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Big Take

Bloomberg and iHeartPodcastswww.bloomberg.com

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

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Episodes

Asia Is Bearing the Brunt of the Iran War Energy Crisis

From soaring fuel prices in Pakistan to a shortage of cooking gas in India, Asia is bearing the brunt of the energy crunch sparked by the Iran War. On today’s Big Take Asia podcast we look at how war in the Middle East has pushed Asia to the forefront of a global crisis. Host K. Oanh Ha speaks with Bloomberg’s Faseeh Mangi about the impact of soaring fuel prices in Pakistan and Clara Ferreira Marques about how the least economically resilient countries are feeling the most pain. Hosted by K. Oan...

Mar 17, 202619 min

Will Russia Be the Biggest Winner of the Iran War?

As the war in Iran draws in more countries, it’s had unlikely benefits for one of Iran’s key allies: Russia. President Trump has eased some sanctions on Russian oil in his efforts to alleviate the oil squeeze created by the conflict. Meanwhile, the allyship between Russia and Iran has deepened as both countries have shared battlefield intelligence. On today’s Big Take podcast, host Sarah Holder talks with US defense and intelligence reporter Natalia Drozdiak about how Russia could benefit from t...

Mar 16, 202616 min

Weekend Listen: The Rise and Fall of an Alleged Scam Boss

By any account, Chen Zhi's ascent was meteoric. At a young age he founded a real estate company in Cambodia, which quickly became the sprawling Prince Group conglomerate. But beneath this legitimate facade, Chen allegedly ran a vast criminal network, building an empire on scams, human trafficking and high-level political protection. On today’s Big Take Asia podcast, Host K. Oanh Ha and Bloomberg’s David Ramli look into the rapid rise and sudden downfall of an alleged criminal mastermind. Never m...

Mar 15, 202620 min

Your Streaming Subscription Could Be the Next Trade Battlefield

From online banking and social media to digital ads and AI subscriptions, digital services are the fastest-growing segment of global trade. Unlike physical exports, they’ve been subject to little regulation, taxation or tariffs. Until now. On today’s Big Take podcast, Bloomberg global trade editor Brendan Murray and David Gura dig into the rising tensions over the almost $5 trillion in digital services sold across borders each year, why a consequential WTO meeting could change everything and wha...

Mar 13, 202618 min

Iran War Spotlights the Pentagon’s AI Strategy

In the first 24 hours of US attacks on Iran, the scale of firepower more than doubled that of the US’ initial assault on Iraq in 2003 — an expansion made possible by the Pentagon’s embrace of AI. Just hours before the attack, the US parted ways with AI company Anthropic, after the company raised concerns over how the Defense Department might use its tools. The Pentagon says it wants the ability to use the tools for “all lawful purposes.” On today’s Big Take podcast, host David Gura sits down wit...

Mar 12, 202619 min

Why So Many Private Credit Investors Want Out

On today’s Big Take podcast, Bloomberg’s Brian Chappatta and Olivia Fishlow unpack the recent tumult in the world of private credit. How cracks formed in this $1.8 trillion market, how companies are trying to tamp down investor anxiety and what it all could mean for the private credit industry’s efforts to get into 401(k)s. Read more: Private Credit’s Gate-Crashers Are Forcing Funds Into a Brutal Spot Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Brian Chappatta and Olivi...

Mar 11, 202620 min

What a $100-Per-Barrel Oil Spike Does to the Global Economy

After oil soared to nearly $120 per barrel on Sunday, President Donald Trump began to signal that the US had already achieved victory in Iran and could wind down the conflict soon. There was an immediate drop in oil prices — and the entire global economy seemed to sigh in relief. On today’s Big Take podcast, Stacey Vanek Smith and Bloomberg Opinion’s Javier Blas discuss why the global economy is so sensitive to oil price spikes and how oil prices are ratcheting up both domestic and international...

Mar 10, 202620 min

Iran War Could Hinge on Who Runs Low on Munitions First

A major factor that could limit hostilities in Iran and the Middle East is munitions — what weapons each side is using, and how quickly they might run out. On today’s Big Take podcast, Sarah Holder talks to Bloomberg global defense editor Gerry Doyle and Bloomberg Economics defense lead Becca Wasser about how long the US and Iran can carry on missile and drone strikes, what happens next in the region and what opportunity cost the US could pay for picking this battle now. Read more: Iran’s Missil...

Mar 09, 202620 min

The $240 Million Ad Campaign That Helped Get Kristi Noem Fired

President Donald Trump fired Kristi Noem from her role as head of the Department of Homeland Security on Thursday. One of the reasons for Noem’s removal involved her oversight of a $240 million DHS ad campaign, starring herself. On today’s Big Take podcast, Bloomberg investigative reporters Irene Casado Sanchez and Eric Fan join host Sarah Holder to reveal the inside story of that ad blitz — and the ties between people in Trump’s orbit and the companies that were given millions to spend on it. R...

Mar 07, 202624 min

The Sixth Bureau Episode 5: One Way In, One Way Out

In Episode 5 of The Sixth Bureau, a series from The Big Take, a spy from China’s Ministry of State Security travels to an overseas meeting with a valuable source. He has no idea he is walking into a trap that the FBI has been setting up for months. The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until h...

Mar 07, 202633 min

War in Iran Is Exposing Oil Risks Across Asia

The war in the Middle East is rattling global oil markets, raising the risk of supply disruptions and price shocks for energy‑hungry Asian economies. On today’s Big Take Asia podcast, host K. Oanh Ha speaks with Bloomberg’s Daniel Ten Kate and Fereidun Fesharaki, founder and chairman of FGE, about how tensions involving Iran are being watched by energy markets — and which Asian economies are most exposed if the crisis escalates. See omnystudio.com/listener for privacy information....

Mar 05, 202618 min

Former Secretary of State on the Two Keys to Ending War in Iran

How long will hostilities in Iran last? Former Secretary of State Antony Blinken says it will likely depend on “markets and munitions.” In an interview with the Big Take podcast, Blinken and host David Gura discuss the Obama and Biden administrations’ efforts to avoid conflict with Iran, the unanticipated ways this war puts the US at risk and how the strikes could reshape the region. Hosted by David Gura; Produced by David Fox; Edited by Jeffrey Grocott. Fact-checking by Rachael Lewis-Krisky and...

Mar 04, 202638 min

The White House’s Shifting Explanations for the Iran War

As the war with Iran widens in the Middle East, legislators on both sides of the aisle have expressed frustration with a lack of advance notice of the strikes and the inconsistencies in the administration’s justifications and goals for the military action. On today’s Big Take, Bloomberg national political correspondent Nancy Cook and national security reporter Jamie Tarabay join the show to discuss what Trump is trying to accomplish in Iran, what powers Congress has to shape US involvement and w...

Mar 03, 202617 min

After Months of Succession Planning, Who’s Leading Iran?

The US and Israel’s attacks on Iran have entered their third day — and President Donald Trump said Monday that the US military operation could continue for weeks, or more. On today’s Big Take podcast, reporter Golnar Motevalli talks to host Sarah Holder about the widening regional conflict, Iran’s succession plans and what we know about the end game for the US as President Trump vows to do “whatever it takes.” Follow Bloomberg’s live coverage here . Hosted by Sarah Holder; Produced by Julia Pres...

Mar 02, 202615 min

The Escalating Conflict With Iran

Targets in Iran, Israel and in the Middle East are under attack in an unprecedented escalation in the conflict between the US and Iran. The combat operations come after weeks of negotiations between the US and Iran over what remains of its nuclear program. On today’s Big Take, Bloomberg’s Jeff Mason and Joumanna Bercetche join host David Gura to discuss the timing and goals of this weekend’s strikes — and the risk of a widening, regional conflict. This is a developing story. We are live blogging...

Mar 01, 202615 min

Former Goldman Sachs CEO Lloyd Blankfein Says the Market Is Due For a Reckoning

After steering one of Wall Street’s iconic investment banks through the financial crisis, former Goldman Sachs CEO Lloyd Blankfein is investing his own money and, with the publication of a new memoir, reflecting on his time at the firm. On today’s Big Take podcast, Blankfein tells host David Gura how he uses AI, what he sees as a worrying expansion of opaque investment products and what happens when public companies respond to political pressures. And David asks him about the resignation of Gold...

Mar 01, 202637 min

Special Report: US and Israel Strike Iran

President Donald Trump says the US has begun major combat operations against Iran. Airstrikes have been carried out by Israel and the US, with multiple provinces hit. Iran in turn has fired back at Israel and targeted US bases and assets in the region, including Bahrain, the UAE, Kuwait and Iraq. This comes after weeks of talks failed to produce a fresh agreement on Iran’s nuclear program. OPEC+ will consider the option of a larger supply increase when key members meet on Sunday. This is a devel...

Feb 28, 202612 min

The Sixth Bureau Episode 4: The Duck Analogy

In Episode 4 of The Sixth Bureau, a series from The Big Take, we follow a spy from China’s Ministry of State Security as he tries to plan a delicate overseas meeting with a valuable source. But the person he’s talking to isn’t working alone. The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his slop...

Feb 27, 202634 min

How the ‘Power Game’ Is Reshaping Venezuela

After US forces captured former Venezuelan President Nicolás Maduro in January, President Donald Trump said the US would “run” the South American country. What’s actually happened since? On today’s Big Take podcast, host David Gura has a sweeping conversation with International Crisis Group senior analyst Phil Gunson, who’s based in Caracas and has tracked Latin American politics for decades. Further listening: Why Trump Wants Venezuela’s Oil How Venezuela Shifts China’s Calculus The Domino Effe...

Feb 26, 202618 min

Is Apple Winning the ‘AI Scare Trade’?

As the “AI scare trade” jolts companies large and small, Apple shares keep doing their own thing. The company has “decoupled” to the greatest degree in 20 years from forces moving the rest of the Nasdaq 100. Why — and how? On today’s Big Take podcast, host Sarah Holder talks to Bloomberg’s equities reporter Ryan Vlastelica and Chief Apple Correspondent Mark Gurman about how the company became a hedge against fears of AI disruption — and why that may not be a good thing. Hosted by Sarah Holder; P...

Feb 25, 202617 min

A Guide to the State of Trump and the Union

President Trump heads into Tuesday evening’s State of the Union address with sagging poll numbers just days after his signature tariff strategy was struck down by the Supreme Court. As a speaker with a history of diverging from script, Trump is expected to defend everything from his record on affordability to his approach to Iran in order to rally his base ahead of midterm elections. On today’s Big Take Podcast, White House reporter Josh Wingrove joins host David Gura to discuss what this year-o...

Feb 24, 202616 min

After Trump's Major Tariff Setback, The World Asks: What Now?

From Brussels to Beijing, the United States’ largest trading partners are digesting the Supreme Court’s decision to overturn President Trump’s signature tariffs — along with his threats to impose new, potentially stickier levies by other means. On today’s Big Take podcast, Big Take Asia host K. Oanh Ha sits down with Bloomberg China economy and government editor Jenni Marsh and Bloomberg’s top trade editor Brendan Murray to discuss the global reaction to Trump’s tariff setback: how countries lik...

Feb 23, 202618 min

SCOTUS Strikes Down Trump’s Tariffs

The US Supreme Court on Friday handed President Donald Trump one of the biggest losses of his second term, striking down his signature tariff plan. On today’s Big Take podcast, Sarah Holder talks to one of the people at the heart of the drama: Rick Woldenberg, the CEO of Learning Resources, a toy company that was a lead plaintiff in the case. And she unpacks the decision and its implications with Supreme Court reporter Greg Stohr and global trade editor Brendan Murray. The Big Take Asia followed...

Feb 20, 202619 min

The Sixth Bureau Episode 3: Suck, Squeeze, Burn, Blow

In Episode 3 of The Sixth Bureau, a series from The Big Take, we follow a spy from China’s Ministry of State Security to the Paris Air Show, and then watch him develop a valuable source, despite his bosses constantly getting in his way. The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppines...

Feb 20, 202621 min

Trump’s Plan to Dismantle the Department of Education

The Department of Education has been a target of critics for decades. Republicans in the Oval Office have repeatedly tried to shrink the agency, and in his second term, President Trump has vowed to eliminate it altogether. On today’s Big Take podcast, Bloomberg education reporter Liam Knox and host David Gura talk through what it takes to gut a congressionally approved federal agency: what’s behind the Trump administration’s ‘creative’ efforts to scale back or move some of the Education Departme...

Feb 19, 202619 min

The Race to Buy Real Estate in Mecca

For the first time in history, Saudi Arabia is allowing international buyers to purchase property in Mecca. This regulatory shift has ignited a building boom, raising concerns over affordability and overdevelopment. On today’s Big Take podcast, Bloomberg’s Zainab Fattah joins Sarah Holder to discuss what this property gold rush means for the city’s future and Saudi Arabia’s move away from oil. Read more: Saudi Arabia's MBS Opens Mecca Property Market in Investment Push Hosted by Sarah Holder; Pr...

Feb 18, 202617 min

Where’s the Beef? Inside the Fragile Cattle Market

Inflation in the US has cooled from pandemic peaks, but there’s a grocery product telling a different story: beef. The price of uncooked ground beef soared by the most since June 2020 in government data released Friday. The broad beef and veal category is up 15% over the past year as of January. On today’s Big Take podcast, Bloomberg reporter Enda Curran takes a peek into the American consumer’s grocery basket with host David Gura to understand the perfect storm of factors that’s setting beef ap...

Feb 17, 202615 min

The Sixth Bureau, Episode 1: Your Friend From Nanjing

It’s an open secret that the Chinese government has engaged in a global campaign to acquire intellectual property from foreign rivals. At the center of that campaign is the Ministry of State Security, China’s elusive intelligence agency. The US has apprehended hundreds of people accused of giving information to the MSS, but the agency’s inner workings have been a mystery — until now. Today, we’re bringing you Episode 1 of The Sixth Bureau, a limited-run series from The Big Take. The series follo...

Feb 13, 202613 min

The Sixth Bureau, Episode 2: The Spy’s Diary

In Episode 2 of The Sixth Bureau, a limited-run series from The Big Take, we learn how China’s Ministry of State Security recruits experts in the West — and why intelligence officers shouldn’t keep their secrets backed up to the cloud. See omnystudio.com/listener for privacy information.

Feb 13, 202630 min

Trump Accounts Promise Free Money. What's the Catch?

In July, American parents will be eligible to open Trump Accounts on behalf of their children. The administration touts these investment accounts as a way to help the next generation achieve the American dream. But are they the best way to save for college, home-ownership or retirement? And who stands to benefit most? On today’s Big Take podcast, Bloomberg’s Ben Steverman walks host Sarah Holder through the advantages — and criticisms — of this new program. Plus, economist Darrick Hamilton, whos...

Feb 12, 202619 min
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