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Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Doug Krisner. The Trump administration has made what could be the largest rollback of environmental protections in years. Today, the president rescinded the so-called endangerment finding. This is a scientific determination that greenhouse gases pose a threat to human health and welfare. Here is Trump making the announcement.
We are officially terminating the so-called endangerment finding, a disastrous Obama-era policy that severely damaged the American auto industry and massively drove up prices for American consumers. Prices went up incredibly for a worse product. This action will eliminate over $1.3 trillion of regulatory costs and help bring car prices tumbling down dramatically.
Now environmental groups have pledged to challenge this decision in court. The equity market buckled today under stress over how artificial intelligence will disrupt various businesses. Now we have seen fear spread in recent weeks, punishing shares in software companies as well as publishers along with financial services firms.
Today, logistics companies sank on concern over how AI could disintermediate trucking brokers. Here is Raphael Touin of TKO Capital.
Well, there is a lot of excesses on the downside, the same way we have excesses on the upside. And clearly, in many of those industries where you can see performance going down sharply on the stock market, There are a lot to do, a lot of opportunities, and yes, a lot of excuses on the downside.
That is Raphael Tuin of TKO Capital. The Department of Homeland Security is on the verge of a shutdown on Saturday. That's after the Senate failed to advance a funding bill. West Virginia Republican Senator Shelley Moore Capito says more training for ICE agents can help resolve a lot of issues.
More cameras, more training, more IG or, you know, inspectors, inspections. These improvements can be made. They're already built into the bill that the Democrats will not accept. And I think they're using this as a political statement. I think if we pull it out, it becomes even more polarized and more political.
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Chapter 2: What environmental protections did Trump revoke?
The Trump administration is retreating from its immigration enforcement blitz in Minnesota. This pullback comes after more than two months of operations, and in that time, two U.S. citizens were killed. Here is White House Border Czar Tom Homan.
This surge operation? And our work here with state and local officials to improve coordination and achieve mutual goals, as well as our efforts to address issues of concern here on the ground, have yielded the successful results we have gained. came here for.
Homan also said a significant drawdown is already underway and will continue into next week. Meantime, the U.S. Treasury Department is requiring financial firms to report on certain international financial transactions originating from Hennepin and Ramsey counties in Minnesota.
Chapter 3: How does the rollback of the endangerment finding affect public health?
Banks and money transmitters must now collect data on the recipients of transactions in amounts of at least $3,000. Incidentally, this requirement is part of the Trump administration's crackdown on what the president has called massive financial fraud in Minnesota.
Venezuela is planning to grant more land to Chevron and Spain's Repsol as the Trump administration pushes for private companies to rebuild Venezuela's energy sector. We are told officials in Caracas are poised to award the exploration and production blocks as soon as this week. Energy Secretary Chris Wright is in Caracas. That's where he spoke with Bloomberg's Anne-Marie Hordern.
I think in the first year, we'll see pretty significant 30, 40 percent growth in Venezuelan oil production. This year, you can continue production growth rate at a pretty good clip. Venezuela does have the largest proved oil reserves, which is a technical concept, much larger than the U.S.
That is Energy Secretary Chris Wright speaking to Bloomberg in Caracas. Now, the Trump administration is expected to issue a general license to allow international oil companies to explore and produce in Venezuela without violating U.S. sanctions. In business news, the crypto exchange Coinbase reported revenue in the fourth quarter tumbled by more than 20%.
And that meant the company swung from a profit of $1.3 billion in Q4 last year to a net loss of $667 million. We got reaction from Bloomberg's Monique Molima.
Coinbase, they are the largest cryptocurrency exchange in the US. They are on much solid footing compared to some of the smaller crypto firms that are out there. But analysts are also expecting that cryptocurrency is going to continue to kind of see a downturn going through this year. So that's going to continue to weigh on Coinbase, even if they can weather it for now.
That is Bloomberg's Monique Molima. Shares in Coinbase were down by more than 15% in late New York trading. Citigroup has raised total annual compensation for CEO Jane Fraser to $42 million. This includes a $1.5 million base salary. Now, under Fraser, Citi's five businesses delivered positive operating leverage and record revenue. And that is news when you want it.
With Bloomberg News Now, I'm Doug Krisner, and this is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
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Chapter 4: What are the implications of AI on the stock market?
From Brussels, I'm following the politics, policy and the people shaping the European Union right now.
And from London, I'm looking at what all that means for markets, money and the wider economy.
We've got reporters across Europe and around the globe feeding in as stories break.
So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens.
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