Florida Braces for Big Storm; Citadel Looking for Next Math Genius

Good morning.

I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.

For keeping our eyes on a major storm brewing in the Caribbean that's got its sight set on Florida. Bloomberg Media religist Rob Carolyn is tracking hurricane and Dahlia for us. So what's the latest job.

Nathan and Karen. Hurricane warnings in an effect from the Tampa Bay Area across the Florida Panhandle this morning. A tropical storm warning and effects south of Tampa to southwestern Florida, all due to Edalia, which continues to move northward into the southeastern Gulf of Mexico. Edalia will be intensifying rapidly today, will become a major hurricane with winds of one hundred and fifteen to one hundred and twenty five miles an hour by the time it's making landfall somewhere near cedar

So Rob, who all could be affected by this storm and where does it track beyond Florida.

Looks like the storm system is going to turn more northeast with time. Once it moves inland, it's like to affect portions of southern and central Georgia as well as the Carolina is but the threat there, rather than wind and storm surge, becomes rain. Portions of the Carolina is likely to see four to six inches of rain from the system through Wednesday and Thursday, before it moves off the coast of the Carolinas some point later this week.

All right, Bloomberg meteorologist Rob Carolyn will be checking back with you over the next few days for the latest on Hurricane Dahlia.

Well, Nathan, the storm is sure to have a major disruption on air travel down south, but passengers are also scrambling in Europe. This morning, we get the details at Bloomberg's James Wilcock in London, James.

Karen and Nathan. It's being called the worst failure in a decade for the UK Civil Aviation computer system. The glitch on Monday, so more than five hundred flights canceled as carriers had to resort to planning flights manually. Add that chaos to one of the busiest summer holiday periods and we're seeing knock on travel disruption and delays expected to affect air travel across the continent this week in London, James Wilcock Bloomberg.

Daybreak Thanks James staying oversees a strike is looming in Australia. Workers are two of Chevron's liquefied now gas export plans will go on strike as soon as September seventh. The labor on rest comes at a time when global energy supplies are already squeezed well.

In Asia, Nathan geopolitics are and focused as Commerce Secretary Gina Ramando continues her visit to China. She spoke today with Chinese Vice former Holly Feng. We get more from Bloomberg's China government reporter Colin Murphy in Beijing.

We definitely do detect this effort at least to sort of display a shift in tone on the US side, emphasizing the importance of economic ties and how they can sort of influence political gize that they're well handled so trade and transparency, emphasizing that the US does not want to stop or sort of set back China's rise. So

Bloomberg China government or porter Cola Murphy in Beijing says Romando has met with several Chinese officials since arriving in Beijing on Sunday, and one.

Other note out of Asia this morning, Karen Bloomberg News has learned China's biggest state owned banks are considering lowering deposit rates for at least a third time in a year, as part of an effort to boost the economy and protect margins. Sources say Industrial and Commercial Bank of China, China Construction Bank, and other lenders may cut rates on local currency deposits by between five and twenty basis points.

Well back here in the US, Nathan the feder Reserve's head of Bank Supervision in San Francisco, which had oversight of lenders including Silicon Valley Bank and First Republic Bank, will depart at the end of October. We get the story from Bloomberg's Charlie Pellett.

San Francisco FED spokesperson said A Zera Bossi, the executive vice president of the Supervision and Credit Group at the Federal Reserve Bank of San Francisco will retire on October thirty first a Bossi, along with San Francisco FED president Mary Daily, came under scrutiny in March following the sudden collapse of SVB and lenders. Those episodes revealed management shortcomings of the regional FED Outpost, which is responsible for the on the ground supervision of small and medium sized banks

Citadel is going all out in the battle for the world's brightest mathematical minds. While tens of thousands apply for the Hedge Fund Summer Internship, only a few are chosen. Bloomberg's Asia Investing reporter Luluchen says the competition is fierce.

Out of the sixty nine thousand INTERNT applications this year, fewer than one percent actually made it cut to the program. Almost without exception. These students boast titles and degrees from top schools in their regions, many holding math and computer science degrees. Some actually have Math OLYMPIAD Gold titles under their belt.

In Bloomberg's Luluchen says, those who secure a place can expect to be well compensated are in close to twenty k a month.

As Molly, do have some healthcare news to tell you about this morning. Nathan Walmart, Walgreens, Boots Alliance, and CBS Health. They're rolling out new care options normally only available at doctors' offices. Testing and treatment services for a strep throat flu in COVID nineteen will now be available. The big chains are angling for a larger slice of healthcare spending as new

And Donald Trump's Washington trial over his efforts to a return of the twenty twenty election has been set for March fourth, the day before the Super Tuesday primaries, and now his legal team has one possible strategy to delay or avoid it altogether that could tee up a high

Everyone was just panicking.

People almost open the door and not open the door, and then finally we got evacuated.

Well, police at the University of North Carolina and Chappa Hill say the suspected shooter is in custody. If you're not paying for an Amazon Prime membership, you'll have to spend more to get free shipping. Let's get more on that story from Bloomberg Jeff Bellinger.

The company is testing raising the minimum spend from twenty five dollars to thirty five dollars in order to qualify for no cost delivery. The change does not affect customers who are already paying for Prime membership, which can run you fourteen dollars ninety nine cents a month or one one hundred and thirty nine dollars a year. Amazon has been cutting costs across its business. This year, it's scrapped free grocery delivery for Prime members on orders under one

And the man who became famous as Joe the Plumber has died. Samuel Joe Urzelbacher got into the political spotlight after questioning Barack Obama about his economic proposals during the two thousand and eight presidential campaign. He was a plumber in Toledo. It led to Republican challenger John McCain repeatedly citing Joe the Plumber in his presidential debate. He was forty nine years old, as family said earlier this year,

Karen All right, John, thank you. It is five o nine on Wall Street Time Now for the Bloomberg Sports Outdate with John Stashauer. Morning.

You're in The Seattle Mariners, hottest team in baseball, just had their twentieth win. In the month of August. That ties the club record for most wins in a month. They still have a couple of the games remaining. Julio Rodriguez, the hottest Mariner of all.

Here's the sin and the one one on the way to Julio swinging a.

Drive deep into center field.

Puddler going back looking up, goodbye baseball.

In the Julio Rodriguez win, it's twenty fourth home run of the season.

Three rby eyes.

On the night at Snow the Mariners six and the A's.

Nothing final was seven. I think Cairo had the call. Oh Seattle's won twelve with the last thirteen and Rodriguez recently had that stretch of seventeen hits in a four game stretch. He's raised his batting average thirty eight point to the month of August. Houston with a thirteen to five are out of the Red Sox in Boston. Big game for Jose al Tuobe came to the flight of the eighth. Did hey need a home run to complete the cycle?

And he homered.

It's the ninth cycle in Astro history, the first in ten years. The Orioles blew out the White Sox night and nothing the Nationals lost in Toronto six to three. The Giants beat the Reds four to one. US Open opening day. Coco Goff on the court at ash Stadium last night. Lost the first set, one of the next two. Easy win for Novak Djokovic. You lost only five games. US Ryder Cup captain Zach Johnson will complete his roster. Announce it today. Six players are shuret of a spot.

From coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on sirisxam, the Bloomberg Business Appen Bloomberg dot com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

The competition for the next crop of Wall Street interns is getting more and more fierce. In the search for top talent in the high speed, quant driven trading world. Many apply, but few are chosen. And no where may that be more true than at Citadel Securities, the company that provides much of the plumbing on the modern day

Days, Lulu.

It's pretty amazing how cutthroat these internship programs are, and at Citadel and Citadel Securities especially, fewer than one percent of the applicants actually made it this year. I think it has to do with the complexity of what these companies are trying to do, both on the hedge fun side of the business, but also the market makers side, because to process the amount of trades that this company does, more than four hundred and sixty bills billion dollars a day,

Well, just that alone tells you how much different the intern experience is compared to what a lot of Wall Street veterans may have gone through in their time. Tell us a little bit more about what these interns are tasked to do once they make it through the door.

Yeah, so the program is roughly eleven weeks and the most important task for them is that they'll be given a big project and these are real life kind of projects that problems that the company is facing. And by the end of it, they're supposed to do a fifteen minute presentation showcasing to the company's team leaders how they managed to tackle these issues, what they plan to do if they were given the opportunity to work on it

So it's a grueling workload, but you mentioned that they're doing it at a five star hotel, so they're getting pretty well compensated while they're doing all this as well.

Right, that's pretty i catching figures for students at such a young age because the hiring process now goes it takes place much earlier and is all year round. Companies like Citadel and their competing firms are really going to campus recruiting at a much earlier stage. Also, it's not a one off deal. They take a targeted approach through referrals and also a network of target network where they have pretty much like a database of professors who they

So what's the actual hiring rate for Citadel to get these interns, Because if they're looking for math and computer science background types, so they've got to be competing not just with other Wall Street firms, but with major tech companies to attract this talent. Are all of these interns ending up getting hired at Citadel or are they moving on from the experience to other companies that might want them.

Most of the people that Citadel want to target usually have an offer from another firm, And you're exactly right. They're not just competing with Wall Street firms. It's with the big tech companies as well, and there's only a finite pool of talent that have this kind of skill set, which is why Citadel also spares no resources to try to ensure the return of the people that they really want.

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I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak