Apple Overhaul, US to Release 40M Barrels From Reserve, More
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What is the main topic discussed in this episode?
Every
episode
of Planet
Money begins
with a question. Can we help people rise out of poverty by improving the neighborhood where they live? What would you build on a piece of land when all the normal rules go out the window?
What do robot chefs mean for the restaurant industry?
Planet Money helps you find answers by going to places, watching people, and sometimes robots, at work, and asking questions. Listen to Planet Money on the NPR app or wherever you get your podcasts.
news when you want it with Bloomberg News Now. I'm Amy Morris.
How is Apple’s new CEO planning to make the company leaner and grow revenue?
Apple's new CEO is moving to overhaul the company to run faster and leaner. CEO John Ternes has discussed his plans to rely less on spring and fall product releases and find ways to generate more money from existing products. He's also planning to eliminate some middle management positions and reduce some teams as he seeks new sources of revenue. Apple shares now more than two percent lower.
Why is the U.S. releasing 40 million barrels from the Strategic Petroleum Reserve?
The U.S. says it will release up to 40 million barrels from the Strategic Petroleum Reserve, pushing that reserve down to its lowest level since 1982. WTI now at $90 a barrel and Brent Crude is just approaching $104 a barrel. but that did not sway concerns from Wall Street about higher inflation and possible Fed rate hikes. at 4.93 percent. The 30-year Treasury yield at 5.61 percent. Edward Yardeni, president at Yardeni Research, says bond yields could go even higher and that there's good news and bad news.
The good and the bad news is that the repricing in the bond markets are occurring pretty rapidly. That hurts in the short term, but to the extent that we get to where the terminal rate is for the bond yield, that will be helpful.
Edward Yardeni was on Bloomberg surveillance. Consumer confidence in the U.S. fell in September to the lowest level since 2014 as pessimism grew about the economy and the labor market. The conference board's gauge of confidence decreased 6.7 points to 81.9 after a downward revision to the prior month. The median estimate in a Bloomberg survey of economists was 89. An indicator of present conditions dropped nearly 8 points and a measure of expectations for the next six months also fell. And job openings fell in August, suggesting employers are more cautious about expanding their workforces toward the end of the summer while layoffs are still low. The Bureau of Labor Statistics data show available positions fell to 7.1 million from 7.3 million in July.
Fed Governor Michael Barr repeated a warning that further interest rate increases will likely be needed to slow inflation, adding that inflation remains far off the central bank's target.
How are AI risks and rapid growth reshaping banks and OpenAI?
saying he does not yet see a clear trend toward a timely return to 2%. Fed Vice Chair for Supervision Michelle Bowman is warning banks to buffer their systems against AI threats, but she also emphasized the benefits of the technology. Bowman told an event in Colorado that AI is becoming a critical part of security measures, both as a defensive tool and as a risk. OpenAI's annual recurring revenue is reportedly closing in on $70 billion. Axios reports OpenAI's enterprise sales more than doubled in July.
How are Ford and JPMorgan supporting Michigan manufacturing amid competition with China?
That growth comes as OpenAI and Anthropic prepare for IPOs, which would give investors the clearest look yet at both the revenue opportunity and extraordinary spending driving their growth. Ford Motor Company, along with JPMorgan Chase, are helping to bolster manufacturing in Michigan over the next decade. Ford CEO Jim Farley says he is optimistic about motor vehicle production competition with China.
We're coming out with a $30,000 vehicle built in Louisville, Kentucky, engineered in California, Michigan, and I think it will be fully competitive with BYD if they were in Mexico.
What does Trump’s America.gov website aim to change about federal services?
Ford CEO Jim Farley, JPMorgan Chase CEO Jamie Dimon, and Michigan Governor Gretchen Whitmer sat down exclusively with Bloomberg's David Weston in Detroit. President Trump has unveiled an AI-powered website called America.gov, which he says will streamline government agencies in one place.
With America.gov, the federal government no longer stands in your way and it stands only at your service.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:00–0:29
2
How is Apple’s new CEO planning to make the company leaner and grow revenue?
0:29–0:53
3
Why is the U.S. releasing 40 million barrels from the Strategic Petroleum Reserve?
0:53–2:59
4
How are AI risks and rapid growth reshaping banks and OpenAI?
2:59–3:33
5
How are Ford and JPMorgan supporting Michigan manufacturing amid competition with China?
3:33–4:11
6
What does Trump’s America.gov website aim to change about federal services?
4:11–4:41
7
What did Jack Smith tell the Senate about Trump’s alleged crimes?
4:41–7:02
Speakers
4 identifiedMore from Bloomberg News Now
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