Spain Death Toll Hits 39, Trump Latest on Greenland, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now, I'm Dan Schwartzman.
What are the details of the train derailment in Spain?
According to Spain's transport minister, at least 39 people are dead after a high-speed train carrying around 300 passengers traveling between Madrid and Malaga derailed and hit another coming in the opposite direction. The accident took place around 7.45 p.m. local time. Spain has one of the world's largest high-speed train networks, which consists of private and state-owned players. President Trump has linked his claims on Greenland to not being awarded the Nobel Peace Prize in a letter to Norway's prime minister. The president says the world is not secure unless the U.S. has, quote, complete and total control of Greenland. The Nobel Peace Prize, though, isn't decided by the Norwegian government, but is awarded by an independent committee.
Treasury Secretary Scott Besson, speaking this weekend on NBC's Meet the Press, says the U.S. won't back down on taking over Greenland.
Ringland is essential to the U.S. national security. We're building the Golden Dome, the missile system. And look, President Trump is being strategic. He's looking beyond this year. He's looking beyond next year to what could happen for a battle in the Arctic. We are not going to outsource our national security. We are not going to outsource our hemispheric security to other countries.
That's Treasury Secretary Scott Besson speaking this weekend on NBC's Meet the Press. The European Union is discussing potentially imposing tariffs on 93 billion euros of U.S. goods if President Trump follows through on his threat to hit European countries with a 10 percent levy on February 1st. Trump threatened the tariff on goods from eight European countries, which could rise to 25 percent in June unless there's a deal for the, quote, purchase of Greenland. The president made the threat after the countries undertook a NATO military exercise on the semi-autonomous Danish territory. The EU is also weighing additional countermeasures beyond the tariffs, but will first try to find a diplomatic solution.
What claims has Trump made regarding Greenland?
Representatives from the EU's 27 countries met Sunday to begin preparing options. Former Fed Chair Janet Yellen reacted to the news that current Fed Chair Jerome Powell is under criminal investigation by the Justice Department over testimony he gave last summer about the Fed's $2.5 billion building renovations.
I believe that they have asked questions about the building, and I believe that the Fed has provided the information that's been asked for. But that's where the oversight and the accountability lies, and not with the president. And I would be very surprised if Jay Powell lied to Congress, which is what's being alleged.
That's former Fed Chair Janet Yellen. Gold and silver jumped to record highs as President Trump's push to take over Greenland spurred fears of a trade war between the U.S. and Europe. Precious metals have rallied sharply this year, with many analysts expecting the gains to continue, citing geopolitical risks and uncertainty undermining growth prospects and trust in the U.S. dollar. Spot gold traded near $4,670 an ounce, while silver surged as much as 4.4%. The Supreme Court agreed to review Bayer's challenge to a $1.25 million Missouri jury verdict over claims a company failed to warn that Roundup weed killer could cause cancer. The pharmaceutical giant is hoping a favorable Supreme Court ruling would help knock out thousands of similar failure-to-warn cases.
Bayer's stock rose by as much as 7.5 percent in early trading on the news. Micron Technologies says an ongoing memory chip shortage has accelerated over the past quarter It will last beyond this year due to a surge in demand for high-end semiconductors required for artificial intelligence infrastructure. According to Micron's executive vice president of operations, the shortage of high-bandwidth memory is leaving a big shortage for the conventional side of the industry, which includes phones and PCs. The company is expanding its manufacturing capacity in the U.S. and Asia to address the shortage, including a $100 billion production site in upstate New York.
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