let's get the bloomberg business flash with laura wright. laura: bloomberg understands toyota is planning to invest billions of dollars in a battery plant to be built in north carolina. sources say the japanese carmaker is expected to partner with panasonic to construct the facility, as it looks to ramp up output of electric vehicles in the u.s. australia's biggest bank has taken a small stake in cryptocurrency exchange gemini trust via the startup. speaking exclusively to bloomberg television, the ceo of commonwealth bank says one of the biggest risks the industry faces when it comes to crypto is being left out of the market altogether. >> we don't have a view on the asset price itself. you know, we see it as a very volatile and speculative asset, but we also don't think that the sector and the technology is going away anytime soon, and so we want to understand it. we see risks in participating but we see bigger risks in not participating. laura: apple shares rose after bloomberg reported it accelerated development of its electric car and is

let's get straight to the bloomberg business flash with laura wright. ura: siemens says it expects profit margins to increase across its three main divisions next year as the industrial giant reaps the benefit of a multiyear streaming program. the group reported net income of 6.7 billion euros for the full year, beating estimates for 5.7 billion euros. but the company warned on pressures from component shortages and higher raw materials prices in the coming months. the eu is set to prolong a temporary waiver across its banks and money managers to continue to conduct trades in the u.k. officials have decided the waiver was just too short. they will give details of the extension early next year. general electric is offering to buy back up to $23 billion of bonds in one of the largest corporate debt buybacks ever. it is targeting a series of bonds. the company is on track to cut $75 billion of debt, boosting cash flow and profit margins as part of a massive restructure program. that is the bloomberg business flash. tom: thank you very much indeed. joining u

let's get to the business flash with laura wright in london. laura: erickson has agreed to buy vonage holdings corp. enterprise value of $6.2 billion as the swedish telecom giant strives to build its cloud communications business. the moves comes as eric sson's business has grown. ubs has announced a new chairman, kelleher will stand for election at that firm's annual meeting in april. they had previously suggested the bank had considered appointing a successor to improve gender digest -- diversity on the board. telecom italia will be bought for 10.8 billion euros, its preliminary cash offer is a premium to friday's close. their largest shareholder vivendi is likely to oppose the offer at which it views as undervalued. tom: let's take it to the markets now and bring in our mliv editor eddie van der walt on-site with us in london. let's start with the lockdowns across europe, austria, belgium, we saw the protests over the weekend, maria reporting and saying governments will not be pulling back on those restrictions. what about the market reaction

tom: laura wright in london. a significant selloff in european equities with news of the covid variant. let's get into how markets are reacting and how concerned investors should be. joining us now is kristine aquino and sam. let's start on the markets. and how the repricing is shaping up across equities, commodities, and affects. how sustained -- and fx. >> the mantra is sell first and ask questions later. we are seeing this across the asset classes particularly in the emerging market. this has been battered this week by various things, geopolitical risk, risks associated with central banks and it comes to turkey and mexico and this was the last thing on currencies needed for this week. we have seen that index for the emerging market currencies are raising its gains for the year ended is set for its first decline in three years. francine: i like the fact that you said sell first and ask questions later. when did we first learned or wended scientists first learned about the variant? how long will it take to learn

i'm laura wright. this is bloomberg. ♪ >> when you look at the second half of 2022, are we see in higher prices that are now outstripping the rises in wages? does that become a spiral, where we see prices and wages rising together or doesn't become something that is negative for demand? jonathan: that final point is a key question. andrew hallman horst of citigroup -- andrew hollenhurst of citigroup. s&p futures are just about positive after a record close yesterday and a third day of gains. yields basically unchanged to 1.55% on tens. front ended focus going into the fed tomorrow. wti down 0.7% on the session. tom: some of the other commodities up 100% on a nominal basis as well over the last four or five years. javier blas joins us now. this is your energy conversation of the day. the movie rights have been off the charts. "the world for sale" winning all kinds of business book nominations and awards this year. i want to talk about the professor a rareness -- professor emeritus who did the research o

i'm laura wright.s is bloomberg. ♪ >> there is it is affecting american consumers and affecting their outlook. this bill is going to be the biggest cost-cutting bill for working-class and american families indicate in this country, and it is going to be costs that are persistent problems for americans in their lives. tom: brian deese on fox news. we thank jack fitzpatrick, joining us. futures up 14. angela merkel talked about virus distress in germany and brought the futures back. dow futures up 97. lisa and i watching euro, $1.1276. weaker euro through the day. jack, i would suggest any first-term president, maybe it is a different first-term provide an, does a recalibration around the conversations of the holiday season. are we going to see bodies move in and bodies move out at the biden administration as we wander into january? jack: the most obvious answer to that would be that heading toward thanksgiving, the president is supposed to speak on the economy tomorrow before taking a break for thanksgi

here is laura wright. esident biden and president xi highlighted the need for cooperation in their first face-to-face virtual summit. the videoconference lasted more than three hours covering topics such as trade and the state of taiwan. conversation was open and respectful. president xi said the countries should not engage in winners and losers. e.u. may ease restrictions on state aid for the semiconductor industry. the eu commission could agree to a new policy when it meets on wednesday. a draft of the policy paper -- the french calling for more intervention to overcome the global supply crisis. boris johnson has said it would be perfectly legitimate to suspend parts of the brexit deal with the eu and the u.k. is demanding -- is demanding a major overhaul due to the impact on northern ireland. suspending the deal risks to be a retaliation from the eu but the prime minister says his government still wants to negotiate a solution to the escalating trade disputes. global news 24 hours a day, on air and on bl

i'm laura wright.n suburban milwaukee, an suv sped through barricades into a quiz must parade. at least five people were killed, and more than 40 others. police have arrested one person. they are not saying anything about a possible motive. a police officer fired his gun trying to fire the -- trying to stop the vehicle. the kremlin is dismissing u.s. claims that there is a russian military buildup for a possible invasion of ukraine. a spokesman says russian troop movements on its own soil don't pose a threat to anyone. they accuse the u.s. of trying to increase tensions with allegations. kkr has agreed to buy telecom italia for a 46% premium to friday's close. it is likely to be opposed by telecom italia's biggest shareholder, vivendi. in germany, a warning on the coronavirus from angela merkel. she told officials from her cdu party that the latest surge in infections is worse than anything the country has experienced so far. merkel said hospitals would soon be overwhelmed unless the fourth weight of -

i am laura wright. this is bloomberg. ♪ ♪ >> its rough.ries, the cost of groceries have gone up, the cost of gas has gone up as this is all happening in the context of two years of a pandemic, that's one of the highest priorities for the president and me. we are dealing with this issue and a number of ways. short-term is the supply chain. we need to relieve the bottleneck. long-term, we need to bring down the cost of living and that is a logjam he -- long stemming issue. jonathan: vice president kamala harris speaking to abc. your equity market down 12 on the s&p, negative one quarter of 1%. lockdowns in europe and austria, a compulsory vaccine mandate comes into effect early next year. germany could be moving in the same direction with lockdowns which means a weaker euro. we are down 7/10 of 1%. a bid into the german bond market and treasuries in five basis points. that's some depressing stuff. here's some happy stuff. the audience knows the christmas tree is up in casa ferro and the christmas music will be playing. this from nbc -- "all

tom: let's at the bloomberg business flash with laura wright. laura: three separate companies as part of an effort to improve shareholder value. the tokyo-based firm is responding to pressure from activists after years of scandal and mismanagement. the plan is to separate infrastructure services and toshiba's stake in a memory chip maker. alibaba shopping festival posted record sales, offering china's e-commerce giant a boost after a year of heightened regulatory scrutiny. investors are grappling with a 30% plunge in the firm's shares this year. alibaba was hit with a $2.8 billion antitrust fine in april. a disappointing sales projection for the fourth quarter sparks concern the company's growth is tapering off. it is the second time in the past month that the company has issued earnings guidance. it failed to meet wall street's expectations. dani: thank you so much, laura wright. let's get more on the markets with our markets editor kristine aquino. thank you for joining us. what a precarious time to be trading in these bond markets. what do you

i am laura wright. house democrats are expected to pass president biden's $1.6 trillion economic agenda today. they had hoped for a vote late yesterday, but republican leader kevin mccarthy put that off with a lengthy speech from the floor that lasted into the early hours this morning. meanwhile, the nonpartisan congressional budget office released its estimate that the biden bill does not contain enough tax increases to pay for itself. two progressive democrats senators say they are opposed to jerome powell getting a second term as chair of the fed. they say that powell lacks a strong commitment to address the growing risk of climate change. president biden will announce his assistant before thanksgiving. austria will impose a nationwide lockdown next week. germany may take a similar move. it is all part of europe's effort to cope with a surge of the deadly virus. austria will also require all residents to get a vaccination. christmas came early for british stores. retail sales in the u.k. rose better

let's get a bloomberg business flash with laura wright. ndia's largest digital payment provider has lost more than a quarter of its market value in its first day of trading, heading for one of the worst ever debuts by a major tech company. the 26% plunge surprised even some skeptics, who had questioned the company valuation. it was india's biggest ever ipo. amazon is said to be considering shifting its popular cobra and credit card to mastercard amid simmering tensions with visa. amazon is unhappy that despite technical advances, some company's payment fees continue to stay high. cisco has given a lackluster revenue forecast, blaming supply chain issues for component shortages. the world's biggest maker of computer networking equipment says it in -- expect sales to increase half a percentage point below forecast. it is trying to reduce its reliance on hardware sales and boost offerings of software and internet services. nvidia has given an upbeat forecast fueled by its expansion into data center chips and other markets. the chip giant expec

let's get the bloomberg first word news now with laura wright. laura. >> u.k.nflation has risen to its highest level in a decade. keeping pressure on the bank of england to hike rates, consumer prices gained 4.2% from a year ago in october. faster than all estimates in bloomberg's survey of economists. the pickup was driven by natural gas and electricity prices. after the regulator allowed prices to rise by as much as 12% to offset rising wholesale costs. ireland introducing some covid restrictions as it struggles with rising hospitalizations. prime minister michael martin says people should work from home where possible. and cinemas and theaters will now require proof of vaccination. germany has reported another record increase in cases and the highest number of covid deaths in more than six months. meanwhile, a report says u.s. regulators could authorize pfizer boivin tech boosters for all adults by the end of the week. u.k. prime minister boris johnson is proposing members of parliament should be banned from taking paid political consultancy work as he tries

i am laura wright.eo jes staley is stepping down from barclays amidst an investigation into how he characterized his ties to jeffrey epstein. on friday, staley and the british bank received u.s. regulators' preliminary consideration. they will rip -- replace staley. the u.s. and european union have reached a tariff busting trade agreement to fix the steel and aluminum market to leverage it into a broader global arrangement that will penalize countries who don't meet low carbon targets when producing the metals. tariffs on as much as $10 billion worth of goods. from the world richest person, elon musk tells the united nations if it can prove he can solve world hunger, he will sell tesla stock. the head of the world food program have called on elon musk and jeff bezos to come up with six billion dollars that could keep $42 million -- 42 million people from dying. president biden in scotland for the start of the climate change summit but without the signed and sealed agreement he was counting on from congr

guy: laura wright is at heathrow and joins us now. lk us through the significance of what is happening today. laura: extremely sick of again. the u.s. opening its borders to fully vaccinated international travelers. key players on the ground will fly 26 likes to the united states. virgin atlantic will fly 11. the transatlantic route is the most lucrative in the world. before the pandemic, it generated over $1 billion in annual revenue for british airways. earlier, the aviation enthusiasts saw an unprecedented will take off of the ba and virgin flight too much that occasion, but admittedly capacity is still going to be lower than prepend him at levels . jumbo jets have been decommissioned for lighter, more energy efficient aircraft, and the focus is on the type of traveler. to begin with, it will be visiting friends and family. the hope is that it will turn into leisure travel and business travel, which they believe will reach prepend them as levels by 23. that is something guy was speaking about with the virgin ceo earlier today, but i

let's get the bloomberg business with laura wright. laura: boeing is optimistic about resuming chinese orders and deliveries for its 737 max saying it is a signal that the jet is close to being clear to fly. he is looking forward to having the max back. >> we are hopeful we can do that soon. we have seen some orders on freighters that of come through and we are encouraged. laura: we will bring you interviews with leaders from boeing, airbus, and other airlines. all 10 companies making their debut on beijing's first stock exchange have rallied on the initial day. and an auto parts maker was the standout. the new bourse is intended for small and medium-sized enterprises that have difficulty raising capital in china. elon musk has been sparring bernieanders on twitter after the u.s. senator repeated his call for the ultrarich to pay more tax. elon musk raised the notion of selling more of his shares. bernie sanders had earlier tweeted that the extremely wealthy must pay their fair share. that is the bloomberg business flash. dani: let's ge

i'm laura wright, this is bloomberg.ews from france, across the european union, the french health minister. the fifth covid way will be stronger. but we won't have a new lockdown or curfew that is going to watch that story. american households are about to eat the costliest thanksgiving meal ever prayed we look at some of the factors driving up prices of turkey and many other things that make their way onto the typical thanksgiving table. this is bloomberg. ♪ anna: this is bloomberg markets. just coming up to 1:00 in the afternoon in paris or berlin. breaking news that takes in paris and berlin, the eu drug regulator has clears the pfizer bion tech shot for ages five to 11 years old. it follows similar moves by u.s. regulators. they cite the effectiveness and studies with how quickly that can be rolled out to other age -- younger age groups. the u.k. has not approved it for that age group. getting a news line from the ecb. set to confirm new limits on the riskier leverage the loans. we will expect details on this story a

let's get the bloomberg first word news now with laura wright. >> thanks.ngela merkel says the latest surge in covid-19 infections is worse than anything germany has experienced so far. she is said to have told her party the situation is highly dramatic and warns some hospitals would soon be overwhelmed unless the fourth wave of the peace of mind is broken. the health minister said he is not ruling out another lockdown. >> probably by the end of winter, almost everyone in germany might be cynical to say will be either vaccinated, cured or dead. but that really is the case. this is very possible with the extremely infectious delta variant. >> more younger women are in work than ever in the u.k. with the pandemic diving structural changes to the market. around 586,000 people have become economically inactive and no longer want to work since covid hit in march last year. they say the increase in activity is mostly among older workers and younger men with women benefiting the most. global news 24 hours a day powered by more than 2700 journal estes and analysts

let's get the first word news with laura wright. >> the white house says opec and its allies are putting the global economy at risk after the cartel rejected a u.s. call to hike production by more than planned. opec+ stuck to its original plan of raising supply by 400,000 barrels per day. france says that the latest round of talks with the u.k.'s brexit minister over fishing licenses were useful and positive. new details show britain's trade with the eu fail in the second quarter of this year compared to the same period in 2018, as businesses face additional redtape, including filling and hiring of agents. the white house has mandated covid vaccines are weekly testing for all staff at u.s. companies of 100 or more employees. companies that don't enforce the rule or deliberately ignore it face fines. peloton shares plunged after the fitness company cut its annual revenue forecast by as much as $1 billion and lowered its projections for subscribers and profit margin on the earnings call pellet on says that underestimated the impact of economic reopening. uber has reported its first-ever ad

i am laura wright. this is bloomberg. alix: thanks, laura.elosi is planning to push forward with plans to vote this week on the two bills that make up president biden's economic agenda. that is despite complaints from joe manchin about the cost of the human infrastructure package. deputy treasury secretary wally adeyemo said the framework does satisfy joe manchin's demands. dep. sec. adeyemo: the presidents framework does satisfy joe manchin. i understand he wants to read the legislation. when you look at the framework it includes fully paying for the legislation using tax increases on the wealthy and on corporations, including the international minimum tax that is included. it also includes ways to help address some of the pressures built in our economy to the pandemic. for example, i was in philadelphia last week and had an opportunity to sit down with parents thinking about reentering the labor force. one of their big concerns is what joy do with my children and terms of those were not in school. this plan includes the biggest expansion to

. >> with the first word news, i am laura wright.ay's election for governor in virginia will be a clear picture of how much momentum republicans will have in the 2022 vote for congress. gop candidate glenn youngkin is backed by donald trump and in a deadlock with terry mcauliffe. mcauliffe is betting that the former president levity will turn out democratic voters. hong kong enticing one of the world strictest coronavirus policies. it will end restrictions for most groups starting november 12. hong kong has not had a local outbreak of the virus since early june. shares of tesla are falling. elon musk says the company has not filed a contract for hertz for that record order for electric cars. last week, the car company said it would buy 100,000 sedans for $4.2 billion. that sent shares rocketing. but, there was no signed agreement and tesla would only sell cars to hertz for the same margin. engineering material technology maker rodgers for $5.2 billion. that represents a 33% premium over yesterday's. rodgers develops advanced electron

let's get the bloomberg business flash with laura wright. >> general electric will split into three separate companies in a stunning breakup of the conglomerate founded by thomas edison, once the world's most valuable company. ge will spin off its health care arm by 2023 and combine its three energy businesses into another separate energy -- entity. the jet engine unit will make up the third company. an ev maker will price its shares after expanding its ipo above the top of its marketed range and will raise almost $12 billion, one of the biggest listings of the year. rivian is backed by amazon and ford and delivered its first vehicle to its own emplo the ceo will give his first interview of the day to bloomberg later. doordash is buying a finnish food delivery company. it is its biggest purchase today. they say it will improve value to customers around the world. who says wednesday is too early for a take away? francine: i feel like there is no dry january. you should do everything in reverse, tom. tom: you want to be drinking through january. it is a miserable month. you can stop drinking i

i am laura wright.s is bloomberg. ♪ >> there is a misperception in the market that the long end of the yield curve is flattening in that show some kind of economic problem. as long as the credit is ok the economy is moving forward and earnings are going up the market goes up. jonathan: the market keeps going up. that was tony dwyer. from new york city, alongside lisa abramowicz i'm jonathan ferro together with kailey leinz. tom keene back tomorrow morning. your equity market higher, up .4% on the s&p. the curve a bit steeper this morning. tends up three in the front end up about one basis point. the 10 year .50 873. euro-dollar positive more than .1%. we love to check in with where guesstimates are ahead of friday. 450 is your median estimate. the highest is 750,000, the lowest -- morgan stanley saying we expect the decline in the delta variant and the reopening of stores and the full expiration of unemployment insurance benefits to drive labor force participation gains this month. they are looking for

. ♪ laura: with the first word news, i'm laura wright.ouse speaker nancy pelosi plans to push forward with a vote this week on president biden's economic agenda legislation. she's getting pushback from moderates who want a detailed analysis of the full cost and economic impact. the echoes complaints from democratic senator joe manchin. he says congress needs more time to assess the bill. the election for governor in virginia will offer the clearest picture of how much moment and republicans will have an the 2022 vote for congress. gop candidate glenn youngkin is backed by donald trump and polls show a dead heat. shares of tesla are falling. elon musk says the company has not signed a contract with hertz yet for that record number of rental cars. that since shares of tesla rocketing to a record high, but musk we did there was no signed agreement, and that tesla would only sell cars for the same margin as to consumers. pfizer has boosted its earnings forecast for the full year. guidance beat the average estimates. the drugmaker also forecas

laura? >> all right, jasmin wright, thank you so much. >>> all right. professional golf again? hear from him in his own words. >>> and see the moment when rihanna was declared a national hero in her homeland. this is how we shine. ♪ find the p perfect gift at zales. the diamond store. xfinity rewards are our way of thanking you just for being with us. enjoy rewards like movie night specials, xfinity mobile benefits, and the chance to win tickets to see watch what happens live. hey, it's me. plus, get holiday gifts for everyone on your list with great deals on fan favorites from today. join over a million members by signing up for free on the xfinity app. our thanks. your rewards. >>> welcome back. the island of barbados is officially a republic. in a ceremony last night, the queen's standard lowered for good. queen elizabeth removed as head of state and barbados swore in its first president. >> i, sandra prunella mason, do swear that i will well and truly serve barbados in the office of president, so help me god. >> the caribbean island cutting 400 year

wright has that angle. what's the plan? >> reporter: you're right, laura.sident biden will be one step closer if the house passes, minority leader kevin mccarthy stops talking. the fact is this win for the president may not seem so sweet because of all of the other factors that he is facing. remember, he has until the holiday. with bad poll after bad poll on his approval numbers, of course, those inflation concerns we just heard, senator joe manchin talking about from higher gas prices to higher everyday goods as americans start buying presents for the christmas season. of course, over this week as you saw on the screen right now, we saw president biden traversing the country selling that bipartisan infrastructure bill that he signed on monday, a big achievement for him, selling it to americans after the fact trying to show them about what a massive investment that this public works bill is. but the fact is that polls are showing that americans are having trouble understanding exactly what the president is doing in terms of his economic agenda. they're kind

wright is in washington and joins us live. jasmin, good morning. so, what is the message from this white house after the president's big win? he surely needed one. >> reporter: thartt's right, lauranal that he is trying to get things done for the american people. we just heard him talk about the fact that because both democrats and republicans voted for this bill, it is a clear sign that congress can work the way it is intended to, and that is something that he campaigned on. he spoke about how this bill will build back the nation as it provides roads and bridges and transit. but let's make no mistake about this, laura. this is still a president under pressure. not only is he facing low poll numbers, but he is also facing a national conversation really dominated by those inflation concerns. americans are paying more for everyday goods, higher prices at the pump, grocery shopping as we enter the holiday season. so officials have continued to say over and over that this b bipartisan infrastructure bill with the package that has not passed will tamp down those inflation prices, though we may not see anything happening until the middle of next year. yesterday on cnn, chief of staff r

wright joins us live from washington. jasmin, good morning. the white house wants companies to abide by this mandate while it plays out in court. so what happens now? >> reporter: that's right, laura continue getting their shots in anticipation of that january 4th biden administration deadline. as you said, as this court process plays out, yet when the department of justice responded to that whole federal court's place on the biden rule mandating private companies with 100 or more employees, companies with federal contracts should be vaccinated. they argued against a longer hold on this case and white house press secretary -- deputy white house press secretary pierre said to reporters during a briefing yesterday, take a listen. >> we think people should not wait. we say do not wait to take actions that will keep your workplace safe. it is important and critical to do, and waiting to get more people vaccinated will lead to more outbreaks and sickness. the department of labor has a responsibility to keep workers safe, and the legal authority to do so. >> reporter: so the point here that jean pierre and the d.o.j. overall is making they know it takes multiple weeks depending which sh