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How Israel’s War in Gaza Is Hurting Its Own Economy Jan 23, 2024

Show notes

Over the last few decades, Israel has transformed itself from a relatively poor agrarian economy to a global startup haven. Its per capita GDP now exceeds that of France, the UK and Japan. But with Hamas’ attack on Israel – which killed 1,200 people and claimed more than 200 hostages – and Israel’s subsequent invasion of Gaza, that economic trajectory could be at risk.

Some 360,000 Israeli reservists were called to serve in the military in the days that followed October 7th, destabilizing Israel’s workforce, while economic growth is forecast to have plummeted in the last quarter of 2023. And as Israel continues its invasion of Gaza – a war that has already claimed the lives of more than 25,000 Palestinians, according to Hamas officials – Israel’s military spending is expected to balloon. The country’s just-released 2024 budget calls for $19 billion in war-related expenditures.

On today’s Big Take podcast, Israelis involved in building the country’s vibrant start-up ecosystem share their stories of how the aftermath of October 7th has impacted their employees and the community’s operations – and Bloomberg’s Galit Altstein walks us through what it could all mean for Israel’s economic future.

This episode was produced by: David Fox
Senior Producers: Naomi Shavin and Gilda Di Carli
Editors: Caitlin Kenney and Jordan Fabian
Executive Producer: Sage Bauman
Sound Design/Engineer: Blake Maples and Alex Sugiura
Fact-checker: Adriana Tapia
Special thanks to Galit Altstein and Israel bureau chief Ethan Bronner for the reporting that inspired this episode.

Have questions or comments for the team? Reach us at bigtake@bloomberg.net.

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Big Take DC: Wall Street Is Running Out of Time to Influence the GOP Nomination Jan 19, 2024

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Today, we’re sharing the newest episode from our collaborators over at the Big Take DC. They look at why Wall Street donors are waiting to weigh in on the GOP primary. Make sure you subscribe to the Big Take DC feed so you can get episodes like these every Thursday. Just look up Big Take DC, available wherever you listen to podcasts — And while you’re there, check out their reporting from the Iowa caucuses earlier this week.

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The biggest individual donors have been notably absent in the GOP primaries: Wall Street investors.

So far, big investors haven’t opened their wallets for Republican frontrunner and former President Donald Trump. But they haven’t rallied around any of his challengers, either. In fact, they’re just as fatigued by the options as everyday American voters, many of whom grimace at the thought of a rematch between Trump and President Joe Biden.

Bloomberg’s Saleha Mohsin talks with Kyle Bass, who is plugged into the world of political money and is close with major donors, and Bloomberg politics editor Laura Davison about what investors want out of the 2024 election, the impact of their donations and what their hesitancy means for this consequential election.
Corrects to remove reference to billionaire in podcast and third paragraph.

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Odd Lots: US Oil Is Booming and It's Upending Global Markets Jan 18, 2024

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We here at The Big Take are big fans of our colleagues and friends over at the Odd Lots podcast, hosted by Joe Weisenthal and Tracy Alloway. Please enjoy this episode, and hop on over to subscribe to their feed if you like what you hear!

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In the early 2010s, US shale players were producing oil like crazy, with no concerns about profitability. Then the legs were kicked out from the industry, causing a massive bust and massive oversupply. In 2021 and 2022, it looked like a very different story. Oil prices were surging and it seemed as though US players had found religion, learning how to maintain production discipline and improve profitability. But now we're in a new era that nobody saw coming: US oil production is booming. In in fact, it's at a record high. What's more, industry participants are actually making money at the same time. So how did they do it? And how did the prognosticators get things wrong? On this episode of the podcast, we speak with Bloomberg Opinion columnist and commodity specialist Javier Blas. We discuss the state of US supply and what it means for OPEC. We also talk about the rising tension in the Red Sea, as well as his reporting on the rise of electronic electricity trading in the European market.

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TikTok Made Me Buy It: Inside TikTok Shop Jan 17, 2024

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Last year, TikTok Shop officially launched in the US. It’s the latest commercial venture from ByteDance Ltd., the parent company that owns the social media app. By creating its own marketplace — where users can find and buy products without leaving the app — TikTok hopes to compete with giants like Amazon. And TikTok is not being shy about its ambitions: according to Bloomberg’s reporting, it aims to grow the size of its US e-commerce business to $17.5 billion this year.

Small vendors like Scott McIntosh have been invited to TikTok Shop and encouraged to start live streaming their products, a tactic that has proven wildly popular in Southeast Asian TikTok Shop markets. Although skeptical of TikTok as a sales platform at first, McIntosh is now a believer. Will TikTok be able to win over the rest of the American e-commerce market?

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How Victor Wembanyama Could Become a Billionaire by Age 33 Jan 16, 2024

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At over seven feet tall with an eight-foot wingspan, 20-year-old Victor Wembanyama is not your average NBA rookie. As a center on the San Antonio Spurs, Wembanyama’s fluidity and defensive prowess are already on full display. But his game isn’t the only thing that sets Wemby, as his fans call him, apart. Bloomberg’s sports business reporter Randall Williams crunched the numbers, and found that Wembanyama is on track to earn $1 billion from basketball contracts by the time he’s 33. It would make him the first professional basketball player to reach billionaire status just from playing the game.

As Wembanyama considers new brand partnerships and the NBA negotiates new media deals, he could make his billion even sooner – unless an injury sets him back. With rare skills and this rare opportunity, Wemby just might make basketball history.

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In Taiwan, Flight Plans for China Conflict Jan 15, 2024

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Taiwan’s politics have long been defined by tensions with China, which claims the island as its own. Over the past several years, China has stepped up military exercises and Taiwanese leaders have responded by asserting the island’s self-rule — a tension that shows little sign of easing with the weekend’s election of current vice president Lai Ching-te to the presidency.

Across Taiwan, individuals are formulating their own responses to the specter of conflict. Our previous Big Take episode showed one young military veteran’s determination to defend Taiwan set him on a tragic course to Ukraine. In this episode, Bloomberg reporters Wan Chien-Hua and Yang Yang explore those who are plotting flights to safety. Some attend civil defense fairs, which teach where to shelter and drill kids on five ways to protect from missile strikes (plug ears; open mouth). Others accumulate passports to foreign countries that may promise more peaceful lives.

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The World Faces a $270 Billion Traffic Jam in Panama Jan 12, 2024

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The Panama Canal moves roughly $270 billion dollars worth of cargo annually – it’s the trade route taken by 40% of all US container traffic alone. But the crucial waterway is contending with a crippling drought, worsened by climate change and infrastructure constraints. Water levels are so low that the Panama Canal Authority is restricting the number of ships that can pass through each day. As the line gets longer, shippers are paying to jump the line, or resorting to workarounds.

Bloomberg reporter Peter Millard traveled to Panama to understand how the drought is snarling global shipping and impacting locals. Millard joined the Big Take podcast to share what could solve the canal’s water level issues: from the experimental ideas, to the politically fraught choice to build a new reservoir and flood neighboring lands. There are no easy fixes. But with a traffic jam this big, getting the canal flowing again is becoming more urgent.

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Introducing Big Take DC: Iowa Governor Says DeSantis Can Still Pull Off Caucus Win Jan 11, 2024

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Iowa Governor Kim Reynolds gives an exclusive interview to Big Take DC just days before her state kicks off the 2024 presidential cycle. After months of debates and polling, the Iowa caucuses will be the nation's first state-level contest for the next Republican presidential nominee.
Bloomberg’s Saleha Mohsin talks with Reynolds about why Ron DeSantis has her vote, and what she’ll do if Donald Trump becomes the party’s nominee.
This interview has been condensed for clarity.

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The Taiwanese Soldier Who Lost His Life to Defend Ukraine Jan 11, 2024

Show notes

Watching footage of Russian attacks on Ukraine, Jonathan Tseng thought: That could happen here, too.

So from his home in Taiwan, Jonathan — Tseng Sheng-Guang in Chinese — resolved to take up arms against Russia. He left his wife, son and his beseeching mother in June 2022 to join the ranks of foreign fighters in Ukraine. His decision mirrored his own fears about unwelcome aggression on Taiwan, should China move beyond decades of warnings and threats, and into open conflict, against the island it claims as its own.

Bloomberg reporter Yang Yang spent several months looking for and talking to Jonathan’s family, friends and fellow soldiers in Ukraine, in order to understand more about what drove a young Taiwanese man to battle a neighboring aggressor, and what happened to him there.

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The 2024 Elections That Will Shape the Global Economy Jan 10, 2024

Show notes

Elections this year will determine the leadership of 40% of the world’s population, spanning the United States, to Taiwan, to Mexico, to Senegal. On today’s Big Take podcast: What democracy’s big test means for the economy.

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