staying with the us, a former treasury secretary steven mnuchin says he is building an investor groupbuy tiktok. steven mnuchin told a tv channel that he had spoken to a bunch of people about buying the popular social media company. he however, did not offer details about who may be in the group. tiktok faces an uncertain future in america, the house of�*s passed a bill earlier this week that could ban the app in the us unless chinese owner bytedance sells its stake in the platform. a usjudge has ruled that chinese writer hailing giant dd must face a lawsuit claiming that it had defrauded investors. the cases centred on the $4.4 billion that dd raised during its initial public offering in america in investors allege that it concealed the chinese order to postpone its us listing. until it resolved security and privacy and concerns. shares of the company tumbled after china's cyberspace regulator acted against didi including banning it from registering new customers. diddy announced plans to delist in the us soon after. we've got some news just in an and new home prices in china have fa

. >>> and a $1 billion lifeline as steven mnuchin steps in for new york bancorp. >>> and boeing having issues are regulators over the door plug blowout. it's thursday, march 7th, 2024. you're watching "worldwide exchange" right here on cnbc. >>> good morning and welcome to "worldwide exchange." thank you for being with us. we get you ready for the trading day ahead. the major averaging snapped a three-day leez losing streak. this action in the pre-market after we heard from jay powell saying he continues to expect interest rates to come down this year, but not ready to say when yet. >> it will depend on the path of the economy. our focus is on maximum employment and price stability and the incoming data as you look at the outlook. >> we checkfor treasuries. we continue to watch yields throughout the hour. we are watching the energy market and oil with wti hovering close to $80 a barrel. tensions in the middle east continue to rise after the houthi missile attack yesterday that killed three on the cargo ship in the gulf of aden. take a look at the oil market. oil is moving lower down .7

and steven mnuchin is here with us at 8:00 a.m. eastern time. we will talk about that and so much more. "squawk box" is coming right back. >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart! this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo encore energy, america's clean energy company, now in production in south texas. energizing america with reliable and affordable uranium for nuclear energy fuel from our envir

. >>> and former treasury secretary steven mnuchin telling cnbc just last hour that he is putting togethern investor group to try to buy tiktok or the u.s. business of tiktok. >>> let's begin with the market reaction to ppi and retail sales as well. last month's decline, a little bit tight. >> as you mentioned, the market trying to look past it, struggling to do so, maybe. cpi this week, you had these big treasury auctions that maybe we thought it would knock the market potentially off course. now, there was a hiccup lower in the indexes, and bonds definitely are registering this hotter-than-expected inflation number. ten-year up to 4.22%. if this were an acutely fed-dependent stock market, it might matter more on a day-to-day basis to equities. it's not been the case. if you dial back to december, when we first got that fed pivot and everybody got excited about how soon the fed might cut because inflation was going to be friendlier and all the rest, to me, the argument was, at the time, good news on the economy can now be good news. it kind of doesn't matter when the fed cuts if they kind

steven mnuchin. lisa: 100%.meet it is who is coming in, why are they coming in, is this an indication of a policy shift that could create more value in some of these rent-controlled buildings? is it because steven mnuchin wants to reprise his reputation after issues before the financial crisis? it is now a personal intrigue story. jonathan: an amazing story we will talk about through this morning. we have an ecb rate decision later this morning. simon french expecting the ecb to be the first to cut rates in june and the fed to go later, writing "we have moved from being one of the hawkish on the street to now being comparatively dovish as the scenario comes into view. jay powell's testimony alongside yesterday's jolts data suggests ally remains the most likely for the first federal funds rate cuts." let's start with the fed and go to the ecb. why july for you? simon: july in terms of the testimony we got from jay powell in terms of loosening monetary policy in the second half of the year. you do not want to leav

treasury secretary steven mnuchin along with a group of investors plowed more than $1 billion into thef the currency and mnuchin's long-time ally held a news conference call with analysts this morning. key takeaways? the firm had $77.2 billion in deposits as of march 5th. that is down from $81.4 billion at year end. it's common -- its quarterly common dividend will now be slashed down to a penny, a penny a share from a nickel at the end of january. of course, they cut it to a nickel at the end of january because they found all a kinds of problems on the balance sheet. the influence fusion now -- influence -- infusion if creates a fortress balance sheet. joining us now, raymond james' banking director steve moss. he was on the call this morning. steve, when you look at the stock, i wouldn't exactly say the market is cheering this. let's call it a golf clap maybe. you were on the call. what struck you about what was said on this call? >> what struck me about the call was details were fairly limited. it would have been helpful if they provided additional disclosures around their portfolio

. >>> beijing is not giving up without a fight after former treasury secretary steven mnuchin is looking to buy tiktok from bytedance. >>> a rare showing of confidence for boeing from one major airline's ceo. his comments coming up in a cnbc exclusive. >>> later on, the stock that could replace tesla in the magnificent seven and why today may be the opportunity to get in at a discount price. >>> it is friday, march 15th, 2024. you are watching "worldwide exchange" here on cnbc. >>> good morning. welcome to "worldwide exchange." thank you for being with us on this friday morning. let's kickoff the hour with the check of the u.s. equity futures after the first down day for the dow on the last four on the back of the ppi. the dow implied higher by four points. s&p by three points. the nasdaq down by eight. very, very steady for the time being. >>> heading into the final trading day of the week, the major averages are holding on to thinner gains. .50% gain for the dow. s&p is in a similar move and the slight discounted gain for the nasdaq. you have to not so far for the nasdaq 100 overall on

community bank closed a deal to raise $1 billion from capital from a group of investors led by steven mnuchinone was reverence capital which committed one -- $200 billion. joining us is milton berlinski, the cofounder of reverence capital and sonali basak. let us set the scene and start to talk -- and talked about how the deal came together. did stephen call you or what was the initials first steps? milton: so, we were approached by the banker helping arrange this. we knew that stephen and i had a long relationship going back to goldman sachs to see if we would have an interest. we obviously did, for several reasons. one is that we recently merged into us a real estate group called pembroke road by -- run by larry combe who had a deep relationship with part of the bank, and knew a lot of the assets. so, we felt comfortable that we could assess the risk very quickly. and secondly we had been having a dialogue on the asset side with institution and so that was very helpful. and so we got the call from the bank and of course we were very happy to do that. katie: this deal was immediately in the

former secretary steven mnuchin says he is putting together a group to buy tiktok. he said it will cost a lot but he thinks he can make it happen. >> it is worth a lot of money, let me just say. i think the number one issue that needs to be solved is a technology transfer. and if we can figure out a way to solve that, which i think we can, then i think the price is some large amount of money up front and probably a big turnout because you are right. the business, in my understanding, does not make money today. >> does that include the rollover the current investing group into your group? >> i have spoken to some of the investing investors. and my guess is that you one. >> all right. let's get to emily wilkins in washington now for more. high, emily. >> reporter: hey, tyler. they want someone to buy tiktok. ideally an american group. minutia laid out some of the realities of this potential sale. he does think that china will be willing to sell as long as there is not this transfer of technology, and that means the app would basically need to be rebuilt in the u.s. al

staying with the us, former treasury secretary steven mnuchin says he is building an investor group totok. mnuchin told a tv channel that he had spoken "to a bunch of people" about buying the popular social media company. he however did not offer details about who may be in the group. tiktok faces an uncertain future in america. the house of representatives passed a bill earlier this week that could ban the app in the us, unless chinese owner bytedance sells its stake. a usjudge has ruled that chinese ride—hailing giant didi must face a lawsuit claiming that it had defrauded investors. the case is centred on the $4.4 billion that didi raised during its initial public offering in america in 2021. investors allege that didi concealed a chinese government order to postpone its us listing, until it resolved cybersecurity and privacy concerns. shares of the company tumbled after china's cyberspace regulator took action against didi, including banning it from registering new customers. didi announced plans to delist in the us months later. in the next few hours we'll hear how china's propert

lauren: former treasury secretary steven mnuchin, and i forgot all about him until yesterday with.nd two other investment firms are injecting a billion dollars into with new york community bank. what do they want to do? shore up confidence so depositors don't pull their money. they have. the bank said this morning it held total deposits of $77 billion. that's down 7% from a month earlier. the problem is that new york community bank corp. has huge exposure to commercial real estate like offices right here in new york city. in fact, steven mnuchin just said the biggest problem in their portfolio is their new york office loans. but what happened in 2019 here in the city in they capped rent increases. that killed -- stuart: there you go. >> good old democrat policy for you. lauren: you can't bring in more money, interest rates go up, all these office builds are sitting vacant because everybody's working from home, this is what happened. so the question is, is this idiosyncratic to maybe new york community bank and a few other, or there -- will there be contagion? stuart: we shall see.

sharing a high-profile media company is performing due diligence and former treasury secondary steven mnuchinll and then the social tech players, from the energy perspective they make the most sense with instagram and youtube amazon can present an interesting opportunity from a social commerce perspective that is how the chinese version makes money but all three players presented antitrust implications. >> i have concerns about too much concentration if this was acquired by another social media company i was really glad to see donald trump's treasury secondary steven mnuchin put out word that he was trying to put together a group of investors. >> unveiling the right price will be a challenge of value lies entirely in the algorithm the last time by dance was resident to relinquish and were hearing the ccp may want to block the deal, tiktok does not turn a profit and bytedance once a pretty penny maybe even tens or hundreds of billions of dollars but it may make sense from asset or revenue multiple perspective. when i worked on the investment side i evaluated more companies like snapchat and tw

joe biden has already said that he will sign the ban if he... and former us treasury secretary steven mnuchine is already gathering a group of investors. i think the bill should be passed and i think tiktok should be sold, this great business and i'm putting together a group to buy tiktok because it should be owned by an american business because under no circumstances would the chinese allow an american company to own something like this. in china, with a price of 100-200 billion dollars, there are not many companies that are able to buy out tiktok, theoretically, it could be alfabet or microsoft, but there is a high chance for them to encounter obstacles from regulatory authorities. the canadian parliament is discussing a bill to combat harmful information on the internet. authors of the document they propose introducing large fines and prison sentences up to life imprisonment for inciting hatred and persecuting people. on social networks, human rights activists point out that due to vague wording, christians who quote the bible may become victims of the new law, with details by elizaveta k

. >>> in the battle over a bill to potentially ban tick-tock, steven mnuchin just announced that he is interested in buying the app. right now, he is gathering a team of investors to try to make a bid. meantime, that bill is heading to the u.s. senate. >>> we hear a lot about car break-ins happening . when you step away, maybe you live something inside that is visible for someone to steal. now, oakland police say thieves are not waiting anymore. they are targeting parked cars with the drivers still inside. >> aria has lived in this highland park neighborhood all her life. she has always felt safe until she became a victim of a car theft in a smash and grab all within a month. she wanted to conceal her identity but talked to us about how the robbery unfolded. she says the thieves spotted her on east 14th street and followed her home. >> they slammed the brakes and turned left with me. i thought it was a little strange. i was not trying to think the worst of everyone. i thought, maybe they just missed a turn. >> as she made another left, so did the black sedan that was following her. thi

today former treasury secretary in the trump administration, steven mnuchin, says he wants to buy it.rstand the technology. it's a great business, and i'm going to put together a group to buy tiktok. >> you're trying to buy tiktok? >> i am because it should be owned by u.s. businesses. >> reporter: but that may not even be possible. >> let's say all of these things come together, and a sale is poised. the chinese government could very well stop it. it's unclear if the algorithm, you know, is something that could even be exported to another country. >> reporter: if tiktok is banned -- >> the way it would work is the app just wouldn't be updated. it would be removed from stores, and it would degrade over time. >> this is not just an attack on freedom of speech. this is an attack on small businesses. >> reporter: meanwhile the company's ceo is weighing every option. >> we will continue to do all we can, including exercising our legal rights to protect this amazing platform that we have built with you. >> and jo ling kent joins us now. there's so much to talk about. i mean this is so unpr

so how do you physically separate it is the question and by the way, if you're steven mnuchin, you might be trying to gather a bid for $100 is it worth $100 billion? if it doesn't have the secret >> sauce, right? if you can't >> actually pull the algorithm out, one of the other things being debated is, well, can you just move all the us data two datacenters that are overseen by a us companies. that's something they've already done. >> so oracle oversees all of >> the us data for tiktok and clearly it's just not enough, which is why we are going through this ban process. >> i just want to go >> through one thing that you had talked about, which is sort of the principles of the quid pro quo. >> i think to understand is that >> china blocking us apps that's because that is what their society is. communist party full control. we are a democracy we are open capitalistic society. we allow businesses in the us to accept capital from china. we allow chinese apps and for naps to flourish in our economy here, if we were to do this with tiktok, the question becomes, do we set a precedent that we wo

steven mnuchin has one, bobby cotick who sold activision to microsoft. i think the question is, and i had an interesting discussion with mark cuban about this recently, what do you buy precisely? the algorithm is not coming with this company. the chinese government would never let that happen. because the algorithm will actually if you could reverse engineer it prove possibly that there is problems with it or anything else. i don't know if there is. i know should there be allowed to have the opportunity. and what are you buying? you're buying 170 say u.s. users and a great brand and the algorithm isn't there and one of the magic of tiktok is the algorithm. the history that you have there. >> the thing that targets you. this past week, elon musk, who you cover in depth, posted this bill is about censorship and government control and far too broad. there have been concerns about foreign investors in x and twitter. what do you make of this argument from him? >> well, this is the guy who just fired someone for doing an interview. i don't know. i don't believ

steven mnuchin. okay. sure. why not? i mean, there'll be a lot of consortium's like him. he certainly led the efforts to try to ban tiktok in the early trump administration so he's he's making, hey, he's trying to make hay here. >> i >> think anyone who takes over has to have a tech background because the algorithm is not coming with this company, because the chinese government won't allow it. the algorithm is the magic sauce here and it also might have some revelations about what's happening on the platform. so it has to, it has to be some someone or a company that has broad tech ability and computing power and microsoft would be my choice for this oracle is working on project texas, right now, which is trying to deal with the committee on foreign relations. so there are possibility, but they have no background in this area. so i probably microsoft interesting when it comes to american owned big tech platforms, cara, you point out in your excellent new book. and i'm quoting you now a quarter century into the internet age, we've managed to pass exactly zero legislation to

>> i've open if steven mnuchin wants to call me. i'd love to talk with him about it.tok has been great. i don't want it banned but it could happen and if it does we're already planning accordingly. >> do you think it's a national security threat? probably thought about this maybe more than most americans? >> it starts to get outside the realm of what i do every day. i haven't seen evidence. not that i would, but i haven't seen testified is a national security threat. i think it is probably one of the biggest platforms for free speech i've ever seen happen. to me that is very important. probably -- the neem have been able to build careers and get their message out, i can hold up a phone right now and i have 10 million people that potentially could see what i have to say and it could -- so that is really important. >> what's the difference in your mind, between tiktok at platform versus instagram as platform, versus youtube shorts as a platform? how do you think about it? you said yourself, okay. i'm going diversify. what do each of the platforms bring you that is poten

great business, and i'm going to put together a group to buy tiktok, former treasury secretary steven mnuchin is among those gathering investors interested in the video sharing platform, which analysts say could fetch a price of more than $100 billion. >> if this order goes through, it's got to be sold. >> i'm going to put up my hand and say, i'll buy it, shark tank's kevin o'leary also throwing his hat in the ring, but many questions remain, chief among them will the senate even take up the house bill? >> while senators from both parties agree that tiktok poses a significant national security concern because of its chinese owner, senate majority leader chuck schumer has not yet indicated whether he'll take up the bill. tiktok ceo was on capitol hill yesterday. >> i haven't heard you know exactly what we've done that's wrong, he insists. >> tiktok keeps americans data on servers in the u.s, and says the bill that passed the house will hurt millions of people who make a living on the app. >> just passing the law. this is a ban on our app in this country. it's going to impact 170 million americ

treasury secretary wants to buy tiktok steven mnuchin says he'll form an investor group to buy the apppassed a bill that would ban tiktok in the u.s. this week if its current owner based in china doesn't sell its stake. there are concerns authorities in china could compel the apps parent company too, turn over data on american users spread pro-china propaganda and or suppress topics unfavorable to in china. >> nugent adds the app needs to be rebuilt in the u.s. and it needs to be u.s. technology. the social media company has no comment. >> as california grapples with a multibillion dollar deficit. state lawmakers met today to address potential solutions to help balance the hole. among those proposals, attacks on some health care services. eytan wallacelhas more from sacramento. >> dabbled in the assembly budget committee got straight to work as the state faces a multi-billion dollar budget deficit, a deficit, the non-partisan legislative analyst's office estimated 73 billion dollars much higher than governor gavin newsom's. more optimistic deficit projection at 38 billion dollars. but

former treasury secretary steven mnuchin telling cnbc he's planning to put together a team. >> it's notall that tiktok's parent company is even interested in selling. >> no, not at all. i mean, yes, the house yesterday did give byte dance an ultimatum, sell tiktok to an american interest or face a ban in the u.s., but as we've noted at the time there's little interest in the senate following up on that bill and tiktok is pretty sure it could fight the whole thing in court anyway. mnuchin's announcement today though does give tiktok and bytedance a date for this and it has a successful deal with new york community bank and here he is on cnbc. >> i understand the technology. it's a great business, and i'm going to put together a group to buy tiktok. >> you're trying to buy tiktok? >> i am because it should be owned by u.s. businesses. there's no way that the chinese would ever let a u.s. company like this in china. >> have you already put a group together? >> no. >> we have to talk price and the bank deal mnuchin put together was for $1 billion. tiktok is worth much more than that, 60 bil

steven mnuchin addressed this on "squawk box" yesterday when he was asked about, when he will, what do you do if you don't actually get the technology? >> they've blocked because they were not happy about the technology transfer, and i would have to convince them and the u.s. government that there was a way to do this. >> and that continues to be a key question. you know, there's been some talk about bobby kotick, as well, the former ceo of activision being involved. the sense i'm hearing is, sure, if there was something to do. he was involved the last time along with oracle and microsoft and walmart when they were thinking about what they could do as a ban seemed potentially possible and we got that executive order from then president trump to ban it. not right now. there's nothing, seemingly, you know, mnuchin may be out there, may be able to raise some money around it, but you got to actually have a deal that you can do, and so we'll keep a close eye on the senate and how quickly this bill moves. >> for sure. and it's so interesting because i can't get away from the idea that this i

. >> that bank was indy mac back during the financial crisis is of course steven mnuchin the former treasuryctors -- secretary is added again. have new management, a refreshed board. investor singling -- signaling they are ready. -- for that most of you are seeing today. up about 4% right now. credit quality has been a big concern since new york community bank recorded earnings at the end of january. for me treasury secretary mnuchin whose firm is leading net capital race says there will be problems >> we did extensive diligence on the large loan we will look at the reserves and make sure overtime and has the appropriate reserves and that can be done through a combination of capital earnings. we cut the dividend to a penny or share so we will retain almost all of our earnings and we think the asset side is very manageable. >> mnuchin added if they need to take more reserves in the future they have the capital based now. he also said he was working earned about the bank six mosher to office and he was to multi family and he believes will be bolstered by lower interest rates over the next. mik

we have already seen people like steven mnuchin come out and say i want to get a group of buyers to buyif this goes through. while that list of names may be short right now if this bill does get signed i can guarantee we will have folks across the board saying this is an incredibly valuable asset what can we do to put together a consortium so we can keep this moneymaking asset in the hands of americans. caroline: perfect person to be talking about all of this thank you so much. let's talk to the legal implications of any potential bad or divestment of tiktok. diniz greenberg at the electronic frontier foundation defensive liberties. was been interesting is the reticence from certain senators is we can't employ a leaf out of china's spoke with is to ban social media that we don't like is that something you are thinking about? david: i'm thinking about it quite a bit and i'm glad that senators are thinking about it as well. the u.s. without exception over the past 60 years has been a champion for the free flow of information around the world and we have chastise other governments when the

today, former treasury secretary in the trump administration steven mnuchin said he wants to buy it.derstand the technology. it's a great business. and i'm going to put together a group to buy tiktok. >> you're trying to buy tiktok? >> i am. because it should be on by a u.s. -- u.s. businesses. >> reporter: but that may not even be possible. >> let's say all of these things come together and a sale is poised. the chinese government could very well stop it. it's unclear if the algorithm, you know, is something that could even be exported to another country. >> reporter: if tiktok is banned? >> the way it would work is the app just wouldn't be updated. it would be removed from stores. and it would degrade over time. >> this is not just an attack on freedom of speech. this is an attack on small businesses. >> reporter: meanwhile, the company's ceo is weighing every option. >> we will continue to do all we can, including exercising our legal rights to protect this amazing platform that we have built with you. >> norah: and jo ling kent joins us now. there's so much to talk about. i mean,

treasury secretary steven mnuchin said he wants to put together a group to buy the app.ore groups are likely as few american companies could single handedly buy tiktok. it currently has an estimated value of anywhere from 100 to $250 billion, a staggering. >> a san francisco is opening its first ever career center inside city hall. mayor london breed announced today on x that san francisco's department of human resources is looking to streamline the city's hiring process. the office will provide services and resources monday through friday from 8 a.m. until 5 p.m. last year, a grand jury report said too many vacant positions were going unfilled because of the city's laborious hiring process. >> media agencies are continuing to take a stand against kensington palace tonight after it released a doctored photo of kate middleton over the weekend. the global news director of afp, a french international news agency, spoke on a podcast today about the ordeal. he said kensington palace is no longer a trusted source. afp is one of several outlets that killed the photo, which was

going to stay in the united states: the former treasury secretary in the trump administration steven mnuchin channel cnbc he's putting together a group of investors to try and buy tiktok. the chinese—owned social media app faces being shut down in the us unless it is sold off — under a bill passed by the house of representatives on wednesday. it's not clear when the bill will go before the senate — which still needs to pass it. i think the legislation should pass, and i think it should be sold. i understand the technology. it's a great business. and i'm going to put together a group to buy tiktok. you're trying to buy tiktok? i am. because this should be owned by us businesses. there's no way that the chinese would ever let a us company own something like this in china. i don't think this should be controlled by any of the big us tech companies. i think there could be antitrust issues on that. and this should be something that's independent. so we have a real competitor. and users love it. so it shouldn't be shut down. the technology — i won't go into all the details, but the app needs to be

so have steven mnuchin understanding all of that is really important.ays it's really changed since bob rubin was treasury secretary compared to now you need to have a lot of national security and foreign policy interest. no one person can have all the expertise you need to be treasury secretary today from markets to budgets, to regulation, the national security. knowing what you don't know is powerful. being able to speak with gravitas is powerful. david: goldman sachs is a recurring theme through your book. hank paulson, steve mnuchin, will we continue to have goldman sachs represented in the treasury secretary? abigail: -- saleha: there is this theory about government sacs, they promote -- produce the most. you can look to mario draghi and malcolm turnbull in australia respectively. there is pushback and that's led from elizabeth warren and the liberal wing of the democratic party saying we need to watch this revolving door and what that does in terms of groupthink and making sure there are a wide variety of ideologies that are brought to the treasury

former secretary of the treasury, steven mnuchin said he will put together a team to buy tiktok.e has not said who the investors would be. we have to talk about the scale, the size of tiktok. if bytedance were willing to sell, and that's a big if, the price would be well north of $60 billion, $80 billion. elon musk, the world's richest man had to borrow money to buy twitter for $44 billion. and then there was a ban being talked about in the u.s., and tiktok has nothing to fear at least right now. >>> other news right now, a former cnn news anchor said elon musk broke a deal. >> i thought the first person to interview, a no-brainer, elon musk, the man that calls himself a free speech absolutist. i asked him to do it and he willingly agreed to the interview, and i kept reiterating to him, i thought it was good for people to hear and see our exchange and they would learn from our conversation. >> lemon says his show will be available on youtube and using this kerfuffle to promote it. >>> speaking of fights, the musician neil young says he's coming back to spotify two years after he

we saw steven mnuchin talk about how he was seeking a group of investors to buy the app.at is the kind of deal that at the happening, what will these tiktok users think of that? as a former trump administration official, that is going to be seen as particularly disagreeable. finding the right buyer is going to be difficult. caroline: u.s. tech columnist, dave lee. we were talking about what creators are good to think, what consumers are going to think. let's get that view for you. amber venz box is with us of ltk. your clients, you work with the creators, no matter where they happen to be, to enable shopping and wear what they wear and see what they post. what do your content creators think of potentially having to pull back on tiktok? amber: this industry was created around 2011 so we are 14 years in. but we have seen is that history tells us these creators have a transferable skill set. we have seen a new plan from emerge every two years and these creators have been able to expand their audience. new creators have been born. this reinforces the importance of having a ho

be confirmed rid -- injection was -- as the company of former treasury secretary steven mnuchin.join the company's board along with the former comptroller of the currency who is being named the new ceo. on the head of the u.s. securities and gary gensler says banks need to be truthful with the public and investors. we asked about the troubles facing commercial real estate lender new york community bancorp and whether he sees wider risks. >> i think your viewers would understand that i am not going to comment on anyone register on our filer, but many banks are public companies. those banks need to make sure that they make full, fair and truthful disclosures to the public so that the public can make their investment decisions. i know we are going to talk about climate, but it turns out it's connected. they need to make those disclosures that investors take investment decisions on, and make sure they have proper decisions to make those proper disclosures. but i don't have anything more on this one bank. >> just broadly, you are not concerned about systemic risks that might emanate f

again, if steven mnuchin purchases tiktok and there is a change in the administration, all bets are offbetting on meta-now? ann: i would not. they have had the benefit of being rewarded for their cost-cutting. tiktok, if anything happens it will take a long time and we need to see what will happen in the world of vr when it comes to their future performance. ann: thank you for going all around the technology universe with us. coming up, we will talk with sean gray, who says real estate vices have bottomed and it is time to act. stick with us. that's next. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price, we ask smart questions about opportunities like advances in healthcare and how th

greg: we will see how much money steven mnuchin has.'m not sure he has enough money to buy tiktok. maybe john has enough money to buy tiktok. i would say that would be a heavy lift. i do not think mnuchin alone can do it. he will have to put together a consortium. suddenly the idea of buying tiktok is on the table. jonathan: if i can put together some money there is a club in the north of italy i want to buy, never mind tiktok. i think tiktok has been smart about how they have dealt with this. they always frame it as a potential ban. they do not even entertain the other part of the bill that talks about a sale. they know how that will play. a lot of americans do not like the idea of something being banned, vertically if it is a place where they can express themselves freely. then they talk about how this will hurt business and individuals livelihood. that will start to play well. china is very good. china is very good at playing the game in the west in the united states. we will explore everything legally and they will. then they start

. >>> beijing is not giving up without a fight after former treasury secretary steven mnuchin is lookingo buy tiktok from bytedance. >>> a rare showing o

one name has appeared — steven mnuchin — who served as secretary of the us treasury under donald trumptedance has not indicated any intention of selling the app. joining me now is taylor lorenz, a technology columnist for the washington post. the plot thickens, doesn't it? we talk about whether it could face a ban, it has six months to sell it off, tiktok say it is not for sale. what happens next? we off, tiktok say it is not for sale. what happens next?— off, tiktok say it is not for sale. what happens next? we must see whether this _ what happens next? we must see whether this makes _ what happens next? we must see whether this makes it _ what happens next? we must see whether this makes it through - what happens next? we must see whether this makes it through the j whether this makes it through the senate. there are significant issues with this bill, notjust the issue around the fact it does not protect american user data from china. and also lots of significant free speech concerns as well. we have never banned a major social media this would be an unprecedented move for congress.

the lender confirmed that report and said the capital injection was led by steven mnuchin's firm. on the scoop and i want to bring in sally who leads our coverage. does this fix all of the problems for this lender? sally: word on the street was this bank would have to raise capital. it could do asset sales but that probably would not help enough and it had to cut its dividend and provisions to cover loans and also just last week, it said to have material weakness in loan oversight which triggered fears of other issues down the line and higher costs. lo and behold, we learn donald trump treasury secretary is reading a group of investors and injecting more than $1 billion into the bank in a deal that gives it control of the letter because he becomes is chairman. he becomes the ceo and broadly, the reaction has been fairly positive in the share price and analysts are saying this should quell the systemic concerns around nyc be and needs concerns about its capital levels and its management capabilities. liberty is an investor. capital partners, suited all global equities and equities

connection with the deal, the company will add four new directors to the board of the bank including steven mnuchin, former controller of the currency joseph auding and become the ceo. even if sharing gain 15% yesterday and two-day picture and "claman countdown" warning for days that the biggest issue, exposure to troubled commercial real estate lows could trigger the confidence crisis and the positives as well and clearly it's the bank understood that and may have started seeing that erosion and hit the phones and got some of this cash infusion on the books and they are announcing it now. the stock is flat. it is not getting a big bump here. other regional banks are falling in sympathy and nowhere near as much as community bank was earlier and metropolitan and fulton county bank both down and trying to punch into positive territory and news breaking of interesting timing and federal reserve chair jay powell testified before the house financial services committee un-aware at the moment of the stomach churning drop in the stock and bank may be fayettevilles a problem more anticipated and shutting do

ambassador to china speaking with our chief north asia correspondent yuri steven mnuchin is targeting a purchase of tiktok from its chinese parent company a day after house lawmakers passed a bipartisan bill that would ban the social media app from the u.s.. the former u.s. treasury secretary told cnbc he has spoken to potential co-investors about acquiring tiktok but declined to give specifics. >> coming up, analysis on japan's labor market with recruitment firm michael page. we discuss how ongoing wage negotiations could impact the appetite for employment later this hour. first, oil prices in focus after the international energy agency warns of a supply deficit throughout the year. that's next. and this is bloomberg. ♪ the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. when you automate sales tax with avalara, you don't have to worry about things like changing ta

the benefits from the $1 billion capital infusion that it got, led by former treasury secretary steven mnuchinbank will sell consumer loans nearly $900 million and add a collapsed listlender signature bank into reporting for the first quarter. the stock is down 63% year-to-date, john. this morning it's trading up, $3.77 a share. >> i'm going look at this from a broader perspective. dennis is right, you're right, maria, there is a lot of liquidity sloshing around. that's how we could come up with the money to provide a rescue package of sorts for the new york community bank and it's all this liquidity that tells me there is no sense of your screen of urgencyabout the need for a e cut. who knows when the fed will you cut rates. the fed won't cut rates i think until the u.s. economy slows considerably, until growth is stk at 1 at1 and-a-half percente unemployment rate is 4% and until we see jobs creation dropping to fewer than 150,000 jobs per month. i'm going to add one thing that doesn't get much mention of. right now, we have very strong conditions in the corporate credit market. the junk bond

the former trump treasury secretary steven mnuchin who thought this scrooge mcduck photo op with thisaudi prince, that guy is the one eager to scoop up tiktok which is the least surprising thing ever and he doesn't tell us exactly what will be part of the consortium, but i am sure the current tiktok investor and current billionaire donor who just so happen to set down recently with the trump a few weeks ago will probably want a piece of the action and if past is prologue, it looks like these folks are looking to do to tiktok what elon musk did to twitter and murdoch did to creating fox and rush limbaugh did a talk radio. joining me now is the former labor secretary of the clinton administration and a professor of public policy. robert, i am glad you are available because you were a person as cynical as i was and you are in my thoughts on your social media feed because as soon as i saw the vote came through to make tiktok sale, sell it to which billionaire and what you make of that? >> this is really a billionaires ball they are having over tiktok and you really do have to ask yourself

than a billion dollars in exchange for equity, the cash infusion is led by treasury secretary steven mnuchinic capital investment firm. the stock has fallen out of bed is down 66% year to date now is $3.59 a share. with the rally yesterday of 7.5% on the one billion-dollar news, your reaction. >> at the end of the day, the regulators let them by signature. they blessed them and they said will give you time to get everything in order and the regulators came and said you don't have enough in your long-lost reserves. the loan-loss reserves are unallocated which means they can point to projects that have expected losses on so a big shock, they scared everybody, the whole procedure the filing is not out it scared everybody, the shorts own the stock they were killing it was down to one and a half yesterday before the announcement. maria: exactly i'm wondering if this is an indication of more stress in the banking sector. ucr exar scott richler said, he is predicting 500 or more banks will fail or be consolidated in the next two years and regional banks will face a slow moving train wreck on commer

former donald trump treasury steven mnuchin has announced he is organizing a group of investors to buycomes after the house voted to ban on the app in the u.s. unless it cuts ties with its chinese owned parent company. they did not say who might be in that investor group. in japan a higher -- a high court ruled that denying same-sex marriage is unconstitutional. the court has no power to overturn existing laws but it urged the government to do so. crowds in tokyo cheered and hailed the decision as a step towards equality but plaintiffs called it only a partial victory. >> i still think that we are so far behind other countries. we cannot be compared to them. it feels like japan is the only country that is not changing. though our society is changing, japan alone has not changed at all. amna: japan is the only member of the g-7 industrial democracies that does not have legal protections for same-sex unions. the elon musk company spacex reached a kind of milestone with the third test of its giant starship rocket but luck did not last. the unmanned spacecraft blasted off from texas and ha

and a former treasury secretary steven mnuchin says he is pulling together a group of investors to buy tiktok. >> coming up here on kron, 4 news at noon, some east bay kids are leveling up their video game development skills and work. now in marvel's latest spiderman game. we're on the nonprofit to help them do it all. and march is women's history month and trump for celebrating the bay area's remarkable women. coming up, a story about a local trailblazer helping local trailblazer helping unde ♪ from the mountains to the coast... ♪ ♪ heatin' up the kitchen ♪ ♪ we got somethin different ♪ ♪ spreadin' good vibes all day ♪ ♪ todos a la mesa ♪ ♪ que buena la mezcla ♪ ♪ it don't get no better ♪ ♪ livin' in the golden state ♪ ♪ lovin' this land everyday ♪ ♪ norte a sur lo puedes ver ♪ ♪ nada se puede comparar ♪ ♪ livin' in the golden state ♪ ♪ vive en el estado dorado...yeah ♪ celebrate women's history month by spotlighting the bay area's remarkable women. >> police said thibodeau works to help underserved seniors in san francisco. how was philippe djegal has the story? >> being good. really

former treasury secretary steven mnuchin leading that investment telling "squawk on the street" thisreached out to nycb after the company's fateful 4 q earnings that triggered what's been a five week long spiral. mnuchin said the perceived risks around the loan book, noting whatever issues are still in there, they will be able to work through them over the next few years. >> we like the multifamily business, so there's a time to work through this. i will just say, look, probably the biggest problem in the portfolio is the new york office. there's about $3.5 billion of office. with we'll looked at $2.5 billion of the $3.5 billion and taken into account what we think needs to be done. i would say the office portfolio is the one that, you know, we will work out of the quickest. >> on the other side of the balance sheet nycb said in a presentation its deposits dipped about 7% in the month through tuesday to $77 billion. on an earlier conference call nycb executives said yesterday's headlines that nycb was seeking a capital raise that sent the stock plummeting. those headlines had custome

so trump's last treasury secretary steven mnuchin, a former goldman sachs executive, extraordinary wealthyross and we know trump prioritizes money and the people he likes to surround himself with. tell us more what we know about paulsen if that was a potential pick and who else touch might be looking at? >> wealthy, worth more than $4 billion and has been a big trump supporter. hosted this fund-raiser a couple months ago, another one already on the calendar. expect to see the people trump is looking at are also people attending, hosting and writing big checks for these fund-raisers. this is something trump is looking closely at. he's also looking at other folks to be treasury. this will be a key post. other big finance names, jeff yass, noticeably a big investor in tiktok, another wall street name and familiar name bob lighthizer, key trade officer for the trump administration. >> and trump met yas suddenly flipping on whether tiktok should be banned. talk about the social security and medicare issue here. facts are an inconvenient thing for donald trump as the biden campaign points out. p

. >> former treasury secretary steven mnuchin and shark tank's kevin o'leary both say they're interestedit's coming just days after the house passed a bill that could ban the app. here in the u.s. >> number four target is changing their self checkout policy. now you can only be in that line if you have ten or fewer items. these express self checkout lanes begin operating sunday at thousands of stores across the country. >> number five wind advisory remains in effect until 11:00. north winds 20 to 30 miles an hour with gusts to over 55. in the hills. >> and number six, a live look at our richmond-san rafael bridge camera. and look at that. hardly any cars out there on the road this morning. really light traffic. what we see on fridays. we'll keep monitoring it for you throughout the morning. >> and number seven taylor swifts eras tour movie is now available on disney. it includes four extra songs that were not available in the theatrical or the home video releases. disney is the parent company of abc seven, a swarm of thousands of bees forced play to be suspended at the indian wells open

a potential buyer and he used to work in the trump administration, former treasury secretary steven mnuchin, telling cnbc today, he is assembling a group of investors i've spoken to a bunch of people, but who will be part of your group? i can't tell that to you now, but it would be would be a combination of investors. so there would be no one investor that controlled this. and the issue is all about the technology. this needs to be controlled by us. >> let me ask you a very proud. >> now, yesterday, the house passed the bill to ban tiktok unless it is sold by a big bipartisan majority, 352 to 60 five again, we're watching the senate and president biden and cnn's matt egan is tracking this story for us. all right, matt, tell us about this deal that steve mnuchin is trying to do and, you know, he may want to buy. but bytedance, the parent company of tiktok, would have to want to sell. is that a reality >> beyond that, this was a bit of a shocker, right? mnuchin coming out saying he's trying to assemble a team of investors to buy tiktok. but as you note, no one said tiktok is actually for sale