with vw brands where beneficial for porsche.the case when it comes to sharing technologies, the audi gt, been doi -- bundling purchasing volumes. tom: you have the factories in germany, you are producing in slovakia. where do you build out the factories of the future for porsche? >> hopefully in germany and slovakia, there is no other plan. we had a tech situation in malaysia, but nevertheless the focus is on germany. tom: it doesn't make sense to build in the u.s. for china? >> it's important to have a good footprint in china and u.s., therefore we decided to develop our software completely in china itself. and in the u.s., it's absolutely necessary to meet the

brand that value in the porsche brand thatis that value in the porsche brand that is not recognisedings than volkswagen is currently managing to do. it still makes financial sense in my opinion. in still makes financial sense in my opinion-— my opinion. in terms of the outlook _ my opinion. in terms of the outlook for _ my opinion. in terms of the outlook for porsche, - my opinion. in terms of the outlook for porsche, you i my opinion. in terms of the i outlook for porsche, you have talked about the fact that car—makers have to get their heads around the fact that they are at tech companies as opposed to guzzlers and this is the way forward. where do you see porsche in five, ten years? they are undergoing rapid electrification themselves and their product line is now over 10% of their sales. they have targets in sales to hit, 80% at the end of the decade. on my four cats i think they stand a good chance of exceeding that. they are very well placed to take advantage of this revolution.— take advantage of this revolution. . ~' , ., take advantage of this revolution. ., ,, , ., ., revo

porsche is a fully formed business.e've known for a long time it was around that range and from here to what extent it surprise us to -- surprised us. i think what's more interesting is willing further parts of the group. it doesn't really help so the need to find a new reason for owning that stock. and then the holding is intriguing because they are the main beneficiary of the ipo in terms of crating more value to them getting some cash flow. a bit of a surprise to us to be honest. at the same time there some indication yesterday was bad news for them, tomorrow's another decision. i would say it seems there's no surprise. the interesting parts are what it could mean for porsche. sonali: that's the important question because today's trading doesn't really outline the life of the company so given the weakness we see in volkswagen what is the future look like? to the need to sell more shares at some point given the initial demand we've seen here or is that too difficult to execute given issues you've outlined especially w

family the distinction for you not following porsche the company and porsche se, the family that is key because it tells you that the family is keen to maintain the hold over the new spinoff company of porsche from a value perspective, we were talking about this offline. there is value to be extracted if you look at the breakdown of volkswagen the entity with higher margins is porsche because of the sports luxury car division. >> it is a really interesting point of what porsche could look like and potential if it is a separate company with autonomy looking back at the cmd that investors attended earlier this summer, there was focus on product line and intention for porsche to be seen as a product company with a lot of attention paid to branding and investors who will like the deal are likely going to like it because the product lineup is going to drive the investment case. they believe the lineup can drive growth from here they have a new electric luxury suv in the pipeline. the focus is on what is brewing at porsche >> the timing is interesting a lot of people talking about the fac

in terms of porsche, you have to wonder, if you are a 60-year- old guy driving a porsche, you have tonsating for but, ford without question. >> so, sticking with automobiles, shares of rivian jumped today. the company canceled production number would have been it's cheapest electric trucks and suvs so, you will not be able to get your hands on one of those cars for less than $70,000 each. options traders are betting that customers might be willing to pony up that cash to buy a rivian . we're going to break down the bullish action with mike. >> rivian was one of the top 25 busiest stock options. we saw more than two times as many -- on the average daily call volume and the busiest of those was the weekly 35. they are betting that the stock will be up within 7%. they spent just over $.50 for 34,000 of those. they are making a similar type of that. >> mike, with the options action. 3 1/2% upside. for more on the options action, be sure to tune into the full options action show fridays at 5:30 pm eastern time. coming up, the big iphone event by apple tomorrow. what does tim cook have up h

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it is also down to the fact that the families, porsche and ph, controlling volkswagen and porsche did not want the maximum price. it is a complex deal structure in which they had to buy shares and forced to keep the price at bay. that is why we are seeing that very friendly market reaction. shares were over subscribed a couple of times. loads of interest because the porsche story is an equity story. it is very appealing to investors. porsche has a very high profit margin roughly 90%. roughly double bmw we see the market cap approaching 75 billion euro for porsche. volkswagen has a market cap of 84 to give you an idea of how much value creation has taken place with the ipo now volkswagen can invest proceeds in the electric strategy and also get a special dividend to the preferred shareholders at the same time, they will invest in battery factories. porsche will expand the balance sheet and invest more in electric fleet behind me, you are seeing a selection of the iconic vehicles which draw a lot of attention from the crowds here in frankfurt. >> annette, we see the showares here you sp

ed: that was porsche cfo.t is interesting, last year the electric porsche outsold the traditional 9/11 but what is also interesting, porsche promising you purists out there that the 9/11 will remain a gasoline vehicle. the 9/11 will still be running on gasoline for years to come. interesting. tweet me. coming up, apple's selloff worsens after the report about iphone production. a wave of analyst downgrades. later, car inventors formally of andreessen horowitz shares a new poll on crypto in regards to this november's midterms. thinking about where we go on policy and where we go about regulation. we will bring you that crypto conversation, next. this is bloomberg. ♪ hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never d

the family behind the porsche brand will regain influence after they sold to vw.l news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg, dani? dani: thank you so much. let's go back now to the energy theme. opec+ has agreed on a supply cut of 100,000 barrels a day for october. that reverses the septembers hike, that was pushed by the biden administration. we are joined by paul wallace, who covers energy and commodities. just the number itself, 100,000 is very minuscule in the grand scheme of things. what is the importance of this cut? >> hi, dani. it is a tiny cut in and of itself. it does seem to have had a psychological impact on the market. until about two weeks ago, the idea opec+ would cut supply was pretty much out of the question. now that is very much on the table and although yesterday's was a small, a lot of traders will be wondering whether further and more significant supply cuts could come in the future if opec+ and the saudi's think that is necessary

as for a break class, it's all about the porsche i.p.o.e now looking at a $9.4 billion, or so it's interesting that you can say that euro to raise that much money, they are bringing it in quite considerably. it had been $85 billion closer to $75 billion. we'll see how that shakes out. but it has a lot of strength for some of the other car stocks. tesla, g.m., ford, and, of course, the offer period starts tomorrow. it's expected to start trading on september 29. just as it's thought to be solid, and a lot of this money raise ready go to the efforts. others criticizing the timing on this, but nonetheless, it seems the i.p.o. market is alive and somewhat well. finally, let's take a look at this move on yields that we've had and the influence on banks and the s&p 500. what we're looking at here in orange is the 10-year yield, and you can see basically this relentless backup. yes, there is a sideways range, but now we're breaking out of the range. that has pushed stocks lower. you would expect, guy, that banks in blue would get a little bit of

this is a huge day for volkswagen and porsche, and for the ipo markets of europe.will get into more detail. it's going to be valued about 75 billion euros, vw is the majority owner, they will get about 9.4 billion euros, that will go towards electrification and building out software as vw tries to catch up with rivals like tesla. what it means for porsche, the family so consequential in the history of these brands, will once again have a significant stake 30 years on from they tried to take over. that failed but now with this new structure, they will get about 25% of blocking shares. some concerns from shareholders on what is otherwise looking like a positive day. they are around governance and voting structure. porsche hopes to generate revenues of about 39 billion euros with return on sales of 18%, up from last year. and it's looking positive, shares priced at the top end of the range, 82.5. we will see how it plays out on the market opens, but so far the demand has been solid. dani: looking forward to that debut. tom mackenzie they in frankfurt. coming up, we co

is porsche an isolated story or do you actually see this setting a trend?onali: it is an isolated story. it is nice to see an asset that is coming back with robust the demand early in its offering process. we are watching certain offerings, if you will come across of the world and how they will do, especially risk assets. but in the luxury world, this is more isolated than other types of assets, and again it is one of the biggest listings, not just in a tough time but ever for europe. the last time we saw a flotation this big was glencore in 2011 when they raised 9.9 billion essentially to go public. so this is a very rare deal. time will tell whether it will open the market up a little more. but unlikely it will open it up significantly given the headwinds we see. kriti: that is something we will be watching. sonali, we thank you. one more corporate story, shares of nike are lower today after barclays downgraded the company from overweight to equal weight and cut the price target to $110 a share, down from $125, head of their earnings release next week. on

ed: that was porsche cfo. last year, the -- electric porsche outsold the traditional 9/11. also interesting, porsche promising you purists out there that the 911 will remain a gasoline vehicle. the 911 will still run on gasoline for years to come. interesting. tweet me. coming up, apple -- bloomberg report about iphone production. a wave of analyst downgrades. later, -- formally of andreessen horowitz shares a new poll on crypto in regards to this november's midterms. thinking about where we go on policy and where we go about regulation. we will bring you that conversation up next. this is bloomberg. ♪ >> welcome back. india plans to boost financial incentives for manufacturers in the country. the plan is to offer as much as 550 million u.s. dollars per manufacturer according to a document seen by bloomberg news. apple recently started making the new iphone 14 in india sooner than expected following a smooth production rollout. apple's shares dropped again when it was hit by a rare downgrade. >> we saw apple fall almost 5% after the downgrade from bank of america. sounding

francine: what is the relationship going to be like with porsche and vw?this is a cooperation agreement. it is really interesting. this is a case where porsche was trying to take over volkswagen their teen years ago. the tables turned -- 13 years ago. the tables turned and volkswagen has some sense of independence again. this is absolutely going to be a case where porsche is going to rely on volkswagen to a degree, and volkswagen gets something out of this deal as well. they get more flexibility out of this transformation. francine: thank you so much. that is craig trudell. coming up, drastic times call for drastic measures. eu ministers meet to avoid a global energy catastrophe. this is bloomberg. ♪ francine: welcome back to the open. 30 minutes into european trading day and here are your top stories. incoming prime minister liz truss is said to earmark hundred 30 billion pounds to address the energy crisis for households. french president emmanuel macron backs the eu wide windfall tax on energy company profits. and stocks moved to the green despite troub

the bull case is that porsche like ferrari is a luxury brand and should get a luxury multiple porsche. makes about 300,000 cars a year, profits were up 22% just in the first half now, several big investors like the qatar investment authority already pledging to buy big blocks of stock. that bodes well for demand, but there are governance concerns. it's a complicated ownership structure with a porsche family keeping voting control through a special class of shares, public investors will get non-voting shares on top of, that the ceo of volkswagen, oliver bluma, he's going to remain the ceo of porsche. many shareholders opposing those dual roles you've got recession fears, the energy crisis in europe, all those questions hanging over the stock. ferrari was seen as the model here that stock up three and a half times since it went public in 2016 ferrari struggling down 26%. brian. >> how much of this is an issue with the porsche family and what is the sales mix between cars and like the -- i call it an suv, but it's just a car that's jacked up really. >> yeah, exactly well, their switch to

porsche shares will begin trading thursday.dit suisse says it is working on asset and business sales. the bank is looking for ways to cut costs and restore profits under strategic land to be announced next month. no details yet but bloomberg has reported credit suisse is considering the sale of its latin american wealth management operations, including brazil. the ceo of unilever plans to retire after the end of 23. alan jones -- decided aftra tumultuous period -- decided after a tumultuous period -- it is starting a search for jope's successor. guy: about five minutes to go until the european equity markets close for the day. it does not look very exciting. below the surface there are plenty of things happening. these are markets buffeted by all of the other assets. i talk about the bond market and foreign-exchange. the ftse 100 usually has an antagonistic relationship with the pound. the pound goes down and the ftse goes up. how much further does the pound have to fall? that is going to be a big story for the ftse going forwa

. >> no ipos >> the only ipo you did have, porsche, was seen as being a blowout.t's going to be fine, but it's not going to be, perhaps, the euphoric reception that some had hoped for that might even sort of add to animal spirits >> no, and i think, carl, that i look at the carmax story today, about if used cars are in the -- they're untiin the cpi, and the doing down, but it won't be until october that year over year they're down, even though carmax quarter was obviously horrible the only thing that i fear about -- and i know i was very -- thank you to steve liesman for mentioning, they know nothing what i am concerned about is if you go back to the 17 rate hikes we had from the 2000 period up until the housing crisis, for the last four, everything seemed great to them, and -- but we had rot underneath we do not yet have rot un underneath, but i think that the idea -- what i called for last night is, let's take it a little slower let's be more prudent. let's do 50. let's not stress the system. let's not have something like england, because it's not worth it you c

it bought porsche nearly 15 years ago.to take place later this month or early in october. >>> citigroup meantime is expanding lending to people without credit scores. the "wall street journal" reports that citi will launch two pilot programs early next year with the federal government. one will issue credit cards to people without credit scores, and the other will make it easier for small business-owned minorities -- businesses, rather, owned by minorities, women, and veterans to get access to credit. some 50 million americans lack that additional credit scores. that's a big -- really a big problem for people as they try to move ahead and maybe try to buy a home or try to buy a car. really need to build up that credit score. >> yeah. it's nice to get the credit. but we'll talk about the interest rates. that -- that is a big deal, too. all right. thank you. >>> 4:44 this morning. tracking dangerous deadly floods ahead on "today in the bay." the damage done after strong storms moved through northeast georgia. georgia. >>> pl

porsche going public volkswagen announcing plan to spin off the sports car maker later this month orld make it the largest european offering in decades. but it does come at a time when aston martin and ferrari have seen their valuations decline. robert frank joins us. the timing is interesting given what's happening in the luxury space, what's happening in europe how much investor appetite is there going to be for this ipo >> yeah. sara, what's happening in the markets and with ipos very difficult time to come out with one of the biggest ipos in recent history certainly in the auto market. now on the bull case this is a chance to own one of the most storied names in the auto sector that gold porsche badge is a profit machine it's got margins of 22 to 25%. in the auto world that is massive. you know, they had -- they're expecting sales this year of around 38 billion euros onlyon production, but around 300,000 cars qatar trying to buy large blocks of stock on the governance side you have the family that's going to control this through a special block of voting shares the public shareho

volkswagen, the porsche ipo is a big factor now. how do you value parent versus porsche.gen is up by nearly 4% today. lufthansa, a two day strike at lufthansa looking like it has been called off. the market reacting positively, but by 1.8%. but the trouble that the sector is having with staffing and other issues, they continue to be problematic. ecuador, this is fascinating. this energy stock is down today. two crises happening in the energy market. you have the issue of the availability of supply, which is certainly a factor. and the volatility of the gas prices moving up and down so much, causing financial problems for this market for the companies that have to deal with it. and this is turning out to be greater than anticipated. ecuador, i put it on the ftse with lehman, they talk about the size of the amount that will be needed to deal with the market because around the volatility we are seeing in the energy market. 1.5 trillion, such a massive number. how a company will deal with this is going to be a huge factor. and what can we use as collateral? that will be the o

they gave up my porsche. i had a black porsche. that puppy was a great, great automobile. oh. >> reporter: mentally sharp, healthy, and relatively mobile, he started using the walker this year.i asked about his secret to longevity. >> well, first, martinis. they helped. but i've been just lucky. >> reporter: lucky, he says, because he survived world war ii. he flew 35 combat missions as a navigator in the b-17 bombers over germany, and had a lot of close calls. but his service didn't end with the military. he survived local college and hospital boards for decades. santa rosa leaders say, the lifelong philanthropist helped raise millions of dollars from local charities. >> raised over $200 million. >> reporter: had a lot of connections since being a stockbroker and retired in his 90s finally. >> his entire life is about service to the community. >> people like to have sobre al is something positive to celebrate. >> reporter: he says, no birthday wish. just thankful for the gift of time. >> now, the only question we can ask you, what will you do for your 110th? >> i will cel

it is using the porsche proceeds a portion of them.ll be issued to investors as a special dividend. some proceeds will be used to invest in the ev business. the cfo after the ipo today said the ipo that could happen next for volkswagen because it is so huge it is a big conglomerate over there. it is a big battery division to get to your question, joe, the cfo of volkswagen said the chip shortage in the auto industry around the world could extend to 2024 it is getting better, but could extend into 2024 joe. >> it is amazing how many parts there are 30,000 parts or something. if one is missing, it doesn't work i have compassion for what these guys are trying to do. that's why it took so long for the one i have now to get to me. it took a year and a half. that was, you know, you following it from port to port you know what i'm waiting for now? the second key the second key is like a sperry computer it is like what is in there with the chips and the doo-doo noise. it takes a couple hours to program the key. you need two keys, right even th

we're expecting porsche to begin trading this week. joining us now rashawn williams.ou've got great color on the mind-set of founders right now, how they're raising money, even that means a down round. >> yeah, it makes a lot of sense for founders to think outside of the public markets for a variety of reasons let me give you the top three. the valuations you're going to get in the private market are likely going to be higher than you would get in a public market i know companies used to go public after three to four years. if you think back to the amazon and the google and apple days, three to four years of being private and being ipo, now it's 10 to 15 years they're willing to extend that even more to get the right price. the second reason is, m&a is a lot more attractive. much rather be acquired at my full valuation than to go public into a down valuation. and last but not least, but even the spac option makes more sense in some cases than actually going public at this particular time and the reason, you get a certainty of close, most ipos won't price, you get a fa

i gave up my porsche. i had a black porsche.ppy was a great automobile. >> mentally sharp, healthy. relatively mobile he started using the walker this year. i asked about his secret to longevity. >> first was martinis. they helped. but i've been just lucky. >> because he survived world war ii. al flew 35 combat missions over nazi germany and had a lot of close calls. the sonoma resident is known to be the oldest veteran in the county. he served on the board of a local college and hospital more decade, santa rosa leaders say the lifelong philanthropist helped to raise millions of dollars for local charities. he had a lot of connections as a stockbroker and retired in his 9 on the. >> his life is about service to the community and he is fun and he's just a really good man. >> his niece carol says he out lived his siblings an wife of more than six decades. she paled away 20 years ago. al turned 107 monday september fifth. the family celebrated at the veterans memorial building. >> just flattered and it's so nice. >> al has seen a l

i gave up my porsche. i had a black porsche.my, that that puppy was a great, great automobile. >> mentally sharp, healthy and y mobile, he started using the walker this year. i asked about his secret to longevity. >> first was martinis. and they. but i have been just lucky. >> reporter: lucky, he says, bee he survived world war ii. al flew 35 combat missions over gey and had a lot of close calls. te santa rosa resident is known to be the oldest living veteran in sonoma county. veterans of different branches and wars came came to shake his hand. but hise didn't end with the military. he military. he served on local coe and hospital boards for decadesa rosa leaders say the lifelong philanthropist helped raise millions of dollars for chariti. he had a lot of connections sine he was a stockbroker and finally stockbroker and finally retired in his 90s. >> his entire life is about sere to the community. and he is fun. is fun. >> reporter: his niece, carol, s he out lived his younger siblins and his wife of more than six decades. she p

i had a black porsche. that was a great automobile. >> mentally sharp healthy and mobile he started using the walker this year. i asked abouts secret to longevity. >> first it was martinis they h. they helped. i think i'm just l. >> reporter: because he survived he survived world war ii. he flew 35 combat missions over gey as a navigator in the b-17 bombers and had a lot of close . the santa rosa resident is knon to be the oldest living veteran in sonoma county. veterans of different branches came to shake shake his hand but his service didn't end with the military he served on local college and hospital boards for decades. they say he's a lifelong philanthropist and helped raise millions of dollars for local c. local charities. he had a lot of lot of connection since he was r a stockbroker and finally retired in his 90s. >> his entire life is about sere to the community and he is fun. >> reporter:'s niece carol says he outlived his younger siblings younger siblings and his wife oe than six decades she pass

when photos emerged of myles garrett mangled porsche after he was involved in a single car crash. amazingly, though, the 26 year-old and his passenger only suffered minor injuries. kron four's correspondent kevin freeman spoke with a witness who passed garrett on the road just moments before the wreck. >> newly released body cam video from the medina county sheriff's office shows the scene as paramedics treat cleveland browns defensive end myles garrett. the video shows him sitting on the ground alert and responsive as they appear to treat his arm around 3 o'clock monday afternoon. witness michael chafee had just passed. garrett going in the opposite direction when in his rearview mirror, he saw garrett run off state road and sharon township, he says the portion on 11 turbo has flipped several times. miraculously he and his female passenger both wearing seat belts sustained non life-threatening injuries according to the nfl network, garrett swerved on a wet road to avoid hitting an animal and overcorrected chafee says he and 2 other men stopped to help. >> i wouldn't got blankets

they plan to list porsche on the frankfort stock exchange if all goes well.w again. nassau's artemis 1 rocket not going to take off this month after being scrapped twice last week for technical issues. officials scrapping the latest attempt saturday after a hydrogen leak could not be repaired. nasa says another test could come as soon as october if all is fixed before then. maria, we're not going to the moon any time soon, or mars. maria: thank you so much. cheryl, we will keep watching that one. meanwhile, china sends a new threat to the united states after the biden administration approved more than $1.1 billion in arm sales to taiwan, a chinese embassy spokesperson tweeted this, quote, china will resolutely take legitimate and necessary counter measures in light of the development of the situation. join ming right now is fox news senior strategic analyst, chairman for the institute of the study of war and retired four star general, jack keane is here. good to see you this morning. thank you for being here. your thoughts on the veiled warning once again fro

>> he does own a porsche.st time that he has claimed to have financial trouble. back in 2019, during the custody battle, he said that he hadn't been making income for months and that he was also struggling with his divorce. >> yeah. maybe he was giving it to the big guy. we don't know. >> jesse: he is also living a very lavish lifestyle from. what i remember didn't some sugar daddy give him $2 million to get whole with uncle sam, the irs? >> well,. >> jesse: he can't borrow some more money for his 4-year-old daughter? he just borrowed 2 million bucks. >> well, there has been a lot of issues probing into his taxes. loan lunden roberts his baby momma actually testified in front of a grand jury earlier this year into that probe. he does have financial troubles. also he just moved out of that malibu home and we are not sure where he went. >> jesse: oh, where is hunter? >> maybe that is showing that he has. >> jesse: there is marital troubles. would he believe the new wife unhappy thought she was marrying a kennedy

the porsche ipo hitting the march jet in germany this morning.lion, the strong start for the luxury car mak maker sae stock price at the top end of the range. it's trading on the frankfort stock eb exchange this morning. they released 911 shares, that's obviously a nod to the porsche 911. pretty cool. i know. this is very cool, guys. history was made for the bronx bomber's aaron judge. >> and a 3-2. a hit to left field. this could be it. see ya. he's done it. number 61. he and roger marris are tied with 61 home runs. cheryl: the yankee star hitting the 61st home run of the season, he tied rog roger marri' record. judge just the fifth player in history to hit 61 in one season. babe ruth, his high was 60. there's more records to be had but so far it's all yankees hitting the records which is kind of cool. maria: it really is. cheryl: i was at the stadium last week. every time aaron judge went to bat, maria, the stadium went nuts. so i really am sad for yankees fans had this morning because it happened in toronto. maria: they were all waiting for it

porsche shares are to begin trading on thursday.iations between the biden administration and tiktok over an agreement that would keep operating in the united states are set -- said to have stalled. there is concern that chinese focus on the national security threat. an agreement would allow the platform to continue operating in the u.s. with additional restrictions on how it stores the data of american users. bmw sees its electrical vehicles sales jumping 70% next year. the company aims to make another big leap in sales purely of electric vehicles in 2023. the sales of this year will be slightly lower than last. that is the bloomberg business flash. francine: laura wright in london. it is interesting to the terms of what we are seeing on the turnaround. you can get some of the fixed income out there for you. the fiscal response -- if you look at the u.k. nuts, they are losing 27% this year. tom: you are seeing gilt bid in the session today. you have seen aggressive selling on friday and monday, but currently we are seeing a movement

. >> we talked about porsche and instacart. >> porsche is going to be a big deal >> it's a one-off.t's its own special thing they have a lot of sovereign funds. it's well subscribed it will start trading thursday >> do you think there will be people -- the headlines will be porsche brings back the market >> i think it will be a singular deal it's not reflected of a robust market for technology companies, no >> people will want to say it's something they own tesla moves on porsche >> why >> because the market is stupid. i don't know because it's idiots. all right. mo, larry and curly are all in remember shep? >> whatever happened to the pep boys >> i knew who they were. >> you knew those guys >> yes, i did. my dad went out with the wife of one of them. i mean before. >> oh, okay. really >> can we admit this is one of the worst markets we have ever seen >> the a.d. indicators have been washed out we'll get to cramer's mad dash and count down to the opening bell ♪ ♪ finally some green ararrows ♪ ♪ all-electric with room for up to seven. it's the suv electric has been waiting for. the a

porsche has gone public.hares of the car maker -- the parent volkswagen raised more than $9 billion at the top of the range. >> if we regulated -- the porsche will decide in the future, completely independent from vw. it is a great situation for us. we want to look at their potential of course. but we will work together with the vw brand in the future. lisa: they value porsche at $78 billion. -- $78 million. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am lisa mateo. this is bloomberg. ♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. >> we have to buckle up our seatbelt even tighter and recognize that policymakers are no longer progresses of volatility but they contribute in this journey can be healthy. jonathan: mohamed el-erian fantastic on

you can't own a piece of a porsche anyway, baby volkswagen.haven't talked about ipos in a while, but volkswagen did announce that it may take its porsche brand public before the end of the year, analysts say. if it does go through, it would be one of the world's largest public listing. so keep an eye on that. the president of ukraine, vladimir zelensky, rang that opening bell remotely this morning. at the new york stock exchange in recognition of what's called advantage, ukraine it's a organization set up to foster investments in ukraine as we take a live look at the numbers. the dow jones started the day up 200 points and quickly dropped below just a little bit negative now, but across the board, the s and p 500, the nasdaq also down as well with that s and p 500 still hovering below 4039 18. tomorrow apple will unveil its new lineup at its headquarters in cupertino . as always, apple has been secretive about its latest iphone. but many consumer experts have speculated that there will be camera upgrades and that the new basic model will be bi

but not volkswagen, they are looking to raise $9.4 billion from his porsche ipo. more, let's bring in bloomberg's frankfurt bureau chief. 75 billion euros, is the price range to conservative? kristof: it does reflect that they don't want to be seen as pricing to aggressively. we touched on the very difficult market environment around concerns of an economic slowdown, surging energy costs, there are a number of factors that are not ideal for an ipo. nevertheless, it is from a strategic point of view very important but the valuation does respect some conservatism i guess. tom: why don't they just wait this one out, given the state of these capital markets, why the rush to ipo? christoph: i think they want to hammer home the message that they are willing despite the adverse market conditions to push through beepers strategic and structural changes. both wagon group has been criticizes for moving too slowly, for being too bureaucratic maybe to adapt to this rapidly changing industrial landscape. so, for them to accomplish this despite these adverse market conditions i

. >>> still ahead, t the l latest an envelope player hurt after flipping his porsche.vering your assets. what you should know about hurricanes and insurance. call yt sudden behavior changes or suicidal thoughts. antidepressants can increase these in children and young adults. elderly dementia patients have increased risk of death or stroke. report fever, confusion, stiff or uncontrollable muscle movements, which may be life threatening or permanent. these aren't all the serious side effects. now i'm back where i belong. ask your doctor if latuda is right for you. pay as little as zero dollars for your first prescription. the lows of bipolar depression can leave you down and in the dark. but what if you could begin to see the signs of hope all around you? what if you could let in the lyte? discover caplyta. caplyta is a once-daily pill, proven to deliver significant relief from bipolar depression. unlike some medicines that only treat bipolar i, caplyta treats both bipolar i and bipolar ii depression. and, in clinical trials, feelings of inner restlessness and weight ga

. >> that was a terrible thing iny life, i gave up my porsche. i had a black porsche. oh, my! that puppy was a great, great, great automobile. oh! >> reporter: mentally sharp, healthy and relatively mobile, e started using the walker this year. i asked about his secret to longevity. >> will, first was martinis. they helped. but i have been just lucky. >> reporter: lucky, he says, because he survived world war ii. he flew 35 combat missions as a navigator in the b-17 bombers and had a lot of close s close calls but his service did not end with the military. he served on local college and hospital boards for:aids. santa rosa leaders say the lifelong philanthropist helped raise mils of dollars for local charities.e had a lot of connections since he was a stop trigger and finally retired in his 90s. >> his entire life is about service to the community and he is fun. >> people like to have something something positive ssitito cel. to celebrate. >> reporter: he says, no birthday wish, just thankful. thankful for time. >> the only question we can ask you is what do you want for your

i had a black porsche. that puppy was a great, great a. great automobile. oh! >> reporter: healthy and relatiy mobile, he started using the walker this year. i asked about his secret to longevity. >> first was martinis. they hel. they helped. but i have been just lucky. >> reporter: lucky, he says, because he survived world war ii after 35 combat missions over , germany. as a navigator over b-17 bombers and had a lot of close calls. the san jose resident is known to be the oldest living veteran in sonoma. veterans came to shake his hand but his service did not come with the military, he served on local college and hospital boards for decades. the lifelong lifelong philanthropist helped raise millions of dollars for charities. he had a lot of connections since he was a stock stock worker and finally retired retired in his 90s. >> his entire life is about service to the community and he is fine. >> reporter: his niece says he outlived his younger siblings be than six decades. >> people like to have something something positive to celebrate and i'll is something p

phil on porsche and carmax and all things auto-related. for the markets, the good news is, we're off the lows the bad news is that the s&p 500 is down under 2% and the nasdaq down 3% that will do it on qua"squawk on the street "let's send it over to tech check. >>> good thursday morning. welcome to "tek ch check." today, the stocks are getting hit hard nasdaq losing 3%, after rallying to start the week. every s&p sector in negative territory. apple is a big reason for the decline. the stock that accounts for 7% of the s&p, nearly 14% of the ndx, down 4.5% we may be seeing safe haven status shifting in real-time if it is, that could lead to greater losses for the broader markets. here's b of a downgrading apple last hour. >> the key here, you have to change when the facts change we're seeing consumer spending is slowing down. the demand profile of the customer is changing that's worrisome when you put the numbers together, estimates are too high and apple has been resilient when it comes to estimate revisions. they've been sitting at 645, 6

the company confirming plans it will list its porsche brand in what could be one of the largest european ipos in years according to the wall street journal, the offering could value the sports car brand as much as $84 billion. volkswagen will use cash to finance the transition to electric and self driving cars volkswagen intends to list porsche on the frankfurt stock exchange and offer to private investors in a public offering for late september or early october. >>> amazon says 25 million people watched the premiere of the series "lord of the rings:the rings of power" on friday amazon says it was the biggest streaming debut in company history. it marks the first time amazon has released viewership data by the way, hbo's "house of the dragon" brought in 10 million viewers for its series that premiered two weeks ago. looks like the rings beats the dragons. >> these shows are big hits. big fan bases. i don't know anything about either i really need to get caught up on these trilogies or whatever now. >> you and me both >> thank you so much, bertha >>> to washington, d.c. and developments a

but you look at the porsche cayenne, 55% of porsche's production in 2021 so there's obviously a markete is indeed, $390,000. not in my league. now this. once he is dealing with 13% inflation, highest in the nation. here's a hint. it is not in california or new york. thousands of mourners lining the streets of london to pay their respects to the queen, the royal family walked with her casket to westminster hall where she will lie in state for the next 24 hours, more on final goodbyes to the queen next. like any family, the auburns all have... individual priorities. some like strategic diversification. some like a little comfort, to balance out the risk. others want immediate gratification... and long-term gratification,too. they have their own interests, but at the end of the day there's nothing like being... a gold-owner. visit invest.gold to see why gold is everyone's asset. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one p

i give up my porsche. i had a black porsche, that puppy was a great automobi. great automobile. >> reporter: mentally sharp, healthy, and relatively mobile, he started using the walker thi. i asked about his secret to lon. >> well, first was martinis. they helped. but i have just been lucky. >> reporter: lucky because he sd world war ii. al flew 35 combat missions over germany as a navigator and had a lot of close calls. the santa rosa resident is known to be the oldest living veteran in sonoma. sonoma county. veterans came to shake his hand but his service s not end with the military. he served on the boards of a locale and hospital for decades, santa rosa leaders say the lifelong philanthropist helped to raise millions of dollars for local charities. he had a lot of conns of connections since he was a stockbroker and finally retired in his 90s. >>'s entire life is about service to the community and hes fine. and he is just a really good man. >> reporter: his niece says he outlived his younger's siblingse siblings she. family and friendd to celebrate it this w

porsche is the leading gainer today.agen, those other real heavyweights where we are seeing serious movement today. what is interesting is the disconnect we are getting between equity markets and the bond markets. yields have been rising at the front end. we watch a very busy week coming interview for the fixed-income markets. clearly led by the fed. we will certainly be discussing all of that as we work our way to the next hour. what is the position for the fed and what does it mean for the ecb? the chief strategist for the ecb and fixed income research is going to be joining us the next hour. he sees neutral to be some way away from where we are now. where is the terminal rate for the ecb? that is one of the questions we will get an answer for you in the next hour. this as we continue to see the unfolding story in the u.k. and the burial of queen elizabeth ii. this is bloomberg. ♪ >> the countdown is on in europe. this is "bloomberg markets: european close," with guy johnson and alix steel. guy: welcome to "bloomberg m

abc's alex porsche has been following. good morning. good morning, drew. attorneys for these migrants. pro. of desantis's move. coming from a sheriff in texas. this morning, florida governor ron under investigation. texas after desantis for the group. spaniard, we're going to discover. uh. the law can hold these accountable. he believes there's a high possibility that law broke. that a print. aid of what we would call a bird dog fee to. really? 4. lure. uh, where they were flown to rita and then eventually flown. in your. off his firing back. over. after being enticed to cross the border. would have provided an opportunity. date with his attracted. for these migrants are for. doubt that they say or missed because. it was meant for refugees, not france. inor. ey'rseing migrants elseer washington new numbers from. pensions have now topped 2. this fiscal year. and other cities across the country. appeared this is a no. patients mayors need to be prepared. spots. state. massachusetts republican governor is both crates and republicans in washington to implement

. >> that was terrible, i gave up my porsche. black porsce black porsche that puppy was a great automobile. >> reporter: mentally sharp, healthy, and relatively mobile, he started using the walker this this year. i asked about his secret to longevity. >> first was martinis, they hel. they helped. but i've been lucky. >> reporter: lucky he says because he survived world war ii. he flew 35 combat missions over germany as a navigator in the b-17 bombers and had a lot of close calls. the santa rosa resident is known to be the oldest living veteran in sonoma county. veterans of different branches and wars came to shake his hand, but his service dozen and with the military, he served served on the boards of a local college and hospital for decades. leaders say the lifelong philanthropist help to raise millions of dollars for the local charities. he had a lot of connections and finally retired in his 90s. >> his entire life is about service to the community. he's just a really good man. >> reporter: his knee says he outlived his younger

volkswagen is looking to raise as much as $9.4 billion from the ipo of porsche, it could be its firstn more than a decade. for more, let's bring in our bureau chief. what do you make of this price range they've in giving us? is it too conservative? >> i think it is safe to say they seem to be playing it rather save. we've seen valuation numbers of about 85 billion, some even hoping to get somewhere near 100 billion euro valuation for porsche. the more narrow range between 70 and 75 ilion does seem to suggest they don't want to go into the market to aggressively from a pricing perspective. dani: how much of that is tied to what we've seen in terms of market turbulence? there's been plenty of ipos delayed or not gone ahead because of what happening in the equity market falling. christoph: it does were flecked to some degree the somewhat difficult market conditions. at the same time, it seems to be the logic behind this that because they price it in a conservative or safeway, it does give the stock a little more room to breathe. we've seen that with other luxury car deals, with a high va

it’s my porsche that’s not so cool, he described an accident in which i got together with my friend mmaov a few days before the arrest in one blogger, remained traditional for my image chose two colors six months ago, sported black and green, and appeared in court to support magomedov already white and blue. with the same two-tone, but not so bright environment, no way took a seat in the hall and prepared to listen. judge on this the meeting was to hear the allegations. and the defense planned to ask to close the process. due to the fact that the victim was eighteen years old, however, suddenly, the consideration of this case was postponed until september 30. it was then that the main legal battles would obviously await us. oleg posobin vasily yurchuk vesti duty department. the weakest news, you can find out around the clock in our new telegram channel to conduct the duty unit, and program releases are always available on the media platform , watch in the application or on the website watch.ru the studio was tatyana petrova see you soon. from the far east, vladimir putin met with the go

. >> that was a terrible thing iny life, i gave up my porsche. i had a black porsche.ppy was a great, great a. >> reporter: mentally sharp, hey and relatively mobile. he startd using the walker this year. i asked about his secret to longe. >> well first it was martinis. y helped. but i have been just lu. >> reporter: lucky he says, bece he survived world war ii. he flw 35 combat missions over germanye santa rosa resident is known to be the oldest living veteran in sonoma county. but his service doesn't end with the military. e served on boards of local colles and hospitals for decades. leads say the lifelong philanthropist helped raise millions of dollars dollars for charities. he had a lot of connections since he wasa stockbroker and final i retired in his 90s. >> his entire life is about sere to the community. and he is fund he is just a really goodman. >> reporter: his niece, carol, s she out lived his younger sybils younger sybils and his wife of more than six decades. she passed away 20 years. he turned 107 on monday, but family and fs decided to celebrate this we

business in an ipo the offering could value porsche as much as $84 billion the porsche family heirs in vw, this is about raising money to transition, and i like the looks of it. does it displace anyone who really wants to buy one of the high-end teslas? is it as good? the software as good >> i don't know. what's the pricing >> they're both expensive. both 1%er problems the perception is that no one's really gotten the ease of use and simplicity and everything else >> questions about the interior, how tricked out it is. >> teslas aren't tricked out at all. that seems to be part of the attraction >> i'm just waiting. apple has this big announcement tomorrow about the phone but i'm so super excited about what they're doing with the car display, which is going to be in so many different cars that, i think is a game changer. >> people are afraid to come to work because their watch is going to get stolen. that's the solution. wear one of those crappy iwatchs. who's going to steal one of those things nobody you stopped wearing them, didn't you? >> i morwear it occasionally i don't wear it

but your competition is porsche, bmw -- david: you are trying to be electric vehicle for high-end cars at this point, that is our strategy. these price points north of $100,000, but clearly, that is luxury and. we will eventually get there, but we have made no announcement. -- that is luxury end. david: do you have one of these cars? andrew: i do. i thought it was very important i demonstrate my support for the team. every time i stopped, i had people looking at me, and i knew it wasn't me. it was the car, and then i parked it, and i kid you not, it was like a mob scene around me. i valet parked at at a hotel where i was having dinner, and the gentleman wanted to compete with the other gentlemen to valet park. i said maybe i should park it myself. it is and attractive car and drives supremely well. david: let's talk about the roads on which these cars drive. on infrastructure, you have been involved with legislation that was passed not long ago. why is united states infrastructure so terrible compared to other developed countries? andrew: i have been around u.s. politics, like you, for