Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News When You Want It with Bloomberg News Now. I'm Doug Krisner. Tonight, President Trump said he will announce his nominee for chair of the Federal Reserve on Friday.
I'm not sure we'll say it tomorrow, but just an outstanding person and a person that won't be too surprising to people. A lot of people think that this is somebody that could have been there a few years ago. It's going to be somebody that is very respected, somebody that's known to everybody in the financial world, and I think it's going to be a very good choice. I hope so.
Now, Trump's pick may face a complicated confirmation in the U.S. Senate. Senator Tom Tillis has already vowed to block any Fed nominees until a probe into the central bank's renovation is resolved. SpaceX is considering a potential merger with Tesla or an alternative combination with the firm XAI, another Elon Musk company.
We are told any transaction could attract interest from infrastructure funds and Middle Eastern sovereign investors. Here is Bloomberg's Ed Ludlow.
My understanding is that there is a group of investors that are pushing very much on the Tesla idea, but nothing is final. As we all know, the background context is that SpaceX is making preparations for an IPO at some point in the middle of this year.
That is Bloomberg's Ed Ludlow. Meantime, OpenAI is reportedly laying the groundwork for an IPO in the fourth quarter. The Wall Street Journal reports the company is accelerating plans as competition with its rival Anthropic intensifies. OpenAI is holding informal talks with Wall Street banks about a potential public listing. After the bell, Apple reported record sales for the holiday period.
We have more from Bloomberg's Charlie Pellett.
It was driven by strong demand for the iPhone 17, growth in services, and a rebound in China. Revenue jumped 16% to $143.8 billion in the quarter, ending December 27th, setting a record. But Walter Peisic, a partner at LightShed Partners, says there are questions about Tim Cook's AI strategy.
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Chapter 2: What recent developments are there regarding President Trump's Fed nominee?
In New York, Charlie Pellett, Bloomberg Radio.
The U.S. has been investigating allegations that Meta employees can access messages sent through WhatsApp. Now, Meta has said the chat service is private and encrypted. However, former Meta contractors claim they and some Meta staff had unfettered access to WhatsApp messages. The claims are being examined by special agents within the Commerce Department. Here is Bloomberg's Sarah Fryer.
We do know that they interviewed these former contractors and we're looking into this possibility which directly contradicts how Meta has marketed WhatsApp and indeed how users have come to expect their messages to be handled on the app.
That is Bloomberg's Sarah Fryer. President Trump and Senate Democrats have reached a tentative deal to avert a government shutdown. The White House has been negotiating with Democrats to place new limits on immigration raids that have provoked a national outcry.
Now, a Democratic aide has told us this deal would fund the Homeland Security Department for two weeks as a way of allowing time for continued negotiations. Meantime, Democratic and Republican leaders in the Senate are sounding out their members on this agreement. President Trump is urging both parties to vote for it.
President Trump, meantime, is suing the US Treasury and the IRS for at least $10 billion. The action stems from unauthorized disclosure of his tax returns during his first term in office. The suit was filed by Trump, his sons, and the Trump Organization, and it claims the IRS and Treasury had a duty to safeguard Trump's confidential tax returns and related information.
President Trump has issued an executive order to allow the U.S. to impose levies on products from those countries selling oil or providing oil to Cuba. Now, the Commerce Department has been tasked with identifying those countries and then Top administration officials will determine what additional tariff should be imposed.
In New York City, Mayor Zoran Mamdani is asking New York Governor Kathy Hochul to hike taxes on the richest residents and corporations. Mamdani says the additional money from the state is necessary because New York City is facing a $12 billion fiscal deficit. Here is Mamdani speaking to Bloomberg.
We also think the city's relationship with the state has to change. You know, the city sends about 54.5%. It makes up the gross revenue of the state, only receives 40.5% in return. And we also think that the city's relationship with its wealthiest residents, most profitable corporations, also has to change so that we can bring the city back to firm financial footing.
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Chapter 3: How is SpaceX planning to merge with other companies?
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