Bloomberg Businessweek

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Extreme weather is slamming the US. Wildfire smoke is degrading air quality in New York as intense heat across much of the country had led a grid in the country’s midsection to declare an emergency. In California, utility PG&E Corp. warned that power shutoffs will be required across several counties as dry conditions and gusty winds increase fire risks.

Wildfire smoke from hundreds of fires burning across Canada blanketed parts of the Great Lakes, Midwest and Northeast on Wednesday, turning the sun over New York City and Toronto into a hazy, yellowish orb. Air quality dropped to unhealthy levels in Manhattan, Brooklyn and Queens, as well as Toronto, according to the US Environmental Protection Agency’s AirNow.gov. Chicago will likely see its air quality fall to unhealthy levels Thursday.

“This will be a prolonged event, and we may see worse air quality tomorrow,” said Amanda Lefton, commissioner of the New York State Department of Environmental Conservation, adding that the smoke will come “in waves” throughout the day.

On this episode, Carol Massar and Tim Stenovec speak with:

• Emily Forgash, Bloomberg News Weather Reporter on heat wave, Canada wildfire smoke and NYC air warning
• John Engel, Vice President of Digital Strategy & Strategic Innovation, OATI on the burden of summer heat on utilities and what consumers can do to keep energy bills low and products running efficiently
• Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech on Apple Gets Approval for iPhone AI in China With Alibaba, Baidu AND OpenAI’s First Device Will Be Speaker Built as AI Companion
• Natalie Lung, Bloomberg News Tech and Consumer Apps Reporter AND Kara Carlson, Bloomberg News EV Reporter on Robotaxi Riders Are Falling Asleep, Sparking Frantic 911 Calls

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The US weather-forecasting system is gathering less information due to budget and staffing cuts by the Trump administration, which could lead to a decline in forecast quality. Meteorologists warn that the reduced data collection, including fewer weather balloon launches, increases the risk of missing extreme weather turns, which could result in unnecessary deaths, property losses, and economic disruption. The lack of real-time data and reduced forecasting accuracy may lead to higher insurance costs, as insurers price in the uncertainty, and could also cause "alarm fatigue" when people become desensitized to warnings due to overreaction by emergency managers.

For more, Carol Massar and Tim Stenovec speak with Mark Gongloff, Bloomberg Opinion Columnist

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Federal Reserve Chairman Kevin Warsh said policymakers at the central bank have no tolerance for high inflation, reiterating a vow to tame price growth that has been elevated for five years.
“The members of our committee have no tolerance for persistently elevated inflation,” Warsh said Tuesday in testimony before lawmakers. “And we share a resolute commitment to restoring price stability.”

The new Fed chairman has emphasized policymakers’ commitment to tackling inflation since he took office in May, and said the number one objective is to get monetary policy right.

Warsh’s appearance before the panel comes amid warnings from several other Fed policymakers that higher interest rates may be needed to curb inflation. The testimony was prepared prior to the Bureau of Labor Statistics’ release of fresh inflation data that showed consumer prices declined in June for the first time in six years and a key gauge of underlying inflation was little changed.

On this episode, Carol Massar and Tim Stenovec speak with:

• Yelena Shuylatyeva, Senior US Economist, The Conference Board on Warsh testimony, CPI reaction and PPI
• Geoff Karren, Energy Group Capital Chief Investment Officer & Portfolio Manager
• Udesh Jha, Chief Risk Officer, Kalshi AND Katherine “Kat” Doherty, Bloomberg News Finance Reporter on Kalshi Ramps Up Effort to Build Markets for AI Computing Power
• Chris Rovzar, Bloomberg Pursuits Editor-at-Large on Wearing Shorts to Work? That Should Be OK in 2026

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Apple has filed a lawsuit against OpenAI, alleging that the company systematically stole its intellectual property by asking former Apple employees to bring information about unreleased products. Apple is seeking monetary damages and an order requiring OpenAI to halt the alleged conduct and destroy any proprietary materials, which could disrupt OpenAI's device ambitions and slow its recruiting pipeline. The lawsuit may cause OpenAI to become more cautious, create more red tape, and slow development, potentially forcing the company to redesign its products if Apple proves that OpenAI incorporated its trade secrets into upcoming devices.

For more, Carol Massar and Tim Stenovec speak with Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump reinstated the US blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement on all other cargo shipped through the waterway.
Trump’s announcement Monday, in which he asserted the US would become the waterway’s “GUARDIAN,” intensifies an ongoing spat between Washington and Tehran over the status of the crucial shipping passage at the center of the two nations’ revived conflict.

US military forces will resume blockading traffic to and from Iranian ports and coastal areas beginning July 14 at 4 p.m. New York time, Central Command said in a statement.
Oil prices rose more than 9% Monday as traders rushed to price in flows through Hormuz possibly slowing again, while stocks and bonds fell.

On this episode, Carol Massar and Tim Stenovec speak with:

• Rockford Weitz Professor of Practice in Maritime Studies at The Fletcher School at Tufts University
• Ian King, Bloomberg News US Semiconductor Reporter on SK Hynix, TSMC, chip trade
• Roger Crandall, CEO, Mass Mutual
• Erik Wasson, Bloomberg News Congressional Reporter on Graham Death Sets Up Succession Drama in South Carolina

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Belle Burden's memoir, Strangers, has spurred women to open the books on their marital finances and take control of their money. Women who have read the book are taking steps such as reading tax returns, checking beneficiaries, and asking questions about their financial situations. The book's influence is showing up in financial advisers' and lawyers' offices, with women seeking to rework or create financial agreements with their partners and protect their assets.

For more, Carol Massar and guest host Isabelle Lee speak with Abha Bhattarai, Bloomberg News Equality Team Leader

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

SK Hynix Inc. is considering new ways of selling access to its memory chips, including a concept called “memory as a service,” suggesting customers could rent usage from the South Korean company rather than purchasing the actual semiconductors. “We could actually deliver some other business models,” SK Group Chairman Chey Tae-won said in an interview with Bloomberg Television. “We could be memory servicers, memory as a service. In the future, that is another area where we could actually focus.”

Chey, whose company controls SK Hynix, made the comments after the South Korean chipmaker raised $26.5 billion with its American depositary receipt offering, the largest ever US first-time share sale by a foreign company. SK Hynix’s ADRs opened about 14% above their offering price.

Chey didn’t specify exactly how such a business model would work and said new software would be needed to enable it. But tech companies have run “software as a service” businesses and other variations in which clients can pay usage fees to access software or computing power rather than buy it outright. Chey said the goal of such a new service would be to solve the bottleneck of memory capacity.

On this episode, Carol Massar and guest host Isabelle Lee speak with:

• Ed Ludlow, Bloomberg Tech Host
• Nina Trentmann, Bloomberg News Senior Editor AND Chris Stansbury, CFO, Lumen on Lumen's Data-Center Fiber Deals, Alkira acquisition
• Stuart Paul, Bloomberg Economics US & Canada Economist on Fed’s Warsh Names Leadership for Five New Task Forces
• Richard O'Brien, GM at Giesen Wine on Giesen’s early entry into the non-alcoholic wine category and the evolution of Giesen 0% into the #1 premium NA wine brand in the U.S.

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The US is trying to rebuild its domestic supply chain for rare earth elements, but is facing a challenge in finding talent to run the facilities. Rare earth plants are complicated and expensive to build, and chemical engineers and metallurgists experienced in rare earths have nearly gone extinct in America. The federal government and universities are trying to rebuild the pipeline of skilled workers, but the US produces far fewer mining graduates than China, and the industry faces an economic hurdle in attracting specialists.

For more, Carol and guest host Lisa Mateo speak with Jacob Lorinc, Bloomberg News Mining & Metals Reporter

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The US military attacked Iran for a second day and Tehran retaliated against American allies in the Persian Gulf, raising fears of a return to war after little progress in efforts to secure a diplomatic outcome.US Central Command said on X about 90 targets were hit overnight — after 80 the previous day — “to further degrade” Iran’s ability to attack commercial shipping in the Strait of Hormuz. Iran reported strikes on the perimeter of a nuclear power plant and two railway bridges connecting the capital to the city of Mashhad, where former Supreme Leader Ali Khamenei is being buried on Thursday.

The Islamic Republic responded by targeting US bases in Bahrain, Kuwait and Qatar, according to the semi-official Iranian Students’ News Agency. Jordan intercepted eight Iran-launched missiles, according to that country’s state-owned TV.  

Today's episode features:

• Edward Fishman, Senior Fellow and Director of the Maurice R. Greenberg Center for Geoeconomics at the Council on Foreign Relations on Iran latest
• Aaron Mulvihill, Global Alternatives Strategist at JPMorgan Asset Management on mkt reaction to Iran/tech trade, IPO and earnings outlook
• Kurt Wagner, Bloomberg News Senior Technology Reporter  on Zuckerberg Sets ‘Aggressive’ Price With Meta’s Pay-to-Use AI
• Nancy Cook, Bloomberg News Senior National Political Correspondent on Democratic Infighting Puts Party’s Midterm Targets at Risk

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