this is not a surprise that ford is finally pulling the trigger and saying, okay, it's time for jim farleyo see what he can do to transform ford. >> phil, i have to tell you i think this is a welcome move one of the things that i look about farley is he looks at the stock price, i have found the ours say i don't want to pay attention. you have to pay attention when your stock is down this much he and his wife personally bought $1 million worth of ford in june. he seems he is motivated by the stock price which is something -- it hasn't seemed like the other ceos have been since alan. >> he is not only motivated by the stock price, jim, but he is also somebody who is very familiar with what has to happen within the auto industry the knock on jim hackett when he came in is, okay, well, he was on the ford board, it's not like he didn't understand some of the auto business but there was never a business you would talk with executives within ford, they would say you would go to meetings, he would tell you a story, let me tell you what's going to happen and the company has been largely drifting o

>>> let's get to ford's jim hackett stepping down and being replaced by chief operating officer jim farley his plan has failed to impress investors. let's get to phil with more on this surprising leadership change >> we talked a lot about jim hackett's inabilities to get ford on the right track to get fo -- the past three years jim joined ford in 2007. he's 58 years old. on today's concerns got he got right to the point does ford realize how quickly it has to transform itself. >> i'm feeling fantastic about our ability to compete with new competitors. i took almost a year out of the core business to really learn about technology in these new competitors. i'm saying that from perfect perspective of learning and listening to these new competitors themselves >> he says i want to fix our issues better product launches. the last one was a disaster. warranty costs have to come down i want to generate demand. the bronco suv is the perfect example. come out with more products that say i like what i'm seeing and set ambition goals pu he also wants to get margins in north america back above 10% whic

hey, al, we've seen a changing of the jims over at ford, jim hackett is out, jim farley is in. 's stock is down 26% year to date, tesla is up 245% year to date. give me three things that the new jim has to do to get that stock moving. >> yeah. good question, jack. i would say three things, like you said, right? so, one, ford needs to protect their truck business. ford makes most of their money in north america, most of the money in north america comes from truck profits. so he's got to protect that franchise which also means investing in electrification. there's a lot of electric trucks coming including the cyber truck from tesla next year. so that's something he's got to take real good care of. second thing, probably do something with europe. europe has lost money for ford six of the last ten years. gm sold its european operation a few years back. and number three, he's got to cut costs. margins are not at pure levels, and he's got to cut costs while managing the existing pension, labor legacies as well as investing in these electric truckings. it's not an easy task. >> do you

we will see once jim farley gets in whether he is going to make some changes. : what else can they do to wrap everything up for them? about farley talked autonomous vehicles today. they have an investment. elective vehicles was the issue. -- electric vehicles. they were behind on that. behind tesla and nissan. they have to catch up on that. they say they will. they have the mustang e coming out. they are very enthusiastic about that. that will be the first electric vehicle. they have to get the margins up. they talk about that on the call. they have a problem with europe and china. they are behind in china. alix: here you go. david, thank you very much. bloomberg's david westin. coming up, tensions over tiktok. we will break it down. this is bloomberg. ♪ ♪ alix: here is the news from you, apple is addressing serious interest in buying tiktok. what does that mean for microsoft tiktok? the government get some kind of kickback? we will break it down. i'm just breaking this news right now, what do you make of that, that apple could also be a potential bidder? >> why

jim farley will be the new c.e.o. of ford motor company effective october 1st jim packet is set to retire after 3 years at the will of the american auto maker the change up at ford comes as the company's looking to update its aging model line with a new line of the heckles including electric and autonomous vehicles. the e.u. is launching an investigation into google's proposed takeover of u.s. firm fitbit and that's due to the amount of personal data the wearable devices can collect about the use or the european commission worries data could be used to entrench google's position and personalized advertising. well gold continued its surge in value briefly touching an all time record of more than $2000.00 an ounce before retreating slightly. in prices rising more than 30 percent this year driven in part by lower bond yields and a rush by investors into so-called safe haven investments in time of in times rather of economic uncertainty. and let's get some more insight on this from our financial correspondent in new york y

that will be one thing that investors will be keen to see if it happens weapon jim farley because this is a stock, guys, that's been stuck in that $6 to $7 range for some time. >> phil, my question, i mean, i guess if we put up other share prices of the other key automakers globally, not just the u.s. over that time, you also wouldn't have seen outperformers. my point is rather than saying that either hackett or fields failed to adapt to the ev world that we're in today is just simply that tesla has been unbelievable and none of the traditional automakers managed to respond as opposed to blaming either one of the two ceos. >> fair point. we did this earlier today. we showed how ford shares have done over the last three years versus gm, fiat and toyota they lack in terms of performance. are any of them ones you would write home about no they're up 14%, 15% after memory jur you' you're correct, nobody has been able to keep up with tesla the legacy automakers are unable to reach the demand for what tesla has done having said that, look, ford is a company that needs to get moving quicker t

we saw jim farley promoted to ceo. first car guy in that position since lee iacocca at ford.rger talking you through some of the movers. coming up, bp slashed its dividend for the first time in a decade. we speak to the ceo, bernard looney, next. this is bloomberg. ♪ matt: welcome back. this is the european open. got an interview we have been teasing for a little while now. let's bring in alix steel, our oil reporter from new york to talk with the ceo of bp. >> thanks a lot. i appreciate the time. bernard, thank you. good to see you. big announcement yesterday. many analysts cultivate transformational shift. whether they liked it or they did, one thing that i saw cropping up was an integrated energy company. how does that not eventually make you a utility company? bernard: good morning. thanks for having me on. yes, an exciting day yesterday. as you will remember as you were there on the day. on february 12, we set out and ambition to be a net zero energy company by 2050 or sooner. people had at of lot of questions. they said they would come back later in the year and give th

jim farley have the opportunity to bring his 30 years of auto industry experience and continue that transformationrate it. fantastic vehicle and services for our customers. david: that was part of my conversation with tim stone. coming up, the former commerce secretary will be joining us at the top of the hour on bloomberg television and radio. of tonight, live coverage the first night of the democratic national convention starts at 10:00 p.m. eastern time. this is bell on bloomberg television and on radio. -- balance of power. will several republicans be speaking tonight, the first night of a democratic national convention. officials say former ohio governor john kasich will be making remarks. he was one of the last contenders in the 2016 gop primary. he has been a fierce critic of president trump. susan mullah mary and christine todd whitman are also expected to make speeches. democrats are gathering virtually across the country for the convention. americancases in nursing homes surged last month, surpassing the previous peak in may, according to a new report from the american health care associ

jim will retire and be replaced by chief operating officer jim farley that happens october 1st that should go up 37%, so watch that stock >>> finally, watch airlines all trading higher today american airlines leading the way. the last time i checked, 5%. still up 5%, jetblue up 3.5% these are second day gains for many of them, kelly. southwest the laggard here, up almost 1%, if you can call it that >> we'll round up. rahel, thank you very much >>> now let's get to washington where negotiations over the stimulus package is still ongoing. kayla tausche is here with where things stand at this hour. kayla? >> representatives and congress are expected to meet again at 3:00 p.m. today in nancy pelosi's office. yesterday didn't yield a deal but it did yield some positive rhetoric with senator democrat chuck schumer saying there did appear to be an agreement with a sense of urgency to move forward. but this morning on the partisan floor, it seemed the gloves were off. >> the democrats are blocking it all. it seems like there is a pause merely keeping a civil tone with the president's team never mi

business of a surprise, nobody was quite sure when this would happen, but it's not a surprise that jim farleyfor jim hackett this is a company that under hackett has not been able to

chief operating officer jim farley takes over as chief executive october the 1st. is up 2%. but ford still languishing at six bucks a share. boeing up four bucks. 2.7%. the faa outlining design changes needed to get the max jet flying again. two software changes. the stock is up 4.66 to 166 a share. the price of gold, has it hit 2,000 bucks an ounce? almost. 1998. as for the bitcoin, 11,156. it is down 100 bucks as we speak. the tropical storm storm that made landfall in north carolina as a hurricane has been downgraded, still dangerous, barreling up the east coast. janice dean is tracking it all. what have we got, janice? >> stuart, still very dangerous. 70 mile-an-hour sustained winds. 74 makes it a hurricane. we have tornado watches in effect for the tri-state area. not done yet. the storm made landfall between wilmington and myrtle beach last night. 85 mile-an-hour winds, it was intensifying as it made landfall. we have seen unfortunately deadly tornadoes in north carolina. a high-risk from the delmarva to the tri-state and connecticut where we could see tornad

be a lot more commonalities and i think of a quote that molly wrote to eleanor roosevelt about jim farley who was head of the men's democratic national convention in the 1930s. she wrote, men are the slipperiest of eels. some things don't change. [ laughter ] >> i think patsy mink would be thrilled. i think she felt a little lonely as an asian american woman, a progressive woman, a racist-conscious woman doing the work that she did. it would be great for her to have more people to work with. but i also think that there's a way in which our politics still haven't fully revisited the politics of the 1990s. so what mink was doing in her second congressional career was trying to articulate a democratic politics that was different from what was becoming at that point into the mainstream of the democratic party, the neo liberal approach to the democratic party and i think even in the wake of if bernie sanders campaign and with ocasio-cortez and others articulating a more left democratic politics, i think we still haven't fully revisited that earlier politics and gone back to ground zero, especi