Podcast Summary
Republican National Convention: The RNC showcased unity among former primary rivals like Nikki Haley and Ron DeSantis, with a focus on making America safe again, amid accusations of Biden letting the country be overrun by undocumented migrants and fentanyl. Trump's security was boosted due to an Iranian assassination plot threat.
The Republican National Convention saw a show of unity and support for former President Donald Trump from his former primary rivals, including Nikki Haley and Florida Governor Ron DeSantis. The theme of the evening was "making America safe again," with speakers accusing President Biden of letting the country be overrun by undocumented migrants and fentanyl. Security around Trump was boosted by the Secret Service after intelligence of an Iranian plot to assassinate him was picked up. The latest from the convention comes as markets remain volatile and global elections continue to unfold. Stay informed with the latest business news and analysis from Bloomberg.
Trump's Economic Plans: Trump discussed his plans for a second term, including keeping Powell as Fed chair, not cutting rates before election, and lowering corporate tax rate to 15%
Former Trump administration officials, including Mike Pompeo and John Bolton, have faced threats due to the administration's actions against Iran, with Donald Trump himself now reportedly being targeted. During a recent interview with Bloomberg Businessweek, Trump discussed his economic plans for a second term, including his stance on the Federal Reserve and corporate tax rates. He expressed no definite intention to remove Jay Powell as chair, but did suggest he would allow him to serve if he thought Powell was doing things right. Trump also indicated he would not support interest rate cuts before the election and revealed his desire to lower the corporate tax rate to 15%. He even mentioned Jamie Dimon as a potential candidate for Treasury Secretary. Despite these revelations, there are ongoing reports of a plot against Trump, which the Iranian government has denied.
Biden's focus, Chinese tech: President Biden addresses black community needs and de-escalates political tensions, while restricting Chinese tech use in foreign products, leading to economic shifts with small caps outperforming mega caps
President Biden is focusing on addressing the needs of the black community while also acknowledging the need for de-escalation of political tensions. At the same time, he's taking steps to restrict the use of Chinese technology in foreign products, particularly in the semiconductor industry. This comes as stocks enter the day at record highs, with a shift from mega cap tech stocks to small caps. Notable gains were seen in Bank of America following strong earnings, with CEO Brian Moynihan reporting growth in small and mid-market business loans. The economic recovery is leading to shifts in investment patterns, with small caps outperforming mega caps.
Banking, Tech growth: Bank of America had its best Q2 for stock trading and saw growth in small business lending. Tesla is forecasted to grow in autonomous taxi platform business. HSBC named new CEO from CFO rank.
Despite a relatively flat market for Borg, there are signs of growth in specific sectors. Bank of America reported its best second quarter ever for stock trading and saw continued growth in its small business lending segment. Elsewhere, Tesla is forecasted to see significant growth as it moves into the autonomous taxi platform business. In company leadership news, HSBC named its CFO, George L. Henry, as its new CEO. Meanwhile, New Jersey Senator Bob Menendez was found guilty on all 16 counts of accepting bribes and faces calls to resign. Despite these various developments, the Ark Innovation ETF, which holds Tesla as a top investment, has lost nearly 9% this year.
Public Corruption Trials: Senator Bob Menendez was found guilty of selling his office for personal gain, emphasizing the importance of public corruption investigations.
The trial of Senator Bob Menendez came to an end with a jury decision, finding him guilty of selling his office for personal gain. This case highlights the importance of public corruption investigations, as they ensure our leaders serve the public's interest, not their own. Elsewhere, Newark City Council President Lamonta McIver won the special Democratic primary to fill the late Donald Payne's seat in Congress. A meteor flew over the New York City area, causing a noticeable boom and tremble, and NASA confirmed the event. In the political scene, Menendez is due for sentencing, while McIver and Republican Carmen Buco will face off in the general election for Payne's seat. These events underscore the significance of accountability in public office and the importance of staying informed about local and national news.
MLB All-Star Game: The MLB All-Star Game featured exciting moments, but also an unprecedented 20 pitchers being used, while off the field, news included draft picks and contract negotiations
The world we live in is influenced by various factors, both in the business realm and in sports. Bloomberg's "Here's Why" podcast aims to break down one significant story each week and explain it in just a few minutes, with insights from their team of over 2,700 journalists and analysts. Meanwhile, in the sports world, the MLB All-Star Game showcased exciting moments, such as Shohei Otani's three-run homer and Sharon Duran's two-run homer, which helped the American League take the lead. However, the game also saw an unprecedented 20 pitchers being used. Off the field, news includes the Chicago Bears' first-round draft pick Caleb Williams, who is yet to sign his contract, and 49ers wide receiver Brandon Aiyuk, who has already made an impact despite not yet reaching an agreement on a new deal. Amidst volatile markets, global elections, and central bank policies, staying informed about these stories is crucial, and Bloomberg is here to help.
Republican unity at RNC: Key Republican figures came together at the RNC to emphasize the importance of a unified Republican Party for the future of the country, despite past disagreements and personal losses.
Despite past rivalries and disagreements, key Republican figures are coming together to support their nominee, former President Donald Trump, at the Republican National Convention. Former adversaries such as Nikki Haley, Ron DeSantis, and Laura Trump took the stage to emphasize the importance of a unified Republican Party for the future of the country. Even those with personal losses, like Colby Bryant who learned of his father Joe "Jellybean" Bryant's passing, found solace in the message of unity. The display of unity from former rivals was particularly significant given the recent attempt on Trump's life and the ongoing political divisions in the US.
RNC Unity: The 2020 RNC has seen a lack of unity among past Republican leaders and a thin platform compared to previous years, with Trump maintaining control over messaging through wide-ranging interviews and policies for a second term.
The 2020 Republican National Convention (RNC) has been marked by a noticeable lack of unity and attendance from past Republican leaders, as former President Trump maintains a tight grip on the party's messaging. The platform this year is thin compared to previous years, with notable absences of figures like George Bush and Dan Quayle. Trump's control over the RNC was evident in his wide-ranging interview with Bloomberg Businessweek, where he discussed potential policies for a second term, including extending his signature 2017 tax cuts and a focus on a strong economy and foreign policy. The lack of unity among Democrats regarding their candidate for November and the tight control Trump has over the RNC messaging sets the stage for a divisive and policy-focused general election.
Trump's Economic and Foreign Policy Directions: Trump expressed desire for lower corporate tax rate, signaled support for Powell, reiterated stance on tariffs, and showed noncommittal attitude towards Taiwan.
Learning from President Trump's recent comments is his continued focus on economic policies, both domestically and internationally. On the economic front, he expressed a desire for further reduction in the corporate tax rate and signaled that he would keep Jay Powell as Federal Reserve chairman, contradicting speculation about potential pressure to step down. Regarding foreign policy, Trump reiterated his stance on tariffs and showed a noncommittal attitude towards supporting Taiwan in potential conflicts with China. These comments provide insight into the economic and foreign policy directions the administration may pursue if Trump is reelected in November.
Bloomberg Podcast: Here's Why: Bloomberg's new podcast, Here's Why, breaks down complex business stories in short, understandable episodes. Listen on Apple CarPlay, Android Auto, or podcast platforms.
The world's economic landscape is influenced by various factors such as volatile markets, global elections, and central bank policies. To help make sense of these complex issues, Bloomberg offers a new podcast called "Here's Why." In each episode, Stephen Carroll and a Bloomberg journalist or analyst delve into one significant story and explain it in just a few minutes. Listeners can access the podcast through the Bloomberg Business app on Apple CarPlay or Android Auto, or wherever they get their podcasts. Stay informed about the business stories that impact your world by tuning in to "Here's Why."