Bloomberg Businessweek

It was big week for Huntington Bancshares, which agreed to buy Veritex Holdings for $1.9 billion in stock, expanding its presence in Dallas, Fort Worth and Houston. The acquisition is aimed at accelerating Huntington's organic growth initiatives in high-growth Texas markets. Meanwhile the Ohio-based lender also reported strong quarterly earnings, reflecting growth in loans and deposits, sustained strong revenue and profit growth, as well as continued excellent credit performance

Zach Wasserman, CFO of Huntington Bancshares, explains why Texas is so important to his the company's broader strategy, and also addresses what uncertainty over Federal Reserve policy and leadership mean for the financial sector. Zach speaks with Tim Stenovec, Sonali Basak and Nina Trentmann on Bloomberg Businessweek Daily.

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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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President Donald Trump signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.

“The Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins,” Trump said Friday at a White House ceremony. “This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”

The measure sets regulatory rules for US dollar-backed stablecoins, including a requirement for firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators. Advocates see it as allowing for the broader adoption of digital assets in finance. Senior Treasury officials who briefed reporters on the bill earlier Friday on condition of anonymity said it would provide more certainty to stablecoin issuers, allow for innovation in and adoption of digital assets and help extend the dominance of the US dollar. They said it would provide issuers with strict requirements for backing stablecoins with cash or short-term Treasury debt. 

Today's show features:

• Frank Speiser, CEO of Metafide on “Crypto Week” and the US Congress passing the first federal legislation to regulate stablecoins
• Katie Hubbard, EVP of Capital Markets for Walton Global on housing data and the US real estate market
• Bloomberg News White House Editor Jordan Fabian with the latest from the White House including and President Trump seeking the release of grand jury testimony from the prosecution of Jeffrey Epstein
• Gerard Cassidy, Head of US Bank Equity Strategy and Large Cap Bank Analyst at RBC Capital Markets with a recap of this week’s financial sector earnings

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A few years ago, Tiffany & Co. began offering a limited edition Patek Philippe Nautilus 5711 with a dial in the jeweler’s signature robin’s-egg blue. Patek crafted 170 of them, a tribute to the number of years the brands had worked together. Tiffany’s hope was that the buzzy timepiece would help attract – and retain – high-end shoppers who weren’t already regular customers.

Yet the Blue Dial — as it became known — was never for sale in the traditional sense. Demand was so high that Tiffany executives, including Americas head Christopher Kilaniotis, realized clients would be willing to spend millions of dollars on other jewelry for the chance to buy the coveted watch, which was priced at $52,635.

Bloomberg News consumer reporter Jeannette Neumann details the fallout after salespeople at the iconic jeweler were reportedly instructed to guide wealthier patrons toward spending $2 million to $3 million with no guarantee of access to the coveted timepiece. Jeannette speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

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While rival media companies are unloading assets and cutting costs, Netflix Inc. continues to thrive.

The owner of the world’s most popular paid streaming service on Thursday reported second-quarter results that exceeded investor expectations in every major metric, saying revenue grew to $11.1 billion and earnings jumped to $7.19 a share. The company also raised its forecast for full-year sales and profit margins.

The second quarter is historically slow for Netflix, which typically adds more customers at the beginning and end of the year. But the company released a steady slate of popular shows, including two of the most-watched titles of the year — the third season of Ginny & Georgia and the final season of Squid Game. The company also benefited from a weaker dollar. More than two-thirds of its customers live outside the US.

For instant reaction and analysis, hosts Tim Stenovec and Norah Mulinda speak with Geetha Ranganathan, Bloomberg Intelligence Senior Media Analyst and Mark Douglas, CEO of MNTN.

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While rival media companies are unloading assets and cutting costs, Netflix Inc. continues to thrive.
The owner of the world’s most popular paid streaming service on Thursday reported second-quarter results that exceeded investor expectations in every major metric, saying revenue grew to $11.1 billion and earnings jumped to $7.19 a share. The company also raised its forecast for full-year sales and profit margins.

The second quarter is historically slow for Netflix, which typically adds more customers at the beginning and end of the year. But the company released a steady slate of popular shows, including two of the most-watched titles of the year — the third season of Ginny & Georgia and the final season of Squid Game. The company also benefited from a weaker dollar. More than two-thirds of its customers live outside the US.

Shares of Netflix have nearly doubled over the past year and the company’s market value tops $500 billion. That makes Netflix worth more than Walt Disney Co., Comcast Corp. and Warner Bros. Discovery Inc. combined.

While investors used to judge Netflix by the number of subscribers it added in any given quarter, the company has stopped disclosing how many customers pay for its service, directing them to focus on more traditional metrics such as sales and profit.
Netflix expects to generate up to $45.2 billion in sales this year and says its operating margin is now forecast to hit 29.5%. Net income is on track to exceed $10 billion for the first time, thanks to exchange rates that will boost sales and a strong slate of programs. The second-half schedule includes new seasons of the hit shows Stranger Things and Wednesday, as well as movies such as Happy Gilmore 2.

Today's show features:

• Mark Douglas, CEO of MNTN on Netflix earnings and the streaming giant’s advertising strategy
• Bloomberg News Economics Editor Molly Smith on monthly retail sales and imports data, as well as weekly jobless claims figures
• Bloomberg Intelligence Senior Analyst for US Regional Banks Herman Chan with a roundup of regional bank earnings out this week
• John Gates, CEO, Leasing Advisory, Americas at JLL on the company's Q2 2025 “US Office Market Dynamics Report”

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Pittsburgh International Airport is in the midst of a transformation aimed at meeting the needs of the Pittsburgh region through a $1.7 billion modernization comprised of a new terminal, new parking complex and extensive improvements to existing facilities. This project has generated billions of dollars for the region as well as 14,300 jobs.

Christina Cassotis, CEO of the Allegheny County Airport Authority, which is the agency that oversees developments at Pittsburgh's main airport, discusses the region's viability as a national hub for energy production and infrastructure, and why the modernization efforts will help solidify that trend. Christina speaks with Tim Stenovec and Isabelle Lee on Bloomberg Businessweek Daily.

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President Donald Trump denied he is seeking to remove Federal Reserve Chair Jerome Powell, after raising the idea in a closed-door meeting with congressional Republicans that leaked to the media.
“No, we’re not planning on doing anything,” Trump told reporters on Wednesday. He later added, “I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.”

A White House official, speaking on the condition of anonymity earlier Wednesday, said they expected Trump to soon move against the Fed chief after his meeting with members of Congress visiting the White House to discuss cryptocurrency legislation. Some lawmakers also left that Tuesday evening meeting with that impression, and Trump acknowledged that he had polled the participants about dismissing Powell.

The president’s remarks in the Oval Office left open the possibility of ousting Powell for cause. Trump and his allies have lambasted the Fed chair over the central bank’s decision to hold interest rates steady and the cost of the central bank’s renovations of its Washington headquarters.

Today's show features:

• Lael Brainard, Distinguished Fellow at the Georgetown Psaros Center for Financial Markets and Policy and Former Vice Chair of the Federal Reserve, on President Donald Trump's continued pressure on Fed Chair Jerome Powell
• Ken Leon, Director of Equity Research at CFRA on bank earnings from Goldman Sachs, Morgan Stanley and Bank of America
• Simeon Hyman, Global Investment Strategist at ProShares on his firm’s mid-year outlook for markets and the economy
• Dr. Gracelin Baskaran, Director, Critical Minerals Security Program and Center for Strategic and International Studies on the booming market for rare-earth materials, including Apple’s $500 million deal to buy them from MP Materials

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President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon, a White House official said, and discussed the possible move in a meeting with congressional Republicans on Tuesday night.   

While the lawmakers voiced support for the move, which would likely roil financial markets and lead to a consequential legal showdown, Trump has not made a final decision and could change his mind, according to the official who requested anonymity to discuss a private conversation.   

In response to multiple similar reports, President Trump says his administration is “very concerned”, but “not planning on doing anything” about Fed Chair Jerome Powell.   

Paul Sweeney and Lisa Mateo speak with Bloomberg's Chris Condon about the potential fallout.

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AXIS is a global specialty commercial insurer that covers risks for businesses that can’t normally obtain standard insurance coverage. The commercial reinsurer boasts customers spanning a range of industries. Examples of the specialty coverage lines at AXIS include property, casualty, cyber, marine, energy, accident & health, sports insurance, terrorism, aviation, as well as coverage for the directors and officers of companies.

Vince Tizzio, the president and CEO of AXIS, discusses his company's risk mitigation strategy and how factors such as climate change can impact his business. Vince speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily.

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