city has restored electricity to a small area. but more than 980,000 homes and businesses are still in the dark, including most of new orleans. ida took down more than 2000 miles of transmission lines. a texas law barring abortion after the sixth week of pregnancy took effect at least temporarily today. the supreme court has stayed silent on a bid to block the measure while a legal challenge goes forward. with the court taking no action, texas law kicked in and instantly became the strictest abortion restriction. alexandria ocasio-cortez is urging the senate to reject rahm emanuel's nomination for u.s. ambassador to japan. she accuses the former chicago

mayor of helping to cover up the police murder of lavonne mcdonald in 2014. this come days after she joins a progressive pressure campaign against reappointing jerome powell. the european union has floated a plan to spend $355 million to resettle 30,000 afghan refugees. the european commission made the proposal at a meeting last week. according to a diplomatic note seen by bloomberg, the eu is hoping to avoid a repeat of that 2015 refugee crisis caused by the syrian war. global news 24 hours a day on-air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪

matt: it is 1:00 p.m. in new york. here are the top stories. opec and its allies agreed to stick to their plan for gradual monthly oil production increases after a brief video conference. we will discuss with ellen walt of the atlantic council. wall street heads south. how palm beach developers are revamping the area to be more like new york city is more and more financial employees moved to florida. we will speak to the ceo of motor forward about the company's agreement with harley

davidson in india. a quick check of the markets. we are back in rally mode on the s&p 500. now up 0.3%. the u.s. 10 year is unchanged. coming back because it did dip throughout the beginning of the session. the dollar index is about -- down about 0.25%. crude unchanged at 68.46. that news out of opec. joining us is ellen walt -- wald. ellen, your thoughts on the meeting? ellen: there was no press conference at the end, which is

unique in the age of video conference, where ministers like to hold court. but really the decision was just a rubberstamp what was decided at the previous meeting, which is to move forward with the plant 400,000 barrel per day production increases that will happen every month. they are going to go forward with it in october. this comes as oil prices have started to tip. most analysts think that opec was unlikely to make changes unless the price really seemed in danger of getting below 60. we are not in that territory, but we have seen some shift in the demand forecast for the rest of 2021. opec, though, is staying the

course. they do not think that demand is going to drop in the rest of 2021. looking ahead to 2022, they do see a market surplus but are forging ahead. matt: what impact did ida have on pricing? ellen: the hurricane did not have that big of an impact, although i am sure they were considering the fact that nearly 2 million barrels a day of u.s. offshore production has been off-line and remains off-line. right now, even though there does not seem to be any damage to the offshore platforms are the rakes, the issue is that there has been damage to a lot of the ports in louisiana where that oil goes. even the deepwater offshore port loop does not appear to have sustained damage, but they

cannot seem to restart production or import through that port because of damage to other ports. matt: in terms of other demand or supply issues, what strikes you as important to be watching? ellen: it is important to keep and i on asia, because we did see some issues emerging in terms of demand. air travel was down. in fact, for the first time in a long time, jet fuel's from europe are surpassing those of asia. that is concerning, because you never know how the deltek variant is going to impact travel in asia. for a while, chinese refineries were not importing more oil. that was causing demand to look like it was dropping in china.

they seem to be restarting, but that is always something to keep an eye on. another issue is the potential for another wave of coronavirus in the northeastern united states. we have seen it in the south. that did not impact gasoline demand in the southern region. however, if it does occur in the northeast, that has the potential to disrupt gasoline demand. matt: what about the rollover that we saw in flight booking, tsa data, and the concern that business travel maybe will not return to prepend the levels? ellen: that he is a big concern. the numbers out of europe for travel have been good but the lack of business travel is a serious issue, particularly those long-haul flights for jet

fuel demand. what is interesting is that american refineries have shifted away from producing as much jet fuel. they are producing more chemicals instead. particularly those used to make saline plastics. our plastic production is layout, particularly for the medical industry. even though jet fuel demand is down, we are transferring and producing other products that are in higher demand. matt: gas has been creeping up since june. we have not seen this level since 2014-2015. annmarie: part -- ellen: part of the issue is that there is a lot of concern about what is to come from natural gas in the future, particularly in terms of the regulations the biden administration is planning to put on companies in terms --

there is going to be a new leasing of federal land for oil and gas drilling, but that is coming along very slowly. we really have not seen a lot of new drilling for just natural gas. a lot of what we are seeing is associated natural gas. there are some potential headwinds, particularly the uncertain regulatory state. matt: thanks for joining us. the author of saudi, inc. coming up. wall street moves south. how palm beach is trying to build its own new york city. this is bloomberg. ♪

matt: this is bloomberg markets. as more and more wall street firms flock to florida, palm beach developers are making the area more appealing to new yorkers. harry's of wall street is opening a location down south. what is happening? we just saw a picture of harry's palm beach. it looks like there are some baker brose there. even that younger bankers get to work in florida? sonali: that is the most important part of the equation? if you look at a firm like goldman sachs, about 80% our millennial and gen z. you can convince him to move to florida, which is trying to move

-- to be a base for wall street. if you cannot attract them, can you build unsubstantial presence? wall street south is never going to big that should be as big as manhattan. this is not the only move that firms are making, but attracting people has been a big? -- a big question mark this is a question, can i build a lifestyle that is exciting as manhattan down south? what will pay look like? these are all questions, but you can definitely see west palm, miami really trying to live people in. matt: where are we going to see trading floors? are we going to see actual equity sales? what units are moving? sonali: yes and yes.

you are going to see trading talent in miami, especially since clients are down there as well. you see other areas in florida attracting talent as well, places that are not so crowded. it is all across the board. you see investment anchors down there as well, particularly with private equity and hedge fund clients. this does not take away from the fact that you still have a loss of talent in manhattan. goldman has moved a certain number of talent down there, but it is not like you see every bank forming a second hub in florida. manhattan also has changed. you look at wall street, it is not on wall street. this idea of going to the local bar on wall street and hanging around, that was true, but now

there are local spots for jp morgan, goldman sachs that are separate from each other. how this community revolves around each other post-covid is a question. matt: new york has not really bounced back yet from covid either. are they going other places? can we start to seat many wall street's popping up in aspen? taos? texas? sonali: texas is another interesting question, because it is becoming a fintech hub and a consumer banking place to go. but this is in addition to people staying here. there is still plenty of talent coming into manhattan. the question of these second hubs is how are they going to get at the end of the day? the competition away from new york and new york office space is a question.

matt: if you are sent to equities in dallas, it is not necessarily the worst thing. sonali basak talking about global wall street, the diaspora of wall street. speaking of finance, something that caught my eye is that a company told its staff in japan not to smoke during working hours, even if they are working from home. interesting thing is you could smoke at nomura in the office. this is a new story from today. rules will be based on mutual trust and do not include a punitive cause. but the idea is that people who work at nomura, who previously could walk into dedicated smoking rooms in the office, will not be able to do that from

october. they're going to give them a couple of months, apparently, to clear out in terms of the putrid smell, clean them and repurpose them. in terms of working home, you have to promise you will not smoke while working from home. about 20% of its staff smokes. they want to get that down. still ahead. we speak to the ceo of ford motors. it will now build harley davidson's in india. this is bloomberg. ♪

matt: this is bloomberg markets. motorcycle and scooter manufacturer has linked up with harley davidson to develop, build, sell a range of premium

motorcycles in india under the harley brand name. joining us now is the chairman and ceo. i am a huge motorcycle fan. it is great to have you on the program. talk to me about the harley deal. how popular are harleys in your market? how many will you be able to build and sell? pawan: harley is a huge brand. it is a cult brand. we have taken on the distribution of harley in october 2020. i am confident that we will do a great job. we are already detailing harleys in india. the newest model already sold out. matt: it looks awesome.

it is cool that they got into that segment. what are the biggest segments for you? you are going to be selling a ton of scooters and smaller bikes, but above 750, what are the trends in india? pawan: lifestyle has become popular. whatever category. now in the motorcycle category, we have all the big names selling in india. but we are going to do is very exciting. it is not only distributing, reselling bikes imported from harley davidson. we are already designing for harley. we will be manufacturing for harley. then selling in india and also,

hopefully, the next target will be global. matt: will we see any small displacement bikes. i am sure you will not be making scooters, but are we going to see 450's with a harley badge? pawan: the idea is that harleys themselves are already in the high ranges. they are not present in the middle range. we all see that there is big market in the middle range, which is what we are going to be targeting. matt: a lot of people do not know. if i asked westerners what do you think the biggest motorcycle brand in the world is? they will say bmw. americans will probably say harley davidson. a lot of people would say honda. hero is, if i am not mistaken,

the biggest manufacturer in the world. when do you spread that brand to the u.s.? pawan: 2001 is when hero attained that status. number one maker of volumes in scooters and motorcycles. we have maintained that position since 2001. 20 years. we have started going out already into markets outside of india, starting with neighboring countries. we went on to africa, to latin america. one in columbia, one factory in bangladesh. we have also taken the brand into markets where we are not yet selling. very soon, we will be in all

those markets. i clearly see the western markets also good targets for hero. now that we are going into ev's. matt: i wanted to ask about electric, two wheeled vehicles. for a long time, the motorcycle press were saying it is not the right vehicle for electrification. now around berlin, i see electric scooters cruising left and right everywhere we go. what do you think about the future of electric scooters? pawan: i am very bullish on ev's. that is the only way to go. we at hero have already been working on electrification.

we also invested in a startup in india since 2016. the company is now manufacturing and selling. we have hero's own design coming out before march 22. we have our own hack already designing a modular electric product. you can put out a scooter of three leaders. a couple months back, we wanted a joint venture with taiwan, which is the best and masters in swapping technology. we're bringing them in and then taking hero globally. matt: interesting. thank you. the ceo of hero motor core. i hope to get you back on the

program soon, because it is a fascinating growth story. domination of the global industry. coming up, our stock of the hour. we will look at railroads. canadian national proposed a $30 billion takeover. back under attacks after it failed to pass a key regulatory hurdle. this is bloomberg. ♪

and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today. matt: are you still committed to

the u.s. markets? you mentioned how small it is. you do business with frontier, but a lot of the time americans want something bigger. do you plan to state in that market? >> for us, market is one thing. the second is what a customer

aspires for. a customer in the united states aspires for suv's and gaps. tatum is a great pickup truck. we are focusing on the titan, but as i said before, in our lineup, our main focus has always been on the sedans and suv and smaller pickup truck. mark: the white house is stepping up efforts to get congress to raise the federal debt ceiling, open a public

relations strategy meeting ahead of a session without stuff planned for thursday. biden administration says it is a shared responsibility of republicans to avoid u.s. payment default. 46 of the 50 senate republicans wrote on august attendant that they would not vote to increase. vaccine mandates may come -- become more common in the workplace. 52% of u.s. employers are planning or thinking about requiring covid shots by the end of the year, more than double that 21% of companies that already have some mandate. about 14% of companies also say they are considering health-care surcharges for people who choose not to get vaccinated. california firefighters are battling gusty winds trying to keep a wildfire out of south lake tahoe as evacuation orders

spread into nevada. the caldor fire is one of a dozen major places in california. , whether expected thursday. justin trudeau has released a election campaign platform promising tens of billions in spending on new initiatives. it will be fully financed by a tax revenue windfall from an expanding economy. the election is september 20. polls show trudeau's liberals are in a tough place to stay in power. global news 24 hours a day on-air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪

>> welcome bloomberg markets. matt: each day at this hour, here are the top stories. canadian nationals move for southern seems to be derailed. we will discuss how that 30 billion dollars takeover has switched tracks. plus, looking to make crypto greener. we will talk to the head of a new carbon negative bitcoin etf. inside china. president season paying -- xi jinping's plan for prosperity. amanda: it would appear that north american markets are willing to stay focused on easy monetary policy. we have mixed signals on the

economic front, but private payroll data shows that labor growth may be a look ahead to what we get at the end of the week. that would be expected. we have seen a slowdown in growth data points, but these markets, which are trading near or at record levels, could be interpreted as lightning for the federal reserve to keep monetary policy easy. real estate and utility higher today, but it is the groups that make up that mega caps that took the market to these heights. heck, consumer discretionary, communications. -- tech we still have oil up solidly, above 68 usd a barrel.

interesting trading in the rail stocks engaged in a bidding war for kansas city southern. longtime watchers of this story no that the big canadian realplayer made the bid for kansas city southern originally. thanks to the transportation board, its own bid may be in jeopardy. now, both cn and kansas city southern are reviewing their options, but it could be that cp comes back. there has been a lot of back and forth for people trying to bet. matt: it will be interesting to see how it works out. either way, it is going to be probably good news for shippers. you get a better think from canada and the north of the u.s. down into mexico, so you can

send oil, commodities. a syrup you, corn for us. down to mexico. those are some of the biggest exports. amanda: this is a key question. one question is for customers is that because would lessen competition, will prices go up? that is a question on the mind of president biden. it does throw the whole thing into question of whether too few players control the rail? matt: this is the focus of our stock of the hour. dave wilson joins us for the equity side of the story. david: kansas city southern fell 4.4% yesterday when this ruling was made. it has recouped some of those

losses, up about 3.5%. then you look at the canadians. canadian national roads more on both sides yesterday denying the voting trust. people presumably happy that they would not spend that $30 billion that they planned to. it is up again today. as far as canadian pacific goes, that stock down about 4.5% on both sides of the border. people seeing the positives in terms of canadian pacific's ability to go through with the transaction for kansas city southern. they already have a voting trust

. that was approved back in may. but canadian pacific ceo said his company could buy the shares come put them in the trust by the fourth quarter. there is an incentive for kansas city southern to go ahead. you have seen so much back and forth on this deal. canadian pacific reformed -- referred is latest offer today. they are prepared to move on. kansas city southern was going to have its shareholders vote friday on the offer. that has been postponed. you are such a up now for how things unfold in light of this decision. by the way, it was not just canadian pacific who opposed having canadian national get the trust. even amtrak did not like that idea. amanda: which leaves us with this query about that cp offer,

which could be revived. two people like and -- because the regulators can still give a stamp of approval or denial. david: that is true ultimately, but it's a voting trust is the first step. looking at it from canadian national's perspective, what are their options? they can go back to the surface transportation or it and ask for reevaluation go to court, but given the response yesterday, the idea the court said this deal was not in the public interest when they denied the voting trust, they are not likely to make much headway. the third option is just to walk away, which would leave canadian pacific with that rail network. southern gets about half of the revenue. matt: thanks for joining us.

dave wilson talking about the railroad. coming up. with crypto facing increasing scrutiny around energy usage, technology has just announced that she just launched a carbon negative bitcoin etf, which will plant trees to offset its carbon footprint. we will speak to the ceo next. this is bloomberg. ♪

amanda: welcome back to bloomberg markets. for those who are interested in investing in crypto, the sustainability of space has been

under a micro spoke -- microscope. a carbon neutral way to invest. accelerate financial is behind the etf. julian: thanks for having me. amanda: left us start -- we know it is of interest the actual mining of bitcoin is seen as carbon intensive. what does your fund offer? what will you do by way of offsetting that footprint? julian: great question. we understand that the energy intensity of the blockchain and, therefore, carbon emissions are a significant issue. we decided to address that the decarbonization initiative is part of the management piece of accelerate carbon negative.

this initiative is in the form of a global campaign. we will be planting mangrove trees in east africa, madagascar are, as a way of not only offsetting emissions, but sequestering carbon. for each $1000 an investor puts in, we expect to plant 3.5 trees each year and sequester 110 of carbon emission each year. matt: that is 150, even more, trees per bitcoin. how did you do the math on what a tree takes out compared to what mining a coin puts in? how do you expect carbon

emissions of mining to evolve over time? julian: with respect to the evolution of bitcoin mining, carbon emission, there is a big drive for many industry participants to utilize more noble energy sources, which currently are up about 40% of global mining power capacity. but we definitely want to see more industry participants, especially as they migrate out of china, to utilize more renewable sources of power. that is behind our accelerate carbon negative bitcoin. it is relatively straightforward. we look to the carbon intensity of each bitcoin trade behind the etf. our treeplanting campaign is contributing up to 10% of our management fee.

that will sequester north of 60 fold the investment in carbon. amanda: it is a hot subject. it adds an interesting element to your etf. it is a crowded space. i know you are a big believer of bitcoin. how are you going to measure the success? julian: we view the market is in an early stage. there is a lot of opportunity. vanilla bitcoin etf's are competitive, but as you have seen in equity products, there is a lot of room for environmentally friendly products. that is our focus. offering something unique, something for the eco-friendly oriented investor such that they cannot get with plain vanilla bitcoin etf's. matt: what kind of demand are you seeing?

i'm sure you have canvassed investors. john bolton told david rubenstein that essentially he does not want to touch bitcoin or crypto with 10 foot pole. he is 65. the people that he has famously worked with our generation that tends to dismiss it. are we starting to see older, more sophisticated investors try to get exposure to crypto? julian: for sure. you look at legendary hedge fund managers, some are big fans. but that is what makes the market. you have bulls and bears. we see that everyday. we view bitcoin as digital gold. it resonates more with

millennials. even younger people brand-new to the market. meanwhile, cole tends to resonate with older investors, those of john paulson. there -- gold tends to resonate. there is no reason not to let gold to. amanda: there is some concern, even among people who believe crypto is here to stay that there are regulatory challenges ahead. bitcoin may be ticket early vulnerable, including if it ever is to become a replacement monetary currency. do you worry about that as an investor? is it too far down the road? julian: in my opinion, bitcoin is somewhat unstoppable just given the global nature.

we have seen a bit of a crackdown coming out of china, but from a global perspective, we have seen other jurisdictions be more welcoming. if you look at central banks globally and governments, they do hold large amounts of gold. for example, fort knox. as we indicated, younger investors, millennials, they will be the central bankers in 20-30. you can imagine what happens to those gold reserves over time as millennials head up central banks from the current baby boomers and generation x that are in charge right now. that underlines it one of my long-term theses behind bitcoin and it's increased utilization. my view is that regulation will become more ingrained within society and government, especially western governments.

amanda: thanks for being with us. ceo of accelerate financial. some breaking news from robinhood. it is working on a new feature that would allow users to deposit paychecks up to two days earlier. that is competition with paypal. we are watching reaction. you can see a bit of a pop on -- in robinhood stocks. you can see little bit of a decline on the intraday. we are going to keep a close eye on both of those. back after this. this is bloomberg. ♪

matt: this is bloomberg markets.

china will test income redistribution reform in an eastern province. it will become a pilot zone for policies to promote, and prosperity as a government explores ways to boost consumption by reducing inequality. for more on how and why, we welcome andy brown. before we get into how they are going to do this, why there? why not beijing? andy: great question. three things. number one, this province is the president's political power base. he spent years there as party secretary. he is elevated people to positions of power. second of all, is one of the most prosperous parts of china,

of the world. if it was a country, it would rank in the top 20. thirdly, it is a hub of entrepreneurship. 10 billionaires. after the program, it was this one that did the best. this is where xi jinping seeks -- sees an obvious way to model a new china that focuses on prosperity, socialism. amanda: what will that look like? what is the plan? andy: there is a big emphasis on labor over capital. that implies a complete shift.

chinese grove is now capital intensive. when growth lags, you give money to invest in heavy industry. now, it is going to be on labor and distribution. the question is can you achieve this without undermining the private economy in china? can you shift gears without stalling the world's second-largest economy? matt: how do they plan on doing this if not wealth redistribution -- i read that it will not be radical well three distribution, but it is going to be a milder form? what form? what forms are going to take? andy: they say it is all about growing and not about robbing from the rich to pay the poor. but the opening shot of the

campaign has been aimed very squarely at the private sector and the richest entrepreneurs, including jack ma. the alibaba empire is now in line to be dismantled, presumably as a warning that change is coming. matt: andy browne. say what you will about the communist party, at least it is neither. you can get the new economy daily from bloomberg economics focused on what is driving the global economy and what it means for policymakers and business inductors. this is bloomberg. ♪

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mark: it may be the first sign

of the covid surge is starting to peek. according to the department of health and human services the seven day average fell 2.4% from the prior week. it is the first decline in more than two months. hotspots like florida and texas are driving the new declines. hospitalizations are still on the rise in west virginia and much of the great plains. the world health organization has opened a new hub for pandemic and epidemic intelligence in berlin. health officials say the fast analysis they need to respond more quickly. the german government is providing $100 million in an initial funding for that project. the power is starting to come back on in new orleans. they have restored electricity to a small area after hurricane ida devastated more