Bloomberg Businessweek

Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec bring you insight on the people, companies and trends shaping today's complex economy.  You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: http://bit.ly/3vTiACF. 

  1. 1D AGO

    US, Israel Hit Nuclear Targets as Tehran Vows Retaliation

    The people, companies and trends shaping the global economy.Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.The Trump administration is signaling to allies that it has no immediate plans for a ground invasion of Iran, even as it deploys thousands of troops to the Middle East, people familiar with the matter said. The people, who asked not to be identified discussing private deliberations, cautioned that President Donald Trump could change his mind at any moment or go ahead with an attack. They said the troops could serve a variety of roles, including to help with evacuations of American citizens but also to create a sense of strategic ambiguity about US intentions.Secretary of State Marco Rubio said Friday the US can achieve its objectives in Iran without the use of ground troops but their presence gives Trump options.“The president has to be prepared for multiple contingencies, which I’m not going to discuss in the media,” Rubio told reporters. “We can achieve all of our objectives without ground troops. But we are always going to be prepared to give the president maximum optionality and maximum opportunity to adjust to contingencies should they emerge.”A White House official, who requested anonymity to describe internal thinking, said it’s the Pentagon’s job to develop plans to give the president optionality, and noted that Trump has previously said he has no plans to send ground troops anywhere at this time. The official said Iran will be hit harder than ever before if they fail to make a deal.Today's show features: Iain Marlow, Bloomberg News National Security Editor Spencer Faragasso, Senior Fellow with the Institute for Science and International Security on Iran's stocks of highly enriched uranium Dimitra Kessenides, Bloomberg Businessweek Senior Editor and Professor Angel Saz, Director of EsadeGeo – Centre for Global Economy and Geopolitics, a leading B-school in Spain Drive to the Close with Mark Luschini, Chief Investment Strategist, President and Chief Investment Officer, Janney Capital Management See omnystudio.com/listener for privacy information.

    31 min
  2. 2D AGO

    Trump Questions If Iran Deal Possible as He Amps Pressure

    The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. US President Donald Trump sent conflicting signals on the prospect that talks with Iran would bring a halt to the nearly month-long war, further roiling global energy markets.“I say they’re lousy fighters, but they’re great negotiators, and they are begging to work out a deal,” Trump said Thursday during a Cabinet meeting at the White House. “I don’t know if we’ll be able to do that. I don’t know if we’re willing to do that,” he said, and separately threatened to intensify military action if talks failed. Asked whether his five-day deadline for a deal would be extended, the US president was blunt: “I don’t know yet.”Trump said special envoys Steve Witkoff and Jared Kushner, as well as Vice President JD Vance “will tell me whether or not they think it’s going along.” He added “we have a lot of time” before the deadline, issued Monday morning in Washington, expires. “It’s a day. In Trump time, a day, you know what it is? That’s an eternity,” he added.Oil prices surged, with optimism fading of a quick resolution to the conflict. Brent crude climbed 6% to more than $108 a barrel, while stocks and bonds fell worldwide. Today's show features: Michelle Jamrisko, Bloomberg News White House and National Security Editor on latest from US war with Iran Len Tannenbaum, Founder of Tannenbaum Capital Group (TCG), on private credit and real estate credit markets Amy Rubenstein, CEO at Clear Investment Group on real estate market Axel Merk, President and Chief Investment Officer at Merk Investments on the Gold Market See omnystudio.com/listener for privacy information.

    38 min
  3. 3D AGO

    US Insists Talks Ongoing Even as Iran Rejects Trump Outreach

    The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. The White House insisted that peace talks with Iran are ongoing, even as Tehran publicly rejected US overtures and issued fresh conditions of its own to end the conflict that’s wreaked havoc across the Middle East and global markets. “The United States has been engaged over the last three days in productive conversations,” White House Press Secretary Karoline Leavitt told reporters on Wednesday. “You’re beginning to see the regime look for an exit ramp.”“If Iran fails to accept the reality of the current moment,” Leavitt added, “Trump will ensure they are hit harder than they have ever been hit before. President Trump does not bluff and he is prepared to unleash hell.” Her comments ran counter to Iran’s earlier statements through state-run media publicly rejecting Trump’s push for talks. Tehran is also seeking its own guarantees, including that the US and Israel won’t resume their attacks, reparations for war damages and recognition of its authority over the Strait of Hormuz, state-owned Press TV said. Trump on Monday set a five-day deadline for Iran to negotiate a deal to end the war. Halfway through that period, there are lingering questions over the status of negotiations and the likelihood for a deal. The US has compiled a 15-point peace proposal that Pakistan delivered to the Islamic Republic, according to people familiar with the matter, highlighting the urgency within Trump’s administration to resolve a conflict it started alongside Israel almost a month ago. Leavitt on Wednesday said there were “elements of truth” to the reported US proposal, but cautioned against speculating on anonymously provided plans. Vice President JD Vance may travel to Pakistan for Iran talks this weekend, CNN reported. Asked for comment on that report, Leavitt said “this is a fluid situation, and speculation about meetings should not be deemed as final until they are formally announced by the White House.” Today's show features: Michelle Jamrisko, Bloomberg News White House and National Security Editor Dan Letter, CEO of Prologis Rachel Metz, Bloomberg News AI Reporter on OpenAI Discontinues Support for Sora, Winds Down Disney Deal June Grasso, Bloomberg Law host, on Meta, Google Found Liable in Social Media Addiction Case See omnystudio.com/listener for privacy information.

    30 min
  4. 4D AGO

    Private Credit Storm Lashes Father-Son Duo at Helm of Cliffwater

    The people, companies and trends shaping the global economy.Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Stephen Nesbitt was on no one’s list of Wall Street heavyweights when he bumped into a thirty-something salesman pitching the next big thing for wealthy investors: private credit.Nesbitt — who, as it happened, had written a book on private debt — took the idea and ran with it.Within a few years, he and his son Blake transformed their modest consulting business, Cliffwater LLC, into an unlikely giant. Their strategy: rather than sweat the details of every direct loan themselves, they’d piggyback on the firms that did. They’d also invest in industry heavyweights, creating something akin to a fund-of-private-credit-funds.Now the father-and-son team, who rode private credit on the way up, risk falling hard on the way down. As investors in private credit funds rush for the exits, Cliffwater has become one of the biggest question marks in the $1.8 trillion industry.The worry isn’t so much that private loans will go bad all at once and crush the funds where Cliffwater has invested. It’s that antsy investors will keep asking for money back, prompting Cliffwater to dash for cash itself — instigating a vicious circle of redemptions and markdowns.Concerns center around the $33 billion Cliffwater Corporate Lending Fund, the largest of its kind in private credit. It’s what’s known as an interval fund, a type of closed-end vehicle that isn’t traded on an exchange but rather promises to buy back shares from investors at set intervals, usually quarterly, at net asset value. Cliffwater is legally obliged to buy back at least 5% every quarter if investors ask.That promise was a key selling point in good times. “Liquidity is the first-, second- and third-most important thing,” Blake Nesbitt emphasized at an industry roundtable this month.Today's show features: Bloomberg Leveraged Finance reporters Ellen DiMauro and Olivia Fishlow on their Big Take story about Private Credit Ray Takeyh, Senior Fellow for Middle East Studies at Council on Foreign Relations Former Commerce Secretary Wilbur Ross Drive to the Close with Emily Green Ellevest Head of Wealth Management See omnystudio.com/listener for privacy information.

    35 min

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Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec bring you insight on the people, companies and trends shaping today's complex economy.  You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: http://bit.ly/3vTiACF. 

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