what did goldman sachs advise you in this contract that we're not sure exists and that goldman sachs says does not exist? >> senator, the only thing i can do is give my memory of what happened again. i don't have access to the bank documents. my memory is very clear. it was -- we were looking to do things. one is worries equity and the other thing is to sell all portions of our effects portfolio. goldman sachs was the investment bank we worked with on both. as we were having the discussion with our board of directors, specifically the special committee of the board there was really the ones working with the management team on this. the direct feedback that we received from goldman sachs is that to show the purpose for the fund-raiser. the capital raise. otherwise, our capital ratios and liquidity were strong. we would need to sell the securities first to show the loss. and then to bring the capital on board later that day or the next few days. >> with goldman sachs, your advice on that sale. >> on the sale of the securities? >> that you just describing,. yes >> goldman sachs was the

goldman sachs agrees to pay more than $200 million to settle sex discrimination claims with thousandswomen. hello and welcome to asia business report. i'm karishma vaswani. "good news and bad news" — that was the verdict chuck schumer, the democratic leader of the senate, gave to a meeting which has wrapped up a short while ago. top us lawmakers met for about an hour in the oval office, trying to find a way out of a potential debt default. but no agreement was reached. here's what the leaders of both sides had to say following that high—stakes meeting. we agreed to continue our discussions and we will meet again on friday. in the meantime, our staff will meet today and daily between now and then, and everyone in the meeting understood the risk of default. our economy would fall into a significant recession and it would devastate retirement accounts, increase borrowing costs, according to moody's nearly 8 million americans would lose theirjobs. everyone in this meeting reiterated the positions they were at. i did not see new movement. the president said staff should get back together.

now, on top of the cash that goldman sachs is paying.o analyze its pay patterns and methods of promotions. this is the latest effort by wall street to address unequal and unfair treatment of female workers. back in 2007, morgan stanley settled a lawsuit for $46 million in which 2700 female employees accused it of discrimination over pay and promotion. that was michelle fleury. taiwanese electronics company and one of the major manufacturers and suppliers of iphones — foxconn has bought a massive piece of land on the outskirts of india's it hub of bengaluru. it is part of the companies big investment plans in india. the bbc�*s arunoday mukharji has more from new delhi. this piece of land measures around 1.2 million square meters and is worth $37 million. these details were revealed in a regulatory filing by the company at the london stock exchange. and this is part of the company's larger diversification plans as it attempts to move away its production lines from china and india has been on the radar for the company. we have reported in t

this is bloomberg. ♪ >> we were talking earlier about the story over at goldman sachs. porting we could see more layoffs coming from goldman. that would be the third round of layoffs we have seen in less than a year. possibly impacting the managing directors and senior executives. one of the considerations is according to that reporting, how that impacts the workforce is something to be watching. we want to talk more about the wall street landscape right now. there's a lot to talk about including on the debt ceiling front. sonali basak joins us now, as well as tyler dixon, citigroup's co-head of banking capital markets and advisory. i guess we will start, tyler, with the general state of affairs on wall street right now and what you are seeing in front of you. >> naturally, the ceo's we have talked to have been cautious given the economic backdrop and specific issues like the debt ceiling. we are carefully optimistic about progress that was made over this weekend and more work that needs to be done in order to settle markets down and rationality to prevail. as we look to

banking giant goldman sachs agrees to pay $215 million to settle claims that it discriminated against women. and, the new celeb side hustle of choice — we take a look at the star power dabbling in the drinks industry. we start in the us where there is still no deal on the debt ceiling. this is all about the amount of money the us government is allowed to borrow which has a self—imposed limit, a ceiling. without a raise, this would leave the us unable to pay its bills. on tuesday, president biden met with top lawmakers in washington, who are currently blocking raising that ceiling but they came away without a breakthrough. nomia iqbal was there. both sides came out of the meeting which lasted more than an hour, announcing there was no deal. both showing they are entrenched in their positions. the republican speaker of the house, kevin mccarthy, attacked president biden for not negotiating. his opponents came out a short while either — later saying republicans refused to take default off that table and mrjeffries called the publicly party as a party of magyar extremists. they have two w

what did goldman sachs advise you in this contract that we're not sure exists and that goldman sachs? >> senator, the only thing i can do is give my memory of what happened again. i don't have access to the bank documents. my memory is very clear. it was -- we were looking to do things. one is worries equity and the other thing is to sell all portions of our effects portfolio. goldman sachs was the investment bank we worked with on both. as we were having the discussion with our board of directors, specifically the special committee of the board there was really the ones working with the management team on this. the direct feedback that we received from goldman sachs is that to show the purpose for the fund-raiser. the capital raise. otherwise, our capital ratios and liquidity were strong. we would need to sell the securities first to show the loss. and then to bring the capital on board later that day or the next few days. >> with goldman sachs, your advice on that sale. >> on the sale of the securities? >> that you just describing,. yes >> goldman sachs was the investment bank that

what did goldman sachs advise you in this contract that we're not sure exists and that goldman sachst? >> senator, the only thing i can do is give my memory of what happened again. i don't have access to the bank documents. my memory is very clear. it was -- we were looking to do things. one is worries equity and the other thing is to sell all portions of our effects portfolio. goldman sachs was the investment bank we worked with on both. as we were having the discussion with our board of directors, specifically the special committee of the board there was really the ones working with the management team on this. the direct feedback that we received from goldman sachs is that to show the purpose for the fund-raiser. the capital raise. otherwise, our capital ratios and liquidity were strong. we would need to sell the securities first to show the loss. and then to bring the capital on board later that day or the next few days. >> with goldman sachs, your advice on that sale. >> on the sale of the securities? >> that you just describing,. yes >> goldman sachs was the investment bank tha

goldman sachs cohead of global credit finance joining us next.is bloomberg. ♪ ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. >> you are looking live at the principal room. coming up the zoom cfo joins bloomberg tv at 12:00 p.m. new york time. this is bloomberg. keeping up to date with news from around the world, here's the first word. saudi arabia's top energy officials issuing another warning to oil short-sellers. just over one week before the opec-plus alliance is due to meet. the minister spoke at the qatar economic forum today. >> speculators in any market they are there. , i keep advising them. >> the minister has told short-sellers they would be left out ching -- ouching. ukraine cannot win the war against russia, that today, the hungarian prime minister viktor orban who spoke with john micklethwait at the qatar economic forum. or bond said with nato not ready to sen

goldman sachs international equity strategist. we are still seeing live pictures of air force one that has touchdown in hiroshima ahead of the g7 leaders meeting. president biden expected to walk down the steps any minute. across these movers, let's touch and on the big story of the day in the u.k.. it is bt group announcing massive job cuts, 40% of its workforce. the stock is taking a hit there down a little over 8%. earnings coming through for bt. they are cutting staff levels from 130,002 75,000 or 90,000 by 2028-2030 saying they're going to have a much smaller workforce . the ceo has been targeting savings of 3 billion pounds a year. earnings were beat in terms of estimates coming in at just over 2 billion pounds in the fourth quarter. it is those incredible job cuts coming through for bt that are in focus for investors. the stock currently down a little over 8%. aston martin soaring. geely is now the third largest shareholder for the luxury sports car market. they now own 70% of that business. a big boost coming through it in

a small game related to the s&p 500, according to goldman sachs.a look at the korean index this morning, under pressure. but the dollar is likely past its peak in the -- dollar-won do for remediation in the that half of this year. in australia the indexes are coming online and we are on the countdown to the budget due later. we expect to see the first surplus since 2008, targeted spending measures coming through through -- four disadvantage -- disadvantaged groups. we want to watch when it starts trading in a few moments from now. it reported a cash profit of 1.8 million -- million dollars up 10% from a year earlier. but the bank ceo really joining his peers in warning on the outlook and likewise we have crude under some pressure as well. >> and just to recap our breaking story, goldman sachs has agreed to pay $215 million to put an end to a long-running class-action case accusing them of underpaying women. let's get more from our finance reporter in sydney. let's hear what we were expecting. >> the try was due to begin next month and goldman sachs

more job cuts could be on the horizon at goldman sachs.the wall street giant is said to be considering a third round of staff reductions in less than a year as dealmaking dents revenue. the latest round of comes -- cuts impact senior roles. joining us now is stefania bianchi. what is happening at goldman sachs? >> as you say, this is the third round in under a year. just in january they talked about cutting 3200 jobs in what was its biggest round of cuts and a couple of months later we are talking about 250 people being let's go. these are more senior job cuts affecting senior executives, but it really is not good news for goldman and it really is down to the issue of slump in dealmaking that we keep coming back to. it really does not seem to be picking up anytime soon. francine: is this goldman specific or broader wall street problem? stefanie: this is a wall street. we have had each month, each week hearing about these companies that are making these cuts. other companies are reducing their workforce and morgan stanley cutting 3000 jobs

jari stehn, goldman sachs chief european economist.et's get the business flash now with sarah halls. sarah: gold giant newmont has agreed to by australian rival newcrest mining in a deal worth $19 billion. the transaction sees newmont consolidate his position as a world's biggest producer bullion with minds across the americans, africa, asia, and australia. it comes as global gold miners are facing a prospect of stagnating production and rising input costs. the u.k. and switzerland are kicking off talks for new free-trade agreement to boost ties between the two nations. trade secretary badenoch is set to meet her's was counterpart to date with formal negotiations begin to -- due to begin next week. the compromise for the two sides is a reduction in trade barriers in areas like finance and legal and professional services. vice media has filed for bankruptcy protection punctuating a rapid decline of the media upstart that once boasted a valuation of more than $5.5 billion. it follows a tumultuous few months for the company with its flags

japan game and internet sector analyst at goldman sachs. with us. you recently downgraded nintendo to neutral back in february. do you stick to that call given the latest results? minami: yes. thank you very much for having me today. yeah. i actually downgraded nintendo to neutral in february. and why i downgraded is nintendo switch down cycle coming deeper and competitor expectations. and i still have a neutral weighting for nintendo. because what you mentioned, we have to see some downcycle and softer sales of nintendo switch in this fiscal year as well. and we don't have official news flow about potential new console. so far, we have to see more downcycle going forward. shery: how much support will new games like the sequel to the legend of zelda provide? minami: yeah. i think in -- an expectation that zelda can be shipped around the 20 million to 30 million. unit sales. but the company guides 180 million unit sales for this fiscal year. and it implied that the sales are really supported by existed older title because nintendo switches w

that would be the goldman sachs economist who famously coined the acronym brick over 20 years ago. when we use a conservative government just a little jim. o'neil joins me now from london from a park. i think at lauderdale. thank you so much for coming on. i know you sometimes despair. the fact is the only acronym that is, uh, so famously allied to your name with the, with the added as obviously, um, as a g 7 nato, was it well with the are the see, it seems the russia, china, brazil president is being on this show me recovering off to us back who's against him and dillman was of, was it some kind of target list? the most amusing uh, no surprise. some people might think about why um, you know, what a, what a son style baz um. one of the only few things positively that happened on the back of global governance was the creation of the jury. each wednesday after the financial crisis, which of course brought the bricks, countries in with the most developed countries on the emerging nations. and here we have the g 7 in some ways trying to behave as those they still little the world. and

this is according to economists on goldman sachs. banking giant warned it expects the treasury to run low on cash by june 8th or 9th. matt egan is joining us now. matt, just how low does goldman sachs think cash levels could get, and also what we really have to acknowledge is you can't run right up to the 1st. you need a little wiggle room because even with an agreement there needs to be time to hash something out and get it passed through congress. >> reporter: that's absolutely right, brianna. listen, goldman sachs does see cash levels getting dangerously low. we have to remember that the federal government regularly spends more money than it brings in in revenue. that's why they have to borrow. but they haven't been able to borrow because they have run up into the debt ceiling and congress hasn't addressed it yet. so yes, they can buy time with accounting gimmicks, which is what they have been doing, but eventually that runs out. so in the meantime cash levels have really plunged at treasury. as of thursday's close of business, tr

that would be the goldman sachs economies. your famously coined the acronym brick of a 20 years ago when we use a conservative government minister. no, jim. o'neil joins me now from london from a park. i think at lauderdale. thank you so much for coming on. i know you sometimes despair. the fact is the only acronym that is, uh so famously i like to your name uh with the, with the added as obviously, um, at the g 7 nato. was it war with the r c? it seems the russia, china, brazil president is beat on this show on the recovering of to you as back who's against him and dillman resolved with some kind of target list. most amusing. i'm no surprise. some people might think about why. you know what a, what a son style baz um, one of the only few things positively that happened on the back of global governance was the creation of the jury. each wednesday after the financial crisis, which of course brought the bricks, countries in, with the most developed countries on the emerging nations. and here we have the g 7 in some ways trying t

that would be the goldman sachs economist who famously coined the acronym brick over 20 years ago. when we use a conservative government minister little jim o'neil joins me now from london from a park. i think at lauderdale. thank you so much for coming on. i know you sometimes despair. the fact is the only acronym that is uh, so famously allied to your name. uh, with the, with the added as obviously, um, as a g 7 nato, was it well with the are the see it seems the russia china, brazil president is beat on this. show me recovering off to us back who's against him and dillman was of wasn't some kind of target list. the most amusing uh, i'm no surprise. some people might think about why, um, you know, what a, what a son style baz um, one of the only few things positively that happened on the bucket. global governance was the creation of the g h. when say after the financial crisis, which across all the big countries in, with the most developed countries on the emerging nations. and here we have the g 7 in some ways trying to behave as i was very still a little the world. and i'm show

goldman sachs strategists have joined those at barclays in advising customers at the fed will be less aggressive in cutting interest rates this year than markets are pricing. let's bring in paul dobson, bloomberg's executive editor for asian markets. what do you make of the calls from goldman sachs and barclays that is time to fade the pricing of those cuts coming through from the fed around the swaps traders that are pricing and 70 basis points of cut a year and. paul: interesting timing for them to come out and say that now. we had the fed meeting, what might be the last hike of the cycle and we heard from powell who is resolute on the need to interest rates higher for longer. we had more stiffening in terms of the jobs data as well. the investment banks are essentially telling us to believe the fed, which is something the markets have not been doing a long time. to cuts and then some already through to year end but we have been priced more aggressively than that earlier this year. that is the big debate for everything in the framing for the entire market at the moment is how soon w

you the more from the goldman sachs asset management gem and who coined the acronym brick. after this break the the welcome back to going on the garden. i'm still with lord jim o'neil, the former goldman sachs asset management chapman who's going the acronym break. we've gone pretty when exactly a deal rise ation is going to manifest itself right across the world. why do you say india has done so? well, i mean, some people would say it has more above it, even though this ups hour and a half are good put together. and yet your saying that together, i mean, is it just population at the india in china, then making friends something that the way there are people in washington arguably trying to trying to prevent why, why would that be so important as well? because if you look at how the, the shape of the world economy is shifted since the breaks uh, idea. uh, china is obviously at least until recently been spectacularly successful. and i think you touched on it earlier because of that in purchasing power parity terms, the bridge of gd thing is now stronger than the other g 7 bu

goldman sachs will conduct analysis on gender pay gap. sachs said after more than a decade of vigorous litigation, both parties agreed to resolve this matter. we will continue to focus on our people, our clients and our business. the lawyers for the plaintiff says they believe the settlement provides substantial certain recoveries for all class members and advances gender equity at goldman. now, this settlement means the parties will avoid going to federal court next month, rebecca. >> significant settlement. big change for that industry. all right, stephanie. thank you so much. >> years in the making to get to that point. we have the nba playoffs now. thriller in game 4 of lebron versus stef. the lakers holding on for the win. they're now one win from the western conference finals. i don't have to tell you that, will reeve. >> you certainly don't. good morning to you. last night top billing in hollywood went to a role player who stepped into a starring role when the lights were brightest and brought the lakers and the kings one win close

>> kelly, great to be with you not a whole lot of people know, about five years ago, goldman sachs sawple leaving to do their own ideas. so they said we're going to have our own startup incubator. so one of the first things that -- first ideas they had in these internal competitions was for something called luisa, which is ultimately a kind of linked in, except with ai prepopulating all the profiles, tanking from internal databasda. and looking at transaction data from the context of goldman sachs, creating a network of experts internally and then taking in news and saying, you know what? there's going to be an opportunity in power plant or a circuit chip plant in taiwan, for instance, and that's going to be a huge opportunity for financing. let's get a person in singapore and a person in the u.s. and put them together. so it's coming up with ideas >> so it's more than just connecting people internally it's really about trying to identify external opportunities and immediately matching people to those >> right it's not passive in the case of generative ai, if they have put a layer on t

people have to move here because of goldman sachs in general.a moved their headquarters here a few years back. other companies had to move here because they were water supported by toyota. the wave effect of this is significant. it's a real competitor and competing against places like manhattan. >> will: now, we need to be fair. we are not in dallas this morning we are in fort worth. >> true. >> will: brother, sister sitting next to each other, rivalry, whatever. dallas is where the east, fort worth where the west begins. coal and colin, what i have been talking to them what they are passionate about may i sit next to you. >> sure. >> interesting, i said to cole, most people with education indoctrination are kids. you are still at tcu you are juniors why is this issue important to you. >> it's mainly because we see it affecting the college kids. pride in america is all-time low and no shocker when you have college students talk about america being a racist nation. you can't have pride in the country if you grew up believing they are racist. >> w

it's goldman sachs box in his hands, m-e—wmem— goldman sachs box in his hands, m-e—wmem m- goldman sachss want— is it so the story is jewish leaders want meet the leaders want to meet the guardian— leaders want to meet the guardian-over- guardian editor over anti—semitic sharp anti—semitic richard sharp eeeemm— anti—semitic richard sharp eemeem-i— anti—semitic richard sharp cartoon. i looked at this cartoon. and i looked at this eme— cartoon. and i looked at this end met-e— cartoon. and i looked at this and that's what— cartoon. and i looked at this and that's what cartoons do. it meme— and that's what cartoons do. it makes eeeme— and that's what cartoons do. it makes people look ugly. they ceme— makes people look ugly. they even eve— makes people look ugly. they could never do— makes people look ugly. they could never do with me because rm— could never do with me because i'm-looking— could never do with me because i'm-looking ee- could never do with me because i'm-looking at my- could never do with me because i'm looking at my we had i'm so good looking at my we had run i'm so good look

it's goldman sachs box in his hands, m-e—wmem— goldman sachs box in his hands, m-e—wmem m- goldman sachsmeem-i— anti—semitic richard sharp cartoon. i looked at this cartoon. and i looked at this eme— cartoon. and i looked at this end met-e— cartoon. and i looked at this and that's what— cartoon. and i looked at this and that's what cartoons do. it meme— and that's what cartoons do. it makes eeeme— and that's what cartoons do. it makes people look ugly. they ceme— makes people look ugly. they even eve— makes people look ugly. they could never do— makes people look ugly. they could never do with me because rm— could never do with me because i'm-looking— could never do with me because i'm-looking ee- could never do with me because i'm-looking at my- could never do with me because i'm looking at my we had i'm so good looking at my we had run i'm so good looking at my we had evmeee— i'm so good looking at my we had run almost the— i'm so good looking at my we had run almost the very— i'm so good looking at my we had run almost the very first program— run almost the very first program-l- run a

interestingly goldman sachs has been watching that, they bought an independent advisory and pivoting toward the consumer but it has been a rough road. what did you learn when you sat down with david solomon? carleton: this was before james gorman made the announcement. we questioned david solomon about the path goldman sachs is taking andrew comparisons to morgan stanley. he admires what james gorman has done very much. goldman is trying to get more into the asset and wealth management business. there are four or five years into the transformation where james gorman had 12% because wealth management is more durable source of revenue than other markets which there was a lot of hope there would be a rebound this year. with rates being high, inflation ceo uncertainty, looking at that being a 2024 story. ibly205 there was no djing while he was here. tech companies are dominating the market. where can investors look to rebalance their portfolioss? i will ask richard bernstein sometimes you're so busy taking care of everyone else you don't do enough for yourself, or your mouth. but eventua

he claimed to work for goldman sachs and citigroup's, he did not. he claimed to raise money for a sick dog which we know he never paid for we can go on and on with lies but that would take all day. just this last week, is unethical behavior has been shown even more. the united states attorney for new york indicted him on 13 federal charges, seven counts of wire fraud, three counts of money laundering, two counts of false statements and one count of -- public funds. governor santos actually confessed to fraud in brazil. he used a fake name and a stolen checkbook. a business man was robbed and forced to pay out-of-pocket. governor santos has agreed to make payment to avoid further criminal prosecution. he has already admitted to lying and defrauding. he is an embarrassment to the house and the country. people want better from us and they want an honest and ethical government's in this house we receive classified briefings and he should not have access. we should expel governor santos. >> thank you for leading this effort long overdue to expel santos f

goldman sachs' luke barr joins me here. "closing bell" right back.eady for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ opportunity is using data to create a competitive advantage. ♪ it's raising capital to help companies change the world. ♪ opportunity is making the dream of home ownership a reality. ♪ ...and driving the world forward to a greener energy future. [applause] sometimes the only thing standing between you and opportunity is someone who can make the connection. at ice, we connect people to opportunity. ♪ this is the all new, all electric lucid air. a car that goes as far as it does fast. as sleek as it is... spacious. as smart... as it is beautiful. introducing the lucid air. experience the best. ♪ >>> welcome back. tech continuing its climb higher today. the xlk hitting a 52-week high my next guest says there could be more upside for that sector joining me now is luke barr. good to see you. >> hi, scott. >> you must be reasonably positive on the market if i look at what you think people should be

. >> joining us now is goldman sachs and citigroup.are wanting to start with you because with all of the issuance, you wouldn't think you would see an issuance wave like this in the middle of a debt ceiling talk. how much are people trying to get ahead of even more volatility? >> there is some of that. i don't think you have seen people try to insulate their access, concessions are pretty receptive and they want to be put to work, and why not move ahead to a debt ceiling blowup to avoid all of that nonsense when you're trying to issue 31 billion dollars, so actually, we have seen folks who are running to come to market over the next few weeks and months, accelerate to get ahead of the debt ceiling. >> is that right pricing down given that the orders have been large? >> the demand -- the fire mitch is very good. there is demand from all types of traditional investors who want to get the yield they would like to see in a corporate paper. so, when you build large orders, you absolutely have to have the buying power move to the issuer and

let's take you to the goldman sachs leverage financing credit conference.ali basak standing by with an exclusive interview with kate thompson, head of u.s. debt capital markets at kkr. sonali: thank you and kate, thank you for joining us. it's funny because on one hand, kkr is a client of coleman and you are strongly competing with them when it comes to the debt capital markets, providing large-scale buyouts. are you friends or enemies, arch enemies? >> good morning and thank you for having me. as we have continued to grow and evolve as a firm and within the industry is welcome we've added increasing numbers of strategies. at times those have a higher rate of intersection, but what we have found is we've had a long and lasting relationship with someone like coleman to partner together rather than to compete seriously outweigh competitive aspects. sonali: if you look at the first quarter alone, you have pitch book data that shows 94% of new deals in the first quarter were done near private credit. what does that normalized level look like? banks are starting

let's talk debt ceiling according to goldman sach's in june, july, august goldman sach's so they first half of june. on the u.s. defaulting for the first time ever, mr. fitzpatrick your leadership yesterday 1.5 joined our hike was a whole host of cuts. you supporting that? >> are going to read it first 300 pages. but i will say they will get there. at some points. it's probably going to have a few tweaks. people are reading through it there missing that. i think people are viewing this differently. a stand-alone bill that's going be taken up in the senate people are viewing this as a volley. they know the brand the magnitude of the defaulting on the debt. knowing the final product where you meeting? i have some concerns with that but they can be laid up a. >> what is that is that fair? was it fair to me. i so want to read to their work requirements very important for me. medicaid and snap. twenty hours a week can be not only a working and can be looking for work. it can be training for each operator can be volunteering. it can be bulging of the church across the street for charity. the

as well as mac. >> i think, we should look to what happened at goldman sachs. that is to highlight the risk of the transitions. there is some loss talent because someone will not get picked to 60 gorman, that will likely leave us to go elsewhere and look for opportunities, so that is a challenge, but if you look at what has happened at cullman saks with the trouble they've had in the leadership transition over the past 45 years, i think that is a risk story to pay attention to as we see what happens. and with the telegraph transition, the stock transition would indicate that maybe it wasn't messaged quite as well as it could have been, but it is something that has to be watched, and they will be getting this question over and over until it actually happens. this may be distracting will bit, as well. >> given just the economic uncertainty and all of the financial ceos watching very closely, it is worth a reminder that with james gorman's first step into this role, there was a lot of cleaning up after the crisis that had to be the early focus of the 10 year. >> n

the likes of goldman sachs, j.p. morgan expecting cooling inflation leading to a u.s. stock rally but we have no expectations of what the numbers could look like. the idea is that the headline cpi will raise 5% year on year. it's something investors are watching closely on how that affects the rate hike path. treasury yields are higher. the two year yield remaining above 4%. oil prices gaining ground in the new york session under a little bit of pressure in the asian session as we heard the by the administration is replenishing the strategic reserves. reversing the earlier declines that we saw from the disappointing china trade numbers. haidi: we continue to watch the big political risk in the u.s.. kevin mccarthy says the talks will remain -- resume on friday. no progress was made in the meeting today. these talks were anxiously awaited. what did we learn? >> clearly no breakthrough today. both sides saying there will not be a near-term resolution. they going to come back and speak again on friday. it's hard to know where the common ground will be given that both side

hit yet another speed bump there are growing calls of a coming recession in the next 12 months goldman sachs david solomon weighs in. >>> and a new warning from ceo of the most valuable chipmaker and their impact on the u.s. tech dominance, plus as investors weigh the impact of the record-breaking $1.3 billion fine against meta platforms, we hear from the regulator leading the charge against big tech. >>> and later, the culture wars hit retail target facing backlash it's may 24th, 2023. you're watching "worldwide exchange" right here on cnbc ♪ >>> good morning and welcome to "worldwide exchange. i'm frank holland. thanks for waking up with us a very busy morning with two can't-miss interviews coming up in a few minutes first an interview with the world east largest pc maker, lenovo executives say there is light at the end of the tunnel. then at 5:30, a "worldwide exchange" exclusive with helen dixon, the dpc of ireland commission >>> the dow logged a third down day in a row and the nasdaq seeing the worst performance in a month. taking a look at the futures, we're seeing them mixed. it was f

and why goldman sachs is they millions of dollars class action lawsuit. allegations of bias against women in pay and promotions will be right back. >> for your help, sfo is teaming up with the cdc try detect new covid variants coming into the country fall kerman explains how it's going to work. >> international flights landing at sfo are now having their wastewater analyzed as part of a new cdc program and covid-19 variants suppose the first airport to partner with the cdc. >> to test the waste water coming off of international arriving flights. >> with the goal of identifying new covid variants that are entering the united states. as officials say the program is already underway. >> any flight arrives? one of the items of servicing that is performed is a lavatory service and a vehicle will extract the a laboratory contents of the arriving aircraft and those contents would then be delivered to a central collection site. it's at that central collection site that samples would be taken for the performing of the tests involved in this program. sfo says deter

ron conway >>> coming up next, goldman sachs expects buybacks to drop 15% year over year not all companies are done purchasing stocks. some surprising names making the top ten. we have those names next. >>> watching draftkings, upgraded to buy at ubs price target goes to $30 a share as the firm sees revenue growth continuing to grow at 20% annually through 2026. stock is already up more than 100% this year, tacking on 8% quk t see wl ing. "sawonhetrt"ilbe right back ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy

sonali: that is julian saulsberry, cio of goldman sachs asset and wealth management.reat work. thank you for that interview. jane talking to stephanie flanders about how commercial real estate will be a problem, but maybe not an enormous problem. not every area of commercial real estate will of problems making money but it is a stress point for sure. sonali basak will be catching up with drain frazier -- with jane frazier at 1:15. stay tuned for that. this is bloomberg. ♪ alix: equities deflating in the u.s.. natalia is tracking the news for us. natalia: no excitement in the equity market. we got better-than-expected manufacturing data and got some kind of resolution when it came to the banking crisis with jp morgan buying first republic. we will get to that in a moment. right downside risk still exists, not everyone is optimistic. we heard from mike wilson of morgan stanley who says if the fed delivers a hawkish message this week we may see new risks for equities. yields are moving higher, for the two year yield they are up 20 basis points. bitcoin is down almost 4%.

goldman sachs has undershot on its fundraising attempts. the firm is looking for to shore up the shortfall. goldman is cooperating with government requests for information but declined to comment. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn and this is bloomberg. >> still ahead, hollywood breaking -- racing for a prolonged disruption as another writer's strike comes there. jonathan handout joins us later this hour. -- handout joins us later this hour. plus more on ipo options. this is bloomberg. ♪ ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. >> this is the set up when it comes to the friday session. it is a holiday session across asia japan and korea, and we do have futures looking week starting off on the back foot. largely muted when it comes to hong kong f

goldman sachs could not pull off the deal before bank run led to the banks collapse.lobal news, 24 hours a day, on air and online, powered by more than 2700 journalists and analysts in more than 120 countries. >> we are following apple shares after hours, some modest gains of 2%. let's bring in mark gurman. how positive were the results or was the bar just set low? >> the bar was set low. in any other time these would not be positive results. apple declined 3% annually, the second quarter in a row. we are not in normal times. with the current macroeconomic environment and everything else going on. with that context, they did pretty good. they did better than the street anticipated. the street was anticipating a 5% annual decline. this was 3%. the iphone did a few billion dollars better than expected. this quarter services did quite well, one of their best services quarters ever. it did not do as well as wall street anticipated, but is still group. -- grew. the mac computer did worse than the street had anticipated. the ipad did as poorly as expected. the combination o

let's bring in bruce kirk, chief japan equity strategist at goldman sachs.behind this rally, but if you take a look at valuations at the moment, there are fundamental arguments for their being further to go? bruce: definitely. good morning, thank you for having me back. it's a fascinating time to be looking at the japanese equity market at the moment. i think what we are seeing is almost like a perfect alignment in -- between the interests of the government, the regulator, the exchange, and also the investors, both foreign and domestic. one of the focuses is around corporate governance reform and that in turn is driving corporate's to do things that were may be thought impossible to achieve, even 5, 6 years ago. so i think this really does have the potential to develop into one of these policy driven sustainable for markets that we get in japan once a decade. abenomics being the last example of that. but i think, in the initial stages at least, with foreign buying, it's really going to be focused on quite a limited number of companies, and that's what going

>> goldman sachs was an advisor on capital rates and the decision to ultimately sell the portfolio to goldman sachs was a decision reviewed with the board of directors and special committee of the board. to my memory they put in place a structure that would be a benefit, to get the best price we could and validate that in the market. >> the unprecedented controls in the digital era is pushing the committee to rethink rules, regulations and the role of the fed as lender of last resort of it has been reported your firm was one of the banks that used the facility. did these lenders of last resort meet your liquidity needs in march and what could have been improved? >> thank you for the question. beginning on march 10th we began to engage with the federal reserve bank of san francisco and federal home loan bank. we had previously pledged collateral with both of those institutions and during the weekends, when the contagion spread to us on that friday, we continued to prepare that weekend and the federal reserve bank worked with us to ensure our collateral was pledged and we can appropriat

steve liesman joins us, along with leslie picker with color from a goldman sachs call with how the marketchanging views on whether or how regionals should exist. >> yeah. after yesterday's news, it really is a new world order for regional banks that's really what this well-timed goldman call was all about. with regional bank analyst ryan nash, he talked about how today's selloff relates to concerns that there was no systematic risk exception designation that covered uninsured deposits that needed to be enacted during this deal and that basically the regulators were willing to let the bank fail and then fall into the hands of the big banks, ie, jpmorgan in this situation, which really is a negative for the regional bank model as you look kind of to the future toward additional consolidation here additionally, we talked about this a bit yesterday, just this idea that the haircuts involved here, about 87%, investors are extrapolating that to other regional portfolios as well. so when you put all of this together, it's this idea that this is an industry that will need to consolidate over time

this is kind of a drill down from goldman sachs, and they see that hedge fund managers are being a lot pickier about where they put capital to work in the current environment. that new note by goldman says, quote, rising dispersion and falling correlations have signaled a market environment growing supportive of alpha-generation in other words, it should be a good time to be a stock picker goldman found broad selling within financials and big tech with specific exceptions hedge funds broadly reduced ownership in financials amid the selloff this year, but they did pile into jpmorgan, blackrock, and charles schwab fund managers had been increasing ownership of banks in 2020 and the first quarter of 2022, but in recent quarters, they had been reducing exposier even before that march turmoil in the regional banking industry hedge funds also sold out of some technology names cashing out after strong gains this year goldman says hedge funds did add to positions in companies exposed to artificial intelligence those like nvidia, but other names like meta and apple were among the stocks with th