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Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
There are lots to talk about this morning in politics, starting in Michigan, where voters took to the polls yesterday and brought the nation closer to a twenty twenty four rematch between President Biden and former President Donald Trump. But the Democratic primary may have been trying to send the president a message in his victory. With ninety eight percent of votes counted, President Biden one with eighty one point
one percent, while thirteen point three percent voted uncommitted. A campaign called Listen to Michigan had urged Democrats to cast a protest, voted, and hope to gather ten thousand votes. More than one hundred thousand answered the call. Dearborn resident Lexi Zaidan was one of them.
As you see a number of individuals getting behind a protest full through are power to vote to be able to tell President Biden that we are uncommitted to him and his administration as they continue to aid in a bet in the ongoing genocide and.
RASA dearborn voter, Lexi z Aidan there and as for the Republican primary, former President Trump defeated Nikki Haley there by a vote of sixty eight point two percent to Haley's twenty six and a half percent.
Well, Nathan. Back in Washington, there are new signs of optimism that Congress can avoid a partial government shut down at the end of the week. Here's what House Speaker Mike Johnson had to say after meeting with President Biden and other leaders at the White House.
We're very optimistic. I hope that the other leaders came out here and told you the same.
We believe that we can get to agreement on these issues and prevent a government shutdown.
But Speaker Mike Johnson and other leaders are still far apart on approving billions of dollars for Ukraine and Israel, as well as the US Mexico border. Democratic Senator Elizabeth Warren says this standoff does not make sense.
This is the craziest kind of negotiation you would ever see, and that is that, as far as I can tell, everybody wants to deal keep the government open. We've all agreed on what the numbers are as budget deal, right, and everyone's agreed on it, and the Republicans in the House are just saying no.
Senator Elizabeth Warren appeared on Bloomberg's Balance of Power with Joe Matthew and Kaylee Lines. Catch more of that conversation on the Balance of Power podcast.
Turning to Wall Street, Karen the biggest name in banking, sounds like he's warming to red state Texas over the Big Apple. More from Bloomberg's John Tucker.
And Jamie Diamond, praising the lack of an income tax in Texas and its light regulatory touch. After touring a worker training facility in Houston, the CEO of New York based JP Morgan Chase also criticized some New York elected officials as being anti business. He said they were the reason Amazon chose not to build a second headquarters here. For instance, on JP Morgan's workforce in Texas has now surpassed thirty thousand in recent years, while New York's total
has slipped to less than twenty nine thousand. Companies think Texas is the place to be In recent years. Tesla and Shns Schwab have moved their headquarters to Texas from California, while Caterpillar relocated from Illinois. John Tucker Bloomberg.
Radio, all right, John, thanks, Well, having five million dollars does not crack the top one percent in the US anymore, and Bloomberg's Ed Baxter explains.
It's a moving target upward. It now takes five point eight million to join the magic circle of rich. How fast is it moving, Well, it's almost fifteen percent more than twelve months ago. This according to research from Knight Frank. Monaco retains the top spot of the highest threshold worldwide at twelve point eight million, Luxembourg and Switzerland. Well one
needs more than eight million to make the cut. The findings underscore how rebounding markets in the US and other Western nations are widening the gap between rich and poor countries. Ed Baxter, Bloomberg Radio, Okay, and thanks.
In Company News, Apple is canceling it's decade long effort to build an electric car. The multi billion dollar project began in twenty fourteen. It would have vaulted Apple into a whole new industry. Bloomberg Mark German broke the story.
This is a bombshell development. This is a very rare retreat for Apple. This is a project that they've invested over ten billion dollars in They've worked on it for over ten years. It's had many fits and starts, It's had many directional changes.
Bloomberg's Mark German reports many of the two thousand employees we're currently working on the electric car project are going to be shifted to Apple's artificial intelligence division.
Meanwhile, Nathan Apple is also making news on the legal front. Company representatives met last week with the Justice Department, and we get more with Bloomberg's Doug Chrisner.
We're told it was the final bid to persuade the DOJ not to file an anti trust lawsuit, and forcer's allege Apple has imposed limitations on its iPhones and iPads to impede rivals from effectively competing, and the app store has come under heavy criticism from both app developers and lawmakers. Earlier this month, California ag Rob Bonta said the state was in touch with the DOJ about the potential case
and could join on an eventual complaint. We are told the suit is expected in the coming weeks, likely by the end of March.
In New York.
I'm Doug Krisner, Bloomberg Radio.
Doug Gapple's not the only company in the Justice Department's cross hairs. Bloomberg News has learned the DOJS initiated an antitrust investigation into United Health Group. Sources say the problem merged out of concerns about United Health's acquisitions of healthcare providers and data companies. The company and DOJ both declined to comment.
Well checking some stocks on the move this morning, Nathan Shares a Beyond Meat surging fifty five percent. The alternative protein maker reported fourth quarter sales that surpassed expectations. The company says it'll take a number of actions to find a pathway to profitability, including reducing operating expenses, adjusting prices, and releasing a new healthier Beyond Burger Care.
And Shares of eBay are up more than three percent in early trading. The company posted a strong holiday quarter. We get the story from Bloomberg's Charlie Pellett.
The company also added two billion dollars to an existing stock buyback program, increasing the total repurchase authorization to three point four billion dollars. Once an industry pioneer, the San Jose, California based company who's been losing US market share for years to the likes of Amazon and Walmart, and in an effort to be more nimble, eBay announced last month that it was cutting one thousand jobs, or about nine
percent of its full time workforce. In New York, Charlie Pellett Bloomberg Radio, all Right.
Charlie, thanks so, Meta CEO Mark Zuckerberg is in Asia making stops from Soul to Tokyo. The billionaire discussed ways to deepen metas strategic alliance on extended reality technology with LG Electronics.
We had a good productive conversation about AI and the future of technology, and I'm really excited for the work that is happening here in Japan.
Mark Zuckerberg's next stop is India, where he is slated to attend the pre wedding celebrations at billionaire Mukash and Bonnie's youngest son.
Time and not to take a look at some of the other stories making news in New York and around the world with Bloomberg's Michael Barr, Good morning, Michael.
Good morning. Nathan. Israel animas appear to be inching toward a new deal that would freeze some of the roughly one hundred and thirty hostages held in the Gaza Strip in exchange for a week's long pause in the war. President Joe Biden says a deal could go into effect as early as Monday. Meanwhile, the UN says a quarter of Gaza's population is one step from famine and a
trucks are being looted by hungry people. The UN Envoy for the Observed State of Palestine, Riad Mansour, accused Israel of using famine as a weapon of war.
Sorelli's use of starvation as a method of warfare has become one of the main tools and es genocidal arsenal against the Palacinian people. This is a fact that cannot be ignored and for which there must be immediate accountability.
US Representative Robert Wood also spoke at the UN Security Council meeting.
It is unconscionable that Hamas fighters continue to embed themselves among civilians and civilian infrastructure, including in hospitals and schools. We caution that a major ground offensive should not proceed in Rafa under the current circumstances.
US Representative Wood is also calling for the protection of UN and humanitarian workers. President Biden will sign an executive order today designed to prevent foreign entities from accessing troves of Americans' personal data amid worries it could be exploited for commercial and military advantage, particularly by China and Russia. It appears New York Mayor Eric Adams is behind modifying
sanctuary city laws. Adams said migrants who commits US crimes should be deported and the city should be able to communicate with federal ICE agents. However, Adams also supports the city's stance on how it treats migrants.
We met when national leaders who came here and walked through what we're doing, and they stated, no one is doing what the City of New York is doing.
No one.
And they said, you are treating people with the humanitarian response and dignity that should be duplicated across the entire country.
Adams made its comments after forty migrants were found yesterday sleeping in a queen's basement behind a furniture store. It came after a tip about e bike batteries and a potential fire hazard. Voters in Bridgeport, Connecticut elected to keep Joe Gadam as mayor. It comes after a judge throughout earlier results because of allegations of absentee ballot box stuffing during a Democratic primary Gadam defeated a former aide, fellow Democrat,
John Gomes fifty six percent to forty three percent. Global in the English twenty four hours at and whenever you want it with Bloomberg News Now, I'm Michael Barr. This is Bloomberg NEKTA now.
Funny mention Bloomberg News Now, Michael, because of course we do bring you news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand whenever you want it by subscribing to Bloomberg News Now. It gives you the latest headlines of the click of a button, so you can be informed on your schedule. Listen and subscribe to Bloomberg News Now on the Bloomberg
Business App. Listen right on the homepage at Bloomberg dot com, or find it on Apple, Spotify or anywhere you get your podcasts. Bout time now for the Bloomberg Sports Update, brought to you by Tri State out he Here's John stash Hour, Thanks.
Naith, and the next that we're on the floor at the Garden. Not the lineup they hoped to have come playoff time, but for now, the two All Stars didn't play, nor did the top two centers, both starting forward Jamaine injured. The depleted next lost of the Pelicans one fifteen to ninety two. They shot just thirty seven percent. Since that nine game winning stree, Knicks are just three and seven. I hos Golden State tomorrow. The Warriors got Chris Paul
back from injury. They won in Washington. They've won nine of the last eleven. The Celtics have won all of their last nine, one seventeen ninety nine over Philadelphia, who's struggling without Joe LMB for the six Ers twelve losses the last sixteen games. Net's got blown out in Orlando. They lost one O eight to eighty one Dallas. In Cleveland, the MAVs led by a point, quite a fine. Chev's out of timeout strew send them mobly back to Max half court.
Shot God, God, Jeff Win, this place is Golledge.
Crazy, etam the call of Max Struce's game winning sixty foot shot. Devils and San Jose scored seven on answer and four goals in a fan of four minutes sixteen seconds the third period. New Jersey won seven to two. Capitol's lost in Detroit eight to three. I went for Colorado and Nathan McKinnon. He's got at least one point in every ABS home game this season. Rangers look to start a new winning streak tonight at the Garden. They faced the same Columbus team that beat them Sunday and
the Rangers club record tying ten game win stream. Two college basketball games last night were delayed at Indiana fire alarms went off they had to evacuate the arena. In a Texas Tech fans through bottles onto the court after a hard foul by a Texas player. And in the Cactus League, first time Shoeo Tommy played the Dodgers and sure enough he's seven hundred million dollar man hit a home ruck.
John Stashaware, Bloomberg Sports DEEPA okay, John, Thanks, Let's get right back now to our top stories this morning. President Biden and former President Trump are inch and closer to a twenty twenty four rematch after the Michigan primary, and Congress maybe inch and closer to a voting a partial government shutdown following a leader's meeting at the White House. For more on all this, we're joined by Laura Davison, Deputy Politics editor for Bloomberg News. So it was runaway
victories for both presidents Biden and Trump in Michigan. But there's been a lot of focus, Laura on this uncommitted vote on the Democratic side, This protest vote seems pretty significant after the results last night.
Yeah, about thirteen percent of the vote that came in was uncommitted, you know, not choosing Joe Biden nor any of the alternatives Dean Phillips or Mary and Williamson on the ballot. So this is a warning sign for the Biden campaign. It doesn't you know, affect the primary, it doesn't affect the delegates, but what it can do is, you know, really show Biden where his weaknesses are in a very key swing state going into twenty twenty four.
This is a state that Biden won in twenty twenty and Trump won in twenty sixteen, and so Michigan as well as sort of Pennsylvania and Wisconsin, those states all there in the Upper Midwest are seen as sort of critical to twenty twenty four. And having this relatively significant portion of the vote, you know, kind of lodged this protest vote against Joe Biden, you know, is a worrying side.
For his campaign and the campaign behind this. Listen to Michigan was focused specifically on President Biden's stand on the war in Gaza. Could that point to a potential vulnerability in a likely rematch with President Trump in November.
Yeah, this has been you know, an issue for both Arab American voters, which there's a sizable population in Michigan, as well as a lot of young voters. You know, it's unclear exactly how big of a deal this will play, you know, looking down eight months down the road. In November, typically voters have voted more on domestic issues, things like immigration,
the economy, rather than foreign policy. But because of the personal nature of this issue for many Americans as well as just the amount of the response and how you know, top of mind, this has been this could be an issue or for President Biden in the fall.
And as for former President Trump, he did defeat Nikki Haley by more than forty percentage points, I think, but there's still a fairly significant vote for Nikki Haley. What does that say about his potential in November.
Yeah, So Haley you know, only got a little bit over a quarner of the vote in Michigan, and that's less well than she has done both in New Hampshire and South Carolina before this, But as you noted, it's still a significant portion of the vote. You know, it's
not enough to win. It's not enough, you know, to show that she sort of has momentum to beat Trump at this point, but it shows that there's you know, about one in four Republicans are not happy with Trump and are you know, worried about you know, the variety
of risks he brings to the ticket. You know when those legal his policies, and you know, this is really you know where you saw the Haley vote come in or some of these key areas that that you know, may decide the twenty twenty four election, places like the suburbs, women as well as college educated voters.
Our last minute, Laura, what can we say about the odds of a potential government shutdown at the end of the week. Following that White House meeting with the congressional leaders yesterday, Those.
Are ticking down slightly. There was a meeting with the top congressional leaders yesterday at the White House. You know, they don't have a deal yet, though there are is talk of some sort of short term continuing resolution as would basically kick the can down the road. So instead of having a deadline on Friday and next Friday, those deadlines would be moved to next Friday and then later in March. So we you know, will a Burg a
shutdown for right now? That would mean that, you know, we would be on that cliff, you know, just a couple of days down the road.
This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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