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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the deadly, out of control wildfires in California. At least five people have been killed, hundreds of thousands out of their homes. Let's get the very latest with Bloomberg's John Tucker, John and Nathan.
Los Angeles has plunged into its worst natural disaster in decades.
One of the worst I have ever seen, if not the worst.
LA Fire. Captain Eric Scott. A new wildfire flared and slowly expanded in the Hollywood Hills, fed by hurricane force winds, and some residents tried in vain to fight back.
The balcony was on fire and I went around the back to grab the garden host.
For a brief period winds died down. Cruz took advantage of the window to attack the fire from the air. There are currently five fires burning across Laws Angelus. One hundred thousand residents have been forced to flee. This evacuation area includes landmarks like the TCL Chinese Theater and the Dolby Theater, the home of the Academy Awards extending to a section of Hollywood Boulevard. Los Angeles Mayor Karen Bass to.
Those who fled their homes, especially those who have lost your homes.
Our hearts are breaking for you and we stand with you.
Since the nineteen ninety four Northridge earthquake, has a disaster affected so many lives across the city At once of John Tucker Bloomberg Radio.
All right, John, thank you About the Los Angeles wildfires are projected to be one of the costliest and natural disasters in US history. Acueather estimates the damage and economic loss to be between fifty two and fifty seven billion dollars. Blazer's burning around Santa Monica and Malibu are consuming some of the most pricey real estate in the US, affecting areas where the median home value is more than two million dollars.
Man Karen.
President Biden has canceled the final overseas trip of his presidency, choosing to remain in Washington to monitor the response to those devastating fires. Biden was scheduled to leave for Rome this afternoon.
Meanwhile, Nathan President Biden is celebrating a labor crisis, averted that could have snarled American shipping. The International Longshoremen's Association, a major US doc workers union, has reached a tentative agreement on a new six year contract with the US Maritime Alliance, the group that represents ocean carriers and terminal operators. A source tells Bloomberg the deal guarantees union jobs when certain technologies are implemented, including these semi automated cranes that
became a sticking point in the negotiations. It also preserves a sixty two percent pay raise that both sides agreed to in October after a three day strike shut down every major port on the East and Gulf Coast.
Later today, Karen, of course, the nation says goodbye one last time. It's a former president, Jimmy Carter. We get more from Bloomberg's David Gura. In Washington, the.
Federal government is closed for a national day of mourning. Former President Carter has been lying in state in the US capital, and thousands of people have visited the Capitol rotunda to pay their respects. After a departure ceremony, this morning, there will be a state funeral at the Washington National Cathedral. Former presidents will attend the service along with lawmakers and
military leaders. Later, in Carter's home state, there will be a private funeral service and the thirty ninth President will be buried next to his wife, the former First Lady Rosalind Carter, in Plains, Georgia. In Washington, David Gura, Bloomberg Radio.
Thank you David, and stay with Bloomberg for full coverage of President Carter's funeral. Live coverage at David Gurra and Bloomberg Zan Marie hordern starts at nine am Wall Street Time on Bloomberg Radio and Television.
Well Nathan. President elect Donald Trump will attend today's state funeral, but tomorrow he's scheduled to face sent and sing in his New York count money conviction. Trump has asked the Supreme Court to step in and put the case.
On hold and now, just as Samuel.
Alito has confirmed he had a phone call with the President elect the day before he put in that request. In his statement, Alito says one of his former law clerks asked him to take the call so he could recommend him for a role in the Trump administration. Alito says he did not discuss the hush money case or know that Trump had filed for an emergency stay. The head of the nonprofit group fixed the court, tells Bloomberg Law All three, Trump, Alito and the former clerk should have known.
Better, well, Karen.
Now we turn to a Bloomberg News exclusive. The artificial intelligence phenomenon may result in thousands of job cuts on Wall Street. Let's get the details from Bloomberg's Lisa Matteo.
Lisa, Bloomberg Intelligence surveyed a peer group that included City Group, JP, Morgan Chase, and Goldman Sachs, and they found that AI could push global banks to cut as many as two hundred thousand jobs in the next three to five years. And this is as the technology takes tax over currently that are carried out by human workers, and that amounts to about three percent of the industry's global workforce. So who's affected Back office, middle office operations likely to be
the most at risk. Bloomberg Intelligence predicts A could meet improved earnings, with banks adding as much as one hundred and eighty billion dollars to their combined bottom line in twenty twenty seven as AI powers and increase in productivity. Lisa Matteo, Bloomberg.
Radio Alisa, thank you well. Chip stocks maybe under pressure when trading resumes tomorrow. The stock market, of course, is closed today for the funeral of Jimmy Carter. After the belly yesterday's shares of Nvidia drop more than one percent. President Biden's administration plans one additional round of restrictions on the export of artificial intelligence chips from the likes of Nvidia, just days before leaving office. Begin more with Bloomberg, se and King.
First of all, is it going to get implemented? Secondly, we'll have to wait and see. That will take a lot of time to sort of pass. How these restrictions will affect what companies do, And clearly they're going to look very closely at what they can get away with. And we've seen in the past with these restrictions, you see an initial essential shut down of shipments to certain places and then sort of gradually comes back as the
lawyers work out what they can get away with. So it's going to be pubably chealthy to start off with.
And bloomercy and King says the goal is to keep advanced technologies out of the hands of China and Russia.
Well, Karen, the outgoing chair of the Securities and Exchange Commission, says there is more still to be done in regulating the cryptocurrency market. Bloomberg's David Gura spoke with Gary Gensler.
In this field, it's rife with bad actors. I've been around finance for over four decades, and everything in the market's trade on a mixture of fundamentals and sentiment at any given time. I've never seen a field that's so much wrapped up in sentiment and not so much about fundamentals.
Gary Gensler will step down as Chairman of the SEC on January twentieth, the day President elect Donald Trump is sworn into office.
And it's time now for a look at some of the other stories making news in New York and around the world. And for that we're joined by Bloomberg's and Michael Barr.
Michael Morning, Good morning Karen.
Another blast of winter weather is set to grip the South at the end of the week, bringing a heavy snow and possible difficult driving conditions over the coming days. Schools and cities from Texas to Georgia are shutting down. Shoppers like this man and Jonesborough, Arkansas, are stocking up the head of the storm.
I've got a half gallon milk. I'm gonna stop and get me some meal so I don't have to get out. That's bad weather.
Oklahoma City pre treated all of their roads ahead of today's snowstorm. Okay Sees public Works Emergency Operations manager Mike Love says they added beat juice to their mix.
He juice is an additive that we put in our salt.
Brian.
We do a twenty percent to ten percent mix depending on what kind of temperatures we're going to deal with.
And what it really does is it makes our salt work better.
Meanwhile, Virginia's capital, Richmond, remains under a weather related water boil advisory. New York Mayor Eric Adams is set to deliver his State of the City address today. Adams will deliver it at the Apollo Theater in Manhattan at noon Eastern time. The address comes as Adams faces legal troubles over accusations of taking luxury trips for political favors, something the mayor denies. The outgoing Secretary of State is dismissing the notion President elect Trump will try to take Greenland.
Secretary of State Anthony blinkln was asked about it while in parents.
The idea expressed about Greenland is obviously not a good one, but maybe more important, it's obviously one that's not going to happen, so we probably shouldn't waste a lot of time talking about.
Earlier this week, President elect Trump declined to rule out using military force to take Greenland and the Panamont Canal. New York City's Taxi and Limousine Commission is proposing changes to Uber and Lifts driver paque calculations to close a loophole that has denied drivers millions of dollars. The proposal would effectively raise driver rates by six point one percent and includes changes to utilization rates and a new rule requiring seventy two hour advance notice to drivers before locking
them out. However, Uber and Lyft are opposing the plan, morning that it would lead to more expensive rides for consumers. The New York Taxi Workers in Lion supports the proposal as a stepped towards better driver pay and job security. Global News twenty four hours a day and whenever you want it with Bloomberg News Now, Michael Barb, This is Bloomberg.
Karen all Right, Michael Barr thank you time now for the Bloomberg Sports update, Brocky, you by try stayed out. Ye here's John Stanshower, John, good morning, good morning.
Here a little more like it for the next They had lost a season nine three games that are really bad outing the other night against Orlando, but back at the Garden they beat Toronto, a team with only one win in this last fifteen games, one twelve to ninety eight.
Coach Tom Thibodeau enjoyed this one.
I thought we came out with a with a really strong spirit of togetherness, and you know, good things come from that. So thirteen that plays real fast, and Bill test you in terms of defensive transition, and I thought our guys responded well to that.
In that loss to the Magic Karl Anthony Towns didn't play. He returned led the Knicks with twenty seven points, thirteen rebounds nets. At Barkley's lost to much improved Detroit one thirteen ninety eight.
Pistons move over five hundred.
The Big NBA game was in Cleveland, just the third game in history where both teams were riding winning streaks of at least ten games. The Cavs beat Oklahoma City one twenty nine one twenty two. It's their eleventh win in a row. They're now thirty two and four. The Thunder dropped to thirty and six. It ends there fifteen game win streak. The NHL game in Los Angeles between the Kings and Flames postponed due to the fires in LA. There's an NFL playoff game at Sofi Stadium Monday night,
Rams and Vikings. The NFL announced if it's determined the game can't be played in LA, it'll be moved to Phoenix.
Sixteens looking for a new.
Coach, including the Jets, who have a long list of candidates. To interview yesterday was Kansas City assistant Matt Nagy, former head coach in Chicago, the Bears are looking again. They spoke with Mike Grable, who seems to be on everyone's list. New name has emerged in Chicago, Iowa state coach Matt Campbell. Tom Brady has an ownership stake in the Raiders. Reportedly they asked Brady's old coach, Bill Belichick if he was interested in He said he was not. Belichick just recently
hired at North Carolina. College football playoffs semifinals starting tonight in Miami with Penn State against Notre Dame. Texas takes on Ohio State tomorrow and Dallas. The four teams left four of the seven winning this teams in college football history.
John Stashaway, Bloomberg Sports Karen Nathan.
Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. This is a national day of mourning in honor of the late Jimmy Carter. The thirty ninth President, has been lying in state since Tuesday night in the US Capitol ahead of the state funeral later this morning at Washington National Cathedral House. Speaker My Johnson honored President Carter as his flag draped casket arrived at the Capitol this week.
We all know that his care for humanity didn't stop at building homes. In the face of illness. President Jimmy Carter brought life saving medicine. In the face of conflict, he broke he peace in the face of discrimination. He reminded us that we are all made in the image of God.
And this morning we're pleased to be joined by Terry Haynes, the founder of Pangaea Policy. Terry, thanks so much for being with us. How can you sum up the legacy that Jimmy Carter leaves behind?
Good morning, Good morning, Nathan, and then thank you particularly for having me on to talk about Jimmy Carter today. Two things to start. One is, this is a man who wanted to live a useful life and he achieved that not just with the presidency, but with the Carter Center, with Habitat for Humanity and a great deal more, for
some of which Speaker Johnson mentioned there too. It's hard to imagine that it's true that Carter was president nearly half his life ago, so he had an unprecedented opportunity, uh to have a post presidential career and really shaped, uh, you know, ironically, together with Richard Nixon, to some extent, exactly what a post presidential career looked like, you know, the in the Carter the Carter Presidency, I would say, just in some a lot you know, people have redibituaries
and all the rest is really a hinged the world we live in today, and a lot of a lot of reasons in a lot of ways. Finally, I would say that the markets particularly have Jimmy Carter to thank for today's market strength, because it was Carter's determination to break us inflation. Uh that, including by appointing Paul Volker the FED share and sticking with it, that really created the the economy and in the United States prosperity that we all enjoy today.
There have been parallels drawn between how President Carter handled the inflationary situation to how President Biden has handled his own inflationary situation.
What are the parallels you had drawn?
You know? I would say two things. One is I do see the similarities, of course and Carter. Inflation ruined Carter's presidency as much as it ruined Biden's presidency. But the big difference between Carter and Biden unappreciated it's time, I would say, is that Carter was doing something about it by appointing Vulker and really wanting to crack down on inflation. And to Carter's great credit, he stuck to it. He told Vulker, you take care of the interest rates
in the economy, I'll take care of the politics. Well, Vulker took care of his half, but circumstances made it too much for Carter to take care of the politics. And I would also give Ronald Reagan a shout out here as well, because Reagan continued those policies with Volker
at some cost to his presidency as well. It's forgotten now that Reagan's first two years plus were anything but smooth on the inflation and economic front, but things eventually worked out and smoothed out thanks to both of those gentlemen sticking to it.
Only have about thirty seconds left.
But of course these remembrances are coming at a time of presidential transition. We're expecting differences to be put aside, at least for today. What's it going to take to bring the comedy comedy passed today in Washington?
Passed today? You know, I think my answer to that, Nathan, just as when you and I talked after January sixth, twenty twenty one, is a little more humility from everybody. People get way over their skis on rhetoric, people get way over their skis on divisiveness. We're entering a period here with geopolitical competition and conference We're a little more humility across the board. With Serve Washington very well.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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And I'm Nathan Hager.
Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak