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Trump Says He’s Prepared for Fight Over Cook’s Ouster From Fed Aug 26, 2025

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Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.
President Donald Trump said he was prepared for a legal fight with Federal Reserve Governor Lisa Cook after he moved to oust her from her post following allegations that she falsified mortgage documents.
The Fed, weighing in for the first time this week, said it would abide by any court decision in Cook’s legal challenge of her dismissal by Trump. A Fed spokesperson added the central bank has deferred any decision on Cook’s current working status, and noted there is no official business before the Fed board this week.
“Lisa Cook has indicated through her personal attorney that she will promptly challenge this action in court and seek a judicial decision that would confirm her ability to continue to fulfill her responsibilities as a Senate-confirmed member of the Board of Governors of the Federal Reserve System,” the Fed said in a statement.
Trump, speaking at a Cabinet meeting on Tuesday, said he was also prepared to abide by any court decision, but indicated he was not concerned about Cook’s challenge.
Today's show features:

Kathryn Judge, Harvey J. Goldschmid Professor of Law at Columbia Law School, on the legal battle between the White House and the Federal Reserve
Bloomberg News Equities Reporter Bailey Lipschultz on the Tuesday trade
Que Nguyen, Partner and Chief Investment Officer, Equity Strategies at Research Affiliates on markets and investing in Big Tech, as well as the Federal Reserve
Bloomberg Intelligence Senior Defense Analyst Wayne Sanders on US Commerce Secretary Howard Lutnick suggesting that the US government is looking at the defense sector for potential stakes in companies

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Musk Sues Apple, OpenAI, Saying They Hurt AI Competition Aug 25, 2025

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Elon Musk accused Apple Inc. and OpenAI in a lawsuit of unfairly favoring the artificial intelligence company across iPhones and thwarting competition for other chatbot makers.

Musk’s X and xAI seek billions of dollars in damages in the suit filed Monday in federal court in Fort Worth, Texas, arguing that Apple’s decision to integrate OpenAI into the iPhone’s operating system inhibits rivalry and innovation within the AI industry and harms consumers by depriving them of choice.

The billionaire founder of xAI Holdings, which now houses the Grok AI team and X social network, said Apple makes it impossible for anyone other than OpenAI’s ChatGPT to reach the top of the App Store charts, a sought-after global spotlight for app developers.

The case sets up a high-stakes court showdown between the richest person on the planet and one of the world’s most valuable companies.

Apple and OpenAI — whose ChatGPT service is the most-downloaded free iPhone app in the US — have a partnership around AI built into the latest iPhones. Musk, 54, has a long-running feud with OpenAI Chief Executive Officer Sam Altman, which dates back to disagreements that led to their split after the two founded OpenAI together a decade ago.

Today's show features:
- Bloomberg News Legal Reporter Madlin Mekelburg on Elon Musk suing Apple and OpenAI over what he sees as threats to AI competition
- Jennifer Lee, Senior Economist and Managing Director of Economics at BMO Capital Markets, on the big week of economic data ahead
- Bloomberg News Chief Correspondent for Global Aviation Siddharth Phillp on Boeing and union leaders returning to the bargaining table
- Christina Cassotis, Chief Executive Officer of the Pittsburgh International Airport, on the upcoming opening of her airport’s new terminal and preparing for the Labor Day weekend travel rush

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ICYMI: US New-Home Sales Exceed Forecast Following Upward Revision Aug 25, 2025

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Sales of new US homes exceeded forecasts in July after an upward revision to the prior month, as prices eased and heavy incentives enticed more buyers off the fence. Contract signings on new single-family homes ticked down to a 652,000 annualized rate, with the strongest demand in the West, according to a government report issued Monday. The median estimate in a Bloomberg survey of economists was a 630,000 pace.
Katie Hubbard, Executive Vice President of Capital Markets at Walton Global, breaks down the American real estate landscape as market participants await the Federal Reserve's next interest rate decision in September. Katie speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

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ICYMI: Webtoon Expands Reach With Disney Pact Aug 25, 2025

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Webtoon Entertainment is a leading global entertainment company and home to some of the world's largest storytelling platforms. As the global leader and pioneer of the mobile webcomic format, Webtoon Entertainment has transformed comics and visual storytelling for fans and creators. The firm also saw shares soar last week after announcing a deal with Walt Disney to bring about 100 series to its English-language app, and forecasting revenue for the third quarter that beat the average analyst estimate.

David Lee, the CFO and COO of Webtoon, discusses company's banner deal and continued pushed into mainstream digital media. David speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

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Bloomberg Businessweek Weekend - August 23rd, 2025 Aug 23, 2025

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."

Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.

Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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US Takes Nearly 10% Stake in Intel, Clinching Unorthodox Deal Aug 22, 2025

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Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump met with Intel Corp. Chief Executive Officer Lip-Bu Tan at the White House to finalize a deal giving the US government a nearly 10% equity stake in the beleaguered chipmaker.

Under the Friday agreement, the US will receive 433,323,000 shares of common stock — representing 9.9% of the fully diluted common shares in Intel — with the government pledging to release nearly $8.87 billion in funding under the Chips and Science Act, people familiar with the terms said, speaking on condition of anonymity to outline the deal before it was formally unveiled.

That represents the remaining Chips Act funding that was awarded but not yet distributed to Intel, they said. The shares are non-voting and there is no board seat for the US government, according to the people. Tan was at the Commerce Department building on Friday finalizing the deal.

The US taking partial ownership marks a stunning level of intervention in an American company, cutting against the principles of free-market capitalism that investors and policymakers have long considered sacrosanct except in the most extraordinary situations such as war or a systemic economic crisis.

Today's show features:
- Bloomberg News Economic Statecraft Reporter Joe Deaux on the US officially taking a nearly 10% stake in Intel
- Bloomberg TV Radio International Economics and Policy Correspondent Mike McKee on his takeaways from at the Jackson Hole Economic Symposium and Bloomberg Economics US and Canada Economist Stuart Paul on Canada plan remove retaliatory tariffs on US products
- Emily Green, Head of Private Wealth Management at Ellevest, on Friday's market rally
- Tejpaul Bhatia, CEO of Axiom, on the business of space travel and the company’s role in an upcoming launch of a data server to the International Space Station

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Instant Reaction: Jay Powell's Jackson Hole Speech Aug 22, 2025

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Bloomberg's Tom Keene, Lisa Abramowicz and Michael McKee discuss remarks from Fed Chair Jay Powell following his speech at the Jackson Hole Symposium on a special edition of Bloomberg Surveillance.
They speak with:

Jim Bullard, Former St. Louis Fed President
Kate Moore, Citi Wealth CIO
Rich Clarida, Former Fed Vice Chair
Federal Reserve Chair Jerome Powell carefully opened the door to an interest-rate cut in September, pointing to rising risks for the labor market even as worries over inflation remain.“The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance,” Powell said in remarks prepared for the Fed’s annual conference in Jackson Hole, Wyoming on Friday. “Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
Following Powell’s remarks investors boosted bets that the Federal Open Market Committee would cut rates at their Sept. 16-17 meeting.

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ICYMI: Big Ideas on Display in Fast-Growing Big Apple Suburb Aug 22, 2025

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At a time when cities across the country are struggling to meet urgent housing demand, New Rochelle, New York is touting a replicable model that is garnering national attention. Through what local leadership calls the “New Rochelle Model,” the city has taken a proactive approach to development by streamlining approvals, utilizing public-private partnerships, offering targeted tax incentives, and implementing a form-based zoning code. Over the past decade, New Rochelle has added over 4,500 new housing units with an additional 6,500 units in the pipeline. That equates to a 37% increase in New Rochelle's apartment supply, all while rents fell 2% from 2020 to 2023, making it a regional standout among its Westchester peers and New York City.
Mayor Yadira Ramos-Herbert discusses her city's standout progress on housing affordability, helping it achieve in an area where many other municipalities are falling behind. Mayor Ramos-Herbert speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

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Stock Slip Before Powell as Yields Rise Aug 21, 2025

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Caution prevailed on Wall Street ahead of Jerome Powell’s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts.
The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%. Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn’t support easing if officials had to decide tomorrow. The S&P 500 slipped for a fifth straight day, its longest slide since January. Most big techs slid. Walmart Inc. tumbled on a profit miss.
While data showed an increase in jobless claims — adding to signs of a slowing labor market — the solid factory purchasing managers index saw traders reducing their bets on rate cuts. Money markets showed a roughly 70% chance of a reduction in September. A week ago the odds were above 90%.
Today's show features:

Bloomberg Surveillance Co-Host Tom Keene on the opening of the 2025 Jackson Hole Economic Symposium
Alli McCartney, Managing Director of Wealth Management with Alignment Partners at UBS, on the market outlook for the rest of 2025 amid geopolitical uncertainty
Oliver Friesen, CEO at Guardian Metal Resources, the global critical-mineral supply chain
Bloomberg Intelligence Senior Retail Staples & Packaged Food Analyst Jennifer Bartashus and Bloomberg News Consumer Reporter Jeannette Neumann on some of the week’s key retail earnings and the state of the American consumer

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ICYMI: New York Sports Legend Goes From Ice to Geothermal Aug 21, 2025

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New York-based Brightcore Energy is an energy efficiency company working to lower buildings' operating costs through new technology, with a particular expertise in geothermal heating and cooling in dense urban environments. Brightcore's solutions, ranging from geothermal HVAC to efficient lighting to solar energy, help to lower a building's energy use, providing improved net operating income through reduced costs. In addition to design and installation, Brightcore Energy helps partners realize maximum return-on-investment on these projects through strategic planning and in some cases, financial guidance, helping clients access incentives at the national, state, and local levels.

Mike Richter, a former three-time NHL All-Star and 1994 Stanley Cup Champion with the New York Rangers, now serves as Brightcore's president. He speaks with Tim Stenovec, Emily Graffeo and Will Wade on Bloomberg Businessweek Daily.

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