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Bloomberg Daybreak: US Edition

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Bloomberg Daybreak: US Edition
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  • Daybreak Weekend: Disney Earnings, Portugal Web Summit, China Singles’ Day
    Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings from Walt Disney and Paramount-Skydance. In the UK – a look ahead to Portugal’s Web Summit. In Asia – a look ahead to China Singles’ day. See omnystudio.com/listener for privacy information.
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  • US Flights Cut as Shutdown Drags On; Musk's $1T Tesla Pay Package Approved
    On today's podcast:1) Airlines across the US have started canceling flights scheduled for the coming days, as the longest government shutdown in history upends air travel and leaves thousands of passengers scrambling to firm up plans. With about 700 Friday flights already canceled by the four largest airlines, the world’s busiest aviation market has become a flashpoint in the long-simmering clash between Republicans and Democrats over federal funding as President Trump ramps up pressure to forge a deal. The Republican-led administration has said the reductions are necessary to keep flying safe amid staffing shortages brought on by the shutdown. At least one top congressional Democrat has called for more transparency to ensure the move isn’t politically motivated.2) Tesla Inc. shareholders approved a $1 trillion compensation package for Chief Executive Officer Elon Musk, the largest payout ever awarded to a corporate leader. More than 75% of the votes cast were in favor of the unprecedented pay plan, the company said Thursday at its annual meeting. The outcome caps a weekslong campaign by the electric vehicle maker’s board, its CEO and prominent retail investors to build support. The pay agreement clears a path for Musk, the world’s richest person, to become the first-ever trillionaire and expand his stake in Tesla to 25% or more over the next decade. To achieve the full payout, he’ll have to deliver on targets to significantly expand Tesla’s market value, revive its flagging car business and get the fledgling robotaxi and Optimus robotics efforts off the ground.3) China’s exports unexpectedly contracted in October as global demand failed to offset the deepening slump in shipments to the US, dealing a blow to an economy already slowing amid sluggish consumer spending and investment at home. Exports fell for the first time in eight months, dropping 1.1% from a year earlier, according to official data released Friday. Shipments to all nations except the US rose 3.1%, not enough to compensate for the more than 25% decline to America. Chinese exports have been resilient until now, as other destinations made up for drops in shipments across the Pacific Ocean. Sales abroad had grown every month since February, when activity slowed because of the Lunar New Year holiday.See omnystudio.com/listener for privacy information.
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  • US to Cut 10% of Flights; Longest-Ever Shutdown Hurts Republicans in Elections
    On today's podcast:1) The US will cut flight capacity by 10% at 40 high-volume markets across the country, though international routes will be spared, to alleviate pressure on air traffic controllers and the aviation system during what is now the longest government shutdown in history. The changes will start Friday, Transportation Secretary Sean Duffy said during a press briefing alongside the leader of the Federal Aviation Administration, Bryan Bedford. The agency plans to release the markets impacted on Thursday. The reductions are expected to be staggered, with US carriers informed Wednesday night that they should plan to cut flight volumes by 4% on Friday and 5% on Saturday, according to people familiar with the matter.2) The US government shutdown has become the longest in history, and with no sign of a resolution soon its economic toll is deepening. Now in its 37th day, the shutdown has surpassed the previous record set in early 2019 during President Trump’s first term. Every week that passes costs the economy anywhere from $10 billion to $30 billion, based on analysts’ estimates, with several landing in the $15 billion range. Senate Democrats, bolstered by big election wins for their party Tuesday, are doubling down on demands for Republicans to negotiate extending Obamacare premium tax credits, or see the government shutdown drag on.3) Zohran Mamdani clinched New York City’s mayoral race by campaigning against wealth inequality and promoting affordability. Now, he faces the challenge of delivering on the promises that got him elected while coming to the table with the city’s wealthiest residents, who have an outsized influence on the city’s politics, economy and revenue. At least one early Mamdani appointment shows that he is intent on taking a progressive approach toward business and economics. The mayor-elect has tapped former Federal Trade Commission chair Lina Khan to his transition team, a figure who raised the ire of corporations and dealmakers with her tough stances on antitrust cases. But Mamdani also said on Wednesday that he looks forward to meeting with JPMorgan Chase & Co.’s Jamie Dimon and other business leaders to discuss the city’s future, emphasizing the need for collaboration despite policy differences.See omnystudio.com/listener for privacy information.
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  • Democrats Sweep on Election Night; Supreme Court to Hear Tariff Arguments
    On today's podcast:1) Democrats swept the three major local elections in the US on Tuesday by wider-than-expected margins, giving the beleaguered party a much-needed boost 10 months into President Donald Trump’s second term. In New York, voters elected 34-year-old Zohran Mamdani, a democratic socialist, as mayor after he deployed a social media-savvy campaign and joined up with two progressive icons, Vermont Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez. Mamdani — who will be New York’s first Muslim and South Asian mayor when he takes office Jan. 1 — campaigned on making the global business hub more affordable by using higher taxes on the wealthy to pay for free buses and city-run grocery stores, overcoming many voters’ concerns about his pro-Palestinian views.2) Abigail Spanberger, a 46-year-old former CIA officer who left the House of Representatives after three terms in January, will be the first female governor in Virginia, a state that’s front-and-center in the battle over the government shutdown and efforts to trim the federal workforce. Likewise in New Jersey, Representative Mikie Sherrill, a former Navy helicopter pilot, won a race in which pocketbook concerns about utility bills, health care and schools were more central than culture war issues or government giveaways. About 6 in 10 voters in Virginia and New Jersey described themselves as “angry” or “dissatisfied” with the current state of the country, according to an exit poll conducted by the Associated Press, compared to just one-third who said they were “enthusiastic” or “satisfied.” Meanwhile, California voters passed a ballot measure that could flip as many as five congressional seats to Democrats from Republicans, handing Governor Gavin Newsom a major political victory in his fight against President Trump.3) The fate of the majority of President Trump’s tariffs is in the hands of the US Supreme Court after lower courts ruled that they were issued illegally under an emergency law. The tariffs have remained in place to allow the Trump administration to appeal to the highest court, which is scheduled to hear arguments today. The Supreme Court case doesn’t touch upon the duties imposed on certain product categories using different legal foundations. For example, the Trump administration has put in place levies on steel, aluminum, automobiles, copper products and lumber by harnessing Section 232 of the 1962 Trade Expansion Act. Those tariffs depend on Commerce Department investigations that concluded that imports of such products pose a national security risk.See omnystudio.com/listener for privacy information.
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  • Instant Reaction: Mamdani's Historic NYC Win Headlines Democratic Election Sweep
    Democrats swept the three major local elections in the US on Tuesday by wider-than-expected margins, giving the beleaguered party a much-needed boost 10 months into President Donald Trump’s second term.From New York’s City Hall to Virginia, where Democrats picked up a gubernatorial seat, and out to California, the victories will bolster morale in a party that’s been reeling after failing to win the White House, Senate and House of Representatives just a year ago. In New York, voters elected 34-year-old Zohran Mamdani, a democratic socialist, as mayor after he deployed a social media-savvy campaign and joined up with two progressive icons, Vermont Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez. For reaction and analysis, host Doug Krizner speaks with: - Jeanne Sheehan-Zaino, Democracy Visiting Fellow at Harvard Kennedy School's Ash Center and Bloomberg Politics Contributor - Greg Giroux, Bloomberg Government senior reporterSee omnystudio.com/listener for privacy information.
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