Bloomberg Businessweek

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump met with Intel Corp. Chief Executive Officer Lip-Bu Tan at the White House to finalize a deal giving the US government a nearly 10% equity stake in the beleaguered chipmaker. Under the Friday agreement, the US will receive 433,323,000 shares of common stock — representing 9.9% of the fully diluted common shares in Intel — with the government pledging to release nearly $8.87 billion in funding under the Chips and Science Act, people familiar with the terms said, speaking on condition of anonymity to outline the deal before it was formally unveiled. That represents the remaining Chips Act funding that was awarded but not yet distributed to Intel, they said. The shares are non-voting and there is no board seat for the US government, according to the people. Tan was at the Commerce Department building on Friday finalizing the deal. The US taking partial ownership marks a stunning level of intervention in an American company, cutting against the principles of free-market capitalism that investors and policymakers have long considered sacrosanct except in the most extraordinary situations such as war or a systemic economic crisis. Today's show features: - Bloomberg News Economic Statecraft Reporter Joe Deaux on the US officially taking a nearly 10% stake in Intel - Bloomberg TV Radio International Economics and Policy Correspondent Mike McKee on his takeaways from at the Jackson Hole Economic Symposium and Bloomberg Economics US and Canada Economist Stuart Paul on Canada plan remove retaliatory tariffs on US products - Emily Green, Head of Private Wealth Management at Ellevest, on Friday's market rally - Tejpaul Bhatia, CEO of Axiom, on the business of space travel and the company’s role in an upcoming launch of a data server to the International Space Station See omnystudio.com/listener for privacy information.

Bloomberg's Tom Keene, Lisa Abramowicz and Michael McKee discuss remarks from Fed Chair Jay Powell following his speech at the Jackson Hole Symposium on a special edition of Bloomberg Surveillance. They speak with: See omnystudio.com/listener for privacy information.

At a time when cities across the country are struggling to meet urgent housing demand, New Rochelle, New York is touting a replicable model that is garnering national attention. Through what local leadership calls the “New Rochelle Model,” the city has taken a proactive approach to development by streamlining approvals, utilizing public-private partnerships, offering targeted tax incentives, and implementing a form-based zoning code. Over the past decade, New Rochelle has added over 4,500 new housing units with an additional 6,500 units in the pipeline. That equates to a 37% increase in New Rochelle's apartment supply, all while rents fell 2% from 2020 to 2023, making it a regional standout among its Westchester peers and New York City. Mayor Yadira Ramos-Herbert discusses her city's standout progress on housing affordability, helping it achieve in an area where many other municipalities are falling behind. Mayor Ramos-Herbert speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Caution prevailed on Wall Street ahead of Jerome Powell’s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts. The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%. Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn’t support easing if officials had to decide tomorrow. The S&P 500 slipped for a fifth straight day, its longest slide since January. Most big techs slid. Walmart Inc. tumbled on a profit miss. While data showed an increase in jobless claims — adding to signs of a slowing labor market — the solid factory purchasing managers index saw traders reducing their bets on rate cuts. Money markets showed a roughly 70% chance of a reduction in September. A week ago the odds were above 90%. Today's show features: See omnystudio.com/listener for privacy information.

New York-based Brightcore Energy is an energy efficiency company working to lower buildings' operating costs through new technology, with a particular expertise in geothermal heating and cooling in dense urban environments. Brightcore's solutions, ranging from geothermal HVAC to efficient lighting to solar energy, help to lower a building's energy use, providing improved net operating income through reduced costs. In addition to design and installation, Brightcore Energy helps partners realize maximum return-on-investment on these projects through strategic planning and in some cases, financial guidance, helping clients access incentives at the national, state, and local levels. Mike Richter, a former three-time NHL All-Star and 1994 Stanley Cup Champion with the New York Rangers, now serves as Brightcore's president. He speaks with Tim Stenovec, Emily Graffeo and Will Wade on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump called on Federal Reserve Governor Lisa Cook to resign after a staunch ally called for an investigation of the board member’s mortgages, intensifying his campaign on the central bank. Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees. Cook was nominated to the Fed by former President Joe Biden. Trump said Wednesday that Cook “must resign now,” citing Pulte’s allegations, while the FHFA head posted on social media that the accusations give Trump “cause to fire” her. The dollar declined, yields pared losses and gold rose after Trump’s call for Cook’s ouster.Pulte wrote a letter to Bondi and Justice Department official Ed Martin on Aug. 15 suggesting that Cook may have committed a criminal offense. The letter, which was first reported by Bloomberg News, alleges that Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.” The Justice Department has received the letter, according to an official, who declined to elaborate further. Today's show features: See omnystudio.com/listener for privacy information.

Block's next growth chapter will likely come from improving profitability, with greater engagement and product penetration among existing clients and better operating leverage. According to Bloomberg Intelligence, the stock's addition to the S&P 500 should accelerate passive investment flows. The Square Seller ecosystem is upselling to larger merchants, expanding overseas and leveraging Cash App to connect sellers and consumer platforms. Cash App is among the top US apps, with 57 million monthly actives in March. Direct deposits are gaining traction, and better unit economics can aid medium-term gross profit. Amrita Ahuja, Chief Financial Officer and Chief Operating Officer of Block, discusses the company's trajectory as well as the importance of cryptocurrency - especially Bitcoin - to its customer base. Amrita speaks with Tim Stenovec, Emily Graffeo and Nina Trentmann on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Donald Trump urged Russia’s Vladimir Putin and Ukraine’s Volodymyr Zelenskiy to show some “flexibility” as the US president accelerates his efforts to end the war in Ukraine and encourages the two leaders to hold a bilateral summit. “I hope President Putin is going to be good, and if he’s not, it’s going to be a rough situation,” Trump said Tuesday in an interview on Fox News. “I hope that Zelenskiy, President Zelenskiy, will do what he has to do. He has to show some flexibility also.” Trump’s comments follow a whirlwind stretch as the US president pushes to bring Russia’s war against Ukraine — now in its fourth year — to an end. Trump held a summit in Alaska with Putin last week and talks at the White House with Zelenskiy and European allies on Monday. Trump spoke with Putin again on Monday and urged him to begin making plans for a bilateral summit with Zelenskiy — a sitdown that would mark the first time those leaders meet face-to-face since Russia invaded its neighbor in Feb. 2022. Trump said that if that meeting goes well, he’ll look to follow up with a trilateral summit with Putin and Zelenskiy. Today's show features: See omnystudio.com/listener for privacy information.

US Latino GDP currently stands at $4 trillion. If measured independently, the figure equates to the world's fifth-largest economy, exceeding that of the United Kingdom and France, and tying with India, which boasts a population 20 times larger. Ana Valdez is the President and CEO of the nonprofit Latino Data Collaborative, which researches and highlights the vital contributions of US Latinos to the American economy. She breaks down the key sectors being driven by US Latinos, and explains why investors who’ve ignored this emerging demographic are leaving significant money on the table. Ana speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. US President Donald Trump and Ukrainian leader Volodymyr Zelenskiy expressed optimism their summit with European leaders could result in trilateral talks with Vladimir Putin over ending the Russian leader’s war in Ukraine. The White House meeting came days after the US president met Putin in Alaska. But while that gathering — which saw Trump say the onus was on Zelenskiy to end the three-year-long conflict — sparked concern among allies, Monday’s meeting provided Ukraine reason for hope. Zelenskiy said he was encouraged that the US would participate in security guarantees as part of any peace deal, and signaled that Trump had agreed to a key ask: that discussion of territorial exchanges be reserved for direct talks with Putin. Trump signaled that he may be able to convince Russia to release as many as a thousand prisoners as a show of good faith. More broadly, the two leaders — who have often struggled to work harmoniously since Trump’s return to power — spent the afternoon praising each other and underscoring the unity between Kyiv and Washington. Today's show features: See omnystudio.com/listener for privacy information.

The US Department of Energy intends to offer funding opportunities totaling nearly $1 billion “to advance and scale mining, processing, and manufacturing technologies across key stages of the critical minerals and materials supply chains,” it said in a statement this week. The proposed funding is meant to accelerate the US critical minerals and materials sector and reduce reliance on foreign suppliers. One of the companies impacted by this announcement is Factorial Energy, a producer of solid-state batteries that has partnered with automotive manufacturers such as Mercedes Benz, Stellantis and Hyundai. Dr. Siyu Huang, Factorial's founder and CEO, discusses the market landscape for critical minerals in the midst of a global trade war. Dr. Huang speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

US President Donald Trump called his meeting with Russian counterpart Vladimir Putin “extremely productive” but indicated that a deal to end the war had still not been finalized, adding that he would speak to NATO allies and Ukrainian President Volodymyr Zelenskiy. “There’s no deal until there’s a deal,” Trump said Friday in Anchorage, Alaska as he stood alongside Putin for a joint event. Putin spoke first at the event, casting the conversations as useful and said they were held “in a constructive atmosphere.” He talked of unspecified agreements with Trump, and suggested that Ukraine was only one of multiple issues discussed, pointing to the potential for increased trade and business cooperation as well as work in the Arctic and in space exploration. The event followed the longest ever face-to-face meeting between the two leaders. On this special edition of Bloomberg Balance of Power, we hear instant reaction to and analysis of the summit and the press conference. Host Joe Mathieu speaks with: See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump and Russian counterpart Vladimir Putin began discussions at a highly anticipated summit with the US leader looking to secure an end to the war in Ukraine. Reporters later saw the two in a room with their aides, as the discussions formally began, but the leaders did not take any questions. Alongside Trump were US Secretary of State Marco Rubio and special envoy Steve Witkoff, while Putin was joined by Foreign Minister Sergei Lavrov and Kremlin foreign policy aide Yuri Ushakov. Moments earlier, Trump had greeted Putin with a warm handshake and a pat on the arm in their first face-to-face encounter of the US president’s second term. The two leaders disembarked from their planes, walking across the tarmac to red carpets before meeting in a highly choreographed opening. Trump clapped as he watched Putin approach. Trump and Putin paused for a moment to watch a flyover and the US president was seen putting his hand on the Russian leader’s back as they walked down a set of steps. The two leaders appeared to be engaged in friendly conversation as they entered the Beast, as the US president’s armored limousine is known, and departed. The Russian leader was seen laughing as the vehicle departed as he began a visit that marked his first invitation to the US in nearly a decade. Today's show features: See omnystudio.com/listener for privacy information.

Creatio is a global software company specializing in low-code and no-code process automation for customer relationship management (CRM) and enterprise workflows with artificial intelligence tools increasingly playing a part. Millions of workflows are launched on the platform daily by thousands of clients across 100 countries, with a funding round completed in June 2024 having raised to company's value to $1.2 billion. Katherine Kostereva, Creatio's founder and CEO, discusses the impact of AI on the tech labor landscape and why she believes the emerging technology won't negatively impact coders. Katherine speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. The Trump administration is in talks with Intel Corp. to have the US government potentially take a stake in the beleaguered chipmaker, helping support the company’s effort to expand domestic manufacturing, according to people familiar with the plan. The deal would help shore up Intel’s planned factory hub in Ohio, said the people, who asked not to be identified because the deliberations are private. The company had once promised to turn that site into the world’s largest chipmaking facility, though it’s been repeatedly delayed. The size of the potential stake isn’t clear. The plans stem from a meeting this week between President Donald Trump and Intel Chief Executive Officer Lip-Bu Tan, the people said. The idea is for the US government to pay for the stake and details are being sorted out, one of the people said. Another cautioned that the plans remain fluid. Today's show features: See omnystudio.com/listener for privacy information.

Apple Inc. is plotting its artificial intelligence comeback with an ambitious slate of new devices, including robots, a lifelike version of Siri, a smart speaker with a display and home-security cameras. A tabletop robot that serves as a virtual companion, targeted for 2027, is the centerpiece of the AI strategy, according to people with knowledge of the matter. The smart speaker with a display, meanwhile, is slated to arrive next year, part of a push into entry-level smart-home products. Mark Gurman, Managing Editor for Global Consumer Tech for Bloomberg News, explains why home security is seen as another big growth opportunity for the tech giant. Mark speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. US President Donald Trump warned he would impose “very severe consequences” if Vladimir Putin didn’t agree to a ceasefire agreement later this week, following a call with European leaders ahead of his meeting with the Russian president. Trump also said he hoped to use the Friday meeting to set up a “quick second meeting” with Ukrainian leader Volodymyr Zelenskiy after allies pressed him to push for such a summit. “There’s a very good chance that we’re going to have a second meeting which will be more productive than the first,” Trump told reporters Wednesday at the Kennedy Center, adding that he was “setting the table for the second meeting." The president’s remarks signaled both that he was looking to downplay expectations for the delivery of a full peace deal from his Anchorage, Alaska summit with Putin, and responding to concerns from his European partners who urged him to prioritize direct Putin-Zelenskiy talks. Skeptics of Trump’s effort have expressed concern that the US president — who has said an eventual deal would include territorial exchanges — could agree to peace terms proposed by Putin that would disadvantage Ukraine. Today's show features: See omnystudio.com/listener for privacy information.

Green firms in the US have found something of a lifeline in artificial intelligence after being bogged down by high interest rates, shrinking funding and, more recently, President Donald Trump’s sharp rollback of support. Clean technology companies that have inked deals to support data centers have seen their stocks soar this year, outperforming the S&P 500. Nuclear power startup Oklo Inc.’s shares are up nearly 275% year-to-date while the stock price of fuel cell provider Bloom Energy Corp. has risen more than 80% as of Tuesday's US market close. Energy storage and clean power snagged the most public and private investment among climate tech sectors last quarter, according to BloombergNEF. Dr. KR Sridhar, Founder, Chairman and CEO of Bloom Energy, discusses his company's place in the green technology landscape as well as its third straight quarter of record revenue and profits, which were reported in its most recent earnings on July 31. Dr. Sridhar speaks with Carol Massar and David Gura on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.