SpaceX Merging with xAI, Federal Agents to Use Body Cams in MN, More
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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 Amy Morris. SpaceX is merging with XAI in a deal that encompasses Elon Musk's increasingly costly ambitions to dominate artificial intelligence and space exploration.
Bloomberg's Ed Ludlow. The rationale is, you know, virtual integration. This is something that's kind of been hiding in plain sight, right? And The idea, you know, SpaceX provides the launch capacity, and together the two companies design satellite form factor data centers very focused on inference.
SpaceX is planning an initial public offering that could raise as much as $50 billion in value to the company at about $1.25 trillion. Federal agents are supposed to start using body cameras in Minneapolis. Homeland Security Secretary Kristi Noem posted on social media that, quote, effective immediately, the department is deploying body cameras to every officer in the field in Minneapolis. Noem says as more funding becomes available, the body camera program will be expanded nationwide. Wearing body cameras is one of the conditions demanded by Democrats to agreeing to continued funding of the agency. President Trump is pushing ultra conservatives in the House to accept a deal that he struck with Democrats.
to end the government shutdown. The deal would fund most agencies through September 30th and the Department of Homeland Security through February 13th, preserving funding for immigration raids while both parties figure out changes to enforcement policies. Congressman Christian Menefee tells Bloomberg's balance of power he stands with his fellow Democrats.
I would not be voting for funding for DHS. What we've seen is the president and Nome radicalize an agency. I believe very deeply that we should not allow ICE to do what it's been doing. And I look forward to one of my early votes being to do everything I can to block additional funding.
Democrat Christian Menefee just won a special election in a Houston district in Texas on Saturday. Because of the partial government shutdown, the Bureau of Labor Statistics will not release the January jobs report on Friday as scheduled. Same for the JOLTS data. It was set to come out tomorrow. That will also be rescheduled. Bloomberg's Nathan Dean says this caught the market's attention.
Anytime you're going to tell a market, when it comes to a government shutdown, most market impacts, they really aren't there.
What is SpaceX's new merger with xAI about?
Even for contractors, they're not really there. Yeah. But for reports, they are there. And as we saw in the shutdown last year, a lot of traders were not happy about this lack of data out there. And this is just another consequence of a shutdown.
Bloomberg's Nathan Dean on Bloomberg balance of power. The U.S. and India have reportedly reached a trade agreement significantly reducing tariffs on Indian goods. Now, the president posted on social media that he'll lower his 25 percent tariff on Indian goods to 18 percent after Prime Minister Narendra Modi agreed to stop buying Russian oil. Trump says India will also reduce their tariffs and non-tariff barriers against the U.S. to zero and purchase more than a half trillion dollars of U.S. products. President Trump is set to launch Project Vault, which is a new strategic critical mineral stockpile. with $12 billion in seed money, most of which comes from a loan through the U.S. Export-Import Bank.
The stockpile will include rare earths and critical minerals. The idea is to reduce the U.S. reliance on China. Data from the Institute for Supply Management show manufacturing bounced back in January at its fastest pace since 2022. Bloomberg's Michael McKee with those numbers.
At 52.6, that's up from 47.9. We were expecting a 48.5 reading, so expecting contraction and getting expansion.
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