aig has never been the same since the 2008 financial crisis.e, shares have been up every month since november. kailey: 123% in two years. thanks very much. after a year-long delay, f45 training holdings goes public. we will speak to the ceo, adam gilchrist, live, next. this is bloomberg. ♪ amanda: welcome back. while the s&p 500 continues to trade near session lows, one stock is managing to hang onto gains. f45 made its debut today on the new york stock exchange. cofounder and ceo adam gilchrist is with us now. let's start with the way this came to market and the timing. you are coming by way of a combination of a spac that was called back in the fall, came back as an ipo. does the market seem more receptive to you now? adam: we looked at the spac opportunity and decided to move ahead with the transaction group that enabled us to strengthen the balance sheet. a traditional ipo was always our preference. we are thrilled to be here today listing the company. kailey: you had first filed for an ipo in january, the spac deal called off in october, a

. >>> welcome back to fast we have some breaking news on both aig and blackstone.e higher right now. let's get more details with kristina partsinevelos >> thank you so this is a multi-billion dollar deal for blackstone to acquire roughly a 9.9% equity stake in aig's life and retirement business and also gives blackstone is major foot hold into the life insurance industry blackstone will enter into a long term agreement to manage an initial $50 billion in assets. also announced in the deal blac blackstone's nontraded real estate investment trust struck the option to buy $5.1 billion of u.s. affordable housing assets that aig has held on its book for actually decades but said that it's not core to its operations so this is news that's coming out just within the last hour, aig stock rallied about 6% and shares of blackstone up just above 3% in aftermarket trading. back to you, brian >> kristina, thank you very much right have some headlines there for worldwide exchange guy adami, 5:00 a.m. eastern time. your take on this and both moves in those stocks. >> might be an

. >> high growth companies >>> we go to "market flash" on aig.stone for $2.2 billion all cash transaction, that's part number one part number two aig entered into a long-term relationship with blackstone to manage $50 billion of the life and retirement existing investment portfolio, that's point number two and point number three, we also have over here the aig is selling certain affordable housing assets to blackstone's real estate income trust and that deal is going to be worth $5.1 billion, in the press release that just hit the wires right now, you have the president of aig stating that specifically about the housing assets, they are no longer core to aig's long-term investment strategy, that's why they're giving them off to blackstone. back to you guys >> blackstone hoovering up the assets christina, much appreciated. >>> up next, mike santoli looks at the earnings growth expectations for the quarter, and why comparing estimates of 2019 may not or may we blle more relevant we're pack in a couple minutes (realtor) the previous owners left in a

aig will also sell affordable housing to blackstone for $5.1 billion.idered developing an alexa-powered wearable for children, but out son clear whether the project moved forward. the gps-equipped device would let parents monitor their kids and give access to amazon's children-focused content. amazon exported the content as part of its product roadmap for the following year. jeff bezos will give $200 million to the smithsonian national air and space museum. it will fund the creation of the bezos learning center. the washington institution says it is the largest single donation since the founding gift of jv smithsonian in 1846. david: let's give you an update on what is happening. let's measure it from the china open. we are seeing a little bit of a pickup in the things like financials and banks. that is lifting, to some extent. the big story these last few minutes and is still ongoing is this press briefing out of the bank of korea where you had one member opposing the decision to keep rates unchanged, and the vote went to a hike at some point. have a l

she is aig -- it big for my waterslide. thanks so much for watching.rator: funding for this presentation of this program is provided by... narrator: financial services firm, raymond james. narrator: funding was also provided by, the freeman foundation. by judy and peter blum kovler foundation; pursuing solutions for america's neglected needs. and by contributions to this pbs station from viewers like you. thank you. ♪ ♪ narrator: you're watching pbs. ♪ da-da-da-duh-da-da-da♪ ♪ da-da-da-da-da-da ♪♪ judy: good evening, i am judy woodruff on the newshour tonight. months later, investigations and arrests ongoing in the violent attack on the u.s. capitol by violent or trump supporters. then, express search for clues to the structural failure of the condominium in surfside, as rescue teams continue to comb the rubble. and leaving afghanistan. members of the u.s. military reflect on 20 years in the country and whether the war was worth it. >> there is a saying in infantry, ours is not to ly,

blackstone and aig are higher right now. >>> stock number two netflix.ve to run the video game business it wants to grow a video game business to get beyond streaming shows and movies >>> finally the memeiest of meme stocks amc is down 41% in july. gamestop is up by 23%. have no fear, long-term holders. a couple of months, i mean monstrous gains for the year up more than 1,400%. games and movies you go >>> on deck, your morning rbi. why many of you, all you out there getting on the road for work, a lot sooner than you think. incredible stats on business travel ahead we are back in a moment. c'mon caleb, you got this! and if you don't, there are other options! umpire: ball! good eye! good eye! eyes are good for lots of things. like reading! be the best, caleb! statistically impossible, caleb. umpire: strike three, you're out! you'll get 'em next time! or you won't, probably won't. and it won't impact your future whatsoever! talk to us about college planning today. feel comfortable about tomorrow. massmutual. need better sleep? try nature's bounty sleep 3

it's aig risk.t's exciting and ary.'ll feelike i trd to woron a lution f journalm. hen you say he d his statemt, do yomean forhe feration? did youend them tohe blm? it's trifying ally to,ou know, wh you thi about % of staups failr whatever i meanthat's a sca thing t ave yourob that,ou know, wafairly secure. i had lot of siority tre, and stt somethg that mht not pan t. and we're real just bainon colodo to wa to give us moy to reagood joualism. we don't kw what wdon't know we need , kind olike you ad is spning wit okayi gotta focus landing all the great ories. , but wa, like, have to seup a nig at a brery to sellolorado n t-shir. 'm jeifer bwn, i'm so a writer athe colodo sun, i'just feeng overwlmed ght now at you tk abit o youright to me out he and suort jourlism, th means so mhcto us,o thank u. i am ctain thawe're gog to createroducts at deser succs. it's uto us toake surehat e busine model isuccessf d that t sun itsf is succesul. d i don'think it gonna b sy. it'surs to ms up, i guess what i nt to sa 's ours screw u (el

axa and aig are the industry leaders followed by beazley and travelers.b for package cyber security insurance. cna financings trails behind but it was itself the target of an attack this spring the challenge is keeping up with incredible costs of cyber crime, a rough estimate of the likely cost to the global economy here $445 billion annually. and the industry's loss ratio spiked in 2020 that's what they pay out versus what they collect in premiums, up more than 25% from the previous year. and brokers told the government prices for premiums rose as much as 30% at the end of last year, though my sources say some of these policies cost well more than 100% more aig's global head of cyber told me clients are increasingly coming to the table, prepared to add more controls, more defense is up. and if they don't, they're advised they will have lower coverage limits and will have to pay co-insurance and will have to participate in paying some of the damages there. listen, tyler, what i've learned these attacks have the risk of putting these companies out of busin

winning for the first time, it's that now are winning, you know, sophia popoff comes to mind at the aigg through and becoming cinderella stories and household names in short order, so i wouldn't be surprised at all to see that trend continue to stop quickly, ito talk about a little bit of trouble on the 18th, she was in the water, had to take a shoe off and we are just seeing it now, the ball went backin just seeing it now, the ball went back in again, anyone that plays golf orfine back in again, anyone that plays golf or fine well feel a little bit better watching best. she had to give it another go, and on this attempt at least give it another go, and on this attempt at leas— attempt at least two, we are not auoin to attempt at least two, we are not going to see — attempt at least two, we are not going to see it — attempt at least two, we are not going to see it on _ attempt at least two, we are not going to see it on this on. - attempt at least two, we are not going to see it on this on. we i attempt at least two, we are not| going to see it on this on. we are parsing the agony. we'v

. >> no, it's not spacs, it's black stone and aig.e of the more important corporate news stories of the morning. >> how much more money can black stone make >> they have continued to transform themselves from what we still sometimes describe as a private equity firm into really what is a broad based alternative assets manager with a great deal of permanent capital. this deal with aig, let's go through some of the particulars and give you a sense as to what's going on. aig remember is going to spend their life casualty business, 9.9% stake in that retirement cash flow business is going to be taken by black stone. they're also going to be managing 50 billion, so they're transferring essentially saying, here, you manage this money for us obviously the premium money we bring in and that will go up to almost 100 billion over six years. and again, they're paying 2.2 billion for that 9.9% equity stake, and they're also requiring their affordable housing assets, and they're doing that in their core plus nontraded reit, i believe. that's indiv

aig agreed to sell a 9.9% equity stake in its retirement business.ckstone for $2.2 billion in cash. the two firms will begin a long-term asset management partnership. that stone will initially manage $50 billion in the life and retirement portfolio. aig will sell affordable housing assets to blackstone for $5.1 billion. america is up beat on retaining young talent. our interview with brian moynihan is just ahead and don't miss out on another big interview. here exclusively from the ceo of the indonesian investment authority. this is a new sovereign wealth fund. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. >> this is "daybrea

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the new aig was the glue that held the world together? this is a concern to me and miss hammer and ms. goldstein, if i could get to both of you i like your comments on my concerns, you've mentioned stocks, i don't know how that will help us with living wills for example. this is of concern to me. how do we manage the behemoth once it becomes so big that it fails, it may bring a sizable portion of theeconomy with it ? nothing is too big to fail but it can be so big fails you will the economy. miss emmert, start with you. >> thank you for your question. i fully agree with your statement about the importance of evaluating systemic risk, more taxpayer dollars. i often speak in my law class about the difference between emergency response and a proactive lessee making framework. the problem with an emergency response is that it's inherently backwards thinking . you create what's known as the virgin state relationship between the actors. we have the opportunity through dodd-frank to create a framework for crypto currency. that means gathering an

period, oil was $140 per barrel, no one was looking at around the corner what was going to happen to aig and others. a year later, inflation too. i think by the way that this time next year we will be back talking about disinflation or deflation simply because the factual work and the other direction in 2022. lisa: david was talking about looking around corners. let's try to look at the housing market. as one of the key questions. fed chair powell indicated their purchases have not been overly inflating. -- inflating housing prices, acting as a stimulus. basically the same as treasuries and they will probably pare back the purchases on a monthly basis above in equal tandem. that seems to be what he is leaning toward. do you agree this is the right policy, that these purchases don't duly affect housing values? david: i would say housing is an extremely comeback's market. there's no doubt [indiscernible] there are so many factors in play. it's how people are listening to real estate and the demand. more space has been a key factor as well. that has proven the housing markets. the housing s

the private equity giant also agreed to manage $50 billion from aig's life in retirement portfolio.4 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> and our commercial banking business, we are continuing to see those loans climb because clients have a lot of liquidity. there's supply chain issues. there is huge demand. they are not able to build inventories right now. so we haven't quite seen the inflection point there yet. but i think people are hopeful that at some point over the coming quarters, we will. jonathan: that was the wells fargo cfo. from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. morgan stanley members behind us. your equity market taking a little dip lower, down 0.3% on the s&p, -13. yields come in on the tenure to 1.3257%. morgan stanley down by 1.59%. once again, another bank coming in a little bit lighter than expected on fixed income trading revenue. $1.7 billion the number. expectation

aig was up more than 3% this month because we know on the continent, trying to return this way to the north atlantic, they have been waiting for this for a long time. jonathan: the president's quote alongside angela merkel, "i am waiting to hear from our covid team as to when that should be done," related to the travel ban. lisa: i am very confused. when i was going through passport control, there was a lot of yelling, a lot of confusion. people checking their news flows to figure out what the covid restrictions are and what -- where the pandemic is. what signs are they looking at? what are they waiting to see? this is a great unknown that a lot of people are asking. jonathan: margaret patel joins us now. i start with a question, your 10 year yield 138, why are we down here? margaret: we are down here because the treasury curve has kept suppressed for what the fed is doing. they have buying a lot of longer duration treasury bonds long-term and so really there is no place for the demand for treasury securities to go, so you see them expressing emotion in the middle part. people are wor

buy things that go straight up like that and everything they had to say about jonathan gray and the aig thing and just from some of the stuff that i have been reading and it does seem that it could be transf transformative and it definitely seems interesting and mel, you just mentioned j.p. morgan and care know's got a thing for someone over there, and look at that chart on j.p. morgan here is that the forming of a head and shoulders top and maybe a neckline at 146 and man a gap down to the 200 day moving average and maybe the new fangled financial institutions are dealing with the money centers and the rate could be a pressure on this thing and we already saw the bank earnings and despite them being very good and q2 was as good as it gets and i'm still not particularly ready to say they're cheap and pricing in everything that people are expecting in the second half of this year >> coming up, shares of didi heading downhill as china cracks down on the ride hailing giant, but is the worst yet to come we'll discuss that, plus get your pizza domino's serving up big gains and we'll tell you

aig took risks with unregulated products like hedge funds. paraphrasing, while using cash from people's insurance policies. he said the government had no choice but to bail it out. who knew aig was the glue holding the world together, the global order together? this is of concern to me. and ms. hammer, and ms. goldstein, if i can get to both of you, i would like your comments on my concern. you have mentioned fsoc. i don't know how that will help us with a living will, for example. this is of concern to me. how do we manage a behemoth once it becomes so big that if it fails, it may bring a sizable portion of the economy with it? nothing is too big to fail. but you can be so big that if you fail, you will hurt the economy. so ms. hammer, let's start with you. >> mr. chairman, thank you so much for your question. and i fully agree with your statements about the importance of evaluating potential systemic risk where taxpayer dollars are concerned. i often speak in my law class about the difference between a emergency response and a proactive pol

aig and blackstone are both rallying, you've got the story. >> the retirement business of 2.2 billione stock. lift, are they up or down? >> they brought back shared rides. you share a car with other people and stop the door for safety and they are bringing it back. the market has been up and down. stuart: virtually unchanged. >> there is bad traffic, hard to hail a cab. stuart: we are moving on. thank you very much. the child tax credit payment of started hitting bank accounts as of today, millions of bank accounts. president biden will speak about this, a new round of free money and will speak in a few minutes to see what he has to say. senator bernie sanders is not satisfied with that mere $3.5 trillion spending bill. he wants a whole lot more. wall street journal guy dan heninger said the republicans have to fight this and fight hard. dan is next. ♪♪ (calm music) - did you know that americans that bought gold in 2005 quadrupled their money by 2012? and even now, many experts predict the next gold rush is just beginning. so call u.s. money reserve. the only precious metals organizat

the private equity giant managed $50 billion from aig life in retirement portfolio.ers are attracted to insurance because it generates a steady stream of capital that can be invested. daimler estimates beat, mercedes-benz overcame lower production volumes due to a global chip shortage. earnings before interest and tax surged 5.1 billion euros, handily beating the bloomberg estimate of 3.9 billion. lack rock ceo larry fink sees the highest u.s. inflation in recent memory, more of the transient phenomenon. he backed that up, he will increase the base salaries of all staff at the director level and below by 8% starting in december. he and the firm's president issued this wednesday. that is the bloomberg business flash. anna: that you was announcing measures aimed at making europe the first net zero continent by 2050. the laws would punish polluters, but pushback from member states is already beginning. maria tadeo caught up with the european commission executive vice president. >> this is europe, we have a lot of convincing to do of member states. if we can get them to

they plan for a 9.9% stake in aig. big deal this morning. billion to users who create content on its platforms through 2022. this includes bonus programs paying he creators who hit certain milestones and provide funding for content production. no word on when the plans will roll out. it's invitation only. facebook is slightly higher in the premarket right now. finally, there is this. beginning today, maria, the irs is going to start sending out enhanced child tax credit payments. 39 million families are expected to get monthly checks of up to $300 through december. families could get up to $3,600 total per child, depends on their income and the age of the kids. republican critics slammed the child tax credit boost, calling it an expansion of the welfare state and there's a lot of questions obviously as we come out of the pandemic and the economy's improving, the market's doing great, do people really need this money. those are your headlines. back to you. maria: cheryl, thank you so much. meanwhile, the big story in texas, democrats, state l

aig and air france reporting loss numbers.hey do not even expect to get up to half of the pandemic capacity. air france, a little better. you had bnp paribas ceo talking about the recovery. unclear outlook. in terms of where the stock goes, a valuation call. air france massively worth more than it was pre-pandemic. they are looking to reduce with the help of the government. iag, the debt load is slightly worse than expected. potentially negative. the outlook, worse than expected. >> saying we face more restrictions. i spoke to the management earlier, upgrading guidance. not all to do with covid testing. >> the bulk is coming from covid tests. you would think covid testing would be around for a couple more years. what you should get is an overlap between covid testing and there regular business. once you get those elective procedures and other treatments coming back at the same time, it could be a good earnings time for the company. siemens owns around 75% of the company. they had a big hit a few weeks ago. this should be a mor

midst of an aggressive process to get prepared for deployment not for more than a year because of the aig infrastructure to make a determination i indicated earlier there are three big questions remaining about the experience in spokane i need further clarification before i agree to go live in columbus. lastly the interface between any other hospital for private care setting and cerner is a relatively straightforward process before we press go live in columbus. >> thank you mr. chairman and thank you for being here and reaching out to me a week ago it was a good preview but when you and i talked it sounded like the kind of problems that large enterprise systems encounter so i would expect that next iteration so are you going to be in a position of one or more facilities so if columbus is not ready you could move to one if it meets the criteria for your readiness assessment. >> yes. what appeals to me about this assessments is it draws on something how individual facilities are handling the pandemic was interesting the daily call at 10:00 o'clock those from all around the country sitting t

we know aig was the glue holding the world together. the global order together. this is of concern to me, and, ms. hammer and ms. goldstein, if i can get to both of you, i'd like your comments on my concern. you mentioned fsoc. i don't know how that will help us with a living will, for example. this is of concern to me. who do we manage a thing that, if it fails, it'll bring a sizable portion of the economy with it? you can be so big that if you fail, you'll hurt the economy. ms. hammer, let's start with you. >> mr. chairman, thank you so much for your question, and i fully agree with your statements about the importance of evaluating potential systemic risk where taxpayer dollars are concerned. i often speak in my law class about the difference between an emergency response and a proactive policymaking framework. and the problem with an emergency response is that it's inherently backwards looking. you create what's known as an emergency state relationship between the actors. we have the opportunity through the fsoc and dodd/frank section 220 to create a proactiv

. >> and the ranking member's comments we appreciate the aig the work you guys do and appreciate your eyeballs on the agency which basically utilizes thank you very much. and i have one more question. in a written testimony you said it's very important to have experience team running the hr project and i agree. you said and i quote, can emphasize the importance of relevant experience and successfully implementing hr i doubt many of us would like to fly in a commercial airlines this been designed and built by car mechanics, and you are right read and can you talk to us a little bit more about what type of skills qualifications that your team is had in your involved these projects in the private sector. >> the leadership skills and if you can think about that, doing a project it was going south. what kind of people were you looking for to make it go. assuming north is a good thing. >> beyond the specific skills required it started at the top by the ceos is my partner in doing this and he worked with us and we brought in the ceo of cerner and we worked out the planet unhealthy were going

eastern time we got 4310 as the s&p is going a bk aig ws.in wereacin moment. ,310 as the s&pg for sixt. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. ♪ >>> good thursday morning. welcome to another hour of squaik i'm carl quintanilla with morgan brennan and david faber. record high for the s&p today as q3 begins. s&p going for six straight wins. something we have not done since february ism out a couple moments ago rick santelli. >> yes, ism on the manufacturing, this is a june read we are looking for a number below 61 close. 60.6 a little bit light 60.6, that is the lowest level going back to january, actually. january when we were 58.7. so a bit of a digression the high-water mark has been march at 64.7. remember anything over 50 is expansion. these are still solid numbers. prices paid zooming. 92.1 historic number. new orders, 66.0 and finally, considering that we have the big employ

aig and its board made a very smart move here.ness where do you think we are? we have the pulse around the world and what the world looks like on the other side >> here in the united states, i'd say the economic momentum continues to be quitestrong. we'll have to watch the delta variant. when we look in the second quarter 98% with the area where we had one default we are seeing leisure and hospitality recover quickly. really, things are very strong housing, autos we are keeping our eyes on inflation commodity and labor markets. we are seeing it in hotels are you with jay powell or with stan >> i think near term, we'll see higher inflation than people expect if you think this post covid period, it is faster than expected markets have. in the near term, i think it exceeds inflation, over time, demographics should come back down our gut is that it will be higher than where it started prepandemic given the status >> what is your take on the return to work labor z day was and now it is pushed back. >> yes i think most companies like us

to learn their money makes up most of a bailout package to save a huge insurance conglomerate called aig you are seeing, like, massive acceleration and job losses, firms were cutting into investment across the country. there was a general condition of terror. you were at the edge of panic. >> a tough situation for america, but we'll recover from it. >> george bush's last days and the collapse of the economy, there was a lot of uncertainty. >> you had the iraq war going badly. >> there was a lack of confidence in the bush administration in george w. bush himself, the handling of katrina. there was a sense everything was failing. >> people were really frustrated with washington and they wanted a change, and there was one candidate who was promising change. >> don't believe for a second this election is over. don't think for a minute that power will concede anything without a fight. we're going to have to work like our future depends on in these last few days because it does! >> but it was clear as, you know, the days unfolded palin was going to end up being a net negative for mccain. >> th

the differences in funding and capacity at the catholic charity shelter which relies on zone aigs versus the c.b.p. facility is disheartening. listen to this, the vast majority of apprehensions, over 90% was determined by border patrol to not be criminals. over 90%. border patrol told me this. the vast majority of this region goes to law enforcement. we need a fundamental shift in our priorities to move away from funding detention and militarization at our border and past u.s. policy and the latin american countries and corrupt governments have contributed to violence and economical oppression which forced people toll flee their home countries to seek asylum here. our asylum is connected to our foreign policy and our capitalism. we have stolen land and resources from foreign countries and caused their political and economic systems to be disrupted and taken over by violence. the guns that go to these countries come from here. we have caused this harm and disruption and those who are looking for peace looking to flee into our country and we need to have a pathway for citizenship for the u