Judge Blocks Federal Firings During Government Shutdown for Now
Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.A US judge has ordered the Trump administration to pause plans to fire thousands of federal workers during the government shutdown while labor unions challenge the move.The ruling on Wednesday from US District Judge Susan Illston in San Francisco follows layoff notices that have gone out to more than 4,100 federal employees since last week.The order isn’t a final decision on the merits of the case. It means that more than two dozen federal agencies named in the case cannot send out new layoff notices if they involve programs that include labor union members that sued. The decision means the government must halt action on notices that already went out while the judge weighs whether to impose a longer-term block.Today's show features: Laura Davison, Bloomberg Washington Deputy Bureau Chief, on Judge Blocks Federal Firings During Government Shutdown for Now Dan Letter, President and incoming CEO of Prologis, on earnings and the industrial real estate market Mizuho Senior Consumer Analyst David Bellinger on Walmart on Path to Trillion Dollar Status After OpenAI Alliance Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee and Bloomberg News Economics Editor Molly Smith on Beige Book and latest Eco Data See omnystudio.com/listener for privacy information.
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Why Women's Wealth Is Poised to Surge
Women currently control about one-third of the world's wealth and that figure is expected to rise to 50% by the end of the decade, according to research data from BlackRock. Women are also playing an increasingly large role in driving and engaging with the capital markets, and these statistics could indicate a coming structural shift for the financial services industry.Jaime Magyera, the Head of BlackRock’s US Wealth Advisory business and Head of BlackRock’s Retirement business, discusses investing trends among high net-worth clients and why women will soon be the nation's key market drivers. Jaime speaks with Carol Massar and Isabelle Lee on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
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Dimon’s ‘Cockroach’ Fear Revives Threat of Growing Credit Cracks
Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.Investors spooked by the implosion of auto lender Tricolor Holdings and car-parts supplier First Brands Group got little reassurance Tuesday from the head of the biggest US bank.“My antenna goes up when things like that happen,” Jamie Dimon, JPMorgan Chase & Co.’s chief executive officer, said on a call with analysts. “I probably shouldn’t say this, but when you see one cockroach, there are probably more. Everyone should be forewarned on this one.”The pair of bankruptcies were a shock for the credit markets, where companies have been borrowing at a record pace while handing investors outsized returns. And Dimon, fresh off posting results that put his bank on track for another record year, said there could be more pain than usual when the economy takes a turn for the worse. In drawing attention to investors’ growing disillusionment with public vehicles that hold private-debt investments, Dimon touched on a niche corner of the market where investors are on the lookout for signs of widening cracks in debt markets.Investors have been fleeing BDCs, seen as a proxy for the $1.7 trillion private-credit market, as they cut distributions available to shareholders. That has opened a widening gap between the broader equity market and private-credit BDC stocks. Last month, the $75 billion non-traded Blackstone Private Credit Fund, the largest in the industry, said it was reducing its shareholder payouts.Today's show features: Bloomberg News Chief Wall Street Correspondent Sridhar Natarajan and Bloomberg Intelligence Senior Analyst for Global Investment Banks & Asset Managers Alison Williams on quarterly bank earnings from JPMorgan, Goldman Sachs, Citigroup and Wells Fargo Bloomberg News US Semiconductor Reporter Ian King on Oracle’s deal to deploy a large batch of AMD’s forthcoming MI450 chips next year Cathy Seifert, Vice President of CFRA Research, on BlackRock’s quarterly earnings and outlook Bloomberg News Global Economy Reporter Enda Curran US China on global trade shifts brought on by tariffs See omnystudio.com/listener for privacy information.
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Lumen Overhauls Debt Load With Eye on Growth
Lumen Technologies last month announced the successful completion of a repricing transaction of Level 3 Financing, Inc.’s (“Level 3”) $2.4 billion credit facilities at Term SOFR + 3.25%. The new pricing represents a reduction of 100 basis points, resulting in $24 million in annual interest expense savings. Additionally, in connection with the refinancing transaction certain other modifications were made to the covenants in the Credit Agreement to provide additional flexibility to Level 3.Chris Stansbury, Lumen's CFO, discusses the company's debt restructuring and path toward for growth, the sale of its residential-fiber unit to AT&T, and the current state of the telecom space. Chris speaks with Tim Stenovec, Emily Graffeo and Nina Trentmann on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
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Trump Urges World Leaders to Seize Momentum for Gaza Peace
Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump pressed world leaders gathered at a summit on Gaza’s future to ensure the US-led truce between Israel and Hamas turns into a lasting peace, hailing the agreement as a “new beginning” for the war-torn region.“Today, for the first time anyone can remember, we have a once-in-a-lifetime chance to put the old feuds and bitter hatreds behind us,” Trump said in the Egyptian resort town of Sharm El-Sheikh.” “Together we’re going to forge a magnificent, great and enduring peace.”Trump’s whirlwind trip, which also included a stop in Israel, heightened optimism for ending the two-year-long war between Israel and Hamas.“Together, we’ve achieved what everybody said was impossible. At long last we have peace in the Middle East,” Trump said. “Now the rebuilding begins.”Yet the nascent ceasefire remains fragile, with many key details left to be worked out. Trump said food and aid has begun to flow into Gaza, which has been devastated by the conflict. “Numerous countries of great wealth” have pledged reconstruction funds, Trump added, though he did not name them.Today's show features: Mona Yacoubian, Director and Senior Adviser, Middle East Program at the Center for Strategic and International Studies, on President Donald Trump’s Middle East visit and the fragile Gaza ceasefire Daniel Florness, CEO of Fastenal on earnings and the state of US manufacturing Harmit Singh, Chief Financial and Growth Officer and Levi Strauss & Co, on the retailer’s latest quarterly earnings and the impact of tariffs See omnystudio.com/listener for privacy information.
Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy. Watch us LIVE on YouTube: http://bit.ly/3vTiACF.
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