bloomberg