Rubio Warns Europe of Western Rift, US Beef Prices Up 15%, More
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What is Marco Rubio's warning about Europe's relationship with the US?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £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 Ed Kalege. Secretary of State Marco Rubio says Europe's fate is intertwined with the U.S. while faulting the continent for what he said was a drift away from their shared Western values. The double-edged message offered some reassurance to allied leaders gathered at the Munich Security Conference, but did little to temper their push for more independence from Washington. Rubio spoke with Bloomberg News Editor-in-Chief John Micklethwaite.
Our own fate will be intertwined with what happens with Europe. We want Europe to survive. We want Europe to prosper because we're interconnected in so many different ways and because our alliance is so critical. But it has to be an alliance of allies that are capable and willing to fight for who they are and what's important.
Secretary Rubio speaking with Bloomberg News Editor-in-Chief John McWithwaite.
Why are US beef prices rising by 15%?
Prepare to pay more for steaks and burgers over the next few years. Bloomberg's Monica Ricks explains why.
Inflation has cooled, but prices at grocery store meat counters, especially for beef, keep skyrocketing. Beef costs have risen faster than most other items in the Consumer Price Index, with beef and veal up 15 percent over the past year. The reason? U.S. cattle herds are shrinking due to droughts and higher production costs, making it tough to keep prices down. The shortages have also forced Tyson, Cargill and JBS to close beef plants, with processing capacity expected to drop even further to match decreased supplies. And experts say those shortages could continue until at least 2028. Monica Ricks. Bloomberg Radio.
The European Central Bank is prepared to offer euro liquidity to monetary authorities from around the world in an effort to prevent market tensions and increase global use of the single currency. In a statement Saturday, the Frankfurt-based institution says it will extend repo lines to all central banks unless excluded on the grounds of, in particular, money laundering, terrorist financing or international sanctions, adding that the changes will apply as of the third quarter. The move to make euros more readily available reflects Europe's broader efforts to redefine its place in a global order upended by President Trump. Policymakers have long viewed his erratic policies as an opening to challenge the dollar's decades-long dominance and bolster the euro's international role.
How is the European Central Bank responding to global market tensions?
The Trump administration is moving ahead with a plan to remake the U.S. immigration detention system. Bloomberg's Amy Morris has the details from Washington.
The Detention Reengineering Initiative is a $38.3 billion plan that calls for acquiring and renovating detention centers, adding processing sites, and taking control of existing facilities to create an efficient detention network. This new network will increase bet capacity by more than 92,000 and is expected to be fully implemented by November, funded through congressional allocations under the One Big Beautiful Bill Act. In Washington, Amy Morris, Bloomberg Radio.
After years of restraint following the 2008 global financial crisis, Wall Street is handing CEOs a record payout. Chief Executive Officers at the top U.S. banks all received annual compensation of at least $40 million. with their total pay surpassing records set in 2006 and 2021. Bank of America's Brian Moynihan was the latest CEO to have his pay disclosed, with his compensation rising 17% last year to $41 million. Citigroup said this week that it boosted the pay of CEO Jane Fraser 22% to $42 million for 2025, a sign of confidence from the board about her ability to turn the company around after years of underperforming peers.
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Chapters
6 chapters
1
What is Marco Rubio's warning about Europe's relationship with the US?
0:00–1:16
2
Why are US beef prices rising by 15%?
1:16–2:41
3
How is the European Central Bank responding to global market tensions?
2:41–4:19
4
What changes are being made to the US immigration detention system?
4:19–5:36
5
How are CEO compensation trends impacting Wall Street?
5:36–6:46
6
What role is China playing in the Russia-Ukraine conflict?
6:46–7:11
Speakers
8 identifiedMore from Bloomberg News Now
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