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.
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And I'm Stephen Carroll.
Bloomberg understands that the Trump administration is preparing for the president to nominate Kevin Walsh as the next chair of the Federal Reserve. Donald Trump says he plans to announce his pick for the job later today. According to one source, the former Fed governor visited the White House yesterday.
Speaking last night, President Trump teased his impending announcement without giving the name away.
Roger was saying tomorrow, but just an outstanding person and a person that won't be too surprising to people. A lot of 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.
Donald Trump speaking there. Sources who spoke to Bloomberg on the basis of anonymity warned that the selection is not final until the announcement is made.
Kevin Walsh served on the US Central Bank's Board of Governors from 2006 until 2011 and has advised Trump on economic policy. If nominated and confirmed, he would succeed Jerome Powell, whose term ends in May. Stocks fell and Treasury yields pushed higher on bets Walsh will become the next Fed chair. Mike McKee is Bloomberg's international economics and policy correspondent.
The thing about Warsh, and the reason you're seeing markets react the way they are at the moment, is that he was very, very hawkish when he was on the Fed before. Even when inflation was low, he wasn't ready to cut interest rates. And obviously, that's completely contrary to what President Trump wants.
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Chapter 2: What is the significance of Kevin Walsh's nomination for the Federal Reserve?
According to the newspaper, the current set of options includes the potential for American forces to carry out raids on sites inside Iran. And that officials say Trump is taking a similar approach to Iran as he did to Venezuela.
Apple has delivered record quarterly sales and a better-than-expected forecast for the current period. Sales at the tech giant trounced Wall Street estimates, jumping 16% to just under $144 billion in the final three months of last year. Bloomberg's chief technology correspondent Mark Gurman says it's hard to put into words how good the results are.
Massive, massive quarter. This is a home run. Their greatest quarter ever by... orders of magnitude. It's a gigantic beat on overall revenue. China is back. You have a big beat on the iPhone in particular. Eighty five billion dollar quarter is just insane. The installed base two and a half billion. The numbers are just beyond excellent.
Bloomberg's Mark Gurman setting out the positive results there driven by the iPhone 17 as Apple also warns that rising component costs are threatening to squeeze margins in news that clouded the record quarter. According to CEO Tim Cook, the company expects more of an impact to gross margins in the current period.
An increasing proportion of cars sold in Europe are now made by Chinese brands. That's as demand grows for hybrid and battery-powered vehicles. Bloomberg's Tia Adebayo has more.
Chinese automakers were responsible for nearly one in 10 cars sold in Europe last month. It's a record share that comes off the back of a bumper year, led by soaring sales of electrified vehicles. Manufacturers in China use their competitive edge in battery technology to outpace rivals in Spain, Italy and the UK.
But the nation's growing foothold also spotlights the immense strains facing Europe's car-making sector, squeezed by tariffs and evolving demand. And so far, there's no sign of any let-up as Chinese names double down on expansion efforts across the continent. In London, Tiwa Adebayo, Bloomberg Radio.
Donald Trump has warned the UK and Canada against striking fresh business deals with China. Speaking to reporters yesterday, the US president advised against attempts to forge closer relations with Beijing.
Well, it's very dangerous for them to do that. And it's even more dangerous, I think, for Canada to get into business with China. Canada is not doing well. They're doing very poorly. And you can't look at China as the answer.
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