October 22, 2025: US Imposes Sanctions on Russia Oil Companies, Tesla Misses, More

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Episode Transcript

Speaker 1 (00:01):
News.

Speaker 2 (00:01):
When you won it with Bloomberg News. Now, I'm Dan Schwartzman.
President Trump rejected a Wall Street Journal report that the
US had given approval for Ukraine to launch missiles deep
into Russian territory. In a post on truth Social Trump
said the US has nothing to do with those missiles. Meantime,
the US announced sanctions on Russia's biggest oil producers in
a statement the Treasury Department saying the move will degrade

(00:22):
Russia's ability to raise revenue for its war machine, and
they added Moscow must agree to immediate ceasefire with Ukraine.
Here's President Trump. Today is a very big day in
terms of what we're doing.

Speaker 3 (00:34):
Look, these are tremendous sanctions. These are very big.

Speaker 1 (00:36):
Those are against their two big oil companies, and we
hope that they won't be on for long.

Speaker 3 (00:42):
We hope that the war will be settled.

Speaker 2 (00:45):
Tesla's profit plunged more than expected as sharply rising costs
undercut a record quarter of vehicle sales. Adjusted earnings for
fifty cents a share that's down thirty one percent from
a year ago. A revy of twenty eight point one
billion dollars beat expectations Tessa's up. Operating expenses, though sored
fifty percent to three point four billion dollars in the quarter,
while the company expects around four hundred million dollars of

(01:07):
impact from US tariffs now. In an earnings call, Elon
Musk pleaded with investors to ratify his one trillion dollar
pay package and blasted the shareholder advisory firms that have
come out against the plan. Here's Musk as he interrupted
his CFO at the tail end of the earnings call.

Speaker 3 (01:23):
Yeah, at the point is I just like that there
needs to be enough voting control to give a strong influence,
but not so much that I can't be fired if
I go insane.

Speaker 2 (01:31):
That's Elon Musk, CEO of Tesla, speaking there. IBM reported
disappointing revenue in its closely watched red Hat unit, sparking
concerns among investors. The company's third quarter sales in the
hybrid cloud unit that includes red Hat increased fourteen percent,
a slowdown from the previous period and below analyst's average
estimate of sixteen percent. While revenue decelerated, IBM says that

(01:54):
they still feel very good about the growth opportunities in
red Hat. Overall, the Trump administration is weighing a support
restrictions against China that would bar the purchase of a
wide swath of critical software. Philip drury Cio of Poolside
says the Trump administration will reward companies that invest in
the US.

Speaker 1 (02:11):
You know, as long as US companies stay grounded in
terms of making investments close to at home, then you know,
I think ultimately relation to China is such an important economy.
You know, I'm certainly hopeful that you know, diplomacy on
equitable grounds will ultimately win through.

Speaker 2 (02:32):
That's Philip drewy Cio of Poolside, speaking to Bloomberg. The
US said the move is in retaliation for China's announced
restrictions on the flow of critical rarest minerals needed to
make numerous consumer products. US Trade Representative Jamison Greer says
he and Treasury Secretary Scott Bessont are headed to Malaysia
for talks with Chinese officials ahead of a possible meeting

(02:53):
between President Trump and Hijinping. The two leaders are expected
to meet at the APEX summit in South Korea, though
specific day and time have yet to be announced.

Speaker 3 (03:02):
There's a spot for it on the schedule if it happens. Obviously,
it's a mutual decision. It's to where their president. She
and President Trump meet together. Obviously, I think it makes
sense to talk, especially at a time where there are
a lot of measures in place by the Chinese. But
we'll see.

Speaker 2 (03:17):
Trade Representative Jamison Greer telling CNBC China's recent announcement on
rare earth export controls was aggressive, but he says there's
a good landing zone for trade between the US and China.
The government shutdown is now officially the second longest in history.
The shutdown's economic disruption will deepen as civilian federal workers
are set to miss their first full paycheck this Friday.

(03:38):
But on November one, funding shortfalls and deadlines for healthcare,
military pay, and nutrition benefits will collide, potentially creating new
bipartisan urgency for lawmakers to and the shutdown. However, there's
maybe some motion behind the scenes. Representative Jason Smith, chair
of the House Ways and Means Committee, telling Bloomberg Television
that Republicans in both chambers are floating a stopgap funding

(03:59):
bill that extends to December twenty twenty six. Smith also
said he would support a longer term stop gap measure.
I would support that until December first.

Speaker 3 (04:09):
I think that that would allow more stability for our economy,
stability for the American people.

Speaker 2 (04:15):
The proposal is something that Smith said he's been hearing
in conversations from Senators and from House members. In New
York City, the second mayoral debate has wrapped up Democratic
nominees or On Memdannie, Independent candidate Andrew Cuomo, and Republican
nominee Curtis Lee. What took the stage? Ma'm Donnie and
Cuomo repeatedly clashed over their respective records and policies throughout
the night. Here's an exchange between Mamdanie and Cuomo.

Speaker 3 (04:38):
We just had a former governor say in his own
words that.

Speaker 2 (04:42):
The city has been getting screwed by the state. Who
was leading the state? It was you govern the state
governors screwing this. You come, Zora Memdanie and Andrew Cuomo
speaking there. The audio is courtesy of Spectrum News New

(05:04):
York One. This is the final debate among the candidates
before early voting begins later in the week. And that's
news when you want it. With Bloomberg News Now, I'm
Dan Schwartzman, and this is Bloomberg