always good to have you with us, and sonali basak, thanks., the path to profitability for cnn plus. we will hear from the head of the new media venture, andrew morris, next. this is bloomberg. ♪ emily: cnn is preparing to launch its most ambitious effort yet, a new streaming service cnn plus. why will consumers buy in when there is a sea of other streaming options? here is what andrew morse, the cnn executive vice president leading the effort, had to say. andrew: i think in our heart, we have always been about the news. i think every news organization in the united states tends to do a bit of re-think every political cycle, that is natural, because politics becomes an important coverage area for everybody. i don't think that's unusual for any news organization to think, ok, what's next? especially now, at a time when the entire industry is moving quickly, being disruptive. i think it's logical. emily: there's been a lot of controversy surrounding jeff zucker's departure not long after chris cuomo's exit, tied in part to chris interviewing his

thanks very much, bloomberg's sonali basak.e hearing from the president about the inflation data we got earlier today. he says the inflation numbers show the cost of imposing sanctions, but room, come of this data was before the war in ukraine even broke out and we saw the sentients put in place as a result. he also says costs are much higher for putin and his cronies than the u.s. when it comes to the bond market, the 30 year yield is now at its highest since may 2021. more on the market reaction next. this is bloomberg. ♪ at xfinity, we live and work in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. kailey: we are on our end of the u.s. trading session on this cpi day. bloomberg's abigail doolittle is tra

time for our crypto report with our contributor sonali basak. back to the beginning, lower than where we were a week ago. if you look earlier this week, we had a moment where bitcoin surpassed $42,000. that was a little over three days ago and we are still seeing a little bit of a lift, we do see bitcoin lower on the 24 hours period and over the last three days. so what are we looking at? we had all this excitement, where'd it go? and when you're talking about bitcoin, you look at the theorem as well, you see that when the bitcoin excitement wanes, other coins have more of an outflow. you see a bigger drop-off in a theory of. -- ethereum. one thing that is stable is stable coins. want to draw attention because it has been stable through much of this crisis, but there is also news, there is a hedge fund on wall street trying to find a artificial way to short it is it faces notorious scrutiny. we talked about this for with marty chavez this week that stable coin regulation will be just as important as we think about crypto galatian overall. a lot o

joining us is kkr's credit director tal reback and bloomberg's sonali basak. re telling me that kkr has spent $5.5 billion in credit opportunities this year alone. what are you seeing, especially in high-yield, that others might be walking away from? tal: the volatility we started to see in january was very rate induced, something we thought market participants should have known about given the more hawkish fed tone, and what we are really mindful of our opportunities in more high quality parts of high-yield, especially in large capital structures that have reason lee taken a leg down. a little more duration risk is something we start to lean into, as well as rate assets. guy: how long does this opportunity last four? is this going to be around for a while? what is your thinking around the timeline? tal: we think volatility is probably here to stay, especially in the short term. one of the things we lean into is trying to find opportunities vis-a-vis capital solutions. this is something that volatility creates opportunity, and at the end of the day, we will con

joining us is ava labs president john wu along with sonali basak. thank you for joining us.f volatility over the weekend. bitcoin spiking now. talk to us about what you see driving these moves based on what is happening in ukraine and russia. >> ironically, i think bitcoin has rallied on this false narrative that with sanctions, bitcoin and cryptocurrencies are different avenues for russians to move money around. that is absolutely false. it is incorrect. people like to hold onto this old narrative that bitcoin is a black box and a censorship resistant to -- resistant. people forget crypto is transparent. it is actually like an open box where everyone can look inside, see the transactions and be able to decipher if there are abnormal movements around. i think there is speculation that has caused bitcoin to go up recently. the reality is it is not a good way to do fraud. emily: are you saying bitcoin should not be rallying to this extent? >> to the extent it is rallying, the good reason it is rallying is because crypto has been able with speed and efficiency to raise over $20

sonali basak may or may not have an answer to this question. e paid the money to a correspondent bank and will alert us if it gets to citigroup. until it gets to citigroup it cannot get to the euro clear stream, all the places it needs to go before it gets to investors. from my sources, with the clearinghouses every hour so, to figure out where the money is. gina: as we try to find the money is likely to cause volatility across the market. where our markets trading for russian debt and all em debt? sonali: with russian debt we know investors have tried to offload at $.20 on the dollar or last, but now they are trading up a little bit. the people who have bought the bonds are up $.20. the question is can they keep the bonds, where they sell the bonds, and how they recoup the funds later on? a lot of questions around this. guy: are u.s. banks around -- allowed to accept the money? sonali: they are hearing a lot of banks are taking us -- taking it on by orders -- on buy orders . guy: the money coming from russia i am talking about? sonali: the u.s.

however crypto contributor sonali basak is with us to talk , about more.t the latest move. reporter: after a small slump, we are seeing crypto prices moved back higher finally, a sustained level above 41,000 dollars at the moment. that is higher than it was at the beginning of last week, but i do want to talk about longer-term moves. the sustained level above $41,000, if you take a look at what bitcoin has done throughout the start of the war, you have seen it lift higher. there's a couple reasons. one from regulatory clarity, from the u.s. and others, but also the idea that bitcoin can really serve as an alternate form of currency has jogged the minds of many investors around the world, especially as it has aided ukrainians who need it. as you know there's a flipside, the worry underneath the surface of whether it will be used to evade sanctions. which will be looming over cryptocurrency as regulators work this out. emily: let's talk about that a bit more. i want to bring in our next guest to talk about this, the chainalysis cofounder and chief security o

joining us is bloomberg's sonali basak. $17 billion is no small number but this is blackrock. ly .2% relative to the first a uf. still significant exposure. . sonali: significant exposure in dollar terms. what are we looking at when it pertains to russia and blackrock? hedge funds, its worst month since in its history. also look at the more liquid assets. i want to point out significant funds investors are exposed to. look at the russia etf. this is particularly exposed to russia and halted due to regulatory concerns and has dropped significantly. i want to point you to emd which is a large emerging-market etf that holds some russian sovereign debt. you see this across a lot of blackrock funds that a little bit of russia exposure exists within. a broader income fund like you saw over at pimco where little bit of the money might be exposed to russia and you suffer hundreds of billions of dollars worth of losses in those funds because the assets cannot be sold. guy: what happens to the assets? how are they being treated? sonali: one part of the story is the banks, even those exit

let's talk about it all with sonali basak. uld first look at bitcoin because it was a 15% rise in bitcoin over two weeks. it is over $44,000. significant let in the last couple of days. to your point, you are right. it is not rising as fast as ethereum over the last two weeks. you see it up more than 20% in the price over two weeks. people seem to be very -- getting very excited about the merge, but it will be interesting. ethereum has a lower base so the percentage rises are easier to feel what the market cap is still very wide between the two cryptocurrencies. emily: a long way for ethereum to go. we will talk about this and more with our next guest, head of institutional coverage at falcon next. what do you make of ethereum's latest run? does it have to do with the merge or something more? guest: she hit the nail on the head. i think right now, we are seeing two things in the market. the first is bullish activity fueled by the news that they were planning on purchasing $3 billion worth of bitcoin for their treasury. seeing a

guy: sachin khajuria and sonali basak, thank you for joining us here in london. when we come back, we will reappraise the situation in the markets. huge snap with front-end yields in the united states. sharply higher in the last hour on both sides of the atlantic. this is bloomberg. ♪ at xfinity, we live and work in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. kriti: we are an hour into the u.s. trading session. abigail doolittle is tracking the moves. abigail: we have discontinued selloff with bonds. to go to the top of the board, the s&p 500 up .3%. heading to a second up week in a row. there is a bit of a rally. the nasdaq 100 fluctuating. the dollar down slightly. bonds selling off once again. relative to a chart i have shown again, abo

sonali basak joins us now. so what does this mean? it is really interesting that we know if russia default on this debt payment, then this is the first time they would do such a thing on a foreign debt in over 100 years. remember, the last time we saw this was in 1998 was with the ruble debt restructuring, but it was a different time back then. and that really did help russia restructure. this time around we have heard a lot of bondholders are trying to sell. remember, even with not having payments from the clearinghouses, the bankers, and from russia itself, they still have a 30 day grace period to figure it out. so that is the next couple of weeks for a lot of uncertainty. the russian finance minister has also told a local paper that they have communicated with their bank and u.s. banks, although we do not know which banks, on those payments. but if russia is not able to access their reserves, than there will be difficulty in facilitating those payments. this is very unclear to people, because the u.s. treasury does not bar these pay

for more, let's welcome wall street reporter sonali basak. s interesting they have taken so long. the goods manufacturers, drinks and food, came out first. it has taken longer for services to get out. sonali: all the banks are talking to regulators daily to figure out how to untangle not just sanctions, but if they did a more wholesale removal, how to do so. we are talking about the global financial system. a lot of exposure to not just the banks but to counterparties and funds. goldman's exposure is fairly limited, 80 employees, some of them are russian nationals, some of them are not, moving to dubai. goldman is one of the few firms in the 1990's that really pushed into russia. jp morgan was the first to really pushing to bond deals in russia. we don't know their full exposure like we do with goldman, only about $700 million. citigroup, $10 billion of total exposure. we know why citigroup cannot totally untangle. they are try to sell some of those assets. it is a little bit complicated for some of these firms to unravel their ties, but this

taylor: my colleague here sonali basak spoke with a guest earlier about cryptocurrencies. >> we thoughtbe in the $30,000 range to $50,000 range. five years out, if bitcoin is not at 500,000, i'm wrong on the adoption cycle. we see an adoption cycle that accelerates. bitcoin grew so much faster last year than the internet in the 90's. >> is the price keeping up with that adoption cycle that he describes? >> what we can say is adoption is definitely here. we are moving through an inflection point. we have seen an uptick in those buying cryptocurrency and we have for quite some time. the volume of transactions is important because as volume increases steadily, it starts to signal the interest in velocity. we are focused on driving the next wave of adoption. bringing in the crypto curious. a slightly older demographic potentially, someone who is less tech savvy and we are looking for new ways to introduce them into the crypto economy. we look at price and we are focused on the volatility, but we are more focused on growing volume overall. there's no question that adoption is here and we're

joining us with more is sonali basak. >> we're joined now by the new york state comptroller who justnalysis of wall street bonuses. this might not last. that's the big story. what is your view going forward? >> it's great to be back with you. you are exactly on point. all of the volatility in the market, the weight 2022 is starting out and the big disrupter this invasion of ukraine by russia, it's making everything unpredictable. we have a long way to go before the end of this year. given that this is a record number for the bonuses, i don't think there's any reason to assume we are going to break it next year. >> some of these bonuses were the highest levels of the bank. we have seen major pay bumps for the ceos, investment bankers. we talked to the -- about raising minimum wage, that wasn't the case for the banks we cover. what do you think about the disparity? >> there is no question about the disparity between those at the top and those at the bottom is growing. that creates other concerns in terms of equity issues. the difference between salaries on wall street versus the rest o

sonali basak there. coming up, beating estimates for fourth-quarter earnings results.visa, mastercard, and paypal all halting operations in russia, what is ahead? jason gardner is with us next. this is bloomberg. ♪ ♪ emily: marqeta just beat even the highest estimates, jumping in post market-rate. this is the payment company also announced a new partnership with citigroup to help move commercial cards to mobile wallets more easily. big changes happening in the global payment landscape as russia's war on ukraine escalates. i want to talk about all this with jason gardner. we have seen visa, mastercard, paypal halting operations in russia. what is marqeta's exposure in russia and do you have any plans to the same? jason: thank you for your continued interest in marqeta. russia is not on our roadmap and has never been on a roadmap. we announced our partnership with citi today in 40 markets and russia is not one of them. so our exposure is pretty limited. we have minimal volume within ukraine. however we operate in 39 countries today and a number of countries throughout eu

leigh drogan along with sonali basak.the 19-year-old elon musk offered $5,000 to stop tracking his jet? now he's adding russian oligarchs to the movies -- to the mix. that's coming up next. this is bloomberg. ♪ emily: he made headlines and caused a few headaches by tracking elon musk's jet, now jack sweeney is at it again. at this time he's tracking jets owned by some of russia's richest oligarchs following the invasion of ukraine. we don't know for sure if the millionaires and billionaires are on board, but thanks to his bots, we can track the planes moving around the world. joining us right now is jack sweeney and also ed ludlow. why did you go from tracking elon musk to russian oligarchs? jack: people knew i had the tracking ability of all these aircraft and i found a list of all of these oligarchs, so i just started tracking them because people wanted me to. ed: that is a pretty straightforward answer. give us a sense of the technology that goes into this. how do you make it happen? jack: ever since nine/11, there's a

he joins us alongside sonali basak. let me start by asking you about the fed.amed el-erian says they painted themselves in a corner, a difficult position to be in because they have to grapple with possibly double digit in place in june -- inflation soon and they have a $9 trillion balance sheet to unwind. what do you think? dan: when i was starting intruding, the fed would act in real time to reality. now they have this forward-looking guidance thing where they look at quarters two years. the amount of inflation, you are saying might be double digits. the way they used to report inflation, not a great indication of housing prices, already 10.7% year on year. inflation is like it was in the 1970's. but the difference is the fed was fighting inflations. rates are now only 25 basis points. they should be two or 3% by now. sonali: what about the unwind of the balance sheet? investors are having a troubling time figure out what that means for liquidity. do you think they will be caught off guard? matt: if they even do it. dan: everything has changed a lot. the fed d

i want to bring in sonali basak to make sense of it all.e are seeing some of these other equities, what does it mean? >> we do see a lift in big coin after -- in bitcoin, seeing it hover around 38,500 right now. it has been sustained all day. the bad news is you are seeing it down more than 12%. ethereum is down even more than that. if you look at tether, if you look at these stable coins, they are barely up on the day but they have faired a lot better over that seven-day time, stable throughout all this volatility compared to bitcoin itself. i want to pay attention to the altcoins. they were up a little bit today but you are seeing the likes of tara luna and polkadot back on the decline even though bitcoin has sustained its gains. all have had deeper the kleins and you have seen in bitcoin over the last seven days. emily: i want to bring in our next guest, the team behind the graph that brand self of -- as the google of the d5 world, organizing open blockchain data and making open data a public good. hank you for joining us. i'm curious ho

emily: chainalysis cofounder and chief security officer jonathan levin, along with our sonali basak.ou. much more ahead on "bloomberg technology." stay with us. this is bloomberg. ♪ >> we don't think of it as a race at blue origin. we are in this for the long-term. by long term, i don't mean five years. i don't mean 10 years. the vision of blue origin is generation spanning. i will not see it happen in my lifetime or even my children's lifetimes that is how long the horizon of blue origin is and i'm excited to be part of this early step, but it will keep on going. emily: chief architect of blue origin's sub-orbital rocket gary lai, when jeff bezos made history of the first manned rocket to space. now he will join in jeff bezos' footsteps and join blue origins flight on march 29.he will take the place of saturday night live star p davidson, who dropped out when it was announced the flight was changed. that does it for this edition of "bloomberg technology." join us tomorrow. we will be joined by bradley tusk of tusk ventures.he will talk about crypto investing and who will run the met

let's bring on sonali basak to tell us about it. it's a milestone beyond profitability and expenses for the ceo. sonali: i remember the same moment at goldman sachs a year ago for dave solomon. it takes a couple years for investors to get on board with the new story. the difficult thing about citigroup is they are still dealing with regulatory issues, a consent order here. the idea that they will spend more money is really supposed to be an indication that jane fraser is saying i will not just cut out of businesses here, i also want to be more competitive and to money in other areas so we can gain share in the businesses that make us good is what -- good at what we do. citigroup is the only one of the major banks are trading below book value. next year will be a very critical year for citigroup to show they cannot just shrink but grow. >> they have drastically underperformed. i did want to throw up city against sophia -- so fi. and they have had a rough time of it. sonali: sofi has fallen a lot this year but is doing very well today.

emily: bradley tusk along with sonali basak., i will be joined by the ceo of the start up now valued at $28 billion. what the company plans to do with all of that cash, next. ♪ emily: it is important in the sin tech landscape today. eric: thank you for having me. ramp is a finance management corporation. the impact that we strive for companies is that we help the average companies spend 3.3% less each year. emily: you're competing with giants like american express. what do you have on them? eric: it is fundamentally a design that is focused on our customer, so with others in the space, it is about more revenue for the company. we design our products with the intent of helping those owners spend less money, and that is why we were able to grow our revenues by 10 times the number of shareholders paid we think that is the approach that business owners are looking for. emily: how do you plan to invest this new capital? eric: primarily on hiring. today ramp is about 300 people and we intend to double that over the coming year, primar

let's bring in sonali basak.n interesting pattern. >> what is important to note is even amid the volatility, coin has a raise to losses for the year. in's the war had started, you see that bitcoin has risen significantly. within 25% the last couple of weeks. there has been a big buyer. the lunar cup -- the leader foundation has confirmed they have been buying more than $1 billion since january including millions worth of purchases on monday. that is a steady rise for bitcoin in the last couple of weeks. it does outpace the s&p 500 since the war started, which only rose 6% in that timeframe. if you take a look at ethereum , it has risen even further. that is around the excitement around the merge. about a 30% rise. over the last 24 hours, we have seen a big jump but that has started to level off. we will see how much room it has to run. people are waiting for it to get to 50,000. emily: what are the biggest hurdles that remain for bitcoin? obviously there is a major regulatory one. sonali: the sec has not approved