we are wrapping up our final day here at milken. we heard some of the brightest, most thoughtful minds on the next step in their business in this recovery. in this half-hour, you will hear the ceo of engine number one. plus, we will discuss a media tycoon. we also spoke with the howard university president about the school vaccine policies and education. some fascinating conversations we had the last few days. romaine: it is winding down here. they bill this as a conference of ideas. there are a lot of deals, too, but there was talk about the big ideas, what people are looking forward to. caroline: solutions. how we embrace the supply chain issues. the minor should in your conversation about the role of crypto, what elements are investable. romaine: economic inclusion, we heard a lot about that. we have a roundup of some of the voices we heard so far. >> i would be pulling back on the taper. i would have started it already. the first step is pulling back on the taper. the second step is normalizing interest rates. you have to be car

>> we are live from the milken institute global conference. some of the best and brightest minds have come here and talking about some of the urgent challenges we talk about day in and day out. this half-hour you'll hear about manufacturing, supply chain, and i had the chance to sit down with the ceo at bridgewater. she had so many ideas on what to pursue. efg, supply chain, we're hearing about all of it. romaine: it's certainly about big ideas. take a listen to some of the things we heard. >> we're facing constraints on policies. >> the fed needs to redefine what they think of as an acceptable employment level. anytime the fed kind of whisker -- whispers they're going to tighten, the markets trade-off. >> the central bank for now is running the markets. >> the question is whether the economy in the world can function without the central bank and the answer is, we don't know. >> they may have made a policy mistake by waiting too long. caroline: some are saying perhaps that fiscal policy, monetary policy, the perfect storm with the supply chain

two interviews fresh from the milken conference in los angeles talking crypto and energies. and former saudi chairman. later, rbc capital's lori calvasina and her take on the run. more coming. don't go away. or it could be y there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. make fitness routine with pure protein. high protein. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. pure protein bars and shakes. for every fitness routine. you could spend half an hour preparing for the half hour status meeting. orrr... you could cancel the meeting and share updates in slack instead. it's where your whole team is in one place so everyone can stay up to date. slack. where the future works. in business, setbacks change eve

this is bloomberg. ♪ caroline: more from milken. amc ceo spoke to carol massar earlier. >> this is something much bigger. if all we do is innovate at our theaters, we will bring back post-pandemic the company that existed in 2019. as you said in your build up in the last segment, the market cap of the company was not $20 billion. our next challenge is to transform the entire company, not just the theatrical experience. we ended the second quarter with more than two bullion dollars in cash. we will do something with that war chest. not necessarily a pure movie theater play. caroline: the amc ceo adam aron speaking from milken. he came over, he was giving a ride home to someone at the dinner. we are not just talking entertainment today. we are talking the future of entertainment on friday. thursday, a special edition of bloomberg markets focusing on supply chain pain. myself and romaine will be live at the second largest port in the united states. on friday, catch a special edition of the close, when we look at the future of entertain

at the milken institute in l.a., we will be speaking to scott minerd of guggenheim, mark jenkins of carlyleguy: the story around inflation absolutely front and center. we've got it all covered here yet bloomberg's abigail doolittle is talking about the earnings story today. we also need to focus on this proshares bitcoin etf or get is it really a bitcoin etf, or a futures etf focused on the price action? it is a big day. and joe mathieu is looking ahead to where we are with the president's economic agenda ahead of his meeting with house progressives, which is going to take place a little bit later on today. let's kick it all off. let's talk about where we are. how this earnings story is translating into markets. abigail doolittle, over to you. abigail: we have the s&p 500 up slightly, but lots of laggard stocks are down on earnings reports, in contrast with the banks last week. we see philip morris sinking ever so slightly. -- sinking, ever so slightly higher. material costs and shipping costs way nonprofits, and they had to raise their forecast for materials and shipping costs to $2.3 bill

we will have more from the milken institute global conference.ol massar with speak with park invest. we bring that conversation to you live later this hour. coming up, the american dream, or almost. we talk about the challenges facing immigrants who want to start their own companies in the united states. after the break, we speak with partners of a vc fund aimed at leveling the playing field. this is bloomberg. ♪ emily: the u.s. prides itself on being a nation of immigrants, yet starting a company as an immigrant in this country is not easy, if not impossible for some. my next guests are determined to change that. they are with a fund dedicated to helping immigrant founded companies. thank you so much for joining us. maria, i will start with you. what motivated you to start a fund focused on immigrant entrepreneurs? >> i myself am an immigrant. i am a refugee that came to the united states from colombia, ever since then have been trying to repay what this country has given me and looking up to the american dream, a high standard to beat for immig

let's head over to the malcolm -- milken institute global conference right now.ine hyde is with barbara humpton, the siemens u.s. president and ceo. over to you. caroline: perfect. following on from your discussion, chips, ships, siemens knows it all intimately. 40,000 employees, as well. barbara, wonderful to have you here, and you have not only been looking to the white house, discussing with them, helping them fine-tune and react to the chip shortage, but you are also dealing with a global supply chain. i have people asking me on the weekend, so i cannot imagine how many people are asking you, how long will this last? >> i say this disruption will be with us for a bit. i have heard predictions of nj 2023 -- of and to 2023. the bright side is it is bringing out a lot of innovation and creative work. during the pandemic, our supply chain professionals were true heroes, looking to diversify our sources of supply, using mismanagement techniques to keep our businesses up and running, and now using predictive analytics. we have been very, very well-supported by our

we are live from the milken institute conference here in los angeles.ot of this year's meeting is on esg, diversity and inclusion. these are areas that you obviously know very well you have spoken about -- i just sat down with mike wirth, but you've talked a lot about how we have to have robust metrics to measure all this stuff that everybody promising they're going to do, and be able to compare and how we know. >> the short answer, david, is not really, but here's what i would say, in terms of the esg, you have to build it into the strategy, whatever sector you're in, because if you're just reporting on metrics, and it's just a check the box exercise, that's really not going to work in the long run. we always encourage companies to drive it into their strategy in terms of what to do, and then it comes to reporting and the metrics, this is something we've been working very hard, ey as well as other big firms, on creating metrics that are across esg, moresimple, and starting there. we did this with the international business council there's 21 core metri

great to speak to some of the biggest investor months at milken. -- minds at milton. -- milken.lor: everyone in los angeles wells -- wear sunglasses inside. romaine: that's what i'm told. caroline: we miss you, taylor. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. announcer: from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: coming up, can snap snap back? plunging in its biggest one-they drop on record, after worried

oaktree co-founder howard marks spoke with romaine bostick on day two of the milken institute globalonference on how the pandemic has disrupted investing cycles. howard: in the usual circumstance, first of all, the cycle we have gone through in the last 18 months of the pandemic was not really a normal cycle. normal cycles, in my opinion, are the result of people becoming too optimistic and overshooting intrinsic value, fair value. and a correction that carries through to underpriced. and and then people get too pessimistic, and then you have a correction that overshoot and leads to excessive. excess and correction is not normal -- is the normal source of a cycle, but this cycle had nothing to do with the economy. this was like a meteor hitting the earth, an exogenous event, the pandemic, and than the government policies undertaken to correct it. so, our -- i saw an epidemiologist at the beginning of the pandemic, and he said we have three things, facts, analogies to prior experience, and supposition. in the case of the pandemic there are no facts, no prior experiences, and we have o

haidi: howard marks speaking with romaine bostick at the milken institute global conference.ext, china looks to intervene in the cold market amid surging prices, vowing zero tolerance, but will it be enough to ease the crunch? this is bloomberg. ♪ >> china is on investable. the republic of china is throwing a bond issue, 30 years at 2.6%? if you want to tiger money up in china for the next 30 years, i encourage you to get out there and do it. >> people have said on investable for the last 20 years. we are not focused on the consumer. we realize that data and the privacy issues involved in consumer data and the population data is an issue for every country in the world. >> we just hit financing in london where the sponsor was chinese, and i think more alarm about what is going on in the property market caused it to be an extraordinarily great opportunity with low risk and high yield. shery: some big names weighing in on china's invest ability. they see liquidity support coming through on the mainland. when it looks to how to play this bull case, jp morgan's team is favoring so

it feels like monopoly money. >> there was a lot of enthusiasm around crypto that i picked up at milken but cr crypto >> dollars versus bitcoin. >> i don't know what that means. >> when you're a younger person, do you think the dollar will be worth more >> no, i don't think so. >> how many mortgages did united wholesale mortgage write with crypto >> six but it's early days. >> billions and billions of mortgages, but only six that -- >> doge, you saw that at milken. >> i know there's people at this table that think that stoke is hopef -- stock is overvalued. >> i was listening i have this thing in my ear. i hear everything you day. >> david, we've got to go. >> we've got to go. >>> vix close to 15. let's get to bob. >> a bit of a flattish open, carl, but we are knocking on the door of new highs. flattish open here, health care l leading, tech is holding up. we're 0.3% from the new high so we're six points amp from a closing -- a news historic closing high the reason it's been happening the earnings have been good, holding up we've seen cyclicals in the last few weeks, really good momentu

something we will talk to howard marks, oaktree capital co-chair and co-founder, about next from milkenis is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. alix: wrapping -- guy: wrapping up the tuesday session in europe. it looks like there's not much price action. we are off our lows and it could be worse. the ftse is up .2%, the dax up .3%, the cac 40 is being held back, it is flat. you have to take a step back. we are very close to record highs, even here in europe. let show the stoxx 600 is. the stoxx 600 is re-approaching the 270 level, the 470 level, up another .4%. we got into the 475 area before we had a decent downdraft. maybe the recent lows are in. let's talk about where we are for the sector story. the earn

here is wood at the mocon's to toot global conference st milken institute global conference -- the milkennference on her reasoning. >> there's more having to do with contango versus or normal backwardation, so not yet. >> the fund from proshares is based on bitcoin futures and is the first of its kind in the u.s. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm john hyland. this is bloomberg. guy: thank you very much, indeed. let's stick with that bitcoin theme. record highs today, at what point -- at one point up over 3%, after the launch of that proshares etf. it surged more than 120% this year. the bitcoin story for goldman sachs with the first u.s. bank to enter the crypto business under then lloyd blankfein. he spoke about why they got into this early. he talked to bloomberg's erik schatzker in the front row interview. ♪ >> a lot of bright people think it has a bright future. i'm telling you, i have a whole foot and four toes into the whole world. it is not something i gravitate to i can

so be good. photo milken commerce. so stephanie amended, meek aliya here, here, who can i know little jaime at abberly? i'll be out in his office than what i've been. i got the machinery lamond msm knowledge from a lesson n as in the student lives that are be a num sheila clears was own from. and i had them that was a bit though in the style of the last month, and i from naz unit. and as i'm lucky with, one isn't as enough with her, i will need to come upstairs, man talk and i was my like i at like i had a missed was the shortest roughly. supposedly mr. mother like he had the chance i was with the tomorrow by my british i'll gabby was month. i wish my our madras. i'm glad to do a live clarity. i am. okay. let me ask you this with names. jim mckay. mother who's been standing in one has zana, but i'm in many bedrooms, not only misses, did that like that they have, but i need to kind of i'm a quota source with a helping hand them to call me because i've been a be a whole and there is a city a but i managed to get a little

. >> so, i am happy -- happened to be at milken this week. business new ideas, when we think of energy trajection at bmo, talking about moving from higher densities energy businesses into -- when i look next five years i think that transition amount of capital that needs to move probably one of the most opportunities we have seen a shift investor sentiment where demand is is where opportunity is looking transition new supplies energy across the world i think really interesting exciting time next few years. maria: you are seeing people actually invest in this on individual level as well as institutional level, your benefiting at bmo, i want your take how building a business big business around stocks we heard from major banks last week in terms of quarterly, capital markets obviously, a big trend he what kind of m&a trends are you seeing in this recovery at bmo? >> we talked about -- lots of money /liquidity out there we have seen private equity, i think over 400 spaks looking for things to dry that driver of m&a looking forward in the future,

so they can deliver a great experience from anywhere. ♪ (whistle) ♪ >>> the 24th annual milken globalnce is under way in l.a brian sullivan is there. we caught up with the u.s. ceo on global bank with a major presence on the west coast asking about the challenges getting employees back to the office >> we expect all bankers to be on the road, to see clients. staff to be together because nothing replaces in person interaction. it relates to return, we target 40% back on premises in 2021 we expect this to be in the 60% range in 2022, but still under a rotation >> is that because of covid or the new way you can do business? >> i think this is a new way we can do business. you and i have been interacting a lot over the last two years digitally. i think it was fantastic because we've been able to connect to share views, but in the meantime, how do you convey company's values without being in-person together how do you train the new analysts we've hired who have never seen their bosses physically if you don't get back to the office, get back on the floor. however i think you have to convinc

as we head back to break, a big programming note, and we mean it on monday we'll be at the milken globalnference in los angeles, go dodgers. at noon eastern on monday, something that is cool, never been done before, so it's either going to be amazing or completely implode, a special one hour cnbc pro live stream with four guests, giving them about 15 minutes each, no breaks, roll them in, roll them out, on rates in the fed i think in jase auby's first cnbc interview it is all live, it's going to be totally unscripted check it out today sign up on cnbc.com/pro. monday noon eastern time root for us folks. we've never done it before so we'll find out how it goes on monday aabt out 1:00 p.m. eastern. we'll see you there. we're back right after this. and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you

you back and rivals which is why i was like, always i would like to have not working for petition. milken toilet turkey and it was oil life. but as far as taking someone's life, i thought to be a lot worse in for friday morning and we had a cold out 750 a little there was a shooting linwood room. ah, and 1st officer almost lightened up to the hall. i went on in to the bathroom in the hallway. when i got up there also, the mother told her so matthew, in both of them were covered in blood. she was screaming all my baby, my baby. it's my fault, my fault. a little boy brother, toner. i believe he was sitting in the hall outside the doorway. he was keller and a ball. sit in position, he had his news welcome, his arms round his knees. this is mostly of a shock. up for there was in school lot. he was in raleigh calvin a little gun just from rejection from the boys in and so i headed out in the night and stuff and i guess just that particular morning i just forgot a ah panic net comes through in the midst of a situation like that. is, is unlike anything else and you recognize, even without knowin

even back arrival, which is why i was like, always i would like to have not working for fission. milken oil, turkey and it was oil alive as cut but as far as taking someone's life, i thought to be a lot worse. a for friday morning. and we had a cold that 750 a little there was a shooting linwood road. ah, ah, and 1st officer almost like when i got to the hall, i went on in to the bathroom in the hallway in when i go up there also, the mother told her so matthew both of them were covered in blood. she was screaming all my baby. my baby. it's my fault, my fault. a little boy little brother. i believe he was sitting in the hall outside the doorway. hey, was carla and a ball. sit in position. he had his news with his arms around his knees. this is mostly of a shock up torn and there was in school lot he was in raleigh calvin, a little guy just from rejection from the boys in and so i had it all in the night and stuff. and i guess just that particular morning i just forgot a ah, panic net comes to rule in the midst of a situation like that is, is unlike anything else and you recognize, even

. >> hi, scott thanks for having me and happy 10th from milken and all of the investors out here >> ireciate it very much how timely to have you given the conversation that we were just having from software like snowflake which you're ripping it's up 5% this week stocks are not that far away from a new high we spoke three weeks ago at delivering alpha which was not televised. sn snippets of our conversation were played and you were net longers have 75 last year and that the fed had to come in fairly substantially from where it was, it's going the opposite direction. what's going on now? >> after listening to josh i'm fired up and probably need to go buy some stuff listen, we're in the business of assessing probabilities and there's a distribution of probabilities here everybody agrees that rates and liquidity are having an impact on multiples and what i said is, you know, we've decided that we'll have less on than we did at this time last year because multiples have come up a lot let me give you one statistic. if the nasdaq were to correct, the growth multiples were to correct to janu

[laughter] fancy milken conference going on in l.a.ke planes at laguardia. we've got those that are looking to have funds of their own, i don't believe those are futures funds though. these are just plain if, you know, dabble in sort of a combination of various crypto plays. this is the pro shares is the one that's getting all the attention. it's a futures play, hence immediate approval by the sec. we'll have more after this. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life. that's life well planned. i order my groceries online now. shingles doesn't care. i keep my social distance. shingles doesn't care. i stay within my family bubble. shingles doesn't care. because if you've had chicken pox, you're already carrying the virus that causes shingles. in fact, about 1 in 3 people will develop shingles, and the risk only increases as

shery: guest at the milken institute global conference. very close to the record high we saw in mid april. about $400 away or so. we continue to see the fluctuations after bitcoin entered that territory. you seen 40% just this month. galaxy crypto index is above the 3300 level as we have just seen the launch of the first bitcoin-linked etf in the u.s. haidi: of course it was received with much fanfare. our next guest says there are lots of questions around the sustainability of the futures project. so much of that excitement coming from retail investors. you are saying the idea that they have to understand and conflate with bitcoin futures is a big risk for them? >> i think so and good morning. thank you for having me. i think the exuberance of the launch of this bitcoin etf, which is a watershed moment for the industry, but i think they are retail investors purchasing to products such as etf's because they come with a degree of oversight and sense of comfort over what it is they are purchasing. however, there needs to be a degree of sophi

we had the big scandals like mike milken, we had a wall, we had a movie called wall street, which was about insider trading. and the tragedy that this was drafted by oliver stone. you know, today in 2021 we have actively senators, central bankers, congresspeople, all trading on inside information to an extent, much greater than that. what was depicted in the movie wall street, the 1980s. they've turned essentially their sole purpose in washington dc. if you're nancy pelosi is the front, we're on the bills, she's over looking to profit in her personal account. that's how the civil servant got to make, you know, cost $100000000.00 by trading on inside information. which last i checked was illegal. so this is a dire circumstance and when she goes and walks through the piles of human excrement on the street to tell her constituents what a great job she's doing there, to smack up on drugs to know what the heck she's saying. so they don't notice, okay, so these politicians, their stock portfolios are making them, you know, multimillionaires, 100 millionaires, you know, they're earning a hug

we had secretary chao at the milken conference and she from taiwan visibly shakes when i talked to herut this. jonathan: this is the quotation from the president. i don't want a cold war from the president. we will not change any of our views. tom: the delicacies here and the chill from both parties are extraordinary. one theme that's out there is the idea of the president unilaterally bringing back tpp just to shakeup the chinese. jonathan: then there is the whole tax issue. after that town hall last night, i don't know if anyone has any idea. tom: do you think anne-marie knows? it's total chaos, george bush senior's career went down text policy. is the president's career going to go down in flames because of this present tax argument? >> i cannot tell you that but it's confusing. the president said yesterday that he doesn't have the votes to raise corporate and personal income taxes. what we learned about congress is that kyrsten sinema rep with richard neal, the head of the healthways and committee was there seems to be a little bit of a workaround and she wants to path -- she wants

a week later, they viewed black troops in the battle of milken's bend, mississippi. during the following week, pictures of pennsylvania blacks mobilizing to defend the north from robert e. lee's invading confederate forces and a scene of stalwart new york african-american volunteers heading to a recruitment office were prominently displayed in harper's weekly and new york illustrated news. the latter engraving was all the more striking in light of the incendiary pictorial report in that newspaper following the emancipation proclamation in january. a full-page fifth avenue scene showing affluent black new yorkers commandeering the sidewalk as they, quote, ignored the privileges of their white brethren, unquote. moreover, in the aftermath of the riots, the sacrifice and bravery of black soldiers was featured in pictorial coverage of the 54th massachusetts volunteer regiment, when an attack at fort wagner, south carolina, and the cover of the august 15th issue of the new york illustrated news presented the capture of a confederate lieutenant during a skirmish new beaufo

i work for mike milken on the trading desk. in 35 years we have never seen opportunity like this.t's more than just risk opportunity. >> talk about why the opportunity and the investors today is different than what it was 30, 35 years ago. >> the technology was nascent. technology has been refined distinctively -- extensively and the apparatus is now way more developed. back in the 1980's we had a party on the trading desk. a trillion dollar number. public high-yield bond market. and now the direct lending market as well had a trillion dollars in capital. >> that's the size of a firm these days. i am -- when you look at the size and scale of the industry, it seems to be an industry dominated by relative players prayed you need that scale to be profitable? >> i think you need to be big. there is a bit of an arms race. some of that is earnings related. private firms were not subject to those concerns but you needed to address the size of the transaction. we recently had several actions buzzed $2 billion. in order to provide capital to private equity firms as well as access to transa

she spoke with carol master earlier at the milken institute global conference.ake a look. >> i kinda thought we were behaving like a value manager, long-term time horizons, looking for extreme values. we are using we are using spectacular growth rates that no one is expecting. tesla was our first proof of concept, a very busy people one. all we have done is use rights law, the centerpiece of our research, to try to figure out how quickly cost would decline in battery pack systems. and therefore, how much prices would fall for electric vehicles and how quickly the uptake would be. we saw elon musk tapping into it. >> was not easy to be invested early on. >> for us it was easy. the most important call that we made, in issue with tesla, was alright, tesla's battery technology is unlike any other my -- auto manufacturers battery technology. tesla is writing down the calls curve of the consumer electronics industry. laptops, cell phones, huge volumes. when you get it scaling, costs come down. it's called the learning curve. so elon, you had auto manufacturers and ana

manus: an offer at what do in china at the milken institute.with a weaker than expected rate. our senior market economist in sing spore with us. thank you so much for joining us. i listened to them. and what went through my mind is the uninvestable, is this american-pan naphobia? >> basically what happened in the market that we have differing pictures. in china -- on one hand we see that people are concerned about a property market. but on the other hand we see that you know, basically that it's very stable. i think that different investors can have a different perspective on china. but of course, you know, from an economic's perspective which is my job and basically china's growth is slowing. and of course, we have to see that tech technical signal to continue in china. basically the general picture is still very clear the economy will continue to slow in the next couple of years. dani: is it slowing enough to expect some easier policy to come from the pboc? >> well, in my opinion they should do something. and they have to put some liquidity i

finally steve mnuchin and kathy woods do to speak at the milken institute global conference.et back to the markets. i promise i won't ask about squid game. one of the markets you and the mliv team have been watching his copper. copper prices above $10,000. usually this is seen as a sign of demand in a growing economy, but there are oddities. >> absolutely. the bloomberg commodity index, 33% this year? that is ridiculous value. the biggest since the 1970's. but if you focus on copper in particular, the thing to note here is that copper that is due for delivery has skyrocketed versus due for delivery three months from now by over $1000. a couple weeks ago it was at six dollars. demand is really skyrocketing for this metal. right now, the energy crunch is really pushing demand. >> that is interesting given what we are seeing in terms of the slowing growth picture for china. part of the story as well, ever grant -- evergrande. you have had the pboc governors saying they can contain this. where do we stand on all things evergrande? >> i have held that i don't see a wider contagion

coal spoke at the milken conference and denied that the fed -- a president told cnbc the central bank will not be raising interest rates anytime soon in the u.s.. president biden's pick for ambassador to china has taken a hard line with beijing over actions in the indo pacific. but asian-american strength and alliances give u.s. key advantages. longtime diplomat burns said he was skeptical about china on issues like 5g technology and ward the world should be worried about the beijing nuclear buildup. the united states fda has cleared the way for millions of americans to receive covid-19 vaccine booster shots. the agency approved moderna boosters for those over age 65 and younger people at high risk and approved a two-booster dose from johnson & johnson, which is a single-does seen on the front end for those older 18 and at risk. the fd also -- fda also approved a mix and match approach to allow any brand to be used as a booster. rio tino, kickstarting the company turnaround over the next decade. the ceo is starting a 50% reduction in mining operations by 2030. surging iron ore prices

he spoke at the milken global conference, denying the fed is behind the chorus and responding to rising inflation that he still believes is transitory. and the cleveland fed president said the u.s. central bank will not be raising interest rates anytime soon. president biden -- is picked for investor for china has taken a hard line with beijing over its actions, saying america strengthen alliances give the u.s. key advantages. at his confirmation hearing, nicholas burns said he was skeptical about china's intentions on issues such as 5g technology. he also warned that the were should be worried about beijing's nuclear buildup. and clearing the way for millions of americans to receive covid-19 booster vaccine shots. the agency approved moderna vaccine's for those over 65 and younger people at high risk. and a booster for johnson & johnson which was a one dose vaccine, approved for those overacting. it also approved a mix-and-match approach. rio tinto's new ceo is kickstarting the companies turnaround with a plan to decarbonizing its assets over the next decade. he's targeting a 59% reduc

in special coverage of the milken global conference in and lay next week, -- in l.a.kicking off monday. we will also speak to dan markley, the ceo. you don't want to miss it. this is bloomberg. ♪ caroline: let's look at a large number -- 3 billion, the number of people around the world who are financially underserved. one company hoping to alleviate this and bridge the divide is a fintech platform aimed at making financial services more accessible and emerging markets unjust raised $145 million. earlier, i got to meet with the founder and ceo. they met with my colleagues. take a listen. >> this new funding round for us gives us muscle to really be able to accelerate in terms of delivering real value to our customers. what we have internally is about enabling financial agencies for $3 billion -- 3 billion people globally who are underserved. we are looking to ensure customers can save, protect their money, grow their money and use their money. >> can you talk about how you ensure that? part of what goes into that is data you collect. how are you ensuring these consumer

always fantastic to hear from cathie wood, the ceo and cio of ark investment, sitting down for the milkenference. alongside tom keene and lisa abramowicz, i'm jonathan ferro. no drama on the s&p, -0.03%. the bond market basically unchanged, 1.1615 on euro-dollar , basically unchanged. on crude, $82.11. the focus now very much on the big tech players. i don't know if we can call tesla a big tech player, but we can call apple one. tom: widely anticipated by global want street -- global wall street. we bring in dan ives, managing director at wedbush. reaffirm the accounting integrity that gets you to $1000 on tesla and ms. wood to $3000. dan: it comes down to can they do 1.3 to 1.4 million units next year. will they be profitable? i think $1000 is the least case. bull case, you get to $1300. tom: we got to reset on apple. the new chip is extraordinary. all you need to know is that technological marvels. do you adjust your bull case to get out to a $3 trillion apple at 181 dollars a share, or $4 trillion at $241 a share? state the bull case. dan: the bull case now to try to $25 -- now 220 hav

charlie gasparino has been talking to insiders at the milken conference.ou a little bit about what i picked up on eric adams, the likely mayor of new york city, in a minute, because they're talking about him as well. here at the milken conference, one of the big sort of aspects of conversation here has been will there be massive market changes following gary gensler's meme stock report. that was a report on the whole frenzy back in january where a bunch of stocks -- amce gamestop, where these stocks went crazy, parabolic. robinhood had to halt trading. there was all this talk about potential short squeezes and naked shorting and people trading in dark pools to manipulate the price. the sec report, sec investigated all those charges. people thought that gary gensler was going to use this report essentially to enact his type of market changes, market structure changes, maybe end the practice of payment for order flow, maybe push all trading into the major stock exchanges. the problem he has, and i'm picking this up from major market executives who follow thi

transport secretary, catching up with caroline hyde at the milken conference on the west coast right your equity market, unchanged. in your fx market, unchanged. tom: unch. jonathan: might as well say unch on the 10 year. in the commodity market, $82.03. whereas vindman -- this provides an opportunity for germany's policymakers to move further into the mainstream. just a take from cattle economics earlier this morning. tom: "bloomberg surveillance" tries to get you the qualified voices on any of these topics. i want jon to drive forward the conversation with his european central bank heritage, and we do with this morning with jacob kirkegaard, senior fellow at the peterson institute. it does not describe his work in defense, and in germany on the central bank. jonathan: let's start with the vacancy at the bundesbank. your first takeaway, please. jacob: elections matter. this is going to be the first nonpolitical appointment that the new german government will make. he has a chance in a situation not do similar to what we are going through in the united states now to put his own team.

today brian sullivan is at the milken global conference in l.a. and a special 1 hour cnbc pro live stream with four huge guests today get the global macro views on all parts of the market and economy. interviews, all live and off the cuff check it out today sign up at cnbc.com pro. we'll with right back. stay with us you could fret about that email you just sent. ...with a typo. aaaand most of the info is totally outdated. orrrr... you could use slack. and edit your message after it's sent. [sigh of relief.] slack. where the future works. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. >>> to 60,000 an

on monday we'll be at the milken conference in los angeles.nd at noone eastern, something awesome, something we have never done before, a special one hour cnbc pro live stream with four big guests we'll get their global macro views on all parts of the market and economy. actionable ideas, all live, unscripted, off the cuff i'm nervous. check it out, it's at noon eastern on monday, sign up today at cnbc.com/pro. noon eastern we're back right after this. (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different. [swords clashing] - had enou

joining us from the milken conference is todd boehly along with our brian sullivan.ly again, those are the ones we know there's a spac today, horizon acquisition picking up vivid seats today, today is the first day. todd, part owner of the dodgers with a big game today, and the lakers, who have a big game tonight. you have your fingers in everything, todd thanks for joining us. >> absolutely. >> reporter: so what are you trying to build with eldridge? i look at the pieces i get them separately. what is the whole connection >> ultimately it is a holding company which makes a diversified pool of investments, and, you know, so we're permanent vehicle that, you know, is myself and one partner, and our goal is to make good investments and keep compounding. >> reporter: i can say it definitely leans entertainment, right? we talked about investments in draftkings the vivid seats deal, by the way closing today at horizon >> thank you very much. >> reporter: you own golden globes, you will redo it and thank you because it needs to be redone you will modernize it. what is the

crypto a major focus in beverly hill, california at the annual milken institute global conference wherest year's move to virtual, titans of industry gathering to share big business ideas and lucky them, being stalked by charlie gasparino, live at the conference joining us now. you brat, you got the great assignment there. charlie: well, yeah, and i actually managed to stalk brad g arlinghouse, the ceo of ripple. ripple is in the news a lot we've been reporting a lot about the case over xrp with the sec that wants to essentially put ripple out of business in the u.s.. i asked brad a couple things, asked about regulation where it's heading in the u.s. , but then i also asked about our reporting on "clayman countdown" about these meetings, never disclosed before, between former sec chair jay clayton, then m. i .t. professor and current sec chair gary gensler. these meetings occurred right before the ripple suit was filed and gensler was anti-ripple at the time and i asked brad about this and here's what he had to say. >> i believe very strongly that we will get to a good place here , i thi

inflation one of my next guests say it gives congress reason to remove jay powell joining me is bill milken, it is good to have you tell me justification in what sense? >> well, the rules have codified the behavior that fed staff have understood for the longest time, the fact we had bad actors doing things that had the optics of doing terrible trading and taking opportunities of their position is a stain on the fed staff that chair powell will have to live down. one of the things we have to realize though is if we truly believe in diversity we are going to have to find a way to recruit people from all over, including people who had successful careers in financial markets. that's the hard part how do you allow these guys to have enough portfolio -- room to adjust their portfolios and rebalance the way we're told to do in personal finance, at the same time stay within the boundaries of doing the proper thing while sitting at the fed >> we spoke with randy crosser, bill, about this yesterday who thinks that no policies were violated with the trading, although i believe the policy did say to av

ever bitcoin tracking etf and taking a page from google's page, facebook rebranding and fresh from milken

the sacramento bee reports that he made the announcement today during an interview at the milken institute'sn july, newsome signed a $262 billion budget that relied on a projected $75 billion surplus. newsom says he will propose using next year surplus to pay down $11 billion in pension obligations. the governor also signed an executive order today to address supply chain issues that shipping ports. the order directs state agencies to find state owned properties that could help store goods once they're offloaded from ships. it also calls for trucks to be temporarily exempt from weight limits in order to carry more goods. the order also instructs state agencies to create more workforce training and education programs. the president is pushing his build back better agenda. president biden went to his hometown of scranton, pennsylvania, today to tout his spending package. he says the bill will help the working class. these bills are not about left versus right. about moderate versus progressive. or anything that pits one american against another. and by the way, they will not increase one singl

maria: and that is why the milken conference continuing to build relationships tech jobs with colleaguesout the role of the ceo, and the approach to work and how things are changing. how are people feeling there today about the macro story mark? because we are talking about lots of issues, like the supply chain disruptions the inflation that we're looking at costing us more money for virtually everything today. >> you are right, on inflation, as i said, we are seeing opening up after shutdown like this, is really hard, i mean seeing major shortages, the energy problem from china caused production issues, but that is a piece of the electronic supply chain, shipping workforce issue as we know when we go around seeing difficulty, even in restaurants, and hotels we're at because of workforce back to work vaishth of reasons even with vaccine people scared to come back to work the vaccine mandate affect workforce a lot of people changing the way where they want to work with as a result of this i think one of the things, we are realizing we have to navigating outside the company think more unde

we're live from the milken institute global conference.you know, a great amount of talk at the conference about esg, sustainability. comes up all the time. many of the ceos and other participants talking about it in unest. what has it meant in terms of capital formation and flows a opportunity, i guess >> it's a big subject, thanks. and i'm doing a panel on esg in a little bit because i decided to take over the esg effort about three years ago. >> why did you do that >> i was seeing there's a lot of technologies, capital that was demanding esg but very few businesses or technologies that were at the stage of development to attract a lot of capital. so, there's been a lot of things in the works, in the labs that we're seeing we're coming to what we thought was take off velocity for the markets we put together all our groups, power energy and auto. we're now seeing it happen in front of our eyes. >> give us an example. >> there's a tremendous wave of new investment coming behind new tech fallings. we've seen a number like $10 trillion over t

about what's going on on the west coast this morning and that is arc invest kathy wood spoke at the milken conference and weighed in on the game-ification of trading. >> i know people are concerned about the game-ification that the robinhoods of the world represent i'm not. i think after the bust after the '08, '09 meltdown, the fear and risk aversion that permeated the markets took the joy out of the markets and took the creativity and maimagination. now it's coming back >> and gary agaigensler has mor the report this morning. >> they took the creativity out of the market. like cdos and making sure you can find new ways to come up with different things. it just -- when you start talking about the creativity of the financial markets, most of the time that doesn't lead to great things. >> three letter things aren't always great either. we'll see what happens with the nfts but that's three letters too. >> it is. >> now you're going to a three letter agency. >> when we came on -- then there's four letters like mrna but when we came on i said -- i said t cells because i was taught we were havi

coming from the milken conference in l.a. this idea i said what inning are we in? this guy said we're not at the first batter of the first inning because once the institutions come in, if you're a family office of a billionaire, and you want to buy 50 million in ether, you're not doing it on a retail exchange that exists now the institutional infrastructure for crypto isn't even built yet. >> coal is still the interesting story, though. did you see that this is the first time in something like 14 years that demand for coal in the united states has gone up, they've had to mine more of it that's because power plants are turning to coal because natural gas is so expensive. all of our thoughts we can wean ourselves from this, you have to remember everything is price sensitive. when prices go up, people shift to dirtier forms. >> there has to be heat in the winters, particularly europe and asia that's a concern if they can't get the natural gas they may need to go back to coal. seeing europe in a desperate race for coal. >> india, china. >> we connect -- usually i conne

turns out he was wrong a lot of people get that wrong i'm out here at the close of the milken conferencepeople go back to the original and find they say something different. i know you, becky and andrew remember i used to pull in the milton freedman argument from 1970 to say people are mis miswm misquoting what he says about the community. and mack cyrilly's message appears to be different if you go back to what he said in the prints in chapter 17 is that it's best to be both, if you can. if you have to make a choice between them, he said be respected over being loved but you can do them both that's the idea. we have lots of the ceos we admire most on this show match that. >> do you think that has changed? you mentioned this harvard business professor and how that was beat into the leaders over the years, the people who went on to become leaders do you think that that has changed at this point? you know all of these ceos pretty well, jeff. would you say the common line of thought right now is a kinder, gentler leadership is in vogue right now? or not >> it's a balance. not necessarily on